An investigation of exchange market pressure against the pound sterling during the inter-war period. The main findings are that a) the behavior of UK fundamentals relative to those of the USA help to explain exchange market pressure against the pound; b) during the run up to devaluation in...

This article considers some of the problems which the globalization of the offshore oil supply industry pose for an industrialized host country. Although the vertical decomposition of the industry eases some entry problems for host country firms, substantial barriers to entry into the...

We offer a method for assessing the progress of transition economies towards becoming market economies. A simple macroeconomic model is used which incorporates certain microeconomic features relevant to a transition economy that is introducing market-driven resource allocation. According to our...

Sample-survey information is used to assess aspects of the predictive competence of the transaction-cost paradigm. The extent of vertical disintegration by oil companies in offshore oil gathering is shown to be consistent with the revealed efficacy of the markets in intermediate goods and...

In this paper we consider the case for assigning tax revenues to Scotland, by which we mean that taxes levied on Scottish tax bases should be returned to the Scottish budget. The budget, however, would continue to be supplemented by transfers from the Westminster budget. This arrangement differs...

We discuss the effectiveness of pegged exchange rate regimes from an historical perspective, drawing conclusions for their effectiveness today. Starting with the classical gold standard period, we point out that a succession of pegged regimes have ended in failure; except for the first, which was...