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THE SMALL COUNTRY IN A MANY-COMMODITY WORLD 总被引:2,自引:0,他引:2
RONALD W. JONES 《Australian economic papers》1974,13(23):225-236
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Helga Kristjánsdóttir 《Scottish journal of political economy》2010,57(5):591-614
This research looks at how foreign direct investment (FDI) in a small open economy compares with that of larger countries. I apply several specifications of the knowledge‐capital model to unique FDI data from the isolated country of Iceland, allowing for comparison with previous analysis of larger and similarly open economies. Using this together with other techniques, I seek to explain investment determinants by geography, economic size and skilled labor availability. The results of these analysis show that popular specifications do not accurately predict the effects for a small country case. 相似文献
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Historically, the lack of competition in developing countries has resulted in highly concentrated domestic industries that suffer from diseconomies of scale but prosper behind high walls of protection. Liberalization is expected to reverse this trend but at what cost? This article utilizes an import demand framework to examine the potential impact of trade liberalization on the manufacturing sector in the Caribbean using the case of Barbados. The results indicate that the manufacturing industry could encounter tremendous price competition, which could compromise the future survival of these industries. The study recommends that industries reorganize production processes to increase efficiency, which will allow them to compete effectively in the new global trading environment. These results may also be applicable to the wider Caribbean. 相似文献
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Keen Meng Choy 《Pacific Economic Review》2011,16(1):18-35
This paper sets out to discover the salient characteristics of economic fluctuations in the small open economy of Singapore. To this end, band‐pass filters and unobserved components models are first used to extract the cyclical components in macroeconomic variables. The extent to which domestic business cycles are influenced by foreign economic cycles with regards to their persistence, comovement and volatility properties are then assessed using time‐series statistics. The paper also documents how shocks originating from abroad are propagated to the broader economy. Although it is found that idiosyncratic features are present in Singapore's macroeconomic fluctuations, there are also stylized business cycle facts to be learnt about small open economies in general. 相似文献
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We consider markets with heterogeneously ambiguous assets and heterogeneously ambiguity-averse investors whose preferences are a parsimonious extension of the mean–variance framework. We study portfolio choice and trade upon arrival of public information, and show systematic departures from the predictions of standard theory, that occur in the direction of empirical regularities. In particular, our theory speaks to several phenomena in a unified fashion: the asset allocation puzzle, the observation that earnings announcements are followed by significant trading volume with small price change, and that increases in uncertainty are positively associated with increased trading activity and portfolio rebalancing toward safer assets. 相似文献
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Grossman and Helpman highlighted a political framework to internalize inefficiency incurred due to unilateral trade policy implementation by sovereign countries. This paper extensively adopts their framework to explore the effects of special interest politics on governments under negotiation to forge international environmental standards to control global emission. Particular attention is given to a case in which negotiation is driven by transferring the abatement technology. Within a specific factor model of international trade, improving the abatement efficiency through technology transfer can give the most mutually beneficial outcome, achieving the lowest level of global pollution compared to other political benchmarks. 相似文献
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对股票收益的波动率微笑和股票指数相对偏差稳定的观察,引入期权定价理论的新方向.描写群体行为的非线性随机过程,比几何布朗运动为主的代表者模型能更好地描写股价波动.行为金融学中,我们将投资者简化为两类不同交易策略的投资群体--反转投资者和动量投资者,引入生灭过程来直观刻画他们产生的股价涨落,并取极限得到一般扩散过程.我们建立的一般框架可以统一理解目前已经熟知的几何布朗运动、广义方差常弹性、残余波动率、利率的期限结构等理论模型,也能描写观察到的波动率微笑和稳定的相对偏差.用S&P500数据对这些模型进行了参数估计和检验的结果很好;有可能在期权定价中取代流行的BLACK-SCHOLES模型. 相似文献
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We analyze a dynamic version of the Akerlof–Wilson “lemons” market in a competitive durable good setting. There is a fixed set of sellers with private information about the quality of their wares. The price mechanism sorts sellers of different qualities into different time periods—prices and average quality of goods traded increase over time. Goods of all qualities are traded in finite time. Market failure arises because of the waiting involved—particularly for sellers of better quality. The equilibrium path may exhibit intermediate breaks in trading. 相似文献
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