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on South East Asia |
| By: | Hoai Son Nguyen (CIRED - Centre International de Recherche sur l'Environnement et le Développement - CNRS - Centre National de la Recherche Scientifique - ENPC - École des Ponts ParisTech - AgroParisTech - EHESS - École des hautes études en sciences sociales - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement, NEU - National Economics University (Ha Noi, Vietnam), CleanED - Clean Energy and Sustainable Development Lab - USTH - University of sciences and technologies of hanoi); Minh Ha-Duong (CIRED - Centre International de Recherche sur l'Environnement et le Développement - CNRS - Centre National de la Recherche Scientifique - ENPC - École des Ponts ParisTech - AgroParisTech - EHESS - École des hautes études en sciences sociales - CIRAD - Centre de Coopération Internationale en Recherche Agronomique pour le Développement, CleanED - Clean Energy and Sustainable Development Lab - USTH - University of sciences and technologies of hanoi) |
| Abstract: | The target of 800 MW of wind power by 2020 is almost impossible to complete. Although there are many registered projects, there are only 4 projects with the total capacity of 160 MW coming into operation. Investors claimed that the current price of wind power is too low to have profit. However, it should be noted that raising the price of wind power is not easy since it adds pressure on the price of electricity which is already claimed too high for residential usage. In that context, localizing the production of wind turbines can provide solutions since it can improve financial efficiency without putting pressure on the price of wind power. However, what is the right path for Vietnam to develop its own wind turbine industry? |
| Abstract: | Mục tiêu 800 MW điện gió vào năm 2020 đến nay gần như không thể hoàn thành. Mặc dù có rất nhiều dự án đăng ký nhưng mới có 4 dự án với tổng công suất 160 MW đi vào hoạt động. Nguyên nhân theo các nhà đầu tư là do giá của điện gió hiện nay quá thấp nên không có hiệu quả về tài chính. Tuy nhiên cũng cần nhận thấy việc tăng giá mua điện gió trong bối cảnh hiện nay là không hề dễ dàng khi nó tạo thêm áp lực lên giá bán điện vốn đã là vấn đề bức xúc của đại đa số người dân. Trong bối cảnh đó, nếu có thể nội địa hóa quá trình sản xuất tua-bin gió thì có thể nâng cao hiệu quả tài chính mà không gây áp lực lên giá mua điện gió. Tuy nhiên, đâu là con đường phù hợp cho Việt Nam để phát triển được nền công nghiệp tua-bin gió của chính mình? |
| Keywords: | Production fragmentation networks,Wind turbine industry |
| Date: | 2018–06–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-01853742&r=sea |
| By: | Maximilian Schwefer |
| Abstract: | This is the first study to provide pre- and post-treatment family-level data on the impact of volcano eruptions on domestic violence. I use data from 2,024 families in Indonesia, of which a subset has been exposed to two eruptions. Findings confirm an increase in domestic violence of four percent in the treatment group. The proposed channel is an increase in mental distress. This is supported by lower household expenditures, increased rates of alcohol/drug abuse and lowered emotional wellbeing in affected populations. A subsample of previously displaced families shows higher risk of developing domestic violence. Policymakers should consider the multi-fold non-economic outcomes of natural disasters. |
| Keywords: | Natural disasters, domestic violence, longitudinal family data |
| JEL: | H12 J12 O12 Q54 |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ifowps:_263&r=sea |
| By: | Xu, Shang; Klaiber, Allen; Miteva, Daniela |
| Keywords: | Environmental and Nonmarket Valuation, Resource and Environmental Policy Analysis, International Development |
| Date: | 2018–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea18:274009&r=sea |
| By: | Elena Loukoianova; Yongzheng Yang; Si Guo; Leni Hunter; Sarwat Jahan; Fazurin Jamaludin; Johanna Schauer |
| Abstract: | Asia has made significant progress in financial inclusion, but both its across-country and intra-country disparities are among the highest in the world. The gaps between the rich and the poor, rural and urban populations, and men and women remain deep. Income is the main determinant of the level of financial inclusion; but other factors, such as geography, financial sector structure, and policies, also play important roles. While some countries in the Asia-Pacific region are leaders in fintech, on average the region lags behind others in several important areas such as online (internet) purchases, electronic payments, mobile money, and mobile government transfers. This Departmental Paper aims to take stock of the development and current state of financial inclusion and shed light on policies to advance financial inclusion in the region. The research focuses on the impact of financial inclusion on economic growth, poverty reduction, and inequality, linkages between financial inclusion and macroeconomic policies, as well as structural policies that are important for improving financial inclusion. Given the increasing importance of financial technologies (fintech), the paper also provides a snapshot of the fintech landscape in the Asia-Pacific. |
