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作者：Cabral, CC
摘要：A general model of debt repurchases is built which reconciles most points raised in the literature on buybacks. The inclusion of assets alternative to domestic investment is shown to be of crucial importance in the analysis and leads to the reversal of some previous results. It is shown that investment necessarily rises following a buyback, independently of the source of the funds used. The condition that determines whether or not buybacks are an attractive solution to the debtor is derived. I...
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作者：Cunha, LCE; Santos, V
摘要：We rationalize the puzzling existence of binding quotas that are not fully utilized. Our model has its roots in Bhagwati (1965, in: R. Baldwin et al., eds., Trade, growth and the balance of payments: Essays in honor of G. Haberler (MIT Press, New York)) on tariffs/quotas equivalence and is related to the IO literature on pre-emption. We study the conditions that lead a monopolist, facing a quota-restricted market, to buy the quota licenses itself and the conditions under which they may remain ...
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作者：Bird, G
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作者：Dekle, R
作者单位：Boston University
摘要：The paper examines the magnitude of the 'saving retention coefficient,' b, in a setting of known near perfect capital mobility, Japanese regions. First, we find that on total regional saving and investment rate data, inclusive of regional government saving and investment, the estimate of b is negative. This negative relationship in the total rates across Japanese regions appears to arise from the strong negative association in the government saving and. Investment rates. Second, on private reg...
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作者：Copeland, BR
摘要：This paper considers the optimal unilateral policy for a country that imports a good from a neighbouring country and is harmed by pollution generated during the production of that good. If the foreign country has a variable abatement technology, then Home has an incentive to impose a tax on the pollution content of imports (a pollution content tariff). Foreign regulation of pollution does not eliminate Home's incentives to intervene, but instead may create rent-shifting opportunities. By makin...
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作者：Ellingsen, T; Stole, LA
作者单位：University of Chicago
摘要：Mandated countertrade is a policy to restrict unilateral imports. A country's government thereby in effect commits domestic firms not to purchase from a foreign trading partner unless there are reciprocal sales. We argue that the policy may be a rational response to fundamental contracting failures, our key assumption being that sellers are incompletely informed about buyers' valuations. In line with observed practices, the analysis suggests that an optimal mandated countertrade policy will ta...
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作者：vanElkan, R
摘要：This paper develops a model of an open economy in which the stock of human capital may be augmented by either imitation or innovation. Productivity in imitation depends on the difference between the body of world knowledge and an individual's stock of human capital (the knowledge gap), while productivity in innovation depends on past behavior through learning-by-doing. The model predicts convergence of growth rates, hut no, (necessarily) of per capita income levels, in the steady state. An imp...
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作者：Turnovsky, SJ
摘要：This paper develops an endogenous growth model of a small open economy. Domestic capital accumulation involves convex costs of adjustment, a consequence of which is that no steady-state growth path may exist. The equilibrium growth rates of domestic capital and consumption are determined largely independently. The former is determined by production conditions, the latter is determined primarily by tastes. Various fiscal issues are discussed, beginning with the effects of taxes on growth and we...
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作者：Cooper, RN
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作者：Shea, KL; Woodfield, AE
作者单位：University of Canterbury; University of Hong Kong
摘要：The paper extends Manning's model on education and balanced growth to include labour immigration. Each immigration unit is assumed to consist of one skilled worker and some unskilled members. The optimal immigration policy which maximizes the per capita steady-state consumption of the host country is derived. We show that optimal immigration policy can reduce the steady-state skilled labour ratio. More interesting still, contrary to the widespread belief that immigration of skilled workers hur...
