Showing 1 - 10 of 345
Drawing on original surveys of agricultural traders, the authors examine how traders operate in two Sub-Saharan African countries, Benin and Malawi. They find the following: The largest transaction costs for traders are search and transport. Search methods rely principally on personal visits by...
Persistent link: https://www.econbiz.de/10005079753
A cornerstone of the auction literature is the theory of"optimal auctions."'This theory uses mechanism design techniques to characterize, in general settings, the auction that maximizes the seller's expected revenues. One feature of the solution is that typically there is a conflict between the...
Persistent link: https://www.econbiz.de/10005030505
Anderson and Martin provide simple, robust rules for evaluating public spending in distorted economies. Their analysis integrates, within a clean unified framework, previous treatments of project evaluation as special cases. In this paper, the authors use a general system of fiscal accounting...
Persistent link: https://www.econbiz.de/10005129327
The authors analyze the tax system in China, where reforms designed to move the economic system toward a market economy have been occurring for more than a decade. The authors characterize the comprehensive changes in the tax system that could be undertaken in the presence of system-wide reform,...
Persistent link: https://www.econbiz.de/10005116496
If equity markets are financially integrated, the price of risk should be the same across markets. If the markets are not financially integrated - possibly because of barriers to capital flows across markets - the price of risk may differ across markets. The author investigates one measure of...
Persistent link: https://www.econbiz.de/10005079465
The authors theoretically analyze country funds, focusing on emerging economies in which capital markets are not readily accessible to outside investors. They study country-fund pricing and the associated policy implications under alternative variations on segmentation of international markets....
Persistent link: https://www.econbiz.de/10005129140
Cross-sectional tests of asset returns have a long tradition in finance. The often-used capital asset pricing model (CAPM) and the arbitrage pricing theory both imply cross-sectional relationships between individual asset returns and other factors, and tests of those models have done much to...
Persistent link: https://www.econbiz.de/10005129417
The authors study the determinants of the growing migration of stock market activity to international financial centers. They use a sample of 77 countries and document that higher economic growth and more macroeconomic stability help stock market development. Countries with higher income per...
Persistent link: https://www.econbiz.de/10005141419
The Argentine crisis witnessed, among other things, a deposit run, the suspension of deposit convertibility, and a"boom"in the stock market. The authors argue that this boom reflects the cost that depositors were willing to incur to get their money out of the banking system, in light of the...
Persistent link: https://www.econbiz.de/10005030382
Equity flows to developing countries climbed to an estimated $13 billion in 1992, four times the amount invested three years earlier. Investment increased partly because countries removed restrictions on foreign ownership, liberalized capital account transactions, and generally made foreign...
Persistent link: https://www.econbiz.de/10005116388