Partial Vs General Equilibrium Models Of The International Capital Market

Author : Bernard Dumas
Publisher : Unknown
Page : 72 pages
File Size : 53,5 Mb
Release : 1993
Category : Capital market
ISBN : UCSD:31822015496185

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Partial- Vs. General-equilibrium Models of the International Capital Market by Bernard Dumas Pdf

In this essay, I discuss and compare two ways of modeling international capital market equilibrium: the orthodox, general-equilibrium approach and the heterodox, partial-equilibrium CAPM (Capital Asset Pricing Model) approach. The benchmark for this comparison is the model's ability to provide an explanation for, or take into account, a number of stylized facts of international finance: UIRP deviations, home-equity preference, PPP deviations and their persistence, consumption behavior in relation to wealth. In addition, I ask which approach is more likely in future research to help us identify the relevant state variables of the economy. None of the models satisfactorily explains the stylized facts but the CAPM approach affords the most productive avenue for empirical research in the immediate future.

Author : Mary E. Burfisher
Publisher : Cambridge University Press
Page : 443 pages
File Size : 41,9 Mb
Release : 2017-02
Category : Business & Economics
ISBN : 9781107132207

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Introduction to Computable General Equilibrium Models by Mary E. Burfisher Pdf

The book provides a hands-on introduction to computable general equilibrium (CGE) models, written at an accessible, undergraduate level.

Author : Gianni De Nicoló,Marcella Lucchetta
Publisher : INTERNATIONAL MONETARY FUND
Page : 29 pages
File Size : 50,7 Mb
Release : 2009-05-01
Category : Electronic
ISBN : 1451872526

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Financial Intermediation, Competition, and Risk: A General Equilibrium Exposition by Gianni De Nicoló,Marcella Lucchetta Pdf

We study a simple general equilibrium model in which investment in a risky technology is subject to moral hazard and banks can extract market power rents. We show that more bank competition results in lower economy-wide risk, lower bank capital ratios, more efficient production plans and Pareto-ranked real allocations. Perfect competition supports a second best allocation and optimal levels of bank risk and capitalization. These results are at variance with those obtained by a large literature that has studied a similar environment in partial equilibrium. Importantly, they are empirically relevant, and demonstrate the need of general equilibrium modeling to design financial policies aimed at attaining socially optimal levels of systemic risk in the economy.

Author : Kemal Dervis,Kemal,Jaime de Melo,Sherman Robinson
Publisher : Cambridge University Press
Page : 548 pages
File Size : 41,6 Mb
Release : 1982-05-31
Category : Business & Economics
ISBN : 0521270308

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General Equilibrium Models for Development Policy by Kemal Dervis,Kemal,Jaime de Melo,Sherman Robinson Pdf

Author : Haris Doukas,Alexandros Flamos,Jenny Lieu
Publisher : Springer
Page : 271 pages
File Size : 50,7 Mb
Release : 2018-12-10
Category : Business & Economics
ISBN : 9783030031527

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Understanding Risks and Uncertainties in Energy and Climate Policy by Haris Doukas,Alexandros Flamos,Jenny Lieu Pdf

This open access book analyzes and seeks to consolidate the use of robust quantitative tools and qualitative methods for the design and assessment of energy and climate policies. In particular, it examines energy and climate policy performance and associated risks, as well as public acceptance and portfolio analysis in climate policy, and presents methods for evaluating the costs and benefits of flexible policy implementation as well as new framings for business and market actors. In turn, it discusses the development of alternative policy pathways and the identification of optimal switching points, drawing on concrete examples to do so. Lastly, it discusses climate change mitigation policies’ implications for the agricultural, food, building, transportation, service and manufacturing sectors.

