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To help predict whether the proliferation of free trade agreements (FTAs) continues until global free trade is effectively attained, this paper investigates dynamic paths of FTAs, generated by numerical simulations of a model of an FTA network formation game with many countries. The...
Persistent link: https://www.econbiz.de/10010889670
We construct a simple two-country model that enables us to examine the interactions between trade in goods and international capital movement under financial imperfection. We show that they are complements in the sense that trade in goods facilitates capital outflow from the South, which is...
Persistent link: https://www.econbiz.de/10010839697
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This paper examines corporate revival processes in Japan. In recent years, corporate revival processes are drastically changing in Japan. For example, important bankruptcy laws have been revised and Industrial Revitalization Corporation was established. Moreover, many corporate revival funds are...
Persistent link: https://www.econbiz.de/10005467712
This paper investigates the relationship between bubbles and government bailouts. Contrary to the previous literature about bailouts, it shows that bailouts for bursting bubbles may positively influence ex-ante production efficiency and relax the existence condition of stochastic bubbles. The...
Persistent link: https://www.econbiz.de/10010904681
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The positive and normative effects of cooperative R&D are examined vis-a-vis non-cooperative R&D, socially second-best R&D in terms of a two-stage model of oligopolisiic competition with product differetiation. It is shown that both non-cooperative and cooperative R&D levels are socially...
Persistent link: https://www.econbiz.de/10005748657
We study the interaction between productive and nonproductive savings in an economy that grows in the long run due to endogenous improvements in labor productivity. As in the neoclassical growth setting with overlapping generations studied by Tirole (1985), asset bubbles can exist in an economy...
Persistent link: https://www.econbiz.de/10005830850
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