Firstly, this paper shows that before M&A the foreign firms value the facility and scale economy in target firms which have greater capital stock and sales in the host country. Secondly, out-in M&A firms acquired by foreign firms saw an improvement in their business efficiency after the...

This paper is consideration of strategic aspects of national saving policies in a game theory setting. In pure exchange economy involving two countries, each government chooses a future time path of the national consumption-wealth ratio in order to maximize its citizens' utility. When private...

Characteristics of business cycles are quite different across developed countries. As Gordon (1982) pointed out, in the United States real wages and the adjustment of working hours are less flexible than in Britain and Japan. Using a business cycle model with a microeconomic foundation, this...

This paper attempts to integrate the theory of trade with that of capital movements, and to study the two country world where each nation has a different rate of time preference. It resolves the indeterminacy problem intrinsic in the Heckscher-Ohlin model where trade and factor movements coexist...

This paper provides the first estimate of consumption purchasing power parity (PPP) converters for 1934-36 Japan, Korea and Taiwan by matching prices of more than 50 types of goods and services with consumption weights derived from household expenditure surveys. We find that the 1934-6 average...

Characteristics of business cycles are quite different across developed countries. As Gordon (1982) pointed out, in the United States real wages and the adjustment of working hours are less flexible than in Britain and Japan. Using a business cycle model with microeconomic foundation, this paper...