We bring in hierarchical education and skill formation within a standard Jonesian specific-factor model of production and trade for a developing economy. There are three types of labor, unskilled, medium skilled and high-skilled. The unskilled can only develop into medium-skilled and...

Summary The value at risk measure has become a widespread risk management concept in many different types of financial organizations. The value at risk concept is the attempt to summarize in a single number the return risk in a portfolio of financial assets. This paper studies the impact of the...

This paper examines the optimal trade and hedging decisions of a competitive exporting firm which faces concurrently hedgeable exchange rate risk and non-hedgeable inflation risk. The macroeconomic interaction between exchange rate and domestic inflation rate risk is described by a state...