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  • Cambridge University Press  (4,567)
  • 1995-1999  (2,625)
  • 1980-1984  (1,942)
  • 1995  (2,625)
  • 1984  (1,942)
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  • 1995-1999  (2,625)
  • 1980-1984  (1,942)
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  • 1
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    Cambridge : Cambridge University Press
    Economics and philosophy 11 (1995), S. 309-331 
    ISSN: 0266-2671
    Source: Cambridge Journals Digital Archives
    Topics: Philosophy , Economics
    Notes: In his book A General Theory of Exploitation and Class (1982) (hereafter GT), John Roemer employs the tools of mainstream general equilibrium and game-theoretic analysis to develop a fundamental critique and broadbased reformulation of Marxian economic theory. Perhaps Roemer's most striking departure from traditional Marxian tenets lies in his explanation of the material basis of exploitation in capitalist economies. Roemer argues that capitalist exploitation must be understood as essentially the consequence of exchange given differential ownership of relatively scarce productive assets (DORSPA). In particular, Roemer concludes that capitalist exploitation does not fundamentally depend on capitalist domination of production, or what Marx termed the subsumption of labor under capital.
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  • 2
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    Economics and philosophy 11 (1995), S. 333-343 
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    Topics: Philosophy , Economics
    Notes: The prisoner 's dilemma game (henceforth, PD) has acquired large literatures in several disciplines. It is surprising, therefore, that a good definition of the game is hard to find. Typically an author relates a story about captured criminals or military rivals, provides a particular payoff matrix and asserts that the PD is characterized, or illustrated, by that matrix. In the few cases in which characterizing conditions are given, the conditions, and the motivations for them, do not always agree with each other or with the paradigm examples elsewhere. In this paper we describe several varieties of PD's. In particular, we suggest there are two distinctions among PD's with philosophical significance, the pure/impure and the utilitarian/nonutilitarian distinctions. In the first section, we explain and characterize the two distinctions. In the second, we discuss an issue of moral philosophy that illustrates the significance of the former.
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  • 3
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    Economics and philosophy 11 (1995), S. 353-358 
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  • 4
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    Economics and philosophy 11 (1995), S. 344-351 
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    Topics: Philosophy , Economics
    Notes: In his Comment ‘Adam Smith on the Morality of the Pursuit of Fortune’, Richard Arlen Kleer accepts much of the argument in my article ‘Signifying Voices’ (Brown, 1991) but insists that I have ‘gone too far’ (Kleer, 1993). Kleer agrees that there is a moral hierarchy in Adam Smith's Theory of Moral Sentiments (TMS) where benevolence and self-command are ranked higher than justice and prudence, but he is uneasy with the conclusion that economic activity and the pursuit of gain are ‘amoral’ activities and insists that they do have a significant moral standing. In addition, although Kleer accepts a good deal of the stylistic analysis, again he is uneasy with the results that are derived from it. This reply will take each of these aspects in turn.
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  • 5
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    Economics and philosophy 11 (1995), S. 359-366 
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    Topics: Philosophy , Economics
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  • 6
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    Economics and philosophy 11 (1995), S. 366-370 
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  • 7
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    Economics and philosophy 11 (1995), S. 401-402 
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  • 8
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    Economics and philosophy 11 (1995), S. 386-391 
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  • 9
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    Economics and philosophy 11 (1995), S. 85-112 
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    Topics: Philosophy , Economics
    Notes: Difficult moral issues in economic life, such as evaluating the impact of hostile takeovers and plant relocations or determining the obligations of business to the environment, constitute the raison d'etre of business ethics. Yet, while the ultimate resolution of such issues clearly requires detailed, normative analysis, a shortcoming of business ethics is that to date it has failed to develop an adequate normative theory.1 The failing is especially acute when it results in an inability to provide a basis for fine-grained analyses of issues. Both general moral theories and stakeholder theory seem incapable of expressing the moral complexity necessary to provide practical normative guidance for many business ethics contexts.
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  • 10
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    Economics and philosophy 11 (1995), S. 182-189 
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  • 11
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    Economics and philosophy 11 (1995), S. 113-136 
    ISSN: 0266-2671
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    Topics: Philosophy , Economics
    Notes: Most philosophical accounts of the foundations of economics have assumed that economics is intended to be an empirical science concerned with human behaviour, though they have, of course, differed over the extent to which it has been or can be successful as such an enterprise. A prominent source of dissent against this consensus is Alexander Rosenberg. In his recent book, Rosenberg summarizes and completes his statement of a position that he has been developing for some time (Rosenberg, 1992a). He argues that although economists evaluate one another's work according to shared and rigorous standards of adequacy, these standards are strictly internal, like those of mathematics, instead of being derived from discoveries about contingent relationships between theoretical statements and empirical facts. Economics, that is to say, is essentially conceptual rather than empirical inquiry. In the following discussion, I will provide grounds for resisting Rosenberg's conclusion. The point of this criticism, however, is not mainly negative. Most of the historical preoccupations of the philosophy of economics, like those of the philosophy of science in general, have been epistemological. Careful attention to Rosenberg's argument, however, redirects our attention to ontological questions about the objects of economics, and this redirection, I will maintain, is to be welcomed. I will argue that while the majority of philosophers of economics is correct, as against Rosenberg, in regarding economics as an empirical science, the conventional view as to the identity of its empirical objects should be substantially revised under the pressure of Rosenberg's criticisms. My critical analysis of the implications of Rosenberg's work for the ontological commitments of economics is intended to furnish one line of argument towards my own conception of the objects of economics. This conception, which is still preliminary in many respects, will be briefly sketched toward the end of the present paper; a detailed account of it is given in Ross and LaCasse (1993).
