This paper seeks to add to the literature on State and local government fiscal policy adjustment and shock adjustment modeling in an inter-temporal context, with a focus on Australian Fiscal Federation Arrangements. Vector Error Correction Models are estimated using aggregated state and local...

The aim of this study is to investigate how network effects affect the quality and price decisions of firms in a vertically differentiated market. As network effects increase, high-quality producers tend to raise quality while low-quality producers lower it. The degree of product differentiation...

This paper studies the impact of first opening margin trading on stock return, return volatility, and turnover rates via an event study. The results indicate that there is no relationship between changes in stock return volatility and industry sectors after opening margin trading. The different...

This paper examines the stability of arms races in the Third World countries and assumes that the utility function is separable between the consumption and the weapon stocks. We find that the military expenditures and the weapon stocks will exhibit stability and overshooting takes place for the...

This paper investigates the relationship between the collapse timing of exchange rate regime and degree of substitutability of foreign currency for domestic currency as a medium of exchange. According to the spirit of Chen et al. (1981), Tsaur (1987), Chang et al. (1991), we set up a...