In the Crawford-Sobel (uniform, quadratic utility) cheap-talk model we allow for mediation in which the informed agent reports one possible element of a partition to a mediator (a communication device) and then the mediator suggests an action to the uninformed decision-maker according to the...

This paper examines the effects of foreign direct investment (FDI) inflows to a group of six Pacific Basin economies.

Capital uncertain or risk assets are typically excluded from traditional broad monetary aggregates. Barnett et al (1997), however, extend the Divisia aggregation methodology to incorporate such assets. In addition, recent evidence provided by Drake et al (1998) auggests that risky assets are...

We identify characteristics that affect firms' ability to learn from their export activities. Our analysis is based on a panel of Argentinian firms spanning 1992-2001 and we employ Granger causality tests, propensity score matching techniques and GMM regressions. The characteristics we find to...

Every real ARMA(p,q) process can trivially be written as the real part of a complex ARMA(p,q) process, which we abbreviate as ReCARMA(p,q). Less trivially, every ReCARMA(p,q) process can be represented as a real ARMA(2p,p + q) process or some simpler process. This provides an alternative,...

We analyse the key characteristics of simple models of overlapping generations where capital is endogenous, and money plays norole. The main focus is on the codyamics of interest rates, wages, and consumption with capital.

This paper models aid agencies as financial intermediaries that do not make a financial return to depositors, whose concern is to transfer resources to investor-beneficiaries. This leads to a problem of verifying that the agency is using donations as intended. One solution to this problem is for...

The preliminaries in the paper contrast the advantages and disadvantages of using arbitrary scores for ordinal responses in linear models compared to generalised linear models for ordered catagory responses. The context of multilevel and random effects models is a particular focus. Simulation...

There are two main schools of thought which seek to explain currency crises; fundamentalist theories (Krugman, 1979) and speculative theories ( Obstfeld, 1986). However, neither of these approaches considers the timing of a speculative attack on the currency. I explain the timing of a crisis in...

This paper concludes that, for many given government deficit, greater recourse to inflationary finance, financial repression and escessive government borrowing from abroad are associated with higher inflatio, lower saving ratios and lower growth rates.