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Author : Yasushi Hamao
Publisher :
ISBN 13 :
Total Pages : 112 pages
Book Rating : 4.:/5 (318 download)
Download or read book Idiosyncratic Risk and the Creative Destruction in Japan written by Yasushi Hamao and published by . This book was released on 2003 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Nadejda Vozlioublennaia
Publisher :
ISBN 13 :
Total Pages : 228 pages
Book Rating : 4.3/5 (129 download)
Download or read book Explorations Into Idiosyncratic Risk written by Nadejda Vozlioublennaia and published by . This book was released on 2007 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Se-Jik Kim
Publisher : International Monetary Fund
ISBN 13 : 1451874472
Total Pages : 34 pages
Book Rating : 4.4/5 (518 download)
Download or read book Macro Effects of Corporate Restructuring in Japan written by Mr.Se-Jik Kim and published by International Monetary Fund. This book was released on 2003-10-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a framework for quantitatively evaluating the macroeconomic effects of corporate restructuring and applies it to Japan. Using firm-level financial statement data, it estimates total factor productivity (TFP) of individual Japanese firms. Given the estimated distribution of productivity across firms, the paper simulates the effect of optimal restructuring, that is, reallocation of resources from less-productive firms to more-productive ones, on the dynamic path of aggregate output. The results show that the benefits of restructuring could substantially exceed the costs.
Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
ISBN 13 : 9781589063518
Total Pages : 216 pages
Book Rating : 4.0/5 (635 download)
Download or read book IMF Staff Papers, Volume 51, No. 3 written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 2004-11-23 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper tests uncovered interest parity (UIP) using interest rates on longer maturity bonds for the Group of Seven countries. These long-horizon regressions yield much more support for UIP—all of the coefficients on interest differentials are of the correct sign, and almost all are closer to the UIP value of unity than to zero. The paper also analyzes the decision by a government facing electoral uncertainty to implement structural reforms in the presence of fiscal restraints similar to the Stability and Growth Pact.
Author : James R. Lincoln
Publisher : Cambridge University Press
ISBN 13 : 9780521453042
Total Pages : 438 pages
Book Rating : 4.4/5 (53 download)
Download or read book Japan's Network Economy written by James R. Lincoln and published by Cambridge University Press. This book was released on 2004-08-16 with total page 438 pages. Available in PDF, EPUB and Kindle. Book excerpt: Japan's economy has long been described as network-centric. A web of stable, reciprocated relations among banks, firms, and ministries, is thought to play an important role in Japan's ability to navigate smoothly around economic shocks. Now those networks are widely blamed for Japan's faltering competitiveness. This book applies structural sociology to a study of how the form and functioning of this network economy has evolved from the prewar era to the late 90s. It asks whether, in the face of deregulation, globalization, and financial disintermediation, Japan's corporate networks - the keiretsu groupings particularly - have 'withered away', losing their cohesion and their historical function of supporting member firms in hard times. Using detailed quantitative and qualitative analysis, this book's conclusion is a qualified 'yes'. Relationships remain central to the Japanese way of business, but are much more subordinated to the competitive strategy of the enterprise than the network economy of the past.
Author : Takatoshi Ito
Publisher : University of Chicago Press
ISBN 13 : 0226379019
Total Pages : 426 pages
Book Rating : 4.2/5 (263 download)
Download or read book Monetary Policy with Very Low Inflation in the Pacific Rim written by Takatoshi Ito and published by University of Chicago Press. This book was released on 2007-11-01 with total page 426 pages. Available in PDF, EPUB and Kindle. Book excerpt: Extremely low inflation rates have moved to the forefront of monetary policy discussions. In Asia, a number of countries—most prominently Japan, but also Taiwan and China—have actually experienced deflation over the last fifteen years. Monetary Policy with Very Low Inflation in the Pacific Rim explores the factors that have contributed to these circumstances and forecasts some of the potential challenges faced by these nations, as well as some potential solutions. The editors of this volume attribute low inflation and deflation in the region to a number of recent phenomena. Some of these episodes, they argue, may be linked to rapid growth on the supply side of economies. Here, inadequate demand policy can produce what is referred to as a "liquidity trap" in which the expectation of falling prices encourages agents to defer costly purchases, thereby discouraging growth. Low inflation rates can also be traced to the presence of a "zero-lower bound" on interest rates, as well as the inflation-targeting phenomenon. Targets have been set so low, the editors argue, that in some cases a few bad shocks lead to deflation.
