January 1984
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550 Reads
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784 Citations
Financial Management
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Publications (2)
June 1983
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196 Reads
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1,303 Citations
The US economy is arguably following an unsustainable trajectory. The main indicators of this are a large current account deficit, a large federal budget deficit and trend-wise increasing costs of Social Security and Medicare. In this chapter, we will discuss these observations and to what extent the financial and economic crisis may have changed the outlook. Before this, we need to define what we mean by sustainability. An often used definition of sustainability is that the inter-temporal budget restriction is satisfied.
Citations (2)
... Sensitivity to exchange rate risk can be measured by calculating the forex beta of the relevant sector indices. The calculation of Forex betas was based on the study of Adler and Dumas (1984), which used the single index model. A positive Forex beta indicates a positive relationship between the relevant sector index returns and exchange rate fluctuations, while a negative forex beta indicates that the exchange rate risk negatively impacts the respective sectors. ...
- Citing Article
January 1984
Financial Management
... In theory, volatility spillovers across markets can be attributed to three distinct contagion channels. At the macro level, the economic fundamentals hypothesis (Adler and Dumas 1983) posits that during crisis events, the abnormal fluctuations in macroeconomic indicators such as interest rates and exchange rates affect various financial markets, which leads to cross-market price linkages (Ballester et al. 2016). At the meso-level, gasoline and heating oil are derivatives of crude oil, with upstream and downstream chain relationships, while natural gas is a substitute for them. ...
- Citing Article
June 1983