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  • Blackwell Publishing Ltd  (37,200)
  • 1990-1994  (37,200)
  • 1
    Electronic Resource
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    Oxford, UK : Blackwell Publishing Ltd
    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: Temporary work provides a prism that separates out and thereby makes manifest some of the displacing effects of today's most diversified and expanded divisions of capitalist labor. The chaotic conceptions of statistics agencies and business commentators fail to come to terms with this displacement, while transaction cost theories of flexibility fare little better. By contrast, a Marxist attention to displacements in the chain of value can adequately theorize and explain the capitalist roots of alienation in temping. A Marxist account is also better placed to analyze the spatial and institutional displacement of the labor process through temping. Finally, when sensitized to its own economic limits, a Marxist reading of value formation can also open the door to analyzing other, non-economic, codings of workers' value.
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  • 2
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    Oxford, UK : Blackwell Publishing Ltd
    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: Robert Brenner is a follower of one tradition in Marxism that is as diffusionist, as Eurocentric, as any conservative position. Within one of the most egalitarian of all socio-political doctrines, this is a tradition that believes in the historical superiority of Europeans over non-Europeans. Eurocentric Marxists are not racist, nor even prejudiced, but most of them believe that Europe is the fountainhead of civilization, the permanent source of innovative social change.
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  • 3
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: A number of geographers have recently championed the struggle against Eurocentric theoretical categorizations in geographical research on African cities. At the same time, many whose work has concentrated on African urban geography have felt left out in the more abstract theoretical debates of their colleagues based in the West. I argue for the possibility of confronting Western bias and contributing to broader theoretical debates by creating theoretical constructs derived from the African experience. I develop my argument through an analysis of urban development in Ng'ambo, the African “Other Side” of Zanzibar city, and work toward the creation of meso-level conceptual guides for understanding Ng'ambo's development derived from the ideas of Ng'ambo residents themselves.
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  • 4
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: First, this paper establishes a ground from which to question not only the relationship between power and knowledge in the construction of geographical knowledge, but also the gendering of this relationship. From this starting position, second, it is argued that dualisms permit the gendering of particular binary opposites. The argument is not that certain dualistic categories - such as Reason and Emotion or Time and Space - are inherently wrong or to deny that western societies are organized through them, at least in part. Instead, dualisms are shown - at particular times and in particular places - to mark and help police supposedly fixed, natural divisions between the powerful and the disempowered (as in the masculine versus the feminine). In assuming away dualistic economies of meaning, the danger is that this helps to maintain the reproduction of the power-ridden values which dualisms help to sustain. Indeed, it is because dualist architectures are not as fixed, stable or natural as they are meant to be (i.e., precisely because they need to be policed) that it is possible to refuse them. Finally, this paper describes one alternative episte-mology which draws on the notion of a third space. The idea of third spaces uses a spatial metaphor to suggest an alternative radical geography which mobilizes place, politics and hybrid identities. One such third space is illustrated by an empirical example.
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  • 5
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: Book Reviewed in this article: Rob Shields Places on the Margin: Alternative geographies of modernity. M. Storper and A. J. Scott (Eds.) Pathways to Industrialization and Regional Development. Jean-François Bayart The State in Africa: The Politics of the Belly. Jonathan Crush and Charles Ambler (Eds.) Liquor and Labor In South Africa. Robert Bullard, (Ed.) Confronting Environmental Racism: Voices from the Grassroots. Martin W. Lewis, Green Delusions: An Environmentalist Critique of Radical Environmentalism. Andrew Gilg (Ed.) Restructuring The Countryside: Environmental Policy in Practice
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  • 6
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    Oxford, UK : Blackwell Publishing Ltd
    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 7
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    Oxford, UK : Blackwell Publishing Ltd
    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 8
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 9
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 10
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
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    Topics: Geography
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  • 11
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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  • 12
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
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    Antipode 26 (1994), S. 0 
    ISSN: 1467-8330
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: Book Reviewed in this article: Robert Beauregard (Ed.) Atop the Urban Hierarchy. G. Cook (Ed.) The Future of Antarctica: Exploitation versus Preservation. K. Suter Antarctica: Private Property or Public Heritage. P. Simpson-Housley Antarctica: Exploration Perception and Metaphor. Dharam Ghai and Jessica M. Vivian (Eds.) Grassroots Environmental Action: People's Participation in Sustainable Development. A. Parker, M. Russo, D. Sommer and P. Yaeger (Eds.) Nationalisms and Sexualities. and Richard WalkerThe New Social Economy, Reworking the Division of Labor. Andrew Sayer and Richard WalkerThe New Social Economy, Reworking the Division of Labor.
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  • 14
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    Corporate governance 2 (1994), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 15
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    Corporate governance 2 (1994), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 16
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    Corporate governance 2 (1994), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 17
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    Corporate governance 2 (1994), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
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  • 18
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    Corporate governance 2 (1994), S. 0 
    ISSN: 1467-8683
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Political Science , Economics
    Notes: Book Reviwes in The Article:Hilmer, Frederick G.; Strictly Boardroom – the report of an Independent Working Party into Cornorate Governance; Information Australia, Melbourne and The Sydney Institute, Sydney, AustraliaHumphrey, Christopher, Peter Moizer and Stuart Turley; The Audit Expectations Gap in the United Kingdom; The Auditing Research Foundation of the Institute of Chartered Accountants in England and Wales; LondonBosch, Henry; Bosch on Business, Information Australia, Melbourne, Australia, 1992.
