We confront five stylized facts related to sovereign default: 1) the presence of serial defaulters; 2) the prevalence of partial over complete default; 3) the counter-cyclicality of default; 4) non-linearity of sovereign spreads; and 5) heterogeneous outcomes among serial defaulters. In a model...

Private sector research and development (R&D) in food processing has seen a growing share of agricultural R&D. This paper analyzes market and technological links between farmer-entrepreneurs and food processing firms. It is shown that processing sector R&D tends to display explosive cycles. To...