Increasing attention is being paid to IMF governance, and the structure and size of the Fund’s lending operations. However, less interest has been shown in the array of lending windows through which the IMF makes resources available. There have nonetheless been clear trends over recent years...

Evidence of instability of the wealth effect in the USA is presented through the estimation of a Markov switching model of the long-run aggregate consumption function. The dating of the regimes appears to bear relation to movements in asset prices. A model-based explanation of the findings is...

Recent theoretical and empirical research suggests that under certain conditions IMF agreements induce additional inflows of finance from other private sources. This paper provides new empirical evidence on this catalytic effect using a treatment effects model to correct for selectivity. It...

This paper focuses on two main issues, firstly the extent to which the employment position of the main ethnic minority groups in England and Wales changed between 1991 and 2001 and secondly, a detailed examination of employment amongst ethnic groups in 2001. In relative terms, the employment...

For the first time, we present evidence on employee theft in the UK using data on actual recorded crime. We present a model where employees are rational cheaters with consciences to produce hypotheses about the role of labour market (wages, unemployment) and social (age, education) influences on...

This paper considers aspects of the competitive selection process in China - firm entry, survival, and exit - in an important sector of manufacturing, looking in particular for changes resulting from the latest stage of reforms. Using industry survey data from a province in North-East China, we...

In this paper, we develop a North-South endogenous growth model to examine three phases of development in the South: imitation of Northern products, imitation and innovation and finally, innovation only. In particular, the model has the features of catching up (and potentially overtaking) which...

This paper tests the power of real options theory to explain investment under uncertainty, exploiting differences in the degree of irreversibility between machinery and buildings. It reports estimates of investment equations for each asset class using a large sample of UK manufacturing...

Administered Incentive Pricing (AIP) of radio spectrum as advocated by Smith/NERA (1996) and recently assessed by Indepen (2003) envisages an incremental path towards e±cient pricing, with revealed and stated prefer- ence methods being used to reveal opportunity costs. We build on the latter to...