Thirlwall’s Law and the Stability of Export and Import Income Elasticities

The aim of this paper is to examine the stability of income elasticities used in Thirlwall's law to approximate a country's long-term growth and to see empirically how non-constancy will affect these predictions. For this purpose, three countries - Canada, New Zealand and the UK - are analysed, using annual time series data from 1973 to 1995. These three countries were chosen on the basis of their contrasting trade patterns. The results obtained are different for each country but they still suggest the predictive power of one of the two specifications of Thirlwall's law is good.     

Government expenditure,money supply and unemployment in the USA: an analysis of the pre-war and post-war functional forms

A new frame work to measure the impact of an increase in government expenditure and/or money supply on unemployment is provided. The model and procedures introduced are used to estimate a long-run aggregate demand function for the US economy.     

Domestic and foreign country bias in international equity portfolios

Distinguishing two components of the preference for geographical proximity – the domestic country bias assessing investors’ holdings within the domestic market, and the foreign country bias assessing investors’ bilateral holdings within a particular host, I document a number of stylized facts related to international equity portfolios. First, investors in emerging countries hold systematically larger shares in their local markets compared to investors in developed countries. Second, while investors generally allocate trivial shares to most of the available destinations and completely disregard the remaining ones, I report several positive country bias ratios suggesting that the source country's investors overweigh the destination market. Third, the portfolio equity held in only a small number of destination markets generates much of countries’ existing foreign assets. I refer to this observation as the geographical shrinkage suggesting that the domestic bias coexists with an equally imperfect diversification of investors’ foreign asset holdings.     

The Harrod foreign trade multiplier and economic growth in Asian countries

The validity of the Harrod foreign trade multiplier for 11 Asian countries is tested. The results obtained generally support Thrilwall's specification of the multiplier. This suggests, in an open economy, relevant economic management is the factor that manipulates the income elasticities of exports and imports.     

Foreign equity flows and the “Size Bias”: Evidence from an emerging stock market

This paper examines foreign investors' equity-level transactions in an emerging stock market, the Istanbul Stock Exchange, for the period 1997–2008 to derive insights into the debate on information asymmetries between domestic and foreign investors and the home bias puzzle. The analysis suggests two important findings. First, foreign investors do not consider the market portfolio of domestic securities as predicted by standard theories of international portfolio diversification. Second, the firm's size and the expected return are central to explain foreign investors' equity trades. The results are consistent with models based upon the hypothesis of differential information between foreign and domestic investors.     

双模非高斯噪声背景下级联双稳态随机共振信号检测

针对随机共振(SR)以高斯噪声为研究背景的局限性,为了分析非高斯噪声对级联随机共振的影响且验证在双模非高斯噪声中级联随机共振的降噪及波形整形特性的可靠性,提出了级联双稳随机共振系统在双模非高斯情况下的微弱信号检测方法。输入信号在进行信号检测过程中,首先把概率密度函数作为随机共振现象的衡量指标,然后当系统处于最佳随机共振状态时,分析了非高斯参数、相关时间及噪声强度之间的关系。最后通过仿真证实,与一级SR相比,二级SR的噪声强度和相关时间的可用范围随着非高斯参数的减少不仅会得到增大,而且滤波特性、信号检测效果得到明显提高。     

Functional form and new production functions: some comments and a new VES function

This paper discusses new production function forms which are devised to generalise two restrictive features of the maintained hypotheses concerning homogeneity and the substitution effect of the original ACMS function.