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  • 19
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    Creativity and innovation management 3 (1994), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The paper provides a research report on leadership styles studied in a range of countries, industry types and organization levels. Unequivocal evidence has been found for a three factor model of style, incorporating the well-known, task-oriented/people-oriented factors, and a change-oriented factor. The new factor is presumed to be a consequence of more turbulent environments. Further analysis of the leader reports (supplied by 3,857 respondent ‘followers’) found ten clusters of ‘blends’ of style, of which three - labelled super-leaders, gardeners and MBO leaders - were consistently rated more effective and most liked by subordinates. A significant theoretical implication is that the results showed no evidence of contingency effects, i.e. variations in effectiveness, across broad contexts such as branch, function or hierarchic level, although the clusters differed with regard to representation in the different contexts.
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    Creativity and innovation management 3 (1994), S. 0 
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Journalistic perceptions may be regarded as forums for knowledge creation, and therefore offer a potentially valuable but largely ignored source of research on the management of innovation. Journalistic accounts from Fortune Magazine's annual surveys were thematically analyzed over a ten year period, using ratings of innovativeness on the organizations reported. Three themes were identified as innovation directed executive actions which differentiated the more innovative firms. These CEO actions or strategies were characterized as a dilating of organizational focus, generating elasticity in organizational processes, and concentrating (‘swarming’) resources until innovations were stabilised. These themes cut across sectoral differences in the firms studied.
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  • 21
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    Singapore journal of tropical geography 15 (1994), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: This paper examines the interface between port cities, urban regions and their transportation systems with respect to Singapore. The development of the regional Singaporean transactional space incorporates the province of Johor in Malaysia and the Riau islands in Indonesia, with the resulting spatial pattern and linkages forming an Extended Metropolitan Region (EMR). An EMR spatial model is presented in which transportation is a key factor. This model explains four processes of territorial development — densification, dissemination, extension and contraction. Densification is a process of spatial accumulation of economic activities within an area and aims at higher levels of productivity. Dissemination is a spatial relocation of unproductive economic activity towards productive areas. Extension is a space/time collapse enabling economic activities to extend over a large territory while maintaining low distribution costs. Contraction is a rationalisation of distribution systems facing growing transportation costs and competition from other systems. Based on the framework provided by the spatial model and available evidence, an assessment of transportation and territorial development in the Singapore EMR is undertaken. The analysis underlines the role of Singapore as a regional transhipment centre and its maritimefland interface function.
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  • 22
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    Singapore journal of tropical geography 15 (1994), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: This paper attempts to reconcile two major conflicting viewpoints regarding the effects of export expansion on economic growth. The first, export optimism, looks to supply factors such as international competitiveness with the view that a favourable export performance results in significant economic growth for a country. The second, export pessimism, argues that exports only contribute significantly to a country's economic growth when the external demand is favourable. Using the Expansion Methodology, the paper shows that the effects of demand and supply factors on the relationship between export growth and economic growth are about the same. The results suggest that while unfavourable demand weakens the aforementioned relationship, tropical countries can offset this by being competitive in their exports. They also caution against excessive weight being given to export-promotion by export optimists as the exports-growth relationship weakens considerably when the external demand falls.
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    Singapore journal of tropical geography 15 (1994), S. 0 
    ISSN: 1467-9493
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Geography
    Notes: This paper examines the usefulness of a systematic typology of agricultural activities. Characteristics of both traditional and modem systems are analysed and the physical and human environmental relationships of the changing agricultural dynamics examined. Altitudinal zonation of the study site offers a diverse agro-ecological physical environment appropriate for the cultivation of subtropical plants, especially fruit. Field work, interview results, air photo analysis and land use mapping combine with a systematic descriptive matrix analysis, to show that in response to the environment and changing market conditions, mixed systems have evolved, often including commercial poultry and egg production. Increasing systematic heterogeneity such as the association of commercial fruticulture with intensive animal husbandry and the association of commercial fruticulture with subsistence and semi-commercial agriculture using animal force, poses problems to the method. The potential for use at other study sites and the limitations of the technique are discussed.
