We contribute to the understanding of marine reserves and the management of renewable resources with uncertainty. We show that the key benefit of reserves is that they increase resilience, or the speed it takes a population to return to a former state following a negative shock. Resilience can also increase resource rents even with optimal harvesting. We contradict the accepted wisdom that rese...

IN THEIR REPORT “EFFECTS OF MARINE reserves on adjacent fisheries” (30 Nov., p. 1920), C. M. Roberts and co-authors present data indicating that fishery yields have increased in waters adjacent to marine reserves in St. Lucia and east Florida. In many developing island nations like St. Lucia in the Caribbean, fisheries are seriously overexploited, and little or no fisheries management exists. I...

Preliminary Draft Comments welcome This paper studies the role of banks in the propagation of nominal shocks in a small open economy. It builds on the framework developed in Edwards and Végh (1997), by relaxing the assumption of perfect asset substitutability between foreign and local bonds. The main results are as follows. Financial liberalization induces a decrease in loan spreads, an expansi...

Economic analyses of of corporate finance, money, and sovereign debt are largely considered separately. I introduce a novel corporate finance framing that focuses on financial constraints at corporate and country levels, making explicit the tradeoffs involved in relying on domestic versus foreign-currency debt to finance investments or government expenditures. The new framework provides new ins...

Management of the diverse fisheries of the world has had mixed success. While managing single species in data-rich environments has been largely effective, perhaps the greatest challenge facing fishery managers is how to deal with mixed stocks of fish with a range of life histories that reside in the same location. Because many fishing gears are nonselective, and the costs of making gear select...

Conservationists often advocate for landscape approaches to wildlife management while others argue for physical separation between protected species and human communities, but direct empirical comparisons of these alternatives are scarce. We relate African lion population densities and population trends to contrasting management practices across 42 sites in 11 countries. Lion populations in fen...

This paper investigates the nature of the causal relationship between stock prices and macroeconomic aggregates in the foreign sector in India. By applying the techniques of unit–root tests, cointegration and the long–run Granger non–causality test recently proposed by Toda and Yamamoto (1995), we test the causal relationships between the BSE Sensitive Index and the three macroeconomic variable...