This paper explores the role of restrictions on the use of international reserves as economic sanctions. We develop a simple model of the strategic game between a sanctioning (creditor) country and a sanctioned (debtor) country. We show how the sanctioning country should impose restrictions...

This paper examines the role and factors of seasonality in tourist revenues in the case of Greece. The empirical analysis of the current research is conducted using quarterly data for the period 1960:I 2005:IV. Osborn et. al. (1998), Miron (1994) and Hylleberg et. al. (1990) tests for seasonal...

This paper considers the risk management problem of an investor who holds a diversified portfolio of global equities or bonds and chooses long or short positions in currencies to manage the risk of the total portfolio. Over the period 1975-2005, we find that a risk-minimizing global equity...