We compare two-stage Stackleberg with Cournot equilibrium under the assumption of quantity competition and homogeneous goods.  We show that, when the curvature of the inverse market demand equals the total number of firms in the industry, the outcome of the two games coincides.

The following paper presents a set of philosophical arguments that extend the standard set of property rights under the classical libertarian perspective to include the individual rights to ownership, management and transfer of risk and uncertainty. The paper shows that an extension of property...

International financial integration allows countries to become net creditors or net debtors with respect to the rest of the world. In this paper, we show that a small set of fundamentals-shifts in relative output levels, the stock of public debt and demographic factors-can do much to explain the...

In most of the empirical literature on land titling, the household is regarded as unitary, and land rights are found to have ambiguous effects on land allocation, investment and productivity. Using data from 12 provinces in Vietnam, we diversify land titles, and show in a household fixed effects...

The aim of the paper is to see whether individuals' attitudes towards globalisation are consistent with the predictions of Heckscher-Ohlin theory. The theory predicts that the impact of being skilled or unskilled on attitudes towards trade and immigration should depend on a country's skill...

In his seminal publications between the 1930s and 1960s, Frederick Lane offered three hypotheses regarding the impact of the Voyages of Discovery that have guided debate ever since. First, pepper and other spice prices did not rise in European markets in the century before the 1490s, and thus...

In this paper, we study the determinants of cross-country variation in the level of international reserves over 1981-95. Confirming intuition, trade openness is easily the most important variable. There is also some evidence that financial deepening is associated with an increase in the reserves...

This paper analyses some key issues concerning the new National Pensions Reserve Fund. We briefly review the basic demographic and economic trends that motivate the establishment of the Fund. We consider the pitfalls facing the operation of the Fund and argue that a complete ban on domestic...

If women have different economic preferences than men, then female economic and political empowerment is likely to change policy and household decisions, and in turn macroeconomic outcomes. We test the hypothesis that female enfranchisement leads to lower government budget deficits due gender...

This book provides the first systematic, integrated, analytical account of the evolution of the international economy during the last millennium.It emphasizes the two-way interaction between trade and geopolitics, and the importance of such interactions for world economic development.