| Keywords: | Financial inclusion;Financial institutions;Financial services industry;Poor;financial inclusion, macroeconomic policymaking, fintech, Asia, Asia Pacific, Pacific, macroeconomic policy, access to finance |
| Date: | 2018–09–18 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfdep:18/17&r=sea |
| By: | Thunyathorn Dulyadhamapiromya; Supeecha Panichpathom |
| Abstract: | Despite of a fast-growing number of waterpark development in Thailand, this high capital-intensive business has a very few matured precedent cases in the country. Understanding patron’s behavioral intentions is a very important determinant of long term competitiveness and sustainability in the industry. Thus, this study aims to explore the relationships among the antecedents which are waterpark image, price fairness, and patron’s satisfaction together with their effects on behavioral intentions. The mediating roles of price fairness and satisfaction as well as the moderating role of novelty-seeking are also examined. Regardless of the scant in waterpark literatures, a proposed conceptual framework, applied from literatures in related fields, was empirically tested using a structured questionnaire. All valid respondents rated their opinions on scaled items with five-point Likert scale. A structural equation modeling using SmartPLS3 was performed to verify the proposed hypothetical paths. The analytical results confirm the important of waterpark image and price fairness in predicting satisfaction. While price fairness partially mediates water park image to satisfaction, satisfaction acts as a full mediator for waterpark image and price fairness to behavioral intentions. As anticipated, satisfaction is a strong predictor of behavioral intentions, novelty-seeking on the other hand was not found to have a significant moderating effect on the relationship between satisfaction and behavioral intentions. These findings are beneficial to both existing and future waterpark developers for planning limited resources on most influential factors in proper priority that lead to desired behavioral intentions. This empirical study suggests that water park image, through its direct and indirect effects via satisfaction, is a strongest contributor to behavioral intentions further confirming the necessity for managers to perform a correct combination of marketing mixes that would strengthen the perception of image. In addition, the effect of novelty-seeking on behavioral intentions can be theoretically extended and is recommended for further study to explore in different dimensions other than the moderating role. Further managerial and theoretical implications are discussed in the paper. |
| Keywords: | Behavioral Intentions; Novelty- Seeking; Price Fairness; Satisfaction; Waterpark Image |
| JEL: | R3 |
| Date: | 2018–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2018_180&r=sea |
| By: | Peralta, Alexandra; Genova, Christian A.; Umberger, Wendy J. |
| Keywords: | International Development, Rural/Community Development, Behavioral & Institutional Economics |
| Date: | 2018–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea18:274213&r=sea |
| By: | Kiatipong Ariyapruchya; Thanapat Reungsri; Ricardo Alfredo Habalian; Julian Latimer Clarke; Smita Kuriakose |
| Keywords: | Information and Communication Technologies - Digital Divide Information and Communication Technologies - ICT Economics Macroeconomics and Economic Growth - Economic Growth Macroeconomics and Economic Growth - Fiscal & Monetary Policy Science and Technology Development - Technology Innovation |
| Date: | 2017–08 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:30248&r=sea |
| By: | Kopp, Thomas; Dalheimer, Bernhard; Bruemmer, Bernhard; Herlambang, Mirawati Yanita; Alamsyah, Zulkifli |
| Keywords: | Food and Agricultural Policy Analysis, Demand and Price Analysis, International Trade |
| Date: | 2018–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea18:273832&r=sea |
| By: | Paul Pelzl (Vrije Universiteit Amsterdam); Steven (S.) Poelhekke (Vrije Universiteit Amsterdam, De Nederlandsche Bank) |
| Abstract: | We analyse the local effect of exogenous shocks to the value of mineral deposits at the district level in Indonesia using a panel of manufacturing plants. To the best of our knowledge, we are the first to model and estimate the effect of heterogeneity in natural resource extraction methods. We find that in areas where mineral extraction is relatively capital-intensive, mining booms cause virtually no upward pressure on manufacturing earnings per worker, and both producers of traded and local goods benefit from mining booms in terms of employment. In contrast, labour-intensive mining booms drive up local manufacturing wages such that producers of traded goods reduce employment. This source of heterogeneity helps to explain the mixed evidence for `Dutch disease' effects in the literature. In addition, we find no evidence that fiscal revenue sharing between sub-national districts leads to any spillovers. |
| Keywords: | Dutch disease; natural resources; mining; labour intensity; Indonesia |
