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Journal Article
Gold as a private hedge against inflation
Penzer, Michael; Keran, Michael W. (1975-01)
Special issue on gold
Economic Review , Issue Win , Pages 21-31

Journal Article
Comovements among national stock markets
Kasa, Kenneth (1995)
This paper uses the methodology of Hansen and Jaganathan (1991) to derive a lower bound on the correlation between any pair of asset returns under the hypothesis of complete markets. The bound is a simple function of the two assets' Sharpe ratios and the coefficient of variation of a unique stochastic discount factor. The paper uses this bound to conduct robust, nonparametric tests of the hypothesis that international equity markets are integrated. ; Using monthly stock return data from the U.S., Japan, and Great Britain for the period 1980 through 1993, I find that conclusions about market ...
Economic Review

Journal Article
Sterilization of capital inflows through the banking sector: evidence from Asia
Spiegel, Mark M. (1995)
This paper develops an open-economy version of the Bernanke-Blinder model which indicates that sterilization efforts through increases in reserve requirements will have limited impact if viable financial alternatives to the commercial banking sector exist. I then examine the capital inflow surge experiences of seven developing Asian nations. Our analysis yields three stylized conclusions: First, the timing of capital inflow surges indicates a causal role for both domestic and foreign factors. Second, there is little general rule as to the most effective sterilization instrument. Finally, ...
Economic Review

Journal Article
The use of equity positions by banks: the Japanese evidence
Kim, Sun Bae (1991-10)
Economic Review , Issue Fall , Pages 41-55

Journal Article
BART: dig we must
Alexander, Patricia (1970-01)
Economic Review , Issue Jan , Pages 3-14

Journal Article
The analytics of German monetary unification
Velde, Francois R.; Sargent, Thomas J. (1990-10)
Economic Review , Issue Fall , Pages 33-50

Journal Article
Velocity and inflation expectations, 1922-1983
Keran, Michael W. (1984-07)
Economic Review , Issue Sum , Pages 40-55

Journal Article
Water policy in California and Israel
Plaut, Steven; Schmidt, Ronald H. (1993)
Water policies throughout the world often avoid market-determined allocations. In this article, we focus on case studies of Israel and California. Despite major cultural and political differences, it is found that water is heavilty controlled through similar administrative mechanisms in both areas. Moreover, in both cases, these controls have led to inefficient allocation schemes favoring agriculture at the expense of other uses. This article examines the institutional factors that have led to such controls, and argues that adopting a new regulatory framework similar to that used to ...
Economic Review

Journal Article
Wealth effects of bank holding company securities issuance and loan growth under the risk-based capital requirements
Laderman, Elizabeth (1994)
This paper tests a two-part hypothesis: first, that during the period between publication of the risk-based capital requirements in early 1989 and the end of 1992, bank holding companies (BHCs) faced a statistically significant decrease in stock returns if they issued new common stock; second, that this discouraged new common stock issuance and therefore, in effect, forced BHCs with Tier 1 and/or leverage capital-to-assets ratios below the regulatory minima to decrease loans outstanding more than did BHCs deficient only in their total capital ratios. Empirical evidence supporting both parts ...
Economic Review

Journal Article
The capital market crowding out problem in perspective
Dew, Kurt (1975-12)
Economic Review , Issue Dec , Pages 36-42

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