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  • 24
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: Given a sequence of discrete-time option valuation models in which the sequence of processes defining the state variables converges weakly to a diffusion, we prove that the sequence of American option values obtained from these discrete-time models also converges to the corresponding value obtained from the continuous-time model for the standard models in the finance/economics literature. the convergence proof carries over to the case when the limiting risky asset price process follows a diffusion, except it pays discrete dividends on some fixed dates.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We answer this question in the very general context of the n-factor Heath, Jarrow, and Morton model for the evolution of the term structure of interest rates, with nonrandom volatility. the answer is that a constraint is imposed on the behavior of the volatility structure. We explain the importance of this result for the design of efficient numerical algorithms for the valuation of options on the term structure.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: The note deals with the pricing of American options related to foreign market equities. the form of the early exercise premium representation of the American option's price in a stochastic interest rate economy is established. Subsequently, the American fixed exchange rate foreign equity option and the American equity-linked foreign exchange option are studied in detail.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We construct risk-minimizing hedging strategies in the case where there are restrictions on the available information. the underlying price process is a d-dimensional F-martingale, and strategies φ= (ϑ, η) are constrained to have η G-predictable and η G'-adapted for filtrations η G C G’C F. We show that there exists a unique (ηG, G')-risk-minimizing strategy for every contingent claim H ε E ??2 (??T, P) and provide an explicit expression in terms of η G-predictable dual projections. Previous results of Föllmer and Sondermann (1986) and Di Masi, Platen, and Runggaldier (1993) are recovered as special cases. Examples include a Black-Scholes model with delayed information and a jump process model with discrete observations.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We give two examples showing that for unbounded continuous price processes, the no-free-lunch assumption and the existence of an equivalent martingale measure are not equivalent. In fact it turns out that the notion of an equivalent local martingale measure is natural in this context.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: Working within the Heath-Jarrow-Morton framework and using the theory of stochastic equations in infinite dimensions, a useful multifactor Gauss-Markov model for the movement of the whole of the yield curve is derived. Swaptions are priced. They are hedged by eliminating random terms between the semimartingale representations of the swaption and hedging instruments. Hedging efficiency is analyzed. the model is fitted to the swap/cap strips in Australia. Computation times on a 20-MHz laptop computer are acceptable.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: A simple model of the term structure of interest rates is introduced in which the family of instantaneous forward rates evolves as a continuous Gaussian random field. A necessary and sufficient condition for the associated family of discounted zero-coupon bond prices to be martingales is given, permitting the consistent pricing of interest rate contingent claims. Examples of the pricing of interest-rate caps and the situation when the Gaussian random field may be viewed as a deterministic time change of the standard Brownian sheet are discussed.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: Contingent claims with payoffs depending on finitely many asset prices are modeled as elements of a separable Hilbert space. Under fairly general conditions, including market completeness, it is shown that one may change measure to a reference measure under which asset prices are Gaussian and for which the family of Hermite polynomials serves as an orthonormal basis. Basis pricing synthesizes claim valuation and basis investment provides static hedging opportunities. For claims written as functions of a single asset price we infer from observed option prices the implicit prices of basis elements and use these to construct the implied equivalent martingale measure density with respect to the reference measure, which in this case is the Black-Scholes geometric Brownian motion model. Data on S & P 500 options from the Wall Street Journal are used to illustrate the calculations involved. On this illustrative data set the equivalent martingale measure deviates from the Black-Scholes model by relatively discounting the larger price movements with a compensating premia placed on the smaller movements.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
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    Topics: Mathematics , Economics
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: This paper develops a cross-market version of factor pricing models. It is shown that exact factor pricing holds across two submarkets with respect to their common factors if and only if the unique pricing operator for the first submarket is equal to that for the other submarket with probability 1. We define an APT measure as the squared distance between the two pricing operators. Then, testing whether this measure is zero is equivalent to testing exact factor pricing across the two submarkets. Since the estimation of this measure does not require parameterizing and extracting the underlying factors, one can test factor pricing models without knowing any factors. In addition, we present a randomization procedure so that one can use it to conduct a more comprehensive investigation on the empirical robustness of factor pricing models.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: This paper compares commonly used approaches for estimating the relation between long-horizon returns and a predetermined variable X1, such as dividend yields. Specifically, we look at regression of (i) nonoverlapping multiperiod returns on Xt (ii) overlapping multiperiod returns on Xt, (iii) single-period returns on multiperiod Xt, and (iv) single-period returns on Xt and its implied long-horizon regression coefficient. We provide analytical formulae which quantify the efficiency of the estimators used in the various approaches. Using the formulae, as well as Monte Carlo simulations, we demonstrate that the relative efficiency of the estimators used in the various approaches differs remarkably, depending on the dynamic structure of the regressor. of special interest for financial economists, when the regressors are highly autocorrelated, we find that the regressions (ii) (iii), and (iv) provide only marginal efficiency gains above and beyond the nonoverlapping long-horizon regression.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: Recent literature shows that the risk premium is efficiently estimated in the usual two-pass procedure, estimating betas in the unrestricted model, and then regressing returns on estimated betas. This paper shows that this is not so when allowing for factor unobservability. Imposing the financial theory restriction from the outset leads to a strictly positive efficiency gain in the risk premium estimation. In addition, the role of an associated efficiency gain in the beta estimation is studied in the context of a zero-beta model.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: This article develops a general methodology that uses the observed prices of a derivative contract to compute maximum likelihood parameter estimates for an unobserved asset value process. the use of this estimation methodology is demonstrated in two applications: Vasicek's term structure model and deposit insurance pricing. This methodology can also be useful in the empirical analysis of complex financial contracts involving embedded options.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: Diffusion models for volatility have been used to price options while ARCH models predominate in descriptive studies of asset volatility. This paper compares a discrete-time approximation of a popular diffusion model with ARCH models. These volatility models have many siimilarities but the models make different assumptions about how the magnitude of price responses to information alters volatility and the amount of subsequent information. Several volatility models are estimated for daily DM/ exchange rates from 1978 to 1990.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: This paper is concerned with asymptotic properties of the maximum likelihood estimators for the discrete-time square-root process. This process and its generalizations are employed in financial literature as models for movements of asset prices. the considered process is nonergodic and therefore standard maximum likelihood theory does not apply. the nonstandard asymptotic theory is developed. Strong consistency of the estimators is established, joint asymptotic distribution of the properly normalized estimators is obtained and confidence intervals for the parameters are constructed. the results of the small simulation study are reported.
