This paper discusses, in a very general way, a system of IMF insurance against sovereign default that could be offered to private lenders and banking groups. The system could overcome many of the current issues that plague the international private lending market, such as moral hazard on the...

This article develops a model of a representative professional sports club operating in a league that has the option of adopting one of two different forms of revenue sharing: traditional revenue sharing or central-pool-type revenue sharing. To adopt either form of revenue sharing, the league...

The history of professional sports leagues is rich with examples of clubs that enjoy success on the field for a number of seasons, only to fall back in subsequent seasons. Although some clubs achieve consistent success, and a few, consistent failure, most clubs display a cyclical pattern as they...

This article investigates whether a greater supply of free-agent baseball players at a particular position has any effect on negotiated salaries. A simple auction model of free-agent salaries with many bidders is developed that suggests that a greater supply of positional free-agent players...

The seminal work by Ramaswami (1968) comparing the advantages of allowing international labor inflows with those of foreign investment elicited an immediate response from Webb (1970). and subsequent elaborations by Bhagwati (1979). Calvo and Wellisz (1983), Bhagwati and Srinivasan (1983), and...