Richard C. K. Burdekin

Customer preferences, attendance and the racial structure of professional basketball teams

This paper examines the importance of customer-based discrimiantion in professional basketball over the 1980–81 to 1985–86 seasons. Empirical rsesults offer strong support of the hypothesis that, if fans prefer to see players of their own race, teams will be influenced in their selection of players by the racial composition of their market area. By the same token, attendance is found to be positively related to the extent to which the racial composition of the team matches that of the corresponding market area.

Turning Points in the U.S. Civil War: A British Perspective

This article examines the Confederate cotton bonds floated in Europe in March 1863 and traded on the London market. Over a 27 March 1863 to 17 June 1865 sample we isolate two, nonreversed, “turning points†that follow news of Confederate defeat at Gettysburg and Vicksburg in July 1863 and the fall of Atlanta in September 1864.

Reconsidering the principal components of central bank independence: The more the merrier?

We use principal component analysis to reassess the link between different attributes of central bank independence and inflation performance. We suggest that coding problems may account for the fact that almost none of the attributes included in the Cukierman index has a systematic, plausible relationship with inflation. The multi-faceted Cukierman index also seems to be out-performed by a much narrower index focusing solely on policy independence. These findings point to the importance of using public choice analysis to isolate the real problem here: namely, finding specific central bank structures that effectively insulate central bankers from political pressures.

Enter the dragon: Interactions between Chinese, US and Asia-Pacific equity markets, 1995–2010

This paper applies a variety of short-run and long-run time series techniques to data on a broad group of Asia-Pacific stock markets and the United States extending to 2010. Our empirical work confirms the importance of crises in affecting the persistence of equity returns in the Asia-Pacific region and offers some support for contagion effects. Post-Asian financial crisis quantile regressions yield substantial evidence of long-run linkages between the Shanghai market, the US market and many regional exchanges. Cointegration is particularly prevalent at the higher end of the distribution. Our results suggest that the enormous growth of the Shanghai market in the new millennium has been accompanied by a meaningful level of integration with other regional and world markets in spite of ongoing capital controls.

Are NBA Fans Becoming Indifferent to Race? Evidence From the 1990s

Previous work found the racial composition of NBA teams to be positively correlated with the racial composition of their metropolitan markets in the 1980s. We find continued evidence of this relationship during the 1990s, with accompanying revenue gains from the inclusion of White players on teams located in whiter areas. And, as the number of White players declined significantly throughout the decade, the revenue product of a White player actually increased on the margin. The tendency for top-performing White players in the NBA to locate in cities with larger White populations also is consistent with their higher marginal value in such locations.

Deflation : current and historical perspectives

List of tables and figures List of contributors Preface 1. Fears of deflation and the role of monetary policy: some lessons and an overview Richard C. K. Burdekin and Pierre L. Siklos Part I. Fears of Deflation and the Role of Monetary Policy: 2. Deflation, silent runs, and bank holidays in the great contraction Hugh Rockhoff 3. Price change, financial stability, and the British economy, 1870-1939 Forrest Capie and Geoffrey Wood 4. Deflation dynamics in Sweden: perceptions, expectations, and adjustment during the deflations of 1921-1923 and 1931-1933 Klas Fregert and Lars Jonung Part II. Deflation and Asset Prices: 5. Boom-busts in asset prices, economic instability, and monetary policy Michael D. Bordo and Olivier Jeanne 6. Deflation, credit and asset prices Charles Goodhart and Boris Hofmann Part III. International Perspectives on Deflation: 7. Is deflation depressing? Evidence from the classical gold standard Michael D. Bordo and Angela Redish 8. The strong Lira policy and deflation in Italys interwar period Michele Fratianni and Franco Spinelli 9. Deflation and stagnation in Japan: collapse of the monetary transmission mechanism and echo from the 1930s Michael M. Hutchison Part IV. Stock Market Adjustment to Deflation: 10. Deflation, the financial crises of the 1890s, and Stock Exchange responses in London, New York, Paris, and Berlin Lance Davis, Larry Neal, and Eugene White 11. The Stock Market and the business cycle in periods of deflation, (hyper-)inflation, and political turmoil: Germany 1913-1926 Martin T. Bohl and Pierre L. Siklos 12. Deflationary pressures and the role of gold stocks: 1929, 1987 and today Richard C. K. Burdekin and Marc D. Weidenmier References Index.

A Re-examination of the Monetary Model of Exchange Market Pressure: Canada, 1963-1988

In re-evaluating the performance of the Girton and Roper (1977) two-country monetary model of exchange-market pressure (EMP) for Canada, estimates are provided for an extended specification that allows for unrestricted dynamics. Results show the hypothesized negative effect of domestic credit growth on EMP to be supported throughout. The relevance both of the dynamics and of the hypothesized unitary tradeoff between exchange rate and international reserve movements for Bank of Canada policy is demonstrated for the sequence of fixed and floating exchange rate regimes contained in the 1963:1-1988:1 sample.

International transmission of US macroeconomic policy and the inflation record of Western Europe

Abstract The interaction between monetary policy, government budget deficits, and inflation is examined for the four largest Western European economies, comprising France, Italy, the United Kingdom and West Germany. In order to assess the possible impact of US macroeconomic policy, past US monetary base growth, deficits and inflation rates are included in the set of explanatory variables for each of the European countries. Empirical results for the 1962:2–1985:4 sample period reveal interplay between domestic monetary and fiscal policy to be augmented by a significant impact of the US variables across all four countries in the sample.

Monetary institutions, budget deficits and inflation: Empirical results for eight countries

Abstract This study examines the implications of central bank independence using a three-equation model of monetary base growth, budget deficits and inflation that is estimated over an eight-country sample — of which Switzerland, the United States and West Germany are the countries considered to possess relatively autonomous central banks. A main finding is that central bank policy appears to be directed more toward price stability and less toward accommodation of government budget deficits in countries with a central bank that is independent of government. There is also some suggestion that the inflationary consequences of monetary expansion may be lessened under a more decentralised institutional setting.

The effects of inflation on economic growth in industrial and developing countries: is there a difference?

Using panel estimation for a large sample of industrial and developing countries we find significant negative effects of inflation on economic growth. The magnitude of these effects is, however, much larger for the industrial countries than for the developing countries