nep-sea New Economics Papers
on South East Asia
Issue of 2018‒10‒22
thirty-one papers chosen by
Kavita Iyengar
Asian Development Bank

  1. Motivations and Communication Effectiveness of Solar Energy Adoption among Malaysian Household Consumers By Siti Haslina Md Harizan
  2. The Complex Interdependence of China's Belt and Road Initiative in the Philippines By Aaron Jed Rabena
  3. Cassava Price Competitiveness and Cultivation Interest By Kusumah, Echo Perdana; Agustina, Duwi
  4. Bank Lending Behavior and Business Cycle in Dual Banking System: Evidence from Indonesia By Zulkhibri, Muhamed; Prima Sakti, Muhammad Rizky
  5. FDI to Japan and Trade Flows: A Comparison of BRICs, Asian Tigers and Developed Countries By Jacques Jaussaud; Serge Rey
  6. "Optimal Leverage Strategies for Asian REITs " By Carolyn W. Chang; Kian Guan Lim; Tien Foo Sing
  7. The Roles of Institutional Frameworks in Enforcing Food Safety in Malaysia By Angelina Anne Fernandez
  8. The willingness to pay and the attributes preferences on hotel choice decisions. By Ratthapoom Wongpradu; Supeecha Panichpathom
  9. Macroeconomic Determinants of Non Performing Property Loans in Malaysia By Rosli Said; Nasir Daud; Tham Kuen Wei
  10. Moving toward 'normal' U.S. monetary policy: remarks at the Joint Bank Indonesia-Federal Reserve Bank of New York Central Banking Forum, Nusa Dua, Indonesia By Williams, John C.
  11. Determinants of Foreign Direct Investment in Fast-Growing Economies: Evidence from the BRICS and MINT Countries By Simplice Asongu; Uduak S. Akpan; Salisu R. Isihak
  12. Exploiting the Unbanked: Evidence from Singapore's Unlicensed Moneylending Market By Leong, Kaiwen; Li, Huailu; Xu, Haibo
  13. The Wage Gap between Male and Female Agricultural Workers: Analysis and Implications for Gender and Development Policy By Briones, Roehlano, M,
  14. Climate and Off-farm Labor Supply of Agricultural Households: Evidence from Rural Vietnam By Chen, Xuan; Vuong, Nguyen
  15. The Design and Development of a Framework for Enhancing Internship Programs in Malaysia: A Model for Accounting Students By Mavis Chow Poh Ling
  16. Using the GB2 Income Distribution: A Review By Duangkamon Chotikapanich; William E. Griffiths; Gholamreza Hajargasht; Wasana Karunarathne; D.S. Prasada Rao
  17. Good mine, bad mine: Natural resource heterogeneity and Dutch disease in Indonesia By Paul Pelz; Steven Poelhekke
  18. Willingness to Pay for Senior Wellness Center By Kornprom Satraphand; Supeecha Panichpathom
  19. Does Good Looking Realtor Earns More Commission? By Boon Ping Calvi Chua; Seow Eng Ong
  20. Banking Relationships and Holding-Up in REIT Lending: Empirical Evidence from Asian Markets By Yuan-Chen Chang; Yi-Ting Hsieh; Kiat Ying Seah; Tien Foo Sing
  21. Bumping, precedents, and de†escalation in South China Sea: Options for the United States and China By Siniša Vuković and Riccardo Alfieri
  22. The Economic Returns to Communist Party Membership: Evidence from the Vietnamese Labor Market By Vuong, Nguyen; Chen, Xuan
  23. Is Geographical Indication Acting on Rice Export Price? By Georges Giraud; Julie Le Gallo; Hippolyte Boucher
  24. Price transmission behavior of melons market in Myanmar-China border trade By Lwin, Wuit Yi; Henneberry, Shida Rastegari
  25. Strategic Speech Acts in Price Negotiation By Jerapa Satavetin
  26. Demand restrictions; government interventions; resale public housing market; private housing market; housing wealth By Mi Diao; Yi Fan; Tien Foo Sing
  27. The Role of Ownership and Governance Mechanism in Sukuk Financing by Malaysian Firms: An Application of A Double Selection Model By Ashraf, Dawood; Rizwan, Muhammad Suhail; Azmat, Saad
  28. Development gaps in the ASEAN process of regionalisation: mid-term prospects for their reduction. Paper presented at the SASE conference: Global Reordering: Prospects for Equality, Democracy and By Bruno Jetin; Pascal Petit
  29. Development of Housing Policy: Ulaanbaatar (UB) city, Mongolia Case By Burmaa Jamiyansuren
  30. The Nexus between Electricity Consumption and Economic Growth: New Insights from Meta Analysis By Jamal Bouoiyour; Refk Selmi; Ilhan Ozturk
  31. Non-Labor Income and the Age of Marriage: Evidence from China's Heating Policy By Chu, Junhong; Liu, Haoming; Png, I. P. L.

