Non-tariff barriers (NTBs) present a growing threat to a liberal world-trading system and slow the reallocation of production of mature industries from developed to developing countries. Among NTBs, voluntary export restraints (VERs) are proliferating and constitute a major element of the"new...

A dynamic model of corporate balance sheet structures and net worth growth is fit to firm-level panel data from Uruguay. Basic findings are: (1) net income is very sensitive to financial costs and demand for output; (2) there is a direct proportionality between net income and net worth...

Antidumping actions by importing countries do not protect their consumers. What protects domestic consumers is competition. It is Korean consumers who are paying for the development of the Korean electronics industry, not consumers in the countries that import Korean goods. A key element of...

This study identifies the macro conditions under which industrial growth and financial stability are most likely, and those conditions which are most prone to create disaster. The paper models interest rates, exchange rates, and aggregate demand conditions as affecting industrial growth and...