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on Central and Western Asia |
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Issue of 2011‒07‒21
seven papers chosen by Bibhu Prasad Nayak Institute for Social and Economic Change |
| By: | Selim Elekdag; Harun Alp |
| Abstract: | Turkey is an interesting case study because it was one of the hardest hit emerging economies by the global financial crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, anticipating the fallout from the crisis, the Central Bank of the Republic of Turkey (CBRT) decreased policy rates by an astounding 1025 basis points over the November 2008 to November 2009 period. In this context, this paper addresses the following broad question: If an inflation targeting framework underpinned by a flexible exchange rate regime was not adopted, how much deeper would the recent recession have been? Counterfactual experiments based on an estimated structural model provide quantitative evidence which suggests that the recession would have been substantially more severe. In other words, the interest rate cuts implemented by the CBRT and exchange rate flexibility both helped substantially soften the impact of the global financial crisis. |
| Date: | 2011–06–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:11/150&r=cwa |
| By: | Dr. Younos Vakil Alroaia (Assistance Professor, DOS in Management, Islamic Azad University Semnan Branch, Semnan, Iran); Dr. Ali Reza Rezaei (Lecturer, DOS in Management, Islamic Azad University Semnan Branch, Semnan, Iran); Kambiz Abdi (DOS in Management, Islamic Azad University Semnan Branch, Semnan, Iran) |
| Abstract: | The aim of the article is to determine the extent to which customer satisfaction's in the e-banking in Semnan area had organizational and customer readiness for developing their services. One of the most important sectors that plays key role for grasping developed condition is banking sector. Banks like other institutions also look for augmenting their profits and increasing their strength by expansion. The designing of bank must involve selection of those that have sufficient success potential. Hence, from several factors of success, the following three criteria factors have been selected-customer satisfied; one dimensional, and product fully functional. These factors offers three question multi criteria group extracted from a 16 norms. Also, three criteria factors have been studied over a period of five years and important criteria for evaluating the norms. The Analytical Hierarchy Process (AHP) has been employed to calculate the success potential of each norm. The empirical data comprises the longitudinal survey of the agricultural banking of the Semnan province. The paper, also, finds that product fully functional is placed as the first priority |
| Keywords: | Customer's Satisfaction, E-Banking, AHP, Iran |
| JEL: | M00 |
| Date: | 2011–06 |
| URL: | http://d.repec.org/n?u=RePEc:cms:1icm11:2011-049_128&r=cwa |
| By: | Michielsen, T.O. (Tilburg University, Center for Economic Research) |
| Abstract: | Imperfect climate policies may be ineffective when fossil fuel owners respond by shifting their supply spatially (coined carbon leakage) or intertemporally (the green paradox). Though these effects are usually analyzed separately, the underlying mechanisms are similar. Exhaustibleffossil fuel owners must trade off present and future extraction or supplying one country and the other. Whereas this is a plausible representation for oil and natural gas, important emission-intensive substitutes such as coal and uncoventional oil are so abundant that their owners face no such trade-off. A decrease in coal demand in one time period or region will therefore not trigger an equal increase in supply in the other. Moreover, if imperfect climate policies causes oil and natural gas owners to supply more in the near future or in countries with lax regulation, demand for dirtier substitutes will go down. Both effects mitigate intertemporal and spatial carbon leakage. When the substitutability between oil and coal differs across time periods or countries, a 'strong green orthodox' may occur. |
| Keywords: | green paradox;exhaustible resource;backstop;climate change;carbon tax |
| JEL: | Q31 Q54 |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:kubcen:2011076&r=cwa |
| By: | MATEI, Ani; SĂVULESCU, Carmen |
| Abstract: | In the past three decades, total quality management (TQM) has been appreciated as "fundamental modality in view to improve the activity in the public and private sectors" (Boyne and Walker, 2002, 1). For the time being, in public administrations, we witness an extension of the policies for promoting TQM, although the experiences have not always been positive. The European Administrative Space (EAS) incorporates TQM, in different manners at national level, taking into consideration its recognised impact on the efficiency of public administration, one of EAS fundamental principles (Zurga, 2008, 39-49). In the context of analysing EAS evolution, the administrative convergence will also comprise the convergence of TQM policies. In fact, the field literature (Hackman and Wageman, 1995) reveals, in the context of national TQM policy-making, the concepts of "Convergent validity" and "Discriminant validity", reflecting "the degree to which the version of TQM promulgated by the founders and observed in organizational practice share a common set of assumptions