The IMF creates “moral hazard,” when it provides bailouts to countries that face a BOP crisis. Two central questions are posed: is moral hazard observable in the data; and, if it is, what is its magnitude? We search for evidence that the unprecedented bailouts of the last decade have changed...

In the mid-1960s 26 percent of the single-family homes in Honolulu were on leased land. Dissatisfaction with leasehold led to reform legislation in 1967, allowing lessees to buy leased land. By 1991 only 3.6 percent of the homes were on leased land. We examine why landowners elected to lease...

Market perestroika and integration into the world economy require strengthening protection of intellectual property rights (IPRs) in transition economies like Russia. This paper examines patterns and emerging trends in piracy and protection of IPRs in Russia and analyzes the economic effects of...

The quest for economic security can sometimes exacerbate insecurity thereby leading to a black hole of regulations, spending and ever-worsening insecurity. This paper explores food security in the Philippines, demonstrating how the state-trading enterprise for rice increases prices, decreases...

We explore the possibility of representing sustainability concerns in the objective function of an optimal growth problem instead of as a constraint. In a general model with capital accumulation and resource depletion, we represent intergenerational equity using the pure rate of time preference...