|
on Central and Western Asia |
| By: | Kubo, Koji |
| Abstract: | Easing of economic sanctions by Western countries in 2012 augmented the prospect that Myanmar will expand its exports. This study projects Myanmar’s export potential by calculating counterfactual exports with gravity equation regressions using data from 10 Asian countries. Its empirical results indicate that Myanmar’s actual exports of non-resource goods during 2005–2010 were one–fifth of their potential, implying that exports to neighbouring countries did not compensate for exports lost to Western sanctions. Restored access to the U.S. market is expected to enhance Myanmar’s exports, particularly of apparel. |
| Keywords: | Myanmar, International trade, Economic sanctions, Exports, Gravity model |
| JEL: | F14 F17 F51 O53 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper426&r=cwa |
| By: | Kudo, Toshihiro; Kumagai, Satoru; Umezaki, So |
| Abstract: | After decades of isolation, Myanmar is now actively re-engaging with the global economy. For successful re-engagement, Myanmar needs to implement comprehensive economic reforms based on a shared vision for long-term economic development that is characterized by human-centered, high, sustainable, pro-poor, inclusive, and balanced economic growth. In this paper, we propose five growth strategies: "Agriculture Plus Plus," an export-oriented strategy, a foreign direct investment-driven strategy, a two-polar growth strategy, and a strategy to develop domestic economic corridors. These strategies are used as guides to translate these development agendas into a set of implementable policies, programs, and projects. |
| Keywords: | Myanmar, Economic development, Development policy, Economic policy, Myanmar (Burma), Growth strategy, Economic reforms, Re-engagement with global economy |
| JEL: | O10 O20 O53 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper427&r=cwa |
| By: | Lund, Diderik (Dept. of Economics, University of Oslo); Nymoen, Ragnar (Dept. of Economics, University of Oslo) |
| Abstract: | Comparative-statics results for financial options are often assumed to hold for real options. But the effects of higher volatility need not be increased value and postponed investment. This depends on signs of correlations and what parameters are held constant. For real options, the rate-of-return shortfall may change. The CAPM is commonly used to determine this. In contrast with widespread assumptions, the empirical analysis shows that the correlation of the returns on oil and the stock market is nonpositive and not invariant to changes in volatility. For crude oil during 1993–2008, these changes are identified as three significant breaks. |
| Keywords: | real options; oil; volatility; CAPM; comparative statics |
| JEL: | D92 G13 G31 Q30 Q40 |
| Date: | 2013–05–27 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:osloec:2013_014&r=cwa |
| By: | Bettina Becker (School of Business and Economics, Loughborough University, UK) |
| Abstract: | This paper offers an extensive survey and a critical discussion of the empirical literature on the driving factors of R&D. These factors are subsumed under five broad types. The paper first summarises the key predictions from theory regarding each type's R&D effect. It then examines for which factors differences in the theoretical predictions can also be found in empirical studies, and for which factors the empirical evidence is more unanimous. As the focus is on the empirical literature, methodological issues are also highlighted. The major factor types identified in the literature are, individual firm or industry characteristics, particularly internal finance and sales; competition in product markets; R&D tax credits and subsidies; location and resource related factors, such as spillovers from university research within close geographic proximity, membership of a research joint venture and cooperation with research centres, and the human capital embodied in knowledge workers; and spillovers from foreign R&D. Although on balance there is a consensus regarding the R&D effects of most factors, there is also variation in results. Recent work suggests that accounting for nonlinearities is one area of research that may explain and encompass contradictory findings. |
| Keywords: | R&D; R&D policy; innovation policy; financial constraints; competition; public funding; knowledge spillovers. |
| JEL: | G20 G28 M15 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:lbo:lbowps:2013_09&r=cwa |
| By: | Johan Venter (Maastricht School of Management, Maastricht, The Netherlands) |
| Abstract: | This paper explores the role of tertiary institutions in teaching entrepreneurship in Post- Conflict Liberia, one of several Post-Conflict Environments (PCEs) in Africa and abroad. The country wracked with years of civil war, and now seemingly on a path of democracy and economic growth rightfully is turning towards entrepreneurship education as a vehicle to job creation, especially among graduates and the unemployed youth. Four institutions of tertiary education in Liberia were earmarked by their educational authorities to play a leading role in delivering effective entrepreneurship education in future. A survey (n=28) was conducted among academics of the institutions in order to ascertain a better understanding of their perceptions on entrepreneurship education, the Liberian Post-Conflict labor market and related issues such differences between sub-Saharan labor markets and the loss of skilled individuals and professionals as a result of emigration (brain drain). Also the extent to which the academics were willing and able to participate in a program of entrepreneurship education. The results in general show enthusiasm for entrepreneurship education. Ideally it would seem that a process of infusing entrepreneurship into all curricula would be ideal. Special care should also be given to accommodating specific demands of the Liberian labor market, especially given their past history of conflict. |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:msm:wpaper:2013/19&r=cwa |
| By: | Fatih Ozatay |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:tob:wpaper:1305&r=cwa |
| By: | Baki Demirel (University of Gaziosmanpasa, Faculty of Economics and Administrative Sciences, Economics); Baris Alpaslan (University of Manchester, School of Social Sciences, Economics); Emre Guneser Bozdag (University of Gazi, Faculty of Economics and Administrative Sciences, Economics) |
| Abstract: | After 1980s, chronic inflation in Turkey has shaken the confidence in the domestic currency, and thus operating debit-credit transactions through dollars. The aim of this study is to analyse the impact of exchange rate pass-through into inflation in both Turkey and emerging market economies that were highly dollarized and shifted to a flexible exchange rate regime, together with inflation targeting policy in an attempt to switch to the advanced economy, and to examine whether stabilization programs under flexible exchange rate regimes and particularly inflation targeting policy may eliminate dollarization in the periods 1995-2001 and 2002-2010. |
| Keywords: | De-Dollarization, Inflation Targeting, Exhange Rate Pass-Through |
| JEL: | E42 E52 E58 |
| Date: | 2013–09 |
| URL: | http://d.repec.org/n?u=RePEc:koc:wpaper:1318&r=cwa |
| By: | Ursula Fritsch; Holger Görg |
| Abstract: | It is striking that by far the lion’s share of empirical studies on the impact of outsourcing on firms considers industrialized countries. However, outsourcing by firms from emerging economies is far from negligible and growing. This paper investigates the link between outsourcing and innovation empirically using firm-level data for over 20 emerging market economies. We find robust evidence that outsourcing is associated with a greater probability to spend on research and development and to introduce new products and upgrade existing products. The effect of offshoring on R&D spending is significantly higher than the effect of domestic outsourcing. However, only domestic outsourcing increases the probability to introduce new products. We also show that the results crucially depend on the level of protection of intellectual property in the economy. Firms increase their own R&D effort in the wake of outsourcing only if they operate in an environment that intensively protects intellectual property |
| Keywords: | outsourcing, offshoring, innovation, emerging economies |
| JEL: | F14 O31 O34 |
| Date: | 2013–08 |
| URL: | http://d.repec.org/n?u=RePEc:kie:kieliw:1861&r=cwa |