Author: Martin Shubik
Publisher: MIT Press
ISBN: 9780262693110
Category : Business & Economics
Languages : en
Pages : 472
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Book Description
This first volume in a three-volume exposition of Shubik's vision of "mathematical institutional economics" explores a one-period approach to economic exchange with money, debt, and bankruptcy. This is the first volume in a three-volume exposition of Martin Shubik's vision of "mathematical institutional economics"--a term he coined in 1959 to describe the theoretical underpinnings needed for the construction of an economic dynamics. The goal is to develop a process-oriented theory of money and financial institutions that reconciles micro- and macroeconomics, using as a prime tool the theory of games in strategic and extensive form. The approach involves a search for minimal financial institutions that appear as a logical, technological, and institutional necessity, as part of the "rules of the game." Money and financial institutions are assumed to be the basic elements of the network that transmits the sociopolitical imperatives to the economy. Volume 1 deals with a one-period approach to economic exchange with money, debt, and bankruptcy. Volume 2 explores the new economic features that arise when we consider multi-period finite and infinite horizon economies. Volume 3 will consider the specific role of financial institutions and government, and formulate the economic financial control problem linking micro- and macroeconomics.
Author: Firat Demir
Publisher:
ISBN:
Category : Argentina
Languages : en
Pages : 292
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Book Description
Author: Byong-Ju Lee
Publisher: Stanford University
ISBN:
Category :
Languages : en
Pages : 132
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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: Bernard Poirine
Publisher:
ISBN:
Category : Cultural pluralism
Languages : en
Pages : 90
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Book Description
Author: Ashwini Deshpande
Publisher: Routledge
ISBN: 0415671280
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
The world economy is currently in the throes of a global economic crisis reminiscent of the great depressions of the 1930s and the 1870s. As back then, the crisis has exposed the major structural imbalances in financial and credit markets in addition to global trade forcing many governments, developed and developing, to impose debilitating austerity measures that are exacerbating the structural weaknesses that caused the crisis in the first place. This volume offers historical insights into the origins of the contemporary crisis as well as detailed analyses of the financial and trade dimensions, an assessment of the technological and innovation context along with perspectives on the implications for unemployment and gender imbalances.
Author: John Harriss
Publisher: Routledge
ISBN: 1134727054
Category : Business & Economics
Languages : en
Pages : 382
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Book Description
The new institutional economics is one of the the most important new bodies of theory to emerge in economics in recent years. The contributors to this volume address its significance for the developing world. The book is a major contribution to an area of debate still in its formative phase. The book challenges the orthodoxies of development, espec
Author: Chris J. Dixon
Publisher: Routledge
ISBN: 0415657296
Category : Business & Economics
Languages : en
Pages : 226
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Book Description
This book is a comprehensive study of the role of multinational corporations in the economies of the Third World. It begins by providing a comprehensive overview of the activities of multinational corporations and the main areas of research and debate. It goes on to discuss specific sociological, developmental and material effects on Third World countries resulting from involvement with multinational corporations. It includes case studies detailing the mid-twentieth century history and probable effects of specific multinational corporations' involvement in Third World countries.
Author: Kenneth España Bauzon
Publisher: Taylor & Francis
ISBN: 9780844817231
Category : Business & Economics
Languages : en
Pages : 368
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Book Description
Examines the prospects for democratization in the developing world. The book draws upon ideas of widespread socioeconomic well-being, human rights, the distribution of resources and population, and the environment.
Author: Hilton L. Root
Publisher: Rowman & Littlefield
ISBN: 0815701519
Category : Political Science
Languages : en
Pages : 300
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Book Description
In Alliance Curse, Hilton Root illustrates that recent U.S. foreign policy is too often misguided, resulting in misdirected foreign aid and alliances that stunt political and economic development among partner regimes, leaving America on the wrong side of change. Many alliances with third world dictators, ostensibly of mutual benefit, reduce incentives to govern for prosperity and produce instead political and social instability and economic failure. Yet again, in the war on terror and in the name of preserving global stability, America is backing authoritarian regimes that practice repression and plunder. It is as if the cold war never ended. While espousing freedom and democracy, the U.S. contradicts itself by aiding governments that do not share those values. In addition to undercutting its own stated goal of promoting freedom, America makes the developing world even more wary of its intentions. Yes, the democracy we preach arouses aspirations and attracts immigrants, but those same individuals become our sternest critics; having learned to admire American values, they end up deploring U.S. policies toward their own countries. Long-term U.S. security is jeopardized by a legacy of resentment and distrust. A lliance Curse proposes an analytical foundation for national security that challenges long-held assumptions about foreign affairs. It questions the wisdom of diplomacy that depends on questionable linkages or outdated suppositions. The end of the Soviet Union did not portend the demise of communism, for example. Democracy and socialism are not incompatible systems. Promoting democracy by linking it with free trade risks overemphasizing the latter goal at the expense of the former. The growing tendency to play China against India in an effort to retain American global supremacy will hamper relations with both—an intolerable situation in today's interdependent world. Root buttresses his analysis with case studies of American foreign polic
Author: Dambisa Moyo
Publisher: Macmillan
ISBN: 0374139563
Category : Business & Economics
Languages : en
Pages : 209
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Book Description
Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Moyo offers a bold new road map for financing development of the world's poorest countries.
