The backward induction (or subgame-perfect) equilibrium of a perfect information game is shown to be the unique evolutionarily stable outcome for dynamic models consisting of selection and mutation, when the mutation rate is low and the populations are large.

This paper examines the role of money in market and centrally planned economies. It then proposes a program and sequence of institutional, macroeconomic and monetary reform aimed at achieving a stable transition. An egalitarian redistribution of the state's custodial assets to its citizens is...

Recent contributions in economic geography reflect renewed interest in issues of location and spatial concentration of economic activities, yet there are still few empirical studies of developing countries, particularly in Africa. This paper aims to contribute to this body of knowledge by (i)...

Dengan munculnya UU No. 22 tahun 1999 yang mengatur pelimpahan wewenang dan tanggung jawab dari pemerintah pusat kepada pemerintah daerah serta UU No. 25 tahun 1999 yang mengatur perimbangan keuangan antara pusat dan daerah, selayaknya kota Surabaya mengembangkan sumber daya lokal dan mengurangi...

The World Trade Organization, which came into existence at the conclusion of the Uruguay Round, is in charge of administering a plethora of new trade rules. The main thrust of the new rules is to reduce or abolish tariffs and quotas on a wide range of products. Some tariffs and quotas were...

This paper reviews the key challenges in rebuilding fiscal institutions in post-conflict countries. Based on IMF technical assistance advice, it proposes a three-step framework for the creation or re-establishment of well-functioning public finance institutions: (i) creating a proper legal...

Dentro de los casos más recientes de transición a regímenes de flotación del tipo de cambio, el caso brasileño por su cercanía geográfica e intensidad de la relación bilateral, así como el éxito obtenido en términos de baja inflación en los precios al consumidor, relativa estabilidad...

This paper shows how to shadow price partially traded goods following the standard rules of cost-benefit analysis, i.e. identifying the individuals affected, measuring their corresponding compensating variations, and aggregating those measures according to a distributional value judgement. The...

El presente documento analiza los principales aspectos de la delegación de facultades al Jefe de Gabinete de Ministros (JGM) en relación al gasto público contenidas en el Proyecto de Ley de Presupuesto 2005 remitido por el Poder Ejecutivo al Congreso de la Nación y su impacto sobre el...