Finance and Competitiveness in Developing Countries

By José María Fanelli; Rohinton Medhora | Go to book overview

Notes
1
See, for example, Markowitz (1952), Debreu (1959), Sharpe (1964), Lintner (1965), Mossin (1966) and Arrow (1971).
2
The empirical evidence here is quite strong. See, for example, Hodrick and Srivastava (1987), Cumby and Obstfeld (1981, 1984), Hsieh (1984), Dooley and Shafer (1983), Hansen and Hodrick (1980, 1983), Bilson (1981) and Frankel (1980).
3
For a more rigorous discussion of the Newbery-Stiglitz framework in this context, see de Grauwe (1988) and Coes (1981).
4
For more on measuring capacity utilization, see Lim (1976), Artus (1977) and Christiano (1981).
5
Cuddy and Della Valle (1978) proposed a measure to de-trend time series data, which was subsequently refined by Duggan (1970). On this matter, see also Della Valle (1979) and Brown (1979). The method essentially involves 'correcting' the conventional coefficient of variation by a factor reflecting the goodness of fit of past observations to a time trend. Tsui (1987) shows that Duggan's measure of variability will always be less than the conventional coefficient of variation.
6
See, for example, Kenen (1979), Gupta (1980), Brodsky et al. (1981), Helleiner (1981) and Kenen and Rodrick (1984, 1986).
7
Some studies like IMF (1984) and Gotur (1985) have found a 'perverse' sign on the exchange rate variability measure, meaning it is positive and significant. In the Newbery-Stiglitz framework, of course, this is not perverse, but rather evidence of their income effect overriding their substitution effect - difficult to conceive as this may be.
8
Cushman (1986) has found significant 'third country' effects on US exports to its six largest partners. That is, an increase in, say, the variability of the dollar-DM rate will shift exports away from Germany and towards, say, the UK. This is consistent with Thursby and Thursby (1987), who find that exchange rate variability affects not just the volume but also the pattern of world trade.
9
This is what de Grauwe (1988:69) calls the 'political economy of exchange rate variability'.

References

a
Abrams, R. K. (1980a) 'International Trade Flows under Flexible Exchange Rates, Federal Reserve Bank of Kansas City', Economic Review 65(3): 3-10.
Abrams, R. K. (1980b) 'Exchange Rate Volatility and Bilateral Trade Flows', Draft, Federal Reserve Bank of Kansas City.
Aizenman, J. (1992) 'Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment', International Monetary Fund Working Paper, No. WP/92/20.
Akhtar, M. A. and Spence Hilton, R. (1984) 'Exchange Rate Uncertainty and International Trade: Some Conceptual Issues and New Estimates for Germany and the United States', Federal Reserve Bank of New York Research Paper, No. 8403.
Amsden, A. H. (1989) Asia's Next Giant: South Korea and Late Industrialization. Oxford: Oxford University Press.
Arrow, K. J. (1971) 'The Role of Securities in the Optimal Allocation of Risk-Bearing', in K. J. Arrow (ed.), Essays in the Theory of Risk-Bearing. Chicago: Markham Press.
Artus, J. R. (1977) 'Measures of Potential Output in Manufacturing for Eight Industrial Countries, 1955-78', International Monetary Fund Staff Papers 24(1): 1-35.

b
Bailey, M. J. and Tavlas, G. S. (1991) 'Exchange Rate Variability and Direct Investment', Annals 516: 106-29.

-353-

Notes for this page

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this book

This book has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this book

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this page

Cited page

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited page

Bookmark this page
Finance and Competitiveness in Developing Countries
Table of contents

Table of contents

Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this book

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen
/ 366

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.