This paper contributes to the debate on the efficacy of IMF's catalytic finance in preventing financial crises. Extending Morris and Shin (2006), we consider that the IMF's intervention policy usually exerts a signaling effect on private creditors and that several interventions in sequence may...

This paper presents the technical background for our computable general equilibrium (CGE) analysis of different worldwide liberalization scenarios in agricultural markets. The main features of the examined agricultural protection policies are explained and descriptions of the applied economic...

The business literature suggests that exporters either use trade intermediaries or own foreign sales representations. Standard trade models are silent about this choice. We develop a model where producers differ with respect to competitive advantage and where trade intermediaries arise...

In this paper, I will discuss this question with special emphasis on the European experience. The European Union (EU) qualifies for an interesting case study because of two reasons. First, it has been founded more than 40 years ago in 1957. Second, its ongoing process of deep Integration is...

This paper develops an extended version of the quality-ladder model by allowing for heterogeneous markets. Based on this model, it presents an empirical analysis of innovation-based growth at the market level using a technometric measurement concept. It can be shown that a growth-promoting...

In case of multiple creditors a coordination problem can arise when the borrowingfirm runs into financial distress. Even if the project's value at maturity is enoughto pay all creditors in full, some creditors may be tempted to foreclose on theirloans. We develop a model of creditor coordination...