Author : Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 428 pages
File Size : 46,5 Mb
Release : 2008-04-15
Category : Business & Economics
ISBN : 9780226260211

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The Internationalization of Equity Markets by Jeffrey A. Frankel Pdf

This timely volume addresses three important recent trends in the internationalization of United States equity markets: extensive market integration through foreign investment and links among stock prices around the world; increasing securitization as countries such as Japan come to rely more than ever before on markets in equities and bonds at the expense of banks; and the opening of national financial systems of newly industrializing countries to international financial flows and institutions, as governments remove capital controls and other barriers. Eight essays examine such issues as the current extent of international market integration, gains to U.S. investors through international diversification, home-country bias in investing, the role of time and location around the world in stock trading, and the behavior of country funds. Other, long-standing questions about equity markets are also addressed, including market efficiency and the accuracy of models of expected returns, with a particular focus on variances, covariances, and the price of risk according to the Capital Asset Pricing Model.

Author : Wolfgang Drobetz
Publisher : Springer Science & Business Media
Page : 346 pages
File Size : 40,5 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9783663085294

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Global Stock Markets by Wolfgang Drobetz Pdf

Wolfgang Drobetz provides empirical evidence on the time variation of expected stock returns over the stages of the business cycle.

Author : Thomas O'Brien
Publisher : Business Expert Press
Page : 138 pages
File Size : 41,5 Mb
Release : 2017-08-16
Category : Business & Economics
ISBN : 9781631579233

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Applied International Finance II, Second Edition by Thomas O'Brien Pdf

This volume is the second of a three-volume set designed for use in a course in applied international corporate finance for managers and executives. This volume’s issue is how uncertain foreign exchange (FX) rate changes affect a firm’s ongoing cash flows and equity value, and what can be done in terms of hedging this risk using financial instruments. The accounting implications are also considered. Numerous examples of real-world companies are used. The volume contains a hypothetical case that ties the material together. The first volume reviews some basics of FX rates: Introduction to Foreign Exchange Rates, 2nd edition, Business Expert Press, 2016. The third volume deals with the estimation of the cost of capital for international operations and the evaluation of overseas investment proposals: Applied International Finance II: International Cost of Capital and Capital Budgeting, 2nd edition, Business Expert Press, 2017.

Author : Peter B. Dixon,Dale Jorgenson
Publisher : Newnes
Page : 1143 pages
File Size : 53,5 Mb
Release : 2013-11-14
Category : Business & Economics
ISBN : 9780444536358

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Handbook of Computable General Equilibrium Modeling by Peter B. Dixon,Dale Jorgenson Pdf

In this collection of 17 articles, top scholars synthesize and analyze scholarship on this widely used tool of policy analysis, setting forth its accomplishments, difficulties, and means of implementation. Though CGE modeling does not play a prominent role in top US graduate schools, it is employed universally in the development of economic policy. This collection is particularly important because it presents a history of modeling applications and examines competing points of view. Presents coherent summaries of CGE theories that inform major model types Covers the construction of CGE databases, model solving, and computer-assisted interpretation of results Shows how CGE modeling has made a contribution to economic policy

Author : G.M. Grossman,Kenneth Rogoff
Publisher : Elsevier
Page : 896 pages
File Size : 47,9 Mb
Release : 1997-10-24
Category : Business & Economics
ISBN : 9780080933450

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Handbook of International Economics by G.M. Grossman,Kenneth Rogoff Pdf

Handbook of International Economics

Author : Ronald Winthrop Jones,G.M. Grossman,Peter B. Kenen,Kenneth S. Rogoff
Publisher : Elsevier
Page : 896 pages
File Size : 48,7 Mb
Release : 1984
Category : Business & Economics
ISBN : 9780444828644

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Handbook of International Economics by Ronald Winthrop Jones,G.M. Grossman,Peter B. Kenen,Kenneth S. Rogoff Pdf

