VEHICLE CURRENCY*International Economic Review - Tập 54 Số 1 - Trang 97-133 - 2013
Michael B. Devereux, Shouyong Shi
Historically, the world economy has been dominated by a single currency accepted in the exchange of goods and assets among countries. In recent decades, the U.S. dollar has played this role. The dollar acts as a “vehicle currency” in the sense that agents in nondollar economies will generally engage in currency trade indirectly using the U.S. dollar instead of using direct bilateral trade ...... hiện toàn bộ
Credible Collusion in Spatially Separated Markets*International Economic Review - Tập 44 Số 1 - Trang 299-312 - 2003
John E. Gross, William L. Holahan
In an infinitely repeated game, sellers employ a trigger strategy of mutual forbearance from invasion of each other's markets, stabilized against invasion by the threat of Bertrand pricing. Contrary to conventional static models, this article shows stability for a wide range of transportation costs and present value parameters, and that increases in transportation costs tend to destabilize...... hiện toàn bộ