The resolution of the international debt crises has stimulated extensive research on how to design solutions for countries facing external debt overhang problems. This paper analyses the benefits for creditors and debtors of the following "market‐based" debt restructuring schemes: (i) issue of...

This paper uses an asymmetric multivariate model to investigate asymmetries in employment and pricing behaviour by firms. This generalises the approach of Granger and Lee (1989) and also exploits the cross equation restrictions on the equations for prices and employment implied by a restricted...

Unpredictable fluctuations in the exchange rate can increase the uncertainty that suppliers face in overseas markets if contracts are written in foreign currency. There is an extensive literature on how the volatility of exchange rates can affect trade patterns. In this paper, the author does...

The authors estimate a model of U.K. exports of manufactures, separating supply and demand effects, in order to test whether the supply side reforms of the 1980s have improved export performance. M. Landesmann and A. Snell (1989) have argued recently that the income elasticity of the demand for...