nep-sea New Economics Papers
on South East Asia
Issue of 2018‒04‒09
24 papers chosen by
Kavita Iyengar
Asian Development Bank

  1. The Impact of Better Work: Firm Performance in Vietnam, Indonesia and Jordan By Drusilla Brown; Rajeev Dehejia; Raymond Robertson
  2. Vietnam: The Next Asian Tiger? By Tom Barker; Murat Ungor
  3. A Comparative Study of Subjective Well-Being Among Working Mothers in Indonesia and China By Resnia Novitasari
  4. Entrepreneurial Intentions of University Students in Bandung, Indonesia By Christian Wibisono
  5. Madrasah for Girls and Private School for Boys? The Determinants of School Type Choice in Rural and Urban Indonesia By Asadullah, Niaz; Maliki,
  6. Bankruptcy Prediction: SMEs Case Study in Pontianak, Indonesia By Umiaty Hamzani
  7. Measurement of economic welfare risk and resilience of the Philippine regions By Yonson, Rio; Noy, Ilan
  8. Malaysia; 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Malaysia By International Monetary Fund
  9. Educational assistance and education quality in Indonesia: The role of decentralization By Virgi Sari
  10. Global Factors and Trend Inflation By Güneş Kamber; Benjamin Wong
  11. Renewable energy consumption and economic growth in Indonesia. Evidence from the ARDL bounds testing approach By Hlalefang Khobai
  12. The Impact of Psychological Capital and Psychological Empowerment on Employee's Affective Commitment to Change By Wustari L. Mangundjaya
  13. Telecommunications infrastructure and usage and the FDI–growth nexus: evidence from Asian-21 countries "Abstract: This paper examines causal relationships between telecommunications infrastructure and usage (TEL), foreign direct investment (FDI), and economic growth in the Asian-21 countries for the period 1965–2012. TEL is defined in terms of the prevalence of telephone main lines, mobile phones, internet servers and users, as well as the extent of fixed broadband. These measures are considered both individually and collectively in the form of a composite index of TEL. We report results on long-run relationships between TEL, FDI, and economic growth. We also use a panel vector auto-regression model to reveal the nature of Granger causality among the three variables. Results from these causal relationships provide important policy implications to the Asian-21 countries." By Rudra P. Pradhan, Mak B. Arvin,; Mahendhiran Nair, Jay Mittal,; Neville R. Norman
  14. Criminal Policy on Hidden Defects in Marriage in Indonesia By Anny Retnowati
  15. Malaysia; Selected Issues By International Monetary Fund
  16. Indonesia; Financial Sector Assessment Program-Detailed Assessment of Observance—Insurance Core Principles By International Monetary Fund
  17. How unpopular policies are made: Examples from South Africa, Singapore, and Bangladesh By Ingrid Palmary; Thea De Gruchy; Ali Ashraf; Koh Chiu Yee; Kellynn Wee; Charmian Goh; Brenda S.A. Yeoh
  18. The Effect of Advertising Strategies for Lux Soap on Consumer's Decision to Purchase in East Java By Nanik Hariyana
  19. Transatlantic Divergences in Globalisation and the China Factor By Metivier, Jeanne; Di Salvo, Mattia; Pelkmans, Jacques
  20. Exchange rate appreciations and corporate risk taking By Sebnem Kalemli-Ozcan; Xiaoxi Liu; Ilhyock Shim
  21. Social Capital, Migration, and Social Integration By Mai Le Thi
  22. Effectiveness of Differentiated Instruction Training to Enhance Teachers' Sense of Efficacy in Inclusive Schools By Mira Aliza Rachmawati
  23. The Court’s Opinion on the EU-Singapore FTA: Throwing off the shackles of mixity? By Van der Loo, Guillaume
  24. Debt Equity Conversions and NPL Securitization in China; Some Initial Considerations By James Daniel; Jose M Garrido; Marina Moretti

  1. By: Drusilla Brown; Rajeev Dehejia; Raymond Robertson
    Abstract: The impact of Better Work (ILO/OFC) is assessed on costs, profits, productivity and business terms for firms in Vietnam, Indonesia and Jordan. Participation in Better Work has a positive productivity effect on Vietnamese and Indonesian firms. Productivity gains are captured by workers in the form of higher pay. Unit costs rise due to increased compliance with payment requirements such as the minimum wage, paying as promised and mandated promotions. Despite the increase in wages, profits for firms in Better Work Vietnam and Indonesia increase due to improved business terms such as larger orders and possibly an increase in price. The impact of Better Work Jordan suggests that exposure to the program for individual firms may have temporarily increased costs and lowered profits. However, the Jordanian apparel industry becomes more profitable over time, suggesting a positive country reputation effect. Participation in Better Work and firm performance are not jointly determined by manager quality. Early entrants into Better Work are, on average, high cost-low profit firms.
