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Argentina: Trying to Make Sense of the Financial Tango
Buchs, Thierry - EconWPA - 2005
solvency trap. From this perspective, the 2001 default does not provide for a new “type” of crisis, although crisis management …
Persistent link: https://www.econbiz.de/10005076729
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External Debt Sustainability: Theory and Empirical Evidence
Arnone, Marco; Bandiera, Luca; Presbitero, Andrea - EconWPA - 2005
This paper is a review of the different approaches on external debt sustainability. The Heavily Indebted Poor Country (HIPC) Initiative was launched to assure a permanent exit from debt dependence. However, the IMF-World Bank program is not without faults, in particular for what concerns debt...
Persistent link: https://www.econbiz.de/10005556649
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CIRCULAR VARIABLE WORK IN PROCESS
Vildosola, Luis - EconWPA - 2002
This work is focused on identifying a circular pull production control system (PPCS) and make emphasis on the presence of a stability attribute. It is an introductory paper to an extended study of macroeconomic financial stability in a physically open but systemic closed system. Previous work...
Persistent link: https://www.econbiz.de/10005126234
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Asset Price Bubbles and Crashes with Near-Zero-Intelligence Traders: Towards an Understanding of Laboratory Findings
Duffy, John; Unver, M. Utku - EconWPA - 2003
We examine whether a simple agent--based model can generate asset price bubbles and crashes of the type observed in a series of laboratory asset market experiments beginning with the work of Smith, Suchanek and Williams (1988). We follow the methodology of Gode and Sunder (1993, 1997) and...
Persistent link: https://www.econbiz.de/10005076911
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Expectations, Bond Yields and Monetary Policy
Chun, Albert Lee - EconWPA - 2005
yield curve, this paper proposes a framework for studying the impact of shifts in market sentiment on interest rates of all … monetary policy actions contain important information for explaining movements in bond yields. Although perceptions about in … capture the dynamics of the yield curve. Macroeconomic forecasts play an important role in explaining time-variation in the …
Persistent link: https://www.econbiz.de/10005076986
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Can Markets Learn to Avoid Bubbles?
Miller, Ross M. - EconWPA - 2002
One of the most striking results in experimental economics is the ease with which market bubbles form in a laboratory setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an earlier series of market experiments that examine how...
Persistent link: https://www.econbiz.de/10005125589
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Risk Aversion, Beliefs, and Prediction Market Equilibrium
Gjerstad, Steven - EconWPA - 2004
Manski [2004] analyzes the relationship between the distribution of traders’ beliefs and the equilibrium price in a prediction market with risk neutral traders. He finds that there can be a substantial difference between the mean belief that an event will occur, and the price of an asset that...
Persistent link: https://www.econbiz.de/10005135086
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Don't Let Your Robots Grow Up To Be Traders: Artificial Intelligence, Human Intelligence, and Asset-Market Bubbles
Miller, Ross M. - EconWPA - 2003
Researchers who have examined markets populated by "robot traders" have claimed that the high level of allocative efficiency observed in experimental markets is driven largely by the "intelligence" implicit in the rules of the market. Furthermore, they view the ability of agents (artificial or...
Persistent link: https://www.econbiz.de/10005408215
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Asymmetric Information in a Competitive Market Game: Reexamining the Implications of Rational Expectations
Jackson, Matthew O.; Peck, James - EconWPA - 1997
We examine price formation in a simple static model with asymmetric information, an infinite number of risk neutral traders and no noise traders. Here we re-examine four results associated with rational expectations models relating to the existence of fully revealing equilibrium prices, the...
Persistent link: https://www.econbiz.de/10005413256
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A Unified Approach to Credit Crunches, Financial Instability, and Banking Crises
Peter, Goetz von - EconWPA - 2003
We link banking and asset prices in a simple monetary macroeconomic model. Our main innovation is to consider how wide-spread … default affects the banking system. We find that the interaction of credit, asset prices, and loan losses explains a complete … deteriorate, an asset price decline causes default among leveraged firms, and banks suffer loan losses. Their size determines …
Persistent link: https://www.econbiz.de/10005412610