Fundamentals, information, and international capital flows: A welfare analysis
Author
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Krebs, Tom, 1999. "Information and asset prices in complete markets exchange economies," Economics Letters, Elsevier, vol. 65(1), pages 75-83, October.
- Mehra, Rajnish & Prescott, Edward C., 1985.
"The equity premium: A puzzle,"
Journal of Monetary Economics, Elsevier, vol. 15(2), pages 145-161, March.
- R. Mehra & E. Prescott, 2010. "The equity premium: a puzzle," Levine's Working Paper Archive 1401, David K. Levine.
- Rahi Rohit, 1995. "Optimal Incomplete Markets with Asymmetric Information," Journal of Economic Theory, Elsevier, vol. 65(1), pages 171-197, February.
- Obstfeld, Maurice, 1994.
"Risk-Taking, Global Diversification, and Growth,"
American Economic Review, American Economic Association, vol. 84(5), pages 1310-1329, December.
- Maurice Obstfeld, 1992. "Risk-taking, global diversification, and growth," Discussion Paper / Institute for Empirical Macroeconomics 61, Federal Reserve Bank of Minneapolis.
- Obstfeld, Maurice, 1993. "Risk-Taking, Global Diversification, and Growth," Center for International and Development Economics Research (CIDER) Working Papers 233197, University of California-Berkeley, Department of Economics.
- Obstfeld, Maurice, 1992. "Risk-Taking, Global Diversification, and Growth," CEPR Discussion Papers 688, C.E.P.R. Discussion Papers.
- Maurice Obstfeld., 1993. "Risk-Taking, Global Diversification, and Growth," Center for International and Development Economics Research (CIDER) Working Papers C93-016, University of California at Berkeley.
- Maurice Obstfeld, 1992. "Risk-Taking, Global Diversification, and Growth," NBER Working Papers 4093, National Bureau of Economic Research, Inc.
- Grossman, Sanford J & Stiglitz, Joseph E, 1980.
"On the Impossibility of Informationally Efficient Markets,"
American Economic Review, American Economic Association, vol. 70(3), pages 393-408, June.
- Sanford J Grossman & Joseph E Stiglitz, 1997. "On the Impossibility of Informationally Efficient Markets," Levine's Working Paper Archive 1908, David K. Levine.
- Bernhard Eckwert & Itzhak Zilcha, 2003.
"Incomplete risk sharing arrangements and the value of information,"
Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 21(1), pages 43-58, January.
- Eckwert, B. & Zilcha, I., 1999. "Incomplete Risk Sharing Arrangements and the Value of Information," Papers 13-99, Tel Aviv.
- Hellwig, Martin F., 1980. "On the aggregation of information in competitive markets," Journal of Economic Theory, Elsevier, vol. 22(3), pages 477-498, June.
- James Dow, 2003.
"Informed Trading, Investment, and Welfare,"
The Journal of Business, University of Chicago Press, vol. 76(3), pages 439-454, July.
- James Dow & Rohit Rahi, 1996. "Informed Trading, Investment and Welfare," Archive Working Papers 029, Birkbeck, Department of Economics, Mathematics & Statistics.
- Rohit Rahi & James Dow, 1998. "Informed Trading, Investment, and Welfare," FMG Discussion Papers dp292, Financial Markets Group.
- Dow, J & Rahi, R, 1997. "Informed Trading, Investment, and Welfare," Economics Working Papers eco97/03, European University Institute.
- Kenneth Rogoff, 1999.
"International Institutions for Reducing Global Financial Instability,"
Journal of Economic Perspectives, American Economic Association, vol. 13(4), pages 21-42, Fall.
- Kenneth Rogoff, 1999. "International Institutions for Reducing Global Financial Instability," NBER Working Papers 7265, National Bureau of Economic Research, Inc.
- Laffont, Jean-Jacques M, 1985. "On the Welfare Analysis of Rational Expectations Equilibria with Asymmetric Information," Econometrica, Econometric Society, vol. 53(1), pages 1-29, January.
- Citanna, Alessandro & Villanacci, Antonio, 2000.
"Incomplete Markets, Allocative Efficiency, and the Information Revealed by Prices,"
Journal of Economic Theory, Elsevier, vol. 90(2), pages 222-253, February.
- Alessandro Citanna & Antonio Villanacci, "undated". "Incomplete markets, allocative efficiency and the information revealed by prices," GSIA Working Papers 10, Carnegie Mellon University, Tepper School of Business.
- Danthine, Jean-Pierre & Moresi, Serge, 1993.
"Volatility, information and noise trading,"
European Economic Review, Elsevier, vol. 37(5), pages 961-982, June.
