This paper analyzes problems of implementing noneconomic conditionality, such as military expenditure reduction, in the granting of foreign aid given the presence of asymmetric information. The authors present two conceptually separate principal-agent models to capture the stylized facts of...

This paper provides compelling evidence that equity market liberalization, as the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality by promoting increased human capital accumulation. The authors examine...

This paper provides compelling evidence that equity market liberalization, the most efficient way to smooth financial market frictions such as credit constraints, can alleviate persistent cross-dynastic income inequality through increasing the accumulation of human capital. We examine the impact...

This paper investigates the validity of the conventional wisdom that, unlike in developed countries, exchange rate pass-through (ERPT) should be ‘complete’ for developing economies. To test this hypothesis, we construct new variables as well as original data sets, which are not readily...

We employ the total factor productivity (TFP) index in growth accounting as a proxy for productivity growth to compare patterns and sources of output growth for a group of proximate countries in Asia-Pacific Economic Cooperation region. The estimates indicate that output growth has benefited...

The paper provides a theory of war and conflict issues, and applies the theory to the arms race and the possibility of war in the South Asian subcontinent. We try to give a new perspective on an old question: wars are not rational since they destroy the contestable resource over which disputes...

With the competitiveness of UK manufacturing declining steadily during the interwar period, and a significant rise in unemployment in the early 1930s, the UK government responded by introducing the General Tariff in February 1932 in an attempt to halt the increase in unemployment and the...