首页期刊导航|经济学与金融学刊（英文版）
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经济学与金融学刊（英文版）
经济学与金融学刊（英文版）
经济学与金融学刊（英文版）/
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    A Theoretic Approach to China's Housing Market Boom and Down Payment Loans

    Man XuQing Shi
    265-278页
    查看更多>>摘要：In this paper, we theoretically model the dynamic credit-financed real estate market, from a micro point of view, to show how the interaction between expectation of higher house price and down payment loan (DPL), even without changes in economic fundamentals, could result in price boom. Further, we find that the elastic house supply, due to developers timing the market, could add to the problem. Our model offers a good interpretation to the 2015 house price boom witnessed in China. Also, we dig into the potential consequences of the real estate boom and corresponding policy implications.
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    Country Size and Strategic Trade Policy: A Model of a Dominant Country Facing a Competitive Fringe

    Jing Fang
    279-300页
    查看更多>>摘要：This paper develops a theory for why a large country might be special when it comes to pursuing strategic trade policy. Traditional theory holds that, a large country should hold back its exports to improve its terms of trade. However, if the learning-by-doing effect exists, then a large country has an incentive to subsidize exports. In this paper, I present a formal industrial organization (IO) model to capture this story. I embed this IO structure into a trade model with three goods. I also conduct some counter-factual analysis and welfare analysis about various trade policies of the importer countries.
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    Product Differentiation, Exclusivity, and Multi-purchasing

    Jiangli DouBing Ye
    301-318页
    查看更多>>摘要：This paper investigates the competition between two horizontally differentiated firms whose products have partially overlapping functionalities. If the firms make their products exclusive with each other, consumers can purchase only one product. Otherwise, consumers can buy both products and derive utility from the non-overlapping functionalities. We show that the firm with a quality advantage is more likely to provide nonexclusive products. Moreover, the equilibrium exclusivity level is overprovided from the socially optimal point of view. The lower the differentiation between products, the more likely the firms and the social welfare maximizer are to allow purchasing both products.
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    The Relationship Between IPO and Macroeconomics Factors: An Empirical Analysis from UK Market

    Eliana AngeliniMatteo Foglia
    319-336页
    查看更多>>摘要：The purpose is to analyze the short and long run equilibrium relationship between the external factors and the IPO for UK market over the period of 1996 to 2016, in order to provide: i) how macroeconomic conditions influence IPOs activities and ii) how long the effects last (shock). The results of the correlation analysis show that the hypothesis that the business cycle, volatility and interest rate have explanatory power for the number of IPOs is supported by empirical evidence. On the other hand, we found no evidence that the stock market return affects the IPO activities.
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