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Wiley-Blackwell: Pacific Economic Review最新文献

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Is There Long-Run Money Neutrality Under Different Exchange Rate Regimes? 不同汇率制度下是否存在长期货币中性?
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-10-01 DOI: 10.1111/J.1468-0106.2005.00278.X
J. Ran
{"title":"Is There Long-Run Money Neutrality Under Different Exchange Rate Regimes?","authors":"J. Ran","doi":"10.1111/J.1468-0106.2005.00278.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2005.00278.X","url":null,"abstract":"This paper tests the long-run money neutrality across different exchange rate regimes, empirically extending the concept of M. E. Fisher and J. J. Seater. Strong evidence shows the non-neutrality of two forms of money for the Hong Kong economy across the two regimes. While the Hong Kong M1 is marginally non-neutral under the float, it is clearly not neutral afterwards. The M2 is non-neutral both before and after the linked exchange rate. Copyright 2005 Blackwell Publishing Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131560810","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: 5
Aid Tied to the Donor's Exports 与援助国出口挂钩的援助
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-10-01 DOI: 10.1111/J.1468-0106.2005.00275.X
M. Kemp
{"title":"Aid Tied to the Donor's Exports","authors":"M. Kemp","doi":"10.1111/J.1468-0106.2005.00275.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2005.00275.X","url":null,"abstract":"The existing theory of tied aid presupposes that trade and aid are conducted in terms of private consumption goods. However, in such a world aid can be effectively tied only if the recipient government somehow prevents its households from reselling the aid basket on world markets. That weakness of existing theory is here removed by extending the theory to accommodate non-tradable public consumption goods. The most striking result of existing theory - that, even in a world of just two trading countries, the donor might benefit and the recipient suffer from the tying of aid - is preserved. Copyright 2005 Blackwell Publishing Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121215739","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: 9
Predicting Currency Crises with a Nested Logit Model 用嵌套Logit模型预测货币危机
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-10-01 DOI: 10.1111/J.1468-0106.2005.00274.X
L. Lau, Isabel K. M. Yan
{"title":"Predicting Currency Crises with a Nested Logit Model","authors":"L. Lau, Isabel K. M. Yan","doi":"10.1111/J.1468-0106.2005.00274.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2005.00274.X","url":null,"abstract":"This paper is the first to apply a nested logit model to measure the probabilities of speculative attacks and the probabilities of successful defences by the central banks. This model allows us to predict the probability not only of speculative attacks but also of successful defences, given attacks. It also provides a framework for analysing the degree to which different factors affect the likelihood of attacks and defences. We find strong evidence that external illiquidity and financial fragility are reliable predictors of currency crises. The results shed light on the validity of the three generations of currency crisis models.","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127923008","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: 11
Foreign Direct Investment in China: How Big are the Roles of Culture and Geography? 外商在华直接投资:文化和地理的作用有多大?
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-06-01 DOI: 10.1111/J.1468-0106.2005.00265_10_2.X
T. Gao
{"title":"Foreign Direct Investment in China: How Big are the Roles of Culture and Geography?","authors":"T. Gao","doi":"10.1111/J.1468-0106.2005.00265_10_2.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2005.00265_10_2.X","url":null,"abstract":"I assess the importance of geography and cultural ties in foreign direct investment in China. Using an estimated gravity model to construct predicted FDI stocks in China for 1997 from major source countries, I find that the total FDI stock would be lowered by about 45% if China's economic center were located in New Delhi, India, and would be lowered by about 70% if it were located in New Delhi and there were no cultural ties. These estimates suggest that much of China's ability to attract FDI is due to its natural advantages. Copyright 2005 Blackwell Publishing Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115893211","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: 25
Financial Integration, Growth and Volatility 金融一体化、增长和波动性
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-04-01 DOI: 10.1111/1468-0106.12177
A. Epaulard, A. Pommeret
{"title":"Financial Integration, Growth and Volatility","authors":"A. Epaulard, A. Pommeret","doi":"10.1111/1468-0106.12177","DOIUrl":"https://doi.org/10.1111/1468-0106.12177","url":null,"abstract":"The aim of the paper is to evaluate the welfare gains from financial integration for developing and emerging economies. To do so, we build a stochastic endogenous growth model for a small open economy that can (i) borrow from the rest of the world, (ii) invest in foreign assets, and (iii) receive FDI. The model is calibrated on 32 emerging and developing economies for which we evaluate the upper bound for the welfare gain from financial integration. For plausible values of preference parameters and actual levels of financial integration, the mean welfare gain from financial integration is about 10 percent of the existing wealth. Compared to financial autarky, actual levels of financial integration translate into slightly higher annual growth rates (around 0.4 percentage points per year.)","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133552889","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: 30