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  • 12
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    Economics and philosophy 11 (1995), S. 197-203 
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  • 13
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    Economics and philosophy 11 (1995), S. 203-208 
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  • 14
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    Economics and philosophy 11 (1995), S. 208-216 
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    Economics and philosophy 11 (1995), S. 216-220 
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  • 16
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    Economics and philosophy 11 (1995), S. 221-224 
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  • 17
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    Economics and philosophy 11 (1995), S. 225-226 
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  • 18
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    Econometric theory 11 (1995), S. 641-642 
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  • 19
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    Econometric theory 11 (1995), S. 1095-1130 
    ISSN: 0266-4666
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    Topics: Economics
    Notes: A limit theory for instrumental variables (IV) estimation that allows for possibly nonstationary processes was developed in Kitamura and Phillips (1992, Fully Modified IV, GIVE, and GMM Estimation with Possibly Non-stationary Regressors and Instruments, mimeo, Yale University). This theory covers a case that is important for practitioners, where the nonstationarity of the regressors may not be of full rank, and shows that the fully modified (FM) regression procedure of Phillips and Hansen (1990) is still applicable. FM. versions of the generalized method of moments (GMM) estimator and the generalized instrumental variables estimator (GIVE) were also developed, and these estimators (FM-GMM and FM-GIVE) were designed specifically to take advantage of potential stationarity in the regressors (or unknown linear combinations of them). These estimators were shown to deliver efficiency gains over FM-IV in the estimation of the stationary components of a model.This paper provides an overview of the FM-IV, FM-GMM, and FM-GIVE procedures and investigates the small sample properties of these estimation procedures by simulations. We compare the following five estimation methods: ordinary least squares, crude (conventional) IV, FM-IV, FM-GMM, and FM-GIVE. Our findings are as follows, (i) In terms of overall performance in both stationary and nonstationary cases, FM-IV is more concentrated and better centered than OLS and crude IV, though it has a higher root mean square error than crude IV due to occasional outliers, (ii) Among FM-IV, FM-GMM, and FM-GIVE, (a) when applied to the stationary coefficients, FM-GIVE generally outperforms FM-IV and FM-GMM by a wide margin, whereas the difference between the latter two is quite small when the AR roots of the stationary processes are rather large; and (b) when applied to the nonstationary coefficients, the three estimators are numerically very close. The performance of the FM-GIVE estimator is generally very encouraging.
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  • 20
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    Econometric theory 11 (1995), S. 1179-1180 
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    Topics: Economics
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  • 21
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    Econometric theory 11 (1995), S. 796-796 
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  • 22
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    Econometric theory 11 (1995), S. 798-800 
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  • 23
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    Econometric theory 11 (1995), S. 484-497 
    ISSN: 0266-4666
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    Topics: Economics
    Notes: This paper is devoted to a detailed examination of the exact sampling properties of the instrumental variables (IV) estimator of the vector of coefficients on the exogenous variables in a single structural equation. The first two moments of a linear combination of the elements of this estimator and the joint distribution of these elements are considered. Estimable bounds for the first moment that can readily be incorporated into any IV estimation package are provided. The results obtained are in terms of the same special functions as those that characterize other results for this model, allowing a unified treatment of the model.
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  • 24
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    Econometric theory 11 (1995), S. 437-483 
    ISSN: 0266-4666
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    Topics: Economics
    Notes: In this article, we investigate a bias in an asymptotic expansion of the simulated maximum likelihood estimator introduced by Lerman and Manski (pp. 305–319 in C. Manski and D. McFadden (eds.), Structural Analysis of Discrete Data with Econometric Applications, Cambridge: MIT Press, 1981) for the estimation of discrete choice models. This bias occurs due to the nonlinearity of the derivatives of the log likelihood function and the statistically independent simulation errors of the choice probabilities across observations. This bias can be the dominating bias in an asymptotic expansion of the simulated maximum likelihood estimator when the number of simulated random variables per observation does not increase at least as fast as the sample size. The properly normalized simulated maximum likelihood estimator even has an asymptotic bias in its limiting distribution if the number of simulated random variables increases only as fast as the square root of the sample size. A bias-adjustment is introduced that can reduce the bias. Some Monte Carlo experiments have demonstrated the usefulness of the bias-adjustment procedure.
