asymmetrically informed agents, treating symmetric information as a limiting case. Trade takes place in asset markets that may or may …

The paper proposes a general model that will encompass trade and social benefits of a common language, a preference for … externalities and international trade that are typically treated separately. …

One of the important neglected issues in discussions of East European transition to the market is the structure of the … government's budget, especially the roles played by taxes and subsidies. This paper reviews the Hungarian fiscal situation in …

markets, liquidity in each market generally becomes less volatile, but the reverse may hold for aggregate liquidity because of …

financial market autarky. Thus, a trade-off emerges between the probability of crises and the severity of crises. Financial … countries. We provide a quantitative analysis of this trade-off in a two-country general equilibrium model with endogenous … autarky to bond market integration and equity market integration. Financial integration leads to a significant increase in …

failure in the US home loan market. Among the macroeconomic pathologies that contributed to the crisis were, first, excessive …

market structure of this economy, as well as efficient financial innovations consisting of both the introduction of new … assets and the integration of segmented markets. We show that the optimal financial market structures maximize a simple …