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    Mathematical finance 4 (1994), S. 0 
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    Topics: Mathematics , Economics
    Notes: Threshold autoregressive (TAR) models condition the first moment of a time series on lagged information using a step-function-type nonlinear structure. TAR techniques are expected to be relevant in financial time-series modeling in situations where deviations of prices from equilibrium values depend on discrete transaction costs and where market regulators follow intervention rules based on threshold values of control variables. an important finance application is in modeling the difference in prices of equivalent assets in the presence of transaction costs. the focus of this paper is on motivating the use of TAR models in this context and on the statistical estimation and testing procedures. the procedures are illustrated by modeling the difference between the prices of an index futures contract and the equivalent underlying cash index. It is found that the hypothesis of linearity is conclusively rejected in favor of threshold nonlinearity and that the estimated thresholds are largely consistent with arbitrage-related transaction costs.
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    Mathematical finance 4 (1994), S. 0 
    ISSN: 1467-9965
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    Topics: Mathematics , Economics
    Notes: We study an optimal consumption and portfolio selection problem for an investor by a martingale approach. We assume that time is a discrete and finite horizon, the sample space is finite and the number of securities is smaller than that of the possible securities price vector transitions. the investor is prohibited from investing stocks more (less, respectively) than given upper (lower) bounds at any time, and he maximizes an expected time additive utility function for the consumption process. First we give a set of budget feasibility conditions so that a consumption process is attainable by an admissible portfolio process. Also we state the existence of the unique primal optimal solutions. Next we formulate a dual control problem and establish the duality between primal and dual control problems. Also we show the existence of dual optimal solutions. Finally we consider the computational aspect of dual approach through a simple numerical example.
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    Topics: Mathematics , Economics
    Notes: We give a condition under which the componentwise stochastic integration with respect to a given Rd-valued continuous local martingale coincides with the more general vector stochastic integration defined by Jacod (1979). We then provide a result on the equivalence between the vector and the component completeness of a financial market in a special case.
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    Topics: Mathematics , Economics
    Notes: The unified beta theory of Connor (1984) requires that the market portfolio be well diversified in a given factor structure. Wei (1988) extended Connor's results without relying on this assumption. This note provides an alternative to Wei's result by assuming that residuals from the projection of asset return on a set of k factors follow a joint elliptical distribution.
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    Topics: Mathematics , Economics
    Notes: Let (St)tεI be an Rd-valued adapted stochastic process on (Ω, ?, (?t)tεI, P). A basic problem occurring notably in the analysis of securities markets, is to decide whether there is a probability measure Q on ? equivalent to P such that (St)tεI is a martingale with respect to Q. It is known (see the fundamental papers of Harrison and Kreps 1979; Harrison and Pliska 1981; and Kreps 1981) that there is an intimate relation of this problem with the notions of “no arbitrage” and “no free lunch” in financial economics. We introduce the intermediate concept of “no free lunch with bounded risk.” This is a somewhat more precise version of the notion of “no free lunch.” It requires an absolute bound of the maximal loss occurring in the trading strategies considered in the definition of “no free lunch.” We give an argument as to why the condition of “no free lunch with bounded risk” should be satisfied by a reasonable model of the price process (St)tεI of a securities market. We can establish the equivalence of the condition of “no free lunch with bounded risk” with the existence of an equivalent martingale measure in the case when the index set I is discrete but (possibly) infinite. A similar theorem was recently obtained by Delbaen (1992) for continuous-time processes with continuous paths. We can combine these two theorems to get a similar result for the continuous-time case when the process (St)tεR+ is bounded and, roughly speaking, the jumps occur at predictable times. In the infinite horizon setting, the price process has to be “almost a martingale” in order to allow an equivalent martingale measure.
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    Topics: Mathematics , Economics
    Notes: This paper extends He and Pearson's (1991) martingale approach to the study of optimal intertemporal consumption and portfolio policies with incomplete markets and short-sale constraints to a framework in which no assumptions are made on the price process for the securities. We show how both their characterization of the budget-feasible set and duality result can be extended to account for an unbounded set II of Arrow-Debreu state prices compatible with the arbitrage-free assumption. We also supply a (fairly general) sufficient condition for II to be bounded, as required in their setting.
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    Labour 8 (1994), S. 0 
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    Topics: Economics
    Notes: : This paper supplements a simple one period non-shirking efficiency wage model with behavioural assumptions drawn from the social-psychological literature. A model of social interaction is developed in which the status associated with various labour market options yields implications for the shape of the non-shirking constraint and, thereby, for the number and type of labour market equilibria. The significance of such a finding for the existence of unemployment hysteresis is explored.
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    Topics: Economics
    Notes: : This paper provides additional insight on the Lilien 1982 sectoral shift hypothesis (Lilien (1983),Abraham and Katz (1986),Samson (1986),Neelin (1987)) by applying it to Swedish data.Lilien claimed that part of the cyclical variation in unemployment is caused by structural shifts in sectoral employment demand. We find some evidence in favour of Lilien‘s notion. Greater sectoral shocks partly result in higher unemployment in Sweden. When extending the sectoral shift approach, controlling for labour market support, the evidence in favour of the sectoral shift hypothesis is weaker.