  1. By: Siti Haslina Md Harizan (School of Distance Education, Universiti Sains Malaysia, 11800 Penang, Malaysia Author-2-Name: Author-2-Workplace-Name: Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - This paper aims to explain the motivational drives underlying the use of solar energy and to examine the effectiveness of integrated marketing communication tools in the dissemination of solar PV information among household consumers in Malaysia. Methodology/Technique - Data was collected using in-depth interviews, participant observations, and on-site visits to participants' homes. Sixteen private household consumers who were registered with the Sustainable Energy Development Authority Malaysia (SEDA), and who were located in different regions of several states in Malaysia, were selected using purposive and snowball sampling. The data was then transcribed and analyzed by identifying the themes and commonalities of the respondents. Findings - The findings indicate that there are 4 motivating factors that lead to solar PV adoption. Those are: economic, societal well-being, environmental well-being, and knowledge/cognition. The integrated marketing communication tools found to be most effective include mass media (television), electronic media (including social media and websites) and interpersonal sources. Novelty - The study elaborates on the motivations underlying the adoption of solar energy based on the real experiences of solar PV users. The study also assesses the effectiveness of integrated marketing communication tools used by various stakeholders in promoting solar PV systems based on user feedback.
    Keywords: Integrated Marketing Communication; Motivation; Residential; Solar Photovoltaic System; Sustainable Marketing.
    JEL: M31 O33
    Date: 2018–09–16
  2. By: Aaron Jed Rabena
    Abstract: Complex interdependence refers to the multiple channels of interaction and agenda in interstate relations, which involve domestic (public and private) stakeholders and nonmilitary issues. Since the Belt and Road Initiative (BRI) came into being, most analyses have largely focused on infrastructure development. The BRI not only has the potential to impact a host government's socioeconomic agenda but also its overall bilateral relationship with China. It is therefore imperative to measure the progress and prospects of China's Belt and Road projects in the Philippines, in line with Beijing's strategic goal to deepen complex interdependence with partner†states, against the BRI's five major dimensions of cooperation: (a) policy coordination, (b) infrastructure development and connectivity, (c) trade and investment facilitation, (d) financial coordination and integration, and (e) people†to†people ties and connectivity. These, together with the examination of China's BRI projects in other Asian countries as modes of comparison, are crucial in assessing probable outcomes in the Philippines. The paper includes policy recommendations based on possible pitfalls and risks that may hamper the advancement of the Belt and Road projects in the Philippines and Sino†Philippine bilateral interaction.
    Keywords: Belt and Road Initiative, dimension of cooperation, Dutertenomics, sphere of confluence, strategic partnership
    Date: 2018–10–08
  3. By: Kusumah, Echo Perdana; Agustina, Duwi
    Abstract: This study aims to determine how much the price influence toward interest in the cultivation of cassava. The price is determined by price suitability with product quality and price competitiveness. Meanwhile, the interest in cassava cultivation determined by the level of happiness, production costs, and technology in Bangka Regency, Bangka Belitung Province, Indonesia. Respondents in this study were cassava farmers with a total of 153 respondents selected by using the snowball sampling technique. The analysis used in this research is descriptive statistics and multiple regressions. The result of the research is descriptively known that price conformity with product quality according to the respondents is considered unsuitable. Price competitiveness according to the respondents is relatively normal there are no price differences. In the indicators of interest in cultivation, the level of happiness and technology is responded to on a low scale, while production costs are met on a high scale. The knowledge of most cassava farmers in Bangka Regency regarding cassava cultivation should be questioned because they consider the quality of their products is the best, whereas the varieties of seedlings they plant are cassava seeds that have an average quality when compared with the Province of Borneo in Indonesia.
