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This paper contributes to the established literature on fiscal consolidations by investigating the distinct behaviour of central and sub‐central tiers of government during general government consolidation attempts. In the light of different degrees of decentralisation across OECD countries, and the different responsibilities devolved to sub‐central tiers, we believe that this approach offers an illuminating insight into the analysis of fiscal consolidations and their success. We show that the involvement of the sub‐central tiers of government is crucial to achieving cuts in expenditure, particularly in relation to the overall size of the government wage bill. In addition, central governments appear to exert a strong influence on the expenditure of sub‐central tiers through their grant allocations, and control of these allocations appears to have a considerable impact upon the overall success of consolidation attempts. Finally, we demonstrate that there is a skewness in cuts towards sub‐central capital expenditure both when central governments cut grant allocations and when sub‐central governments engage in lone consolidation attempts. 相似文献
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Decomposing Local: A Conjoint Analysis of Locally Produced Foods 总被引:4,自引:0,他引:4
Kim Darby Marvin T. Batte Stan Ernst Brian Roe 《American journal of agricultural economics》2008,90(2):476-486
Increasingly, foods are marketed as "locally grown." We use stated preference data from a choice-based conjoint instrument to address two issues surrounding consumer demand for locally produced goods: (1) what is the geographical extent of "local," and (2) is the value consumers place on "local" production distinct from other factors that are often confounded with locally produced foods such as farm size and product freshness? We find our subjects place similar value on products produced "in state" and "nearby" and that consumers' willingness to pay for local production is independent from values associated with product freshness and farm size. 相似文献
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Price dynamics in limit order markets 总被引:14,自引:0,他引:14
This article presents a one-tick dynamic model of a limit ordermarket. Agents choose to submit a limit order or a market orderdepending on the state of the limit order book. Each traderknows that her order will affect the order placement strategiesof those who follow and the execution probability of her limitorder is endogenous. All traders take this into account which,in equilibrium, generates systematic patterns in transactionprices and order placement strategies even with no asymmetricinformation. 相似文献
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曹勇 《对外经济贸易大学学报》2007,(6):34-39,93
本文以出口商预期利润最大化为视角,介绍和归纳了出口商计价货币选择的有关模型。得出结论:一国货币作为国际贸易发票货币取决于货币汇率的波动性;该国占据的出口市场份额以及该国出口产品的差异性程度,并利用经验数据检验了以上结论,展望了人民币国际化的前景。 相似文献
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James Darby 《The World Economy》2009,32(3):460-478
With similar production strategies and shared policy objectives forming a common background in both countries, plans to liberalise automotive production and trade emerged in Turkey and Australia after 1980. The subsequent outcomes of these attempts to abandon protection were to diverge, however, and the future viability of these two formerly heavily protected markets has now come to depend increasingly upon access to regional trade blocs. Examination of the path followed by these two economies as they adjust to the consequences of automotive liberalisation clarifies not only comparative economic performance in key areas of industry and trade, it also highlights the influence of differing levels of multi‐state economic integration, as these processes create, or fail to create, new opportunities for manufacturing economies operating in their individual regional geographic settings. 相似文献
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MR Darby 《Contemporary economic policy》2001,19(1):1-1
In the following articles Freedman and Jordan examine institutional arrangements that promote high and rising incomes. The quality of institutions may be as important as human capital, investment, and population growth in determining which nations are most prosperous. 相似文献
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A new estimate of transaction costs 总被引:17,自引:0,他引:17
Transaction costs are important for a host of empirical analysesfrom market efficiency to international market research. Buttransaction costs estimates are not always available, or whereavailable, are cumbersome to use and expensive to purchase.We present a model that requires only the time series of dailysecurity returns to endogenously estimate the effective transactioncosts for any firm, exchange, or time period. The feature ofthe data that allows for the estimation of transaction costsis the incidence of zero returns. Incorporating zero returnsin the return-generating process, the model provides continuousestimates of average round-trip transaction costs from 1963to 1990 that are 1.2% and 10.3% for large and small decile firms,respectively. These estimates are highly correlated (85%), withthe most commonly used transaction cost estimators. 相似文献