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    Notes: : The object of this paper is to explore how to use administrative data for econometric purposes when these data measure total annual duration spent in various states. A basic issue addressed is whether the information extracted through categorising continuous data actually defines an economically meaningful concept of an individual position on the labour market. The main findings are that discretization indeed leads interpretable transitions on the labour market, and that the mobility between positions rather low in Belgium.
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    Topics: Economics
    Notes: This paper studies the relationship between the level of education and the probability of re-employment. Using a search theoretical model, it is shown that on the lowest levels additional education increases the probability of re-employment, but on the highest levels the relationship turns negative. Finnish microeconomic data on unemployed workers show that unemployed people who have 13–14 years of education have the highest re-employment probability.
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    Topics: Economics
    Notes: The aim of this paper is to test econometrically a number of models of labour supply which fall within the neoclassical and Keynesian theories, in an attempt to obtain indications of validation of the theories themselves. The econometric assessment, carried out with a cohort approach to labour supply, shows that Italian female participation rates react well to the variables belonging to both the neoclassical versions of models — with the exception of the version regarding intertemporal choices — and the Keynesian ones. Both in terms of testing for the selection of alternative regression models, such as those for non-nested hypotheses and for selection of regressors, and of “internal” investigation within the estimated models, the results obtained are not without ambiguity. They therefore leave open the question as to which theory can explain labour supply in the most significant and appropriate way.
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    Topics: Economics
    Notes: The first part of the paper considers a behavioural model of trade unionism. Wages and employment are characterized as the outcome of a process by which the union maximizes an objective function containing wages and employment as arguments, and is constrained by a trade-off between these two variables as represented by the firm's labour demand function. In the second part, the model's equilibrium predictions for wages are estimated in the framework of a multivariate error correction model and tested for cointegration with data from Britain's manufacturing sector from 1967 to 1986.
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    Metroeconomica 45 (1994), S. 0 
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    Topics: Economics
    Notes: The co-ordination problem is a consequence of the division of labour and the division of knowledge; what is to be co-ordinated is the generation and testing of novel conjectures. The firm provides one means of doing this, and of developing a set of capabilities which can be deployed to cope with structural uncertainty. Any firm's capabilities are inevitably limited, and must be supplemented; this requires the development of market relationships, and, where success depends on closely-complementary activities founded on a different knowledge base, the organisation of interfirm co-operation. The additional value thus created may justify additional transaction costs.
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    Topics: Economics
    Notes: This paper examines three competing approaches to the determination of the money supply. The first approach is labelled the pure portfolio approach, and corresponds to the orthodox approach to the money supply. The second approach is labelled the pure loan demand approach, and corresponds to the Post Keynesian accommodationist view of endogenous money. The third approach is labelled the mixed portfolio-loan demand approach, and corresponds to the Post Keynesian structuralist view of endogenous money. The critical theoretical difference between the latter two models is identified in terms of the importance of the private initiatives of banks in accommodating expansions of loan demand. The paper then provides Granger-causality evidence on the three approaches, and concludes in favor of the mixed portfolio-loan demand approach.
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    Creativity and innovation management 3 (1994), S. 0 
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    Topics: Economics
    Notes: The postwar high-level economic growth achieved by Japanese companies has been supported by, so-called, Japanes-style management. Today, Japan's entire socio-economic system seems to be in a process of restructuring. Japanese-style management is facing with profound and multi-faceted changes. Whether Japanese companies can establish the next generation of Japanese-style management or not depends on whether they can shift their mode of competition from ‘share competition’ to ‘creation competition’.
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    Notes: ‘The Japanese are not creative, they just copy….’ This prejudice often crops up when you ask Western people about the creativity of the Japanese. However, Japanese industry is at the leading edge in many industrial sectors and one cannot adhere to this prejudice any longer. Japanese creativity is interesting from two points of view. First, Japanese industry is very competitive and the success cannot be explained by a single factor, like low wages or production costs. Secondly, there is a big difference between Japanese and western civilization and a comparison shows cultural influences on creativity in understanding and practice. However, the cultural specialities which are labelled as Japanese are mostly characteristic of other East Asian cultures as well.
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    Notes: A pilot study of creativity enhancement techniques took place within a large engineering firm in the UK. Exploratory interviews were carried out with professionals in the areas of creativity, mechanical design engineering and management in order to identify informally acquired skills of successful design practice.1 Engineers participated in an introductory one day training programme applying creative techniques to real design problems from the heavy industrial engineering field. Initial feedback on the programme was recorded in addition to impact studies which took place after a ten-week interval. The impact of the programme was reported during the course of interviews which were complemented with the completion of detailed questionnaires. Results suggest that traditional training programmes for such professionals may need to be modified to become more user-friendly.
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    Notes: Relationships were examined among the social environment of organizations, employee satisfaction (both job-related and personal), and perceptions of a creative work environment. The subject organization was a manufacturing facility in the United States which produced parts used in automobile production and operating in a dynamic market economy. Creativity was desired and verbally encouraged, but no attention was given to organization development, nor were there any intervention efforts designed to promote a creative environment.Results from environmental and climate inventories indicate that there are significant linkages between the social environment of the organization and satisfaction with the organization and personal lives, and the potential for innovation. Pride in the work, freedom, and other personal variables were also found to be related to an innovative climate.