    Keywords: Cassava price; cultivation interest in cassava; price competitiveness; cassava seed
    JEL: Q13
    Date: 2018–08
  4. By: Zulkhibri, Muhamed (The Islamic Research and Teaching Institute (IRTI)); Prima Sakti, Muhammad Rizky (Islamic Economic Forum for Indonesian Development (ISEFID), Indonesia)
    Abstract: This study examines bank-lending channel over the business cycle for Indonesian dual banking system by ascertaining to what extent Islamic banks have a role in the credit smoothing. In this context, we utilize Indonesian dual banking system unbalanced panel data for the period 2001-2015. By employing two-step dynamic GMM estimators, the study shows that the bank lending behaviour are procyclical. However, when we categorize the lending behaviour into conventional and Islamic banks, the cyclicality of bank lending affects only conventional banks. As for the Islamic banks, the business cycle does not affect their financing decision. Specifically, large Islamic banks are more counter-cyclical in their financing behavior than small and medium size Islamic banks. Robustness tests using different measures of loans and model specifications confirm the results that Islamic bank is more stable and less procyclical in the case of Indonesian banking system.
    Keywords: Procyclicality; Bank Lending; Dual Banking System; GMM; Indonesia
    JEL: E59 E69 G29
    Date: 2018–05–08
  5. By: Jacques Jaussaud (CREG - Centre de recherche et d'études en gestion - UPPA - Université de Pau et des Pays de l'Adour, CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour); Serge Rey (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour)
    Abstract: Although still dominated by firms from developed countries, foreign direct investment (FDI) flows from developing nations have increased significantly. As academic literature reveals, FDI from developed versus developing countries follow different rationales. The strategies of these investors thereby differ, such that they also could have unique influences on the external trade of the host country. To test the link between FDI and trade, according to the level of development of the country of the investor, this study considers FDI to Japan from three groups of countries: the BRICs, the Asian Tigers (Korea, Singapore, Hong Kong and Taiwan) and developed countries (United States, Germany, United Kingdom, France, Netherlands and Switzerland). An econometric analysis of panel data, using a gravity model and an imperfect substitute goods model of trade, confirms that FDI affects the external trade of Japan, both exports and imports, depending on the type of country from which it originates.
    Keywords: FDI,Japan,Gravity model,Panel,Developing countries,MNC's
    Date: 2018–09–24
  6. By: Carolyn W. Chang; Kian Guan Lim; Tien Foo Sing
    Abstract: This paper studies the optimal leverage strategies for REITs in three major Asian markets - Hong Kong, Japan, and Singapore, from 2001 to 2013. REITs are a real-estate-focused investment holding and management companies that are subject to the REIT rules with respect to tax transparency, earning distribution, real estate holding and leverage limit. REITs use relatively less debt than other real estate operating firms, after controlling for agency risks, dividend yields, market risks, and also property sector, country, and year fixed effects. We find that dividend payouts have no effect on the leverage strategies; and the tax ratio increases debt usage of REITs. We also analyse the liquidation costs and business uniqueness effects. We find real estate value to total firm value ratio, as a proxy of liquidation cost, has negative effects on debt ratios for both real estate firms. For the uniqueness reason, REITs with a high concentration of rental revenue stream are more vulnerable to liquidation risks, and thus are more likely to have lower debt ratio.
    Keywords: Capital Structure; Dividend Payout; Liquidation Value; REIT; Uniqueness of Business
    JEL: R3
    Date: 2018–01–01
  7. By: Angelina Anne Fernandez (University Tunku Abdul Rahman, Jalan Sg Long 9, Bandar Sg Long, 43000 Kajang, Selangor, Malaysia Author-2-Name: Rahmah Ismail Author-2-Workplace-Name: University Kebangsaan Malaysia, 43600, Bangi, Selangor, Malaysia Author-3-Name: Author-3-Workplace-Name: Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - Food is one of the basic elements of survival. Nevertheless, the advancement of science and technology has made food safety a complex issue. Chemical additives that are harmful to health are constantly added into our food products. Food safety involves the health of the society at large and the productivity of individuals in our country. There needs to be a tightening of laws to ensure that the food safety of our products is always protected. The objective of this paper is to examine the roles of various enforcement agencies - both governmental and non-governmental - and to conduct a comparative study with the Food Standard Agency in the United Kingdom. Methodology/Technique - The governmental agency involved in this study is the Food and Quality Division under the Ministry of Health Malaysia. The paper also examines the role of non-governmental agencies, namely, the Consumer Association of Penang and the National Consumer Complaints Centre, in channeling and documenting complaints from consumers to relevant enforcement agencies. A qualitative methodology is adopted to analyze the relevant documents. Findings - The results of the research identifies that the enforcement of the laws by governmental bodies needs to be improved. On the other hand, non-governmental bodies are found to be effectively executing their duties. Therefore, it is suggested that government agencies should increase transparency in reporting their cases to the consumers, particularly through their website. It is also suggested that they report irresponsible food manufacturers in newspapers and seek to prosecute those manufacturers in courts. Novelty - It is hoped that this paper will act to advise food manufacturers of the governmental and non-governmental regulatory bodies in place. The paper also proposes that the Food Safety and Quality Division work together with non-governmental bodies, namely the Consumer Association of Penang and the National Consumer Complaint Centre, to combat food safety and quality, to increase transparency and enforce the laws on food safety more rigorously.
