Th Orie Moderne Du Portefeuille Dans Un Contexte D Stabilit Asym Trique Au Sens De L Vy
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Th Orie Moderne Du Portefeuille Dans Un Contexte D Stabilit Asym Trique Au Sens De L Vy
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Author : Gerardo Amo
language : fr
Publisher:
Release Date : 2004
Th Orie Moderne Du Portefeuille Dans Un Contexte D Stabilit Asym Trique Au Sens De L Vy written by Gerardo Amo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Th Orie Moderne Du Portefeuille Dans Un Contexte D Alpha Stabilit Asym Trique Au Sens De L Vy
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Author : Gerardo Amo
language : fr
Publisher:
Release Date : 2004
Th Orie Moderne Du Portefeuille Dans Un Contexte D Alpha Stabilit Asym Trique Au Sens De L Vy written by Gerardo Amo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Cette thèse propose un cadre d'analyse pour l'optimisation du profil risque-rendement d'un portefeuille adapté à des rendements non gaussiens. L'hypothèse classique de normalité des rendements, dont on démontre empiriquement l'inadéquation, est remplacée par l'hypothèse de distribution [alpha]-stable de Lévy. Cette classe de distribution comprend la loi normale comme cas particulier, mais couvre également des situations asymétriques à variance infinie plus proches de ce que l'on observe lorsque les marchés financiers sont caractérisés par des variations de fortes amplitudes, tels que des krachs boursiers. La "Théorie moderne du portefeuille" ainsi que le MEDAF sont reformulés dans ce contexte en recourant à des indicateurs de dispersion et de dépendance compatibles avec une adéquation [alpha]-stable. La portée des résultats est vérifiée empiriquement par une étude du marché américain pour lequel il apparaît qu'un portefeuille efficient dans l'optique gaussienne peut devenir sous optimal dans le contexte plus réaliste [alpha]-stable.
International R D Spillovers
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Author : David T. Coe
language : en
Publisher:
Release Date : 2006
International R D Spillovers written by David T. Coe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
A model is presented based on recent theories of economic growth that treat commercially oriented innovation efforts as a major engine of technological progress. We study the extent to which a country`s total factor productivity depends on domestic and foreign Ramp;D capital stocks, both proxied by cumulative Ramp;D expenditures. We estimate our equations on a pooled data set of 22 countries during 1970-90 and interpret our results as pooled cointegrating equations. While the beneficial effects on TFP from domestic Ramp;D is well established, we find that foreign Ramp;D is also important. Our estimates suggest that foreign Ramp;D has a stronger effect on domestic productivity the more open an economy is to foreign trade, and that the rate of return on Ramp;D capital stocks is very high, both in terms of domestic output and in terms of international spillovers.
Regulation Productivity And Growth
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Author : Giuseppe Nicoletti
language : en
Publisher: World Bank Publications
Release Date : 2003
Regulation Productivity And Growth written by Giuseppe Nicoletti and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003 with Antitrust law categories.
In this paper, we relate the scope and depth of regulatory reforms to growth outcomes in OECD countries. By means of a new set of quantitative indicators of regulation, we show that the cross-country variation of regulatory settings has increased in recent years, despite extensive liberalisation and privatisation in the OECD area. We then look at the regulation-growth linkage using data that cover a large set of manufacturing and service industries over the past two decades. We focus on multifactor productivity (MFP), which plays a crucial role in GDP growth and accounts for a significant share of its cross-country variance. We find evidence that reforms promoting private governance and competition (where these are viable) tend to boost productivity. Both privatisation and entry liberalisation are estimated to have a positive impact on productivity. In manufacturing the gains are greater the further a given country is from the technology leader, suggesting that regulation limiting ...
The Augmented Solow Model And The African Growth Debate
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Author : Anke Hoeffler
language : en
Publisher:
Release Date : 2000
The Augmented Solow Model And The African Growth Debate written by Anke Hoeffler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Africa categories.