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    Econometric theory 11 (1995), S. 550-559 
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    Topics: Economics
    Notes: In this comment, I first want to offer a few general remarks on the problems caused by nonuniformity in the convergence of coverage probabilities as pointed out in Kabaila's (1995) very stimulating paper. Second, I also argue that within the context of set estimation after model selection one typically will be more interested in conditional coverage probabilities than in unconditional ones. Concentrating on the last example of Section 2 in Kabaila, I then illustrate how a confidence region can be constructed such that the conditional coverage probabilities do not suffer from the nonuniformity problem discussed in Kabaila. As a by-product, I show that the confidence region considered in this example in Kabaila is not a very natural one and that it has undesirable conditional coverage properties, which I find actually more troublesome than the lack of uniformity in the unconditional coverage probability pointed out by Kabaila.
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    Econometric theory 11 (1995), S. 631-635 
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    Econometric theory 11 (1995), S. 639-639 
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    Econometric theory 11 (1995), S. 646-646 
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    Econometric theory 11 (1995), S. 638-639 
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    Econometric theory 11 (1995), S. 642-646 
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    Econometric theory 11 (1995), S. 648-653 
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    Econometric theory 11 (1995), S. 653-654 
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    Econometric theory 11 (1995), S. 1-7 
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    Econometric theory 11 (1995), S. 912-951 
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    Topics: Economics
    Notes: This paper provides a robust statistical approach to nonstationary time series regression and inference. Fully modified extensions of traditional robust statistical procedures are developed that allow for endogeneities in the nonstationary regressors and serial dependence in the shocks that drive the regressors and the errors that appear in the equation being estimated. The suggested estimators involve semiparametric corrections to accommodate these possibilities, and they belong to the same family as the fully modified least-squares (FM-OLS) estimator of Phillips and Hansen (1990, Review of Economic Studies 57,99–125). Specific attention is given to fully modified least absolute deviation (FM-LAD) estimation and fully modified M (FM-M) estimation. The criterion function for LAD and some M-estimators is not always smooth, and this paper develops generalized function methods to cope with this difficulty in the asymptotics. The results given here include a strong law of large numbers and some weak convergence theory for partial sums of generalized functions of random variables. The limit distribution theory for FM-LAD and FM-M estimators that is developed includes the case of finite variance errors and the case of heavytailed (infinite variance) errors. Some simulations and a brief empirical illustration are reported.
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    Econometric theory 11 (1995), S. 1033-1094 
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    Topics: Economics
    Notes: The paper develops a statistical theory for regressions with integrated regressors of unknown order and unknown cointegrating dimension. In practice, we are often unsure whether unit roots or cointegration is present in time series data, and we are also uncertain about the order of integration in some cases. This paper addresses issues of estimation and inference in cases of such uncertainty. Phillips (1995, Econometrica 63, 1023–1078) developed a theory for time series regressions with an unknown mixture of 1(0) and 1(1) variables and established that the method of fully modified ordinary least squares (FM-OLS) is applicable to models (including vector autoregressions) with some unit roots and unknown cointegrating rank. This paper extends these results to models that contain some I(0), I(1), and I(2) regressors. The theory and methods here are applicable to cointegrating regressions that include unknown numbers of I(0), I(1), and I(2) variables and an unknown degree of cointegration. Such models require a somewhat different approach than that of Phillips (1995). The paper proposes a residual-based fully modified ordinary least-squares (RBFMOLS) procedure, which employs residuals from a first-order autoregression of the first differences of the entire regressor set in the construction of the FMOLS estimator. The asymptotic theory for the RBFM-OLS estimator is developed and is shown to be normal for all the stationary coefficients and mixed normal for all the nonstationary coefficients. Under Gaussian assumptions, estimation of the cointegration space by RBFM-OLS is optimal even though the dimension of the space is unknown.
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    Econometric theory 11 (1995), S. 1176-1176 
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    Econometric theory 11 (1995), S. 1178-1178 
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    Econometric theory 11 (1995), S. 1182-1185 
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    Econometric theory 11 (1995), S. 671-698 
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    Notes: This paper considers a nonparametric conditional moment test of stability of an econometric model against the alternative of instability. The alternative hypothesis allows for more than one structural change, although in this case it has to be fairly smooth. This complements existing results for stability in a parametric setting. Also, it is shown that the test is always consistent, unlike the available “parametric” tests, which normally rely on the assumption of a correct specification of the model, at least under the null hypothesis of no structural instability. Moreover, we show that the test has local power comparable to the parametric ones; that is, its asymptotic efficiency is greater than zero. A Monte Carlo experiment about the performance of our test is described.
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    Econometric theory 11 (1995), S. 775-793 
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    Econometric theory 11 (1995), S. 796-796 
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    Econometric theory 11 (1995), S. 800-802 
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    Econometric theory 11 (1995), S. 805-807 
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    Econometric theory 11 (1995), S. 403-436 
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    Notes: This paper develops the asymptotic theory for least absolute deviation estimation of a shift in linear regressions. Rates of convergence and asymptotic distributions for the estimated regression parameters and the estimated shift point are derived. The asymptotic theory is developed both for fixed magnitude of shift and for shift with magnitude converging to zero as the sample size increases. Asymptotic distributions are also obtained for trending regressors and for dependent disturbances. The analysis is carried out in the framework of partial structural change, allowing some parameters not to be influenced by the shift. Efficiency relative to least-squares estimation is also discussed. Monte Carlo analysis is performed to assess how informative the asymptotic distributions are.
