In this paper, we examine the relationship between crude oil and natural gas prices. Using smooth transition regression modelling approach, we find that both the long-run and short-run relationships between oil and gas prices are more aptly modelled by simultaneous structural breaks and...

NOTE: The following is a description of the paper and not the actual abstract. Developing countries have a variety of governmental and trade policies which are intended to affect the return to capital and also distort factor prices. These distortions are significant and exist even before the...

Developing countries have a variety of governmental and trade policies which are intended to affect the return to capital. In our estimation of the return to capital in Colombia we attempt to account for taxes, both direct and indirect, governmental subsidies, and trade taxes and subsidies. We...