Three Essays in Business Cycles and Finance 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 Three Essays in Business Cycles and Finance PDF full book. Access full book title Three Essays in Business Cycles and Finance by Gabriel Perez-Quiros. Download full books in PDF and EPUB format.
Author: Gabriel Perez-Quiros
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 342
Get Book Here
Book Description
Author: Gabriel Perez-Quiros
Publisher:
ISBN:
Category : Capital movements
Languages : en
Pages : 342
Get Book Here
Book Description
Author: John Bailey Jones
Publisher:
ISBN:
Category :
Languages : en
Pages : 500
Get Book Here
Book Description
Author: Martin Shubik
Publisher: MIT Press (MA)
ISBN: 9780262193443
Category : Financial institutions
Languages : en
Pages : 0
Get Book Here
Book Description
In this work Martin Shubik offers his vision of mathematical institutional economics, a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics that goes beyong general equilibrium theory.
Author: Byong-Ju Lee
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 132
Get Book Here
Book Description
This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.
Author: Moonsuk Oh
Publisher:
ISBN:
Category :
Languages : en
Pages : 362
Get Book Here
Book Description
Author: Mark J. Lasky
Publisher: Routledge
ISBN: 1317502523
Category : Business & Economics
Languages : en
Pages : 190
Get Book Here
Book Description
The behaviour of US productivity since this book was originally publishedin 1994, has added new relevance to the relationship between profits and productivity. In the long run, productivity growth determines the economic standard of living. This book is divided into three parts: the basis of the first is the empirical finding that, controlling for normal business cycle effects, productivity grows faster when profits have been low than otherwise. The second part discusses how to measure marginal cost using time series data and the third tests a basic assumption that productivity growth is exogenous to labour and capital.
Author: Yongjae Choi
Publisher:
ISBN:
Category : Durable goods, Consumer
Languages : en
Pages : 204
Get Book Here
Book Description
Author: Camilo E. Tovar
Publisher:
ISBN:
Category :
Languages : en
Pages : 304
Get Book Here
Book Description
Author: Ludwig van den Hauwe
Publisher: BoD – Books on Demand
ISBN: 3837021211
Category :
Languages : en
Pages : 190
Get Book Here
Book Description
Author: Jian Wang
Publisher:
ISBN:
Category :
Languages : en
Pages : 168
Get Book Here
Book Description