The Real Exchange Rate and the Balassa-Samuelson Effect: The Role of the Distribution Sector 实际汇率与巴拉萨-萨缪尔森效应:分配部门的作用
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-02-01 DOI: 10.1111/J.1468-0106.2005.00259.X
R. MacDonald, L. Ricci
{"title":"The Real Exchange Rate and the Balassa-Samuelson Effect: The Role of the Distribution Sector","authors":"R. MacDonald, L. Ricci","doi":"10.1111/J.1468-0106.2005.00259.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2005.00259.X","url":null,"abstract":"This paper investigates the long-run impact of the distribution sector on the real exchange rate. The main result is that an increase in the productivity and product market competition of the distribution sector with respect to foreign countries leads to an appreciation of the real exchange rate, similar to what a relative increase in the domestic productivity of tradables does. This contrasts with the result that one would expect by considering the distribution sector as belonging to the non-tradable sector. One explanation may lie in the use of the services from the distribution sector in the tradable sector.","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128460619","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: 59
Recent Advances in International Finance: Introduction 国际金融最新进展:导论
Wiley-Blackwell: Pacific Economic Review Pub Date : 2005-02-01 DOI: 10.1111/j.1468-0106.2005.00257.x
Y. Cheung
{"title":"Recent Advances in International Finance: Introduction","authors":"Y. Cheung","doi":"10.1111/j.1468-0106.2005.00257.x","DOIUrl":"https://doi.org/10.1111/j.1468-0106.2005.00257.x","url":null,"abstract":"Arguably, international finance is one of the most exciting areas in economics. The development of international finance is influenced and shaped, at least in part, by the continuing process of globalization and integration. In the last 25 years the profession has witnessed the proliferation of both theoretical models and empirical analyses in international finance. The analysis of both new and existing issues has benefited from increasingly elaborate modelling techniques and sophisticated empirical tools.","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2005-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115365202","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
Optimal Taxation on Mixed Diamond Goods: Implications for Private Car Ownership in China 混合钻石商品最优税收:对中国私家车拥有量的影响
Wiley-Blackwell: Pacific Economic Review Pub Date : 2004-12-01 DOI: 10.1111/J.1468-0106.2004.00250.X
Xin Deng, Y. Ng
{"title":"Optimal Taxation on Mixed Diamond Goods: Implications for Private Car Ownership in China","authors":"Xin Deng, Y. Ng","doi":"10.1111/J.1468-0106.2004.00250.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2004.00250.X","url":null,"abstract":"The 'diamond effect' exists when a consumer's utility depends on the exchange value, not just on the intrinsic consumption effects of the good. Yew-Kwang Ng has discussed the optimal tax on a pure 'diamond' good. This paper extends Ng's model to cover mixed diamond goods. It uses three mathematical models to show that the optimal tax on a mixed diamond good with both intrinsic and diamond effects depends on the proportion of the diamond effect. The result may explain the violation of the Ramsey Rule in practice, and may be used to formulate private car taxes in China. Copyright 2004 Blackwell Publishing Asia Pty Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133747246","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: 5
Reporting Errors, Ability Heterogeneity, and Returns to Schooling in China 报告错误、能力异质性与中国学校教育回报
Wiley-Blackwell: Pacific Economic Review Pub Date : 2004-10-01 DOI: 10.1111/J.1468-0106.2004.00244.X
Haizheng Li, Yi Luo
{"title":"Reporting Errors, Ability Heterogeneity, and Returns to Schooling in China","authors":"Haizheng Li, Yi Luo","doi":"10.1111/J.1468-0106.2004.00244.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2004.00244.X","url":null,"abstract":"This study is aimed at providing a more accurate estimate of the returns to schooling in China by controlling for unobserved ability heterogeneity and measurement errors. We identify a unique instrument to correct for the omitted ability bias. We find that the attenuation bias caused by measurement error dominates the omitted ability bias in the OLS estimation. Based on the GMM estimation, for young workers in China, the return to schooling is 15.0% overall and 16.9% for women. Copyright 2004 Blackwell Publishing Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126217423","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: 75
Micro-Credit Programs and Off-Farm Migration in China 小额信贷项目与中国非农人口迁移
Wiley-Blackwell: Pacific Economic Review Pub Date : 2004-10-01 DOI: 10.1111/J.1468-0106.2004.00245.X
Hongbin Li, S. Rozelle, Linxiu Zhang
{"title":"Micro-Credit Programs and Off-Farm Migration in China","authors":"Hongbin Li, S. Rozelle, Linxiu Zhang","doi":"10.1111/J.1468-0106.2004.00245.X","DOIUrl":"https://doi.org/10.1111/J.1468-0106.2004.00245.X","url":null,"abstract":"This paper seeks to evaluate effects of micro-credit projects on the poor. We utilize data that we collected in Sichuan Province in 1999 to investigate whether micro-credit projects have targeted the poor and whether participation in the micro-credit project increases the likelihood of migration and switching to off-farm jobs. We find that, although the micro-credit programs did not help increase assets of the participants, it did help to move one or more of their members into an off-farm job. Our findings indicate that there is a great deal of benefit in supporting micro-credit programs. Copyright 2004 Blackwell Publishing Ltd","PeriodicalId":134313,"journal":{"name":"Wiley-Blackwell: Pacific Economic Review","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122644842","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: 24
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