排序方式: 共有27条查询结果,搜索用时 187 毫秒
1.
Fabrício A.C. Vieira Márcio Holland Marco F. Resende 《Journal of International Money and Finance》2012
This paper explores the persistence of financial dollarization in a group of 79 economies with different levels of development. Our main hypothesis is that a high level of domestic debt combined with default risk explains this persistence, even after a decline in inflation rates. Using the generalized method of moments (GMM) in a panel data analysis, our results show that inflation risks caused by increasing probability of default account for financial dollarization more than inflation rate itself. After the decrease in inflation rates, the foreign currency-denominated deposits remain large because of the high debt-to-GDP ratios, particularly in speculative-grade economies. High public indebtedness leads to expectations of default. Dollarization is a rational response to the future inflation associated with investors' expectations of default observed in highly indebted economies. 相似文献
2.
Tacit collusion with imperfect monitoring in the Canadian manufacturing industry: an empirical study
This article undertakes a cross-sectoral analysis of a salient empirical implication of the model of tacit collusion advanced by Abreu, Pearce, and Stachetti (1986). Specifically, we assess the prevalence of a first-order Markovian process for alternating between price wars and collusive periods through nonparametric tests. The analysis focuses on 30 different industries in Canada. The evidence provides weak support for optimal collusion in one industry, which is consistent with the idea that such kind of collusive arrangements is unusual, or, if collusion is all too common, that price wars as deviations from collusion are rare. 相似文献
3.
Using BoC-GEM-Fin, a large-scale dynamic stochastic general equilibrium (DSGE) model with real, nominal, and financial frictions featuring a banking sector, we explore the macroeconomic implications of various types of countercyclical bank capital regulations. Results suggest that countercyclical capital requirements have a significant stabilizing effect on key macroeconomic variables, but mostly after financial shocks. Moreover, the bank capital regulatory policy and monetary policy interact, and this interaction is contingent on the type of shocks that drive the economic cycle. Finally, we analyze loss functions based on macroeconomic and financial variables to arrive at an optimal countercyclical regulatory policy in a class of simple implementable Taylor-type rules. Compared to bank capital regulatory policy, monetary policy is able to stabilize the economy more efficiently after real shocks. On the other hand, financial shocks require the regulator to be more aggressive in loosening/tightening capital requirements for banks, even as monetary policy works to counter the deviations of inflation from the target. 相似文献
4.
The paper investigates implications of different theoretical models for hierarchical structure. A sample of 6,578 firms in
the Brazilian manufacturing industry is considered and explanatory factors pertaining to structural characteristics, network
technology, technological innovations, managerial innovations and incentive mechanisms are investigated. Important joint effects
are detected for all groups of variables in partial contrast with the related previous literature. Moreover, one detects significant
joint effect of the newly considered group of incentive variables. The evidence in terms of individual effects is largely
consistent with the predicted effects from the theoretical literature. 相似文献
5.
Marcelo Resende 《Applied economics》2013,45(8):1053-1058
The article investigates the determinants of newly created industrial establishments in Brazil in 1997 taking as reference explanatory variables referring to market structure and industry dynamics, stronger effects are detected for larger firms. Minimum efficient scale, industry size, industry growth and turbulence display the expected positive effects on firm size, but the intensity of those are more pronounced for larger firms. The suboptimal scale variable, on the other hand, exhibits a counterintuitive positive effect and perhaps other types of barriers to entry that are not related to scale aspects may be important in the Brazilian case. 相似文献
6.
We show that a monopolist's profit is higher if he refrains from collecting coarse information on his customers, sticking to constant uniform pricing rather than recognizing customers' segments through their purchase history. In the Markov perfect equilibrium with coarse information collection, after each commitment period, a new introductory price is offered to attract new customers, creating a new market segment for price discrimination. Eventually, the whole market is covered. Shortening the commitment period results in lower profits. These results sharply differ from the ones obtained when the firm can uncover the exact willingness-to-pay of each previous customer. 相似文献
7.
Rabah Amir Huizhong Liu Dominika Machowska Joana Resende 《Journal of Public Economic Theory》2019,21(6):1200-1220
This paper provides a thorough second‐best welfare analysis of the standard two‐stage model of R&D/product market competition with R&D spillovers. The planner's solution is compared to the standard non‐cooperative scenario, the R&D cartel, and the cartelized research joint venture (or joint lab). We introduce the notion of a social joint lab, as a way for the planner to avoid wasteful R&D duplication. With no spillovers, the non‐cooperative scenario, the joint lab, and the second‐best planner's solutions coincide. However, with spillovers, all three scenarios yield R&D investments that fall short of the socially optimal level. To shed light on the role of the spillover level on these comparisons, we observe that the gaps between the market outcomes and the planners solutions widen as the spillover parameter increases. Finally, we establish that a social planner and a social joint lab solutions may be achieved starting from any of the three scenarios by offering firms respective suitably weighted quadratic R&D subsidization schedules. 相似文献
8.
Guilherme Resende Oliveira Guilherme Mendes Resende Diego Firmino Costa da Silva Caio Nogueira Gonalves 《Review of Development Economics》2019,23(1):293-313
This paper evaluates the micro‐impacts of regional development funds in Brazil—the Constitutional Financing Funds (CFF)—using fixed effects panel data models and generalized propensity score between 2000 and 2012. Assessing the industrial and commerce/services sectors using fixed effects models, the results provide weak evidence of a positive and statistically significant impact of the CFF on job creation and no statistically significant impact on labor productivity growth at the firm level. Regarding dose‐response estimates, the results present evidence of nonlinear effects after three years of financing, suggesting that the amount of subsidized credit plays an important role in creating jobs and improving firm productivity. 相似文献
9.
Regulatory regimes and efficiency in US local telephony 总被引:2,自引:0,他引:2
The paper assesses the efficiency consequences of differentregulatory regimes for US local telephony. Specifically, alternativeregulatory regimens (price-cap regulation and incentive regulation)are contrasted with traditional rate-of-return regulation (ROR).Relative efficiency scores are obtained from the Data EnvelopmentAnalysis (DEA) approach. The regression analysis on the determinantsof efficiency, after controlling for technical change effects,indicates that alternative forms of regulation appear to inducea higher level of efficiency for the regulated firms than ROR. 相似文献
10.
Fernando Antonio Lucena Aiube Carlos Patricio Samanez Larissa de Oliveira Resende 《Applied economics》2017,49(9):860-871
In recent years, the U.S.A. natural gas market has seen enormous changes. The expectations of abundant supply of shale gas and the slow U.S.A. economic recovery have pushed gas prices below US$ 4 MMBtu. Although shale gas is a new promising source of unconventional energy, investors face uncertain investment plans. In this study, we investigate the risk premium by comparing behaviour before and after the change point in agents risk perception. Unlike traditional empirical research on risk premium, we use the parametric, two-factor model of Schwartz and Smith (2000) to evaluate the implied risk premium term structure from futures prices traded on the New York Mercantile Exchange (NYMEX). We compare our findings with other empirical results and find that the change point lies at the beginning of the low-price regime. When we compare periods before and after the change point, we observe that the risk premium changed, not only in sign, but also in magnitude. 相似文献