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This study investigates whether and how central clearing influences the overall liquidity needs in a network of financial obligations. Utilizing the approach of flow network theory, we show that the effect of adding a central clearing counterparty (CCP) is decomposed into two effects: central routing, and central netting effects. Each effect can produce different liquidity needs according to different liquidity scenarios. The analysis indicates that adding a CCP in times of financial distress successfully reduces the overall liquidity needs if and only if the netting efficiency of the CCP is sufficiently high. Furthermore, once the economy is no longer in financial distress, higher netting efficiency of the CCP could conversely increase the overall liquidity needs. The results have implications for the effectiveness of CCPs in mitigating systemic risk in times of financial distress, and their operating costs once the distress has passed. 相似文献
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Localization and overseas R&D activity: the case of Taiwanese multinational enterprises in China 下载免费PDF全文
This study investigates the determinants of overseas research and development (R&D) and the influences of various aspects of localization on affiliates' R&D intensity. Using a dataset of Taiwanese multinational enterprises (MNEs) in China, the empirical estimations find that MNEs with a larger firm size, more R&D expenditure, and a higher outward foreign direct investments intensity tend to undertake R&D. Host regions' characteristics, particularly market size and R&D resources, do matter for attracting MNEs to conduct R&D locally. Crucially, affiliates' R&D intensity is related to the degree of localization. The degree of market localization and localization of the R&D network has a positive association with affiliates' R&D intensity. From the perspective of R&D policy, a country with healthy R&D infrastructures helps attract the establishment of R&D labs of MNEs. 相似文献
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Cross-cultural differences of risk perceptions and insurance-purchasing decisions in Japan and the United States were examined by looking at one common risk, automobile accidents. In-depth interviews with 42 Japanese subjects were conducted in the city of Kasukabe, Japan, in June and July 1997. Their responses were compared with those of 74 US subjects from Western Pennsylvania (Austin, 1996). Systematic differences were observed in reasons given for having automobile insurance, judged probabilities of accidents, and judged probabilities of being at fault. These differences are examined in terms of cultural, driving, and market factors. 相似文献
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Hayakawa Kazunobu Laksanapanyakul Nuttawut Yoshimi Taiyo 《Review of World Economics》2021,157(2):323-346
Review of World Economics - This paper examines the determinants of the probability that an exporter chooses between a most-favored nation (MFN) scheme and multiple regional trade agreement (RTA)... 相似文献
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Kazunobu Hayakawa 《Asian Economic Journal》2007,21(2):139-153
International fragmentation has developed dramatically in East Asia since the 1990s. The purpose of the present paper is to measure border barriers in transactions of intermediate goods in East Asian countries. We find that the barriers in each country have steadily declined since 1985. The barriers in China and Taiwan have declined remarkably since the 1980s, whereas those in Indonesia experienced a slight increase in the 1980s. These results are qualitatively unchanged even if we control the effect of agglomeration on intra‐national inputs. 相似文献
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We examine the “magnification effect,” which demonstrates that as the number of separable production stages increases, trade increases dramatically as trade costs decline. We empirically investigate the existence of this magnification effect by estimating gravity-type equations for worldwide trade to obtain the tariff elasticity of trade per industry. We find that tariff elasticity is higher in industries with a greater degree of global value chain participation. These results are observed for both gross and value-added trade. Furthermore, we find that tariff elasticity is higher in intra-Asian trade, especially in machinery industries. 相似文献
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In this paper, we survey the empirical analysis of brands. The difficulty in this area of research is that even though a brand is easily identifiable, its economic roles are not directly observable. We first discuss methods where the effect of a brand is measured as the unobservable component of sales or price of a product, which researchers recover as a residual of the sales or price regression. We then describe the approaches to estimate the various roles of brands, such as providing information and increasing the utility of consumption. Finally, we provide examples of research that highlight the role of brands in exploiting the irrationality of consumers for profit. 相似文献
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Kazunobu Muro 《International Journal of Economic Theory》2023,19(2):221-247
We construct a two-sector overlapping generation model with endogenous fertility, where one sector produces goods and the other produces childcare services. The elasticity of fertility-related expenditures on services is crucial for determining labor participation and whether fertility converges to a steady state with monotone or oscillation. If capital intensity in the goods sector is greater than the products of elasticity and capital intensity in the service sector, then capital per capita and fertility converge to a steady state monotonically. Conversely, they converge to a steady state with oscillations, otherwise. We find an inverse J-shaped relationship between fertility and elasticity. 相似文献
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