We study the volatility of growth rates and find that it differs systematically across countries. Our empirical investigation reveals that there is a high correlation between disparity in political regimes across countries and differences in volatility. This is not the case for some of the...

The paper attempts to formulate an axiomatic model of the classical balance of power system using the fundamental notion that a stable bal ance of power implies the absence of a predomin nant actor or coalition. It is shown that the basic motivation for participating in such a system is security...

There is a growing literature that studies the properties of models that combine international trade and neoclassical growth theory, but mostly in a de- terministic setting. In this paper we introduce uncertainty in a dynamic Heckscher-Ohlin model and characterize the equilibrium of a small open...