The paper discusses exchange rate overshooting in connection with foreign exchange intervention.

The paper gives a systematic treatment of equivalent tax systems within an intertemporal framework.

This paper considers the causal relationship between economic and financial development, making some allowance for financial liberalization. The measures of financial development (and variants thereof) advocated in the literature are utilized, supplemented by some simple quantitative mesures.

Pattanaik and Peleg showed that the power structure under a probabilistic voting procedure which satisfies regularity, ex-post Pareto optimally and independance of irrelevant alternatives is almost completely characterized by random dictatorship. Their characterization is not complete because it...

This paper considers the link between financial and economic development. It does so by using cointegration and ECM modelling. The test procedures used to suggest that the structure of the relationships between those two forms of development did not differ over the pre- and post- liberalisation...

Though anecdotal evidence suggests that retail price inflation increased temporarily in January 2002 when Euro notes and coins were introduced, the evidence from official statistics largely refutes this. We test for the presence of a sudden temporary increase in inflation for Euro-changeover...

This paper examines how United States' multinational enterprises (MNEs) spread their foreign activities among concurrent destinations. An econometric estimation of the share gravity model is presented to show that, unlike previous applications of the gravity model to the study of foreign direct...

This paper considers the distribution of coalitional influence under probabilistic social choice correspondences, which are randomized social choice rules that map each combination of a preference profile and a feasible subset of the universal set to a social choice lottery over the subsets of...

The endogeneity of equilibrium strategies makes modelling uncertainty about the behaviour of other economic players difficult. Recent developments in decision and game theory offer an opportunity to include strategic uncertainty as an explanatory variable in economic analysis. This paper...

This paper evaluates the predictive powerof the term structure of short-temr interest rates in the Tokyo money market. The econometrics show tha the information contained in yield spreads affects the average short-term interest rates up to only three months at best. In addition, few 'settlement...