Download or read book Three Essays on Trade Credit written by Fatih Altunok and published by . This book was released on 2012 with total page 218 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Challenges in International Trade and Finance written by Nannette Lindenberg and published by . This book was released on 2011 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Trade and Finance written by Richard Edward Baldwin and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Firm Investment Trade Credit and Exports written by José Manuel Mansilla Fernández and published by . This book was released on 2014 with total page 226 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Trade and Finance written by Michael Lobsiger and published by . This book was released on 2011 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Trade and Finance written by Huancheng Du and published by . This book was released on 2018 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation explores the economic interactions and outcomes in the nexus of international trade and finance. The entire dissertation is divided into three chapters with each chapter addresses one specific economic problem that roots in the interaction of international trade and finance. In the first chapter, I attempt to draw theoretical implications on two particular questions. First, what is the trade liberalization effect on capital market outcomes? Second, how do trade liberalization and capital market conditions jointly affect labor market outcomes such as income inequality? The objective of this chapter is to integrate both labor market frictions and capital market imperfection into one coherent theoretical framework and study the important interactions of trade liberalization and financial market development, as well as their joint impacts on aggregate income inequality. In the second chapter, I aim to provide both theoretical foundation and empirical evidence in partially explaining country authorities' decisions on financial policies. In the third chapter, [w]e provide a novel way of extracting country-level fundamental news from the international trade network. Specifically, we show that sovereign CDS returns provide value-relevant information that slowly propagates through credit markets reflecting underreaction on a global scale.

Download or read book Three Essays on Trade Credit Theory and Empirical Evidence from Agro food Firms in Africa and United States written by Stanley Kojo Dary and published by . This book was released on 2017 with total page 150 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a quest to understand the motives for use of trade credit in inter-firm trade, many theories have been put forward. The empirical literature on trade credit are largely focused on understanding firms' motives for use of trade credit, by testing these theories with micro- and macro-level data. Against the background that the extent and motives for use of trade credit in the agro-food industry is less understood, this dissertation extends the frontiers of knowledge on trade credit use by examining trade credit theories and empirical evidence from agro-food firms in Africa and the United States. The dissertation consists of three essays. The first essay examines trade credit contracts, trade credit theories and empirical evidence in support of or otherwise of the theories via review and analysis of the theoretical and empirical trade credit literature. The second essay examines the motives for trade credit supply in the African agro-food manufacturing industry, employing survey data from eight African countries - Burundi, Malawi, Mauritania, Namibia, Nigeria, Senegal, South Sudan and Sudan. Premised on the fact that there are benefits and costs of investing in trade credit, the third essay examines investment in trade credit and firm profitability, using a panel of listed agro-food firms in the United States for the period 2001-2014. The review in essay one revealed a high use of trade credit in inter-firm trade, with variations across countries and industries. It is revealed that trade credit contracts are simple in nature and factors such as the shortness of credit periods, frequency of transactions, close proximity and interaction between suppliers and customers, and effective informal enforcement mechanisms may account for the simplified nature of trade credit contracts. However, the use of trade credit is a multidimensional phenomenon, driven by varied yet interconnected motives, thus making it complex to put forward a single theory to explain the use of trade credit in interfirm trade. Contrary to a long-held notion that trade credit is expensive relative to bank credit, evidence from the empirical literature suggests the opposite. In general, there is more empirical support for the theories of trade credit. The empirical results show a high participation of agro-food firms in trade credit activity in African countries and the United States. While within-industry variability in trade credit activity is not statistically significant in the African agro-food industry, there is significant within-industry variability in the United States. However, there is statistically significant variability in trade credit activity across agro-food firms in the African countries studied. The empirical results from essay two show that the level of trade credit supply increases with manager experience, degree of product diversification, overdraft availability from banks, trade credit from input suppliers and location in capital city. The results provide evidence in support of financing (particularly liquidity and redistribution) and commercial (particularly marketing and quality guarantee) theories of trade credit. Essay three found evidence of a non-linear (inverted U) relationship between trade credit investment and firm profitability, reflecting benefits and costs of trade credit investment. This finding suggest that agro-food firms should be guided by benefit-costs off in their trade credit investment decisions. The study found the threshold of trade credit investment beyond which the relationship between trade credit investment and firm profitability transition from positive to negative. In general, the empirical results show that trade credit is an important source of short-term financing for agro-food firms in African countries and the United States, and should be facilitated through policy.

