No abstract

International trade, the network that underpins globalization, shows an extreme inequality. Despite efforts of multilateral organizations to foster a more fair world through trade agreements, it is hard to assess the effect of these changes on such a complex system. We have measured, using numerical simulation on a recently published network model, the impact of simple policies to boost trade chances among the weakest economies. Results suggest that global inequality may be reduced improving trade among low-income economies.

No abstract

No abstract

This paper provides an empirical analysis of the Macroeconomic Imbalance Procedure (MIP). Resumen Este artículo realiza un análisis empírico del Procedimiento de Desequilibrios Macroeconómicos (PDM). Explora la relación entre los diferenciales de deuda soberana y las variables incluidas en el PDM utilizando regresiones por cuantiles. Los resultados sugieren que los indicadores del PDM pueden explicar el comportamiento de los diferenciales soberanos dos, tres y cuatro trimestres por adelantado. No pueden, sin embargo, capturar el efecto que los indicadores invariantes de país tienen respecto de la evolución de los diferenciales, así como* The authors of this paper would like to thank the anonymous referees of this journal for their useful comments, insights and suggestions on our research. This paper is better thanks to them. ** Universidad Pontificia Comillas ICADE. E-mail: arahuetes@comillas.edu *** Universidad Pontificia Comillas ICADE. E-mail: gonzalo.gomez@comillas.edu Received: July, 2017.Accepted: October, 2017.