    Keywords: high road, working conditions, supply chains, social compliance, International Labor Organization, supply chains.
    Date: 2018
  2. By: Tom Barker (Reserve Bank of New Zealand); Murat Ungor (Department of Economics, University of Otago, New Zealand)
    Abstract: We investigate the growth experience of Vietnam, the country which has been getting recent attention as being the next emerging giant. First, we present an aggregate level investigation of Vietnam's economic growth experience, since the inauguration of reform in 1986 known as Doi Moi. We focus on a top-down approach that performs growth and level accounting exercises. These decompositions o er the possibility to track the economic progress of Vietnam and to formulate policy accordingly depending on where the gaps originate from. Second, we build a two-sector general equilibrium model, investigating the secular decline in agricultural employment. Despite the notable structural changes over the past thirty years, agriculture still has a substantial weight in the Vietnamese economy. We conduct a quantitative analysis using a theoretical framework, with an emphasis on the counterfactual outcomes of inheriting Chinese sectoral productivity growth rates, where China is recognized as the paragon emerging economy. The main fndings are: (i) Vietnam has grown impressively since 1986, but is still a relatively poor country in absolute terms; (ii) Vietnam must decrease its reliance on factor accumulation as its source of growth and increase its technological capabilities; (iii) economic policies should equally target both agricultural and nonagricultural sectors to increase sectoral productivity growth rates in Vietnam.
    Keywords: Vietnam; capital formation; convergence; deagriculturalization
    JEL: N10 O47 O53 O57
    Date: 2018–03
  3. By: Resnia Novitasari (Department of Psychology, Universitas Islam Indonesia Author-2-Name: Hazhira Qudsyi Author-2-Workplace-Name: Department of Psychology, Universitas Islam Indonesia Author-3-Name: Tika Pratiwi Ambarito Author-3-Workplace-Name: Department of Psychology, Universitas Islam Indonesia Author-4-Name: Eri Yudhani Author-4-Workplace-Name: Department of Psychology, Universitas Islam Indonesia Author-5-Name: Fakhrunnisak Author-5-Workplace-Name: Department of Psychology, Universitas Islam Indonesia Author-6-Name: Chenxi Wang Author-6-Workplace-Name: Department of Psychology and Behavioral Sciences, Zhejiang University, China Author-7-Name: Mingming Liu Author-7-Workplace-Name: Department of Psychology and Behavioral Sciences, Zhejiang University, China Author-8-Name: Baihua Chen Author-8-Workplace-Name: Department of Psychology and Behavioral Sciences, Zhejiang University, China)
    Abstract: Objective – This study investigates cross-cultural differences in subjective well-being among working mothers in Indonesia and China, as members of the big five countries with high density populations in the world. Methodology/Technique – The participants in this study include 168 working mothers, of which 118 are Indonesian and 50 are Chinese. The subjective well-being variable was measured using the Satisfaction with Life Scale (SWLS) and The Scale of Positive and Negative Experiences (SPANE). This study also uses an independent sample t-test to examine the difference between the two. Findings – The results show that t (116) = 2.779, p = 0.006, which indicates that there are different conditions between working mothers in Indonesia and China that affect subjective well-being.
