Maritime Economics [electronic resource] : A Macroeconomic Approach /
Karakitsos, E.author.
Varnavides, L.author.
This book analyses shipping markets and their interdependence. This ground-breaking text develops a new macroeconomic approach to maritime economics and provides the reader with a more comprehensive understanding of the way modern shipping markets function.
Description based upon print version of record.
Cover; Contents; List of Figures; List of Tables; List of Boxes; List of Abbreviations; 1 Introduction; The scope of the book; 1 The benefits of a macroeconomic approach; 2 The structure of the book; 3 How this book should be read and its potential readership; 4 Model and data series; Acknowledgements; Part I: The microfoundations of maritime economics; 2 The theoretical foundations of the freight market; Executive summary; 1 A framework for maritime economics; 2 The traditional model; 3 A critique of the traditional model; 4 A game-theoretic approach to freight rates
5 A formal statement of the bargaining problem - the contract or bargaining curve6 The bargaining utility function; 7 The solution of the bargaining game; 8 Economic conditions and bargaining power; 9 Comparison with the conventional model; 10 The time charter (or period) market; 11 Summary and conclusions; Appendix: how expectations of freight rates are generated; 3 The shipyard, scrap and secondhand markets; Executive summary; 1 The supply of shipping services in the short run; 1.1 Introduction; 1.2 Optimal capacity utilisation and optimal speed in the short run
2 Optimal fleet and optimal speed in the long run3 The aggregate fleet; 4 Investment under uncertainty; 5 Case study; 6 The model in perspective; 7 The supply of vessels - the impact of shipyard capacity on NB prices; 7.1 Introduction; 7.2 A framework for analysing shipyard capacity; 7.3 An empirical estimate of the impact of shipyard capacity on NB prices; 7.4 Explaining the stylised facts; 8 The scrap market and the net fleet; 9 The relationship of NB and SH prices; Appendix: optimal fleet capacity expansion; Optimal fleet and optimal speed - long-run analysis; The demand for vessels
The role of expectationsA comparison with conventional models; Long-run equilibrium and adjustment; Part II: The macroeconomics of shipping markets; 4 The efficiency of shipping markets; Executive summary; 1 Introduction; 2 The efficient market hypothesis; 3 The martingale model; 4 The random walk model; 5 The efficiency of freight markets; 5.1 Statement of the problem; 5.2 Expectations-generating mechanisms; 5.3 A VAR example; 5.4 A generalisation of the restrictions; 5.5 Remarks; 5.6 Alternative tests of market efficiency; 5.7 Weak form of market efficiency - cointegration tests
5.8 Remarks5.9 Time-varying risk premia - an explanation of the weak form of market efficiency; 5.10 The empirical evidence; 6 The efficiency of ship prices; 6.1 Statement of the problem; 6.2 Tests of market efficiency; 6.3 Weak form of market efficiency - cointegrating tests; 6.4 Time-varying risk premia; 6.5 The empirical evidence; 7 Conclusions; Statistical appendix; Stationary and non-stationary univariate time series; Stationarity (unit root) tests; Cointegration in single equations; The VAR methodology; The Johansen approach to cointegration; 5 Business cycles; Executive summary
1 A statistical explanation of business cycles
Includes bibliographical references and index.
This book analyses shipping markets and their interdependence. This ground-breaking text develops a new macroeconomic approach to maritime economics and provides the reader with a more comprehensive understanding of the way modern shipping markets function.
International economics.
Industrial organization.
International business enterprises.
Macroeconomics.
Investment banking.
Securities.
Transportation.
International Economics.
Industrial Organization.
International Business.
Macroeconomics/Monetary Economics//Financial Economics.
Investments and Securities.
Transportation.