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    Notes: In this feature we report the views and experiences of people involved in all aspects of managing innovation; entrepreneurs, industrialists and supporters of organisational change. This issue features Patsy Bloom, founder and Chief Executive of Pet Plan Ltd, the largest provider of insurance policies for the care of dogs, cats and the leisure horse sector in the UK. Established in 1977 by Patsy and a partner in a room in her home, the company has grown to employ 200 people, with a turnover of £35 million annually, and Patsy Bloom won the ‘Veuve Cliquot’ Business Woman of the Year' award for 1992. This interview resulted from a presentation made by Patsy Bloom at the ‘Vital Topics’ seminar series, Manchester Business School, March 23 1994.We would like to thank Patsy Bloom and Colin Laycock, Director of Corporate Affairs, Manchester Business School, for their help in putting the material together. The report has been compiled by Susan Moger.
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    Notes: Bootlegging is a special type of innovation involving covert research without the explicit approval of the responsible manager. It incorporates a dimension of secrecy as this research does not appear on project sheets drawn up by the management of firms. But it might also incorporate the dimension of conspiracy if the innovative activity is pursued by a research team, and perhaps with wider tacit support. Bootlegging exists as a phenomenon in a large number of companies. Interview findings suggest that the attitudes of management towards bootlegging are determined by prevailing perceptions of uncertainty and knowledge about the nature of decision processes.
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    Notes: IdeaScope® Associates, based in Cambridge, Massachusetts, is a consultancy providing advanced services in innovation. The experiences of Suzanne Merritt and Al Alcorn were originally reported in IdeaScope®'s publication If: Investing in Innovation and have been reproduced with kind permission of the authors and editors of that publication.
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    Notes: To change, organizations need to learn new methods of action. To change, old organizations also need to unlearn old models of action. In this article, we use the concept of organizational unlearning to make some sense of a process of change studied at a shipyard in Western Norway. New models of action emerged as alliances were formed, creating a change in communicative practices. These practices reshaped the way people defined their situations, in turn changing their behaviours. This made them relate to each other differently.A description of the circumstances surrounding a productivity campaign is used as a starting point to discuss the role of organizational unlearning in organizational learning and change. The following types of question are addressed: How were the alliances formed? Why was it imperative to change communicative practices? How did they change behaviour? What consequences did it bring about for new models of action in the organization? What lessons from organizational unlearning can be seen as valuable in accomplishing change in settings like this?
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    Notes: In this section, we reflect the views of people involved in all aspects of managing innovation. This issue features Mrs Steve Shirley, Life President, the F.I. systems house.A computer pioneer with a background in mathematics, she introduced the idea of the distributed office, of taking the work to the people, not the people to the work, and was one of the first to focus on the social and economic aspects of computing. This article is an adaptation of an interview Dr. Shirley gave for the EuroPACE ‘Management of Innovation’ series. Dr. Hilary Roberts from Manchester Business School conducted the interview.
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    Notes: This communication marks the first from the newly inaugurated office of the European Association for Creativity and Innovation (E.A.C.I).
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    Notes: Charles Handy, 1994, The Empty Raincoat: Making Sense of the FutureArthur B. Van Gundy, 1992, Idea Power: Techniques and Resources to Unleash the Creativity in Your Organization
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    Notes: Herbert Simon, perhaps the most influential exponent of Information-Processing theory, has argued that creativity involves no more than normal problem-solving processes. This article describes Information-Processing theory and its explanation of the creative process. It also highlights major criticisms to such an explanation.
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    Notes: This paper adds to and develops Argyris and Schön's notions of double-loop and singleloop learning. On the basis of investigations made at a Norwegian shipyard, a distinction is made between single-loop, double-loop and deutero-learning. The primary contribution of this paper is to argue that deutero-learning goes beyond single-loop and double-loop learning, and justifies an extension of Argyris and Schön's Model II, which we characterise as Model III.
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    Notes: Book review in this ArticleRoger De Bruyn (ed.) (1994) CreaddendaMichael Fordham (1993) The Making of an Analyst: A MemoirPedro Nueno (1994) Corporate Turnaround: A Practical Guide to Business SurvivalPatrick Dawson (19) Organizational ChangeR. Richard Ritti (1994) The Ropes to Skip and the Ropes to Know: Studies in organizational behaviorGeorge Land & Beth Jarman (1993) Break point and Beyond: Mastering the Future Today
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    Notes: Japanese multinationals have evolved a system of management well suited to handle multifaceted co-ordination. In electronics, machinery and automobiles, manufacturing and assembly is complex, demand shifts rapidly and technical innovation is continuous. In these circumstances a management system involving a ‘borderless’ structure, custodial leadership, incremental planning and personnel practices which foster competition among peers, hard work and commitment is effective. Western firms can benefit by adapting some aspects of Japanese practices.
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    Notes: Substantial advantages are being claimed for electronic brainstorming over traditional procedures. In practice the more important question is‘how might brainstorming be used within the electronic decision-support systems of today's organizations?’The answer is highly contingent on the nature of the organization, its core tasks, and personnel. In practice a hybrid of electronic and traditional brainstorming methods may prove more effective than either system used exclusively.
