This paper tests the existence of a risk premium in the one-month and three-month forward exchange markets.

The purpose of this paper is twofold: to identify the origin of actual Japanese crisis and the underlying conditions which conducted Japan into the recession; to examine why all economic stimulus Japanese government proposes fail to stop the decline of Japanese economy.

In this paper, we develop alternative models to price derivative securities when the underlying asset may be subject to jumps. These models allow for two kinds of jumps: scheduled jumps which are caused by information for which the disclosure data is known in advance (e.g. earnings...

Bhagwati and Brecher (1980) showed that when the relative amount of foreign-owned factors in the host country is sufficiently large as to induce a change in the direction of the trade pattern, immiserising tariff reductions may occur. Here it is shown that in the mirror case when foreign-owned...