It is now generally recognized that special interest group influence on economic decision making is not in theory a phenomenon restricted to democratic capitalism. Governments which have attained power by non-democratic means must eventually seek legitimacy, either by populist appeals to the...

The point of reference for this paper is the theoretical structure of disaggregated, general equilibrium models of the ORANI type, as outlined in Dixon et al. (1982) and Vincent (1981). This theoretical structure has been applied in a variety of contexts, with particular models differing widely,...

Traditionally, asset demands are derived as a solution to the individual's or household's problem of allocating wealth among various real and financial alternatives. The demand for each asset depends on the own real rate of return, but also on the real rates of return to alternative assets. The...

The first purpose of this paper is to demonstrate, as a theoretical.proposition, that elimination of controls on bank interest rates would not necessarily lead to a decline in output in those sectors which were previously able to obtain cheap bank credit, The efficiency gains obtained by...

There is a strong presumption among economists that domestic reforms are promoted by regionalism. Yet strong empirical evidence for this proposition is lacking. This paper examines both the theoretical arguments and empirical evidence on this issue, drawing on the relevant economic, political,...