Showing 1 - 10 of 250
This paper considers the role of foreign investors in developed-country equity markets. It presents a quantitative model of trading that is built around two new assumptions: (i) both the foreign and domestic investor populations contain investors of different sophistication, and (ii) investor...
Persistent link: https://www.econbiz.de/10009636533
When people share risk in financial markets, intermediaries provide costly enforcement for most trades and, hence, are … an integral part of financial marketsu0092 organization. We assess the degree of risk sharing that can be achieved … allow for optimal risk sharing as long as markets are complete, default is prevented in equilibrium and intermediaries …
Persistent link: https://www.econbiz.de/10009636542
Persistent link: https://www.econbiz.de/10010335233
Persistent link: https://www.econbiz.de/10011287842
Persistent link: https://www.econbiz.de/10011412740
Persistent link: https://www.econbiz.de/10011412741
Persistent link: https://www.econbiz.de/10011412744
This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller...
Persistent link: https://www.econbiz.de/10009636535
This paper presents new evidence on the social returns to education within a macroeconomic growth regression framework. I use improved schooling data and a macro version of the Mincer relationship between education and wages for individual workers. The results suggest that an increase by one...
Persistent link: https://www.econbiz.de/10009640173