Showing 241 - 250 of 342
This paper proposes to balance considerations from welfarism and virtue ethics for normative analysis of economic models with endogenous preferences. Our framework introduces two concepts that are useful in evaluating alternative social states. First, we introduce the moral evaluation function...
Persistent link: https://www.econbiz.de/10010819393
We cross-sectionally estimate the income elasticity of money demand using Japanese prefectural deposit statistics and Japanese prefectural accounts statistics from fiscal 1955 to 2009 based on the structural model of Fujiki and Mulligan (1996a). In doing so, we update the results of Fujiki and...
Persistent link: https://www.econbiz.de/10010819394
Fujiki (2003, 2006) extended the Freeman (1996) model to a two- country model, demonstrating that elastic money supplies in foreign exchange markets and the domestic credit market yield efficiency gains in monetary equilibrium, and that several institutional designs equally achieve the desired...
Persistent link: https://www.econbiz.de/10010819395
Banking systems have rapidly grown to a point where for many countries bank assets amount to multiples of GDP. As a consequence, governmentfs capacity to provide stability-enhancing fiscal guarantees against systemic crises can no longer be taken for granted. As regulation of dynamic financial...
Persistent link: https://www.econbiz.de/10010819396
This paper examines the ways of providing information that will enhance the valuation role of accounting while not creating significant problems for its contracting role. Until the global financial crisis beginning in 2008, the accounting standards setters have gradually expanded the scope of...
Persistent link: https://www.econbiz.de/10010819397
We develop a two-sector growth model with financial frictions to examine the effects of a decline in the working population ratio and change in the structure of household demand on sectoral TFP and structural change. Our findings are twofold. First, with financial frictions, a decline in labor...
Persistent link: https://www.econbiz.de/10010819398
A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. In the wake of the Great Recession, however, there has...
Persistent link: https://www.econbiz.de/10010819399
Past government spending in Japan is currently imposing a significant fiscal burden that is reflected in a net debt to output ratio near 150 percent. In addition, the aging of Japanese society implies that public expenditures and transfers payments relative to output are projected to continue to...
Persistent link: https://www.econbiz.de/10010819400
In the wake of the gGreat Recessionh of 2007-09, recent studies have emphasized the importance of the ginternational finance multiplier (IFM)h mechanism for inter- national business cycles, using calibrated two-country models. This paper develops and estimates a two- country model with the IFM...
Persistent link: https://www.econbiz.de/10010726940
Traditional finance theory generally assumes a frictionless market, in which a risk premium is described only by price volatility. In reality, however, the risk premium is influenced by a range of factors including the market microstructure. This paper constructs a novel no- arbitrage and...
Persistent link: https://www.econbiz.de/10010775189