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on South East Asia |
| By: | Bui, Quang Minh; Cacho, Oscar; Villano, Rene; Hadley, David |
| Keywords: | Agribusiness, Environmental Economics and Policy, International Development, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare15:202520&r=sea |
| By: | Duc, Nguyen Minh; Ancev, Tihomir; Randall, Alan |
| Keywords: | Environmental Economics and Policy, International Development, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare15:202562&r=sea |
| By: | Syamsudin, Nur; Wegener, Malcolm |
| Keywords: | Agricultural and Food Policy, Crop Production/Industries, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare15:202587&r=sea |
| By: | Permani, Risti; Nuryartono, Nunung; Wardani, Fikria Ulfa; Anggraenie, Triana |
| Keywords: | Consumer/Household Economics, Health Economics and Policy, International Development, Livestock Production/Industries, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare15:202570&r=sea |
| By: | Nguyen, Huy |
| Abstract: | This study examines economic performance and household behaviour in multiple crop farming in Vietnam by measuring scale and scope economies, technical efficiency, and elasticities of substitution between inputs. The farming system in Vietnam is being transformed by integration between a set of cash crops and main food cropping operations. This transformation into diversified farming systems, where smallholders have a production base in rice, can affect the economies of scope, technical efficiency, and performance of farms. By using the approach of the input distance function, evidence is found of both scale and scope economies. These findings have important economic performance implications. Substantial technical inefficiency exists in multiple crop farming, which implies that by eliminating technical inefficiency crop, outputs could, in principle, be expanded by 20 per cent. Enhancing education and further land reforms are the main technical efficiency shifters. Evidence is also found for complementary between family labour and other inputs, except hired labour. The findings show further that the more adverse the farm production conditions, the more efficiently resources are allocated. |
| Keywords: | crop diversification, input distance function, elasticity of substitution, stochastic frontier, technical efficiency, economies of scope, and economies of scale, Crop Production/Industries, International Development, O12, O13, O33, |
| Date: | 2015–04 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aesc15:204224&r=sea |
| By: | Wongprawmas, Rungsaran; Canavari, Maurizio |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, |
| Date: | 2015–03 |
| URL: | http://d.repec.org/n?u=RePEc:ags:eaa143:202744&r=sea |
| By: | Nguyen, Huu Nhuan; Van De Fliert, Elske; Nicetic, Oleg |
| Keywords: | Agribusiness, International Development, Research and Development/Tech Change/Emerging Technologies, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare15:202563&r=sea |
| By: | Sudip Ranjan Basu (Macroeconomic Policy and Development Division, United Nations Economic and Social Commission for Asia and the Pacific); Alberto Isgut (Macroeconomic Policy and Development Division, United Nations Economic and Social Commission for Asia and the Pacific); Daniel Jeongdae Lee (Macroeconomic Policy and Development Division, United Nations Economic and Social Commission for Asia and the Pacific) |
| Abstract: | This paper examines the agenda of this year’s G20 Brisbane summit namely, to promote strong economic growth and employment outcomes and to make the global economy more resilient to future shocks – in the context of key policy debates in the Asia-Pacific region, as well as discussions on the United Nations post-2015 development agenda. In particular, priority areas related to investment and infrastructure, trade, employment, financial inclusion and remittances, financial regulatory reforms, international tax cooperation and anti-corruption measures, and energy markets are explored. The paper finds that several issues addressed by the G20, including infrastructure financing and tax cooperation, are highly relevant for developing countries in the Asia-Pacific region and that there is significant room for synergy between the UN and G20 processes. |
| Keywords: | G20, Financing, Infrastructure, Post-2015 development agenda, Asia-Pacific. |
| JEL: | E20 E60 G00 H54 |
| URL: | http://d.repec.org/n?u=RePEc:unt:wpmpdd:wp/14/01&r=sea |
| By: | David H. Autor; Mark Duggan; Kyle Greenberg; David S. Lyle |
| Abstract: | Combining administrative data from the U.S. Army, Department of Veterans Affairs (VA) and the U.S. Social Security Administration, we analyze the effect of the VA’s Disability Compensation (DC) program on veterans’ labor force participation and earnings. The largely unstudied Disability Compensation program currently provides income and health insurance to almost four million veterans of military service who suffer service-connected disabilities. We study a unique policy change, the 2001 Agent Orange decision, which expanded DC eligibility for Vietnam veterans who had served in-theatre to a broader set of conditions such as type 2 diabetes. Exploiting the fact that the Agent Orange policy excluded Vietnam era veterans who did not serve in-theatre, we assess the causal effects of DC eligibility by contrasting the outcomes of these two Vietnam-era veteran groups. The Agent Orange policy catalyzed a sharp increase in DC enrollment among veterans who served in-theatre, raising the share receiving benefits by five percentage points over five years. Disability ratings and payments rose rapidly among those newly enrolled, with average annual non-taxed federal transfer payments increasing to $17K within five years. We estimate that benefits receipt reduced labor force participation by 18 percentage points among veterans enrolled due to the policy, though measured income net of transfer benefits rose on average. Consistent with the relatively advanced age and diminished health of Vietnam era veterans in this period, we estimate labor force participation elasticities that are somewhat higher than among the general population. |
| JEL: | J22 |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:21144&r=sea |
| By: | Paralee Maneerat (Chulalongkorn University); Kanchit Malaivongs (Chulalongkorn University); Jintavee Khlaisang (Chulalongkorn University) |
| Abstract: | The purpose of this paper is to show the similarity between Thai Qualifications Framework for Higher Education (TQF: HEd) and maturity level of Capability Maturity Model Integration (CMMI) at Carnegie Mellon university. TQF is to put all universities to have standard curriculum in each field. At the same time, TQF emphasis necessary skill as well as long terms the improvement curriculum. In 2009, the Office of the Higher Education Commission announced that TQF is required for higher education in Thailand as guidelines for the education system in order to act like a framework for curriculum standard in Thailand. Universities are set to follow TQF 1 to TQF 7: TQF 1 is the standard curriculum for each field as defined by the Higher Education Commission, TQF 2 is used for the curriculum development, TQF 3 is used for the course syllabus, TQF 4 is used for the field experience syllabus, TQF 5 is used for the course report, TQF 6 is the field experience report, and TQF 7 is use for the improvement curriculum.On the other hand, CMMI (Capability Maturity Model Integration) is the process model improvement. It is divided into three categories: CMMI for Development (CMMI-DEV), CMMI for Acquisition (CMMI-ACQ), and CMMI for Service (CMMI-SVC). CMMI has five maturity levels and 22 process areas. Each process area can be classified into specific goals and generic goals.In summary, TQF has been developed along the concepts of process improvement which is the core principles of CMMI. The comparison of the TQF and the process of CMMI in the development curriculum, teaching and learning, and improve curriculum. It provides more insight to instructors and curriculum development committees to better manage and improve the program report. |
| Keywords: | Thailand Qualification Framework, TQF, Maturity Level, CMMI |
| JEL: | I29 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1002548&r=sea |
| By: | Tidarat Cholprasertsuk (Maejo University) |
| Abstract: | This research utilizes both quantitative and qualitative approach or so called “mixed research methodology”. It aims to explore employing conditions of the disabled in the north of Thailand in agriproduct processing industry. Those companies- with more than 100 employees- are the population as it is required by laws to employ the disabled in the ratio of 100:1. The total number of sample are 13 companies which shows different attitudes toward employing the disabled. The majority of respondents are companies from frozen fruit and vegetables industry (46.20%), and there is 53.80% of those complied with employing the disabled laws. 84.60% of companies hires persons with mobility disability and those were assigned operational responsibility suitable for type of disability. The disabled received the minimum wage per day of 300 Baht (USD 10.00 per day) as the non-disabled receives. Only evidence shows little adjustments in the working environment to facilitate the disabled because companies prefer not to pay higher cost. In addition, companies has no preference on gender, age, educational background but prefer the disabled with professional training (23.10%). The preferred characteristics are the employees (disabled) who are responsible, able to learn and complete their task, loyal and be able to work with others. |
| Keywords: | Disabled, Agriproduct Processing Industry, Upper Northern Part of Thailand |
| JEL: | P29 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003116&r=sea |
| By: | Michael McAleer (Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam and Tinbergen Institute, The Netherlands, Department of Quantitative Economics, Complutense University of Madrid, and Institute of Economic Research, Kyoto University.); John Suen (Department of Statistics Chinese University of Hong Kong.); Wing Keung Wong (Department of Economics Hong Kong Baptist University.) |
| Abstract: | This paper explores the characteristics associated with the formation of bubbles that occurred in the Hong Kong stock market in 1997 and 2007, as well as the 2000 dot-com bubble of Nasdaq. It examines the profitability of Technical Analysis (TA) strategies generating buy and sell signals with knowing and without trading rules. The empirical results show that by applying long and short strategies during the bubble formation and short strategies after the bubble burst, it not only produces returns that are significantly greater than buy and hold strategies, but also produces greater wealth compared with TA strategies without trading rules. We conclude these bubble detection signals help investors generate greater wealth from applying appropriate long and short Moving Average (MA) strategies. |
| Keywords: | Technical analysis, Moving average, Buy-and-hold strategy, Dot-com bubble, Asian financial crisis, Sub-prime crisis, Moving linear regression, Volatility. |
| JEL: | G1 C0 |
| Date: | 2013 |
| URL: | http://d.repec.org/n?u=RePEc:ucm:doicae:1318&r=sea |
| By: | Atiya Sarakshetrin (Boromarajonani College of Nursing, Suratthani) |
| Abstract: | Incidence and prevalence of cancer and cancer-related pain indicate that a majority of patients experience pain at one time or another during the course of treatment. Therefore, proper management of patients with pain is essential for controlling cost and alleviating patient suffering. There are a wide range of nursing interventions to relieve pain in cancer patients.The purpose of this meta-analysis was to study nursing interventions for decreasing pain with cancer patients. The quasi-experimental research studies in Thailand during 1997 – 2008 were selected. Of 13 studies, 9 studies in the inclusion criteria were selected. The studies were analyzed for general, methodology, and type of nursing interventions. By using the method of Glass, McGraw, and Smith (1981), effect size was calculated for each study. According to Snyder (1992), the nursing interventions for pain relief in cancer patients were categorized into 3 types: cognitive intervention, sensory intervention, and mix intervention. The results of study revealed that all types of nursing interventions on pain relief in cancer patients had large effect size. In Thailand, 22.22%, 33.33% and 44.44% of nursing studies on pain relief in cancer patients are classified as cognitive intervention, sensory intervention, and mix intervention. Recommendations for further studies include improving guidelines for nursing intervention and the development of nursing intervention databases on patients with cancer pain. |
| Keywords: | Pain Relief , Cancer Patients |
| JEL: | I10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003774&r=sea |
| By: | Bredenkamp,Caryn; Buisman,Leander Robert |
| Abstract: | Providing protection against the financial risk of high out-of-pocket health spending is one of the main goals of the Philippines? health strategy. Yet, as this paper shows using eight household surveys, health spending increased by 150 percent (real) from 2000 to 2012, with the sharpest increases occurring in recent years. The main driver of health spending is medicines, accounting for almost two-thirds of total health spending, and as much as three-quarters among the poor. The incidence of catastrophic payments has trebled since 2000, from 2.5 to 7.7 percent. The percentage of people impoverished by health spending has also increased and, in 2012, out-of-pocket spending on health added 1.5 percentage points to the poverty rate. In light of these findings, recent policies to enhance financial risk protection?such as the expansion of government-subsidized health insurance for the poor, a deepening of the benefit package, and provider payment reform aimed at cost-containment?are to be applauded. Between 2008 and 2013, self-reported health insurance coverage increased across all quintiles and its distribution became more pro-poor. To speed progress toward financial protection goals, possible quick wins could include issuing health insurance cards for the poor to increase awareness of coverage and introducing a fixed copayment for non-poor members. Over the medium term, complementary investments in supply-side readiness are essential. Finally, an in-depth analysis of the pharmaceutical sector would help to shed light on why medicines continue to place such a large financial burden on households. |
| Keywords: | Rural Poverty Reduction,Health Monitoring&Evaluation,Health Economics&Finance,Health Systems Development&Reform,Health Law |
| Date: | 2015–05–06 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wbrwps:7258&r=sea |
| By: | Poranee Rattanasiri (Maharaj Nakhon Si Thammarat Hospital); Janwamol Phangyota (Maharaj Nakhon Si Thammarat Hospital); Yuwadee Wittayapun (School of Allied Health Sciences and Public Health) |
