发布求助
文献互助 智能选刊 最新文献

North American Review of Economics and Finance最新文献

筛选
英文 中文
Investment incentives and risk sharing properties of debt and equity contracts in international financial markets 国际金融市场上债务和股权合同的投资激励和风险分担特性
North American Review of Economics and Finance Pub Date : 1991-03-01 DOI: 10.1016/1042-752X(91)90012-O
George C. Anayiotos
{"title":"Investment incentives and risk sharing properties of debt and equity contracts in international financial markets","authors":"George C. Anayiotos","doi":"10.1016/1042-752X(91)90012-O","DOIUrl":"https://doi.org/10.1016/1042-752X(91)90012-O","url":null,"abstract":"<div><p>This paper examines the risk sharing and investment incentive properties of debt and equity contracts in international financial markets. Using a Nash bargaining framework between the borrower and its lenders, debt repayment after renegotiation is derived. Renegotiable debt contracts provide better investment incentives than equity contracts, when the level of debt is not very high. For high levels of debt, when repayment due is above a renegotiated debt repayment, disincentives for investment arise. Risk sharing between lenders and borrowers is better under equity contracts when investment takes place and debt contracts are not renegotiated.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"2 1","pages":"Pages 35-48"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(91)90012-O","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91725535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
International money: Post-war trends and theories 国际货币:战后趋势与理论
North American Review of Economics and Finance Pub Date : 1991-03-01 DOI: 10.1016/1042-752X(91)90017-T
Stephen M. Miller
{"title":"International money: Post-war trends and theories","authors":"Stephen M. Miller","doi":"10.1016/1042-752X(91)90017-T","DOIUrl":"https://doi.org/10.1016/1042-752X(91)90017-T","url":null,"abstract":"","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"2 1","pages":"Pages 103-105"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(91)90017-T","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91760714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Price instability in a rational expectations model: The mexican case 理性预期模型中的价格不稳定性:墨西哥案例
North American Review of Economics and Finance Pub Date : 1991-03-01 DOI: 10.1016/1042-752X(91)90011-N
Francisco Carrada-Bravo
{"title":"Price instability in a rational expectations model: The mexican case","authors":"Francisco Carrada-Bravo","doi":"10.1016/1042-752X(91)90011-N","DOIUrl":"https://doi.org/10.1016/1042-752X(91)90011-N","url":null,"abstract":"<div><p>The purpose of this paper was twofold: (1) to develop an open-economy-rational-expectations model to test the theoretical relationship between the price level and expectations about money and the exchange rate; and (2) based on the empirical results of the model, prescribe policy rules aimed at stabilizing inflationary expectations in Mexico. The major empirical findings were that the price formation in Mexico is positively related to both subjective money and exchange-rate expectations formed at period <em>t</em>. The correction path suggested by the empirical results is the implementation of an “activist” policy aimed at reducing both the ratio of real fiscal deficit and external debt to real gross domestic product from their current levels to the “ideal” levels of 1.6 and 11.3 percent of GDP, respectively.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"2 1","pages":"Pages 23-34"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(91)90011-N","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91725534","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Price instability in a rational expectations model: The mexican case 理性预期模型中的价格不稳定性:墨西哥案例
North American Review of Economics and Finance Pub Date : 1991-03-01 DOI: 10.1016/1042-752X(91)90011-N
Francisco Carrada-Bravo
{"title":"Price instability in a rational expectations model: The mexican case","authors":"Francisco Carrada-Bravo","doi":"10.1016/1042-752X(91)90011-N","DOIUrl":"https://doi.org/10.1016/1042-752X(91)90011-N","url":null,"abstract":"","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"17 1","pages":"23-34"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81304424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Some reflections on theories of unemployment in the North American context 对北美失业理论的几点思考
North American Review of Economics and Finance Pub Date : 1991-03-01 DOI: 10.1016/1042-752X(91)90010-W
M. Zaidi
{"title":"Some reflections on theories of unemployment in the North American context","authors":"M. Zaidi","doi":"10.1016/1042-752X(91)90010-W","DOIUrl":"https://doi.org/10.1016/1042-752X(91)90010-W","url":null,"abstract":"","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"4 1","pages":"1-22"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90186564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Speculative efficiency and foreign currency futures: A focus on selected countries in North America, Western Europe, and the Pacific 投机效率与外汇期货:聚焦于北美、西欧和太平洋地区的选定国家
North American Review of Economics and Finance Pub Date : 1991-03-01 DOI: 10.1016/1042-752X(91)90015-R
Sung K. Min , Peggy E. Swanson , Anthony F. Herbst
{"title":"Speculative efficiency and foreign currency futures: A focus on selected countries in North America, Western Europe, and the Pacific","authors":"Sung K. Min ,&nbsp;Peggy E. Swanson ,&nbsp;Anthony F. Herbst","doi":"10.1016/1042-752X(91)90015-R","DOIUrl":"https://doi.org/10.1016/1042-752X(91)90015-R","url":null,"abstract":"<div><p>This study extends the investigation of speculative efficiency and unbiasedness in the forward foreign exchange market to the foreign currency futures market. Consistent with the normal backwardation/contango hypothesis, results show that futures rates are not unbiased forecasts of future spot rates. A trading rule based on these results reveals attractive speculative opportunities which appear too large to be cccounted for by risk aversion of investors.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"2 1","pages":"Pages 83-94"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(91)90015-R","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90028411","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The investment decisions of multinational enterprises 跨国企业的投资决策
North American Review of Economics and Finance Pub Date : 1990-09-01 DOI: 10.1016/1042-752X(90)90019-C
