Globalization is much more than an economic phenomenon and has non-economic consequences (Fischer, 2003). Studies on globalization follow two main lines [Li, Pang and Ng (2007)]. While most proglobalization advocates (for example, Feldstein 2000) examine the impact of external or openness factors, anti-globalization advocates focus on economic sectors that have lost out in the process of global...

The impact of globalization on democratic governance is vigorously contested. This debate has largely failed to address the impact of integration on the signature institution of representative democracies|competitive elections. In this paper, I argue that globalization makes the voter's fundamental problem of selecting a desirable representative easier by increasing the revelation of informatio...

This paper considers the effects of aging in a currency union with endogenous growth. It is shown that mortality, labour supply and social security funding have no effect on inflation and pose therefore no problems for monetary integration. On the other hand, the demand for medical care speeds up inflation. Hence, if a currency union accepts a new member in which families have a relatively high...

Globalization improves the prospects for developing countries (DCs) to catch up economically with industrialized countries. Depending on economic policies with respect to openness and factor accumulation, globalization may increase capital and technology flows to DCs, thereby generating a higher rate of income growth than would be possible in a less integrated world economy. Nevertheless, many ...

Phillips curves are generally estimated under the assumption of linearity and parameter constancy. Linear models of inflation, however, have recently been criticized for their poor forecasting performance. The author investigates the linearity and constancy assumptions of a standard reduced-form Phillips curve for Canada using two different techniques: (i) the methodology proposed by Bai and Pe...

Every silver lining has a cloud. The shift with development from food scarcity to food surplus is accompanied by rising obesity and all its associated health consequences. The steady reduction in mortality rates (until HIV/AIDS came along) has allowed people to live long enough to develop unpleasant chronic and degenerative diseases. And so with globalization, a process that has unquestionably ...

Trade openness can reduce inflation volatility through limiting recourse to seigniorage during periods of temporary fiscal deficits, and by shifting consumption and production towards goods for which the terms of trade are relatively stable. This paper provides evidence for a negative effect of openness on inflation volatility using a dynamic panel model that controls for the endogeneity of ope...

The Polish Government, in 1977, inaugurated a new pension program that made old-age and invalidity benefits available for the first time to most farmers in that country. The evolution and eventual failure of that program were closely intertwined with a growing national economic crisis, manifested in widespread popular unrest and culminating in emergence of the Solidarity movement. The farmers' ...

Following a suggestion by Gasperini and Veneziano, that String Cosmology can be reconciled with Inflation and, hence, with the Standard Big Bang, we display an analytical solution which possesses four interesting properties: (1) it is non-singular; (2) it distinguishes the dynamics of the external scale factor, a(t), from that of the internal one, b(t); (3) it exhibits a non-monotonic behavior ...

We study the effects of firm’s credit condition on (1) labor market performance and (2) the inflation and unemployment relationship, in a new monetarist model. Better credit condition has positive impact on labor market as firms save on financing cost, improve profitability, and thus create more vacancies. Inflation increases the financing cost and thus discourages job creation. On the other ha...