We develop a simple model of the choice between exploiting a technology in another country via export and via direct foreign investment. The model points to the destination country's size, level of technological sophistication, and distance from the source as factors in the decision. Moreover,...

We develop and estimate a model of technological innovation and its contribution to growth at home and abroad. International patents indicate where innovations come from and where they are used. Countries grow at a common steady-state rate A country's relative productivity depends upon its...

The troublesome debts of a number of developing Countries have spawned a large literature on why countries borrow, on what debt contributes to growth, on why countries repay, and on how existing debt should be dealt with. This paper provides a basic introduction to some issues in sovereign debt....

We model the invention of new technologies and their diffusion across countries. Our model predicts that, eventually, all countries will grow at the same rate, with each country's productivity ranking determined by how rapidly it adopts inventions. The common growth rate depends on research...

We examine productivity growth since World War II in the five leading research economies: West Germany, France, the United Kingdom, Japan, and the United States. Available data on the capital-output ratio suggests that these countries grew as they did because of their ability to adopt more...