Global Corporate Intelligence: Opportunities, Technologies, and Threats in the 1990s

By George S. Roukis; Hugh Conway et al. | Go to book overview
and Kochin 1984; Barro 1986) who argue that short-term rates would decline at the outbreak of war because of declines in future consumption.
14.
To simplify our analysis, we assume a taxation scheme that preserves the incentives of short-term investors to undertake second-period investment projects.
15.
In a system in which liabilities consist of accounting entries, this would amount to a capability of electronic invasion of the bookkeeping system. Moreover, adding a cost of counterfeiting would require withdrawals from the banking system in the second period to supply the government with resources to undertake counterfeiting. We ignore this complexity here.
16.
If either country were to anticipate the outbreak of the war in period 1, defensive measures would be taken to insulate the economy against financial attacks. In this section we abstract from these defensive measures and study the effects of financial warfare on an unprotected economy. In the next-to-last section of this chapter, we consider defensive financial warfare designed to immunize a nation from the effects of a financial attack.
17.
We might assume that banks immune to further attack reemerge in period 3 or that governments nationalize the capital markets, using centralized decision making to protect the war mobilization from further financial attack.
18.
A financial attack can be severe enough to preclude the future production of war goods. To see this, recall from our discussion of peacetime versus wartime periods that there exists a threshold endowment level below which no war occurs in the Nash equilibrium. If the financial attack drives an enemy's resources below this threshold level, zero war expenditure emerges as the equilibrium outcome.

REFERENCES

Backman J., ed. 1952. War and Defense Economics. New York: Rinehart and Co.

Barro Robert J. August 1986. "Government Spending, Interest Rates, Prices, and Budget Deficits in the United Kingdom, 1701-1918." Cambridge: National Bureau of Economic Research. Working Paper 2005.

Benjamin Daniel, and Levis Kochin. 1984. "War, Prices, and Interest Rates: A Martial Solution to Gibson's Paradox." In A Retrospective on the Classical Gold Standard, 1821-1931, ed. Michael D. Bordo and Anna J. Schwartz. Chicago: University of Chicago Press.

Brown University Economists. 1942. Introduction to War Economics. Chicago: Richard D. Irwin.

Chandler Lester V., and David H. Wallace. 1951. Economic Mobilization and Stabilization. New York: Henry Holt and Co.

Diamond Douglas, and Phillips Dybvig. 1983. "Bank Runs, Deposit Insurance, and Liquidity." Journal of Political Economy 91, no. 3: 401-19.

Hall Robert E. 1989. "Consumption." In Modern Business Cycle Theory, ed. Robert J. Barro . Cambridge: Harvard University Press.

Hammond Bray. 1970. Sovereignty and an Empty Purse. Princeton, N.J.: Princeton University Press.

Harris Seymour. 1930. The Assignats. Cambridge: Harvard University Press.

Laughlin W. Laurence. 1918. Credit of the Nations. New York: C. Scribner's Sons.

Lucas Robert, and Nancy Stokey. July 1983. "Optimal Fiscal and Monetary Policy in an Economy without Capital." Journal of Monetary Economics.

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