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    Econometric theory 11 (1995), S. 530-536 
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    Topics: Economics
    Notes: The definition of causation, discussed in Granger (1980) and elsewhere, has been widely applied in economics and in other disciplines. For this definition, a series yt is said to cause xt+l if it contains information about the forecastability for xt+l contained nowhere else in some large information set, which includes xt−j, j ≥ 0. However, it would be convenient to think of causality being different in extent or direction at seasonal or low frequencies, say, than at other frequencies. The fact that a stationary series is effectively the (uncountably infinite) sum of uncorrelated components, each of which is associated with a single frequency, or a narrow frequency band, introduces the possibility that the full causal relationship can be decomposed by frequency. This is known as the Wiener decomposition or the spectral decomposition of the series, as discussed by Hannan (1970). For any series [...] generated by [...], where xt, and [...] are both stationary, with finite variances and a(B) is a backward filter[...]with B the backward operator, there is a simple, well-known relationship between the spectral decompositions of the two series.
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    Econometric theory 11 (1995), S. 597-624 
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    Econometric theory 11 (1995), S. 637-638 
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    Econometric theory 11 (1995), S. 371-383 
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    Econometric theory 11 (1995), S. 399-400 
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    Econometric theory 11 (1995), S. 400-400 
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    Econometric theory 11 (1995), S. 401-402 
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    Econometric theory 11 (1995), S. 386-388 
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    Econometric theory 11 (1995), S. 389-391 
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    Econometric theory 11 (1995), S. 392-397 
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    Econometric theory 11 (1995), S. 402-402 
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    Notes: In the solution to Problem 93.2.3 by Paolo Paruolo, γ* ≡ (β, ,Ik)′ should be replaced by γ* ≡ (βí,I*)′ throughout the text; the same change should be made for [...]*; γ should be replaced by γ* in the second line and two lines before the references; “left-hand side” should be “right-hand side” in the second line after (4); “column” should be replaced by “row” in the last line before the references. Finally, reference \1] is Preprint 1992.2, Institute of Mathematical Statistics, University of Copenhagen; submitted to Econometric Theory.
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    Econometric theory 11 (1995), S. 1-24 
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    Notes: This paper considers the properties of systems likelihood procedures for cointegrated systems when the I(2) variables are present. Two alternative methods are proposed: one is based on the full system likelihood, whereas another is based on the subsystem likelihood. By eliminating all unit roots in the system by the use of prior information concerning the presence of unit roots, these procedures yield estimates whose asymptotic distributions are mixed normal, free from nuisance parameters, and median-unbiased. Both methods are extensions of a full system maximum likelihood procedure by Phillips (1991a) to I(2) models. Three cases of cointegration with I(2) variables are considered in order to cover a wide variety of cointegration relationships. A triangular ECM representation and the two ML estimates are derived for each case, and the asymptotics are discussed as well. The asymptotic efficiency concerning the two estimates are considered.
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    Econometric theory 11 (1995), S. 151-189 
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    Notes: The asymptotic behavior of the sample paths of two popular statistics that test market efficiency are investigated when markets learn to have rational expectations. Two cases are investigated, where, should markets start out at a rational expectations equilibrium, both statistics would asymptotically generate standard Brownian motions. In a first case, where agents are Bayesian and payoffs exogenous, the statistics have identical sample paths, but they are not standard Brownian motions. Whereas the finite-dimensional distributions are Gaussian, there may be a bias if agents' initial beliefs differ. A second case is considered, where payoffs are in part endogenous, yet agents consider them to be drawn from a stationary, exogenous distribution, which they attempt to learn in a frequentist way. In that case, one statistic behaves as if the economy were at a rational expectations equilibrium from the beginning on. The other statistic has sample paths with substantially non-Gaussian finite-dimensional distributions. Moreover, there is a negative bias. The behavior of the two statistics in the second case matches remarkably well the empirical results in an investigation of the prices of six foreign currency contracts over the period 1973–1990.
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    Modern Asian studies 29 (1995), S. 1-16 
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    Modern Asian studies 29 (1995), S. 765-794 
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    Notes: A social problem in one country may often be held up as an example to others, but it is rare for it to bring forth an internationally coordinated response with a world-wide application. One of these rarities is the campaign against ‘hard’ drugs. While liquor laws differ widely from country to country, the modern system of laws against cocaine and the opiates have been established by international convention. These arrangements evolved out of the measures taken to help imperial China with its opium problem, which was regarded, at least in part, as a foreign responsibility arising out of the vast quantities of Indian opium which had been imported by foreigners into China throughout the nineteenth century, often in questionable circumstances. The behaviour of the opium merchants and their governments seemed all the more reprehensible because of the encouragement which it gave to the Chinese to break their own government's laws against opium smoking and poppy cultivation. The first International Opium Commission met in Shanghai in 1909 and passed a number of resolutions to help China; it also laid down principles of co-operation between producing and consuming countries which tended logically to expand in scope and force, leading to a global system of control of all narcotic substances, and to the institutionalization of these arrangements under the League and the United Nations.