    Keywords: China; Indonesia; Comparative Study; Subjective Well-Being; Working Mothers.
    JEL: J16 P52
  4. By: Christian Wibisono (Faculty of Economy, Parahyangan Catholic University Author-2-Name: F.X. Supriyono Author-2-Workplace-Name: Faculty of Economy, Parahyangan Catholic University)
    Abstract: Objective – The purpose of this paper is to describe entrepreneurial intentions (EI) among university students in Bandung, West Java, Indonesia. Methodology/Technique – Adapting the theory of planned behavior, this study measures entrepreneurial self-efficacy, risk tolerance, and desirability of self-employment as antecedents of entrepreneurial intention. Using cross-sectional data from 190 students in Bandung, the analysis uses multiple regression analysis to investigate the relationship among the variables. Findings – The findings show that entrepreneurial self-efficacy and desirability of self-employment have a significant impact on entrepreneurial intentions. Desirability of working for others and risk-averse personalities were found to be suppressor variables, while risk-taker personalities were found to be insignificant. Novelty – The study contributes to the field of entrepreneurial intention research as it investigates the antecedents of entrepreneurial intentions among university students in Bandung based on samples taken from 8 different universities.
    Keywords: Entrepreneurship; Indonesia; Intentions; Motivation; Students
    JEL: L26 I23
  5. By: Asadullah, Niaz (University of Malaya); Maliki, (Indonesia National Planning and Development Agency (Bappenas))
    Abstract: Using a nationally representative data set of Indonesian households and villages, we study the determinants of enrolment in Islamic schools (i.e., madrasahs) and private non-religious vis-Ã -vis public non-religious schools. Multinomial logit estimates indicate that madrasahs systematically attract children from poorer households, rural locations, and less educated parents while the opposite is true for private school enrolment. Moreover, girls are significantly more likely to be in madrasahs, irrespective of their locations, while boys enjoy a higher probability of enrolment in non-madrasah schools, particularly in urban areas. A significant effect of household income remains even after factoring out the influence of child characteristics, parental background, and village characteristics. Therefore policies that reduce household poverty are likely to reduce demand for Islamic schooling. However, the presence of a "girl effect" in madrasah enrolment independent of household income and location factors is puzzling and underscores the need to better understand the socio-cultural determinants of school choice in Indonesia.
    Keywords: Indonesia, madrasah education, poverty, gender, private school
    JEL: D04 I21 O15
    Date: 2018–02
  6. By: Umiaty Hamzani (Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi, 78124, Pontianak, Indonesia. Author-2-Name: Dinarjad Achmad Author-2-Workplace-Name: Universitas Tanjungpura, Jl. Prof. Dr. H. Hadari Nawawi, 78124, Pontianak, Indonesia)
    Abstract: Objective – This study aims to examine the risk of bankruptcy among SMEs to determine whether there are any significant differences in the financial performance between SMEs that apply accounting standard and those that do not. Methodology/Technique – This research uses a case study method to examine SMEs in the business incubator under the auspices of the Bank Indonesia in Pontianak. Descriptive analysis and independent sample tests are also used in this study. Findings – The results show that neither of the SME groups are predicted bankrupt under the financial distress model. Furthermore, the independent sample tests show that, if using a significance level of 5%, there is no difference in the financial performance of both groups. However, if using a significance level of 10%, there is a significant difference in both groups
    Keywords: Financial Distress Model; Financial Ratios; Financial Statements; Going Concern Accounting Principle; SAK ETAP; SMES.
