Research on the macroeconomic impact of capital account liberalization finds few, if any, robust effects of liberalization on real variables. In contrast to the prevailing wisdom, I argue that the textbook theory of liberalization holds up quite well to a critical reading of this literature. Most papers that find no effect of liberalization on real variables tell us nothing about the empirical ...

Proponents of economic globalization view it as a key to future economic development and in general it is considered a positive force for improved quality of life, acceleration of economic growth, efficient allocation of resources and greater productivity enhancements. Whereas, anti-globalization camp argues that it increases poverty and leads to worsening in the distribution of income. Like ma...

BACKGROUND Pharmaceutical industry is a sensitive and profitable industry. If this industry wants to survive, it should be able to compete well in international markets. So, study of Iran's intra-industry trade (IIT) in pharmaceuticals is essential in order to identify competitiveness potential of country and boost export capability in the global arena. METHODS This study assessed the factors...

this paper analyses the impact of sanctions against iran in addition to other country-specific determinants on intra-industry trade between iran and shanghai cooperation organization (sco) countries over the period 1997-2013. by disentangling total intra-industry trade (iit) into horizontal and vertical iit and after investigating bilateral trade pattern between iran and sco countries, determin...

Contrary to the predictions of standard economic theory, capital market liberalization has been a mixed blessing for many countries. Liberalization of debt inflows exposes economies to the risk of crises stemming from sudden changes in investor sentiment. Equity market liberalizations, on the other hand, have promoted growth in almost every liberalizing country. Yet equity market liberalization...

This paper analyzes empirically whether political freedom and civil liberties help or hinder economic liberalization, using panel data from 25 post-communist countries of Central and Eastern Europe (CEE) and Former Soviet Union (FSU), between 1992 and 1997. Building on analytical arguments and counter-arguments put forward by the recent literature, the paper identifies the channels through whic...