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This paper applies a model of market power measurement under product differentiation to the case of the gasoline market in California, using data for the period 1983–1989. Our results show that there is a considerable degree of product differentiation among major brands. This allows firms to...
Using pooled data from fifteen industrial and developing countries from 1980 to 1995, this paper examines the macroeconomic determinants of stock market development, particularly market capitalization. The paper finds that: (1) real income, saving rate, financial intermediary development, and...
For many decades, trade policy in Latin America and the Caribbean (LAC) had involved very high levels of protection and of government intervention. The active pursuit of import substitution policies reduced the openness and efficiency of the region's economies. It also increased their external...
Vlc propose a new procedure to rank portfolio performance. Given a set of N portfolios. we use statistical tests of dominance which produce direct mean-variance comparisons between any two portfolios in the set. These tests yield an NxN matrix of pairwise comparisons. A ranking function maps the...
The “problem of economic development”, as Lucas (1988) states it, is the problem of accounting for the observed diversity in levels and rates of growth of per capita income across countries and across time. We study conditions under which capital mobility and labor mobility (two seemingly...
A long-standing concern in political economy is whether outcomes are efficient in political equilibrium. Recent contributions have examined the efficiency/inefficiency of policy choices from a theoretical point of view. The aim of this paper is to examine such issue empirically. Building on...
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