摘要:

AbstractThe rise in intraregional trade shares and the proliferation of regional trade agreements does not necessarily mean economies excluded from those agreements are harmed. Trade data show that the share of each region's GDP that is traded extraregionally has been growing steadily following its fall in the 1930s. That is, the rapid growth of OECD countries' trade among neighbors has been accompanied by (albeit somewhat less rapid) growth in extraregional trade. This does not constitute proof that regional agreements benefit outsiders, but it at least throws doubt on the opposite conclusion.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00008.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

AbstractInternational trade theory and location theory deal with many of the same issues, yet have evolved as almost completely distinct intellectual disciplines. This paper summarizes the main distinctive features of each field and suggests how we can try to generate a new discipline that combines insights from both.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00009.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

AbstractThis paper examines capital movements in the overlapping generations and Solow models. For the overlapping generations model, a simple compensation scheme is developed to show how the gaining generation(s) can always compensate the losing generation(s) and still gain in the move from autarky to free capital mobility. Moreover, unlike the Solow model, the move to an open economy for the overlapping generations model has a tendency to reduce the assets held by the capital‐exporting countr

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00010.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

AbstractSurvey data on a broad cross section of 17 currencies are used to determine whether the forward discount moves primarily in response to changes in expectations of depreciation, or in the risk premium. We find that, in contrast to earlier studies involving developed country exchange rates, variation in the risk premium is a quantitatively significant factor in movements of the forward discount. However, changes in expectations also have a substantial effect.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00011.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

AbstractThis paper explores links between policy uncertainty and growth. Using an endogenous growth model in which domestic investment is characterized by irreversibilities and policy fluctuates between a high‐ and a low‐tax regime, it shows that the magnitude of policy fluctuation and the persistence of policy jointly determine the pattern of investment and growth. Cross‐section regressions confirm that for 46 developing countries over the 1970‐85 period, policy uncertainty is negatively correlated with both investment and growth. Policy persistence also plays an importa

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00012.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

AbstractThis paper examines host country government (HCG) commercial policy towards imports resulting from intrafirm trade conducted by a multinational corporation (MNC). the effectiveness of the HCG's commercial policy is impaired by its limited information about the MNC's cost of production. the commercial policy consists of restrictions on intrafirm transactions. We construct and characterize the optimal commercial policy under imperfect information and find that under imperfect information the optimal policy entails a distorted transfer price and a lower level of intrafirm trade relative to the full information case. Welfare implications of commercial policy under imperfect information are also examined.

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00013.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

AbstractIn an international multicurrency context, with nonstochastic inflation, equilibrium asset pricing models dictate that all investors should hold a combination of their national risk‐free bill and the world market portfolio partly hedged against currency risk. We show that the equilibrium hedge ratios are not universal and depend on investors' preferences and relative wealth. So‐called universal hedging rules are devoid of solid theoretical underpinning and practical applicabil

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00014.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

ISSN:0965-7576    

DOI:10.1111/j.1467-9396.1993.tb00015.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY