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1.
This paper investigates the Keynesian view and the Wagner’s Law on the role of public expenditure on economic growth for Malaysia
(1970–2004). The empirical results using the Auto-Regression Distributed Lag (ARDL) model and the ‘bounds test’ (Pesaran et
al. in J Appl Econ 16:289–326, 2001) showed evidence of a long run relationship between total expenditures (including expenditures
on defense, education, development and agriculture) and Gross National Product. The results also show that with the structural
break in 1998, the long run causality is bi-directional for GNP and expenditures on administration and health, supporting
both Keynes view and Wagner’s Law. For all other expenditure categories the long run causality runs from GNP to the expenditures,
which supports Wagner’s Law.
An erratum to this article can be found at 相似文献
2.
We model economies of adverse selection as Arrow–Debreu economies. In the spirit of Prescott and Townsend (Econometrica 52(1),
21–45, 1984a), we identify the consumption set of the individuals with the set of lotteries over net transfers. Thus, prices
are linear in lotteries, but they may be non linear in commodity bundles. First, we study a weak equilibrium notion by viewing
the economy of adverse selection as a pure exchange economy. The weak equilibrium set is non empty, but some of the allocations
may be inefficient, and the equilibria indeterminate. Second, following Prescott and Townsend (Econometrica 52(1), 21–45,
1984a), we introduce an intermediary (firm) supplying feasible and incentive compatible measures. Equilibria are constrained
efficient, but the equilibrium set is empty for an open set of economies containing the Rothschild and Stiglitz insurance
economies.
The research of A. Rustichini was supported by the NSF grant NSF/SES-0136556. 相似文献
3.
This paper deals with the problem of explaining the survival of cooperative behavior in populations in which each person interacts
only with a small set of social ‘neighbors’, and individuals adjust their behavior over time by myopically imitating more
successful strategies within their own neighborhood. We identify two parameters—the interaction radius and the benefit–cost
ratio—which jointly determine whether or not cooperation can survive. For each value of the interaction radius, there exists
a critical value of the benefit–cost ratio which serves as the threshold below which cooperation cannot be sustained. This
threshold itself declines as the interaction radius rises, so there is a precise sense in which dense networks are more conducive
to the evolution of cooperation. 相似文献
4.
Synopsis This paper considers the well-known Levhari-Mirman discrete-time model of resource extraction, and investigates the effects of the information structure of the dynamic game – open-loop, Markovian or history-dependent – on the equilibrium consumption path and the overall utility of the agents. Due to the special structure of the model, the open-loop regime yields a Pareto-optimal outcome. The Markovian regime leads to the most pronounced version of the tragedy of the commons. History-dependent behavior yields an outcome set that is intermediate between the other two cases, and that may include the Pareto-optimal outcome in some cases. The level of efficiency of equilibrium behaviour is thus U-shaped as a function of the level of information the agents’ extraction strategies are based on. The analysis suggests that in environments characterized by a dynamic (and no market) externality, forcing agents to commit to open-loop behavior would constitute welfare-improving regulation. 相似文献
5.
Ravi Batra 《Review of International Economics》1994,2(1):85-95
This paper argues that not a single proposition of the modern theory of free trade is upheld by the recent experience of the United States. Freer trade is supposed to raise GNP growth and productivity growth as well as the living standard. Until 1972, when the US was practically a closed economy with a trade/GNP ratio averaging a low of 12%, GNP growth was 3.8%, productivity growth was 2%, and real wages had been rising for 150 years. Since 1972, the trade/GNP ratio has been rising steadily, US GNP growth has been only 2.5%, productivity growth is below 1%, and real wages have been falling for over three-quarters of the labor force. 相似文献
6.
We study market games derived from an exchange economy with a continuum of agents, each having one of finitely many possible
types. The type of agent determines his initial endowment and utility function. It is shown that, unlike the well-known Shapley–Shubik
theorem on market games (Shapley and Shubik in J Econ Theory 1:9–25, 1969), there might be a (fuzzy) game in which each of
its sub-games has a non-empty core and, nevertheless, it is not a market game. It turns out that, in order to be a market
game, a game needs also to be homogeneous.
