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The International Financial Integration of China and India
Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006
Three main features characterize the international financial integration of China and India. First, while only having a … “short equity, long debt.” Third, China and India have improved their net external positions over the last decade although …. Changes in these factors will affect the international financial integration of China and India (through shifts in capital …
Persistent link: https://www.econbiz.de/10005662395
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One Third of the World's Growth and Inequality
Quah, Danny - C.E.P.R. Discussion Papers - 2002
This Paper studies growth and inequality in China and India – two economies that account for a third of the world … countries. For personal income inequalities in a China-India universe, the forces assuming first-order importance are …
Persistent link: https://www.econbiz.de/10005498030
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The Territorial Dynamics Of Innovation In China And India
Crescenzi, Riccardo; Rodriguez-Pose, Andres; Storper, … - C.E.P.R. Discussion Papers - 2012
This paper analyses the geography of innovation in China and India. Using a tailor-made panel database for regions in …. Innovative areas in China, rather than generate knowledge spillovers, seem to produce strong backwash effects. In India, by … between the provinces and states within both countries are quite different. In China, the concentration of innovation is …
Persistent link: https://www.econbiz.de/10011083752
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Nonlinear Aspects of Goods-Market Arbitrage and Adjustment: Heckscher's Commodity Points Revisited
Obstfeld, Maurice; Taylor, Alan M. - C.E.P.R. Discussion Papers - 1997
We propose that analysis of purchasing power parity (PPP) and the law of one price (LOOP) should explicitly take into account the possibility of ‘commodity points’ – thresholds delineating a region of no central tendency among relative prices, possibly due to lack of perfect arbitrage in...
Persistent link: https://www.econbiz.de/10005662194
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The Impact of ISO 9000 Diffusion on Trade and FDI: A New Institutional Analysis
Clougherty, Joseph A.; Grajek, Michal - C.E.P.R. Discussion Papers - 2006
The effects of ISO 9000 diffusion on trade and FDI have gone understudied. We employ panel data reported by OECD nations over the 1995-2002 period to estimate the impact of ISO adoptions on country-pair economic relations. We find ISO diffusion to have no effect in developed nations, but to...
Persistent link: https://www.econbiz.de/10005662290
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Voting on the Adoption of a Common Currency
Casella, Alessandra - C.E.P.R. Discussion Papers - 1991
Two countries adopting a common currency share the same monetary policy and save on transaction costs. This paper studies the impact of these two factors on the composition of markets. The establishment of a monetary union alters the boundaries between domestic and international markets and...
Persistent link: https://www.econbiz.de/10005666990
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Dynamic Trading with Predictable Returns and Transaction Costs
Garleanu, Nicolae Bogdan; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2009
This paper derives in closed form the optimal dynamic portfolio policy when trading is costly and security returns are predictable by signals with different mean-reversion speeds. The optimal updated portfolio is a linear combination of the existing portfolio, the optimal portfolio absent...
Persistent link: https://www.econbiz.de/10004964419
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Asset Pricing with Liquidity Risk
Acharya, Viral V; Pedersen, Lasse Heje - C.E.P.R. Discussion Papers - 2004
This Paper solves explicitly a simple equilibrium asset pricing model with liquidity risk – the risk arising from unpredictable changes in liquidity over time. In our liquidity-adjusted capital asset pricing model, a security’s required return depends on its expected liquidity as well as on...
Persistent link: https://www.econbiz.de/10005791242
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Idiosyncratic Investments, Outside Opportunities and the Boundaries of the Firm
Kerschbamer, Rudolf; Maderner, Nina; Tournas, Yanni - C.E.P.R. Discussion Papers - 2000
This paper adopts the incomplete contracting perspective to study a firm’s continuous choice between producing an essential input in-house (full integration), contracting part of the production out (tapered integration), and contracting all of the production out (non-integration), when (i) an...
Persistent link: https://www.econbiz.de/10005792167
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Financial Integration and Asset Returns
Martin, Philippe; Rey, Hélène - C.E.P.R. Discussion Papers - 1999
The paper investigates the impact of financial integration on asset return, risk diversification and breadth of financial markets. We analyse a three-country macroeconomic model in which i) the number of financial assets is endogenous; ii) assets are imperfect substitutes; iii) cross-border...
Persistent link: https://www.econbiz.de/10005792515