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    <title>EconStor Community: UC Santa Cruz, Economics Department</title>
    <link>http://hdl.handle.net/10419/62782</link>
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      <title>Financial integration in emerging market economies</title>
      <link>http://hdl.handle.net/10419/64546</link>
      <description>Title: Financial integration in emerging market economies
&lt;br/&gt;
&lt;br/&gt;Authors: Pasricha, Gurnain Kaur
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper analyzes de-facto integration in some Emerging Market Economies based on behavior of deviations from Covered Interest Parity in the last decade. An Asymmetric Self Exciting Threshold Autoregressive model is used to estimate bands of speculative inaction. The estimated bands follow the pattern expected, and reveal a rational market in the sense that deviations from parity are self correcting. The paper uses information from the estimated models to construct a new index of de-facto integration. Such a price-based measure of integration is crucial to studies of effectiveness of controls and of impact of capital openness on macroeconomic variables.</description>
      <pubDate>Mon, 29 Oct 2007 22:58:59 GMT</pubDate>
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    <item>
      <title>The marginal utility of money: A modern Marshallian approach to consumer choice</title>
      <link>http://hdl.handle.net/10419/64545</link>
      <description>Title: The marginal utility of money: A modern Marshallian approach to consumer choice
&lt;br/&gt;
&lt;br/&gt;Authors: Friedman, Daniel; Sákovics, József
&lt;br/&gt;
&lt;br/&gt;Abstract: We reformulate neoclassical consumer choice by focusing on [lambda], the marginal utility of money. As the opportunity cost of current expenditure, [lambda] is approximated by the slope of the indirect utility function of the continuation. We argue that [lambda] can largely supplant the role of an arbitrary budget constraint in partial equilibrium analysis. The result is a better grounded, more exible and more intuitive approach to consumer choice.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>High-technology entrepreneurship in Silicon Valley</title>
      <link>http://hdl.handle.net/10419/64544</link>
      <description>Title: High-technology entrepreneurship in Silicon Valley
&lt;br/&gt;
&lt;br/&gt;Authors: Fairlie, Robert W.; Chatterji, Aaron K.
&lt;br/&gt;
&lt;br/&gt;Abstract: The economic expansion of the late 1990s created many opportunities for business creation in Silicon Valley, but the opportunity cost of starting a business was also high during this period because of the exceptionally tight labor market. A new measure of entrepreneurship derived from matching files from the Current Population Survey (CPS) is used to provide the first test of the hypothesis that business creation rates were high in Silicon Valley during the Roaring 90s. Unlike previous measures of firm births based on large, nationally representative datasets, the new measure captures business creation at the individual-owner level, includes both employer and non-employer business starts, and focuses on only hi-tech industries. Estimates indicate that hi-tech entrepreneurship rates were lower in Silicon Valley than the rest of the United States during the period from January 1996 to February 2000. Examining the post-boom period, we find that entrepreneurship rates in Silicon Valley increased from the late 1990s to the early 2000s. Although Silicon Valley may be an entrepreneurial location overall, we provide the first evidence that the extremely tight labor market of the late 1990s, especially in hi-tech industries, may have suppressed business creation during this period.</description>
      <pubDate>Fri, 29 Oct 2010 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds</title>
      <link>http://hdl.handle.net/10419/64542</link>
      <description>Title: Asset class diversification and delegation of responsibilities between central banks and sovereign wealth funds
&lt;br/&gt;
&lt;br/&gt;Authors: Aizenman, Joshua; Glick, Reuven
&lt;br/&gt;
&lt;br/&gt;Abstract: This paper presents a model comparing the optimal degree of asset class diversification abroad by a central bank and a sovereign wealth fund. We show that if the central bank manages its foreign asset holdings in order to meet balance of payments needs, particularly in reducing the probability of sudden stops in foreign capital inflows, it will place a high weight on holding safer foreign assets. In contrast, if the sovereign wealth fund, acting on behalf of the Treasury, maximizes the expected utility of a representative domestic agent, it will opt for relatively greater holding of more risky foreign assets. We also show how the diversification differences between the strategies of the bank and SWF is affected by the government's delegation of responsibilities and by various parameters of the economy, such as the volatility of equity returns and the total amount of public foreign assets available for management.</description>
      <pubDate>Thu, 29 Oct 2009 22:58:59 GMT</pubDate>
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