Most lenders in international financial markets accede to reschedule overdue payments when sovereign borrowers fail to meet repayment requirements rather than foreclose and force a default. This practice provides borrowers with strong incentives to avoid prompt payment and to sak rescheduling...

Although the Reagan Administration tax reform proposals would reduce federal income tax liabilities for most taxpayers, federal tax reform would also create strong pressures on state and local governments to cut taxes and public services. These pressures would arise primarily because itemizers...

This paper examines the degree of economic security experienced by the population aged 65 and over. Elderly people in the United States now enjoy an average degree of economic well being that is high relative to the younger population. Within that average there is variance, however. This...

In 1976 Congress passed legislation authorizing the regulation of all medical devices. Some observers predicted that this regulation would have adverse effects on the newly regulated industries. This paper examines the major features of the medical device regulatory program and investigates how...

Like attempts at achieving effective regulation of economic activity where it is warranted, deregulation can entail hidden complexities and produce unintended outcomes. The principle that deregulation begets “second order” effects that may necessitate further regulatory reform is epitomized...

On July 1, 1982, the Commonwealth of Puerto Rico implemented a cash food assistance program, known as the Nutrition Assistance Program, as a replacement for the existing Food Stamp Program. The Nutrition Assistance Program differs from the former Puerto Rico Food Stamp Program in two important...