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on South East Asia |
| By: | Corrinne Ho |
| Abstract: | Just as monetary policy at the strategic level has undergone significant changes over the years, so has its day-to-day implementation. This paper documents the key features of 17 central banks' monetary operating frameworks as of early 2007 and discusses their major developments over the preceding decade. It finds that while some common themes and practices can be identified, there is no unique "best" way to implement monetary policy. Moreover, central banks everywhere - even in industrial economies - have continued to refine their operating frameworks and procedures and to innovate where necessary, responding to changing needs in changing times. |
| Keywords: | monetary policy implementation, operating procedures, policy rate, operating target, reserve requirements, standing facilities, discretionary operations, Asia-Pacific |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:253&r=sea |
| By: | Jie Zhu (School of Economics and Management, University of Aarhus, Denmark) |
| Abstract: | We apply the fractionally integrated exponential GARCH with volatility-in-mean (FIEGARCH-M) model of Christensen, Nielsen & Zhu (2007) to estimate the risk premium after different crises occurred in major stock markets during the past two decades. The model allows keeping the long memory property in volatility and a filtered volatility-in-mean component is used as a proxy for the risk factor. The esti- mation results show that the 1987 stock market crash and September 11, 2001 attack have persistent effects on stock markets. A significant risk factor is found for both crises in most crisis-hit markets, and it is nonmonotic for different markets. Either volatility feedback or risk premium is a possible explanation for the risk factor. On the contrary, Asian financial crisis and other market-specific crises have no persistent impact on most markets. |
| Keywords: | FIEGARCH-M, international stock market crisis, 1987 stock market crash, dotcom bubble, Asian crisis, 9/11 attack, country-specific crisis |
| JEL: | C22 F36 G15 |
| Date: | 2008–03–05 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2008-16&r=sea |
| By: | Chap Moly |
| Abstract: | Infrastructure development means for the making of living environment, transport and communications, disaster prevention and national land conservation, agriculture, forestry and fisheries, and energy production and supply. Transport infrastructure development in Cambodia involved with (1) road, (2) railway, (3) port, inland-water way and (4) aviation. All model of transport infrastructure have special different kinds of importance. Railway is different from other base important of railways are transport passengers and traffic freight especially transport for heavy goods in huge capacity and in long distance by safer and faster. Transport in Cambodia for traffic freight export import base from Thailand and other via Sisophon and Shihanoukvill port. Traffic is increasing rapidly during nowadays railway condition in adequate of demand required. This is why Railway is selected as the topic of this paper to prevent monopoly of road transport. This paper, does review about infrastructure development plan for Railway in Cambodia as a long term strategy by review and analysis forecast on the previous performance of Royal Railways of Cambodia (RRC) transport traffic involved with condition of infrastructure development of railway in Cambodia. And also review the plan of development RRC but just only detail a plan of rehabilitation that is immediately needed. Suggest some recommendation at the last part. As Cambodia is a member country of ASEAN and also Mekong sub-region. For make sure that transport networks work effectively with a progress of economic integration, we make clear what is important for infrastructure development of railway in Cambodia from the standpoint of the development plan of Mekong sub-region. This paper is organized by 4 sections. Section 1 review about Infrastructure Development of Railway in Cambodia (IDRC) Historical Background, Follow by Section 2 will review the Current Situation of IDRC and some analysis of transport performance from previous years, Then Section 3 review of the focusing on traffic transport of RRC in the future, Section 4 review Infrastructure Development of Railway in Cambodia Future plans in long term; at last conclusion and recommendation. In section 1 does review history background of RRC from the rail first begun. But why is needed to review? Because of history background is involved infrastructure development of RRC in present time. History background made big gaps constraint and obstacle for socioeconomic development and poverty reduction, also left Cambodia with tragedy and left developed behind. After that remain infrastructure development needs huge fund and long time for restoration, reconstruction, rehabilitation and development into new technology as most of world practice. |
| Keywords: | Asia, Developing countries, Service sector, Networks, Cambodia, Railway, Infrastructure |
| JEL: | R41 R49 |
| Date: | 2008–04 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper150&r=sea |
| By: | Syviengxay Oraboune |
| Abstract: | Rural road in Lao PDR defined as connecting road from village to main road, where it will lead them to market and access to other economic and social service facilities. However, due to mostly rural people accustom with subsistence farming, connecting road seems less important for rural people as their main farming produce is for own consumption rather than markets. After the introduction and implementation of New Economic Mechanism (NEM) since 1986, many rural villages have gradually developed and integrated into market system where people have significantly changed their livelihood with a better system. This progress has significantly contributed in improving income earning of people, better living standard and reduce poverty. The paper aims to illustrate the significant of rural road as connecting road from village to markets or a market access approach of farm produces. It also demonstrates through which approach, rural farmers/people could improve their income earning, develop their farming system, living standard and reduce poverty. |
| Keywords: | Rural road, Poverty, Subsistence farming system, Value chain, Network, Roads, Infrastructure, Laos |
| JEL: | O21 O53 R40 |
| Date: | 2008–04 |
| URL: | http://d.repec.org/n?u=RePEc:jet:dpaper:dpaper151&r=sea |
| By: | Jie Zhu (School of Economics and Management, University of Aarhus, Denmark) |
| Abstract: | In this paper a two-component volatility model based on the component's first moment is introduced to describe the dynamic of speculative return volatility. The two components capture the volatile and persistent part of volatility respectively. Then the model is applied to 10 Asia-Pacific stock markets. Their in-mean effects on return are also tested. The empirical results show that the persistent component accounts much more for volatility dynamic process than the volatile component. However the volatile component is found to be a significant pricing factor of asset returns for most markets, a positive or risk-premium effect exists between return and the volatile component, yet the persistent component is not significantly priced for return dynamic process. |
| Keywords: | Risk, Return, In-mean effect, Volatile, Persistent, Innovations |
| JEL: | C14 G12 G15 |
| Date: | 2008–03–05 |
| URL: | http://d.repec.org/n?u=RePEc:aah:create:2008-14&r=sea |
| By: | Mary Amiti; Donald R. Davis |
| Abstract: | How does trade liberalization affect wages? This is the first paper to consider in theory and data how the impact of final and intermediate input tariff cuts on workers' wages varies with the global engagement of their firm. Our model predicts that a fall in output tariffs lowers wages at import-competing firms, but boosts wages at exporting firms. Similarly, a fall in input tariffs raises wages at import-using firms relative to those at firms that only source locally. Using highly detailed Indonesian manufacturing census data for the period 1991 to 2000, we find considerable support for the model's predictions. |
| JEL: | F1 F12 F13 F14 |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:14106&r=sea |
| By: | Amiti, Mary; Davis, Donald R |
| Abstract: | How does trade liberalization affect wages? This is the first paper to consider in theory and data how the impact of final and intermediate input tariff cuts on workers’ wages varies with the global engagement of their firm. Our model predicts that a fall in output tariffs lowers wages at import-competing firms, but boosts wages at exporting firms. Similarly, a fall in input tariffs raises wages at import-using firms relative to those at firms that only source locally. Using highly detailed Indonesian manufacturing census data for the period 1991 to 2000, we find considerable support for the model’s predictions. |
| Keywords: | firm heterogeneity; input tariffs; output tariffs; trade liberalization; wages |
| JEL: | F10 F12 F13 F14 |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:cpr:ceprdp:6872&r=sea |