| Abstract: | The quality of nursing documentation is an important issue for nurses to achieve patient outcome goals. The nursing documentation has constantly developed to increase accurate and legally prudent documentation.The purposes of this quasi-experimental research were: (1) to study the effectiveness of using developed nursing documentation on nursing documentation quality and (2) to study the satisfaction of professional nurses in using them. The first sample comprised 348 nursing documentation samples in the surgery inpatient department, including 174 documentation samples before and 174 documentation samples after using developed nursing documentation. The simple random sample was used to select sample. The second sample comprised 101 professional nurses working in the surgery inpatient department. The instruments used in this study included I) the developed nursing documentation, including (1) a form for nursing care plan and (2) a form for nursing progress notes (3) the nursing documentation audit form II) the nursing documentation manual and III) a questionnaire of professional nurses’ satisfaction in using the developed documentation. All instruments were approved for content validity by 3 experts. The Cronbach’s alpha coefficient of professional nurses’ satisfaction was 0.97. The implementation was applied for 3 months in 3 surgery inpatient wards. Data were analyzed using mean, standard deviation and independent t-test.The study showed that: 1) the mean quality of the nursing documentations after using developed nursing documentations was significantly higher than that before the experiment (p<.05).The professional nurses’ satisfaction regarding using the developed nursing documentation was at a high level (mean =3.41, sd =.51).The result suggested that the developed nursing documentation and the nursing documentation manual should be extended in nursing care practices to increase the quality of nursing documentation. That would reflect effective nursing care for patients. |
| Keywords: | nursing documentation, nursing documentation audit, professional nurses |
| JEL: | I19 I19 I19 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003478&r=sea |
| By: | Yuwadee Wittyapun (School of Allied Health Sciences and Public Health, Walailak University, Thailand); Jira Decho (Thasala District Public Health Office, Nakhon Si Thammarat Province) |
| Abstract: | Scientific research plays an important role in efforts to encourage evidence-based practices in healthcare systems. However, research has not been given a priority by healthcare professionals. A strategy commonly used to reduce the gap between research and practice is to identify barriers and then tailor interventions to overcome the identified barriers in the given context.This cross-sectional study was the first phase of a project to promote research-based public health practices. The aims were to examine: 1) educational level, education about research subject, training in research, perceived barriers to research implementation, perceived research competency and research implementation and 2) factors related to research implementation of public health professionals working in the district where Walailak University is located, i.e., Thasala District, Nakhon Si Thammarat Province. Stratified random sampling was used to sample 149 subjects, including registered nurses, public health technical officers, public health officers, medical technologists, medical science technicians, physiotherapists and others. The 5-point scale of perceived barriers to research and perceived research competency, having a Cronbach’s alpha of .94 and .93, respectively, were used to collect data. Data were analyzed using frequency, percentage, mean, standard deviation and binary logistic regression.The findings showed that 87.2% of participants graduated at bachelor degree level, 89.3% had ever studied about research, 45% had experienced research training and 10.7% had experienced research implementation as a head of a research project. Participants had low perceived research competency (M=2.9) and high barriers to research (M=3.2). Research training was the only factor significantly associated with research implementation (p-value <.05). The top ten barriers (M=3.32-3.89) reported included: 1) problems about reading research reports in English, 2) overwhelming work responsibilities, 3) lack of research team, 4) lack of skills to conduct research, 5) lack of time, 6) lack of research mentors, 7) abundance of research procedures, 8) lack of research funding, 9) lack of knowledge about research methods and 10) inaccessibility to sources of information. Priorities given to decrease identified barriers should include building research competency and providing research assistants, funding and mentors as well as encouraging research implementation in routine practices. |
| Keywords: | barriers to research, research competency, research implementation |
| JEL: | I00 I00 I00 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003106&r=sea |
| By: | Hemmert, Martin |
