We consider the problem of stabilising the income of a country, henceforth the borrower, which would always prefer a stable income to a random income with the same average, i.e. a country which is risk-averse. This would be appropriate for countries which are heavily reliant upon agricultural...

In 1973 the Department of Trade and Industry has published a commissioned study of the effects on Britain of the inward flow of foreign direct investment. The present article summarizes some of the conclusions of this report, but is not meant to be a review of it, as it is written by its...

Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification – this is also the approach used by numerous studies analyzing the relative capital-skill...