This paper develops a fully microfounded two-sector DGE model for a small open economy subject to credit market imperfections (CMIs) and balance sheet problems (due to the presence of a currency mismatch). Specifically, some agents in this economy face credit constraints to finance investment due to information asymmetries and, while their assets are denominated in the domestic currency, their ...

This paper argues that the growing US trade de…cit has caused the decline of the WTO and the rise of regional trade agreements. A country in de…cit prefers to retain market power against countries with a large surplus. Multilateral cooperation restricts its choice. This notion is formalized in a three-country game in which countries negotiate multilaterally and, if that fails, bilaterally. The ...

We build a general equilibrium model of investment and capital accumulation in emerging economies. The infinite horizon model features a financial friction, namely that entrepreneurs can only raise debt that they can credibly repay given an outside option such as an investment in the traditional sector of the emerging economy. We show that when lending rates are low, the pure market outcome can...

We study the classic transfer problem of predicting the effects of an international transfer on the terms of trade and the current account. A two-countrymodel with debt and capital allows for realistic features of historical transfers: they follow wartime increases in government spending and are financed partly by borrowing. The model is applied to the largest historical transfer, the Franco-Pr...

We investigated the role of P2-microglobulin as a noninvasive parameter to monitor acute rejection and severe infection in 45 consecutive heart transplant recipients. Endomyocardial biopsy revealed moderate (41 patients) or severe (three patients) rejection in 44 patients. Severe infections of bacterial septicemia (11 patients), bronchopneumonia (two patients), and viral infection (seven patien...

Malaria is a major public health problem in the Democratic Republic of Congo. Despite progress achieved over the past decade in the fight against malaria, further efforts have to be done such as in the surveillance and the containment of Plasmodium falciparum resistant strains. We investigated resistance to artemisinin-based combination therapies currently in use in Democratic Republic of Congo...

Sudden stops have been linked to a number of financial crises in emerging market countries. While a large literature has developed emphasizing the importance of institutions and governance in reducing economic volatility, this paper finds that the effect of government quality on the incidence of sudden stops is non-linear. Initial improvements in governance actually increase the incidence of co...

In a sovereign debt model with endogenous default, I add uncertainty about the long-run prospects of the emerging country to account for the high spreads and relatively frequent default episodes observed in these countries. The existing literature cannot account for the business cycle moments of the spreads: the spreads are generally too low and when they are increased through some adjustments ...

INTRODUCTION Rheumatoid arthritis (RA) is one of the most common chronic inflammatory diseases. The goal of this study was to analyze the risk of depression in patients diagnosed with RA and treated by general practitioners in the UK. METHODS The present study included patients first diagnosed with RA between 2000 and 2014 (index date). Individuals were excluded if they had also been diagnose...

The U.S. is currently engulfed in the most severe financial crisis since the Great Depression. A key structural factor behind this crisis is the large demand for riskless assets from the rest of the world. In this paper we present a model to show how such demand not only triggered a sharp rise in U.S. asset prices, but also exposed the U.S. financial sector to a downturn by concentrating risk o...