- Jean-Pierre Danthine & Serge Moresi, 1990. "Volatility, Information and Noise Trading," CEPR Financial Markets Paper 0010, European Science Foundation Network in Financial Markets, c/o C.E.P.R, 33 Great Sutton Street, London EC1V 0DX..
- Jean-Pierre DANTHINE & Serge MORESI, 1990. "Volatility, Information, and Noise Trading," Cahiers de Recherches Economiques du Département d'économie 9015, Université de Lausanne, Faculté des HEC, Département d’économie.
- Hirshleifer, Jack, 1971. "The Private and Social Value of Information and the Reward to Inventive Activity," American Economic Review, American Economic Association, vol. 61(4), pages 561-574, September.
- Michael Magill & Martine Quinzii, 2002. "Theory of Incomplete Markets, Volume 1," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262632543, April.
- Krebs, Tom, 2001. "Endogenous probabilities and the information revealed by prices," Journal of Mathematical Economics, Elsevier, vol. 36(1), pages 1-18, September.
- Calvo, Guillermo A. & Mendoza, Enrique G., 2000.
"Rational contagion and the globalization of securities markets,"
Journal of International Economics, Elsevier, vol. 51(1), pages 79-113, June.
- Guillermo A. Calvo & Enrique G. Mendoza, 1999. "Regional Contagion and the Globalization of Securities Markets," NBER Working Papers 7153, National Bureau of Economic Research, Inc.
- Luis Angel Medran & Xavier Vives, 2004.
"Regulating Insider Trading When Investment Matters,"
Review of Finance, European Finance Association, vol. 8(2), pages 199-277.
- Luis Angel Medrano & Xavier Vives, 2004. "Regulating Insider Trading When Investment Matters," Review of Finance, Springer, vol. 8(2), pages 199-277.
- Vives, Xavier & Medrano, Luis Angel, 2002. "Regulating Insider Trading when Investment Matters," CEPR Discussion Papers 3292, C.E.P.R. Discussion Papers.
- Lucas, Robert E, Jr, 1978. "Asset Prices in an Exchange Economy," Econometrica, Econometric Society, vol. 46(6), pages 1429-1445, November.
- Orosel, Gerhard O., 1996. "Informational efficiency and welfare in the stock market," European Economic Review, Elsevier, vol. 40(7), pages 1379-1411, August.
- Leland, Hayne E, 1992.
"Insider Trading: Should It Be Prohibited?,"
Journal of Political Economy, University of Chicago Press, vol. 100(4), pages 859-887, August.
- Hayne E. Leland., 1990. "Insider Trading: Should It Be Prohibited?," Research Program in Finance Working Papers RPF-195, University of California at Berkeley.
- George M. Constantinides, 2002.
"Rational Asset Prices,"
Journal of Finance, American Finance Association, vol. 57(4), pages 1567-1591, August.
- George M. Constantinides, 2002. "Rational Asset Prices," NBER Working Papers 8826, National Bureau of Economic Research, Inc.
- Green, Jerry R, 1981. "Value of Information with Sequential Futures Markets," Econometrica, Econometric Society, vol. 49(2), pages 335-358, March.
- Alessandro Citanna & Antonio Villanacci, 2000. "Incomplete Markets, Allocative Efficiency, and the Information Revealed by Prices," Post-Print hal-00463203, HAL.
- Wang, Jiang, 1994. "A Model of Competitive Stock Trading Volume," Journal of Political Economy, University of Chicago Press, vol. 102(1), pages 127-168, February.
- Stephen Morris & Hyun Song Shin, 2002. "Social Value of Public Information," American Economic Review, American Economic Association, vol. 92(5), pages 1521-1534, December.
- Kyle, Albert S, 1985. "Continuous Auctions and Insider Trading," Econometrica, Econometric Society, vol. 53(6), pages 1315-1335, November.
- Edward E. Schlee, 2001. "The Value of Information in Efficient Risk-Sharing Arrangements," American Economic Review, American Economic Association, vol. 91(3), pages 509-524, June.
- Berk Jonathan B. & Uhlig Harald, 1993. "The Timing of Information in a General Equilibrium Framework," Journal of Economic Theory, Elsevier, vol. 59(2), pages 275-287, April.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Broll, Udo & Eckwert, Bernhard, 2009. "Modelling information and hedging: The exporting firm," Economic Modelling, Elsevier, vol. 26(5), pages 974-977, September.
