American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article Trade, Growth, and the Environment 7 71 This essay reviews what we currently know about the environmental consequences of economic growth and international trade. Using a unified framework, we critically review both theory and empirical evidence on issues such as the Environmental Kuznets Curve, the pollution haven hypothesis, and the effects of environmental policy differences on trade and investment flows. We consider how this evidence can help us evaluate ongoing policy debates, and we discuss directions for further research. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=1&issue_date=March 2004 10.1257/002205104773558047 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article Trade Liberalization and Poverty: The Evidence So Far 72 115 This paper assesses the current state of evidence on the impact of trade policy reform on poverty in developing countries. There is little empirical evidence addressing this question directly, but a lot of related evidence on specific aspects. We summarize this evidence using an analytic framework addressing four key areas: economic growth and stability; households and markets; wages and employment and government revenue. Twelve key questions are identified and empirical studies and results are discussed. We argue that there is no simple generalizable conclusion about the relationship between trade liberalization and poverty, and the picture is much less negative than is often suggested. In the long run and on average, trade liberalization is likely to be strongly poverty alleviating, and there is no convincing evidence that it will generally increase overall poverty or vulnerability. But there is evidence that the poor may be less well placed in the short run to protect themselves against adverse effects and take advantage of favorable opportunities. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=2&issue_date=March 2004 10.1257/002205104773558056 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article Empirical Studies of Financial Innovation: Lots of Talk, Little Action? 116 144 This paper reviews the extant empirical studies of financial innovation. Adopting broad criteria and spanning a long time horizon, we found surprisingly few studies (39), with most (23) having been conducted since 1998. Especially striking is that only two studies test hypotheses advanced in many descriptive articles as to the economic/environmental conditions that encourage financial innovation. We offer conjectures as to why empirical studies of financial innovation are comparatively rare, including as a culprit the absence of accessible data. We urge financial regulators to undertake more surveys of financial innovation and to make the resulting data available to researchers. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=3&issue_date=March 2004 10.1257/002205104773558065 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article The Chinese Saving Puzzle and the Life-Cycle Hypothesis 145 170 China's per capita income ranks below 100th in the world. Its saving rate, however, has been one of the highest worldwide in recent decades. In this paper, we attempt to explain the seeming paradox within the framework of the Life-Cycle Hypothesis developed by Franco Modigliani. The key LCH variables are income and population growth. Our results based on data we put together from official sources show that income growth has been the dominant factor behind the dramatic increase in China's saving rate, as predicted by the LCH. Demographic structure and inflation also had significant impact on the fluctuations of the saving rate. http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=4&issue_date=March 2004 10.1257/002205104773558074 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article Book Reviews 171 231 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=5&issue_date=March 2004 10.1257/002205104773558083 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article Annotated Listing of New Books 232 346 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=6&issue_date=March 2004 10.1257/002205104773558092 American Economic Association Nashville, TN 0022-8282 Journal of Economic Literature http://www.aeaweb.org/journal.html 42 1 March 2004 http://www.aeaweb.org/articles/issue_detail.php?journal=JEL&volume=42&issue=1&issue_date=March 2004 Journal Article JEL Classification System 347 358 http://www.aeaweb.org/articles/article_detail.php?journal=JEL&volume=42&issue=1&article=7&issue_date=March 2004 10.1257/002205104773558100