International capital markets and central bank sovereignty
Article Abstract:
Jason Saving and Thomas Saving ask whether governments become less able to tax money holding if mobility increases across world financial markets. Currency substitution is one way of explaining a drop in inflation in the decade to 1998. The Savings have sought to develop a theory to explain falls in inflation, but they have faced problems such as the lack of understanding of demand for money, and currency substitution, in economic theory as a whole. The issues are important in relation to European Union policy, and there is a need for further research on this issue.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1998
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Universal banking 'American style.' (comment on paper by Charles Calomiris)
Article Abstract:
There are a number of changes affecting the banking industry such as deregulation, and a move to client niches from product niches. Banks aim to provide a range of services for clients, such as portfolio management and loans. Information externalities arise from relationships with clients. It is not clear whether economies of scope are involved to the extent that Calomiris believes. Voluntary self-restraint may not tackle all abuse, though much of what Calomiris argues about banking regulation is valid.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1998
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Price rigidity and asymmetric price adjustment in a repeated oligopoly
Article Abstract:
Microeconomic research indicates that companies within a highly competitive duopoly work together on pricing strategies, setting fixed prices and asymmetric price adjustment trends. A mathematical model used to describe pricing theory is illustrated and described. Menu costs are not available.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1998
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