A model of pricing of natural-resource commodities that integrates financial and product markets is derived and tested. In the model, price-taking firms extract from a deposit of an exhaustible resource; production is risky, and investors own shares in the mine. Investors can diversify their risk...

The primary objective of this article is to present a framework with which to analyze development and long-run growth in a small economy. The model that is constructed can be summarized as an open economy version of the Solow-Swan growth model, in which productivity growth is embodied within the...