This paper investigates the changes in expenditure policy in oil-exporting countries during boom–bust in commodity price cycles, and their implications for real exchange rate movements. To do so, we introduce a Dutch disease model with downward rigidities in government spending to revenue...

This study tests the balance sheet approach of “third-generation” explanations of external crises in emerging markets, looking in particular at the 1997–98 Asian crisis. Using unique datasets, we find that corporate sector balance sheets, macroeconomic balance sheets, and the legal...

Many consider improved dispute settlement one of the leading achievements of the WTO. This paper tests the implication of a game-theoretic approach that predicts that more efficient litigation devices increase the frequency and number of trade disputes. We propose an empirical event history...