We also study investment games – which are fuzzy games obtained from an economy with a finite number of agents cooperating
in one or more joint projects. It is argued that the usual definition of the core is inappropriate for such a model. We therefore
introduce and analyze the new notion of comprehensive core. This solution concept seems to be more suitable for such a scenario. We finally refer to the notion of feasibility of an
allocation in games with a large number of players.
Some of the results in this paper appear in a previous draft distributed by the name “Cooperative investment games or Population
games”.
An anonymous referee of Economic Theory is acknowledged for his/her comments 相似文献
7.
We examine how the source of foreign aid affects the composition of the recipient government's spending. Does the source of aid – bilateral or multilateral – influence recipient policy-makers' choice between development and nondevelopment expenditure? We depart from previous literature by introducing strong asymmetries in policy-makers' preferences. With the financial constraints set by foreign aid and domestic revenues, this formalization allows us to model and estimate the fiscal behavior of government policy-makers in the presence of foreign aid. 相似文献
8.
Daniel M. Bernhofen 《Economic Theory》2009,41(1):5-21
I propose a framework that takes a set of conceivable outcomes as the primitive and a prediction is defined by identifying
a subset on the set of conceivable outcomes. This notion of predictability serves as an organizing principle for characterizing
pattern of trade predictions in single economy and integrated equilibrium formulations of the neoclassical trade model. I
identify allocative efficiency as the unifying subset selection criterion for the different formulations of the neoclassical
trade model, ranging from Ricardo’s (in Principles of Political Economy and Taxation, reprinted by J. M. Dent, London, in
Everyman’s library, 1817) original comparative advantage formulation to the multi-cone Heckscher–Ohlin specification with
multiple countries, goods and factors.
I am grateful to comments from Jim Anderson, Chris Starmer, Catia Montagna, Peter Neary, two anonymous referees, as well as
participants at the June 2007 GEP Conference on ‘New Directions in International Trade Theory’. I am grateful for financial
support from NSF research grant SES-0452991 and from Leverhulme Trust Programme grant F114/BF. 相似文献
9.
Nicholas Ziros 《Journal of Economics》2011,102(2):171-179
This paper presents a hybrid equilibrium notion that blends together the ‘cooperative’ and the ‘noncooperative’ theories of
competition. In particular, the Mas-Colell bargaining set has been modified in order to accommodate the features of strategic
market games. In other words, allocations, objections and counter objections of the standard bargaining set theory are described
for an economy, where trades among groups of individuals are conducted via the Shapley–Shubik mechanism. In the main part
of the paper, it is proved that in atomless economies the allocations resulting from this equilibrium notion are competitive. 相似文献
10.
This paper focuses on the role of habit formation in individual preferences. In this study, the model of Alessie and Lusardi
(Econ Lett 55:103–108, 1997) and its extension by Guariglia and Rossi (Oxf Econ Pap 54:1–19, 2002) are considered. Our empirical
specifications are based on their closed-form solutions, where current saving is expressed as a function of lagged saving
and other regressors. In our study, we use a longitudinal data set from the Netherlands that allows us to disentangle the
role of habit formation from unobserved heterogeneity. Contrary to most other studies using survey data, we find evidence
in favor of habit formation. However, the magnitude of the habit formation coefficient is rather small. Income uncertainty
seems to affect saving behavior of Dutch households. 相似文献
11.
Graphical causal models and VARs: an empirical assessment of the real business cycles hypothesis 总被引:1,自引:0,他引:1
Alessio Moneta 《Empirical Economics》2008,35(2):275-300
This paper assesses the empirical plausibility of the real business cycle view that shocks to real variables are the dominant
sources of economic fluctuations and that monetary policy shocks play an insignificant role in determining the behavior of
real variables. I reconsider the vector autoregressive model of King et al. (Am Econ Rev 81:819–840, 1991), but propose an
alternative identification method, based on graphical causal models. This method selects the contemporaneous causal structure
using the information incorporated in the partial correlations among the residuals. The residuals orthogonalization which
follows and the study of the impulse response functions confirm the results of King et al. (Am Econ Rev 81:819–840, 1991):
permanent productivity shocks are not the dominant sources of aggregate fluctuations in US economy.