Author : Andreas Storkenmaier
Publisher : KIT Scientific Publishing
ISBN 13 : 3866446942
Total Pages : 188 pages
Book Rating : 4.8/5 (664 download)
Download or read book Financial Markets and Public Information written by Andreas Storkenmaier and published by KIT Scientific Publishing. This book was released on 2014-08-22 with total page 188 pages. Available in PDF, EPUB and Kindle. Book excerpt: The last decades have seen dramatic changes in trading technology and the way that financial markets operate. As trading technology advances, news providers have kept pace and deliver news to market participants around the world within fractions of a second using electronic systems. Currently, most news is still interpreted by humans but news providers have started to offer newswire products with machine learning systems that specifically cater to algorithmic traders. In practice, newswire messagesmake up a major part of the public information set available to investors. This book studies how newswire messages impact modern electronic equity markets.
Author : Yin-Wong Cheung
Publisher : Emerald Group Publishing
ISBN 13 : 0857247468
Total Pages : 447 pages
Book Rating : 4.8/5 (572 download)
Download or read book The Evolving Role of Asia In Global Finance written by Yin-Wong Cheung and published by Emerald Group Publishing. This book was released on 2011-03-10 with total page 447 pages. Available in PDF, EPUB and Kindle. Book excerpt: The process of Asia's rise to a position of eminence in global finance has accelerated in the wake of the international financial crisis. This volume intends to explore and understand the dynamics created by this process of transition.
Author : William V. Rapp
Publisher :
ISBN 13 :
Total Pages : 120 pages
Book Rating : 4.:/5 (318 download)
Download or read book Putting E-commerce to Work written by William V. Rapp and published by . This book was released on 2004 with total page 120 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Simon J. Evenett
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Cross Border Mergers and Acquisitions Wave of the Late 1990s written by Simon J. Evenett and published by . This book was released on 2003 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: To establish a benchmark, the cross border mergers and acquisitions wave of the late 1990s is compared to its predecessor in the late 1980s. It is found to be at least five times larger (in real terms), to involve firms from more OECD nations, and to include many more service sector transactions. However, in comparison to the size of national stock market capitalizations, foreign mergers with and acquisitions of domestic firms during this latest wave were small, especially in the Group of Seven leading industrial economies. The effect of cross border mergers and acquisitions on performance in one important service sector, banking, is also examined. Specifically, the relative importance of cross border mergers and acquisitions, domestic mergers and acquisitions, domestic entry and exit, and strategic alliances and joint ventures for interest rate spreads was estimated for 13 industrial nations. The principal findings suggest that the effects of these firm-driven changes in banking market structure differ markedly between EU member states and non-EU industrialized economies. This highlights the importance of differentiating between types of cross border inter-firm agreements and the pitfalls of generalising about the effects of the latest wave of cross border mergers and acquisitions as many of the harshest critics of globalization do.
Author : Jeffrey G. Williamson
Publisher :
ISBN 13 :
Total Pages : 70 pages
Book Rating : 4.:/5 (318 download)
Download or read book Was it Stolper-Samuelson, Infant Industry Or Something Else? written by Jeffrey G. Williamson and published by . This book was released on 2003 with total page 70 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses history to explore the empirical content of two determinants of tariff policy that have a long pedigree: the Stolper-Samuelson corollary to the Heckscher-Ohlin theorem, and the infant-industry argument for protection. It reports a set of world tariff facts for the 150 years between 1789 and 1938 that have not been well appreciated. First, tariff rates varied enormously around the globe with high tariff regions including the United States, Latin America, and industrially-lagging Europe, and the low tariff regions including Asia and the European industrial leaders. Second, while tariff rates rose on the European continent after the 1870s, they rose far more steeply and earlier in Latin America and industrially-lagging Europe, and more steeply even in Asia. Furthermore, after world tariff rates rose between 1865 and 1900, they then fell by half between 1900 and 1920, before tripling between 1920 and 1934. The most popular explanations for these world tariff facts come from two sources: Stolper-Samuelson -- scarce factors should lobby for protection when exposed to more intense world competition, and scarce factors should win the political battle if their votes carry heavy weight; and national industrial policy -- since late 20th century ISI policies must surely have their roots in the 19th century infant industry arguments. Looking at the same history that Eli Heckscher and Bertil Ohlin did to produce their famous theorem, or that Alexander Hamilton and Frederick List did to produce their equally famous infant industry argument, I find that latter is pretty much irrelevant until the 20th century, while the former starts playing an important role a little earlier when global forces open up in the 19th century. Throughout the 150 years, tariff policy was driven consistently (and often more importantly) by revenue needs and strategic tariff behavior. Geography, home market size, world economic environment, trading partner behavior, gunboats and tariff autonomy all mattered. So did Stolper-Samuelson.
