April 1999 <p> In the past two decades, China's transition from a planned to a market system followed a different path from those countries in Eastern Europe and the former Soviet Union. So far the Chinese path has been a remarkable success. This paper provides detailed accounts of this process,...</p>

Revised: March 24, 1999 <p> The original draft of this paper was presented to the American Economic Association Meetings session "In Honor of Edwin Mansfield," held in New York, N.Y., on January 5, 1999. <p> This paper is a first step toward closing the analytical gap in the extensive literature on...</p></p>

February 26, 1996, Version 5.00 <p> Empirical research in the micro productivity literature consistently supports the notion that there is too little R&D. However, the methodology of this literature, based on the neoclassical growth model, is challenged by new growth theory, which emphasizes a...</p>

November 6, 1998 <p> No abstract provided.

October 1999 <p> This paper argues that the truly unique role of venture capitalists is found in their information-mediating and governance functions, which can be understood only in the context of relationships between the "clustering" of entrepreneurial firms and (a club) of venture capitalists....</p>

Revised March 2001 <p> This paper estimates a discrete choice model of housing product demand to study the causes of black urbanization. Our estimation strategy incorporates that there are unobserved product attributes which are correlated with observed product attributes. We bound racial...</p>

December 1995 <p>We explore signaling behavior in settings with a discriminating signal and several costly nondiscriminating ("money burning") activities. In settings where informed parties have many options for burning money, existing theory provides no basis for selecting one nondiscriminating...</p>

September 30, 1999 <p> Prepared for presentation at the European Summer School in Industrial Dynamics (ESSID), held at Institute d'Etudes Scientifique de Cargèse (Corse), France 5th - 12th September 1999

First draft: February 1996. This draft: November 1996. <p> Drawing insights from survey work on enterprise finance and from the literature on credit and labor markets, this paper investigates the spontaneous emergence of markets in the presence of heterogeneous agents and commitment failure. We...</p>

January 2003 <p> Before the crisis of 1997-98, the East Asian economies—except for Japan but including China— pegged their currencies to the US dollar. To avoid further turmoil, the IMF now argues that these currencies should float more freely. However, our econometric estimations show that the...</p>