摘要:

The developing country debt crisis brought attention to the type of lending behavior that predominated while the commercial bank market developed. This article presents the major characterizations of bank behavior, particularly regarding predictions that can be tested empirically. Critically comparing existing empirical studies with these predictions shows that the magnitude of default risk and deposit insurance were incorporated into the lending behavior. However, these alone do not explain the evolution of the market. One can understand this evolution in terms of information imperfections in the market, but this evaluation contradicts a major role for agency problems in the banking firm.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00565.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper derives four alternative measures of “hot money” outflows of capital from Latin America's three major debtors–Argentina, Brazil, and Mexico. These measures are based on two sources of quarterly data from 1977 to 1986: (i) the balance of payments statistics and (ii) changes in the U.S. bank deposits of non‐banking entities in the debtor countries. The portfolio adjustment model then is used to specify the factors influencing capital flight. These factors are grouped into two types. The push factors relate to characteristics of the so‐called source countries for capital flight and include the interest and inflation rates, the degree of currency overvaluation, and the environmental risks embodied in both frequent regime changes and the onset of the 1982 debt crisis. The pull factors include the interest and inflation rates in the host country, the United States. The principal findings of the paper show that the push factors alone are significant in explaining capital outflows from Argentina and Brazil. For Mexico, by contrast, the push factors as well as the pull factors are found to be relevant in explaining the behavior of flight capital, as measured by changes in the deposits of Mexican non‐bank entities in the U.S. ban

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00566.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper analyzes some dynamic aspects of trade liberalization reforms within the context of the debt crisis. In particular, the paper discusses issues concerning intensity of liberalization, speed of trade reform, and the interaction between liberalization and stabilization. It deals with analytical issues and draws from the empirical experiences of some highly indebted Latin American countries.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00567.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper critically assesses the free trade agreement between Canada and the United States. Reviewing the theoretical literature on the gains from trade and the empirical literature on bilateral trade liberalization reveals that no presumption should exist that bilateral free trade would significantly improve Canada's welfare. Moreover, because of uncertainty over future abrogation or contingent protection actions, much of the predicted rationalization of Canadian industry may not occur. If, on the other hand, firms in Canada make major investments to take advantage of the agreement, Canada's bargaining position with the United States on trade and other issues could be weakened.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00568.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper discusses the forces that have been at play in the debate over the recently concluded Canada‐U.S. Free Trade Agreement. Most economists agree that free trade is desirable and that both parties likely will gain from specialization and exchange. But many objections to this agreement have been raised, some of which are very different from those that economists usually consider. A review of the agreement and many of the arguments raised against it reinforces the basic credo that freer exchange between consenting parties leads to improved economic well‐be

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00569.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper examines the “traditional approach” that the US. International Trade Commission (ITC) has used during recent years to decide whether dumped or subsidized imports cause material injury to a domestic industry. ITC decisions are perceived as not explaining clearly why the conclusions reached follow from the facts presented. Using a survey of recent ITC decisions, the authors attempt to discover the assumptions and methods of analysis lying behind traditional analysis so that readers may more fully understand ITC opinions. The authors argue that the major components of the traditional approach are special applications of ordinary demand‐supply ana

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00570.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Current proposals to reform regulation of the commercial nuclear power industry ignore the potential of financial market sanctions on poor reactor management. This paper examines investor reaction to the automatic shutdowns following equipment failures at nuclear power plants from 1978 to 1985. Compared with a portfolio of nuclear utilities, the daily return to common equity of the owner of a failed reactor dropped by 0.24 percent after two trading days but increased by 0.24 percent four trading days later. Investors are averse to reactor failures but correct initial negative responses once they learn that the reactor is not damaged.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1989.tb00571.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY