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on South East Asia |
| By: | Serafeim Tsoukas (University of Nottingham and Hong Kong Institute for Monetary Research) |
| Abstract: | Using a panel of five Asian economies - Indonesia, Korea, Malaysia, Singapore and Thailand - over the period 1995-2007 we analyze the links between firm survival and financial development. We find that traditionally used measures of financial development play an important role in influencing firm survival. When stock markets become larger or more liquid firms' survival chances improve. On the contrary, we show that higher levels of financial intermediation can increase firm failures. We also find that the beneficial effects of stock market development are more pronounced during the later years of our sample, while the adverse effects of bank intermediation have declined over time. Finally, large firms are more likely to benefit from developments in financial markets compared to small firms. |
| Keywords: | Firm Survival, Firm-Specific Characteristics, Financial Development |
| JEL: | E44 D92 L20 O10 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:hkm:wpaper:142012&r=sea |
| By: | Hu, Yuwei (Asian Development Bank Institute) |
| Abstract: | Pension assets have seen rapid growth world-wide over the past decades, although they suffered large losses during the global financial crisis of 2007–2008. This paper seeks to identify the impact of Asian pension funds on selected key transmission mechanisms from pension reform to financial development. Utilizing a panel error correction model, we found a statistical relationship between pension asset growth and development of financial and capital markets. The main policy implication is that governments in Asia should continue and/or strengthen pension reforms towards more pre-funding of future liabilities, since it brings beneficial impacts on the financial market. |
| Keywords: | asia; pension systems; asian pension funds; pension reform |
| JEL: | C54 G23 G28 |
| Date: | 2012–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:ris:adbiwp:0360&r=sea |
| By: | Parinduri, Rasyad |
| Abstract: | I examine whether family hardship experienced by owners of micro and small firms affects the firms' growth. Based on a representative sample of owners of firms in Indonesia, and using deaths of owners' family members as a measure of hardship, I estimate the effects of family hardship on firms' total assets. I find that family hardship leads to about 30 percent smaller assets on average. Moreover, the magnitude of the effects is larger the smaller the firms are. These findings indicate that growth of micro and small firms is severely constrained by the availability of resources such as internally generated finance. |
| Keywords: | micro and small firms; growth of assets; family hardship; Asia; Indonesia |
| JEL: | G32 L26 |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:39039&r=sea |
| By: | Rudy Rahmaddi (Graduate School for International Development and Cooperation, Hiroshima University); Masaru Ichihashi (Graduate School for International Development and Cooperation, Hiroshima University) |
| Abstract: | This study sought to elucidate the existence of a link between foreign direct investment (FDI) and exports in the manufacturing sectors of Indonesia. It contributes to the literature by investigating the sector-based impact of inward FDI on a host country's exports, using disaggregated data of manufacturing sectors categorized by factor intensity from 1990 to 2008. So doing enables one to test an FDI-substitute or FDI-complementary effect on sector-based export performance. The FDI theory proposes the possibility of an export-promoting effect in host economies. Employing panel analysis on the full sample and subsamples, and by later applying a differentiated cross-section effect, we found that FDI flows significantly crowd-in manufacturing exports in most panel observations. Interestingly, such an export effect is even stronger in physical capital, human capital, and technology-intensive sectors, without any significant evidence of a crowd-out effect in natural resource-intensive and unskilled labor-intensive industries, sectors in which Indonesia has a comparative advantage. In addition, this study uncovered the importance of other determinants of export performance. The findings draw some main policy implications, namely the importance of targeted sector-based policy, competitive exchange rate management, and further development of industrialization towards high value-added activities. |
| Keywords: | Exports performance, foreign direct investment, Indonesia, panel analysis |
| JEL: | F14 F21 F23 O53 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:hir:idecdp:2-10&r=sea |
| By: | Dufhues, Thomas; Buchenrieder, Gertrud; Munkung, Nuchanata |
| Abstract: | This study shows how different forms of individual social capital affect access to formal credit in rural Thailand. In the context of agriculture economics, an innovative data collection approach is used that originates from the field of sociology (personal network survey). We measure social capital according to: 1. the tie strength between the respondent and the personal network member (bonding/bridging); and 2. the social distance between the respondent and the personal network member (linking). Strong ties (bonding) in combination with access to socially distant network members (linking) reduce the chances of being access-constrained. |
| Keywords: | Thailand, access to credit, social capital, personal networks, Agricultural Finance, Research Methods/ Statistical Methods, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iaae12:123401&r=sea |
| By: | Sarah, Kersting; Meike, Wollni |