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    Modern Asian studies 29 (1995), S. 893-927 
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    Notes: During an evening's conversation in September of 1989 in Hyderabad, two educated men: onea retired professor of economics, the other a civil servant whose avocation was lexicography, entered into a spirited and lengthy debate over the proper way of translating ‘fundamentalist’ into Urdu. The lexicographer argued that ‘bunyād-parast (lit: one who loves the basics)’ was the most accurate as it conveyed not only the English meaning, but also the reality of what a fundamentalist Muslim believed. In opposition, the economist held that ‘mullah-yī (lit: like a mullah)’ was culturally more correct. The ‘foundation’ implied by bunyad was not specifically religious. It could apply to the fundamentals of anything: grammar, for example. In addition, he argued that what fundamentalists really did was to dress, act and talk like mullahs. In a sense, both were correct, because each was struggling over the transfer of a notion alien to traditional Islam into the vocabulary of a living language through which Muslims interact.
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    Modern Asian studies 29 (1995), S. 705-740 
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    Notes: The purpose of this study is to shed light on an aspect of seventeenth century Anglo-Dutch relations that has hitherto been virtually neglected: the rivalry over the Banda Islands. I will point out how economic antagonism between England and the Dutch Republic, a topic that as a rule is mainly regarded in a European context, also erupted in the East-Indian sphere of expansion, even in remote areas such as Banda. Unlike in Europe, in Asia conflicting economic interests immediately and repeatedly resulted in open violence. This was stopped in 1619 by a treaty of cooperation that paradoxically enabled the Dutch to establish themselves even more firmly in these islands, and in the Indonesian Archipelago as a whole, in a way detrimental to the English.
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    Modern Asian studies 29 (1995), S. 655-703 
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    Notes: In 1920, Sikhs in the Punjab started a campaign aimed at freeing their principal gurdwaras (temples) from the control of their hereditary incumbents. The campaign quickly gathered momentum, and, within a few months, it developed into a non-violent anti-government movement. Unlike the rather shortlived 1919 Disturbances and the Non-Cooperation-Khilafat movement in the Punjab, the Sikh agitation, which came to be known as the Akali movement, did not cease until 1925 and caused considerable concern to the Punjab authorities, as well as the Government of India. The Akali movement was not limited, as in past cases of anti-British agitation involving the Sikhs, to small groups of disaffected Sikhs, returned emigrants, or Congress sympathizers; at its height in 1922, the unrest encompassed the bulk of central Punjab's Jat Sikh peasantry, one of the most militarized sections of Punjabi society. The Sikh community's martial traditions, fostered by their religious doctrines and culture, had been kept alive during British rule by the recruitment policies of the Indian Army, where, in 1920, one in every fourteen adult male Sikhs in the Punjab was in service. This meant that the abiding allegiance of the Sikh community to the Raj was a matter of considerable importance, and their estrangement, especially that of the Jat Sikh peasantry, would adversely affect the Sikh regiments of the Indian Army. It also meant that if the community as a whole was provoked into open rebellion, British hold on the Punjab could well nigh prove untenable.
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    Economics and philosophy 11 (1995), S. 1-2 
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    Economics and philosophy 11 (1995), S. 1-6 
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    Economics and philosophy 11 (1995), S. 227-253 
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    Notes: Why is (it that) common priors are implicit or explicit in the vast majority of the differential information literature in economics and game theory? Why has the economic community been unwilling, in practice, to accept and actually use the idea of truly personal probabilities in much the same way that it did accept the idea of personal utility functions? After all, in (Savage's expected utility theory), both the utilities and probabilities are derived separately for each decision maker. Why were the utilities accepted as personal, and the probabilities not?
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    Economics and philosophy 11 (1995), S. 255-274 
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    Notes: It is universally agreed that involuntary unemployment is an evil for unemployed individuals, who lose both income and the non-pecuniary benefits of paid employment, and for society, which loses the productive labor that the unemployed are unable to expend. It is nearly as widely agreed that there is at least a prima-facie case for alleviating this evil – for reasons of justice and/or benevolence and/or social order. Finally, there is little doubt that the evils of involuntary unemployment cannot be adequately addressed in contemporary societies without state intervention – whether through monetary or fiscal policies, cash payments or other subsidies to the unemployed, direct provision of employment by the state, or some combination of these measures.
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    Economics and philosophy 11 (1995), S. 275-307 
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    Notes: Roemer has a striking and novel criticism of Marx's thesis that capitalism is exploitative. Even if so, Roemer claims, that does not establish that it is morally objectionable. He argues from idealized models that involve what he calls ‘Marxian exploitation’, but do not have the consequences which, he says, Marxists think make exploitation bad – domination, alienation, and inequality – or have them only in unobjectionable ways. These models, Roemer thinks, show that the moral problem with capitalism that Marxian exploitation locates only imperfectly is unjust inequality. He develops an alternative notion of ‘property relations exploitation’, based on this charge, to replace the morally uninteresting notion of Marxian exploitation in assessing arguments for socialism.
