摘要:

From the vantage point of 1988, the 1982 judgment that the troubled foreign country debtors had a liquidity problem, not a solvency problem, appears to have been fiction. The fact is that troubled debtors did not use productively the resources they borrowed. Further loans to them only add to the burden of their existing debt. Retaining the loans at face value on the books of the creditor banks is a fiction that financial markets see though. Intervention by regulators and international lending agencies has impeded bilateral bargains between the debtors and the banks.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01160.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper analyzes the relationship between earnings and the extent of assimilation, cohort quality change, and return migration experienced by the foreign‐born population. The study uses the longitudinal data available in the Survey of Natural and Social Scientists and Engineers. The analysis reveals that there was a sizable decline in the skills of this population over the last two decades. In addition, the study shows that return migration is more likely among immigrants who did not perform well in the U.S. labor marke

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01161.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper investigates whether in the steady state the real interest rate is an increasing function of both the government debt and government spending. Using data from the period between January 1981 and March 1986, the paper fin&no evidence of such a relationship. These data afford an especially powerful test because the ratio of federal debt to trend output, which had fallen from 93 to 33 percent between January 1948 and December 1980, reversed course after the enactment of the Economic Recovery Tax Act, reaching 47 percent in March 1986.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01162.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Apartheid is a regulatory system designed to effect redistributions in favor of white workers and farmers at the expense of black workers and white capitalists. This paper uses a competitive interest group theory of the apartheid state to formulize a collective choice analysis of apartheid as endogenous policy. The “level” of apartheid is conceived as a continuous variable that is determined by the relative influence of competing interest groups within the white polity and by the costs of maintaining and defending apartheid institutions. Some empirical implications of this approach are explo

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01163.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Effective legal reserve requirements may hamper the private capital market's ability to price bank deposits. In the model developed here, the market has less information about bank assets than the banks have, and a bank can therefore signal its superior information through its choice of excess reserves. Mandatory reserves can inhibit such signaling and therefore result in inefficient deposit pricing.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01164.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

The implication of partially insurable job search risk for incentive compatibility in a standard contracting framework are explored. When unemployment spells provoke job search, workers face risk in spell duration and reemployment wages. When search effort is not variable, contracts including unemployment insurance will yield involuntary employment. When search effort is diminished by UI benefits, firms shift some compensation back to wages, increasing the relative attractiveness of employment. The analysis begins with a theorem on incomplete insurance by Imai, Geanakoplos and Ito [1981] for which a simple proof and economic intuition are provided.

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01165.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Empirically, inflation and the variance of inflation are positively associated. This paper develops a model that provides a potential explanation for this relationship in tern of the incentives facing the policymaker in a “discretionary equilibrium.” The model can also account for an empirical association between inflation and measures of real output instability. There is, however, no direct causal link whatever from the average rate of inflation to either the variance of inflation or that of real out

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01166.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Several recent empirical studies have challenged the conventional wisdom that deficits cause a higher interest rate. Many economists are, however, critical of the seemingly implied theoretical justification—that every individual fully recognizes the size of the deficit and the extent to which it increases future tax liabilities. This paper demonstrates that far weaker information assumptions are needed to obtain an aggregate savings response equal to the deficit: a reallocation of deadweight losses causes Ricardians to save more than their share of the deficit to keep consumption unaffected, allowing for a substantial fraction of Keynesians who save less than their shar

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01167.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

Suppose a number of countries produce a commodity which employs local labor and a type of capital that is internationally mobile. Within the framework of a specific‐factors model the paper argues that there is a presumption about the international movement of capital when the relative price of the industry using that capital rises on world markets. Capital flows towards countries less heavily involved in producing the commodity; internal labor flows contribute toward worldwide industry dispersion; and the volume of international trade in that commodity tends to fal

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01168.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY

摘要:

This paper reexamines the effectiveness of devaluation in trade balance adjustment. The question is addressed in a framework which improves the previous empirical literature in several respects. The evidence indicates that devaluations have been a successful tool in inducing trade balance adjustment. In particular, nominal devaluations are found to result in significant real devaluations that last for at least three years, and the real devaluation induces significant trade flows that are distributed over a two‐to three‐year period. The evidence comes from two different samples, 1953‐73 and 1975‐84, involving twenty‐seven countries and sixty devaluation

ISSN:0095-2583    

DOI:10.1111/j.1465-7295.1989.tb01169.x

出版商:Blackwell Publishing Ltd    

年代:1989

数据来源: WILEY