To check hyperinflation, Argentina pegged the peso at one US dollar in 1991. This stopped inflation in its tracks: but, with the rise of the dollar against the Euro and the substantial devaluation of the Brazilian real, the peso became increasingly over-valued leading to a significant...

Producing high technology output and supplying sophisticated services often involves costly investment in industry-specific skills. But the threat of poaching means that it is the individual ‘stakeholder’, not the firm, who must bear the cost. We investigate various mechanisms for funding...

This paper proposes an integrated framework to analyze jointly two key issues: the emergence of global imbalances and the precautionary motive for accumulating reserves. Standard models of general equilibrium would predict modest current account surpluses in the emerging markets if they face...

Este trabajo propone un marco integrado para analizar conjuntamente dos aspectos claves: el surgimiento de desequilibrios mundiales y la motivación preventiva de la acumulación de reservas. Los modelos estándar de equilibrio general pueden anticipar superávits reducidos de la cuenta...

A number of factors influence the efficiency, productivity, and welfare of a transportation network. Travel demand, user costs, and facility supply costs equilibrate on various time scales under a set of pricing (taxes and tolls), investment and ownership policies. Two types of equilibria exist...

Ramp meters in the Twin Cities have been the subject of a recent test of their effectiveness, involving turning them off for 8 weeks. This paper analyzes the resultswith and without ramp metering for several representative freeways during the afternoon peak period. Seven performance measures:...

Transportation network planning decisions made at one point of time can have profound impacts in the future. However, transportation networks are usually assumed tobe static in models of land use. A better understanding of the natural growth pattern of roads will provide valuable guidance to...

Ramp meters in the Twin Cities were turned off for 8 weeks in the Fall of 2000. This paper analyzes travel time variability with and without ramp metering for several representative freeways during the afternoon peak period. Travel time variability is generally reduced with metering. However, it...

Ramp meters in the Twin Cities were turned off for 8 weeks in the Fall of 2000. Previous research has assumed demand to be fixed when analyzing ITS technologies, however analysis of this ramp metering shut down experiment, using traffic count data from freeway loop detectors, suggests otherwise:...

Is sovereign borrowing so different from corporate debt that there is no need for bankruptcy- style procedures to protect debtors? With the waiver of immunity, sovereign debtors who already face severe disruption from short-term creditors grabbing their currency reserves are also exposed to...