I would like to thank Peter Spirtes, Marco Lippi, and Clark Glymour for helpful comments on early versions of the paper. I
am also grateful to Valentina Corradi for providing me with an updated version of the King et al. (1991) data set. The usual
disclaimer applies. 相似文献
12.
The evolution of debt and equity markets in economic development 总被引:11,自引:0,他引:11
Summary. As noted by Gurley and Shaw, there is a typical pattern of economic development in which the evolution of the financial system
is an essential aspect of the growth process. We focus on one component of this evolution: the increasing importance of equity
markets as an economy grows. We develop a growth model where capital accumulation is financed externally through a combination
of debt and equity. We illustrate why equity market activity might grow – often very rapidly – as an economy develops. We
also illustrate why access to equity markets may not be needed in the early stages of economic development.
Received: December 30, 1997; revised version: May 26, 1998 相似文献
13.
We study the stochastic stability of a dynamic trading process in an exchange economy. We use a simplified version of a trading
model à la Shapley and Shubik (J Polit Econ 85:937–968, 1977). Two types of agents equipped with Leontief preferences trade goods in markets by offering endowments, and actual trades
occur at market clearing prices. Better behavior tends to spread through the same type of agents by imitation, and agents
also make mistakes occasionally. We provide a sufficient condition for the perturbed dynamic process to have a unique stochastically
stable state that is a Walrasian equilibrium allocation. In this sense, we give a rationale for Walrasian behavior. 相似文献
14.
David Ellerman 《Forum for Social Economics》2000,29(2):33-48
I argue that math, like love, can cover a multitude of sins, and I use the neoclassical object of adoration, the Arrow-Debreu
model, as the case in point. It is commonplace that the Arrow-Debreu (AD) model of general equilibrium does not describe the
real world, but it is equally commonplace to accept it as representing the pure logic of the competitive capitalist economy
in an idealized world free of transactions costs. I show that the AD model fails even as an idealized model; it actually mistakes
the logic of pure capitalism. Unlike McKenzie’s model of idealized general equilibrium under constant returns to scale, Arrow
and Debreu claim to have shown the existence of competitive equilibrium under decreasing returns to scale and positive pure
profits. The AD model (again unlike the McKinzie model) needs to assign the profits to individuals and this is done using
the notion of “ownership of the production set.” But this notion suffers from a fatal ambiguity. If Arrow and Debreu interpret
it to mean “ownership of a corporation” then a simple argument in the form “labor can hire capital or capital can hire labor”
defeats the alleged necessity of assigning residual claimancy to the corporation. A given corporation may or may not end up
exploiting a set of production opportunities (represented by a production set) depending on whether it hires in labor and
undertakes production or hires out its capital to others (all by assumption at the parametrically given prices). In the latter
case, residual claimancy is elsewhere. There is no such property right as “ownership of a production set” in a private property
market economy. The legal party which purchases or already owns all the inputs used up in production has the defensible legal
claim on the outputs: there is no need to also “purchase the production set.” At any set of prices that allow positive pure
profits, anyone in the idealized AD model could bid up the price of the inputs and thus try to reap a smaller but still positive
profit. Therefore,pace Arrow and Debreu, there could be no equilibrium with positive pure profits. In the Appendix, the property rights fallacy
that afflicts the AD model is shown to also afflict orthodox capital theory and corporate finance theory.
World Bank
The findings, interpretations and conclusions expressed in this paper are entirely those of the author and should not be attributed
in any manner to the World Bank, to its affiliated organizations or to the members of its Board of Directors or the countries
they represent. 相似文献
15.