- Broll, Udo & Eckwert, Bernhard & Wong, Kit Pong, 2010. "International trade and the role of market transparency," Dresden Discussion Paper Series in Economics 08/10, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
- Broll, Udo & Eckwert, Bernhard, 2011. "Information value, export and hedging," Dresden Discussion Paper Series in Economics 03/11, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
- Broll, Udo & Eckwert, Bernhard, 2009. "Modelling information and hedging: the exporting firm," Dresden Discussion Paper Series in Economics 02/09, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
- Udo Broll & Bernhard Eckwert & Kit Pong Wong, 2014. "Transparency and Risk Sharing in International Trade," Manchester School, University of Manchester, vol. 82(6), pages 716-731, December.
- Udo Broll & Bernhard Eckwert & Keith K. P. Wong, 2019. "Market transparency and international allocation of capital," Asia-Pacific Journal of Regional Science, Springer, vol. 3(2), pages 421-429, June.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Juan Hatchondo, 2004.
"The value of information with heterogeneous agents and partially revealing prices,"
Econometric Society 2004 North American Summer Meetings
175, Econometric Society.
- Juan Carlos Hatchondo, 2005. "The value of information with heterogeneous agents and partially revealing prices," Working Paper 05-06, Federal Reserve Bank of Richmond.
- Piero Gottardi & Rohit Rahi, 2014.
"Value Of Information In Competitive Economies With Incomplete Markets,"
International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 55(1), pages 57-81, February.
- Piero Gottardi & Rohit Rahi, 2007. "Value of Information in Competitive Economies with Incomplete Markets," Working Papers 2007_25, Department of Economics, University of Venice "Ca' Foscari".
- Gottardi, Piero & Rahi, Rohit, 2010. "Value of information in competitive economies with incomplete markets," LSE Research Online Documents on Economics 119083, London School of Economics and Political Science, LSE Library.
- Gottardi, Piero & Rahi, Rohit, 2007. "Value of information in competitive economies with incomplete markets," LSE Research Online Documents on Economics 4749, London School of Economics and Political Science, LSE Library.
- Piero Gottardi & Rohit Rahi, 2010. "Value of Information in Competitive Economies with Incomplete Markets," Economics Working Papers ECO2010/34, European University Institute.
- Piero Gottardi & Rohit Rahi, 2010. "Value of Information in Competitive Economies with Incomplete Markets," FMG Discussion Papers dp658, Financial Markets Group.
- Rohit Rahi & Piero Gottardi, 2007. "Value of Information in Competitive Economies with Incomplete Markets," FMG Discussion Papers dp596, Financial Markets Group.
- Vayanos, Dimitri & Wang, Jiang, 2013. "Market Liquidity—Theory and Empirical Evidence ," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, volume 2, chapter 0, pages 1289-1361, Elsevier.
- Udo Broll & Bernhard Eckwert & Kit Pong Wong, 2014. "Transparency and Risk Sharing in International Trade," Manchester School, University of Manchester, vol. 82(6), pages 716-731, December.
- Xavier Vives, 2017.
"Endogenous Public Information and Welfare in Market Games,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 84(2), pages 935-963.
- Xavier Vives, 2011. "Endogenous Public Information and Welfare in Market Games," CESifo Working Paper Series 3492, CESifo.
- Xavier Vives, 2016. "Endogenous Public Information and Welfare in Market Games," 2016 Meeting Papers 413, Society for Economic Dynamics.
- Vives, Xavier, 2011. "Endogenous Public Information and Welfare in Market Games," CEPR Discussion Papers 8437, C.E.P.R. Discussion Papers.
- Giovanni Cespa, 2008.
"Information Sales and Insider Trading with Long‐Lived Information,"
Journal of Finance, American Finance Association, vol. 63(2), pages 639-672, April.
- Giovanni Cespa, 2007. "Information Sales and Insider Trading with Long-lived Information," Working Papers 613, Queen Mary University of London, School of Economics and Finance.
- Giovanni Cespa, 2007. "Information Sales and Insider Trading with Long-lived Information," CSEF Working Papers 174, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Han, Bing & Tang, Ya & Yang, Liyan, 2016. "Public information and uninformed trading: Implications for market liquidity and price efficiency," Journal of Economic Theory, Elsevier, vol. 163(C), pages 604-643.
- Broll, Udo & Eckwert, Bernhard & Eickhoff, Andreas, 2012. "Financial intermediation and endogenous risk in the banking sector," Economic Modelling, Elsevier, vol. 29(5), pages 1618-1622.
- Broll, Udo & Eckwert, Bernhard & Eickhoff, Andreas, 2011. "Transparency in the banking sector," Dresden Discussion Paper Series in Economics 05/11, Technische Universität Dresden, Faculty of Business and Economics, Department of Economics.
- Drees, Burkhard & Eckwert, Bernhard, 2010. "Implications of more precise information for technological development and economic welfare," Journal of Economic Dynamics and Control, Elsevier, vol. 34(2), pages 266-279, February.