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    Economics and philosophy 11 (1995), S. 403-403 
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    Economics and philosophy 11 (1995), S. 1-4 
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    Economics and philosophy 11 (1995), S. 1-23 
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    Notes: This paper is about the relevance, to the definition of freedom, of values or goods other than freedom. In this respect,its subject matter is not at all new. However, I do believe that new light can be thrown on the nature of this relationship by paying more attention to another relationship – one which exists within the concept of freedom itself. There are two senses in which we can be said to possess freedom. Firstly, there is the sense in which we can be said to be free to do a certain particular thing. Secondly,there is the sense in which we can be said to possess a certain ‘amount’,‘degree’ or ‘quantity’ of freedom, in some overall sense.1 I believe that most recent accounts of the relationship between freedom and other goods are inconsistent, because they see those other goods as affecting the truth value of claims about freedom in the second sense, but not in the first.
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    Economics and philosophy 11 (1995), S. 25-55 
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    Notes: John Rawls's work (1971) has greatly contributed to rehabilitating equality as a basic social value, after decades of utilitarian hegemony,particularly in normative economics, but Rawls also emphasized that full equality of welfare is not an adequate goal either. This thesis was echoed in Dworkin's famous twin papers on equality (Dworkin 1981a,b), and it is now widely accepted that egalitarianism must be selective. The bulk of the debate on ‘Equality of What?’ thus deals with what variables ought to be submitted for selection and how this selection ought to be carried out.
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    Econometric theory 11 (1995), S. 818-887 
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    Notes: The primary purpose of this paper is to review a very few results on some basic elements of large sample theory in a restricted structural framework, as described in detail in the recent book by LeCam and Yang (1990, Asymptotics in Statistics: Some Basic Concepts. New York: Springer), and to illustrate how the asymptotic inference problems associated with a wide variety of time series regression models fit into such a structural framework. The models illustrated include many linear time series models, including cointegrated models and autoregressive models with unit roots that are of wide current interest. The general treatment also includes nonlinear models, including what have become known as ARCH models. The possibility of replacing the density of the error variables of such models by an estimate of it (adaptive estimation) based on the observations is also considered.Under the framework in which the asymptotic problems are treated, only the approximating structure of the likelihood ratios of the observations, together with auxiliary estimates of the parameters, will be required. Such approximating structures are available under quite general assumptions, such as that the Fisher information of the common density of the error variables is finite and nonsingular, and the more specific assumptions, such as Gaussianity, are not required. In addition, the construction and the form of inference procedures will not involve any additional complications in the non-Gaussian situations because the approximating quadratic structure actually will reduce the problems to the situations similar to those involved in the Gaussian cases.
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    Econometric theory 11 (1995), S. 1015-1032 
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    Notes: This paper investigates through Monte Carlo simulation the finite sample properties of likelihood ratio tests for cointegrating ranks that were proposed by Johansen (1991, Econometrica 59, 1551–1580). We transform the model into a canonical form so that the experiment is well controlled without loss of generality and then conduct a comprehensive simulation study. As expected, the test performance is very sensitive to the value of the stationary root(s) of the process. We also find that the test performance depends crucially on the correlation between the innovations that drive the stationary and the nonstationary components of the process. We conclude that 100 observations are not sufficient to ensure reasonably good performance uniformly over the values of the nuisance parameters that affect the distributions of the test statistics.
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    Econometric theory 11 (1995), S. 655-657 
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    Econometric theory 11 (1995), S. 669-670 
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    Econometric theory 11 (1995), S. 195-228 
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    Notes: We define, in a dynamic framework, the notions of binding functions, images, reflecting sets, indirect identification, indirect information, and encompassing. We study the properties of the notion of encompassing when the true distribution does not necessarily belong to one of the two competing models of interest. In this context we propose various test procedures of the encompassing hypothesis. Some of these procedures are based on simulations, and some of them are linked with the notion of indirect estimation (in particular, the GET and simulated GET procedures). As a by-product, we get an asymptotic theory of the tests of non-nested hypotheses in the stationary dynamic case.
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    Econometric theory 11 (1995), S. 359-368 
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    Econometric theory 11 (1995), S. 229-257 
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    Notes: The aim of this paper is the study of the path solutions of a multivariate rational expectations model. We describe several procedures for solving such dynamic systems based on either the adjoint operator method or the Smith form. As a by-product, we derive the dimension of the set of solutions in terms of martingale differences and the dimension of the set of linear stationary solutions when we restrict ourselves to the linear case. These dimensions are functions of the number of equations in the system, of the maximum lead, and of the orders of some eigenvalues of the characteristic equation associated with the system.
