In this paper, we consider political competition games of two parties in multi-dimensional policy spaces, where the two parties have two factions, opportunists and militants, that intra-party bargain with each other. In such a game, we adopt the party-unanimity Nash equilibrium (PUNE) [Roemer (1998;...

Workers' remittances are an important source of external finance for many former Soviet countries. Nevertheless, the determinants of remittances are only rarely analyzed. Using panel-data estimation techniques the study comes to the following major results: Remittances are highly persistent....

By allowing for the possibility that individuals recognize the intrinsic value of choice along with the instrumental value thereof, we suppose that individuals express extended preference orderings of the following type: Choosing an outcome x from an opportunity set A is better than choosing an...

In this paper, first the cross-sectional bond pricing model for individual bonds Kariya (1993) proposed by formulating stochastic discount function (term structure) is applied to Japanese T-bond data and it is observed that the model performs very well as it stands. Second, we generalize the...

This paper empirically investigates the determinants of capital controls and their effects on trade balance during the period of capital market liberalization in Japan. As is well known, the capiral market in Japan was gradually liberalized in the 1970s. By paying the special attention to the...

Using Japanese firm data in the machinery industry over 1987 through 1996, we found that the ratio of bank loan to debt is negatively related to R&D expenditure, profitability and size. We also found that the close relationship with the main bank, measured by its loan share and the transfer of...