Nominal sovereign debt, risk shifting and reputation

Article Abstract:

Short-term benefits from repudiating sovereign debt obligations are less than long term costs of loss of reputation, in a state of reputational equilibrium. States can enhance their reputation and so issue nominal debt on a large scale, by policies such as high discounts, variable real net tax revenue, and high levels of risk aversion. The findings help explain why governments may not necessarily inflate as a response to needing to service large amounts of foreign debt. They also suggest that Britain's return to the gold standard between the two world wars at pre-world war one parity resulted in Britain being able to raise enough funds to support the war effort in World War Two.

Finance, Political aspects, Inflation (Finance), National debt, Public debts, Inflation (Economics)

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Econometric Views Version 1.0 (MicroTSP for Windows and the Macintosh)

Article Abstract:

Quantitative Micro Software's econometric package called Econometric Views ver. 1.0 is an excellent program in the Windows and Macintosh environments as it allows the incorporation of data into documents as easily as other kinds of charts and graphs. However, it requires at least a 386 Pentium and four megabytes of RAM, five megabytes of hard disk space and a VGA display. It is priced at $395 per single user and $4,000 for unlimited location license.

Evaluation, Product/Service Evaluation, Financial software, Econometric Views 1.0

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Least squares estimation of econometric frontier models: consistent estimation and inference

Article Abstract:

A corrected ordinary least squares estimator, called the CM estimator to indicate its basis in the Method of Moments principle, is presented as an alternative to use of maximum likelihood (ML) estimators of frontier models. The asymptotic distribution of estimators is examined for stochastic or deterministic frontier situations. The CM approach model is described and applied to an empirical example.

Models, Econometrics

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