{"title":"WELFARE PROPERTIES OF ENDOGENOUS BUSINESS CYCLES IN A TWO-COUNTRY MODEL WITH PRODUCTION","authors":"B. Eckwert, U. Schittko","doi":"10.11398/ECONOMICS1986.44.311","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.311","url":null,"abstract":"","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129335157","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}
{"title":"RISK SHARING BETWEEN A MAIN BANK AND BORROWING COMPANIES UNDER INDEXED CONTRACTS","authors":"K. Tsuji","doi":"10.11398/ECONOMICS1986.44.361","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.361","url":null,"abstract":"This paper investigates whether there has been risk sharing between a main bank and borrowing companies in Japan. Horiuchi, et al. (1988) claim that systematic relationships indicating the existence of risk-sharing between them cannot be generally observed. However, contracts conditional on operating profits as in Horiuchi, et al. (1988) may not be feasible because of the moral hazard problem. As Christopher (1982) suggests, indexed contracts are one way to circumvent the moral hazard Here, an optimal indexed contract involving risk sharing is derived, and is shown to be consistent with the behavior of com paniesin the Japanese chemical industry.","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"45 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130959260","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}
{"title":"MARKET STRUCTURE AND CONDUCT: GENERALIZED INDUSTRY PERFORMANCE GRADIENT INDEXES FOR OLIGOPOLY MARKETS","authors":"Kazuharu Kiyono","doi":"10.11398/ECONOMICS1986.44.242","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.242","url":null,"abstract":"This paper generalizes Dansby-Willig's industry performance gradient index so as to explicitly relate the maximal feasible welfare improvement rate in imperfectly competitive markets with the number of firms perceiving market power and the industry-wide distribu tionof marginal costs. Two specific examples of the proposed generalized index are fully explored to obtain two results: (i) the greater number of oligopolistically behaving firms lowers but (ii) the greater variance of the marginal-cost distribution over the industry increases the maximal feasible rate of welfare improvement.","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116738062","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}
{"title":"SMALL SAMPLE PROPERTIES OF R2 BASED ON THE STEIN-RULE ESTIMATOR IN A MISSPECIFIED LINEAR REGRESSION MODEL","authors":"K. Ohtani","doi":"10.11398/ECONOMICS1986.44.263","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.263","url":null,"abstract":"","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"138 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114648630","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}
{"title":"INDIVIDUAL WELFARE, THE VOLATILITY OF PRICES, AND RATES OF RETURN ON NOMINAL ASSETS","authors":"B. Eckwert","doi":"10.11398/ECONOMICS1986.44.193","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.193","url":null,"abstract":"","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128092668","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}
{"title":"TESTS OF THE RATIONAL EXPECTATIONS-NATURAL RATE HYPOTHESIS FOR THE JAPANESE ECONOMY: 1886-1944","authors":"Junji Yano","doi":"10.11398/ECONOMICS1986.44.233","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.233","url":null,"abstract":"","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130935620","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}
{"title":"COLLUSION VERSUS EFFICIENCY IN THE JAPANESE REGIONAL BANKING INDUSTRY","authors":"Wilson A. Alley","doi":"10.11398/ECONOMICS1986.44.206","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.206","url":null,"abstract":"This paper uses a behavioural approach to test the hypothesis that Japan's regional bank ingperformance is primarily the result of efficiency and is best described by the efficient structure hypothesis as opposed to the structure-conduct-performance hypothesis. Our model allows us for the first time to estimate the degree of (implicit) collusion in the Japa neseregional banking industry. This paper finds that significant collusion does occur. This result leads us to conclude that the structure-conduct-performance hypothesis better explains Japan's regional banking performance.","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132387967","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}
{"title":"OVERINVESTMENT AND OVERBORROWING UNDER THE DEBT CONTRACTS","authors":"M. Sakuragawa","doi":"10.11398/ECONOMICS1986.44.216","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.216","url":null,"abstract":"In the presence of asymmetric information between a lender and a borrower with costly monitoring, we investigate a contract form and an optimal loan size are investigated. The optimal contract has the features of a standard debt contract. However, the optimal loan size does not always take the form of maximum equity participation. If per unit of return from lending is a decreasing function of the loan size, the contract takes the form of maxi mumequity participation. Conversely, if per unit of return from lending is an increasing function of the loan size, overinvestment or overborrowing may arise.","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130755756","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}
{"title":"AUSTERITY MEASURES UNDER DEBT FINANCE IN A WORLD ECONOMY WITH OVERLAPPING GENERATIONS","authors":"Raymond G. Batina, Toshihiro Ihori","doi":"10.11398/ECONOMICS1986.44.117","DOIUrl":"https://doi.org/10.11398/ECONOMICS1986.44.117","url":null,"abstract":"","PeriodicalId":271985,"journal":{"name":"The Economic studies quarterly","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1993-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128781842","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}