摘要:

Pacific Asia is deep rooted in its cultural heritage and historical background, which have set the tone for regions success. These same factors also have created rather different trading practices, compared with those of the West — practices that are less transparent and full of hidden private trade barriers.Interdependence within the region suggests integration, but Pacific Asia has taken a course of non‐exclusive cooperation rather than following the exclusive course of the European Community (EC) and of the North American Free Trade Agreement (NAFTA). The latter two trade blocs threaten the continued success and development of Pacific Asia. Although the Uruguay Round of the General Agreement on Tariffs and Trade (GATT) sends relief, fostering a cooperative rather than a retaliative Asian Pacific Economic Cooperation (APEC) organization offers the most prom

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00728.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

The anti‐tying section (Sec. 106) of the Bank Holding Company Act of 1970 severely limits U.S. banks' or bank holding companies' ability to link one product or service to another. Though the provisions of Sec. 106 resemble the anti‐tying provisions of the U.S. antitrust laws, the latter are considerably less restrictive and more flexible. Sec. 106 represents a misguided legislative effort to deal with a perceived problem of banks' market power. Though tying can be a manifestation of market power, it is more likely—especially for banking—to represent efficient combinations of complementary components. Regulatory and judicial enforcement of Sec. 106 surely has seriously inhibited the flexibility and efficiency of bank pricing and product offerings. A simple solution to this legislative over‐regulation is to repeal Sec. 106 and instead extend the reach of the antitrust laws to cover abusive tying

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00729.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Using alternative measures of risk can increase the predictive accuracy of early‐warning models of U.S. bank failures. However, the coefficients and the predictive accuracy of these revised models are not stable over time. Exploring the possibilities for accurately measuring risk using available accounting data involves examining the performance of a number of risk measures in early‐warning models. An alternative measure improves model estimates for the United States in the mid‐1980s, but the improvement deteriorates during the later stages of banking difficulties. The time specificity of the early‐warning models affects their usefulness for bank policy and supe

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00730.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper extends the work of Barro (1979), Eisner (1992), foines (1991), Sawhney and DiPietro (1994), and others and examines whether an optimal debt ratio exists that will maximize economic growth. The growth rate of real GDP is specified as a function of the debt ratio, the debt ratio squared, the growth rates of labor employment, capital services, money stock, and a trend variable. The sample ranges from 1960 to 1991. Hypothesis tests show that economic growth and its determinants, including the debt ratio are cointegrated and have a long‐run stable relationship. Results also indicate that the optimal debt ratio is 38.4 percent for debt held by the public and 48.9 percent for total debt. Thus, the current (1993) debt ratios of 50.9 percent for the debt held by the public and 68.2 percent for total debt are far greater than the desirable level

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00731.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

Reserve banks worldwide have been moving towards zero inflation policies. Confusion clouds the welfare cost of maintaining such inflation policies despite the best attempts at clarification. Monetary theory research has shifted from partial to general equilibrium economies. This shift has left the partial equilibrium estimates of the welfare cost of inflation below most of the general equilibrium estimates. Put on a comparable basis, partial equilibrium estimates compare more closely with the general equilibrium estimates. Furthermore, evidence suggests that integration under the money demand function appears applicable in general equilibrium economies. Finally, the estimates depend on the elasticities of money demand and the underlying structural parameters.

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00732.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

The economic approach to optimal criminal penalties measures the welfare effects of crime and punishment in dollar terms, ignoring differences in the marginal utility of money among people. This paper alternatively proposes using time as the unit of measure in determining optimal criminal penalties, measuring the costs and benefits of crime in hours or days instead of dollars. The policy implications differ substantially from those in the existing economic literature. Equal prison terms impose similar time costs on all individuals rather than being more costly for those with higher foregone earnings. Equal fines impose the same cost on all individuals in the dollar‐based economic models but in a time‐denominated system are costlier to those who require more time to earn the money to pay the fines. In principle, one can use either money or time in setting penalties. However, time‐based penalties are more consistent with the fundamental and widely held principles of justice on which the U.S. legal system

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00733.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

The economic benefits of a traditional college education relative to a high school degree are well known to students and economists alike. However, little is known about the economic returns associated with associate and vocational degrees. Using a large micro‐data set of former guaranteed student loan borrowers, this paper analyzes post‐schooling returns for bachelors as well as associates and vocational students. The analysis further extends the existing literature by controlling for individual characteristics that income studies typically do not measure. By including the default status of the educational loan used to finance the postsecondary education, the intrinsic individual characteristics of commitment and initiative are controlled for and are found to significantly increase earni

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00734.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper uses a referendum‐style survey approach known as dichotomous‐choice contingent valuation to estimate the benefits of restricting the uses of 6.9 million acres of desert land. Statistical techniques estimate the value to California residents of creating three new national parks and 76 new wilderness areas in the high and low deserts of eastern California. The total amount that California residents would be willing to pay to enact desert protection legislation ranges from $177 million to $448 million per year. This estimate hinges on the assumptions that (i) the residents who did not complete and return the survey questionnaire (“nonrespondents”) would receive no benefits from desert protection and (ii) the estimate of willingness to pay for the “respondents”

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00735.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

A respiratory health survey conducted in Hong Kong in 1989 identified significant health differences between school age children living in an industrial area with poor ambient air quality and those in a control group living in a relatively clean area. In 1990, the government banned the use of high sulphur fuel. As a result, ambient sulfur levels dropped sharply and particulate levels dropped moderately. The avoided costs of doctor consultations alone offset a moderate fraction of the costs of this air quality improvement. If even the lower end of estimates from elsewhere apply to Hong Kong's willingness to pay for symptom relief, such values offset a major share of the costs of the air quality improvement simply through near‐term improvements in health. Considering longer‐term health and other benefits leads one to conclude that the economic benefits likely far outweigh the co

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00736.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY

摘要:

This paper presents estimates of indexes of internal returns to scale and external economies for two‐digit manufacturing industries in Taiwan. Estimating the returns to scale indexes involves using both SUR and 3SLS estimation procedures. The data strongly support the presence of external increasing returns to scale. The findings indicate no evidence of internal increasing return in all two‐digit manufacturing industries. According to the endogenous growth literature, the existence of externalities in production bears important economic implications in some aspects of economic growth, even though the data cannot distinguish the transmission mechan

ISSN:1074-3529    

DOI:10.1111/j.1465-7287.1995.tb00737.x

出版商:Blackwell Publishing Ltd    

年代:1995

数据来源: WILEY