It has been argued by Turunen-Red and Woodland that, on only mild empirical assumptions, any system of non-distorting international transfers can be replaced by an "equivalent set" of distorting national tariffs without disturbing the international allocation of resources. This remarkable claim...

The tree-farm model of T. Mitra and H. Wan (1985) contains novelties: a continuum of optimal cycles appear for small discounting and the cyclicality survives perturbations. To isolate the source of novelties, the author studies the simplest case: trees live naturally for two periods. This model...

The sustained rapid growth of Korea and Taiwan represent two alternative paths of successful development. The difference between these two paths is reflected in industrial concentration, macroeconomic management, and export mix. During the 1997 crisis, Korea absorbed severe shocks and then...