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    Econometric theory 11 (1995), S. 306-330 
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    Notes: Asymptotic distributions of some test statistics in near-integrated AR processes are studied. Some exact formulas for the distribution functions are given as well as approximative results obtained by saddlepoint approximation techniques.
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    Econometric theory 11 (1995), S. 81-104 
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    Notes: It was recently shown (Abadir, 1993b) that nonstationarity causes the limiting distributions of the Wald (W) and Lagrange multiplier (LM) statistics to become different from each other. This paper demonstrates that such a divergence between the two distributions can be used as an indicator of the presence of a unit root. A test based on this idea is devised by modifying the normalized autocorrelation coefficient (NAC). It is then shown to be an improvement on NAC in large samples and an improvement on other existing tests in large effective samples. The paper also investigates the effect of nonstationarity on the well-known inequality W ≥ LR ≥ LM.
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    Econometric theory 11 (1995), S. 191-191 
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    Econometric theory 11 (1995), S. 25-59 
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    Notes: This paper discusses inference for I(2) variables in a VAR model. The estimation procedure suggested consists of two reduced rank regressions. The asymptotic distribution of the proposed estimators of the cointegrating coefficients is mixed Gaussian, which implies that asymptotic inference can be conducted using the χ2 distribution. It is shown to what extent inference on the cointegration ranks can be conducted using the tables already prepared for the analysis of cointegration of I(1) variables. New tables are needed for the test statistics to control the size of the tests. This paper contains a multivariate test for the existence of I(2) variables. This test is illustrated using a data set consisting of U.K. and foreign prices and interest rates as well as the exchange rate.
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    Econometric theory 11 (1995), S. 105-121 
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    Notes: The asymptotic variance matrix of the quantile regression estimator depends on the density of the error. For both deterministic and random regressors, the bootstrap distribution is shown to converge weakly to the limit distribution of the quantile regression estimator in probability. Thus, the confidence intervals constructed by the bootstrap percentile method have asymptotically correct coverage probabilities.
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    Econometric theory 11 (1995), S. 122-150 
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    Notes: This paper presents theoretical results on the formulation and estimation of multivariate generalized ARCH models within simultaneous equations systems. A new parameterization of the multivariate ARCH process is proposed, and equivalence relations are discussed for the various ARCH parameterizations. Constraints sufficient to guarantee the positive definiteness of the conditional covariance matrices are developed, and necessary and sufficient conditions for covariance stationarity are presented. Identification and maximum likelihood estimation of the parameters in the simultaneous equations context are also covered.
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    Econometric theory 11 (1995), S. 191-192 
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    Econometric theory 11 (1995), S. 194-194 
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    Modern Asian studies 29 (1995), S. 817-840 
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    Notes: Inspired by Japanese influences among others the late Qing period saw a great surge in the writing of fiction after 1900. The rate of growth was unprecedented in the history of Chinese literature. The great surge coincided with rapid socio-political changes that China underwent in the last fifteen years of the Qing Dynasty. At the psychological level, the humiliating defeat by Japan in 1895 gave rise to a feeling of urgency for reform among some progressively minded Chinese intellectuals. Those reformers came to view fiction as a powerful medium to further their reform causes and to arouse among the people the awareness of the changes they believed China most urgently required. Fiction was no longer considered as constituting insignificant and trivial writings. It was no longer the idle pastime of retired literati composed to entertain a small circle of their friends, or written by a discontented recluse to vent a personal grudge through a brush. The role of fiction came to be defined in relation to its utility as an influence on politics and society and its artistic quality was subordinated to such a definition.
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    Modern Asian studies 29 (1995), S. 1-3 
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    Modern Asian studies 29 (1995), S. 449-554 
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    Notes: There was a time when the economic confrontation between East and West was perceived as a confrontation between Gemeinschaft and Gesellschaft. ‘East is East and West is West, and never the twain shall meet,’—thus wrote J. H. Boeke, quoting Rudyard Kipling with warm approval. The notion has since been undermined by deeper explorations into the history of the Chinese and Indian merchant bankers, and the Jews of the Islamic world. Over large parts of Java, with which Boeke was most familiar, there was indeed a sharp contrast between the local communal economy and the sophisticated capitalism of the Dutch colonists. It appeared an inevitable process of history that the Dutch corporations should subjugate the petty Javanese communities of princes, peasants and pedlars. It was also taken for granted that the phenomenon was general and that European gesellschaft did not confront and conquer such petty gemeinschaften in Java alone. But when the individual studies of the Chinese, Indian and Islamic—Jewish long-distance trade and credit networks are seen in over-all perspective, the impression that emerges is one of confrontation, at the higher level, between two gesellschaften: one of European origin, the other Eastern. Nor does it appear to be the sort of outright collision that simply resulted in the latter being broken up and relegated to a corner. The idea nevertheless persists that the ‘bazaar economy’ of the East was a debased, fragmented and marginal sector absorbed and peripheralized within the capitalist world economy of the West.