| JEL: | L16 L72 O12 O13 Q30 |
| Date: | 2018–09–20 |
| URL: | http://d.repec.org/n?u=RePEc:tin:wpaper:20180073&r=sea |
| By: | World Bank Group |
| Keywords: | Public Sector Development - Public Sector Economics Macroeconomics and Economic Growth - Economic Growth Macroeconomics and Economic Growth - Fiscal & Monetary Policy Science and Technology Development - Technology Innovation |
| Date: | 2018–04 |
| URL: | http://d.repec.org/n?u=RePEc:wbk:wboper:30247&r=sea |
| By: | Francois, Joseph; Oberdabernig, Doris |
| Abstract: | For the full text of the Policy Brief, please click the link below. |
| Date: | 2018–09–13 |
| URL: | http://d.repec.org/n?u=RePEc:wti:papers:1184&r=sea |
| By: | Manasan, Rosario, G. |
| Abstract: | The paper highlights the importance of the design of the fiscal features of the federal system of government in ensuring that potential benefits from its adoption are realized. This economic literature on fiscal federalism posits a framework that delineates the potential benefits ensuing from the adopting a federal system of government and expounds on the principles that can guide the design of the elements of the fiscal architecture to achieve the benefits. This paper also presents an approach on how to assess the design of the fiscal aspects of alternative federal models and illustrates its application in evaluating the PDP Laban Model of Philippine Federalism 1.0 and the Gonzales-De Vera model. The approach of the assessment involves benchmarking of the relevant provisions of these two models against the guiding principles emanating from the fiscal federalism. The assessment also considered current practices through a review of the constitutions of various federal countries. |
| Keywords: | decentralization, Philippines, federalism, federal government, intergovernmental transfers, political dynasties, unitary government, vertical fiscal gap, vertical fiscal imbalance, expenditure assignment, equalization transfers, fiscal autonomy, political party, tax assignment |
| Date: | 2018 |
| URL: | http://d.repec.org/n?u=RePEc:phd:dpaper:dp_2018-14&r=sea |
| By: | Bairagi, Subir K.; Gustafson, Christopher R.; Custodio, Marie; Ynion, Jhoanne; Demont, Matty |
| Keywords: | Food and Agricultural Marketing, Food and Agricultural Policy Analysis, Food Safety and Nutrition |
| Date: | 2018–06–20 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea18:274055&r=sea |
| By: | Broni, Mohammed Yaw |
| Abstract: | After sixty-one years of independence, there is no single Islamic banking institution operating in Ghana. Given that Muslims are commanded to stay away from usury, coupled with the popularity of Islamic finance globally, it is surprising why the Islamic banking industry is yet to take root in the country. This paper seeks to determine whose responsibility it is to initiate the establishment of an Islamic banking and finance system. The genesis of Islamic banks in Egypt, Malaysia and Bangladesh were reviewed, and compared with the situation in Ghana. The analysis show that stakeholders such as devoted Muslim businessmen, governments, and well-informed Muslim groups, are well placed to initiate the establishment of Islamic banks. |
| Keywords: | Islamic banking and finance, Usury, Financial inclusion, Shariah compliance |
| JEL: | I38 |
| Date: | 2018–09–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:89136&r=sea |
| By: | Yaya, OlaOluwa S; Akinlana, Damola M; Ogbonna, Ahamuefula E |
| Abstract: | This paper applied a structural break-GARCH-based unit root test in studying the US exchange rates for twenty-two different currencies across America, Europe, Asia-Pacific and Southern Africa. The study employed three different data frequencies – daily, weekly and monthly with a view to understand the dynamics of a high frequency series that is characterized by alternating trend patterns and plausible presence of structural breaks. The chosen sample interval included periods of financial crisis or peculiar events. The exchange rates were found to exhibit ARCH effects at higher lags, thus informing the adaptation of the more parsimonious GARCH process in the residuals in contrast to the white noise disturbance assumption. The non-trended and trended structural break-GARCH-based unit root tests performances were adjudged with other existing tests. With significant break dates, between 2 and 5, the presence or otherwise of a unit root in foreign exchange rate series would be better captured when the inherent heteroscedasticity, trend and structural breaks in foreign exchange rate series are put into consideration |
| Keywords: | Exchange rate, Heteroscedasticity, Unit root, Structural break |
| JEL: | C22 |
| Date: | 2017 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:88768&r=sea |
| By: | Hoadley, Mason C. (School of Languages and Literature, Lund University); Hatti, Neelambar (Department of Economic History, Lund University) |
