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Since 2002, spreads on emerging market sovereign debt have fallen to historical lows. Given the close links between sovereign spreads, capital flows to emerging markets, and economic growth, understanding the factors driving these spreads is very important. We address this issue in two stages....
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Reforms aimed at reducing the regulatory barriers to firm entry and bolstering greater firm creation have gained significant prominence in economies beyond the U.S. Given these facts and amid growing work on the link between firm creation and cyclical housing-market dynamics, we document a...
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ecological state of the river system (benefit) and the loss of hydropower revenue (economic cost) related to the environmental … constraint level. This paper studies how the economic cost of environmental constraints changes if electricity prices are less …. Based on the results, we use the marginal cost and marginal benefit framework and discuss how to set the optimal …
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