We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid - bilateral or multilateral - influence recipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by...

This paper discusses a new approach for studying sanctions based on multipliers derived from the Social Accounting Matrix. I apply the methodology to the South African case and discuss output effects and distributional impacts on factors and households. The results show that the effects of trade...

We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid -- bilateral or miltilateral -- influence ricipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by...

The problem of estimating the common regression coefficients is addressed in this paper for two regression equations with possibly different error variances. The feasible generalized least squares (FGLS) estimators have been believed to be admissible within the class of unbiased estimators. It...

Banks are recognized as playing an important role of monitoring borrowers, thereby reducing the agency costs associated with informational asymmetry. However, there remains an issue "who could monitor the banks", because it is difficult for outsiders to monitor banks' management. In particular,...