    JEL: G32 G33
    Date: 2018–02–21
  7. By: Yonson, Rio; Noy, Ilan
    Abstract: Using an economic model to assess welfare risk and resilience to disasters, this paper systematically tackles the questions: 1) How much asset and welfare risks does each region in the Philippines face from riverine flood disasters? 2) How resilient is each region to riverine flood disasters? and 3) What are the available interventions per region to strengthen resilience to riverine flood disasters and what will be their measured benefit? We study the 18 regions of the Philippines to demonstrate the channels through which macroeconomic asset and output losses from disasters translate to consumption and welfare losses at the microeconomic level. Apart from the prioritization of regions based on resilience and welfare risk, we identify a menu of policy options ranked according to their level of effectiveness in increasing resilience and reducing welfare risk from riverine floods. While there are similarities in the ranking of policies among regions with comparable levels of resilience and welfare risk, the ranking of priorities varies for different regions. This suggests that there are region-specific conditions and drivers that need to be integrated into policies and development processes so that these conditions are effectively addressed. Overall, the results indicate that reduction of adverse disaster impacts, including welfare losses, and reduction of poverty are generally complementary.
    Keywords: Disasters, Floods, Risk, Resilience, Floods, Philippines,
    Date: 2018
  8. By: International Monetary Fund
    Abstract: In recent years, the economy has shown resilience and continued to perform well despite external shocks, while fiscal consolidation proceeded. Progress was made toward achieving high income status and improving inclusion. Going forward, striking the right balance in macroeconomic policies is key. There is room for improving forward guidance on economic and financial policies, while implementing the comprehensive structural reforms agenda.
    Date: 2018–03–07
  9. By: Virgi Sari
    Abstract: We examine the evolution of educational assistance in Indonesia, following two decades of government decentralization, and its effect on education quality. Using Indonesia Family Life Survey data, we exploit as exogenous rule the variation in the implementation of government decentralization to compute difference-in-difference estimators. Indicative evidence suggests decentralization has facilitated collusion between village authorities and marginalized private schools, with substantial increases in educational assistance and financial resources, especially to religious schools. Despite dominant rent-seeking behaviour and self-interest motives, increased public resource allocation to private schools impacted positively on student achievement. Our results also emphasize the role of social norms in undermining efficient public goods allocation after decentralization.
    Date: 2018
  10. By: Güneş Kamber; Benjamin Wong (Reserve Bank of New Zealand)
    Abstract: Many studies have shown that domestic inflation in different countries tends to behave similarly. One possible explanation for this observation is that domestic inflation dynamics are in part determined by global factors. This implies that central banks need to account for global factors when explaining and predicting inflation. Their importance however depends on whether they have long lasting effects on domestic inflation rates. Using a large macroeconomic dataset, we propose a methodology to decompose inflation into its permanent (trend) and transitory (gap) components. We then quantify the role of domestic and global factors in determining each of these components. We first apply the model to a sample of economies with long-standing inflation targeting regimes. We then extend our analysis to a sample of ten Asian economies to draw comparisons. In our first sample, we find that global factors have a sizeable influence on inflation behaviour. However, this is mainly temporary and appears to reflect movements in commodity prices. The effect of global factors on trend inflation is small. In our second sample, a set of countries with more diverse monetary policy regimes, we find global factors have a much larger role. A possible explanation is that inflation targeting may have reduced the influence of global factors on trend inflation.
    Date: 2018–02
  11. By: Hlalefang Khobai (Department of Economics, Nelson Mandela University)
    Abstract: This study serves to examine the effects of renewable energy consumption on economic growth in Indonesia. Quarterly time series data was used for the period 1990 – 2014. Applying the autoregressive distributed lag (ARDL) bounds testing approach, the study established that there is a long run relationship between economic growth, renewable energy consumption, carbon dioxide emissions, capital and employment. It is established that renewable energy consumption has a significant positive effect on economic growth both in the long run and short run. The findings from the vector error correction model (VECM) technique suggest that there is a long run causality flowing from renewable energy consumption, carbon dioxide emissions, capital and employment to economic growth. The findings of this study suggest that the government, energy policy makers and associated bodies should act together to improve on the renewable energy infrastructure and lower carbon growth in Indonesia.
    Keywords: Renewable energy consumption, Economic growth, Co-integration, Causality, Indonesia.
