The majority of OECD countries has experienced a reduction in the volatility of output during the past two and a half decades. This period has also been characterized by a process of capital accounts liberalization among these countries. We study an open economy business cycle model with financial market frictions and show that the international liberalization of capital markets can lead to low...

After the collapse of communism, Eastern and Southeastern European counties have experienced significant changes, especially in terms of transition to market economy was achieved through efforts of liberalization and elimination of all forms of national control. As a consequence, some of the social welfare states in the region, still anchored to the old forms of organization, faced serious diff...

A severely chronically protein and calorie restricted young woman with argininosuccinate lyase deficiency developed transient refeeding syndrome (RFS) and hyperammonemia after modest diet liberalization following initiation of glycerol phenylbutyrate (GPB). The patient required IV supportive care and supplementation with potassium, magnesium and calcium. She is now doing well on GPB and an appr...

BANKS, FINANCIAL LIBERALIZATION AND THE ‘INTEREST RATE PREMIUM PUZZLE’ IN EAST ASIA

T paper makes an important contribution to the debate on the potential gains from further global trade liberalization under the proposed World Trade Organization’s (WTO) round of negotiations, WTO2000. We know from the Uruguay Round (UR) that the results of applied general equilibrium (AGE) simulations can influence the stance of negotiators. Likewise, the potential for results (such as these) ...

There are several ways to reduce GHG emissions. Governments may introduce climate policies which provide incentives to save energy or directly reduce emissions. Governments may also re-shape existing industrial or trade policies to reduce their negative impacts on GHG emissions. The case of trade policies is particularly interesting. Trade liberalization can foster economic development, thus in...

This paper compares sequential trade liberalization through a preferential trade agreement (PTA) and one-shot multilateral trade liberalization with respect to the speed with which countries attain multilateral free trade. We build a three-country oligopoly model, including one developing country whose domestic firm initially uses old technology. Firm-level adoption of new technology and countr...