    Keywords: Food Safety; Enforcement; Food Manufacturers; Food Quality Standards; Community; Consumers.
    JEL: L60 L66 L69
    Date: 2018–09–14
  8. By: Ratthapoom Wongpradu; Supeecha Panichpathom
    Abstract: A fast-growing number of small and medium size hotels in Thailand leads to a fierce competition within hotel industry. Old strategies such as price cutting may be obsolete. Needs of niche customers must be identified in order to target the right market and to employ the limited resource with correspond strategies. Thus, this paper aims to examine the preferred attributes on hotel choice decisions for Thai baby boomer travelers. Conjoint analysis technique was applied to explore how qualified respondents perceive the relative importance of cleanliness, monetary value, sleep quality, location, facilities, and amenities quality in the selection of small and medium hotels under the operation of Small and Medium Enterprise (SME) entrepreneurs. Despite the complication in collecting the samples of the technique, an innovative board game is created correspondingly to simplify the process and to visually mimic the trade-off situation in a process of consumer's evaluation. The findings suggest that application of the most preference profile card: Clean bed, Free Breakfast, Adjustable temperature, Green Environment, Fast-heated water heater should be put in priority in regard to the willingness to pay. SME hotel entrepreneurs targeting baby boom traveler could adjust the attributes to the outcomes accordingly in order to be competitive.
    Keywords: Baby boomers; Board Game; Conjoint Analysis; Hotel; Willingness to pay
    JEL: R3
    Date: 2018–01–01
  9. By: Rosli Said; Nasir Daud; Tham Kuen Wei
    Abstract: Non-performing property loans pose a huge threat to any country’s economic stability. This paper examines the effects and relationships of macroeconomic factors in determining the possible outcomes of non-performing real estate loans in Malaysia. It also examines some banking sentiments in their receptivity towards the conditions in terms of number of loans approved, rejected and applied. Using Stepwise Regression Approach, it was shown that Gross National Income responded significantly negative to the number of Non-performing Property Loans in Malaysia relatively close to the study conducted in Greece where GDP growth seems to be the dominant and main determinant in terms of non-performing loans compared to other macroeconomic determinants. At the same time, Unemployment responded significantly positive, where levels of unemployment would cause the inability of private individuals to repay their loans or debts. At the same time, sentiments of consumers shown that Applications for Non-residential Loans decreases as Non-performing Property Loans increases. Surprisingly, this study also shows that as Non-Performing Property Loans increases, the number of Loans Approved for Non-Housing Property Loans increases as well. This shows that Banking Sentiments in loan approvals are not affected by the conditions of economy when it comes to Non-Residential Properties.
    Keywords: Macroeconomic Determinants; Non-performing Property Loans; Stepwise Regression
    JEL: R3
    Date: 2018–01–01
  10. By: Williams, John C. (Federal Reserve Bank of New York)
    Abstract: Remarks at the Joint Bank Indonesia-Federal Reserve Bank of New York Central Banking Forum, Nusa Dua, Indonesia.