    JEL: D04 Q47 Q42 Q01
    Date: 2018–02
  12. By: Wustari L. Mangundjaya (Faculty of Psychology, Universitas Indonesia Author-2-Name: Muthmainah Mufidah Author-2-Workplace-Name: Faculty of Psychology, Universitas Indonesia)
    Abstract: Objective – Organizations nowadays have to change and adjust themselves with the changing external environment in order to survive in the globalization era. This change requires a high affective commitment to change from its employees. The purpose of this study is to examine the impact of psychological capital and psychological empowerment on employee's affective commitment to change. Methodology/Technique – Respondents were 242 employees of Indonesian financial institutions which have undergone organizational changes. Data collection tools were Commitment to Change Inventory, Psychological Empowerment, and Psychological Capital, and was analysed using regression analysis. Findings – Findings indicated that a positive and significant impact of psychological capital and psychological empowerment on affective commitment to change. This study also found that psychological capital has a more significant influence on affective commitment to change than psychological empowerment. Research limitations/implications - The implications of the study can be used for managing change better, such as developing confidence in people by developing both psychological empowerment and psychological capital. Originality/value - Results are essential for managing change better, such as developing confidence in people by promoting both psychological empowerment and psychological capital.
    Keywords: Affective Commitment to Change; Psychological Capital; Psychological Empowerment; Organizational Change; Financial Institutions.
    JEL: J50 J59
  13. By: Rudra P. Pradhan, Mak B. Arvin,; Mahendhiran Nair, Jay Mittal,; Neville R. Norman (Department of Economics, The University of Melbourne)
    Keywords: Adoption and diffusion of IT and rate of uptake; development issues; sustainable development in developing and transition economies; IT policy; IT strategies for development (national and sectoral)
    JEL: C11 I14 I31
    Date: 2017–06
  14. By: Anny Retnowati (Universiti Sains Malaysia, 11800, Georgetown, Malaysia Author-2-Name: MG. Endang Suminarni Author-2-Workplace-Name: Universiti Sains Malaysia, 11800, Georgetown, Malaysia)
    Abstract: Objective – Articles 28A-28J of The Second Amendment of the 1945 Constitution provide specific and detailed arrangements for the protection of human rights. These include the protection of the right to live and the right to have a family. Methodology/Technique – The purpose of marriage is for couples to obtain material and spiritual happiness. Many previous studies have indicated that divorce is caused by various factors related to non-fulfilment of rights and obligations between husband and wife. One of those factors is the existence of hidden defects occurring after marriage. Findings – This study uses normative legal research based on legal facts regarding hidden defects in marriage. The research results are used to develop arguments based on legal and normative facts that may be used to inform the development of new legal policy for the solution of disputes between husband and wife caused by hidden defects in marriage. Novelty – The research problems can be formulated as follows: (1) what is the understanding and purpose of marriage between husband and wife? and (2) how is criminal law policy in the case of hidden defects in accordance with happy and eternal marriage based on the Only God?
    Keywords: Service Quality; Servqual; Distance Education; Higher Learning Institutions
    JEL: J12 K41 K36
  15. By: International Monetary Fund
    Abstract: Selected Issues
    Date: 2018–03–07
  16. By: International Monetary Fund
    Abstract: The insurance sector is rapidly growing through conglomeration, bancassurance and increased sales of investment products. While the insurance sector is still smaller than the banking sector, it has grown rapidly at an average of 20 percent per year over the last 5 years. About the half of insurers belong to conglomerates, typically led by banks but with a number of other financial and non-financial entities within the group. Because of regulations on intra-group transactions from insurance entities, some insurance entities could have material exposures to the affiliates. Bancassurance is playing a very important role in the insurance distribution, mainly in relation to investment products, such as unit-linked products.