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  • 93
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    Modern Asian studies 29 (1995), S. 637-654 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: It may be expected of the Kingsley Martin lecturer that he addresses a theme of topical relevance. This is as it should be, for the modern history of South Asia offers an exceptionally wideranging choice of themes for reflection and inquiry. It will, then, seem strangely inappropriate to go to the other end of the time scale, to the early beginnings of Indian civilization. It would be vain to try and advance an excuse for this turn-about — such excuses would be too easily tainted by special pleading. It is just the romantic lure of a world that was irredeemably lost long ago. Or was it? It may be nearer to us than we care to admit.
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  • 94
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    Modern Asian studies 29 (1995), S. 373-386 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: It is almost common knowledge by now, thanks to the penetrating research by several scholars in the field, that Bengal silk was an important commodity in international trade in the seventeenth and eighteenth centuries. But the general assumption so far has been that it was the Europeans rather than the Asians who played the major role in the export of raw silk from Bengal.As a corollary to thi and taking into consideration the dominant position of the European Companies in Bengal textile trade, historians have maintained even in recent studies that around the mid-eighteenth century, European trade was the most important factor in Bengal's commercial economy. 1 There is no denying the fact that the Companies were the most dominant factor in Bengal's seaborne trade but that does not necessarily imply that they were far ahead of Asians in Bengal's export trade as a whole. For the above does not take into account Bengal's export trade by overland routes which had always been extremely significant. It is generally assumed that with the fall of the great empires–Mughal, Safavid and Ottoman–and the consequent decline of ports like Surat, the overland trade was doomed. The reason for this sort of assumption, it seems, was mainly the lack of data regarding India's overland trade compared to the abundance of quantitative material in the Company archives on European exports from Bengal. It is also possible that the fascination of the sea and preoccupation with the European market, as also the nature of the surviving evidence, have obscured the significance of the traditional and continuing trade through the overland route from India. Moreland thought that India's overland trade in the seventeenth century was of small importance and that the important development took place at sea.2
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  • 95
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    Modern Asian studies 29 (1995), S. 111-139 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: Laos constituted one of the five territorial entities making up French Indochina—comprising in addition the colony of Cochinchina and the protectorates of Annam, Tonkin and Cambodia. It was never, however, one among equals. Even before the annexation of Lao territories east of the Mekong river in 1893, Laos was perceived as little more than an extension of Vietnam west towards Siam (Thailand), a much more significant potential prize. The addition of minor extensions west of the Mekong demarcated by treaty in 1904 and 1907 still gave France no more than half the former Lao Kingdom of Lan Xang. Any possibility of reconstituting a greater Lao state was thereafter lost.
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  • 96
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    Modern Asian studies 29 (1995), S. 203-221 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: Much has been written and published about Christianity in China, less has been known about the particular interest that the Mission had evinced toward the Muslims of China, much less has been recorded about the Muslim reactions to this activity, and almost nothing has been concluded in terms of the dialectical interaction between Christianity and Islam in that part of the world.
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  • 97
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    Modern Asian studies 18 (1984), S. 1-3 
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  • 98
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    Modern Asian studies 18 (1984), S. 541-553 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: The continuities between the study of the West through Dutch in Tokugawa Japan and the program of modernization in the Meiji period seem self evident. The influence of Holland through Deshima became the focus of the life work of Itazawa Takeo and others well before the war, and it received detailed discussion from Charles Boxer in 1936. Nevertheless issues of the importance and influence of Tokugawa rangaku continue to be debated, and that debate greatly enriches our feel for Japanese society then and now.
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  • 99
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    Modern Asian studies 18 (1984), S. 567-580 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: Little did it occur to me when I began to translate Ogyū Sorai's Kyōchūkikō (‘Report from Journey to Kai’) some years ago that this endeavour would lead me to the first work that was written by this philosopher. Even after I had shown that the Kyōchūkikō was only a new and shorter edition (1710) of the earlier travelogue Fūryūshishaki (‘Report of the Elegant Emissaries’), written in 1706, it still took time before I realized that this must be the very first work to come from Sorai's brush. The Fūryūshishaki must be his first work and this means that he was 40 before he wrote anything that was literary, and of any length. What we have from before that time are short pieces, letters, poems, and memoranda; also the lexical work Yakubun sentei, which was probably written, at least partially, before 1706.
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  • 100
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    Modern Asian studies 18 (1984), S. 609-618 
    ISSN: 0026-749X
    Source: Cambridge Journals Digital Archives
    Topics: Ethnic Sciences , History , Political Science , Economics
    Notes: Long ago in my early reading on Japanese literature and thought—I think I was studying G. W. Knox and A. Lloyd in their essays in Transactions of the Asiatic Society of Japan—the name of Fujiwara Seika was mentioned as that of the founder of a movement of great historical importance. But until very recently the history of Japanese culture has not aroused much interest, and the local neo-Confucianism tended to be seen as a pretty poor reproduction of the Chinese models. This assessment of Japanese culture in such modest terms was accompanied by the standardized conception that saw in Shushigaku nothing more meaningful than an instrument of power in the hands of the Tokugawa family, a kind of intellectual build-up stimulated and protected merely because it served to prop up the régime that Ieyasu had founded, and to organize support for it.
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