| Abstract: | This paper presents an analysis of GlobalGAP adoption by small-scale fruit and vegetable farmers in Thailand focusing on GlobalGAP group certification, the costs and perceived benefits of GlobalGAP adoption, and the factors influencing standard adoption. GlobalGAP is the most important private standard for producers in the Thai horticultural sector concerning access to high-value markets, especially to Europe. We find that support by donors, exporters and public-private partnerships is vital to enable small-scale farmers to adopt the standard. GlobalGAP group certification encourages the formation of new institutional arrangements between farmers, exporters and donors. In our sample only participants from a development program were successful in adopting GlobalGAP and within the program farmers were either organized in certification groups where the Quality Management System (QMS) was run by farmers themselves, by an exporter or by a donor. The results of the adoption analysis suggest that household characteristics (age, education, wealth, availability of family labor), farm characteristics (farm size, intensity of irrigation use), the number of agricultural trainings subjects attended, prior involvement in high-value supply chains, as well as exporter and donor support in terms of costs of compliance, technical advice and management of the QMS influence GlobalGAP adoption. |
| Keywords: | Private standards, food safety, GlobalGAP adoption, new institutional arrangements, small-scale farmers, Agricultural and Food Policy, Community/Rural/Urban Development, Farm Management, International Development, Marketing, |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iaae12:123537&r=sea |
| By: | Pierre Perron (Department of Economics, Boston University); Francisco Estrada (Centro de Ciencias de la Atmósfera, Universidad Nacional Autónoma de México); Benjamín Martínez-López (Centro de Ciencias de la Atmósfera, Universidad Nacional Autónoma de México) |
| Abstract: | We use recent methods for the analysis of time series data, in particular related to breaks in trends, to establish that human factors are the main contributors to the secular movements in observed global and hemispheric temperatures series. The most important feature documented is a marked increase in the growth rates of temperatures (purged from the Atlantic Multidecadal Oscillation) and anthropogenic greenhouse gases occurring for all series around 1955, which marks the start of sustained global warming. Also evidence shows that human interventions effectively slowed global warming in two occasions. The Montreal Protocol and the technological change in agricultural production in Asia are major drivers behind the slowdown of the warming since 1994, providing evidence about the effectiveness of reducing emissions of greenhouse gases other than CO2 for mitigating climate change in the shorter term. The largest socioeconomic disruptions, the two World Wars and the Great Crash, are shown to have contributed to the cooling in the mid 20th century. While other radiative factors have modulated their effect, the greenhouse gases defined the secular movement in both the total radiative forcing and the global and hemispheric temperature series. Deviations from this anthropogenic trend are shown to have transitory effects. |
| Date: | 2012–01 |
| URL: | http://d.repec.org/n?u=RePEc:bos:wpaper:wp2012-012&r=sea |
| By: | Quoc, Hoang Dinh; Dufhues, Thomas; Buchenrieder, Gertrud |
| Abstract: | This paper investigates the effects of individual social capital on the access of rural households to services. In the context of agriculture economics, an innovative data collection approach is used to determine social capital. The approach originates from the field of sociology and entails a personal network survey. We define four social capital variables according to tie strength (bonding/bridging) and social distance (bondinglink/bridginglink) between the respondent and his/her network member. The econometric results suggest that social capital with weaker ties in combination with socially distant ties (bridginglink social capital) can potentially improve households’ access to rural services. |
| Keywords: | Consumer/Household Economics, Research Methods/ Statistical Methods, rural services, social capital, rural households, Vietnam, |
| Date: | 2012 |
| URL: | http://d.repec.org/n?u=RePEc:ags:iaae12:123402&r=sea |
| By: | Jürgen Brünjes (Institute of Economic and Cultural Geography, Leibniz University Hanover); Javier Revilla Diez (Institute of Economic and Cultural Geography, Leibniz University Hanover) |
| Abstract: | In this paper we apply the concept of necessity and opportunity entrepreneurship to rural Vietnam. The aim is to evaluate whether opportunity entrepreneurs in rural areas in developing countries have a greater potential to stimulate endogenous nonâ€farm growth than necessity entrepreneurs. The results show that opportunity entrepreneurs are relatively frequent. They have an agricultural background less often and are better educated and skilled. In addition, they are more successful in terms of profits, even after controlling for general business and locational characteristics. However, even rural opportunity entrepreneurs are often not oriented towards employment growth and thus have a limited capacity to generate nonâ€farm employment for other households. It becomes clear that although the necessity/opportunity concept has so far been primarily applied to developed countries, distinguishing opportunity and necessity entrepreneurship is very suitable in a rural developing context if some contextua l specifics of the rural environmen t are taken into account. |
| Keywords: | Necessity entrepreneurship, opportunity entrepreneurship, developing countries, Vietnam |
| JEL: | L2 O18 R23 |
| Date: | 2012–05 |
| URL: | http://d.repec.org/n?u=RePEc:pum:wpaper:2012-01&r=sea |