This paper presents a theoretical model of lending which emphasizes the role of asymmetric information and total debt service obligations between creditors and debtors. The analytical approach is based upon that of Stiglitz and Weiss (1981); however, emphasis here is placed upon collateral...

The paper examines theoretically the empirical observation or increasing levels of intra-industrial trade flows. The relationship between intra-industrial trade and consumer preferences in addition to product differentiation advanced by internationally active firms are discussed within the...

The approach focussed on allows one to examine theoretically the empirical observation of increasing levels of intra-industry trade flows founded upon an increasing similarity of technology between countries and firms. Within the framework of a simple model of international trade in...

The specific characteristics of the R&D system of the modern molecular biotechnology lead to the fact that patent protection for genetic inventions cause almost simultaneously an useful information effect as well as a harmful blocking effect. Within this context, the present papers shows that...

Opening the discussion, the Chairman proposed concentration on the main aspects of interest: 1) Why does the state intervene in industrial policy? 2) Why should the state intervene in industrial policy? 3) How can public policy with regard to European Technology Initiatives and Global...

To quote from page xiii: "This volume is intended to accomplish two main objectives. First, it aims to present a fairly detailed, but broadly based, survey of the history and present day role of multinational enterprises (MNEs) in the global economy. Second, the monograph seeks to couch its...

This thought provoking book is an edited collection of conference papers prepared for the Euro-Centre of the European Institute of Business Administration (INSEAD). One special strength of this important volume is it' s inter-disciplinary approach, uniting the research work of 28 prominant...

The importance of informational aspects of market processes has received considerable attention. This paper considers the problem of adverse selection and the possible outcomes under different risk behaviour assumptions.The paper is structured as follows : section II presents briefly some...

In the pure theory of international trade the foundation of commodity exchange is based upon differences in autarky relative prices. The theory of comparative advantage attempts to precisely define this foundation by formulating a systematic relationship between the pattern of comparative...

The study suggests : an increase in the international division of labour according to the intra-trade scenario does not imply that nations have to negatively compete for high export quotas, rather their international interdependenee is highly beneficial for both world and domestic economic...