We use a simple model of sequential duopoly to examine the effect of different industrial structures on firms' output decision and profit shares in the international market for raw and processed tropical timber products. The model provides insights that can be applied to the Indonesian logging...

Credit market imperfections have been blamed for the depth and persistence of the Great Depression in the USA. Could similar mechanisms have played a role in ending the East Asian miracle? After a brief account of the nature of the recent crisis, we use a model of highly levered...

The first part of this thesis examines the role of highly-leveraged institution in creating vulnerability in the financial system. By applying the framework of Kiyotaki and Moore (1997), Chapter 2 shows that when an asset price bubble bursts which cuts the value of land being used as collateral,...