This paper draws on the experiences of the United States and European Community to speculate on the effects of agreements to integrate high and low income economies. The evidence suggests that reducing barriers to the flow of goods or resources will promote convergence, even among integrating...

We study a model of economic growth and development with a threshold externality. The model has one steady state with a low and stagnant level of income per capita and another steady state with a high and growing level of income per capita. Both of these steady states are locally stable under...

The role of the financial sector in stimulating economic growth has been debated in the economic profession for decades. The prevailing view is that financial intermediaries reduce the transactions costs of channeling funds from savers to entrepreneurs by reducing information asymmetries between...

Presentation to the Southern Illinois University at Edwardsville, Third Annual Rutman Lecture, Edwardsville, Ill., April 10, 2003

Remarks before the National Association of Manufacturers, Board of Directors Meeting, Tucson, Ariz. - April 16, 1999>

Presentation to the 2003 Washington Legislative Update Conference, International Foundation of Employee Benefit Plans, Wash., D.C., May 19, 2003

The various channels through which a reduction in the cost of offshoring can improve wages in a developed country are by now well understood. But does a similar reduction in the offshoring cost also benefit workers in the world's factories in developing countries? Using a parsimonious...