http://chineseinput.net/에서 pinyin(병음)방식으로 중국어를 변환할 수 있습니다.
변환된 중국어를 복사하여 사용하시면 됩니다.
International Cooperation and Intra-industrial Transactions
Broll, Udo,Gilroy, Bernard Michael 세종대학교 국제경제연구소 1988 Journal of Economic Integration Vol.3 No.2
The paper examines theoretically the empirical observation of increasing levels of intra-industrial trade flows. The relationship between intra-industrial trade and consumer preferences in addition to product differentiation advanced by internationally active firms are discussed within the framework of a simple model of international trade in differentiated goods. In an international free trade scenario, ranking high in product differentiation and monopolistic market structures, the intensity of international trade acitvities steadily rises as the structure of consumer preferences exhibits demand pattern similarity ; export and import levels rise simultaneously. Intra-industrial commodity exchanges as well as investment cross-haulings of multinational enterprises prove to be important vehicles of international cooperation among nation.
International Cooperation and Intra-industrial Transactions
Broll, Udo 세종대학교 국제경제연구소 1988 Journal of Economic Integration Vol.3 No.1
This paper examines the determinant factors of U.S. multinational corportaions' Foreign Direct Investment (FDI) and exports, and the dynamic interdependence between the two variables, tin case of South Korean's electronics. To this end, the author has developed a series of predictive models for the possible interdependence between FDI and exports and two of them are chose for the application. The relevant U.S.-Korean data are then applied to these models, and a graphic approach is used to compare the predicted trends (by models) with actual patterns of FDI and exports. Reasons for deviations are then explained.
International Trade and the Risk Premium in the Currency Forwarf Market
Eckwert, Bernhard,Broll, Udo 세종대학교 국제경제연구소 1998 Journal of Economic Integration Vol.13 No.4
In this paper we present an intertemporal model of the spot and forward markets for foreign exchange. We analyze the implications of central bank interventions on the spot market for the risk premium in the currency forward market and discuss the consequences for the allocation of exchange rate risk and for the volume of international trade. As a main result we find that exchange rate volatility does not generate systematic risk and hence dose not adversely affect international trade as long as the monetary authorities do not exogenously intervene in the foreign exchange spot market. (JEL Classifications: F11, F31, F33)
International Trade and the Risk Premium in the Currency Forward Market
( Bernhard Eckwert ),( Udo Broll ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 1998 Journal of Economic Integration Vol.13 No.4
In this paper we present an intertemporal model of the spot and forward markets for foreign exchange. We analyze the implications of central bank interventions on the spot market for the risk premium in the currency forward market and discuss the consequences for the allocation of exchange rate risk and for the volume of international trade. As a main result we find that exchange rate volatility does not generate systematic risk and hence does not adversely affect international trade as long as the monetary authorities do not exogenously intervene in the foreign exchange spot market. (JEL Classification: F11, F31, F33)
Price Uncertainty, Future Markets and Correlation
Battermann, Harald L.,Broll, Udo 한국국제경제학회 2004 International Economic Journal Vol.18 No.2
This paper examines the optimal trade and hedging decisions of a competitive exporting firm which faces concurrently hedgeable exchange rate risk and non-hedgeable inflation risk. The macroeconomic interaction between exchange rate and domestic inflation rate risk is described by a state variable. The (strong) correlation is pivotal in determining the optimal risk management. It is shown how optimal hedging strategies are affected by state-dependent preferences of the firm. The optimal hedge policy is to minimize the variation of marginal utility of final wealth across states of nature instead of minimizing the variance of final wealth.