Inflation has been the dominant economic variable in Latin American during the 1980's. Moreover, it is generally accepted that fiscal imbalance is the ultimate source of price instability. This dissertation provides a game-theoretic model of the social conflict theory of inflation and creates...

That a firm's initial equityholders often emerge from Chapter 11 bankruptcy proceedings with more value than the absolute priority rule (APR) would suggest is now a generally accepted fact. The form in which this value is distributed, however, is less well understood. In particular, why do the...

The financial crisis of 2007-2008 led to extraordinary government intervention in firms and markets. The scope and depth of government action rivaled that of the Great Depression. Many traded markets experienced dramatic declines in liquidity leading to the existence of conditions normally...

In this thesis, I have examined the models of dynamic competitive behavior on trading information. This information can be seen as a cost reducing manufacturing technique of output. Assume that the value of information is nonincreasing in the number of information holders. For the analysis, two...

In Chapter 1, we present a model describing the control of a single public enterprise in a less developed country environment, through the imposition of an allocation scheme--consisting of an output target at a particular unit cost--by a central planner. We assume information asymmetry with a...

Artículo de revista ; This article surveys the recent changes in and outlook for wholesale and retail payments in Europe and the US. We document a convergence in payments institutions and patterns of use, although differences in retail usage remain. An overarching theme of our survey is the...