|
on Central and Western Asia |
| By: | saleem, shahid |
| Abstract: | The purpose of this working paper is to give the real meaning of DEVELOPMENT from Islamic perspective. Most of Muslim countries are LDCs and using the religious and social ideology of Islam is very useful to establish institutions and to bring moral and ethical change for development in these countries. Islam appears to be the only dynamic religion and tells us about prevention of interest, similar to Christian and Jewish theologies. But at the same time gives a comprehensive setoff trade and financing modes, not easily and completely described in any other religion or social order. Even TFP, a modern concept for collective efficiency has been advised in Islam, shunning to self interest and individualism of materialistic economics. Some scholars of WEST consider use of Islamic banking more suitable for economic development, while others consider Islam as obstacle & threat to development of Muslim countries. I hope that the paper will be useful in this regard to provide another valuable theoretical dimension to this field of study……… |
| Keywords: | Islamic; Banking; Comparison; Pakistan; SHAHID; economic; development |
| JEL: | E2 M2 P4 |
| Date: | 2007–12–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6449&r=cwa |
| By: | Saurabha, Rritu; Tiwari, Manvendra |
| Abstract: | The most popular model for pricing options, both in financial literature as well as in practice has been the Black-Scholes model. In spite of its wide spread use the model appears to be deficient in pricing deep in the money and deep out of the money options using statistical estimates of volatility. This limitation has been taken into account by practitioners using the concept of implied volatility. The value of implied volatility for different strike prices should theoretically be identical, but is usually seen in the market to vary. In most markets across the world it has been observed that the implied volatilities of different strike prices form a pattern of either a ‘smile’ or ‘skew’. Theoretically, since volatility is a property of the underlying asset it should be predicted by the pricing formula to be identical for all derivatives based on that same asset. Hull [1993] and Nattenburg [1994] have attributed the volatility smile to the non normal Skewness and Kurtosis of stock returns. Many improvements to the Black-Scholes formula have been suggested in academic literature for addressing the issue of volatility smile. This paper studies the effect of using a variation of the BS model (suggested by Corrado & Sue [1996] incorporating non-normal skewness and kurtosis) to price call options on S&P CNX Nifty. The results strongly suggest that the incorporation of skewness and kurtosis into the option pricing formula yields values much closer to market prices. Based on this result and the fact that this approach does not add any further complexities to the option pricing formula, we suggest that this modified approach should be considered as a better alternative. |
| Keywords: | black scholes; skewness; kurtosis; nse; nifty; india |
| JEL: | G13 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6329&r=cwa |
| By: | El-Sharkawy, Omneya Khairy |
| Abstract: | Tourist Guides, like all employees within the travel (Tourism) industry must be aware of the needs of travelers (Tourists) and adjust their service and products accordingly, to accomplish this goal TGs are expected to process knowledge of guiding. This paper measures the degree of the influence of the area of study and the level of knowledge on experienced TGs through a study conducted on 200 of 6846 the working population of TGs in 2005, licensed to work in the field by the Ministry of Tourism in Egypt. The study used a self-administered questionnaire that revealed important results showing defects in the areas of study and shortage in the knowledge background of the TGs to a certain extend. The conclusion of the study will propose a guiding scheme to develop a certain standard of education and knowledge needed by TGs in Egypt in their drive towards professional recognition, in order to be able to perform effectively in an increasingly competitive field. |
| Keywords: | tour guides (TG); area of study; knowledge background; Egypt |
| JEL: | M0 L83 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6369&r=cwa |
| By: | Maurizio Michael Habib (European Central Bank, Directorate General International and European Relations, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany.); Margarita Manolova Kalamova (Social Science Research Center Berlin (WZB), Reichpietschufer 50, D-10178 Berlin, Germany.) |
