Partial- Vs. General-equilibrium Models of the International Capital Market PDF Download
Are you looking for read ebook online? Search for your book and save it on your Kindle device, PC, phones or tablets. Download Partial- Vs. General-equilibrium Models of the International Capital Market PDF full book. Access full book title Partial- Vs. General-equilibrium Models of the International Capital Market by Bernard Dumas. Download full books in PDF and EPUB format.
Author: Bernard Dumas
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 72
Get Book Here
Book Description
In this essay, I discuss and compare two ways of modeling international capital market equilibrium: the orthodox, general-equilibrium approach and the heterodox, partial-equilibrium CAPM (Capital Asset Pricing Model) approach. The benchmark for this comparison is the model's ability to provide an explanation for, or take into account, a number of stylized facts of international finance: UIRP deviations, home-equity preference, PPP deviations and their persistence, consumption behavior in relation to wealth. In addition, I ask which approach is more likely in future research to help us identify the relevant state variables of the economy. None of the models satisfactorily explains the stylized facts but the CAPM approach affords the most productive avenue for empirical research in the immediate future.
Author: Bernard Dumas
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 72
Get Book Here
Book Description
In this essay, I discuss and compare two ways of modeling international capital market equilibrium: the orthodox, general-equilibrium approach and the heterodox, partial-equilibrium CAPM (Capital Asset Pricing Model) approach. The benchmark for this comparison is the model's ability to provide an explanation for, or take into account, a number of stylized facts of international finance: UIRP deviations, home-equity preference, PPP deviations and their persistence, consumption behavior in relation to wealth. In addition, I ask which approach is more likely in future research to help us identify the relevant state variables of the economy. None of the models satisfactorily explains the stylized facts but the CAPM approach affords the most productive avenue for empirical research in the immediate future.
Author: Bernard Dumas
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Bernard Dumas (Economiste.)
Publisher:
ISBN:
Category :
Languages : en
Pages : 54
Get Book Here
Book Description
Author: Bernard Dumas
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
Get Book Here
Book Description
Author: Bernard Dumas
Publisher:
ISBN:
Category :
Languages : es
Pages : 54
Get Book Here
Book Description
Author: Bernard Dumas
Publisher:
ISBN:
Category :
Languages : en
Pages :
Get Book Here
Book Description
Author: Mary E. Burfisher
Publisher: Cambridge University Press
ISBN: 1107132207
Category : Business & Economics
Languages : en
Pages : 443
Get Book Here
Book Description
The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.
Author: Günter Bamberg
Publisher: Springer Science & Business Media
ISBN: 3642709958
Category : Business & Economics
Languages : en
Pages : 233
Get Book Here
Book Description
Author: Thorsten Hens
Publisher: Springer Science & Business Media
ISBN: 9781402073373
Category : Business & Economics
Languages : en
Pages : 336
Get Book Here
Book Description
The purpose of General Equilibrium Foundations of Finance is to give a sound economic foundation of finance based on the general equilibrium model with incomplete markets which embodies the famous CAPM as an important special case. This goal is achieved by giving reasonable restrictions on the agents' characteristics that lead to a well determined financial markets model having a unique competitive equilibrium. The innovation of this book is to transfer and to extend the theoretical results on the structure of competitive equilibria into the modern context of incomplete financial markets. General Equilibrium Foundations of Finance should be easily accessible by advanced Ph.D. students as well as by theorists of any subfield of mathematical economics. It should be interesting both for theorists who are looking for possible applications of rigorous theorizing as well as for practitioners who seek for a theoretical foundation of fruitful applications of financial markets' models.
Author: Harry G. Johnson
Publisher: Routledge
ISBN: 1351518011
Category : Business & Economics
Languages : en
Pages : 418
Get Book Here
Book Description
This is a new kind of textbook in microeconomic theory. In place of the usual concentration on partial equilibrium analysis and discussion of a standard series of topics, the authors seek to introduce the student from the start to the general equilibrium approach to microeconomics, in the form of the two-sector model. This model is then applied to a variety of subjects in different special fields of economic analysis: welfare economics, international trade, public finance and income distribution. This book represents a very different approach to the teaching of micro-economic theory than normally followed, and one that will be of greater long-run value to the serious student of economics. In place of the usual textbook development of the subject as traditionally conceived through topics of increasing complexity and analytical difficulty, using partial equilibrium techniques of analysis, the book concentrates on the exposition and application of a more logically integrated set of tools that have been found of greater use in the analysis of problems arising not only in traditional micro-economics but also in a number of fields of economics that have customarily been hived off into separate specialized advanced courses. General Equilibrium Analysis starts with the description of the two-sector model and how these two sectors are built based on the individual micro-units in which they made up of and how they fit into the concept of the circular flow of income. Subsequent chapters deal with the evaluation of changes in factor endowment, demand preferences and technical progress by means of the model; and the theory of government, which includes both the theory of government expenditure, or public goods, and the theory of government tax and/or subsidy programmes-changes in budgetary scale, tax substitution and expenditure substitution. The model is then extended to an open economy-the so-called "two by two by two"--to consider both the normative effect of inte
