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on South East Asia |
| By: | Herrmann, Sabine; Winkler, Adalbert |
| Abstract: | Financial globalisation has been associated with divergent current account patterns in emerging market economies. While countries in emerging Asia have been running sizeable current account surpluses, countries in emerging Europe have been facing large current account deficits. In this paper we test for the relevance of financial market characteristics in explaining divergent current account patterns in emerging Europe and emerging Asia based on the assumption that both regions constitute two different convergence clubs with the euro area and the US representing the core, respectively. In line with the theoretical literature, we find that better developed and more integrated financial markets increase emerging markets´ ability to borrow abroad. The degree of financial integration within the convergence clubs as well as the extent of reserve accumulation are found to be the most significant factors to explain divergent current account patterns in emerging Europe and emerging Asia. We conclude that the overall character of integration matters for the pattern of current account developments in catching-up economies. |
| Keywords: | real convergence, economic integration, saving and investment, current account developments, financial markets, emerging market economies |
| JEL: | F15 F21 O16 O52 O53 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:bubdp1:7116&r=sea |
| By: | Stampini, Marco (African Development Bank); Davis, Benjamin (Food and Agriculture Organization of the United Nations) |
| Abstract: | We examine the relationship between participation in non-agricultural labor activities and farming production decisions, focusing on the use of inputs. In particular, we are interested in the hypothesis that income from non-agricultural labor relaxes credit constraints. Using longitudinal data for Vietnam from 1993-98, we find that households participating in non-agricultural labor activities, consistently with our hypothesis, spend significantly more on seeds, services, hired labor and livestock inputs. |
| Keywords: | rural labor markets, linkages, credit constraints, Vietnam |
| JEL: | J43 Q12 |
| Date: | 2008–03 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp3403&r=sea |
| By: | Timilsina, Govinda R. |
| Abstract: | This paper analyzes the economic and environmental consequences of a potential demand side management program in Thailand using a general equilibrium model. The program considers replacement of less efficient electrical appliances in the household sector with more efficient counterparts. The study further examines changes in the economic and environmental effects of the program if it is implemented under the cl ean development mechanism of the Kyoto Protocol, which provides carbon subsidies to the program. The study finds that the demand side management program would increase economic welfare if the ratio of unit cost of electricity savings to price of electricity is 0.4 or lower even in the absence of the clean development mechanism. If the program ' s ratio of unit cost of electricity savings to price of electricity is greater than 0.4, registration of the program under the clean development mechanism would be needed to achieve positive welfare impacts. The level of welfare impacts would, however, depend on the price of carbon credits the program generates. For a given level of welfare impacts, the registration of the demand side management program under the clean development mechanism would increase the volume of emission reductions. |
| Keywords: | Energy Production and Transportation,Environmental Economics & Policies,Economic Theory & Research,Environment and Energy Efficiency,Energy and Environment |
| Date: | 2008–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:4563&r=sea |