| Abstract: | This paper investigates whether the real oil price has an impact on the real exchange rates of three main oil-exporting countries: Norway, Russia and Saudi Arabia. We create our measure of the real effective exchange rates for Norway and Saudi Arabia (1980-2006) and for Russia (1995-2006), testing if real oil prices and productivity differentials against 15 OECD countries influence exchange rates. In the case of Russia it is possible to establish a positive long-run relationship between the real oil price and the real exchange rate. However, we find virtually no impact of the real oil price on the real exchange rates of Norway and Saudi Arabia. The diverse exchange rate regimes cannot help in explaining the different empirical results on the impact of oil prices across countries, which instead may be due to other policy responses, namely the accumulation of net foreign assets and their sterilisation, and specific institutional characteristics. JEL Classification: F31, C22. |
| Keywords: | Real exchange rate, oil price, purchasing power parity, terms of trade, oil exporting countries. |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20070839&r=cwa |
| By: | Bharath , Josiam; Sadiq , Sohail; Prema , Monteiro |
| Abstract: | Malaysia is an Asian country with a multi-ethnic population that includes native Malays, and people of Chinese and Indian ethnicity. Malaysia has identified tourism as a priority sector and is aggressively promoting the country. Consequently, restaurants in Malaysia operate with an increasingly more ethnically diverse customer base. Ethnic restaurants and differential perceptions of customers of varying ethnic backgrounds have not been studied in detail. This study examines the perceptions of South Asians, Caucasians, East Asians, and those of other ethnic origins in their perceptions of Indian restaurants in Malaysia. The findings suggest that there are universal likes/dislikes as well as differential perceptions between ethnic groups. Implications for restaurant operators and researchers are suggested. |
| Keywords: | ethnic marketing, Indian restaurants, spicy food, customer perceptions, Malaysia |
| JEL: | M0 M3 M1 L83 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6362&r=cwa |
| By: | Arshad Khan, Muhammad; Qayyum, Abdul |
| Abstract: | This paper empirically investigates the impact of trade and financial liberalization on economic growth in Pakistan using annual observations over the period 1961-2005. The analysis is based on the bound testing approach of cointegration advanced by Pesaran et al (2001). The empirical findings suggest that both trade and financial liberalization policies play an important role in nhancing economic growth in Pakistan in the long-run. However, the short-run responses of real deposit rate and trade policy variables are very low, suggesting further acceleration of reform process. The feedback coefficient suggests a very slow rate of adjustment towards long-run equilibrium. The estimated equation remains stable over the period of study as indicated by CUSUM and CUSUMQ stability tests. |
| Keywords: | Trade Liberalization; Financial Development; Economic Growth; Bound Test |
| JEL: | O10 C22 F43 G10 |
| Date: | 2007–12 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6523&r=cwa |
| By: | Umali-Deininger, Dina; Shilpi, Forhad |
| Abstract: | This paper analyzes the effect of facilities and infrastructure available at the market place on a farmer ' s decision to sell at the market using a comprehensive survey of farmers, markets and villages conducted in Tamil Nadu, India in 2005. The econometric estimation shows that the likelihood of sales at the market increases significantly with an improvement in market facilities and a decrease in travel time from the village to the market. The results suggest that wealth reduces a farmer ' s cost of accessing market facilities more than it increases her/his opportunity cost of leisure. The wealthy farmers are able to capture a disproportionate share of the benefits of facilities available at congested markets. The policy simulation, however, shows that the marginal benefits from an improvement in market facilities will favor poorer farmers in the context of India. |
| Keywords: | Markets and Market Access,Transport Economics Policy & Planning,Debt Markets,Access to Markets,Housing & Human Habitats |
| Date: | 2007–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4455&r=cwa |
| By: | Bali Swain, Ranjula (Department of Economics); Floro, Maria (Department of Economics) |