Download or read book Three Essays on Credit and the Monetary Business Cycle written by Yi Jin and published by . This book was released on 2001 with total page 170 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Two Essays on Trade Credit written by Terence Mallon Kennedy and published by . This book was released on 2005 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Credit Contracts written by Sung-Guan Yun and published by . This book was released on 2010 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by Stanford University. This book was released on 2011 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.

Download or read book Intervention Interest Rates and Charts written by Mr.Mark P. Taylor and published by International Monetary Fund. This book was released on 1991-11-01 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.

Download or read book Three Essays on Trade and Finance in the Interwar Period written by Marc C. Adam and published by . This book was released on 2019 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Public Finance Trade and Growth written by Gie-Young Lim and published by . This book was released on 1998 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays in International Finance written by Byong-Ju Lee and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis consists of three essays on international finance. The first essay is "Exchange rates and Fundamentals". A new open interest rate parity condition that takes account of economic fundamentals is developed from stochastic discount factors (SDFs) of two countries. Through this parity condition, business cycles or fundamentals are linked to exchange rates. Key empirical findings from this parity condition are as follows. First, this model beats the random walk hypothesis: economic fundamentals explain exchange rate movements for high interest rate currencies. Exchange rates of low interest rate currencies act like a random walk because they are less correlated with fundamentals owing to their low risk. For example, U.S. business cycles explain the direction of changes in exchange rates against the dollar. The same thing is true for Japan. Second, this model resolves the forward premium puzzle: the forward premium puzzle is not a general characteristic as regarded in previous studies. It happens when the risk awareness of investors is low, during economic expansions and for low risk currencies. The second essay is "Carry Trade and Global Financial Instability". Carry trade, an opportunistic investment strategy that takes advantage of interest rate differential across countries, is identified the cause of the large-scale depreciations of peripheral currencies in the later half of 2008. A simultaneous equations model, which is derived from a conceptual partial equilibrium model for a local foreign exchange market, is estimated from a cross-sectional sample. The results suggest that the larger appreciation of the yen than the dollar was brought about by a lack of the local supply of the yen rather than a more severe crunch of yen credits. The third essay is "The Economic Origin of Letters of Credit". This essay discusses the economic origin of letters of credit, an instrument widely used in international trade. A game theoretical analysis shows that letters of credit improve efficiency in trade settlements, increasing returns in trade. A few notable facts on letters of credit are discussed. First, the new institution is adopted by merchant banks to maximize their profits and in the process, an improvement in efficiency of international transactions is obtained. Second, the organization established by the legacy institution, bills of exchange, played a critical role in adopting the new institution. Third, the legal enforcement is not essential in this economic institution. Finally, two drivers are identified that improve efficiency of transactions: concentration and projection.

Download or read book Three Essays on Internal and External Credit Markets in Post Soviet and Tsarist Russia written by Lisa DeNell Cook and published by . This book was released on 1997 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Three Essays on Export and Productivity impact of Financial Constraints and Technological Innovation written by Syed Muhammad Hasan and published by . This book was released on 2014 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt: At the macro level financial constraints imposed by monetary policy have an overwhelming effect on growth of the domestic financial sector. Thus the reallocation of resources towards the most productive units of the economy following trade liberalization is not achieved unless the degree of credit constraints is significantly relaxed. Results show that the volume of domestic credit made available to the private sector depends on the cost of credit that is the interest rate.