    Keywords: strong economy; monetary policy normalization; FOMC; forward guidance; natural evolution of Federal Reserve language; FOMC communication; R-star; balance sheet; dual mandate
    Date: 2018–10–10
  11. By: Simplice Asongu (Yaoundé/Cameroun); Uduak S. Akpan (SPIDER Solutions, Uyo, Nigeria); Salisu R. Isihak (Rural Electrification Agency, Nigeria)
    Abstract: This study employs panel analysis to examine the determinants of foreign direct investment (FDI) to Brazil, Russia, India, China, and South Africa (BRICS) and Mexico, Indonesia, Nigeria, and Turkey (MINT) using data for eleven years i.e. 2001 – 2011. First, it uses pooled time-series cross sectional analysis to estimate the model on determinants of FDI for three samples: BRICS only, MINT only, and BRICS and MINT combined; then, fixed effects model is also employed to estimate the model for BRICS and MINT combined. The results show that market size, infrastructure availability, and trade openness play the most significant roles in attracting FDI to BRICS and MINT while the roles of availability of natural resources and institutional quality are insignificant. Given that FDI inflow to a country has the potential of being mutually beneficial to the investing entity and host government, the challenge is on how BRICS and MINT can sustain the level of FDI inflow and ensure it results in economic growth and socio-economic transformation. To sustain the level of FDI inflow, governments of BRICS and MINT need to ensure that their countries remain attractive for investment. BRICS and MINT also need to ensure that their economies absorb substantial skills and technology spillovers from FDI inflow to promote sustainable long-term economic growth by investing more in their human capital. The study is significant because it contributes to literature on determinants of FDI by extending the scope of previous studies which often focus only on BRICS.
    Keywords: FDI, determinants, fast-growing economies, BRICS, MINT
    JEL: C52 F21 F23 O40 P37
    Date: 2018–01
  12. By: Leong, Kaiwen (Nanyang Technological University, Singapore); Li, Huailu (Fundan University); Xu, Haibo (Fudan University, China)
    Abstract: Using a unique dataset covering the borrowing behaviour of over a thousand borrowers, we study the unlicensed moneylending market in Singapore. In this market, borrowers search for lenders, and lenders decide how much profit to extract from borrowers. Lenders harass borrowers into compliance. We observe that different lenders apply different markups on different borrowers. Higher markups discourage borrowers from repeatedly borrowing from a particular lender. Increased enforcement specifically targeted at reducing the number of lenders in this market will increase markups, but will not deter borrowers from becoming recurrent borrowers because they have fewer lenders to choose from.
    Keywords: illegal lending, enforcement, markup
    JEL: K42
    Date: 2018–08
  13. By: Briones, Roehlano, M,
    Abstract: The gender gap is a key policy issue across the economic sectors, including agriculture. While the Philippines has—in general—made considerable progress in addressing the gender gap, gender gap in average wages remains a key concern in the case of agriculture. Such wage gap can be attributed to differences in activity composition by sex of worker and differences in daily pay for the same activity. This study performs, for the first time, a decomposition of the average wage gap into these two sources, using official data, supplemented by data from an ongoing survey of agricultural workers. The study finds that activity composition is only a minor contributor to the gender wage gap; most of the gap rather arises from differences in pay for the same activity. Further research is recommended to confirm this finding. The study discusses some policy implications, related to promoting gender equality in daily pay in agriculture.
    Keywords: Philippines, gender gap, gender wage gap, gender and development, agricultural labor market, wage gap decomposition
    Date: 2018
  14. By: Chen, Xuan; Vuong, Nguyen
    Keywords: Household and Labor Economics, Rural/Community Development, Risk and Uncertainty
    Date: 2018–06–20
  15. By: Mavis Chow Poh Ling (Tunku Abdul Rahman University College, Jalan Genting Kelang, 53300, Kuala Lumpur, Malaysia Author-2-Name: Terrence Perera Author-2-Workplace-Name: Sheffield Hallam University, Howard Street, S1 1WB, Sheffield, UK Author-3-Name: Kwek Choon Ling Author-3-Workplace-Name: Tunku Abdul Rahman University College, Jalan Genting Kelang, 53300, Kuala Lumpur, Malaysia Author-4-Name: Author-4-Workplace-Name: Author-5-Name: Author-5-Workplace-Name: Author-6-Name: Author-6-Workplace-Name: Author-7-Name: Author-7-Workplace-Name: Author-8-Name: Author-8-Workplace-Name:)
    Abstract: Objective - The purpose of this study is to explore the ability of accounting graduates to improvise i.e. the ability to deal with complicated and unexpected situations in an entrepreneurial, contextual, creative and professional manner, the ability to react in conditions of complexity and temporariness, the ability to identify opportunities and try new methods on the spot from the perspective of employers, institutions and students. All these dimensions are very important to students and organizations as part of the skills required to succeed in a highly competitive business world. Unemployment among local graduates has become a serious problem in Malaysia. The problem does not lie with limited employment opportunities but stems from a lack of work-ready graduates. The Malaysian government has introduced a compulsory internship program for each graduate student. Various attempts have been taken to study the effectiveness of this internship program. However, there remains limited knowledge on how interns can improve their skills within the internship program, to gain meaningful employment in the future Therefore, this research will examine the ability for accounting graduates to improve their improvisation through their internship programs. Methodology/Technique - The first research gap of this study looks at the micro perspective i.e. student's improvisation capacity within an internship. The second research gap is the lack of empirical evidence on the factors affecting student/individual/employee improvisation from three perspectives i.e. employers, institutions and students. The last research gap is the limited availability of research on the development of a framework for enhancing internship programs in Malaysia for accounting students.
