one of the most controversial aspects of financial markets is capital market liberalization of course not so liberalization under the rules of governmental severities. based on financial theories there are a number of reasons , that capital flows openness should lead to increases in economic growth. on the other hand most economists believe that the cost of openness outweigh the benefits , such...

• This counterintuitive finding reflects two key characteristics about energy markets: the worldwide increase in renewable energy sources whose output is intermittent and variable; and greater market liberalization, which has made the spot pricing of electricity more volatile. The intermittency of renewable energy sources requires backup generation, typically from generators using fossil fuels....

This paper examines how trade liberalization affects the innovation incentives of firms, and what this implies for industry productivity and social welfare. For this purpose we develop a reciprocal dumping model of international trade with heterogeneous firms and endogenous R&D. We identify two effects of trade liberalization on productivity: a direct effect through changes in R&D investment, a...

The 1990s was the decade of privatization and deregulation. Although the strategy was largely pioneered in the mature Western economies, the notion that liberalization could improve economic efficiency and at the same time generate income streams that could alleviate fiscal imbalances was rapidly extended to developing countries. Private sector investors would pay to acquire publicly owned asse...

This paper investigates the implications for international markets of the existence of retailers/wholesalers with market power. Two main results are shown. First, in the presence of buyer power trade liberalization may lead to retail market concentration. Due to this concentration retail prices may be higher and welfare may be lower in free trade than in autarky, thus reversing the standard e¤e...

JULY/AUGUST 2003 75 Bekaert, Harvey, and Lundblad (BHL) are to be congratulated for producing another paper on equity market liberalizations in emerging markets, and it is a pleasure to discuss their work. Yet, there are three reasons why I may not be an impartial discussant: (i) Having devoted most of my fledgling career to the study of capital account liberalization in emerging markets, I am ...

The Korean insurance industry is pursuing liberalization, breaking away from the former protective measures against foreign competition. Especially in the reinsurance market, which has been more international in nature, gradual liberalization has already been progressed since 1984. The restriction on the level of retention limit per risk and the requirement that Korean direct insurers must cede...

We analyze the impact of trade liberalization and removal of the federal tax credit in the United States on ethanol markets using a multimarket international ethanol model. We find that U.S. trade barriers have been effective in protecting the ethanol industry. Under current policy, there is separability of the U.S. ethanol market from world markets. With trade liberalization, the ethanol marke...

We develop a three-country version of the Helpman, Melitz and Yeaple (2004) model with firm heterogeneity, industry heterogeneity and country heterogeneity to study firms’ foreign market entry strategies. We show that (i) for any single host country, the export-FDI cutoff is higher in more skill-intensive industries than in less skillintensive industries; and (ii) for any single industry, the c...