The Economics Of Growth
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Author : Philippe Aghion
language : en
Publisher: MIT Press
Release Date : 2008-12-19
The Economics Of Growth written by Philippe Aghion and has been published by MIT Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-12-19 with Business & Economics categories.
A comprehensive, rigorous, and up-to-date introduction to growth economics that presents all the major growth paradigms and shows how they can be used to analyze the growth process and growth policy design. This comprehensive introduction to economic growth presents the main facts and puzzles about growth, proposes simple methods and models needed to explain these facts, acquaints the reader with the most recent theoretical and empirical developments, and provides tools with which to analyze policy design. The treatment of growth theory is fully accessible to students with a background no more advanced than elementary calculus and probability theory; the reader need not master all the subtleties of dynamic programming and stochastic processes to learn what is essential about such issues as cross-country convergence, the effects of financial development on growth, and the consequences of globalization. The book, which grew out of courses taught by the authors at Harvard and Brown universities, can be used both by advanced undergraduate and graduate students, and as a reference for professional economists in government or international financial organizations. The Economics of Growth first presents the main growth paradigms: the neoclassical model, the AK model, Romer's product variety model, and the Schumpeterian model. The text then builds on the main paradigms to shed light on the dynamic process of growth and development, discussing such topics as club convergence, directed technical change, the transition from Malthusian stagnation to sustained growth, general purpose technologies, and the recent debate over institutions versus human capital as the primary factor in cross-country income differences. Finally, the book focuses on growth policies—analyzing the effects of liberalizing market competition and entry, education policy, trade liberalization, environmental and resource constraints, and stabilization policy—and the methodology of growth policy design. All chapters include literature reviews and problem sets. An appendix covers basic concepts of econometrics.
Export Incentives And Export Performance In Developing Countries
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Author : Bela Balassa
language : en
Publisher:
Release Date : 1977
Export Incentives And Export Performance In Developing Countries written by Bela Balassa and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Commercial products categories.
A Model Of Growth Through Creative Destruction
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Author : Philippe Aghion
language : en
Publisher: London : Department of Economics, University of Western Ontario
Release Date : 1990
A Model Of Growth Through Creative Destruction written by Philippe Aghion and has been published by London : Department of Economics, University of Western Ontario this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Economic development categories.
This paper develops a model based on Schumpeter's process of creative destruction. It departs from existing models of endogenous growth in emphasizing obsolescence of old technologies induced by the accumulation of knowledge and the resulting process or industrial innovations. This has both positive and normative implications for growth. In positive terms, the prospect of a high level of research in the future can deter research today by threatening the fruits of that research with rapid obsolescence. In normative terms, obsolescence creates a negative externality from innovations, and hence a tendency for laissez-faire economies to generate too many innovations, i.e too much growth. This "business-stealing" effect is partly compensated by the fact that innovations tend to be too small under laissez-faire. The model possesses a unique balanced growth equilibrium in which the log of GNP follows a random walk with drift. The size of the drift is the average growth rate of the economy and it is endogenous to the model ; in particular it depends on the size and likelihood of innovations resulting from research and also on the degree of market power available to an innovator.
The Long And Short Of The Canada U S Free Trade Agreement
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Author : Daniel Trefler
language : en
Publisher:
Release Date : 2008
The Long And Short Of The Canada U S Free Trade Agreement written by Daniel Trefler and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
The Canada-U.S. Free Trade Agreement (FTA) provides a unique window onto the effects of a reciprocal trade agreement on an industrialized economy (Canada). For industries that experienced the deepest Canadian tariff cuts, employment fell by 12 percent and labour productivity rose by 15 percent as low-productivity plants contracted. For industries that received the largest U.S. tariff cuts, there were no employment gains, but plant-level labour productivity soared by 14 percent. These results highlight the conflict between those who bore the short-run adjustment costs (displaced workers and struggling plants) and those who are garnering the long-run gains (consumers and efficient plants). Finally, a simple welfare analysis provides evidence of aggregate welfare gains.