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on Central and Western Asia |
| By: | Riccardo De Bonis (Bank of Italy) |
| Abstract: | This paper summarizes the results attained by the Eurosystem in harmonizing the statistics used for the conduct of monetary policy. Since the creation of the euro area, in January 1999, significant progress has been made in the harmonization of data on banks’ balance sheets, central banks and money market funds; on interest rates on deposits and loans; on non-bank financial intermediaries, especially mutual funds and financial vehicle corporations engaged in securitization; and on financial accounts. The paper also outlines the debate on statistical information gaps that came to the fore after the 2007-08 financial crisis. |
| Keywords: | banks, money, credit, interest rates, financial accounts, statistics and the financial crisis |
| JEL: | G21 G23 C8 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:bdi:opques:qef_145_13&r=cwa |
| By: | Geert Mesters (Netherlands Institute for the Study of Crime and Law Enforcement, and VU University Amsterdam); Siem Jan Koopman (VU University Amsterdam) |
| Abstract: | An exact maximum likelihood method is developed for the estimation of parameters in a nonlinear non-Gaussian dynamic panel data model with unobserved random individual-specific and time-varying effects. We propose an estimation procedure based on the importance sampling technique. In particular, a sequence of conditional importance densities is derived which integrates out all random effects from the joint distribution of endogenous variables. We disentangle the integration over both the cross-section and the time series dimensions. The estimation method facilitates the flexible modeling of large panels in both dimensions. We evaluate the method in a Monte Carlo study for dynamic panel data models with observations from the Student's <i>t</i> distribution. We finally present an extensive empirical study into the interrelationships between the economic growth figures of countries listed in the Penn World Tables. It is shown that our dynamic panel data model can provide an insightful analysis of common and heterogeneous features in world-wide economic growth. |
| Keywords: | Panel data, Non-Gaussian, Importance sampling, Random effects, Student's t, Economic growth |
| JEL: | C33 C51 F44 |
| Date: | 2012–02–06 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:2012009&r=cwa |
| By: | Chia-Lin Chang (National Chung Hsing University, Taiwan); Hui-Kuang Hsu (National Pingtung Institute of Commerce, Taiwan); Michael McAleer (Erasmus University Rotterdam, Kyoto University, Japan, and Complutense University of Madrid, Spain) |
| Abstract: | This paper examines the size effects of volatility spillovers for firm performance and exchange rates with asymmetry in the Taiwan tourism industry. The analysis is based on two conditional multivariate models, BEKK-AGARCH and VARMA-AGARCH, in the volatility specification. Daily data from 1 July 2008 to 29 June 2012 for 999 firms are used, which covers the Global Financial Crisis. The empirical findings indicate that there are size effects on volatility spillovers from the exchange rate to firm performance. Specifically, the risk for firm size has different effects from the three leading tourism sources to Taiwan, namely USA, Japan, and China. Furthermore, all the return series reveal quite high volatility spillovers (at over sixty percent) with a one-period lag. The empirical results show a negative correlation between exchange rate returns and stock returns. However, the asymmetric effect of the shock is ambiguous, owing to conflicts in the significance and signs of the asymmetry effect in the two estimated multivariate GARCH models. The empirical findings provide financial managers with a better understanding of how firm size is related to financial performance, risk and portfolio management strategies that can be used in practice. |
| Keywords: | Tourism, Size effects, Small-firm effects, Financial performance, Spillover effects, MGARCH, VARMA, BEKK |
| JEL: | C22 G32 L83 |
| Date: | 2013–01–07 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:2013008&r=cwa |
| By: | Böckerman, Petri (Labour Institute for Economic Research); Maliranta, Mika (ETLA - The Research Institute of the Finnish Economy) |
| Abstract: | This paper examines the relationship between outsourcing and various aspects of employee well-being by devoting special attention to the role of occupational restructuring as a conveying mechanism. Using linked employer-employee data, we find that offshoring involves job destruction, especially when the destination is a low-wage country. In such circumstances, staying employees' job satisfaction is reduced. However, the relationship between outsourcing and employee well-being is not entirely negative. Our evidence also shows that offshoring to high-wage countries stimulates the vertical mobility of employees in affected firms in a manner that improves perceived well-being, particularly in terms of better prospects for promotion. |
