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Foreign Exchange exposure, corporate financial policies and the exchange rate regime: Evidence from Brazil

Junior, Jose Luiz Rossi - Econometric Society - 2004

/or reducing their hedging activities. According to this hypothesis, floating regimes would help to reduce countriesâ … hedging activities are able to mitigate the negative exposure that comes from the impact of the fluctuations of the exchange … also hedge a larger proportion of their foreign currency denominated debt. Following the optimal hedging literature, I find …

Persistent link: https://www.econbiz.de/10005699641

International capital flows and transmission of financial crises

Goenka, Aditya; Boschi, Melisso - Econometric Society - 2004

This paper proposes a model encompassing alternative views of contagion by highlighting the different channels of transmission of financial crises in an unifying framework. We study investor behaviour when they are affected by external habit formation. It is shown how international portfolio...

Persistent link: https://www.econbiz.de/10005702724

Slow recoveries

Bergoeing, Raphael; Loayza; Norman; Repetto - Econometric Society - 2004

Economies respond differently to aggregate shocks that reduce output. While some countries rapidly recover their pre-crisis trend, others stagnate. Recent studies provide empirical support for a connection between aggregate growth and plant dynamics through their effect on productivity: the...

Persistent link: https://www.econbiz.de/10005328883

Imposing Curvature and Monotonicity on Flexible Functional Forms: An Efficient Regional Approach

Wolff, Hendrik; Heckelei, Thomas; Mittelhammer, Ron C. - Econometric Society - 2004

Abstract In many areas of economic analysis, economic theory restricts the shape as well as other characteristics of functions used to represent economic constructs. Obvious examples are the monotonicity and curvature conditions that apply to utility, profit, and cost functions. Commonly, these...

Persistent link: https://www.econbiz.de/10005342199

Does the Use of Imported Intermediates Increase Productivity? Plant-Level Evidence

Rodrigue, Joel; Kasahara, Hiroyuki - Econometric Society - 2004

This paper examines whether importing intermediate goods improves plant performance. While addressing the issue of simultaneity of a productivity shock and decisions to import intermediates, we estimate the impact of the use of foreign intermediates on plants' productivity using plant-level...

Persistent link: https://www.econbiz.de/10005342262

Price Discrimination in the Steel Market

Rust, John; Chan, Hui Man; Hall, George - Econometric Society - 2004

This paper estimates a dynamic model of price discrimination and inventory investment under incomplete information. The model is motivated from an empirical analysis of operations of daily observations on inventories, sales, and purchases of over 2,300 individual products by a U.S. steel...

Persistent link: https://www.econbiz.de/10005130185

Delegated Contracting and Corporate Hierarchies

Park, In-Uck; Choe, Chongwoo - Econometric Society - 2004

In a typical corporate hierarchy, the manager is delegated the authority to make decisions that set directions for the organization, employ subordinates and contract with external suppliers. This paper explains when such delegation of authority can be optimal, using a model of a firm with three...

Persistent link: https://www.econbiz.de/10005063551

Comparative Statics with Concave and Supermodular Functions

Quah, John K.-H. - Econometric Society - 2004

Certain problems in comparative statics, including (but not exclusively) certain problems in consumer theory, cannot be easily addressed by the methods of lattice programming. One reason for this is that there is no order on the choice space which orders choices in a way which conforms with the...

Persistent link: https://www.econbiz.de/10005063726

Product Market Competition and Productive Managerial Effort

Cho, Sungbin - Econometric Society - 2004

This paper analyzes a mechanism through which product market competition affects allocation of the managerial efforts. There are two types of firms, incumbents and entrants. Each incumbent firm delegates its control to a manager and cannot observe the manager's effort. The managers of incumbent...

Persistent link: https://www.econbiz.de/10005063759

How Does the Monetary Model of Exchange Rate Determination Look When It Really Works?

Garces-Diaz, Daniel - Econometric Society - 2004

This paper shows that the Mexican experience from 1945 to 2002 is, like the German hyperinflation period, a unique monetary ``natural experiment,'' where fundamental relationships, like money demand, PPP and the monetary model of exchange rate determination can be analyzed with unparalleled...

Persistent link: https://www.econbiz.de/10005328935