A.E. Safarian
{"title":"The investment decisions of multinational enterprises","authors":"A.E. Safarian","doi":"10.1016/1042-752X(90)90019-C","DOIUrl":"10.1016/1042-752X(90)90019-C","url":null,"abstract":"<div><p>This paper reviews the theory and evidence on the location of economic activity by multinational enterprises (including its effect on trade flows) and explores the implications of MNE location for public policy. Transactional and locational approaches to understanding multinational behavior are explained, then these models are combined to consider both the forms in which technology is transferred and the countries in which multinationals locate their subsidiaries. While controlled investments are preferred by MNEs for some types of technology transfer, there is evidence of increasing participation also in joint ventures and other contractual forms.</p><p>The paper also considers the extent to which trade and investment are substitutes, an issue of some importance in the context of free trade agreements.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"1 2","pages":"Pages 253-266"},"PeriodicalIF":0.0,"publicationDate":"1990-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(90)90019-C","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"105934306","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Industrial structure, competitiveness, and trade 产业结构、竞争力和贸易
North American Review of Economics and Finance Pub Date : 1990-09-01 DOI: 10.1016/1042-752X(90)90016-9
Sven W. Arndt
{"title":"Industrial structure, competitiveness, and trade","authors":"Sven W. Arndt","doi":"10.1016/1042-752X(90)90016-9","DOIUrl":"10.1016/1042-752X(90)90016-9","url":null,"abstract":"<div><p>This paper examines the effect of sector-specific growth on real exchange rates, competitiveness, and the trade balance. Growth and accumulation in export- and import-competing industries exert their primary effect on the trade balance, while the direct effect of accumulation in non-tradables is on the real exchange rate. Thus, exchange-rate policies that are incompatible with non-tradables equilibrium are bound to fail. Furthermore, growth policies with strong biases toward tradables are often inferior to more balanced strategies, due to their adverse implications for real-exchange- rate movements and the trade balance.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"1 2","pages":"Pages 217-224"},"PeriodicalIF":0.0,"publicationDate":"1990-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(90)90016-9","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91450041","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 6
Dynamic comparative advantage: Some implications for trade policy in North America 动态比较优势:对北美贸易政策的一些启示
North American Review of Economics and Finance Pub Date : 1990-09-01 DOI: 10.1016/1042-752X(90)90015-8
Clark W. Reynolds
{"title":"Dynamic comparative advantage: Some implications for trade policy in North America","authors":"Clark W. Reynolds","doi":"10.1016/1042-752X(90)90015-8","DOIUrl":"10.1016/1042-752X(90)90015-8","url":null,"abstract":"<div><p>This paper explores the implications of changing North American trade policies for dynamic comparative advantage and shows, with examples from the energy and high-technology sectors, how a new policy based on interdependence might work. Newly industrializing countries such as Mexico should aim to break into industries with progressively higher technological and value-added components, such as computer manufacturing—industries that are entering a period of expanded demand and going beyond the period of greatest capital intensity. Although few Mexican firms might be expected to enter such oligopolistic markets alone (at least in the short run), they could combine forces with established enterprises abroad in order to permit gradual market penetration. The examples in the paper illustrate the need for a stable macroeconomic framework for policymaking that includes exchange rates, investment incentives, relative price behavior, taxes, intellectual property rights, labor and environmental regulations, capital market policies, harmonization of standards, and other measures. There is also a need for policies that anticipate the potential private and social returns of activities that might be overlooked in a static framework.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"1 2","pages":"Pages 205-216"},"PeriodicalIF":0.0,"publicationDate":"1990-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(90)90015-8","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87592099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
The “export-import” effect and economic growth “进出口”效应与经济增长
North American Review of Economics and Finance Pub Date : 1990-09-01 DOI: 10.1016/1042-752X(90)90018-B
Rodrigue Tremblay
{"title":"The “export-import” effect and economic growth","authors":"Rodrigue Tremblay","doi":"10.1016/1042-752X(90)90018-B","DOIUrl":"https://doi.org/10.1016/1042-752X(90)90018-B","url":null,"abstract":"<div><p>This paper proposes that singular improvements in productivity and growth are a result of increased exports and imports, especially in the manufacturing sector, but that sustainable increases in growth can only emerge through industrial diversification. Trade liberalizations between Canada and the United States have caused a narrowing of manufacturing productivity differentials, a predominance of intraindustry trade, and a positive Canadian trade balance for manufactured end products and fabricated materials. Sustained growth, however, relies more on the diversification of the industrial structure. Toward this end, Canadian trade policies should: (1) concentrate productivity in the exportable, rather than importable, sectors, (2) rationalize and specialize between rather than within industries, (3) encourage two-way trade in each industry, (4) liberalize trade gradually to avoid interindustry disruptions, and (5) redirect job real- location funds toward worker retraining and firm-specific modernization programs.</p></div>","PeriodicalId":100963,"journal":{"name":"North American Review of Economics and Finance","volume":"1 2","pages":"Pages 241-252"},"PeriodicalIF":0.0,"publicationDate":"1990-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/1042-752X(90)90018-B","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"92103786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 3
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信