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Most of the existing studies on the international capital market are based on a segmented market approach. This approach treats the different national capital markets as separated entities, hardly related to each other. For this reason (under the assumption of market segmentation), comparable capital assets may differ in their return on different national markets. Although market segmentation enjoys a surprisingly large following, it is not the only possible interpretation of the international capital market. The alternative hypothesis, i.e., that prices of capital assets in the international capital market behave as if there is one multinational perfect capital market, should be considered. The one market hypothesis has the advantage of being consistent with much of the accepted economic theory. Also the one market hypothesis is unambiguous where market segmentation can stand for any number of specific imperfect market formations. Market segmentation is widely accepted as the only possible structure of the international capital market. Different currency areas, separated political organizations and trade barriers have been given as a priori evidence for the segmentation of the international capital market. This, however, is not necessarily the case. An examination of the behavior of capital asset prices reveals that the price behavior is consistent with the one market hypothesis. It should be noted, however, that a certain body of data can be consistent with both the one market hypothesis and any one of several specific forms of market segmentation. But as the main theme of this study is to show the validity of the one market approach to the multinational equity market, it is sufficient to show that one cannot reject the one market hypothesis with regard to this market. [ABSTRACT FROM AUTHOR]

Share prices in the equity markets of the U.S., Great Britain, Germany and Japan do behave as if there exists one multinational equity market. Share prices in the non U.S. countries were shown to be related to and affected by the price changes in the U.S. equity market. This, however, does not rule out the possibility that share prices in each national component of the market move together in addition to the market-wide movements. The purpose of this article is to measure and describe those share-price fluctuations associated uniquely with their country of origin, and then, on the basis of those price changes to identify and estimate the country factor in share-price movements in the equity markets of Great Britain, Germany and Japan. The identification and estimation of the country factors in share-price movements are done in two levels of data. In the first stage indices of share prices are examined and in the second the country factors are estimated on the basis of a sample of individual shares.

This paper presents an attempt to examine the applicability of the relative income hypothesis (RIH) in terms of its various specifications proposed by Duesenberry, Duesenberry, Eckstein and Fromm (DEF), Davis and the authors (MD). Using the time series data for 1951 through 1968 the analysis has been carried out for Canada, Finland, Guatemala, Honduras, India, Japan, Philippines, Sweden, United Kingdom and the United States. It is found that RIH provides a fairly good representation of the consumption behaviour of all the countries included in the study. All specifications, however, do not perform equally well. DEF and Davis functions score the maximum points; MD comes at par with DEF in case of Finland, Guatemala, and India. The original Duesenberry specification performs very poorly. This lends us to conclude that the process of habit formation is continuous contrary to what is implied by Duesenberry's original specification and that consumption is a better indicator of the standard of living than income is. Estimates of the long-run marginal propensities to consume are essentially the same as those computed from the permanent income hypothesis by Singh and Drost [1970]. This lends support to the view that the two hypotheses have essentially the same long-run implications. [ABSTRACT FROM AUTHOR]

The author examines the critical issues facing the British steel industry as its technological basis is transformed. He identifies the need to plan on an international basis if Britain is to meet the Japanese challenge. [This paper was first read at Bradford University's Conference on The Marketing of Advanced Technology, May 1971.] [ABSTRACT FROM AUTHOR]

As excitement concerning trading stamps diminishes in the United States, and controversy abounds in Great Britain's venture, a stamp boom is taking place in Japan. The rapid development of trading stamps in Japan is analyzed in this article by a marketing specialist who has been a student of the trading-stamp industry in the United States for a number of years, and by a specialist in Japanese political and economic life. [ABSTRACT FROM AUTHOR]

This article focuses on factors responsible for a country to capture a significantly larger share of world trade in manufacturing in short time. India and Great Britain are short of arable land, relatively to population. Hence, as their national incomes rise, whether because of population growth or because of growing productivity, both need to import more food and raw materials. In recent history, four countries have captured substantial shares of world trade in manufactures over short periods. The first was Great Britain, starting at the end of the Napoleonic Wars and continuing until about 1860, during which period the volume of her exports of manufactures increased by 5.6 per cent per annum. The second country was Germany, capturing about 6 per cent of world trade between 1890 and 1913. Thirdly, the United States, which even more spectacularly captured 6 per cent between 1890 and 1899-not to mention the even larger gains resulting from two world wars. Finally, there is Japan, whose capture of 3 per cent of world trade in manufactures between 1929 and 1937 attracts special attention mainly because it occurred over a period during which the total volume of world trade contracted.