The goal of this article is to introduce a new category into international political economy-the global household-and to begin to widen the focus of international political economy to include nonmarket transactions and noncapitalist production. As an economic institution composed of transnational extended families and codwellers (including international migrants and family members left behind i...

In this paper we present a new approach to modelling the total economic capital required to protect a financial institution against possible losses. The approach takes into account the correlation between risk types and in this respect it improves upon the conventional practice that assumes perfectly correlated risks. A statistical model is built and Monte Carlo simulation is used to estimate t...

This article explores policy applications of ‘new institutional economics’ theory in relation to markets and economic development. It argues for application of an analytical framework which instead of looking at institutions primarily in terms of their contributions to making competitive markets work better, sees such markets as one form of institution fulfilling exchange and co-ordination func...

Introduction A distinctive feature of William Melody’s contribution has been his concern with the role of established institutions as agents promoting or inhibiting social, economic and technological change. He has been particularly concerned with the contribution of university-based critical research in shaping policy in relation to the information society, including issues of uneven economic ...

The recent empirical growth literature has proposed three underlying fundamental determinants of economic growth, namely, physical geography, economic integration and institutional quality. This paper unpacks the final determinant into both political-economic institutions as well as the primarily political institution of democratic development. Using both cross-sectional and panel datasets, we ...

A world-wide mosaic of large city-regions seems to be over-riding (though is not effacing entirely) an earlier core-periphery system of spatial organization. The economic dynamics of these city-regions are analyzed with particular emphasis on the ways in which they tend to generate increasing-returns effects and competitive advantages for local producers. The managerial tasks that these city-re...

Does economic development depend on geographic endowments like temperate instead of tropical location, the ecological conditions shaping diseases, or an environment good for grains or certain cash crops? Or do these endowments of tropics, germs, and crops affect economic development only through institutions or policies? We test the endowment, institution, and policy views against each other us...

Forty years ago, in 1967, I completed with Enzo Faletto, in Santiago de Chile, the draft of a book, Dependency and Democracy in Latin America. ◊ The book discussed the main interpretations on the theme of development. At that time, both of us worked at the Economic Commission for Latin America (ECLA) better known in the region by its Spanish acronyms, CEPAL, the UN institution that proposed an ...