| Abstract: | Uncertainty and unpredictability faced by low-income households increase their vulnerability making poverty even more unbearable. India¡¦s National Bank for Agriculture and Rural Development (NABARD)-initiated Self-Help Group (SHG) program, which is currently the largest and fastest growing microfinance program in the developing world, has been aggressively promoted as a way of combating poverty. This paper investigates whether or not SHG participation results in reducing poverty and vulnerability. A theoretical framework is developed to examine the mechanisms through which the pecuniary and non-pecuniary effects of the SHG program on the beneficiaries¡¦ earnings and empowerment, influence their households¡¦ ability to manage risk. Going beyond the traditional poverty estimates, we use a vulnerability measure which quantifies the welfare loss associated with poverty as well as different types of risks like aggregate and idiosyncratic risks. Applying this measure to an Indian panel survey data for 2000 and 200ƒ£, we find that SHG members have lower vulnerability as compared to a group of non-SHG (control) members. Furthermore, we find that the poverty contributes to about 80 percent of the vulnerability faced by the household followed by aggregate risk. |
| Keywords: | Microfinance; Vulnerability; Poverty; Risk Coping |
| JEL: | D14 G21 I32 |
| Date: | 2007–12–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:uunewp:2007_031&r=cwa |
| By: | George, Babu |
| Abstract: | Abilities to participate and communicate in different social settings is considered to be very important qualities for tourism graduates. Tourism educators are supposed to inculcate these qualities in the students and one the finest means of training. Yet, educators, especially those who belong to the ‘old school’ find it difficult to forego the teacher-dominant one-way lecture method. Thus, ‘student-centered learning’ and ‘teacher-as-facilitator’ are some of the vital-most values that are aimed to be imparted through training programs for in-service academic staff in tourism. Resource persons who handle tourism teacher training program sessions believe that these objectives could best be achieved by rewarding with higher grades those participants who interact more during the sessions. The basic assumption behind this is that encouraging teacher-participants who interact more shall instill in them the spirit of the aforesaid values, which they shall later enact in their professional lives as tourism teachers. The present study conducted in India critically examines this assumption and establishes that rewarding teacher-participants for their interaction might in fact defeat the very same purpose for which the scheme was primarily introduced. The astonishing finding is that those teacher-participants who participate more during the sessions of the in-service training programs constitute the most ‘dictatorial’ ones in their regular teaching roles along with their least participating colleagues. Those who participated moderately were noted to be the best tourism educators in terms of their facilitating student participation and encouraging student centered learning. |
| Keywords: | tourism education, in-service teacher training programs, the value of interaction in learning, interaction as a teacher-participant, interaction as a teacher, India |
| JEL: | M0 A2 L83 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6360&r=cwa |
| By: | Petya Koeva Brooks |
| Abstract: | Does the bank lending channel of monetary transmission work in Turkey? Using the May- June 2006 financial turbulence as an exogenous shock that prompted a significant tightening of monetary policy, this paper examines the loan supply response of Turkey's banks, depending on their balance sheet characteristics. The empirical results indicate that banks can play a role in Turkey's monetary transmission mechanism. Specifically, bank liquidity is found to have a significant effect on loan supply in Turkey. This suggests that the effect of monetary policy in Turkey can be propagated by the banking sector, depending on its liquidity position. |
| Keywords: | Liquidity , Turkey , Interest rates on loans , |
| Date: | 2007–12–10 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:07/272&r=cwa |
| By: | Marcos Souto; Christian Keller; Peter Kunzel |
| Abstract: | Improved macroeconomic conditions and changes to the asset-liability structure on Turkish balance sheets since the 2001 crisis have improved Turkey's overall sovereign risk profile. Nonetheless, the country remains subject to bouts of volatility, as evidenced most recently in the May/June 2006 market turbulence. This paper examines these changes in Turkey's risk profile using the Contingent Claims Approach (CCA), to quantify the evolution of Turkey's sovereign risk, relate risk indicators to market prices of risk, and conduct scenario analyses to assess the effects of potential market volatility and policy adjustments on key risk indicators. |
| Keywords: | Working Paper , Public debt , Turkey , Credit risk , Economic indicators , Economic models , |
| Date: | 2007–10–04 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:07/233&r=cwa |
| By: | GŸl, ERTAN …ZG†ZER |