and prescriptions" (Hackman and Wageman, 1995, 318-319). By a comparative analysis on TQM policies in the national public administrations of Balkan states, EU Member States: Greece, Cyprus, Slovenia, Bulgaria and Romania, the current paper aims to reveal the level of their convergence as well as the theoretical consistency of the conceptual and practical framework for TQM assertion. The comparative analysis will be based on a comprehensive vision on TQM, provided by Dean and Bowen (1994), Boyne and Walker (2002), namely its approach should be characterised on own principles, practices and techniques, grouped on customer focus, continuous improvement and team work (Boyne and Walker, 2002, 4-5). The tradition on promoting TQM in public administration in the above-mentioned states is relatively recent: since 1990s - Cyprus, since 1995 - Greece and Slovenia, since 2000 -Bulgaria and Romania. However, in the context of the EU membership and EAS enlargement to the Balkans, their efforts for promoting TQM in public administration are marked by concrete actions, reflecting differentiated degrees of convergence. The current study will refer briefly to absolute convergence - assessed in relation to the founders' conception on TQM and comprehensively to the relative convergence - assessed by comparing the activities concerning TQM in the states under review . |
| Keywords: | European Union Member States; Balkan states; quality management; Conve rgence |
| Date: | 2011 |
| URL: | http://d.repec.org/n?u=RePEc:nsu:apasro:296&r=cwa |
| By: | Mangal Goswami; Sunil Sharma |
| Abstract: | The paper makes an assessment of the progress made in developing local debt markets in emerging Asia. Market development has been limited by hurdles confronting borrowers and lenders, current and potential liquidity providers, and insufficient support from government policies and regulations. Besides fostering a credit culture to deepen local debt markets, the issue of critical size can be addressed through an integrated regional market for local currency bonds that provides greater scale, efficiency, and access. With rapid economic growth in Asia, a key challenge is to generate financial assets that can provide the underlying collateral for expanding fixed-income markets, and hence domestic and regional investment opportunities. |
| Keywords: | Access to capital markets , Asia , Bond issues , Bond markets , Borrowing , Capital markets , Corporate sector , Debt management , Emerging markets , External financing , |
| Date: | 2011–06–07 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:11/132&r=cwa |
| By: | Wignaraja, Ganeshan (Asian Development Bank) |
| Abstract: | This paper analyses the link between commercial policies and exports through a comparative analysis of the Asian giants—the People’s Republic of China (PRC) and India. While the PRC has surged ahead of India to dominate world manufactured exports, India has acquired competitive capabilities in skill-intensive services. Favorable initial conditions such as large domestic markets and low-cost productive labor have laid the foundations for the giants’ export success. While the gradual switch to marketoriented commercial policies in the late 1970s drove trade-led growth in the giants, the PRC’s reforms were swifter and more coordinated. It has introduced an open door policy towards foreign direct investment (FDI), actively facilitated technological upgrading through FDI, steadily liberalized a controlled import regime, ensured a competitive exchange rate, and concluded more comprehensive free trade agreements (FTAs) with Asia’s developing economies. India has attempted to develop more effective commercial policies since 1991, especially to attract FDI and liberalize imports. Therefore, one might expect the gap in trade performance between the PRC and India to narrow over time. However, both giants face an uncertain world economic environment in the aftermath of the global financial crisis and future export success will depend on their evolving commercial policies. Critical issues that still to be resolved include how the giants will respond to the risk of protectionism, manage real exchange rates, promote the use of FTAs among businesses, and increase spending on infrastructure as well as research and development. |
| Keywords: | FTAs; free trade agreements; People’s Republic of China; India; commercial policy; trade |
| JEL: | F13 O24 O53 P33 |
| Date: | 2011–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbrei:0083&r=cwa |
| By: | Bhattacharyay, Biswa Nath (Asian Development Bank Institute) |
| Abstract: | In view of Asia's huge infrastructure needs, as well as the reduced demand for exports due to the ongoing global financial and economic crisis, infrastructure projects offer a way of increasing regional demand and intraregional trade. This policy brief proposes various ways to tap Asia's huge financial resources to fund essential infrastructure. The key challenges include integrating financial markets to mobilize Asian savings for infrastructure, and providing proper incentives to investors, particularly those in the private sector, by developing appropriate policies, regulations, and institutions and long-term innovative financial instruments. |
| Keywords: | infrastructure asia; asia financial reserves; investment incentives |
| JEL: | G00 |
| Date: | 2011–07–10 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbipb:0033&r=cwa |