The recently-developed high-level full-dimensional spin–orbit-corrected potential energy surfaces based on ManyHF-UCCSD(T)-F12a/cc-pVDZ-F12 + SOcorr(MRCI-F12+Q(5,3)/cc-pVDZ-F12) (cc-pVDZ-PP-F12 for the Br and I atoms) points reactions of HX (X = Br,...

the twin deficits (budget deficit and current account deficit) have been argued in the economic literature since 1980s. this is a period in which the studies about budget deficit and the current account deficit were significantly increased in the united states. in the economic literature, there are two hypothesis: keynesian hypothesis and ricardian equivalence. the keynesian proposition confirm...

The paper sets up a two-country asymmetric trade model with heterogeneous firms, search frictions and endogenous labor market institutions. Countries are linked by trade in goods and non-cooperatively set unemployment benefits to maximize national welfare. We show that more open and smaller economies have more generous unemployment benefit replacement rates as a larger fraction of the costs is ...

We analyze recent contributions to growth theory based on the model of expanding variety of Romer (1990). In the first part, we present different versions of the benchmark linear model with imperfect competition. These include the “labequipment” model, “labor-for-intermediates” and “directed technical change”. We review applications of the expanding variety framework to the analysis of internat...

In this paper we examine the interaction between the different modes of market access commitments in services (cross-border and establishment) market structure, and regulation. In this context, we focus on the impact of improved domestic market access for a foreign service provider on a domestic service market. We work with a model where the domestic industry is assumed to be imperfectly compet...

The end of the Cold War led to a large drop in world military expenditure, rising fixed costs of developing weapons because of technological changes and a reduction of national preference for domestic weapons. Alongside these developments has been an increase in concentration in the world arms industry, which at the end of the Cold War had been very unconcentrated with concentration ratios clos...

A two-country model of oligopoly in general equilibrium is used to show how changes in market structure accompany the process of trade and capital market liberalisation. The model predicts that bilateral mergers in which low-cost firms buy out higher-cost foreign rivals are profitable under Cournot competition. With symmetric countries, welfare may rise or fall, though the distribution of incom...

This paper studies an incentive rationale for the use of group lending as a method of financing liquidity-constrained entrepreneurs. The joint liability feature associated with group lending lowers the liquidity risk of default but creates a free-riding problem. In the static setting, the free-riding problem dominates the liquidity risk effect under a plausible condition, thus making group lend...