| Abstract: | Elements of traditional public behavior tend to fall precariously close to what in Western/Weberian terms are percieved as corrupt practices. More specifically, the paper focuses on a number of themes borrowed from our earlier works on corruption in India and Indonesia. To counter possible interpretations that developing countries are per se corrupt, we draw upon the anthropological ob-servations concerning traditional behavior in Indian villages and Robert Neild’s historical sum-maries of developing European countries in order to fulfil demands inherent of social science. The essay closes by postulating issues for further research. |
| Keywords: | corruption; sleaze; Weberian/Western bureaucracy; traditional/local institutions; pub-lic behaviour |
| JEL: | D73 O53 |
| Date: | 2018–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luekhi:0178&r=sea |
| By: | David E. Allen (School of Mathematics and Statistics, University of Sydney, Australia, Department of Finance, Asia University, Taiwan, and School of Business and Law, Edith Cowan University, Western Australia, Department of Finance, Asia University, Taiwan.); Michael McAleer (Department of Quantitative Finance National Tsing Hua University, Taiwan and Econometric Institute Erasmus School of Economics Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics Complutense University of Madrid, Spain And Institute of Advanced Sciences Yokohama National University, Japan.) |
| Abstract: | This note comments on the Generalised Measure of Correlation (GMC) suggested by Zheng et al. (2012). The GMC concept was largely anticipated in a publication 115 years earlier, undertaken by Yule (1897), in the proceedings of the Royal Society. The note is directed at giving Yule (1897) credit for covering the foundations of the topic comprehensively. |
| Keywords: | Skewed correlation; Bravais formula; Generalised Measure of Correlation; Nonlinearity. |
| JEL: | C12 C10 C13 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:ucm:doicae:1823&r=sea |
| By: | Sasipa Pojanavatee (Silpakorn University) |
| Abstract: | The purpose of this study is to examine the volatility of the domestic corporate bond market value to changes in interest rates using duration and convexity techniques. The samples have been divided into two groups both of which have a coupon bond that pays interest semiannually. First, there is a seven-year corporate bond group. Second, there is a ten-year corporate bond group. The findings suggest that all seven-year bonds have the same level of price volatility when interest rates changes. The evidence also suggests that interest rate change effect ten-year corporate bond's price at the same level. This study concludes that, as a measure of a bond?s interest rate risk, seven-year bonds tend to be less volatile when interest rates change in comparison with ten-year bonds. The duration is less than bond?s maturity. The study finds evidence consistent with the typical results reported by previous studies. The price of corporate bonds move in the opposite direction of a change in interest rates, but the percentage change is not the same for all bonds. |
| Keywords: | Duration, Convexity and Thailand |
| JEL: | G17 |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:sek:ibmpro:7608689&r=sea |
| By: | Rajeswari Sengupta (Indira Gandhi Institute of Development Research); Abhijit Sen Gupta (Asian Development Bank, New Delhi) |
| Abstract: | Gross capital inflows and outflows to and from emerging market economies (EMEs) have witnessed a significant increase since early 2000s. This rapid increase in these flows accompanied by sharp rise in volatility has amplified the complexity of macroeconomic management in EMEs. While capital inflows provide additional financing for productive investment and offer avenues for risk diversification, unbridled flows could exacerbate financial and macroeconomic instability. In this paper, we focus on the experience of 6 large emerging Asian economies (EAEs) in dealing with capital flows. Using quarterly data, we identify the waves of capital flows experienced by these economies and the efficacy of the alternative policy measures taken by these economies in response to such flows. The policy measures encompass negotiating the trilemma, intervention in the foreign exchange market, and imposition of capital flow management measures. The efficacy of these responses have been varied across countries implying that a judicious mix of these measures, along with improvement in financial and institutional development is required to effectively counter the vagaries of capital flows. |
| Keywords: | Capital flows, Trilemma, Asymmetric intervention, Capital controls, Exchange market pressure |
| JEL: | F32 F41 |
| Date: | 2018–07 |
| URL: | http://d.repec.org/n?u=RePEc:ind:igiwpp:2018-017&r=sea |
| By: | Manabu Asai (Faculty of Economics, Soka University, Japan.); Shelton Peiris (School of Mathematics and Statistics, University of Sydney, Australia .); Michael McAleer (Department of Quantitative Finance National Tsing Hua University, Taiwan and Econometric Institute Erasmus School of Economics Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics Complutense University of Madrid, Spain And Institute of Advanced Sciences Yokohama National University, Japan.); David E. Allen (School of Mathematics and Statistics, University of Sydney, Australia, Department of Finance, Asia University, Taiwan, and School of Business and Law, Edith Cowan University, Western Australia, Department of Finance, Asia University, Taiwan.) |
