This paper explores how asymmetric information about borrower quality among syndicated lenders alters the incentive to refinance illiquid borrowers. The authors use a model in which lenders enter the market sequentially in two rounds of lending. Between the two rounds, a shock separates...

When innovation is followed by imitator entry, the degree to which the innovator can appropriate the rents induced by its innovations, influences the rate of innovative activity. The author's interest focuses upon the interaction between the rate of innovative activity and the length l of the...

The main objective of this paper is to provide estimates of the cost of moving out of subsistence for Madagascar's farmers. The analysis is based on a simple asset-return model of occupational choice. Estimates suggest that the entry (sunk) cost associated with moving out of subsistence can be...

Two novel datasets are used to estimate the effect of product standards on firms' export decisions. The first covers all exporting firms in 42 developing countries. The second covers pesticide standards for 243 agricultural and food products in 80 importing countries over 2006–2012. The...

We contribute to the technology, skills, and jobs debate by exploiting a novel data set for Chilean firms between 2007 and 2013, with information on the firms' adoption of complex software used in client management, production, or administration and business software packages. Instrumental...

This paper evaluates the effects of the FAMEX export promotion program in Tunisia on the performance of beneficiary firms. While much of the literature assesses only the short term impact of such programs, we consider also the longer term impact. Propensity-score matching...

This paper evaluates the effects of the FAMEX export promotion program in Tunisia on the performance of beneficiary firms. While much of the literature assesses only the short-term impact of such programs, the paper considers also the longer-term impact. Propensity-score matching,...

The focus of trade policy has shifted in recent years from economy-wide reductions in tariffs and trade restrictions toward targeted interventions to facilitate trade and promote exports. Most of these latter interventions are based on the new mantra of"aid-for-trade"rather than on hard evidence...

Trade policy has changed fundamentally since the days of structural adjustment and economy-wide trade reforms. Partly in reaction to the uneven results of trade policy reforms, the focus has shifted to more targeted interventions aimed at reducing trade costs and addressing market failures that...

The demand for accountability in “Aid-for-Trade” (AFT) is increasing but monitoring has focused on case-studies and impressionistic narratives. The paper reviews recent evidence from a wide range of studies, recognizing that a multiplicity of approaches is needed to learn what works and what...