| Keywords: | globalization, outsourcing, offshoring, downsizing, working conditions, subjective well-being, job satisfaction |
| JEL: | J28 F23 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp7399&r=cwa |
| By: | Zakariah, Sahidah; Pyeman, Jaafar |
| Abstract: | Background: Logistics cost is an important factor affecting the competitiveness on both macro (national) and micro level (firms). Logistics cost indicates the performance of logistics industry, efficiency level and its competitiveness. Research Problem: Despite of its significance, current state of logistics cost accounting and management in Malaysia has not properly addressed and the issues surround logistics cost measurement remains incoherent. Aim of research: The purpose of this study is to give an overview of the current state and issues of logistics cost accounting and management in Malaysia. Research Method: This study used content analysis as a qualitative research tool, and supported by literature material with regards the concerned research tool. Findings: This study has found the importance of having standard logistics cost accounting measurement, which plays a vital role in determining the accuracy of the logistics cost and ascertain the efficiency level of logistics industry in Malaysia. Implication: This study leads to trigger the awareness of current state and issues of logistics cost accounting and management in Malaysia. |
| Keywords: | logistics cost; logistics cost accounting; cost management |
| JEL: | G0 R4 R59 |
| Date: | 2013–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:46605&r=cwa |
| By: | Metaxas, Theodore |
| Abstract: | European cities today need to confront the challenges of the current socio economic changes. In this framework the role of city marketing becomes essential especially during the socio economic crisis. City marketing is important because it is related to procedures connected with city global competition, tourist attraction, urban management, urban government and the special identity of cities (city branding). Many European cities take initiatives either creative or innovative to improve their competitiveness through cultural and tourism development/growth. Further, the majority of applied city marketing policies concern the culture and tourism. City marketing have encounter criticism like a)replace urban planning, b) emphasis on profit, c) emphasis on tourism attraction, d) regenerate socio geographical inequalities. In Greece only recently city marketing has been developed while even more new phenomenon is the process of field studies. The first case study is the Pilot Strategic Planning of City Marketing in Nea Ionia Magnisia which is part of the CultMark programme “Cultural heritage, local identity and place marketing for sustainable development” (contacted under INTERREG IIIc in five European locations during 2004-2006 (Nea Ionia, Magnisia (leader partner), UK, Kainou/Finland, Rostok-TLM/Germany and Pafos/Cyprus. Museums are one of the top/main categories of cultural locations which contribute to the cultural and tourism development of cities. Cities benefit from the existence of museums in specific ways but in order to work effectively it is necessary to be promoted in an organized way and with a strategic perspective which will be implemented by a Strategic Pilot Marketing Plan. A second case study is the unique Museum of Tobacco in Kavala, Greece. The scope of it is to show how the museum could contribute as a unique “tourism and cultural good/product to reinforce the city image and its development under a Strategic Marketing Plan for the city with main axe the Museum. This paper uses data from recent primary field studies contacted on enterprises, citizens of the city and visitors in order to form a strategic frame in which the (intrinsic) promotion of the Museum will work effectively on the general development of the Museum and the city of Kavala. |
| Keywords: | cultural planning, tourism development, Strategic Pilot Marketing Plan, Nea Ionia Magnisia, Tabacco Museum of Kavala |
| JEL: | O21 R58 R59 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:46968&r=cwa |
| By: | Lau, Chi Keung Marco; Suvankulov, Farrukh; Karabag, Solmaz Filiz |
