We raise the problem of the minorities' survival in the presence of positive network externalities. We rely on the example of thematic clubs to illustrate why and in which circumstances such survival problems might appear, …rst considering the case of simple network externalities and then the case of cross network externalities. Sonnac and Skerdilajda Zanaj for their comments and suggestions.

This paper compares the performance of purely domestic plants, domestic exporters and domestic multinationals. For our empirical analysis we utilise a non-parametric approach based on the principle of first order stochastic dominance. We find that the distributions for multinationals dominate that of domestic exporters and non-exporters, while we do not find clear differences in plant performan...

This paper addresses how financial development affects product quality and firmlevel exports depending on the firm’s productivity. To this goal, I propose a heterogeneous firms model with endogenous quality, credit constraints and heterogeneous productivity of a firm. I show theoretically and confirm empirically that lower financial constraints result in higher-quality output and higher exports...

The main objective of this paper is to investigate the effects of monetary regime (countries with inflation targeting monetary policy versus countries with exchange rate anchor) on the extent of exchange rate pass-through over the period of 1999-2010. To achieve this objective, the econometric model has been estimated by Dynamic Panel Data approach and Arrelano- Bond (AB) method. The empirical ...

This paper uses the World Currency Unit framework of Ho (2000) to consider the feasibility and the benefits for a country to link its currency to the WCU. It also throws light on the workability of “global bonds” denominated in the WCU. Empirical data from Hong Kong, Japan, the United States, the UK, and South Korea are used. The data suggest that a real exchange rate concept that can be compar...

This paper examines the exporting behaviour of Russian manufacturers by considering the interaction of firm characteristics and external conditions. An important distinction is made between general exporting activity and export to developed countries. Firm features and specific export experience are found to be important in determining the international orientation of manufacturers and the dest...

We consider the estimation of the usual Gravity model of trade, which involves flows of trade, say exports, from country i to country j in time period t. We suggest an easy-to-impliment generalised method of moments estimator that avoids the issues associated with the usual fixed effects treatment of the unobserved heterogeneity in this type of models and at the same time provides consistent pa...

This paper uses the Panel Study of Income Dynamics to provide some of the first direct evidence that wealth is systematically higher for consumers with predictably greater income uncertainty. However, the apparent pattern of precautionary wealth is not consistent with a standard parameterization of the life cycle model in which consumers are patient enough to begin saving for retirement early i...

depending on the assumptions that are made in new keynesian models, one can attain different new keynesian phillips curves. in this study, three different new keynesian phillips curves and two different central bank behavioural functions are presented which leaves six new keynesian dsge models to study. the purpose of this study is the comparison of these six models and selecting the best model...