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Journal of Mathematical Economics and Finance
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ISSN (Online) 2458-0813
Published by ASERS

[8 journals]

A Real-Business-Cycle Model with Financial Liberalization: Lessons for
Bulgaria (1999-2020)
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  Authors: Aleksandar Vasilev
  Pages: 7 - 22
  Abstract: Financial openness is introduced into a real-business-cycle setup aug- mented with a detailed government sector. The model is calibrated to Bulgarian data for the period following the introduction of the currency board arrangement (1999- 2020). The quantitative importance of financial openness is investigated for the stabi- lization of cyclical fluctuations in Bulgaria. The computational experiment performed in this paper reveals that greater financial openness increases the impact of technology shocks on output, investment, consumption, labor hours, and net exports. This am- plification effect is due to the following mechanism: openness provides a cheap access to foreign funds. Unfortunately, the new results come at odds with a major empirical observation, i.e. that consumption and net exports strongly pro-cyclical; the model, however, produces a countercyclical consumption, as well as net exports. Thus, such a setup is not yet ready to be used for policy analysis.
  PubDate: 2022-06-30
  DOI: 10.14505/jmef.v8.1(14).01
  Issue No: Vol. 8, No. 1 (2022)
Utility function for monetary gains (and losses) satisfying
Friedman-Savage hypothesis
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  Authors: Somdeb Lahiri
  Pages: 23 - 30
  Abstract: In this note we provide a closed form utility function for gains that is S-shaped around the origin and satisfies the Friedman-Savage hypothesis. We obtain the corresponding Arrow–Pratt measure of absolute risk aversion (ARA) as well as Arrow–Pratt measure of relative risk aversion (RRA) for it.
  PubDate: 2022-06-30
  DOI: 10.14505/jmef.v8.1(14).02
  Issue No: Vol. 8, No. 1 (2022)
The mercantile dilemma: formalisations and historical conclusions
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  Authors: Alessandro Saccal
  Pages: 31 - 89
  Abstract: The following contributions are hereby worked: one mathematically formalises Mundell’s Impossible trio and Rodrik’s Globalisation paradox, supplying the latter with a taxonomy in terms of the current account; by means of Kaldor’s price endogeneity in output, one proves that external real money market disparity and trade generate external output mismatches and lead to autarky unless offset, using topology and dynamical systems; one characterises transfers and federalism and shows that all unitary states are federal polities and can merge into confederations; one demonstrates that the said external output mismatches can be only eluded via autarky or neutral- isation, irrespective of federalism; one discerns (i) artificial currency areas guaranteeing inter-regional external output growth equality and (ii) modern protectionism as two Nash equilibria, to wit, the mercantile dilemma, especially rationalising the nexus between the Gold standard, the Industrial revolution and the Great divergence therethrough.
  PubDate: 2022-06-30
  DOI: 10.14505/jmef.v8.1(14).03
  Issue No: Vol. 8, No. 1 (2022)

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