Volume 8 (1999)

Volume 8, Number 1


An Agency Theory of the Bankruptcy Law
David D. Li and Shan Li

Intertemporal Budget Policies in an Endogenous Growth Model with Nominal Assets
Marcelo Bianconi

Mean Reversion and Volatility of Short-Term LIBORs: An Empirical Comparison of Competing Models
T. Krehbiel and L. C Adkins

Non-Fundamental FX Trading and Excess Volatility in Credible Target Zones: Theory and Empirical Evidence
Bernd Kempa and Michael Nelles

Global Money Market Interrelationships
Nigel C. T. Hsieh, Antsong Lin and Peggy E. Swanson

Forward Discount Dynamics in Integrated Markets
Maria Sophia Aguirre

The Output Efficiency of Minority-Owned Banks in the U.S.
Zahid Iqbal and Aigbe Akhigbe

The Real Exchange Rate in Brazil: Mean Reversion or Random-Walk in the Long-run?
André Varella Mollick


Fred S. McChesney
Daniel Sutter

Volume 8, Issue 2


Contagious Bank Runs
Spiros Bougheas

A Model of Bank Contagion Through Lending
Patrick Honohan

DEA Efficiency Profiles of U.S. Banks
John A. Haslem, Carl A. Scheraga, and James P. Bedingfield

Joint Ownership and Interconnection Pricing in Network Industries
Yong-Sam Park and Byong-Hun Ahn

Purchasing Power Parity and Dynamic Error Correction: Evidence From Asia Pacific Economies
Daniel Y. Lee

Interest Rate Dynamics and Speculative Trading, in a Fixed Exchange Rate System
Abraham Abraham

More on Monetary Policy in a Small Open Economy: A Credit View
Ying Wu


The Rise of the Chinese Economy: The Middle Kingdom Emerges

Christopher Lingle

Volume 8, Issue 3


Adverse Selection, Asymmetric Information and Foreign Investment Policies
Arnab K. Basu and Nancy H. Chau

Managing Banks' Duration Gaps When Interest Rates Are Stochastic and Equity Has Limited Liability
J. Duan, C. W. Sealey, and Y. Yan

Convergence of International Output: Time Series Evidence For 16 OECD Countries
Qing Li and David Papell

Board Structure, Ownership, and Financial Distress in Banking Firms
W. Gary Simpson and Anne E. Gleason

Cyclical Output, Cyclical Unemployment and Okun's Coefficient: A Structural Time Series Approach
Imad A. Moosa

Fractional Cointegration, Long Memory, and Exchange Rate Dynamics
Ming-Shiun Pan and Y. Angela Liu

Profit Tax and Tariff Under International Oligopoly
Amar K. Parai

An Analysis of Dividend Enhanced Convertible Stocks
Andrew H. Y. Chen, K. C. Chen, and Scott Howell


Jagdish BhagwatiAmitrajeet A. Batabyal

Volume 8, Issue 4


Noise Trading, Transaction Costs, and the Relationship of Stock Returns and Trading Volume
Charles Kramer

Technology Transfer in Duopoly: The Role of Cost Asymmetry
Sankar Mukhopadhyay, Tarun Kabiraj, and Arijit Mukherjee

The Intraday Relation Between Return Volatility, Transactions and Volume
Xiaoqing Eleanor Xu and Chunchi Wu

Structural Breaks, Cointegration, and Speed of Adjustment: Evidence from Twelve LDCs Money Demand
Augustine C. Arize, John Malindretos, and Steven S. Shwiff

The Value of Financial Outside Directors On Corporate Boards
Yung Sheng Lee, Stuart Rosenstein, and Jeffrey G. Wyatt

Re-examining Forward Market Efficiency: Evidence From Fractional and Harris-Inder Cointegration Tests
Taufiq Choudhry

The Evaluation of the Performance of UK American Unit Trusts
Jonathan Fletcher Short-Run and Long-Run Demand for Financial Assets: A Microeconomic Perspective
Jan Tin


Robert J. Barro
Alexander Tabarrok