A sovereign borrower seeks to raise funds internationally to finance a fixed-size project, which no single lender can finance alone. Lenders cannot lend more than their endowments, which are private information. A coordination failure arises therefore, some socially desirable projects may not be...

In this paper, employing VAR and factor analytic models with quarterly U.K. sectoral business investment data, we show that both common and sector-specific shocks play important roles in explaining business investment fluctuations.

This paper empirically investigates the role of institutions, income inequality, cultural differences and health expenditures on cadaveric versus total kidney transplants scrutinizing information gathered from 63 countries over the period 1998-2002. We show that improvements in income equality...

In this paper, employing VAR and factor analytic models with quarterly U.K. sectoral business investment data, we show that both common and sector-specific shocks play important roles in explaining business investment fluctuations.