Where an economy cannot meet its external debt service obligations, it is forced to appeal to creditors for rescheduling of the debt. As such, rescheduling is evidence of a country's incapacity to carry a debt burden. This article explores factors that explain the probability of a country...

This article explores tests for absolute convergence in economic activity among a set of countries. It proposes a new test procedure that allows the researcher to identify particular countries within the group, which might not be converging. It also proposes that convergence among a set of...

This paper presents the results of an alternative test of the rational expectations theory of the term structure of interest rates. Other researchers have also examined the validity of the expectations hypothesis of term structure. While there is more often rejection of the expectations...