We use Bulgarian firm-level data to investigate the impact of liquidity constraints on investment performance. Internal funds are an important determinant of investment in most industrialized countries. We test whether internal funds are important for firm investment during the current...

In this paper, we propose an empirical model based on the heterogeneous agents literature. Price changes are induced by fundamental, technical, and international factors. The model is estimated for Hong Kong and Thailand surrounding the Asian crisis. We find that the three sources are relevant...

We develop and estimate a dynamic heterogeneous agent model for the EMS period. Our empirical results suggest that the existence of heterogeneous interacting agents is indeed a possible explanation for the dynamics of exchange rates during the EMS. We find strong evidence of heterogeneous...

We use measures of trade-related corruption to investigate the effects of corruption on international trade and compare the results with those of corruption in general. We distinguish corruption in an exporting economy from that in an importing economy. Both distinctions appear to be important....

Two forms of “hidden” child labor – housework and family business work – are studied for 178,000 children in 16 African and Asian countries. About 30% of African children and 11% of Asian children work over 15h a week in hidden child labor. Girls are more involved in housework and boys...