This paper examines the regulatory authority’s decision, following a report from the legal firm, on monitoring commercial piracy in a market characterised by asymmetric product differentiation. I show that with ex-post monitoring the government will monitor piracy under both price and quantity...

Background: Efforts to improve understanding of drug policy are hindered by the unavailability of adequate data. Price data present a promising way of monitoring the workings of drug markets. The pricing of illicit drugs is complicated by several issues, especially, quantity considerations,...

This paper reviews the history of the development of the Chinese stock market, analyses the market scale and structure, and sheds light on the prospects of the market. The development of the stock market can be classified into four stages, namely, the early stage of stock market development...

In this paper, the impact of interest-rate smoothing under Taylor-type rules in the context of a two-sector small open economy is considered. The normative question of whether interest-rate smoothing as a policy response is beneficial for household welfare over the business cycle of the small...

This paper examines the relation between trading volume and stock returns for two Chinese A-share markets and ten individual stocks in the energy sector. We also investigate the effects of exogenous government policies on the relation between trading volume and stock return. Using daily data...

Optimal monetary policy design in the context of a small open economy is studied in this paper. The monetary-policy design problem for the small open economy need not be isomorphic to the closed-economy problem. In this paper, the existence of endogenous deviations from the law of one price...

We argue that the workings of world metal markets can be characterised by three facts: Fact One: Global determinants of prices do not dominate market-specific ones. Fact Two (in its simplest form): The relative price of a metal is inversely proportional to its relative volume of production. If,...

There has been a resurgence of interest in the effect of stock price changes on the real economy in the wake of the long stock market boom of the 1990s and the subsequent correction starting in 2000. One of the primary variables linking the stock market and output is consumption expenditure,...

This paper investigates the impact of an expansion in agricultural processing on the Western Australian economy by modifying and applying a Computable General Equilibrium (CGE) economic model of Western Australia (called WAM). WAM was used to simulate the effects of a $1 million expansion in...