| Abstract: | Informal social ties have long been recognized as relevant not only for interaction between individuals, but also for knowledge transfer and other important outcomes of business activities. This applies in particular to East Asian countries such as South Korea where informal networks are widely believed to be prevalent in economy and society. However, less is known about their role in inter-organizational collaboration efforts, such as research collaborations. This research examines the relevance of inter-personal and inter-organizational ties for interaction quality and outcomes of research collaborations in South Korea. Two types of research collaborations are studied: new product development (NPD) collaborations between companies and university-industry research collaborations (UICs). Inter-personal ties are found in a majority of both types of collaborations being studied. However, whereas inter-organizational tie strength is strongly related to interaction quality and outcomes of research partnerships, inter-personal ties are not. Implications for research and for the management of inter-organizational research collaborations are shown. |
| Keywords: | social ties,research collaborations,interaction quality,knowledge acquisition,Korea |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:udedao:1022015&r=sea |
| By: | Noraida Abdul Ghani (Universiti Sains Malaysia); Nurulhuda Ramli (Universiti Sains Malaysia); Intan Hashimah Mohd Hashim (Universiti Sains Malaysia); Zulkarnain Ahmad Hatta (Universiti Sains Malaysia) |
| Abstract: | The success of an evacuation process during any emergency situations involves many interacting factors between the occupants, hazards, building geometries and environment. With the advancement of computer capability, an increasing number of scholars are now focusing on developing evacuation models by applying the laws and theories of human behaviour. However, these models did not take into account the socio-psychological aspects that can impact an individual’s decision making in emergency situations. Consulting experts in the related field of human behaviour can be a useful means to provide substantive information and supplement existing evacuation model. In this paper the relevance of important variables such as physical, psychological, sociological and situational characteristics are discussed. In the case of an emergency, these factors can either motivate or constrain human evacuation process. Using an expert judgment exercise, a graphical presentation called a Bayesian Network (BN) connecting all key factors that affect the success of an evacuation is developed. The usefulness of the approach is investigated using an example. The findings of this paper will be used in the quantification phase of the current model to identify possible consequences of influential factors in decision making and predicting human fatalities in an evacuation system. |
| Keywords: | Evacuation, Human factors, Bayesian Network, Elicitation, Expert Judgment |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003551&r=sea |
| By: | Padmavathi Koride (Indian Institute of Science); Anjula Gurtoo (Indian Institute of Science) |
| Abstract: | Microfinance bridges the credit gaps that formal financial institutions, like banks, are unable to meet for the rural populations. Micro Finance Institutions (MFIs) like Grameen Bank in Bangladesh, Bank Rakyat Indonesia and BancoSol in Bolivia have brought small credit, savings and other financial services within the reach of millions of financially excluded poor and uneducated.This paper explores the workings of this credit market and the underlying strategies in borrowing and repayment in India through a primary field survey of 829 rural borrowers in four districts of the Indian states of Andhra Pradesh and Telangana. The paper seeks to answer the following four questions, namely, Do rural borrowers plan their borrowings? Does the purpose of credit decide the source of credit? Is there a demand and supply elasticity in credit market? Would mortgage borrowing behave differently?Results, using regression models, show a link between borrowing behavior and the purpose of credit.•Source of credit does depend upon the purpose of borrowing. Agriculture and business investment loans are more likely to be sourced from formal sources, and education and health loans, from informal sources. Loans for agriculture might be sourced from banks only in part, or may not be supplied in time for cropping season, forcing borrowers to approach money lenders•The demand elasticity is minimal. Interest rates do not seem to impact borrowing, except for mortgage borrowing. More so for lifecycle needs like health and consumption, where all classes of borrowers borrow.•Mortgage borrowers drop their investment plans during time-lag between application and approval of loans, pointing to supply-side constraints•Small and marginal land-holders borrowing for mortgage, are likely to pay higher interest rate for money-lenders’ loans. This shows that lenders follow a price rationing of credit to low collateral borrowers. That farmers and business investors default on money-lenders’ loans shows that the latter, may have financed their investment in part. This shows that they do not get as much loan as applied for, from banks, pointing to size-rationing of credit.The results show a clear debt-trap where borrowers could be borrowing from one source to repay another, or may be resorting to multiple borrowings for the same purpose, as predicted by Jain and Mansuri (2008), who observe that moneylenders finance loan installments. |
| Keywords: | Credit; Purpose; Borrower; Behavior; India |