| Abstract: | We examine the dynamics that may compensate the cost of redistribution policy in the European Union (EU), which is one of the obstacles for a candidate member country, namely Turkey to be admitted. We adress two main issues : i) may a total factor productivity (TFP) increases in the candidate country due to the positive effect of accession on institutional development compensate the cost of redistribution policy and ii) may free capital mobility before accession decrease EUÕs incentive for admitting the candidate country. In a two-country model we assume that after Turkish accession, the European household gives a transfer to the Turkish household whereas an upwart TFP shift arises in Turkey due to the positive effect of accession on institutional development. We first find that a TFP increase in Turkey compensates the cost of transfer. Second, allowing for free capital mobility before accession turns out to be unfavorable for admission to the EU. |
| Keywords: | EU accession, Turkey, capital mobility |
| JEL: | F15 F36 |
| Date: | 2007–12–06 |
| URL: | http://d.repec.org/n?u=RePEc:ctl:louvec:2007035&r=cwa |
| By: | Palanisamy , Saravanan; Ramamoorthy, Nagarajan |
| Abstract: | The current work aims at investigating the Housing Finance System in India and china with the follwoing major objectives. (i) To study the structural characteristics of housing finance system such as housing market and housing finance, borrowing contract types, lending and funding and regulations across the countries. (ii) To compare and contrast the evolution and recent trends in housing finance system in India and China. (iii) To assess the potential risk implications including the default, recovery, non-performing advances in this sector, the reasons and the recovery. |
| Keywords: | Housing Finance; India; China |
| JEL: | G21 |
| Date: | 2007–12–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6454&r=cwa |
| By: | Renu Kohli; Sudip Mohapatra |
| Abstract: | We examine the evolution of nontradable and tradable prices in the Indian economy over 1980-2002 and find widening differentials: the real exchange rate has been appreciating. This might seem unsurprising, since India's rapid per capita income growth suggests Balassa-Samuelson factors at play. However, after 1990, the tradable-nontradable labor productivity gap, the driver of real appreciation according to Balassa-Samuelson, virtually disappeared. So what explains the real appreciation? Assessing the role of both demand and supply factors, we find that demand pressures arising from higher income growth accounted for much of the relative price increase during the post-reform period. Falling import prices also contributed significantly, along with an increase in government spending. |
| Keywords: | Inflation , India , Real effective exchange rates , Exchange rate policy , Productivity , |
| Date: | 2007–11–29 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:07/268&r=cwa |
| By: | A. Prasad; Adarsh Kishore |
| Abstract: | The fiscal performance of the States in India has been an area of concern for quite some time. The Twelfth Finance Commission (TFC) recommended a three-pronged strategy to alleviate States' fiscal distress, built around greater orientation toward market discipline, incentives for fiscal consolidation targets, and commitment to fiscal correction. We find that States have created fiscal space through raising revenues and reducing and reprioritizing expenditures. Looking ahead, expansion of fiscal space is essential to meet the States' large infrastructure and social needs in order to alleviate bottlenecks to growth. This needs to be accomplished without undermining fiscal sustainability. |
| Keywords: | Working Paper , India , Public finance , Budgets , Public debt , Fiscal management , |
| Date: | 2007–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:07/205&r=cwa |
| By: | Singh, Lakhwinder |
| Abstract: | Indian economy has reached in the orbit of high rate of economic growth. She is being widely acclaimed and recognized as an emerging global economic power. The rate of growth recorded during the period 1950-51 to 2004-05 clearly showed a tendency of steady upward trend. However, the decade of eighties emerged as a beginning of the high rate of economic growth or at least a dramatic departure from the past growth performance. This tendency had continued in the 1990s and further growth stimulus has occurred in the early 21st century. This paper attempts to unravel the factors behind high growth trajectory and major structural problems encountered by the Indian economy. The question that begs for an explanation is that is high growth and inflows of FDI solve structural imbalance of Indian economy and will it succeed in improving the lot of bottom section of the Indian economy, which are living in abysmally poor socio-economic conditions in the countryside. The employment elasticity in the agriculture and industrial sector has gone down in the post-reform period, therefore, the creation of employment opportunities will be a gigantic task for the policy makers. FDI has come in the most capital-intensive sectors; therefore, the desired employment opportunities could not be created especially for the manual and the semi skilled labor. High skilled labor gained substantially. That is why high growth is called urban centric and thus has created a wedge between the rural and urban economy. There is urgent need to fill this void. Policy making process has matured in the democratic Indian polity since the independence. It is thus expected that the growing problems will receive mature response and policy will be articulated in such a manner to use FDI the way China has used to enhance economic growth while taking more and more investment to industrialize the rural sector of the Indian economy. |
