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作者：BENBASSAT, A; GOTTLIEB, D
摘要：The model focuses on the demand for optimal precautionary reserves for a borrowing country. We combine the standard approach to optimal reserves with a typical country-risk function relating default fisk to macroeconomic variables such as the reserves/imports and the external debt/exports ratios and per capita GNP. Our model also stresses the importance of the potential cost of default as a major determinant. This cost is estimated on the basis of data for 13 countries which have actually defa...
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作者：BARNETT, RC
摘要：This paper studies possible nonfundamental movements in nominal and real exchange rates arising from a world economy with speculation, incomplete participation in international currency markets and nontraded goods. The model is capable of generating equilibria which display comovements in nominal and real exchange rates not unlike those observed in actual economies.
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作者：FISCHER, RD
作者单位：University of Virginia
摘要：This paper studies the strategic reactions of firms to protectionist policies that are enforced with endogenous probability. This probability is a function of firms' actions. Firms in the country that may adopt the protectionist measures try to increase the probability of sanctions, while foreign firms try to reduce this probability. A simple framework is used to derive general results for uncertain protection. This framework is used to analyze the responses to specific protectionist policies ...
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作者：BAYOUMI, T
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作者：MATSUYAMA, K
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作者：BAYOUMI, T
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作者：LANE, T; ROJASSUAREZ, L
摘要：A common rationale for membership in an exchange-rate arrangement such as the European Monetary System (EMS) is that it may enhance the credibility of a central bank's commitment to stable monetary growth. In this paper we consider this idea in the light of two other features of the EMS, namely the existence of exchange rate bands on the ongoing liberalization of capital controls. We find that capital controls themselves affect credibility in a way that depends on the exchange-rate bands. We a...
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作者：FERNANDEZ, R
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作者：MORCK, R; YEUNG, B
作者单位：University of Michigan System; University of Michigan
摘要：The internalization theory of multinational firms proposes that direct international investment occurs when a firm has information-related intangible assets with public good properties. We find that firms with characteristics suggesting the presence of information-based assets experience a significantly positive stock price reaction upon announcing a foreign acquisition. On the other hand, firms apparently lacking such assets experience at best zero abnormal returns upon announcing overseas ac...
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作者：COLE, HL; ENGLISH, WB
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The paper considers a model in which investors in two symmetrical countries can trade equity claims on their endowments. The governments of the two countries expropriate the foreign-owned securities if doing so raises domestic welfare. In spite of the possibility of expropriation, agents may still choose to hold completely pooled portfolios. Depending on preferences in the two countries, increases in the level of domestic output can increase or decrease the probability of expropriation. In the...