- Jank, Stephan & Roling, Christoph & Smajlbegovic, Esad, 2021.
"Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices,"
Journal of Financial Economics, Elsevier, vol. 139(1), pages 209-233.
- Jank, Stephan & Roling, Christoph & Smajlbegovic, Esad, 2016. "Flying under the radar: The effects of short-sale disclosure rules on investor behavior and stock prices," Discussion Papers 25/2016, Deutsche Bundesbank.
- Lundtofte, Frederik & Leoni, Patrick, 2014.
"Growth forecasts, belief manipulation and capital markets,"
European Economic Review, Elsevier, vol. 70(C), pages 108-125.
- Lundtofte, Frederik & Leoni, Patrick, 2010. "Growth Forecasts, Belief Manipulation and Capital Markets," Working Papers 2010:8, Lund University, Department of Economics, revised 30 May 2012.
- Lundtofte, Frederik & Leoni, Patrick, 2013. "Growth Forecasts, Belief Manipulation and Capital Markets," Knut Wicksell Working Paper Series 2013/15, Lund University, Knut Wicksell Centre for Financial Studies.
- Itay Goldstein, 2023. "Information in Financial Markets and Its Real Effects," Review of Finance, European Finance Association, vol. 27(1), pages 1-32.
- Alan D. Morrison, 2004. "Competition and Information Production in Market Maker Models," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 31(7-8), pages 1171-1190.
- Angeletos, G.-M. & Lian, C., 2016. "Incomplete Information in Macroeconomics," Handbook of Macroeconomics, in: J. B. Taylor & Harald Uhlig (ed.), Handbook of Macroeconomics, edition 1, volume 2, chapter 0, pages 1065-1240, Elsevier.
- Giovanni Cespa & Xavier Vives, 2012.
"Dynamic Trading and Asset Prices: Keynes vs. Hayek,"
The Review of Economic Studies, Review of Economic Studies Ltd, vol. 79(2), pages 539-580.
- Cespa, Giovanni & Vives, Xavier, 2007. "Dynamic trading and asset prices: Keynes vs. Hayek," IESE Research Papers D/716, IESE Business School.
- Vives, Xavier & Cespa, Giovanni, 2009. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CEPR Discussion Papers 7506, C.E.P.R. Discussion Papers.
- Giovanni Cespa & Xavier Vives, 2008. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CSEF Working Papers 191, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
- Giovanni Cespa & Xavier Vives, 2009. "Dynamic Trading and Asset Prices: Keynes vs. Hayek," CESifo Working Paper Series 2839, CESifo.
- Mordecai Kurz & Maurizio Motolese, "undated".
"Endogenous Uncertainty and Market Volatility,"
Working Papers
99005, Stanford University, Department of Economics.
- Mordecai Kurz & Maurizio Motolese, 1999. "Endogenous Uncertainty and Market Volatility," Working Papers 1999.27, Fondazione Eni Enrico Mattei.
- Tarek A. Hassan & Thomas M. Mertens, 2017.
"The Social Cost of Near-Rational Investment,"
American Economic Review, American Economic Association, vol. 107(4), pages 1059-1103, April.
- Thomas M. Mertens & Tarek A. Hassan, 2010. "The Social Cost of Near-Rational Investment," 2010 Meeting Papers 370, Society for Economic Dynamics.
- Tarek A. Hassan & Thomas M. Mertens, 2016. "The Social Cost of Near-Rational Investment," Working Paper Series 2016-16, Federal Reserve Bank of San Francisco.
- Hassan, Tarek & Mertens, Thomas M., 2014. "The Social Cost of Near-Rational Investment," CEPR Discussion Papers 10007, C.E.P.R. Discussion Papers.
- Tarek A. Hassan & Thomas M. Mertens, 2011. "The Social Cost of Near-Rational Investment," NBER Working Papers 17027, National Bureau of Economic Research, Inc.
- Vadym Lepetyuk & Christian A. Stoltenberg, 2013.
"Policy Announcements and Welfare,"
Economic Journal, Royal Economic Society, vol. 123, pages 962-997, September.
- Vadym Lepetyuk & Christian A. Stoltenberg, 2009. "Policy announcements and welfare," Working Papers. Serie AD 2009-13, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
- Vadym Lepetyuk & Christian A. Stoltenberg, 2009. "Policy Announcements and Welfare," NBP Working Papers 65, Narodowy Bank Polski.
- Orosel, Gerhard O., 1996. "Informational efficiency and welfare in the stock market," European Economic Review, Elsevier, vol. 40(7), pages 1379-1411, August.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:eecrev:v:49:y:2005:i:3:p:579-598. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/eer .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.