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    Notes: This paper introduces a special issue marking the thirtieth anniversary of the publication of two classic papers in international economics, Balassa (1964) and Samuelson (1964). We provide a brief analytical treatment of the basic model and an overview of the contributions in this special issue. the special issue includes novel empirical and theoretical approaches related to the Balassa-Samuelson model. Theoretical models include dynamic two-sector growth models, two-country general-equilibrium models, and openeconomy models with imperfectly competitive nontraded-goods sectors. Several papers exploit new sources of data or datasets constructed in new ways from traditional sources.“Under the skin of any international economist lies a deep-seated belief in some variant of the PPP theory of exchange rates.” (Rudiger Dornbusch and Paul Krugman, 1976, p. 540)
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    Notes: Prior to the important Penn studies of Kravis-Heston-Summers, statisticians relied on exchange-rate conversion estimates that would be correct only if naive Gustav Cassel versions of purchasing-power parity were true. By contrast, correct real-income estimates, using actual local prices and incomes, exhibit the systematic Penn effect: real per capita income ratios between poor and rich are systematically exaggerated by conventional exchange-rate conversions. Bela Balassa and Paul Samuelson, independently in 1964, explained why. And, as the Penn authors cited, David Ricardo and Roy Harrod had already similarly argued. It is shown here how subtle must be the theoretical analysis addressed by Jagdish Bhagwati and mainstream economists in tackling this problem.
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  • 83
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    Review of international economics 2 (1994), S. 0 
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The structure of prices of goods entering into international trade relative to those that do not plays a key role in the Balassa-Samuelson explanation of why countries ‘exchange rates differ systematically from their currencies’ purchasing power. the B-S analysis leads to the proposition that the tradable-nontradable price difference is lower for rich countries than for poor. This paper examines the gap, using prices collected by the International Comparison Programme. A variety of regressions were run to see if indeed the difference between tradable and nontradable price parities moved with income in the way B-S expected. They did.
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  • 84
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    Review of international economics 2 (1994), S. 0 
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: We derive two key propositions of the Balassa-Samuelson model as long-run balanced growth implications of a neoclassical general equilibrium model. the propositions are that productivity differentials determine international differences in nontradable relative prices and deviations from PPP reflect differences in nontradable prices. Closed-form solutions are obtained and tested using panel methods applied to long-run components of OECD sectoral data computed using the Hodrick-Prescott filter. the results indicate that labor productivity differentials help explain international low-frequency differences in relative prices. However, predicted nontradable relative prices are less successful in explaining long-run deviations from PPP.Unless very sophisticated indeed, PPP is a misleadingly pretentious doctrine, promising us what is rare in economics, detailed numerical predictions. (Paul A. Samuelson, 1964, p. 153)
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  • 85
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    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper employs a three-factor model of economic development to model forward-looking nontraded investment as a determinant of the relative price of nontradables. A capital-intensity. reversal of nontraded output relative to manufactured output-arising from a switch toward a capital-intensive manufacturing technique from a labor-intensive technique-produces a bifurcation in the model's dynamics. the two resulting saddlepath trajectories are each consistent with optimizing behavior and transversality conditions at infinity. History, as embodied in the economy's capital stock, as well as forward-looking expectations determine whether the economy chooses the low-investment or high-investment trajectory.
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    Topics: Economics
    Notes: This paper examines the evolution of the relative price between tradable and nontradable goods in a group of European countries. A model of an open economy is used to analyze different factors that can account for an increase in the relative price of nontradable goods. These factors are (a) faster technological progress in the tradable goods sector, (b) demand shifts toward nontradable goods, and (c) real wage pressures. the relevance of these factors is analyzed empirically for France, Germany, Italy, Spain, and the United Kingdom.
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  • 87
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    Topics: Economics
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  • 88
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    Review of international economics 2 (1994), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Dynamic versions of the dependent-economy model have been criticized for arbitrarily assuming that capital is either tradable or nontradable, and for choosing either the traded or nontraded sector to be capital intensive. Our model incorporates both types of capital and shows that the relative sectoral intensity of nontraded capital determines the dynamic adjustment of the relative price of nontradables. When the traded sector is intensive in nontraded capital, the saddlepath is flat. When the nontraded sector is intensive in nontraded capital, the saddlepath is negatively sloped. the relative sectoral intensity of traded capital primarily affects current-account dynamics.
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  • 89
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    ISSN: 1467-9396
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    Topics: Economics
    Notes: Models of trading economies have become very large in dimensions and complex in structure. Conditions which are sufficient for aggregation in production and/or consumption are derived. They require the existence of linearly homogeneous indices of production and/or consumption in the industries or sufficient similarity among agents. These methods are applied to the Armington model and to a group of models in which the commodities in an industry are denned on a continuum. the results are applied to the method of constructing general-equilibrium models with many commodities, tests of comparative advantage, and the measurement of effective protection in multicommodity industries.
