منابع مشابه
Optimal Tariffs, Tariff Jumping, and Heterogeneous Firms∗
The majority of research to date investigating strategic tariffs in the presence of multinationals finds a knife-edge result where, in equilibrium, all foreign firms are either multinationals or exporters. Utilizing a model of heterogeneous firms, we find equilibria in which both pure exporters and multinationals coexist. We utilize this model to study the case of endogenously chosen tariffs. A...
متن کاملFinancial Contracting and the Specialization of Assets∗
We analyze the nature of financial contracting when an entrepreneur can choose the specificity of investments and financial contracts are incomplete. Investing in projectspecific assets increases productivity but decreases liquidation value. This creates a strategic incentive to specialize assets to decrease the bargaining power of the financier when debt financing is used. By contrast, equity ...
متن کاملAge Distributions and Returns of Financial Assets
This paper explores the relationship between age distribution and asset returns impled by an overlapping-generations asset pricing model. The model predicts that as more individuals reach the age when the increment to their wealth reaches its maximum, asset returns fall. Cross-sectional evidence from the Survey of Financial Characteristics of Consumers and the Surveys of Consumer Finances indic...
متن کاملFinancial regulation and australian Dollar Liquid assets
Liquid assets play an important role in the financial system. They are generally defined as financial assets, such as cash and government securities, that can be readily used to fund payments, even in stressed market conditions. These assets are central to liquidity and credit risk management in financial markets. They are commonly used as collateral to obtain short-term funding and manage coun...
متن کاملAre financial assets priced locally or globally?
We review the international finance literature to assess the extent to which international factors affect financial asset demands and prices. International asset pricing models with mean-variance investors predict that an asset’s risk premium depends on its covariance with the world market portfolio and, possibly, with exchange rate changes. The existing empirical evidence shows that a country’...
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ژورنال
عنوان ژورنال: Japan and the World Economy
سال: 1988
ISSN: 0922-1425
DOI: 10.1016/0922-1425(88)90007-2