| Keywords: | Indian economic growth; public policy; structural change; Foreign direct investment |
| JEL: | O1 O5 |
| Date: | 2007–12–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6427&r=cwa |
| By: | Pant, Manoj; Pattanayak, Manoranjan |
| Abstract: | We examine the effect of insider ownership on corporate value in India for the period of 2000-01 to 2003-04, using 1833 Bombay stock Exchange listed firms. More specifically we have investigated the nature of relationship between insider’s equity holding and firm value. While ‘convergence of interest’ or ‘monitoring’ hypothesis predicts a positive relationship, the ‘entrenchment’ hypothesis predicts a negative one between insider shareholding and firm value. In India, most of the firm’s have insiders/promoters as the dominant shareholder. The feature of family based governance system is also widely prevalent in Indian corporate sector. This paper provides evidence that the relationship between insider shareholding and firm value is not linear in nature. We document a significant non-monotonic relationship between insider shareholding and firm value. Tobin’s Q first increases, then declines and finally rises as ownership by insiders rises. Besides, we confirm that foreign promoter/collaborator shareholding has significant positive impact on firm value. |
| Keywords: | Insider ownership; Corporate governance; family ownership |
| JEL: | O16 G3 |
| Date: | 2007–04–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6335&r=cwa |
| By: | Nagarajan, Hari K.; Jin, Songqing; Deininger, Klaus |
| Abstract: | Recognition of the importance of institutions that provide security of property rights and relatively equal access to economic resources to a broad cross-section of society has renewed interest in the potential of asset redistribution, including land reforms. Empirical analysis of the impact of such policies is, however, scant and often contradictory. This paper uses panel household data from India, together with state-level variation in the implementation of land reform, to address some of the deficiencies of earlier studies. The results suggest that land reform had a significant and positive impact on income growth and accumulation of human and physical capital. The paper draws policy implications, especially from the fact that the observed impact of land reform see ms to have declined over time. |
| Keywords: | Rural Poverty Reduction,Political Economy,Rural Development Knowledge & Information Systems,Municipal Housing and Land,Rural Land Policies for Poverty Reduction |
| Date: | 2007–12–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4448&r=cwa |
| By: | Mukherjee, Sacchidananda; Chakraborty, Debashis |
| Abstract: | Economic growth does not necessarily ensure environmental sustainability for a country. The relationship between the two is far more complicated for developing countries like India, given the dependence of a large section of the population on natural resources for livelihood. Under this backdrop, the current study attempts to analyze the relationships among Environmental Quality (EQ), Human Development (HD) and Economic Growth (EG) for 14 major Indian States during post liberalisation period (1991-2004). Further, for understanding the changes in EQ with the advancement of economic liberalisation, the analysis is carried out by dividing the sample period into two: Period A (1990–1996) and Period B (1997–2004). For both the sub-periods, 63 environmental indicators have been clustered under eight broad environmental groups and an overall index of EQ using the HDI methodology. The EQ ranks of the States exhibit variation over time, implying that environment has both spatial and temporal dimensions. Ranking of the States across different environmental criteria (groups) show that different States possess different strengths and weaknesses in managing various aspects of EQ. The HDI rankings of the States for the two periods are constructed by the HDI technique following the National Human Development Report 2001 methodology. We attempt to test for the Environmental Kuznets Curve hypothesis through multivariate OLS regression models, which indicate presence of non-linear relationship between several individual environmental groups and per capita net state domestic product (PCNSDP). The relationship between EQ and economic growth however does not become clear from the current study. The regression results involving individual environment groups and HDI score indicate a slanting N-shaped relationship. The paper concludes that individual States should adopt environmental management practices based on their local (at the most disaggregated level) environmental information. Moreover, since environmental sustainability and human well-being are complementary to each other, individual States should attempt to translate the economic growth to human well-being. |
