The paper sheds light on the relevance of economic capacity utilisation, capital accumulation and effective demand for the endogeneity of the natural growth rate with respect to normal, depressive and expansive growth regimes. Apart from contributing to fill this theoretical gap, a new model is...

The Middle East was once seen as a medieval great globalized force. Nowadays it shows one of the lowest intra-regional trade in the world and therefore it is claimed that the region is poorly integrated. Yet, with the steady flow of workers across national borders of the Middle East is this...

The Middle East was once seen as a medieval great globalized force. Nowadays it shows one of the lowest intra-regional trade in the world and therefore it is claimed that the region is poorly integrated. Yet, with the steady .ow of workers across national borders of the Middle East is this...

The Middle East was once seen as a medieval great globalized force. Nowadays it shows one of the lowest intra-regional trade in the world and therefore it is claimed that the region is poorly integrated. Yet, with the steady .ow of workers across national borders of the Middle East is this...

I investigate the aggregate consequences of canonical financial frictions in the supply of credit to firms: private information and limited enforcement. I propose a general equilibrium model in which entrepreneurs finance their firm through a long-term contract with a financial intermediary. The...

The Middle East was once seen as a medieval great globalized force. Nowadays it shows one of the lowest intra-regional trade in the world and therefore it is claimed that the region is poorly integrated. Yet, with the steady flow of workers across national borders of the Middle East is this...

In the struggle between the forces of free trade and the restrictive influence of insularism the latter recently seems to have the upper hand. This is illustrated by the referendum of June 23, 2016 where the United Kingdom (UK) voted to leave the Europea+n Union (EU). In this paper we evaluate...

We propose a method to estimate both whether there is an overall infrastructure shortage and the optimal share of infrastructure in gross fixed capital formation (GFCF). This is based on a two-gap model and linear programming, and is illustrated with the case of Mexico (1950-1985). The results...

The paper estimates and analyzes an equation for intermediate imports during the 1988-2006 post-liberalization period in Mexico. While some results are obtained from Johansen’s VECM model, most of the analysis is carried out within an Error-Correction ARDL framework, following the bounds...