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作者：Eicher, TS; Kang, JW
作者单位：University of Washington; University of Washington Seattle; University of Munich
摘要：We examine multinationals' optimal entry modes into foreign markets as a function of market size, FDI fixed costs, tariffs and transport costs. Our results highlight why large countries are more likely to attract acquisition investment, while intermediate sized countries may be served predominantly through trade, even in the presence of high tariffs. Small countries are most likely to experience either FDI or no entry. We also show how these results vary with the competition intensity in the h...
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作者：Bose, N
作者单位：University of Wisconsin System; University of Wisconsin Milwaukee; University of Manchester
摘要：This paper characterises the development of equity markets as a dynamic process that both influences and is influenced by the development of the real sector of the economy. In overlapping generations, economy borrowers seek funds to run risky investment projects by drawing up contracts which may take the form of either equity or debt issue. In the presence of information asymmetry between borrowers and lenders, the optimal contract is determined by trading off information dilution costs agains...
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作者：Boucekkine, R; del Río, F; Licandro, O
作者单位：Universite Catholique Louvain; Universite Catholique Louvain; Universidade de Santiago de Compostela
摘要：In this paper, an endogenous growth model is built up incorporating Schumpeterian creative destruction and embodied technological progress. Under embodiment, long run growth is affected by two opposite effects: (i) obsolescence costs add to the user cost of capital, which have a negative effect on research efforts; and (ii) the modernization of capital increases the demand for investment goods, raising the incentives to undertake research activities. Applied to the understanding of the growth ...
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作者：Diao, XS; Rattso, J; Stokke, HE
作者单位：Norwegian University of Science & Technology (NTNU); CGIAR; International Food Policy Research Institute (IFPRI)
摘要：Thailand has experienced economic growth well above world averages from 1960 to the recent crisis. While the controversy over Thailand and East Asian growth has discussed the role of capital accumulation versus productivity, we analyze the general equilibrium interaction between productivity and investment in an intertemporal growth model. The high growth is understood as a prolonged transition path with gradual tariff reduction and endogenous productivity driven by foreign spillover feeding c...
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作者：Clarke, GRG; Cull, R
作者单位：The World Bank
摘要：Although case studies suggest that political constraints affect bank privatization transactions, these constraints have been neither theoretically modeled nor econometrically tested. This paper presents a simple model of the tradeoffs governments and buyers face during these transactions. In addition to price, the buyer is concerned about solvency and profitability following privatization. Similarly, politicians are concerned about layoffs and service coverage. We apply the framework to provin...
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作者：Chowdhury, PR
作者单位：Indian Statistical Institute; Indian Statistical Institute Delhi
摘要：We develop a simple model of group-lending based on peer monitoring and moral hazard. We find that, in the absence of sequential financing or lender monitoring, group-lending schemes may involve under-monitoring with the borrowers investing in undesirable projects. Moreover, under certain parameter configurations, group-lending schemes involving either sequential financing, or a combination of lender monitoring and joint liability are feasible. In fact, group-lending schemes with sequential fi...
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作者：Alfaro, L
作者单位：Harvard University
摘要：This paper further tests Romer's [Romer, D., 1993. Openness and inflation: theory and evidence. Quarterly Journal of Economics 58, 869-903] extension of Kydland and Prescott's [Kydland, F., Prescott, E., 1977. Rules rather than discretion: the inconsistency of optimal plans. Journal of Political Economy 85, 473-491] predictions for dynamic inconsistency problems in open economies. In a panel data set of developed and developing countries from 1973 to 1998, 1 find that openness does not play a ...