| Abstract: | Recent developments in econometric methods enable estimation and testing of general long memory process, which include the general Gegenbauer process. This paper considers the error correction model for a vector general long memory process, which encompasses the vector autoregressive fractionally-integrated moving average and general Gegenbauer process. We modify the tests for unit roots and cointegration, based on the concept of heterogeneous autoregression. The Monte Carlo simulations show that the finite sample properties of the modified tests are satisfactory, while the conventional tests suffer from size distortion. Empirical results for interest rates series for the U.S.A. and Australia indicate that: (1) the modified unit root test detected unit roots for all series, (2) after differencing, all series favour the general Gegenbauer process, (3) the modified test for cointegration found only two cointegrating vectors, and (4) the zero interest rate policy in the U.S.A. has no effect on the cointegrating vector for the two countries. |
| Keywords: | Long Memory Processes; Gegenbauer Process; Dickey-Fuller Tests; Cointegration; Differencing; Interest Rates. |
| JEL: | C22 C32 C51 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:ucm:doicae:1822&r=sea |
| By: | Chatterji, Shurojit (School of Economics, Singapore Management University); Liu, Peng (School of Economics, Singapore Management University) |
| Abstract: | We study the random assignments of bundles with no free disposal. The key difference between the setting with bundles and the setting with objects (see Bogomolnaia and Moulin (2001)) is one of feasibility. The implications of this difference are significant. First, the characterization of sd-efficient random assignments is fundamentally different. Second, a possibility result in the setting with objects fails in the setting with bundles. However, in the setting with bundles, we are able to identify a preference restriction, called essential monotonicity, under which the random serial dictatorship rule (extended to the setting with bundles) is equivalent to the probabilistic serial rule (extended to the setting with bundles). This equivalence implies the existence of a rule on this restricted domain satisfying sdefficiency, sd-strategy-proofness, and equal treatment of equals. Moreover, this rule selects only random assignments which can be decomposed as convex combinations of deterministic assignments. |
| Keywords: | Random assignments; bundles; decomposability; sd efficiency; sd-strategyproofness; equal treatment of equals |
| JEL: | C78 D71 |
| Date: | 2018–09–12 |
| URL: | http://d.repec.org/n?u=RePEc:ris:smuesw:2018_018&r=sea |
| By: | David E. Allen (School of Mathematics and Statistics, University of Sydney, Australia, Department of Finance, Asia University, Taiwan, and School of Business and Law, Edith Cowan University, Western Australia.); Michael McAleer (Department of Quantitative Finance National Tsing Hua University, Taiwan and Econometric Institute Erasmus School of Economics Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics Complutense University of Madrid, Spain And Institute of Advanced Sciences Yokohama National University, Japan.); Abhay K. Singh (Department of Applied Finance, Macquarie University, Australia.) |
| Abstract: | The paper is concerned with a multi-criteria portfolio analysis of hedge fund strategies that are concerned with financial commodities, including the possibility of energy spot, futures and exchange traded funds (ETF). It features a tri-criteria analysis of the Eurekahedge fund data strategy index data. We use nine Eurekahedge equally weighted main strategy indices for the portfolio analysis. The tri-criteria analysis features three objectives: return, risk and dispersion of risk objectives in a Multi-Criteria Optimisation (MCO) portfolio analysis. We vary the MCO return and risk targets, and contrast the results with four more standard portfolio optimisation criteria, namely tangency portfolio (MSR), most diversified portfolio (MDP), global minimum variance portfolio (GMW), and portfolios based on minimising expected shortfall (ERC). Backtests of the chosen portfolios for this hedge fund data set indicate that the use of MCO is accompanied by uncertainty about the a priori choice of optimal parameter settings for the decision criteria. The empirical results do not appear to outperform more standard bi-criteria portfolio analyses in the backtests undertaken on the hedge fund index data. |
