The authors present a model in which specialization and trade occur not as a result of exogenous differences in factor endowments or technologies, but because of endogenous differences in culture (preferences including social norms) and institutions (contracts). Goods differ in the kinds of contracts that are appropriate for their production, ...Download Now
The authors exploit the symmetry concepts developed in the companion review of this paper to introduce a stochastic version of link reversal symmetry, which leads to an improved understanding of the reciprocity of directed networks. They apply the formalism to the international trade network and show that a strong embedding ...Download Now
According to the G20 "Financial markets will remain global and interconnected, while financial innovation will continue to play an important role to foster economic efficiency." Recent official declarations, reports and legislative proposals on financial re-regulation are consistent with this statement. The President of the Financial Stability Board has made it ...Download Now
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