In an environment in which both buyers and sellers can undertake match specific investments, the presence of market competition for matches may solve hold-up and coordination problems generated by the absence of complete contingent contracts. In particular, this paper shows that when matching is...

We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly,...

This paper discusses the results from general equilibrium trade models executed towards the end of the Uruguay Round, reporting both aggregate and regional gains. These results were generated some 5 years ago, and were important to the debates at the end of the Uruguay Round as to what would be...

We explore the implications of trade liberalization in economies with State Owned enterprises (SOEs) and shirking. SOEs are modelled as controlled by the members of the enterprise who determine output and effort levels, while facing output prices and wage rates set by government. Enterprise...

This paper discusses what the next few decades could bring for the developing countries in terms of the size and composition of their trade and inward investment flows, as well as a possibly changing policy framework within the global economy in which they have to operate. Both the prospects and...

This paper explores the use of structural models as an alternative to reduced form methods when decomposing observed joint trade and technology driven wage changes into components attributable to each source. Conventional mobile factors Heckscher-Ohlin models typically reveal problems of...

Purpose ? The purpose of this paper examines some of the controversies facing business schools in their future evolution and pays particular attention to their competitive positioning as centres of management research. Design/methodology/approach ? The paper combines and builds on current...

Recent trade policy debates have focused increasingly on the supposed barriers caused by di?ering country regulations, and at proposed remedies such as mutual recognition agreements. There are several motives for setting minimum quality standards in an open economy. This paper examines the...

In this paper we investigate the powerful implications of the Stolper-Samuelson theorem, which uses the Heckscher-Ohlin model to predict strong links between changing trade prices and wage inequalities. We summarise recent work, which shows that these theoretical links are, in fact, far stronger...