Summary. We study the Mas-Colell bargaining set of an exchange economy with differential information and a continuum of traders. We
established the equivalence of the private bargaining set and the set of Radner competitive equilibrium allocations. As for
the weak fine bargaining set, we show that it contains the set of competitive equilibrium allocations of an associated symmetric
information economy in which each trader has the “joint information” of all the traders in the original economy, but unlike
the weak fine core and the set of fine value allocations, it may also contain allocations which are not competitive in the
associated economy.
Received: February 15, 1999; revised version: August 9, 1999 相似文献
16.
In the framework of a dynamic general equilibrium model, this paper studies how vertical externalities affect the development
of heavy industry in a developing economy. The model is comprised of an intermediate and a consumer product sector. The production
of both types of goods has pecuniary externalities as they are featured by increasing return to scale. However, the production
of an intermediate product has an additional advantage to have externalities through its technological linkage with the production
of consumer goods. This is related to the nature of the roundabout production of consumer goods: a larger number of intermediate
products lead to higher productivity in the production of consumer goods than do more inputs of a fixed number of intermediate
products. Therefore, private investment in the intermediate sector is below the social optimal level. Government subsidies
can restore the economy to the social optimum, but they become less needed as the consumer sector grows larger and the advantage
of the intermediate good sector diminishes.
__________
Translated from Nankai Jingji Yanjiu 南开经济研究 (Nankai Economic Studies), 2007, (2): 3–19 相似文献
17.
Knowledge, consumption, and endogenous growth 总被引:1,自引:1,他引:0
Richard N. Langlois 《Journal of Evolutionary Economics》2001,11(1):77-93
In neoclassical theory, knowledge generates increasing returns – and therefore growth – because it is a public good that
can be costlessly reused once created. In fact, however, much knowledge in the economy is actually tacit and not easily transmitted
–and thus not an obvious source of increasing returns. Several writers have responded to this alarming circumstances by affirming
hopefully that knowledge today is increasingly codified, general, and abstract – and increasingly less tacit. This paper disputes
such a trend. But all is not lost: for knowledge does not have to be codified to be reused and therefore to generate economic
growth. 相似文献
18.
We consider a pure exchange economy with a finite set of types of agents which have incomplete and asymmetric information
on the states of nature. Our aim was to describe the equilibrium price formation and analyze how the lack of information may
affect the allocation of resources. To do so, we adapt to an asymmetric information scenario a variant of the Shapley–Shubik
game introduced by Dubey and Geanakoplos (J Math Econ 39:391–400, 2003 ). 相似文献
19.
Codification,Abstraction, and Firm Differences: A Cognitive Information-based Perspective 总被引:1,自引:0,他引:1
Synopsis The resource-based view shares with population ecology, organizational systematics, organizational cladistics, and institutional
theory a concern with why firms differ and with what keeps them different. These two questions only have meaning if – as has
been the case in the eoclassical theory of the firm – similarities between firms are taken as the default assumption. This
paper distinguishes between ontological heterogeneity – differences in the world – and epistemic heterogeneity – differences
in the way that the world is construed. Focusing on the latter, it puts forward an argument for taking epistemic heterogeneity
between firms as the default assumption. It starts with a general analysis of how living systems make sense of the world.
It then goes on to identify the cognitive activities of codification and abstraction as key sources of epistemic heterogeneity.
The findings are applied to those systems called firms where a dominant logic allows epistemic heterogeneity to persist. In
some case this leads to competitive advantage, in others to a debilitating inertia. The implications for a knowledge-based
theory of the firm are briefly explored. 相似文献
20.
Bin Yao 《Frontiers of Economics in China》2008,3(3):356-379
From the perspective of welfare, by synthesizing the normative and empirical analysis, this paper applies the framework of
“new open economy macroeconomics” to the qualitative and quantitative researches on the choice of RMB exchange rate regime
in the short and medium run. It sets up the structural model, takes the economical data during 1985–2005 to perform both the
positive and simulative analysis, and it is shown that: with the increases of international real demand and international
price index, in order to improve the welfare of people, the RMB exchange rate regime should be more flexible.
__________
Translated from Jingji yanjiu 经济研究 (Economic Research Journal), 2007, (11): 45–57 相似文献