Construimos un modelo de equilibrio general estático con empresas monopolísticamente competitivas que toman prestados fondos de bancos competitivos en una economía sujeta a restricciones fi nancieras. Estas fricciones son debidas a la imposibilidad de verifi car tanto los benefi cios de las...

In a market where sellers are heterogeneous with respect of the quality of their good and are more informed than buyers, high quality sellers' chances to trade might depend on their ability to inform buyers about the quality of the goods they offer. We study how the strength of competition among...

We consider a model of securities issues where the quality of securities is private information to the issuer, and firms of higher quality are more reluctant to issue securities than low quality firms. We show that, when the issuer directly trades with investors, market breakdown may occur. This...

There is a widespread consensus that the sharp fall in the price of oil between 2014 and 2016 has had adverse effects on economic growth in the Middle East and North Africa (MENA) region. The consequences of the precipitous decline in the price of oil were particularly pronounced for the oil...