| Abstract: | El documento se refiere a un análisis de cartera de criterios múltiples de estrategias de fondos de cobertura que se ocupan de los productos financieros, incluida la posibilidad de fondos spot, futuros y fondos cotizados en bolsa (ETF). Presenta un análisis de tres criterios de los datos del índice de estrategia de datos del fondo Eurekahedge. Utilizamos nueve índices de estrategia principales igualmente ponderados de Eurekahedge para el análisis de cartera. El análisis de tres criterios presenta tres objetivos: retorno, riesgo y dispersión de los objetivos de riesgo en un análisis de cartera de Optimización Multi-Criterios (MCO). Variamos los de rentabilidad y riesgo objetivos MCO, y contrastar los resultados con otros cuatro criterios de optimización de la cartera estándar, a saber cartera de tangencia (MSR), la cartera más diversificada (MDP), portafolio de mínima varianza mundial (SMG), y carteras basados en la minimización de que exista un déficit (ERC) Las pruebas retrospectivas de las carteras elegidas para este conjunto de datos de fondos de cobertura indican que el uso de MCO va acompañado de incertidumbre acerca de la elección a priori de ajustes de parámetros óptimos para los criterios de decisión. Los resultados empíricos no parecen superar el rendimiento de análisis de cartera bi-criterio más estándar en los backtest realizados sobre los datos del índice de fondos de cobertura. |
| Keywords: | MCO; Portfolio Analysis; Hedge Fund Strategies; Multi-Criteria Optimisation; Genetic Algorithms; Spot prices; Futures pricees; Exchange Traded Funds (ETF). |
| JEL: | G15 G17 G32 C58 D53 |
| Date: | 2018–06 |
| URL: | http://d.repec.org/n?u=RePEc:ucm:doicae:1818&r=sea |
| By: | Irigoin, Alejandra |
| Abstract: | In the early modern period the world economy gravitated around the expansion of long distance commerce. Together with navigation improvements silver was the prime commodity which moved the sails of such trade. The disparate availability of, and the particular demand for silver across the globe determined the participation of producers, consumers and intermediaries in a growing global economy. American endowments of silver are a known feature of this process; however, the fact that the supply of silver was in the form of specie is a less known aspect of the integration of the global economy. This chapter surveys the production and export of silver specie out of Spanish America, its intermediation by Europeans and the re-export to Asia. It describes how the sheer volume produced and the quality and consistency of the coin provided familiarity with, and reliability to the Spanish American peso which made it current in most world markets. By the 18th century it has become a currency standard for the international economy which grew together with the production and coinage of silver. Implications varied according to the institutional settings to deal with specie and foreign exchange in each intervening economy. Generalized warfare in late 18th century Europe brought down governance in Spanish America and coinage fragmented along with the political fragmentation of the empire. The emergence of new sovereign republics and the end of minting as known meant the cessation of the silver standard that had contributed to the early modern globalization. A word of caution (and a disclaimer): readers should not expect to find hard quantitative evidence on the monetary regime as the institutional setting produced no consistent statistical information of note. Instead, the essay offers an analytical narrative of the pre-modern world monetary system without central banks. |
| Keywords: | Silver specie, international currency, international trade, monetary capacity, currency trade, global Smithian growth, early modern global economy |
| JEL: | E52 N10 N13 N15 N16 N2 N7 |
| Date: | 2018–09–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:88859&r=sea |
| By: | Filippo di Mauro (National University of Singapore and CompNet); Bernardo Mottironi (London School of Economics); Gianmarco Ottaviano (Bocconi University); Alessandro Zona-Mattioli (European Central Bank) |
| Abstract: | Productivity growth has slowed in most Western countries, and the slowdown is likely to persist for some time. This paper investigates the impact of this phenomenon on export performance, with a particular focus on its heterogeneity across countries. To explain such heterogeneity, the authors pay particular attention to the role of productivity distribution and allocative efficiency. They rely on data from the Competitiveness Research Network (CompNet), a unique micro-aggregated database that provides a rich set of information on the variables’ distribution at the granular level, together with micro-founded indicators such as the level of allocative efficiency. They argue that increases in both productivity dispersion and allocative efficiency, measured with the methodology of G. Steven Olley and Ariel Pakes, are associated with higher export competitiveness for the set of countries in this analysis. They evaluate four separate scenarios according to different levels of productivity growth and different degrees of allocative efficiency and conclude that, while a reduction in productivity growth is always associated with a decrease in export competitiveness, for those countries placed in the top 10 percent of the distribution of the Olley and Pakes gap, this negative effect can be offset for as long as eight years. |
| Keywords: | Export competitiveness, Productivity distribution, Allocative efficiency, Productivity slowdown, OP gap |
| JEL: | F14 F17 |
| Date: | 2018–09 |
| URL: | http://d.repec.org/n?u=RePEc:iie:wpaper:wp18-10&r=sea |