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The dynamics of capital structure in transition economies

Nivorozhkin, Eugene - EconWPA - 2003

’ target financial leverage and the speed of adjustment to it in two transition economies, the Czech Republic and Bulgaria. We … explicitly model the adjustment of companies’ leverage to a target leverage, and this target leverage is itself explained by a … under investigation. Bulgarian companies adjusted much faster to the target leverage than Czech firms. The speed of …

Persistent link: https://www.econbiz.de/10005412747

An approach to bank insolvency in transition and emerging economies

Mayes, David G. - EconWPA - 2004

In the light of the inequity of the way losses from bank insolvencies and their avoidance through intervention by the authorities have been distributed over creditors, depositors, owners and the population at large in transition and emerging economies, this paper explores a number of regulatory...

Persistent link: https://www.econbiz.de/10005134654

Collateral-Based Lending in Emerging Markets: Evidence from Thailand

Menkhoff, Lukas; Neuberger, Doris; Suwanaporn, Chodechai - EconWPA - 2005

This paper examines the role and determinants of collateral in emerging markets compared to mature ones. Analyzing a data set of 560 credit files of Thai commercial banks, we find that both the incidence and degree of collateralization are higher there than in developed markets. Thai banks use...

Persistent link: https://www.econbiz.de/10005134744

How should emerging economies manage their foreign exchange reserves?

Gupta, Akash; Agarwal, Rahul - EconWPA - 2004

Asia has emerged as the balancing wheel of global finance. The countries of Asia now account for 70 per cent of global foreign exchange reserves, compared to only 30 percent in 1990 and 21 per cent in the early 1970s. This paper explores theoretical interpretations for the relatively high demand...

Persistent link: https://www.econbiz.de/10005119482

Trade policy, cross-border externalities and lobbies: do linked agreements enforce more cooperative outcomes?

Limão, Nuno - EconWPA - 2002

independent in the government's objective function then linkage -- the ability to use both policies to punish non- compliance in … function (e.g. a tariff on cars and an environmental tax on oil) and if these policies are strategic complements then linkage … promotes more cooperation in both issues (higher environmental standards and lower tariffs) than no-linkage. The policies are …

Persistent link: https://www.econbiz.de/10005124914

Why are Preferential Trade Agreements Regional? Increasing Returns, Multinationals and the Geography of Free Trade Agreements

Ludema, Rodney D. - EconWPA - 1999

This paper uses a model of horizontal multinational enterprises to explore the relationship between transportation costs and trade policy cooperation. Tariffs have the effect of attracting foreign direct investment to the benefit of consumers in the host country. As transport costs fall, the...

Persistent link: https://www.econbiz.de/10005062652

Multinational Enterprises and Foreign Direct Investments

Gürak, H. - EconWPA - 2004

The empirical evidence on the global economic performance since World War II indicates that the gap, in general, in the economic and technological fields between the few so-called Developed Countries (DCs) and the plenty Developing or Less Developed Countries (LDCs) has been continuously...

Persistent link: https://www.econbiz.de/10005556527

Debt-Deflation: Concepts, and a Stylised Model

Peter, Goetz von - EconWPA - 2005

This paper proposes a model of how agents adjust their asset holdings in response to losses in general equilibrium. By emphasising the relation between deflation and financial distress, we capture some original features of the early debt-deflation literature, such as distress selling,...

Persistent link: https://www.econbiz.de/10005126279

Optimal Convergence Trading

KArgin, Vladislav - EconWPA - 2004

This article examines arbitrage investment in a mispriced asset when the mispricing follows the Ornstein-Uhlenbeck process and a credit- constrained investor maximizes a generalization of the Kelly criterion. The optimal differentiable and threshold policies are derived. The optimal...

Persistent link: https://www.econbiz.de/10005134713

The intermingling between cognitive economics and experimental

Novarese, Marco; Rizzello, Salvatore - EconWPA - 2004

methodological issues. Then the attention is focused on the relevance of the experimental method for the analysis of learning and …

Persistent link: https://www.econbiz.de/10005076658

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