The international public good model is an extension of the public good model, allowing for different productivities of producing the public good across countries. By extending the proofs of Bergstrom <italic>et al.</italic> (1986, 1992), which are the seminal studies in the public good literature, this article...

This article proposes pragmatic methods that incorporate recent contributions to public good theory to identify the members of the international club and how they select new members. This article also suggests simple applications to the recent problems in international clubs such as the euro and...

This paper investigates the risk contagion channel of the global financial crisis into Japan using daily data on bond risk premiums for the financial and manufacturing industries from July 18, 2006 to May 25, 2010. We employ a bivariate EGARCH model with the constant exogenous contagion impacts...

Under the International Monetary Fund (IMF)'s recently developed pragmatic response, the amount a member can borrow is not determined by its quota. We consider two pragmatic responses that produce a Pareto improvement, compared with the IMF rule: one mandated by the IMF and the other related to...

This paper analyses how the composition of public expenditure should be adjusted to maximize the economic growth rate in developing countries. We first apply a theoretical framework to empirical data from 50 countries. We then demonstrate how each country should adjust public expenditure for the...

The paper examines whether the form of job-sharing strategy adopted in Nordic countries is theoretically effective. This strategy converts workers approaching the age of retirement to part-timers by giving them partial pensions, which thereby creates job openings for younger unemployed workers....

In a recent year, the conditional expectation for technical inefficiency (i.e., the predictor) in stochastic frontier production models and its confidence interval are proved to be increasing in the individual firm's inefficiency effect, which is defined as the mean of the normal distribution...

This note re-examines the flexible-price monetary approach to the exchange rate between the Korean won and the three key currencies: the US dollar, the German mark and the Japanese yen. The note reports the important findings. First, at least one cointegrating vector exists, which indicates that...