| Keywords: | Environmental Quality; Economic Liberalisation; Economic Growth; Human Development; India. |
| JEL: | Q50 O10 O15 O13 Q24 Q01 Q25 O1 I2 Q40 O4 I10 |
| Date: | 2007–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6472&r=cwa |
| By: | Singh, Lakhwinder; Singh, Inderjeet; Ghuman, Ranjit Singh |
| Abstract: | Rural economy of Punjab has been undergoing structural transformation. But the dependence of rural population in general and rural labour in particular for earning livelihood from the rural economy continues. This process of rural transformation has perpetuated the distress among the rural workforce. It is strange phenomenon that migrant labour continues to pour into the rural areas. The rural economy of Punjab, due to wage gap, continues to attract huge amount of inflow of people from other poorer states of India. Rural-rural migration, which is largely seasonal and stay of workers in most cases, is less than six months. Therefore, the official statistics on migration grossly under record the rural-rural migration. Attempt has been made in this paper to fill this gap. Despite the fact that rural real wage rate has declined between the period 1990 and 2000, however, rural-rural migration has increased during the same period. The majority of the migrants (more than 90 per cent) are able to find work in agriculture up to 50 days in a year. It has wide ranging implications for the rural-rural migration and level of living of the families of the migrants. |
| Keywords: | Rural-rural migration; Punjab; Rural economy; migrant labour |
| JEL: | O1 O15 |
| Date: | 2007–12–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:6420&r=cwa |
| By: | Sayako Kanda (Graduate School of Economics, Osaka University) |
| Abstract: | This paper explores the transformation of the economy and society in early colonial Bengal, roughly between c.1780 and c.1840, through a case study of the salt trade and its changes. It argues that several private trade institutions, particularly various types of intermediaries at different stages of transactions and multi-caste elite organisations, enabled a large flow of commodities, cash, credit and information despite regional and functional divisions in the market as well as social divisions among merchants. The coming of the British led to an expansion of the market and opened up various commercial opportunities to the socially inferior eamateurf merchants, and this led to a confusion in mercantile communities and necessitated a new order among them. By strengthening the functions of those private trade institutions and utilising the new British legal system, mercantile communities managed to accommodate these new merchants and respond to the increased volume of trade. |
| Keywords: | Colonial Transition, Economic History of India, Private Trade Institutions, Intermediaries, English East India Company |
| JEL: | N45 N75 Z13 |
| Date: | 2008–01 |
| URL: | http://d.repec.org/n?u=RePEc:osk:wpaper:0802&r=cwa |
| By: | Anup Kumar Bhandari (Indian Statistical Institute, Kolkata); Subhash C. Ray (University of Connecticut) |
| Abstract: | The Indian textiles industry is now at the crossroads with the phasing out of quota regime that prevailed under the Multi-Fiber Agreement (MFA) until the end of 2004. In the face of a full integration of the textiles sector in the WTO, maintaining and enhancing productive efficiency is a precondition for competitiveness of the Indian firms in the new liberalized world market. In this paper we use data obtained from the Annual Survey of Industries for a number of years to measure the levels of technical efficiency in the Indian textiles industry at the firm level. We use both a grand frontier applicable to all firms and a group frontier specific to firms from any individual state, ownership, or organization type in order to evaluate their efficiencies. This permits us to separately identify how locational, proprietary, and organizational characteristics of a firm affect its performance. |
| Keywords: | Data Envelopment Analysis; Meta-Frontier; Technology Closeness ratio |
| JEL: | L67 C61 |
| Date: | 2007–11 |
| URL: | http://d.repec.org/n?u=RePEc:uct:uconnp:2007-49&r=cwa |