How does the quality of national institutions that enforce the rule of law influence international trade? Anderson and Marcouiller argue that bad institutions located in the importer's country deter international trade because they enable economic predators to steal and extort rents at the...

Previous models of public spending fail to explain why high inflation rates are distributed non-randomly across countries. In the switching-regime specification proposed here, governments tend to resort to inflationary debt monetarization when the spending level chosen by voters exceeds actual...