Market liquidity is typically characterized by a number of ad hoc metrics, such as depth, volume, bid-ask spreads etc. No general coherent denition seems to exist, and few attempts have been made to justify the existing metrics on welfare grounds. In this paper we propose a welfare-based...

This paper considers the key problems confronting the Pakistan Planning Commission, briefly examines the essentials of planning for a mixed economy, draws lessons from the experience of countries, both developed and developing, that have formulated and implemented successful plans, and suggests...

Recent work (including that of the author) on the impact of FDI has been based on microlevel (i.e. firms, establishments or plants) data, since this allows much greater control when examining such issues as whether FDI plants are more productive or innovative; whether there are spillovers to...

Union membership rose by 100,000 in 1999 ending two decades of sustained membership losses û the longest, deepest decline in British labour history yielding a cumulative fall of over 5 million members. This paper analyses that haemorrhage in membership and asks whether or not the recent...

Detailed education, employment and training histories have been constructed for a cohort of 440 male respondents from the National Longitudinal Survey of Youth. The data show that most respondents without college degrees have experienced at least one occupational break, defined as a change from...

In recent years, the third or voluntary sector has become more important for ‘Europe’, as indicated by the 1997 Communication of the European Commission and various Declarations attached to the EU Treaties. These official statements not only suggest greater political interest in the third...

Theory suggests that reputations, developed in repeated face-to-face interactions, allow nonanonymous, floor-based trading venues to attenuate adverse selection in the trading process. We identify instances when stocks listed on the New York Stock Exchange (NYSE) experience a non-trivial...

This paper examines the key issues relating to the UK pension system. It reviews the current system of pension provision, describes and analyses the reforms since 1980, examines the legal regulatory and accounting framework for occupational pension schemes, assesses the different types of risks...