| JEL: | A14 C10 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003840&r=sea |
| By: | Christia Guevara (Institute of Biological Sciences, University of the Philippines Los Banos); Nerissa Torreta (Institute of Biological Sciences, University of the Philippines Los Banos) |
| Abstract: | Biodiversity reduction has been established as a one of the pressing global environmental issue of the present generation. This is further aggravated by conflicting perspectives among stakeholders of its nature as a natural phenomenon or predominantly anthropogenic. The question whether concept and issues on biodiversity is correctly understood is viewed as an important factor in education, especially in the teacher education program.This study considered biodiversity as a controversial multidimensional issue. In particular, this explored on the education students’ conception and perception regarding the issue in relation to science education. Data gathered in this study indicated that teacher education students in general have insignificant valuing perspective toward biodiversity. Employing the participatory appraisal method (Tock, 2001), teacher education students with science majors demonstrated best indicators of conceptual understanding on biodiversity . It was also shown that this group was relatively well informed, considered biodiversity as a relevant issue, and have more positive attitude on integrating it to mainstream science education. Suggestions for evaluating the indicators and outcomes of effective biodiversity education were also drawn from this study. In conclusion it was shown that while curricular programs included many of the essential components for biodiversity education, there was little attempt to ensure that students achieved a more coherent understanding of this complex issue. A more intensive exploration on biodiversity education as it is currently employed in the Philippine education system is recommended for possible merits in curricular enhancement and reforms. |
| Keywords: | Teacher education students, biodiversity education, learning outcomes |
| JEL: | I23 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003105&r=sea |
| By: | Hyunbae CHUN; MIYAGAWA Tsutomu; Hak Kil PYO; TONOGI Konomi |
| Abstract: | Using the Japan Industrial Productivity (JIP) and the Korea Industrial Productivity (KIP) databases and other primary statistics in Japan and Korea, we estimate intangible investment in Japan and Korea at the industry-level. Comparing our estimates from two-country data, we find that the growth in intangible investment in Korea has exceeded that in Japan in the past 30 years. Intangible investment/gross value added (GVA) ratios in the machinery industries in Japan are higher than in Korea, because Japanese machinery industries are research and development (R&D) intensive. On the other hand, ratios in some service industries in Korea are higher than in Japan, because Korean service industries are information and communications technology (ICT)-intensive. When we conduct growth accounting analysis with intangibles, we find that the contribution of intangible investment to economic growth after 1995 in Japan decreased significantly. In addition, the contribution of intangibles to productivity growth in Japan after 1995 is lower than not only Korea but also the European Union (EU) countries and the United States. The lack of synergy effects between ICT and intangibles in Japan may be the cause of low productivity growth in the 2000s. |
| Date: | 2015–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:dpaper:15055&r=sea |
| By: | Hock Ann Lee (Universiti Malaysia Sabah); Hock Tsen Wong (Universiti Malaysia Sabah); Huay Huay Lee (University of Multimedia) |
| Abstract: | In theory, countries with floating exchange rates and perfect capital mobility should have monetary independence. At the other extreme, countries with pegged exchange rates may completely lose monetary independence. This is the open-economy trilemma. Countries are not possible to combine exchange rate stability, capital mobility and monetary independence. However, previous research on the effects of the choice of exchange rate regime on monetary independence has found mixed results. Given a large set of countries, their different country characteristics such as the level of economic development may have an impact on the interest rate pass-through. In explaining the link between economic development and interest rate pass-through, business cycle synchronization could be one of the plausible reasons. If a country’s business cycle is highly synchronized with foreign countries, its domestic interest rates may be highly correlated with foreign interest rates, even for countries with floating exchange rates. This complicating factor has been ignored in previous work. Thus, this study aims to re-examine this issue by incorporating the level of economic development. In doing so, this study has distinguished more developed from less developed countries. Using panel data analyses, this study uses a sample of more than 100 countries from 1995. The dataset comprises interest rates and the indicators of exchange rate regime, capital control and economic development. This study uses interest rate pass-through as the appropriate measure of monetary independence. The findings show that pegged exchange rates with no capital controls have lower monetary independence than all other regimes. In line with the theory, this study has indicated that countries will completely lose their monetary independence only if their exchange rates are rigidly pegged without capital controls. More importantly, the findings have further confirmed that the evidence of the trilemma did not differ according to sub-groups of similar level of economic development. |
