Generational accounting in open economies

Article Abstract:

A study aimed at analyzing the international and intergenerational consequences of fiscal policy calibrated Weil's model and employed data on US and Japanese government debt. Given a hypothesis that debt/GDP ratios are constant at current levels, the model indicates that world real interest rate grows by lesser than two basis points, the US runs small but persistent external deficits and the present generations in the US undergo a slight growth in wealth, while the coming generations, at home and abroad, experience decreases. The wealth effects are mostly intergenerational.

Public Finance Activities, Fiscal Policy

---

Borrowing constraints and asset market dynamics: evidence from the Pacific Basin

Article Abstract:

Land price data from Japan, Korea, and Hong Kong were studied using a linearized, stochastic version of the credit cycle model developed by Kiyotaki and Moore. The results showed that the economy's initial response to shocks was highlighted by borrowing constraints. Estimates of the persistence of land price fluctuations were used as the basis of inferences about the efficiency costs of borrowing constraints. The model showed that the prolonged response of the economy to shocks were brought about by leverage effects.

Econometrics & Model Building, Models, Economic aspects, Stochastic analysis, Econometrics, Asia, Leverage (Finance), Leverage, Business models

---

Comovements among national stock markets

Article Abstract:

A hypothesis on international stock market integration presupposes that greater equity market integration results in greater correlation among national stock markets. This assumption was analyzed using the methodology developed by Hansen and Jagannathan in a 1991 study. Results indicated that the hypothesis is acceptable. Using stock return data from the US, Japan and the UK, it was found that the volatility of the discount rate determines the extent of international stock market integration.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, United Kingdom, Analysis, Japan, Stock-exchange, Stock exchanges, Exchanges, Securities

Similar abstracts:

• Abstracts: Intergenerational transfers, borrowing constraints, and saving behavior: evidence from the housing market. Residential construction: using the urban growth model to estimate housing supply
• Abstracts: International public sector accounting standards. Chances in accounting standards for capital assets can help preserve the infrastructure
• Abstracts: Price discrimination in shopping center leases. Gains from corporate headquarters relocations: evidence from the stock market
• Abstracts: Optimal tax rates and tax design during systemic reform. Energy tax credits and residential conservation investment: evidence from panel data
• Abstracts: Auditing claims in the insurance market with fraud: the credibility issue. Creating countervailing incentives through the choice of instruments

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.