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predicts that global trade imbalances may be sustainable even in the long run and the conventional wisdom that the ‘saving glut’ of emerging economies is responsible for the global low interest rate may ...
the WTO a household name, and it became famous or notorious as a target for the anti- globalization movement.3 But the rioting outside was only part of the story. A legitimacy crisis within the WTO ...
ABSTRACT An important context for contemporary trade frictions is the emergence, since the 1990s, of a wide range of new forms of market capitalism, of which China’s hybrid market economy is the most ...
of exposition, we assume SG is costless , has no side effects, and cooling is uniform. We can then consider the global SG level G as the cooling experienced in every country. For this stylized example, we assume ...
manipulation and Western governments imposed sanctions without fail, pseudo-democrats would never invite monitors, as the costs would far outweigh the benefits. The global norm would never have developed ...
of a multiplicity of local equilibria, or in an intransitive cycle. The figure shows that with 11 or more agents we never find equilibria but only cycles. Figure 1. Open in new tabDownload slide Organizational ...
off otherwise’) inside the corridor, and active demand management outside of it. Four decades later, when the world was hit by a global financial crisis while macroeconomics had converged on a New ...
solution is just one among a continuum of equilibria of the costless English auction. In this paper, we view sequential bidding as a “learning process.” Different equilibria have different rates ...
was beginning to crystallize: in addition to advancing its expansive new rights within the new global legal framework, the PRC now considered itself to have a simultaneous struggle for its interests against ...
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