"This Handbook adopts a traditional definition of the subject, and focuses primarily on the explanation of international transactions in goods, services, and assets, and on the main domestic effects of those transactions. The first volume deals with the "real side" of international economics. It is concerned with the explanation of trade and factor flows, with their main effects on goods and factor prices, on the allocation of resources and income distribution and on economic welfare, and also with the effects on national policies designed explicitly to influence trade and factor flows. In other words, it deals chiefly with microeconomic issues and methods. The second volume deals with the "monetary side" of the subject. It is concerned with the balance of payments adjustment process under fixed exchange rates, with exchange rate determination under flexible exchange rates, and with the domestic ramifications of these phenomena. Accordingly, it deals mainly with economic issues, although microeconomic methods are frequently utilized, especially in work on expectations, asset markets, and exchange rate behavior."--Publisher's information

Author : Peter B. Kenen
Publisher : Princeton University Press
Page : 566 pages
File Size : 47,7 Mb
Release : 2021-06-08
Category : Business & Economics
ISBN : 9780691231136

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Understanding Interdependence by Peter B. Kenen Pdf

Drawing together new papers by some of today's leading figures in international economics and finance, Understanding Interdependence surveys the current state of knowledge on the international monetary system and, by implication, defines the research horizon for the future. Covering topics including the behavior of exchange rates, the choice of exchange-rate regime, current-account adjustment in classical and Keynesian models, the extent and effects of capital mobility, international debt, the stabilization and reform of the formerly planned economies, European monetary union, and international policy coordination, the book underscores the importance of these subjects and identifies lessons for policymakers. The contributors to the volume are Michael Bruno, Ralph C. Bryant, Richard N. Cooper, Michael P. Dooley, Barry Eichengreen, Stanley Fischer, Charles A. E. Goodhart, Peter Hooper, Peter B. Kenen, Paul R. Krugman, Henri Lorie, Jaime Marquez, Ronald I. McKinnon, Michael Mussa, Maurice Obstfeld, John Odling-Smee, Assaf Razin, Dani Rodrik, Mark P. Taylor, and John Williamson.

Author : Richard C. Marston
Publisher : Cambridge University Press
Page : 216 pages
File Size : 44,7 Mb
Release : 1997-04-13
Category : Business & Economics
ISBN : 0521599377

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International Financial Integration by Richard C. Marston Pdf

Currency denomination remains a barrier to full financial integration, however, since both nominal and real returns on financial instruments vary widely by currency, even between currencies tied together by the European Monetary System. This study examines relative returns in the money and bond markets of these countries, investigating whether there are systematic variations in relative returns across currencies.

Author : I. Moosa
Publisher : Springer
Page : 362 pages
File Size : 45,7 Mb
Release : 2003-03-13
Category : Business & Economics
ISBN : 9781403946034

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International Financial Operations by I. Moosa Pdf

Cross-border transactions involve a variety of financial operations, including arbitrage, hedging, speculation, financing and investment. These inter-related operations give rise to foreign exchange exposure and affect the overall financial performance of multinational firms. The book aims to provide an integrated treatment of multinational financial operations, whilst taking into account some real world complexities such as bid/offer spreads, transaction costs, capital rationing, and market imperfections.

Author : I. Moosa
Publisher : Springer
Page : 311 pages
File Size : 44,7 Mb
Release : 2002-01-29
Category : Business & Economics
ISBN : 9781403907493

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Foreign Direct Investment by I. Moosa Pdf

Foreign direct investment is an important issue that has attracted the attention of academic and professional economists as well as politicians and policy makers. In Foreign Direct Investment , Imad A. Moosa presents a survey of the vast body of literature and ideas relating to foreign direct investment that will be invaluable as a reference work for all these groups. He provides concise definition and analysis of the theories behind foreign direct investment, and considers factors affecting its implementation. The impact of foreign direct investment on economic development, host countries and the growth of multinationals, together with methods for evaluating foreign direct investment projects are discussed. The book is based on the experiences of and the empirical evidence pertaining to foreign direct investment in a large number of countries, and includes case studies on specific projects.