Previous studies have documented the tendency for the commercial banking sector of many developing economies to be highly liquid and be characterised by a persistently high interest rate spread. This paper embeds these stylised facts in an oligopoly model of the banking firm. The paper derives...

This policy note tries to understand the slow job recovery in the United States as the economy exists a recession. We show that the time-varying Okun coefficient has declined since the early 1990s, thus being consistent with the observation of jobless growth. This finding contrasts with other...

The theory underpinning financial liberalization postulates that unregulated financial markets are growth-augmenting. Guyana has been a model reformer since 1988, implementing market-friendly policies. Growth performance, however, has been subdued. This paper argues that natural entry barriers...