December 1998 <p> How does the economy react to the arrival of a new major technology? The existing literature on General Purpose Technologies (GPTs) has studied the role that mechanisms like secondary innovations, diffusion, and learning by firms play in the adjustment process. By contrast, we...</p>

December 2000 <p> This paper evaluates the performance of exchange rate, inflation and money targeting under terms of trade, real interest rate, foreign inflation and money demand shocks. Inflation targeting must target the price level as opposed to forward looking inflation for uniqueness of...</p>

August 2000 <p> This paper analyzes daily covered interbank interest differentials for three emerging markets before and after the 1997/8 financial crises, and compares them to those of four developed economies. It examines descriptive statistics of covered differentials and the long-run...</p>

March 2001 <p> Problematic issues are raised by the expressed intention of the European Commission to promote greater awareness on the part of scientists in the “European Research Area” about intellectual property rights and their uses in the context of “Internet intensive research...</p>

Journal of Comparative Economics, March 1998. <p> We develop a theory for a transition economy under which an unbalanced development strategy that favors special economic zones emerges as a response to two critical problems: (1) political pressure to satisfy certain social expenditure requirements,...</p>

This paper tests whether the stockout/precautionary motive applies to inventories and liquid assets held by Zimbabwean manufacturing firms. The evidence indicates that involvement in imports and exports is a major source of contractual risk. Concerns about the timeliness of input deliveries and...