Author : V. V. Chari
Publisher :
ISBN 13 :
Total Pages : 52 pages
Book Rating : 4.3/5 ( download)
Download or read book Financial Crises as Herds written by V. V. Chari and published by . This book was released on 2003 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Evridiki Ioannis Tsounta
Publisher :
ISBN 13 :
Total Pages : 240 pages
Book Rating : 4.:/5 (319 download)
Download or read book Essays on Macroeconomics written by Evridiki Ioannis Tsounta and published by . This book was released on 2004 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Takatoshi Itō
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Political Economy of Competition Policy in Japan written by Takatoshi Itō and published by . This book was released on 2005 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Carmen M. Reinhart
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 (318 download)
Download or read book Twin Fallacies about Exchange Rate Policy in Emerging Markets written by Carmen M. Reinhart and published by . This book was released on 2003 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt: Two assertions about exchange rate regimes circulate with some frequency in policy circles. The first, the hypothesis of the excluded middle, holds that authorities must either choose perfectly floating exchange rates (preferably anchored by an inflation target for the central bank) or a hard (preferably irrevocable) peg. The second, seemingly unrelated, argues that the inability of emerging market economies to exercise monetary independence owes to the severe mistrust that they are perceived with by global investors because of the economic failures of prior governments. This paper argues that the theories of the excluded middle and original sin are twin and related fallacies that are contrary to theory and evidence. This paper will provide a model in which the government can choose policies consistent with either a pure float anchored by a constant money stock or a pure peg but, under certain circumstances, fail to find exchange rate stability at either corner. The problem is that the potential for regime change implies that the current government's successors may behave less admirably, which will weigh on investors' current behavior. The difficulties imparted by this expectation channel in an otherwise standard model of optimizing agents endowed with rational expectations shows both why looking back to explain credibility problems is looking the wrong way and why the excluded middle is, in fact, so crowded.
Author : Christopher L. Gilbert
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (318 download)
Download or read book Globalization and International Commodity Trade with Specific Reference to the West African Cocoa Producers written by Christopher L. Gilbert and published by . This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liberalization of tropical agricultural markets has brought globalization, in the sense that all producers now face world rather than domestic prices. Producer prices have tended to rise as a share of fob prices as intermediation costs and tax has declined. However, in conjunction with inelastic demand, the downward shift of the aggregate supply curve results in lower world prices. Farmers therefore get a higher share of a lower price. Cocoa is the market where these changes have been most pronounced. The incidence of the liberalization benefits in cocoa is largely on developed country consumers at the expense of the governments of the exporting countries and farmers in non-liberalizing (non-African) countries. Farmers in liberalized African markets are broadly neither better nor worse off.
Author : David M. Blau
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 (91 download)
Download or read book The Determinants and Consequences of Child Care Subsidies for Single Mothers written by David M. Blau and published by . This book was released on 2003 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides an analysis of child care subsidies under welfare reform. Previous studies of child care subsidies use data from the pre-welfare-reform period, and their results may not apply to the very different post-reform environment. We use data from the 1999 National Survey of America's Families to analyze the determinants of receipt of a child care subsidy and the effects of subsidy receipt on employment, school attendance, job search, and welfare participation. We analyze the impact on subsidy receipt of household characteristics such as family size and structure, and past participation in welfare. The most important determinant of receipt of a child care subsidy is past receipt, but we cannot determine from our analysis whether this is a causal effect or a result of unobserved heterogeneity. Ordinary least squares estimates that treat subsidy receipt as exogenous show an effect of subsidy receipt of about 13 percentage points on employment. Two stage least squares estimates that treat subsidy receipt as endogenous and use county dummies as identifying instruments show an effect of 32 percentage points. We present some evidence that is consistent with the assumption that county dummies are valid identifying instruments, and some evidence that is inconsistent with the assumption.