| Abstract: | This article explores determinants of competitiveness in the booming Turkish textile and apparel industry. Using focus groups, nationwide survey data and explanatory factor analysis we identify 27 competitiveness items grouped into eight constructs. According to Turkish managers, the competitiveness of textile and apparel firm is heavily determined by the product differentiation, efforts across foreign markets, and availability of government’s incentive and support programs. In contrast to existing studies, we find little evidence that firm networking in different forms such as close relationship politicians and state employees, clustering, and participating in the industry associations have a large effect on firm competitiveness. |
| Keywords: | firm competitiveness, factor analysis, textile industry, apparel industry, Turkey |
| JEL: | L00 L19 O53 |
| Date: | 2012–02–13 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:46974&r=cwa |
| By: | Sinha, Pankaj; Mathur, Kritika |
| Abstract: | This study looks into the price behavior of five base metals – aluminum, copper, zinc, lead and nickel traded on Multi Commodity Exchange (MCX), using near month futures contracts and spot contracts for the period from November 2007 to January 2013. To assess the impact of the recent Global Financial Crisis on trading of base metals, the price volatility of the base metals has been examined using GARCH models. The paper also studies the effect of implied volatility of equity market, measured by India VIX on the price volatility of the five base metals. The findings of the study suggest that there is presence of short term persistence in price volatility of the metals, and the daily price volatility of base metals is influenced by the Global Financial Crisis. The implied volatility in equity market is also found to affect the price volatility of the metals. Thus, the paper gives important evidence in support of the introduction of option contracts on base metals in Indian Commodity Markets, since option contracts are priced considering the price volatility of the underlying asset. |
| Keywords: | Option contracts, Base metals, Volatility, Futures contract, VIX |
| JEL: | G01 L61 Q0 |
| Date: | 2013–04–03 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:47028&r=cwa |
| By: | Mohammad Mahdi Kashef (TEMEP, College of Engineering, Seoul National University); Azamat Uzbekov (TEMEP, College of Engineering, Seoul National University); Jorn Altmann (TEMEP, College of Engineering, Seoul National University); Matthias Hovestadt (Department of Computer Science, Hanover University of Applied Sciences) |
| Abstract: | Several Cloud computing business models have been developed and implemented, including dynamic pricing schemes. This paper extends the known concepts of revenue management to the specific case of Cloud computing from two perspectives. First, we propose system architecture for Cloud service providers for combining demand-based pricing and scheduling. Second, a comparison of two yield management methods for cloud computing has been compared: Limited Discount Period Algorithm and VM Reservation Level Algorithm. By taking advantage of demand estimation, the two algorithms find the optimum number of VMs that are sold at full price and the optimum time period before the allocation when the prices should change. Simulation results show that both yield management methods outperform static pricing models and the algorithms perform differently considering the deviation of demand. |
| Keywords: | Cloud Computing, Revenue Management, Pricing Strategy, Autonomic Resource Management. |
| JEL: | C61 C63 D81 L86 M15 |
| Date: | 2013–05 |
| URL: | http://d.repec.org/n?u=RePEc:snv:dp2009:2013103&r=cwa |
| By: | Andrei Barbos (Department of Economics, University of South Florida) |
| Abstract: | This paper studies information acquisition under competitive pressure and proposes a model to examine the relationship between product market competition and the level of innovative ac- tivity in an industry. Our paper offers theoretical support for recent empirical results that point to an inverted-U shape relationship between competition and innovation. The model presents an optimal timing decision problem where a firm endowed with an idea trades the benefits of waiting for additional information on whether this idea can be converted into a successful project against the cost of delaying innovation: a given firm's profit following innovation is decreasing in the number of firms that invested at earlier dates. By recognizing that a firm can intensify its innovative activity on two dimensions, a risk dimension and a quantitative dimension, we show that firms solve this trade-off precisely so as to generate the inverted-U shape relationship. |
| Keywords: | Innovation, Information Acquisition, Timing Games, Preemption |
| JEL: | D40 L10 |
| Date: | 2013–01 |
| URL: | http://d.repec.org/n?u=RePEc:usf:wpaper:0713&r=cwa |