We analyze the costs of trade restrictions for a small developing economy. Capital goods are only introduced on the market if it is profitable to do so. The economy evolves to a balanced growth path in which income, welfare, and the share of introduced capital goods increase if trade...

This article is the introduction of an issue (to be published) of the U.S. review International Journal of Political Economy on the Cuban economy, and coordinated by Rémy Herrera. It deals with the progresses, but also with the deficiencies, of the Cuban revolution in the economic field, until...

This Working Paper deals with the progresses, but also with the deficiencies, of the Cuban revolution in the economic field, until the recent de-dollarization. It underlines its economic challenges at the beginning of the XXIst century, as well as its internal forces and external opportunities...

One of the striking aspects of recent sovereign debt restructurings is, conditional on default, delay length is positively correlated with the size of 'haircut', which is size of creditor losses. In this paper, we develop an incomplete information model of debt restructuring where the prospect...