This article challenges recent findings that democracy has sizable effects on economic growth. As extensive political science research indicates that economic turmoil is responsible for causing or facilitating many democratic transitions, the paper focuses on this endogeneity concern. Using a...

International financial institutions (IFIs) generally enjoy preferred creditors treatment (PCT). Although PCT rarely appears in legal contracts, when sovereigns restructure bilateral or commercial debts, they normally pay IFIs in full. This paper presents a model where a creditor, such as an...

The welfare effect of an intra-industry trade liberalization between two different countries is studied in this paper. Firms are firstly assumed to behave à la Cournot, results are then generalized in a conjectural variation model. If trade liberalization increases "world"welfare, it is...

Strategic trade policy affects foreign-based furn's internationalization mode. In this paper, we endogenize market structure and tariff policy by considering a sequential game in which (i) a policy-maker maximizes national welfare, (ii) aforeign-based furn decides whether to supply the...

In a simple dynamic general equilibrium model, we introduce the concept of an intertemporal Cournot equilibrium. We show that if the number of strategic agents increases without limit, the intertemporal Cournot equilibrium converges to the intertemporal Walras equilibrium only when the tune...