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Макроэкономика - раздел современной экономической теории, в рамках которого изучаются такие феномены как экономический рост, колебания деловой активности, инфляция и безработица, а также вопросы макроэкономической политики. (подробнее...)
Всего публикаций в данном разделе: 3

Книги

Авторы:
А Б В Г Д Е Ж З И ЙК Л М Н О П Р С Т УФ Х Ц Ч Ш Щ ЭЮЯ
A B C D E F G H I J K LM NOP QR S T U V WXYZ
 
Названия:
все АБВГДЕЖЗИЙК Л МНО П РС ТУФХЦЧШЩЭ ЮЯ
A BC D E FG HI JKLM N O P QR ST U VW XYZ
 

Опубликовано на портале: 27-07-2004
Authors study financial fragility, exchange rate crises and monetary policy in an open economy model in which banks are maturity transformers as in Diamond-Dybvig. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism intended to maximize social welfare; if the mechanism fails, banking crises and speculative attacks become possible. Authors compare currency boards, fixed rate and flexible rates, with and without a lender of last resort. A currency board cannot implement a socially optimal allocation; in addition, under a currency board bank runs are possible. A fixed exchange rate system may implement the social optimum but is more prone to bank runs and exchange rate crises than a currency board. Larger capital inflows enhance welfare if the no-run equilibrium occurs, but may also render the economy more vulnerable to self-fulfilling runs. A flexible exchange rate system implements the social optimum and eliminates runs, provided the exchange rate and central bank lending policies of the central bank are appropriately designed.
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Опубликовано на портале: 12-08-2004
Authors analyze the impact of financial globalization on asset prices, investment and the possibility of crashes driven by self-fulfilling expectations in emerging markets. In a two-country model with one emerging market (intermediate income level) and one industrialized country (high income level), they show that liberalization of capital flows increases asset prices, investment and income in the emerging market. However, for intermediate levels of international financial transaction costs, authors find that pessimistic expectations can be self-fulfilling, leading to a financial crash. The crash is accompanied by capital flight, a drop in income and investment below the financial autarky level and more market incompleteness. Authors show that emerging markets are more prone to financial crashes simply because they have a lower income level and not because of the existence of market failures (moral hazard or credit constraints), bad monetary policies or exchange rate regimes.
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Опубликовано на портале: 11-08-2004
Our two related goals in this paper are the following: Firstly and mainly, we want to examine the effects of major changes in modelling strategy and econometric methodology, over the past twenty years, on estimation of firm-level investment equations using panel data. Secondly, we try to assess whether the differences in the estimated investment equations, as between recent years and ten to twenty years go in the French and U.S. Manufacturing industries, are real' and economically meaningful. Thus our paper consists of a series of comparisons: a simple accelerator-profit specification versus one with error correction, traditional between- and within-firm estimation versus GMM estimation, the investment behavior of French firms versus that of U.S. firms, and investment behavior in recent years versus ten to twenty years ago. Although the important econometric advances of the past twenty years have been far from being as successful as we had hoped for, we do find some significant improvement in the specification, estimation and interpretation of firm investment equations; we also fin some real changes in the investment behavior of French and U.S. firms during these twenty years.
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