    Keywords: Improvisation Capacity; Graduate Improvisation; Employee Improvisation; Work-ready.
    JEL: M40 M49
    Date: 2018–09–18
  16. By: Duangkamon Chotikapanich (Monash University); William E. Griffiths (Department of Economics, University of Melbourne); Gholamreza Hajargasht (Swinburne University); Wasana Karunarathne (Department of Economics, University of Melbourne); D.S. Prasada Rao (University of Queensland)
    Abstract: To use the GB2 distribution for the analysis of income and other positively-skewed distributions, knowledge of estimation methods and the ability to compute quantities of interest from the estimated parameters are required. We review estimation methodology that has appeared in the literature, and summarise expressions for inequality, poverty, and propoor growth that can be used to compute these measures from GB2 parameter estimates. An application to data from China and Indonesia is provided.
    JEL: I32 O15 C13
    Date: 2018–02
  17. By: Paul Pelz; Steven Poelhekke
    Abstract: We analyse the local e ect 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: L1 L72 O12 O13 Q30
    Date: 2018
  18. By: Kornprom Satraphand; Supeecha Panichpathom
    Abstract: Although Thailand is a developing country, it is well equipped for medical care. Nowadays, Thai people have a better quality of life and step into senior society, which makes it necessary to study the needs of the elderly in various aspects including their preferences of using wellness center. Past studies have focused on medical therapeutic health care rather than preventive health care. Therefore, it is crucial to study wellness center characteristics preferred by the elderly as well as willingness to pay of each group. Location, staffs, facilities, design, and accessibility are the main senior wellness center attributes extracted from triangulation. Willingness to pay analysis of 471 respondents from 50 to 79 years old shows that recreational center with safety concern design, skillful staffs, located in quality environment, and accessible via public transportation are the most valued characteristics of senior wellness center. There are 3 groups of the respondents: (1) Fit & Cozy Pre-Senior (2) Recreation & Cozy Senior (3) Recreation & Green Pre-Senior. For future research, data collection in different seasons can be useful to test the validity of senior wellness center attributes and levels. Exploring the needs and willingness to pay of LGBTQ elderly and senior consumer behavior in health care services can be valuable information for real estate developers.
    Keywords: Conjoint Analysis; Design; Facilities; Segmentation; Staffs
    JEL: R3
    Date: 2018–01–01
  19. By: Boon Ping Calvi Chua; Seow Eng Ong
    Abstract: Discrimination is prevalent in the world. There are many pieces of research literature undertaken that studied the various forms of discrimination in the labour market. Discrimination occurs due to different reasons such as nationalities, skin colours, genders, performances, physically handicapped and looks. We used a unique dataset of over 1600 realtors working in two of the more established real estate agencies in Singapore to study whether beauty premium exists in this labour market. The study used commission data, from 2013 to 2016, the demographics, and photographs of all agents involved. We estimated the real estate agents’ look by applying golden ratio theory and a series of surveys conducted by the reviewers using the Likert scale. The study found that there was a compelling and negative correlation between beauty and commission. We further explore why beauty premium does not apply to this industry; we selected a smaller sample size of realtors, 93, and conducted a series of personality profiling tests to determine the traits that allowed them to perform well in the real estate industry. Our results showed that top realtors tend to display dominance, a little shy, higher educated, self-disciple and were more experience.
