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Mardi Dungey writes that in the presence of large international disturbances small open economies are faced with difficult policy choices. The challenge for domestic policy is to recognise and respond to is to respond to international and domestic shocks to the maximum benefit of the...
This paper presents a general model of the interaction between settlement and the emergence of de facto property rights on frontiers prior to governments establishing and enforcing de jure property rights.
Settlers have an incentive to establish de facto property rights to avoid the...