Innovation is increasingly viewed as a key determinant of economic growth. Recent literature indicates innovation occurs at the local, regional, national and global levels. One such perspective suggests economic growth depends on developing an institutional framework that links local non-codified knowledge with global flows of codified knowledge. This article uses social network analysis, case ...

This paper revisits the Lucas paradox by quantifying empirically the relevance of a specific set of policies — restrictions on international capital flows — in shaping the patterns of capital movements at various stages of economic development. The determinants of the direction of capital flows, and their relation to economic development, constitute an important topic in open economy macroecono...

S INCE ABOUT 1980 THERE HAS BEEN UNPRECEDENTED global economic integration. Globalization has happened before, but not like this. Economic integration occurs through trade, migration, and capital flows. Figure 1.1 tracks these flows. World trade is measured relative to world income. Capital flows are proxied by the stock of foreign capital in developing countries relative to their GDP. Migratio...

The main objective of this paper is to review the theoretical issues and available empirical evidence on capital account liberalization. In addition to being of interest in its own right, capital account liberalizations is important to the debate on the New International Financial Architecture (NIFA) and to the post-Doha agenda at the World Trade Organization (WTO) in relation to foreign direct...

Most analysis of the international flows of the illicit art market has described a global situation in which a postcolonial legacy of acquisition and collection exploits cultural heritage by pulling it westwards towards major international trade nodes in the USA and Europe. As the locus of consumptive global economic power shifts, however, these traditional flows are pulled in other directions:...

Trade plays an increasingly important role in the global food system, which is projected to be strained by population growth, economic development, and climate change. For this reason, there has been a surge of interest in the water resources embodied in international trade, referred to as ‘‘global virtual water trade.’’ In this paper, we present a comprehensive assessment of virtual water flow...