The starting point of our investigation is the inquiry into the economic determinants of technical progress. For a long time, technical progress was viewed as an extra-economic phenomenon that hardly appeared susceptible to an economic explanation. The attempt made here to render the concept of...

The paper compares and contrasts various models of factor market distortions and their implications for gains from trade and the theorem of comparative advantage. The focus is on models with sector specific wage rates and involuntary unemployment. The models and results of the seventies and...

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This paper examines European money market integration over the period March 1979 - August 1992. We specify three different criteria for short-term capital mobility, i.e. covered nominal interest parity, uncovered nominal interest parity and real interest parity, to assess the degree and the...

In this study the hedging behaviour of a competitive risk-averse exporting firm is examined which produces under exchange rate uncertainty and which owns other sources of risky income. It is shown that the well-known separation theorem holds, when a forward market for foreign exchange is...

In this paper we perform a theoretical and data analysis aimed at linking two strands of literature based on the Heckscher-Ohlin-Vanek (HOV) theorem. First, we calculate factor-intensity rankings for U.S. and U.K. global trade, using several natural resources, types of capital, and detailed...

There is an extensive literature in the Heckscher-Ohlin framework which considers trade, investment, factor flows and transfers, but the models to investigate these phenomenon are typically different. This paper shows that all of these can be analyzed in the same simple two-sector trade model. A...

This paper presents a general equilibrium model of trade and international capital mobility. Its special features are that productive sectors are differentially influenced by the provision of a public intermediate input or "infrastructure" and that there is an endogenous mechanism for converting...

This paper presents a new method to distinguish between timing and selection ability within the risk-adjusted performance measurement approach. First, using a model with time-varying coefficients, the time path of the market risk of the analysed portfolio is determined. Then, the separation of...

Multilateral universalism (WTO) and the "second regionalism"( 1987-1995) restart the theoretical debate between non-discrimination and preferential liberalization. The "second regionalism" favours the free trade model, is harder for third countries and increases marginalization of developing...