| Keywords: | Monetary Independence, Exchange Rate Regime, the Open-Economy Trilemma |
| JEL: | F41 |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003300&r=sea |
| By: | Paul-Olivier KLEIN (LaRGE Research Center, Université de Strasbourg); Laurent WEILL (LaRGE Research Center, Université de Strasbourg); Christophe J. GODLEWSKI (LaRGE Research Center, Université de Strasbourg) |
| Abstract: | With the large expansion of Islamic finance in the recent years, sukuk, which are the Sharia-compliant substitute to conventional bonds, are now becoming more prominent. The aim of this study is to examine the impact of sukuk issuance on firm performance. To do so, we analyze how stock market performance and operating performance are influenced by issuance of sukuk and bonds on a sample of Malaysian listed companies. We consider the short-term and medium-term stock market reaction through the computation of cumulative abnormal returns and buy-and-hold abnormal returns. We investigate the impact on operating performance by performing regressions and by calculating abnormal operating performance so that we can compare how issuance affects similar firms. We find that sukuk issuance generates a negative stock market reaction both in the short-term and in the medium-term. We also find evidence that issuing sukuk hampers operating performance. The analysis of abnormal operating performance shows that sukuk issuers have better performance than their matched bond issuers, but that sukuk contributes to reduce the gap in performance over time. Overall our results support the view that sukuk issuance hampers stock market performance, but that it is not attributable to a signaling effect on the bad financial situation of the issuer. We interpret our findings as evidence of adverse selection taking place on the financed projects and agency problems stemming from the specific sukuk structuring with stock market investors more reluctant to invest in sukuk issuers. |
| Keywords: | Debt instruments, Islamic finance, Emerging countries. |
| JEL: | G14 P51 |
| Date: | 2015 |
| URL: | http://d.repec.org/n?u=RePEc:lar:wpaper:2015-05&r=sea |
| By: | Salih KARATA (Selçuk University Faculty of Law) |
| Abstract: | One of the most threatening case against world peace and security is armament. This problem with the spread of weapons of mass destruction, has become inextricable. Like nuclear and biological weapons, chemical weapons in this context, regardless of the destination domain and cause heavy losses led to the deaths of millions of people until today. During the Second World War weapons of mass destruction often being referred to during international conflicts, but after the war this has been changed. Between the years 1963-1967 the chemical massacre carried out in Yemen, in 1988 Iran / Iraq War, the Iraqi government on the grounds that they help Iran, carried out chemical massacres against its Kurdish citizens (Halabja Massacre) and finally in 2013 during the Syrian civil war chemical massacres carried out against the citizens, these are all the evidence that the authoritarian governments in civil wars do not hesitate to use such weapons against their citizens. On disarmament initiatives Chemical Weapons Convention (CWC) have an important place in international law. The number of countries that signed the Convention has reached 192 in 2014. However Israel and Myanmar has not ratified the Convention so it could not entered into force yet for these two signing states. The number of States parties to the Convention reached 190 with the latest Syria's participation. This number corresponds to approximately 90% of states. CWC was signed with the desire to eliminate mass destruction weapons in 21st century. To reach this aim the Convention established a regulatory and inspectionary mechanism. Since its foundation The Organisation For Prohibition of Chemical Weapons (OPCW) carrying its duty to prevent developement, production, stockpiling and use of chemical weapons and to manage their destruction process. In cooperation with the United Nations since 2013 OPCW is managing the process for the destruction of Syrian chemicals. For its clear efforts to provide peace in the world OPCW was awarded with the Nobel Peace Prize in 2013. |
| Keywords: | DISARMAMENT, MASS DESTRUCT |
| URL: | http://d.repec.org/n?u=RePEc:sek:iacpro:1003556&r=sea |
| By: | Trewin, Ray |
| Keywords: | Livestock Production/Industries, Productivity Analysis, |
| Date: | 2015–02 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aare15:202583&r=sea |