Dense exchange economies cardinal characteristic is that each trader has infinitely many traders close to him or her in terms of initial allocations of goods and preference orderings. For such economies, a qualitative concept of “core” is formulated, and it is shown that a natural, qualitatively defined subset of the core coincides with the quantitative concept of “competitive equilibria.” The ...

Following the seminal work of Hurwicz (1972), the manipulability and efficiency of allocation mechanisms in pure exchange economies have been studied intensively. Zhou (1991) established that any Pareto-efficient and strategy-proof allocation mechanism is dictatorial in exchange economies with two agents having classical (i.e., continuous, strictly monotonic, and strictly convex) preferences. T...

Article history: Received 18 September 2014 Received in revised form 24 September 2014 Accepted 15 October 2014 Available online 20 October 2014 This paper investigates product-specific scale economies of banks with respect to off-balance sheet operations. The cost benefits from the non-separability of outputs available to banks that imply the role of OBS activities on bank scale economies are ...

This paper investigates the existence and extent of economies of scale in depository and settlement systems. Evidence from 16 settlement institutions across different regions for the years 1993–2000 indicates the existence of significant economies of scale. The degree of such economies, however, differs by size of settlement institution and region. While smaller settlement service providers rev...

This article proposes an institutional analysis of modern capitalist economies. It argues that the institutional dimension is crucial if one wants to account for the coexistence of different types of modern developed economies, characterised by substantially different institutional structures. It explains why no generalised pattern of convergence towards the same economic model should be expect...

A structural contingency theory of IS/IT functional structure is presented which relates IS/IT functional structure to IS/IT performance contingent both on the types of economy the organization expects from the IS/IT function and the volatility of the competitive environment. Three types of economies are articulated which impact the appropriateness of the IS/IT functional structure profile: eco...

This paper conducts empirical investigation on the relationship between exchange rate and inflation targeting regime in the three developed and three emerging Asian economies that have adopted inflation targeting (IT) regime. Using a multivariate GARCH model under BEKK specification, we investigate if exchange rate affect the performance of IT and the performance of IT is compared between Asian...

tional transmission mechanism in the context of a two-country general equilibrium model. I incorporate realistic frictions with respect to the external financing of investment, and I calibrate these frictions to reflect important differences in lending institutions between developed and developing economies. To overcome these frictions, the paper focuses, in particular, on the role of leverage ...

This paper provides a framework for establishing the determinacy of equilibria in general equilibrium models with in nitely many commodities and a nite number of consumers and producers. The paper de nes a notion of regular economy for such models and gives su cient conditions on the excess savings equations characterizing equilibria under which regular economies have a nite number of equilibri...

Non-linear, stochastic, thermodynamic, agent based or network modelling are powerful tools brought from other fields into economics. Applied in almost every sub-field of economics, these tools had however substantial success only in the analysis of financial markets. We suggest that the reason for this is less the insufficiency of these technical tools but rather the incapacity of mainstream ec...