With the increase in the price of oil there has been an important increase in the borrowing of non oil producing developing countries. This paper explores: a) whether the observed increased indebtedness of LDC's was in fact "excessive" or simply a perfect

We propose an alternative method of obtaining stylized facts on comovement, based on the cross-correlation function of the prewhitened time series, which only depends on the purely stochastic components of the series and the cross efects between them. This approach has the property of being...

We propose an alternative method of obtaining stylized facts on comovement, based on the cross-correlation function of the prewhitened time series, which only depends on the purely stochastic components of the series and the cross effects between them. This approach has the property of being...

The economic implications of the outflow of highly educated individuals from LDC’s, i.e., the "external" brain drain, has received considerable attention in the developing literature. This paper draws attention to what might, by analogy, be called the "in

This paper develops an analytical framework for the analysis of adjustment to adverse shocks in the presence of limited access to the international credit market. We consider an economy producing traded and non-traded goods and experiencing a permanent, unanticipated drop in the availability of...