    Date: 2018–03–12
  17. By: Ingrid Palmary; Thea De Gruchy; Ali Ashraf; Koh Chiu Yee; Kellynn Wee; Charmian Goh; Brenda S.A. Yeoh
    Abstract: In this paper we consider four factors that shaped the development of migration policy intended to protect the rights of vulnerable migrant women. They are: the role players in the policy change process, the debates that shaped the policy change, the role that research played and the political context in which the policy change took place. Based on case studies from Bangladesh, South Africa, and Singapore, we trace the drivers of policy change in these contexts and how the gendered vulnerability of the intended beneficiaries impacted the policy process. Our research showed that policy development is shaped by complex socio-political conditions. Understanding these conditions can help to make policy change advocacy more effective and contextually relevant.
    Date: 2018
  18. By: Nanik Hariyana (Faculty of Economic and Bussiness University of Jember, Indonesia Author-2-Name: Raden Andi Sularso Author-2-Workplace-Name: Faculty of Economic and Bussiness University of Jember, Indonesia Author-3-Name: Diana Sulianti K Tobing Author-3-Workplace-Name: Faculty of Economic and Bussiness University of Jember, Indonesia Author-4-Name: Imam Suroso Author-4-Workplace-Name: Faculty of Economic and Bussiness University of Jember, Indonesia)
    Abstract: Objective - The purpose of this study is to determine the effect of advertising of FMCG products on the decision to purchase those products, and brand loyalty, in East Java. Methodology/Technique - This study examines the effect of television advertising on the decision to purchase and brand loyalty with respect to FMCG products. The study uses purposive sampling to gather information in the district of East Java, with a sample of 140 respondents. The study also uses SEM (Structural Equation Modelling) to measure the results. Findings - The SEM analysis shows that product advertising has a significant effect on the decision to purchase and brand loyalty on FMCG products in East Java, which tends to increase at a rate of 5% alpha. Novelty - This study examines the purchasing power of people in the district of East Java.
    Keywords: Strategy; Advertising; Messages; Advertising Products; Lux Soap; Purchasing Decisions.
    JEL: M37 M31
    Date: 2018–02–08
  19. By: Metivier, Jeanne; Di Salvo, Mattia; Pelkmans, Jacques
    Abstract: The EU and the United States are following divergent paths with regard to their respective trade policies. While the new administration of the United States has made some notably strong statements against further trade liberalisation, the EU continues to favour responsible globalisation. The EU has recently signed a series of free trade agreements (FTAs) as well as plurilateral agreements with its partners (especially, but not only, in East Asia). Consequently, the EU is strengthening its status as a global leader in the debate on economic openness. Conversely, the US has interrupted major negotiations with its trading partners and has renounced trade agreements, such as TPP and TTIP (at least for the time being). This paper provides some empirical economic and social guidance behind the recent policy divergence on globalisation between the US and the EU in general and vis-à-vis China in particular.
    Date: 2017–05
  20. By: Sebnem Kalemli-Ozcan; Xiaoxi Liu; Ilhyock Shim
    Abstract: We test the risk taking channel of exchange rate appreciations using firm-level data from private and public firms in ten Asian emerging market economies during 2002-2015. Since foreign currency (FX) debt at the firm level is not observed for the Asian economies, we approximate the FX debt of a given firm by assuming that any given firm will hold a constant share of its total debt in foreign currency, where this share is given by the firm's country's share of FX liabilities in total liabilities. We measure risk taking by firm leverage. We show that firms with a higher volume of FX debt before the exchange rate appreciates, increase their leverage relatively more after the appreciation. Our results imply that more indebted firms become even more leveraged after exchange rate appreciations.
    Keywords: capital flows, exchange rates, FX borrowing, firm heterogeneity, firm leverage
    JEL: E0 F0 F1
    Date: 2018–03
  21. By: Mai Le Thi (Ton Duc Thang University, Ho Chi Minh City, Vietnam)
    Abstract: Objective –This paper focuses on exploring the ways in which social capital is utilised to promote the integration of Vietnamese women who married Taiwanese husbands into host families and the host. Methodology/Technique – Data was derived from a case study undertaken in 2014 on the Penghu Islands and in Taipei, Taiwan, with interviews and the observation of 31 people including Vietnamese women who married Taiwanese husbands, local people. Findings – Findings reveal the values and norms of responsibility of Vietnamese women in family that were educated themselves, have been practiced effectively by Vietnamese women married to Taiwanese husbands to integrate into their families. Research limitations/implications - The regulations and legal environment for immigrants have created favourable conditions for their integration into the host families. Traditional Vietnamese cooking skills are chosen by many Vietnamese women as a kind of social capital for their access to the Taiwanese job market. The social integration is reflected through social-economic, culture integration, and citizenship. Originality/value - It is hoped that study results will serve as the useful scientific basis for developing policies that promote the social integration of immigrants for the development of individuals and the social community.
