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Concentrated corporate ownership
Morck, Randall (ed.) - 2000
Persistent link: https://www.econbiz.de/10013480933
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Beyond Competitive Devaluations : The Monetary Dimensions of Comparative Advantage
Bergin, Paul R. - 2019
Motivated by the long-standing debate on the pros and cons of competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country's international competitiveness. We refocus the analysis on the implications of monetary stabilization for a...
Persistent link: https://www.econbiz.de/10012479715
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All Banks Great, Small, and Global : Loan pricing and foreign competition
de Blas, Beatriz - 2010
Can allowing foreign participation in the banking sector increase real output, despite the imperfectly competitive nature of the industry? Using a new model of heterogeneous, imperfectly competitive lenders and a simple search process, we show how endogenous markups (the net interest margin...
Persistent link: https://www.econbiz.de/10012462623
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Internal Capital Markets and the Competition for Corporate Resources
Stein, Jeremy C. - 1995
This paper examines the role of corporate headquarters in allocating scarce resources to competing projects in an internal capital market. Unlike a bank lender, headquarters has control rights that give it both the authority and the incentive to engage in 'winner-picking' -- the practice of...
Persistent link: https://www.econbiz.de/10012473785
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International Competitiveness and Monetary Policy : Strategic Policy and Coordination with a Production Relocation Externality
Bergin, Paul R. - 2013
,' developed in trade theory to analyze the benefits from promoting entry of domestic firms in the manufacturing sector. In a … trade predicted by the theory are present in data and are quantitatively important …
Persistent link: https://www.econbiz.de/10012459306
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International Prices and Endogenous Quality
Feenstra, Robert C. - 2012
The unit values of internationally traded goods are heavily influenced by quality. We model this in an extended monopolistic competition framework where, in addition to choosing price, firms simultaneously choose quality. We allow countries to have non-homothetic demand for quality. The optimal...
Persistent link: https://www.econbiz.de/10012460348
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Globalization of Equity Markets and the Cost of Capital
Stulz, Rene M. - 1999
prediction that globalization decreases the cost of capital, but the documented effects are lower than theory leads us to expect …This paper examines the impact of globalization on the cost of equity capital. We argue that the cost of equity capital … decreases because of globalization for two important reasons. First, the expected return that investors require to invest in …
Persistent link: https://www.econbiz.de/10012471779
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The Global Velocity Curve 1952-1982
Bordo, Michael D. - 1986
This paper provides evidence and an explanation for an empirical regularity in the income velocity of money. Based on a cross country comparison in the post World War II period of 84 countries arrayed from very low to very high per capita income, velocity displays a U shaped pattern. This...
Persistent link: https://www.econbiz.de/10012476996
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A No-Arbitrage Perspective on Global Arbitrage Opportunities
Augustin, Patrick - 2020
We revisit the recent literature on persistent deviations from covered interest parity (CIP) by showing theoretically that CIP violations imply arbitrage opportunities only if uncollateralized interbank lending rates are riskless. In the absence of observable riskless discount rates, we extract...
Persistent link: https://www.econbiz.de/10012481814
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Inflation-Output Tradeoff as Equilibrium Outcome of Globalization
Binyamini, Alon - 2008
The paper provides an integrated analysis of globalization effects on the inflation-output tradeoff and monetary policy … flatten the Phillips curve, the tradeoff between inflation and activity. Second, the same globalization forces lead the …
Persistent link: https://www.econbiz.de/10012464268