ISSN: 2310-2799
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546,196 artículos
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Año:
1993
ISSN:
0186-7202, 0188-6916
Brock, William A.
El Colegio de México, A.C.
Resumen
This paper: (1) gives a general argument why research on nonlinear science in general and chaos in particular is important in economics and finance. (2) Puts forth two definitions of stochastic nonlinearity (IID-Linearity and MDS - Linearity) for nonlinear time series analysis and argues for their usefulness as organizing concepts not only for discussion of nonlinearity testing but also for building a new class of structural asset pricing models. (3) Shows how to use ideas from interacting particle systems theory to build structural asset pricing models that turn HD-Linea r or MDS-Linear earnings processes into non MDS-Linear equilibrium returns processes.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Roberto López, José
El Colegio de México, A.C.
Resumen
The assumption that black market exchange rates follow a random walk and/or are determined by the purchasing power parity condition is commonly imposed in macroeconomic models. The results from standard tests of black market efficiency, under the weak form, are not conclusive without any ambiguity whenever they are applied to nonstationary time series. This paper compares then with the unambiguous results arising from the application of the theory of reintegration to the study of market efficiency and purchasing power parity in the black market exchange rates of Costa Rica, El Salvador and Guatemala.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Hernández Trillo, Fausto
El Colegio de México, A.C.
Resumen
This paper presents a methodology to measure the effects of economic liberalization and deregulation on the Mexican economic growth in the long run. The methodology can determine whether there has been a permanent change in the rate of growth. The results show that the increase in the Mexican case has been transitory and that there has been a change in the level of growth rather than in the rate. This suggests that technology and labor productivity have not changed substantially, and hence that the growth is explained by the use of idle capacity. However, since it takes time for technological changes to appear, these results have to be taken as preliminary.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Ribeiro da Costa Werlang, Sérgio
El Colegio de México, A.C.
Resumen
This paper analyses the effect of an increase of the endowment in a two-good n-country model. It is shown that the endowment of good one can go up and the price of the same goo d relative to good two can also increase. However, this "perverse” effect cannot occur in both goods if the economy is at a tâtonnement stable equilibrium. This is a new restriction in the form of the equilibrium manifold of an exchange economy. It is also shown that this "double perversity" is the case with normal goods when the equilibrium is unstable.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Sanguinetti, Pablo J.
El Colegio de México, A.C.
Resumen
The purpose of this paper is twofold. First, we present a model of decentralized fiscal policy making where a "coordination failure" problem arises. Second, we make an effort in order to empirically test this approach by developing an empirical investigation based on the recent experience of two countries: Argentina and Great Britain.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Arellano Cadena, Rogelio; González Castañón, Eduardo
El Colegio de México, A.C.
Resumen
This paper examines the recent inflationary process in the Mexican economy using two complementary approaches that avoid (somewhat) the restrictions imposed by structural models. The first approach applies a vector autoregressive process, while the second applies multivariate cointegration.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Castañeda, Gonzalo
El Colegio de México, A.C.
Resumen
This paper presents a model grounded on game theory with incomplete information to explain some economic events that took place in Mexico during the Echeverría administration. These are the aborted fiscal reform of 1972 and the deterioration in the relationship between the government and the private sector from 1973 to 1976 (represented by excessive government expenditures, capital flight, inflation and low investment).
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Año:
1993
ISSN:
0186-7202, 0188-6916
Davis, Douglas D.; Holt, Charles A.
El Colegio de México, A.C.
Resumen
The purpose of this paper is to discuss the growing importance of experimentation in economic analysis. We present a variety of economic issues that have been explored with laboratory techniques. We also address some common objections to experimentation, as well as some of the principal lessons that have been learned.
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Año:
1993
ISSN:
0186-7202, 0188-6916
Zelaya de la Parra, Eduardo
El Colegio de México, A.C.
Resumen
This paper presents a model for the selection of investment projects and the optimal way to finance them. This is done using Mixed Integer Programming and Monte Carlo risk simulation. The objective is the maximization of the value of the firm given the constraints imposed by liquidity, debt ceilings, and the Mexican tax structure.
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