    Keywords: Social Capital; Social Integration; Migration Marriage.
    JEL: O30 O39
  22. By: Mira Aliza Rachmawati (Universitas Islam Indonesia, Jl. Kaliurang km 14,5 Besi Sleman, 55584, Yogyakarta, Indonesia Author-2-Name: Nur Widiasmara Author-2-Workplace-Name: Universitas Islam Indonesia, Jl. Kaliurang km 14,5 Besi Sleman, 55584, Yogyakarta, Indonesia Author-3-Name: Thobagus Muh Nu'man Author-3-Workplace-Name: Universitas Islam Indonesia, Jl. Kaliurang km 14,5 Besi Sleman, 55584, Yogyakarta, Indonesia)
    Abstract: Objective – This study aims to determine the effect of differentiated instruction training on teachers' efficacy at inclusion schools in Jogjakarta. Methodology/Technique – The subjects in this study consist of 5 school teachers working in elementary inclusion schools in Baciro Yogyakarta. The data were collected using the Teacher Sense of Efficacy Scale (TSES), which is adapted from Woolfolk and Hoy (1993). This is an experimental study, using one group pre-test and post-test. The data is analyzed using the Wilcoxon test. Findings – The findings show that there is a significant difference in the efficacy of inclusion school teachers before and after the training is given, where the value Z = -2.023 and p = 0.0438 (p
    Keywords: Differentiated Instruction Training; Effectiveness; Teacher Efficacy; Inclusion Schools; Indonesia.
    JEL: I21 I29
  23. By: Van der Loo, Guillaume
    Abstract: In its landmark Opinion 2/15 the Court of Justice of the European Union concluded that the entire EU-Singapore FTA falls under the exclusive competences of the EU, with the notable exception of portfolio investment and the Investor-State Dispute Settlement (ISDS) mechanism. Although the result is that the trade agreement with Singapore is ‘mixed’, and therefore also needs to be ratified by all the 28 member states, this Opinion may actually contribute to the credibility and effectiveness of the EU’s trade policy. In line with the EU’s broadened trade competences, brought about by the Treaty of Lisbon, the Court confirmed that the EU has the exclusive competences to realise almost all its broad trade-related objectives in ‘EU-only’ FTAs, covering trade in goods, services, intellectual property rights, public procurement and sustainable development. If investor-state dispute settlement and portfolio investment are excluded, such future EU FTAs will not be jeopardised by 28 additional – and sometimes unpredictable – ratification procedures in the member states. The Commission should therefore pursue ‘EU-only’ FTAs and cover portfolio investment and investor-state dispute settlement, such as the new Investment Court System, in separate agreements, or not at all. Member states on the other hand should to refrain from deliberately making EU FTAs mixed, as this would contradict the spirit of the Lisbon Treaty and the Court’s case law.
    Date: 2017–05
  24. By: James Daniel; Jose M Garrido; Marina Moretti
    Abstract: This note considers the role debt-equity conversions and NPL securitization can play in addressing excessive corporate debt in China, and the corresponding burden on banks of impaired assets. It finds that such techniques can play a role, but getting their design right is critical, as is nesting them within a comprehensive, system-wide, plan.
    Keywords: Asia and Pacific;Credit, bank lending, borrowing, bank, bank regulation, insolvency, liquidation, non-performing, loan, corporate restructuring, governance, shares, equity, debt, loans, conversion, debt-equity
    Date: 2016–04–26

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