An age-structured bioeconomic model was constructed to determine optimal patterns of exploitation for the U.S. Atlantic sea scallop fishery. Results indicated that economic rents are maximized by engaging in pulse fishing strategies, whereby fishing only occurs following a multi-year closure...

The purpose of this paper is to assess the impact of targeted financial development on aggregate outcomes, in particular aggregate productivity. The development of the both the bond market and the banking sector can increase aggregate productivity through intra-industry reallocation of...

We draw on stylized facts from the finance literature to build a model where altering the relative costs of bank and bond financing changes the entire distribution of firm size, with implications for the aggregate capital stock, output, and welfare. When reducing transactions costs in one...

The net foreign asset positions (NFAP) of developing countries and emerging markets tend to be short equity and either short or long debt, while most industrial nations are long equity and short debt. This paper proposes that financial system inefficiencies associated with underdeveloped...

Using a small open economy framework, we model the composition of capital inflows as the equilibrium outcome of emerging market firms' financing decisions. We show that debt limits, equity issuing costs, and foreign direct investment search costs generate a financing premium and that the...

Does targeted financial development favor small firms or large ones? And how do resulting changes in the distribution of firm size affect aggregate outcomes? We assess the macroeconomic implications of known stylized facts from the finance literature regarding firm size and financial frictions...

We join the new trade theory with a model of choice between bank and bond financing to show the differential effects of financial policy on the distribution of firm size, welfare, aggregate output, gains from trade, and the real exchange rate in a small open economy. Increasing bank efficiency...