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Romain Wacziarg

This compelling Literature Review Article discusses the major literary contributions to the economic analysis of the consequences of trade liberalization on growth, productivity, labor market outcomes and economic inequality. Examining the classical theories that stress gains from trade stemming from comparative advantage, the review also analyses more recent theories of imperfect competition, where any potential gains from trade can stem from competitive effects or the international transmission of knowledge. Empirical contributions provide evidence regarding the explanatory power of these various theories, including work on the effects of trade openness on economic growth, wages, and income inequality, as well as evidence on the effects of trade on firm productivity, entry and exit. This Research Review will be an invaluable research resource for academics, practitioners and those drawn to this fascinating topic.
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Romain Wacziarg

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Axel Marx and Jan Wouters

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Romain Wacziarg

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Axel Marx and Jan Wouters

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Axel Marx and Jan Wouters

Global governance emerged as a concept more than two decades ago. Despite its relevance to key processes underlying the major public policy questions of our age, the contours of 'global governance' remain contested and elusive. This Research Review seeks to clarify key trends and challenges in global governance by bringing together the leading scholarship on its different forms. The Literature Review Article discusses key issues in relation to global governance institutions: democracy, legitimacy, accountability, fragmentation, effectiveness and dispute settlement.
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Romain Wacziarg

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Axel Marx and Jan Wouters

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Iain Ramsay

Consumer credit, its role and regulation, has become a hot topic since the Great Recession of 2008. This chapter outlines an emerging international consensus on the regulation of credit markets and examines critically central aspects of this consensus: appropriate supervision of credit markets through regulatory agencies; the promotion of financial inclusion and access to credit at a reasonable cost; mandatory information disclosure; responsible lending; the facilitation of credit information through credit reference agencies; and financial literacy. It also examines the more controversial issue of price controls and concludes by analysing the role of payment intermediaries in providing redress in transnational purchases.

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Edited by Geraint Howells, Iain Ramsay and Thomas Wilhelmsson