First Author:   Alain-Désiré Nimubona Department of Economics, University of Waterloo, and CIRANO animubon@uwaterloo.ca   200 University Avenue West Waterloo, N2L 3G1, Canada   +1-519-888-4567(Phone) +1-519-888-4567(Fax) http://www.arts.uwaterloo.ca/~animubon Second Author: Bernard Sinclair-Desgagné HEC Montréal, CIRANO, and Ecole polytechnique de Paris bsd@hec.ca   Montreal, H3T 2A7, Canada   +1-514-340-6461(Phone)   http://www.hec.ca/profs/bernard.sinclair-desgagne.html