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    ISSN: 1467-9396
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    Topics: Economics
    Notes: Some characteristics of the eastern German economy are analyzed as to their effects on the adjustment to market forces, using a modified Ricardo-Viner model. Included are transfer payments, EC farm policy, wage policy, and currency overvaluation. the analysis shows that the adjustments for a sector cannot be understood solely in terms of developments in that sector alone. the wage policy and the currency conversion magnified the adjustments in agriculture. Agricultural policy dampened the decline in agricultural output and had positive spillover effects on nontraded goods. Such interconnections must be kept in mind when analyzing the reform process.
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  • 91
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    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A typical step in trade liberalization under the GATT is tariffication—the conversion of quantitative import restrictions to their ad valorem tariff equivalents. This paper shows that, if there is market power in the protected industry, tariffication may cause a global efficiency loss. In particular, in a small country, if the protected industry is a monopoly that is freely able to export but cannot profitably do so, then tariffication unambiguously imposes global efficiency costs. In a large country, the global efficiency effects are uncertain a priori. In both cases, however, tariffication unambiguously benefits the monopoly and lowers foreign welfare.
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  • 92
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    Review of international economics 2 (1994), S. 0 
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    Topics: Economics
    Notes: A leaning-against-the-wind intervention that has only a temporary effect on the exchange rate and that is not too aggressive can be shown analytically to yield positive expected profits to a central bank even when the exchange-rate process is nonstationary. These profits arise if there are some transitory shocks to the exchange rate. Furthermore, very aggressive intervention will yield positive expected profits eventually when there is a tendency for exchange rates to return to a long-run equilibrium level.
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  • 93
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    Review of international economics 2 (1994), S. 0 
    ISSN: 1467-9396
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    Topics: Economics
    Notes: We present a model of export rivalry in vertically related markets where a DC firm produces a high-quality good as well as a key input utilized by an LDC firm to produce a low-quality export good. the DC firm acts as a Stackelberg leader by setting the price of the input and the quantity of its export good. We show that the DC firm's decision on vertical supply depends on the cost, demand, and quality parameters of both producers, and that the LDC government should tax either its final good exports or its key input imports.
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    Topics: Economics
    Notes: Characteristically, distributions of exchange-rate returns are fat-tailed. We use a nonparametric tail-index estimator based on extreme value theory for seven EMS currencies between April 1979 and October 1991. We find that the behavior of the Belgian franc, the Danish Krone, the French franc, and the Italian lira has become significantly less fat-tailed over time. We attribute this to the decline in the exchange-rate variance as observed in the EMS, which according to the target-zone literature should lead to a convergence of fixed exchange-rate behavior to that of floating rates. A comparison of tail estimates for the Deutsche mark and dollar exchange rates supports this notion.
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    Topics: Economics
    Notes: The aim of this paper is to examine the determinants of Japanese net long-term capital flows in the 1980s and early 1990s. A basic framework is proposed which takes account of Japan's so-called land bubble by incorporating the interaction of land with the banking sector in a macroeconomic portfolio model of capital flows. Empirical evidence is supportive of the hypothesis that land-related bank loans have been a major determinant of Japanese net long-term foreign investment. the hypothesis of substitution between direct and indirect foreign investment also receives support, and areas of future research are mentioned.
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    ISSN: 1467-9396
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    Topics: Economics
    Notes: I construct a dynamic three-country model of trade and growth in which a worker determines how long he takes training. the path of human capital accumulation of a worker is analyzed. I consider the case in which per capita human capital grows in the middle-income country while it stagnates in the high-income and low-income countries. Effects of the middle-income country's growth are studied.
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    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The paper develops the theory of generalized purchasing-power parity (G-PPP) to explain the “stylized facts” of real exchange-rate behavior. the fundamental economic variables determining real exchange rates are nonstationary; thus, real rates are nonstationary. If the fundamentals are sufficiently integrated, as in a currency area, the real rates will share common trends. the theory is tested using the Pacific Rim nations. It is shown that G-PPP holds between each of the Pacific Rim nations and the large industrialized countries. There is only mild evidence that G-PPP holds among the Pacific Rim nations as a group.
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    Topics: Economics
    Notes: In a two-country model, complete asset markets do not guarantee that individuals will choose to eliminate all (diverifiable) risk in aggregate consumption. the presence of nontraded goods forces individuals to choose between reducing uncertainty in aggregate consumption and in the composition between traded and nontraded goods. This choice depends on a comparison of the standard coefficient of relative risk aversion with a second type of risk aversion that becomes relevant when nontraded goods are present, one that captures aversion to risk in composition. Regardless of the decision made, asset trade always reduces the risk premium.
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    Topics: Economics
    Notes: This paper clarifies and slightly generalizes the basic endogenous-growth model. I prove the basic theorems without the usual assumption that the distribution of knowledge around the world is irrelevant. Results are stated in terms of lemmas, theorems, and corollaries in order to bring out as clearly as possible the role of each assumption.
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    ISSN: 1467-9396
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    Topics: Economics
    Notes: Available estimates of tariff equivalents and welfare costs of MFA quotas are based on the premise of perfect competition in both product and license markets, and the assumption that exporting countries receive all the scarcity rent. We test if US apparel imports from Hong Kong conform with this competitive model by looking at whether the license-price-inclusive Hong Kong price, adjusted for tariffs and transport costs, is equal to the US price. We deal with the homogeneous product case and correct for both aggregation and quality differences. We find that US importers seem to retain a substantial portion of the quota rents.
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