    Keywords: beauty; commission; labour discrimination; real estate agency; Real Estate Agents
    JEL: R3
    Date: 2018–01–01
  20. By: Yuan-Chen Chang; Yi-Ting Hsieh; Kiat Ying Seah; Tien Foo Sing
    Abstract: Banking relationships and holding-up are two possible factors that influence the lending decisions by firms. As argued by Diamond (1984), financial intermediaries such as banks, play an important role of costly monitoring of loan contracts due to information asymmetries and moral hazard problems. Using a set of comprehensive cross-country dataset on REIT loan facilities containing past banking relationships, this paper empirically determines the relative importance of REIT-Bank lending relationship on credit supply and the cost of capital. We find that REITs with a stronger lending relationship enjoy the following favourable terms: lower cost loans, higher loan amount, and a less stringent collateral requirement. These terms persist throughout the Great Recession periods and remain even when we control for endogenous relationships.
    Keywords: Banking Relationships; Capital Structure; Holding-Up; Information Asymmetry; REIT
    JEL: R3
    Date: 2018–01–01
  21. By: Siniša Vuković and Riccardo Alfieri
    Abstract: The article departs from a much needed clarification about the 2 overlapping conflicts in South China Sea: sovereignty dispute between China and ASEAN countries, and freedom of navigation dispute between China and the United States. Although both are well documented and covered by an extensive range of academic and policy†relevant analyses, the lines between the 2 have often been blurred, yielding a very limited set of options for proper conflict management. This paper looks at the actual reasons behind Chinese defiance toward the United States, and how can this be reversed. In order to avoid a potential clash in the South China Sea, this paper looks at how similar situations, where the United States was challenging the excessive maritime claims of other nuclear powers, were managed peacefully in light of an inevitable clash. A surprisingly underscrutinized precedent of “bumping incident†form 1988, when U.S. Navy vessels were rammed by Soviet ships and “bumped†back to the international waters is used as a template for a potential solution in the ongoing Sino†American conflict. This paper examines the limits and opportunities of this type of solution and shows how another “bumping incident†does not need to happen before a bilateral solution is explored.
    Date: 2018–10–08
  22. By: Vuong, Nguyen; Chen, Xuan
    Keywords: Behavioral & Institutional Economics, Household and Labor Economics, Rural/Community Development
    Date: 2018–06–20
  23. By: Georges Giraud; Julie Le Gallo; Hippolyte Boucher
    Abstract: Representing 30% of food intake of 60% of planet’s inhabitants, rice is a staple food all over the world. According to FAO, worldwide rice production is about 504 million tons (milled basis) in 2017, while international rice trade is 45 million tons. With almost 9% exported, rice is not the top trade food commodity. 43% of wine worldwide produced is exported, 23% of wheat, 11% of maize and 7% of meat. The rice market is mainly composed of coarse rice all over the world. It also includes 18% of aromatic rice, coming from a limited number of countries where the pedoclimatic conditions and human know-how make a specific terroir. Aromatic rice is often protected by a Geographical Indication (GI). This is the case of Basmati, from India and Pakistan, using a collective trade mark since 2008 in Pakistan, and Jasmine from Thailand, bearing a Protected Geographical Indication (PGI) as Khao Hom Mali, since 2013.
    Keywords: Agribusiness, Agricultural and Food Policy, Agricultural Finance
    Date: 2018–10–01
  24. By: Lwin, Wuit Yi; Henneberry, Shida Rastegari
    Keywords: International Trade, Food and Agricultural Marketing, Demand and Price Analysis
    Date: 2018–06–20
  25. By: Jerapa Satavetin (Silpakorn University)
    Abstract: This research aimed to examine speech act strategies used in a price negotiation. The data were collected by observing and voice recording from 20 conversations between sellers and buyers in markets in Bangkok, Thailand. Searle?s theory of speech acts was used as a tool to identify five illocutionary acts. Speech acts found in this study were representative, directive, commissive, expressive and declaration. The most frequent-used speech act was representative which meant sellers often used this type of speech act to inform the cost and price of products and the strengths of products. In addition, the perlocutionary act was also found in this study. In the end of conversation, the buyers decided to purchase the product with negotiated price. The sellers agreed to sell at a bargain price.
    Keywords: Speech Acts, Negotiation, Illocutionary acts
    Date: 2018–07
  26. By: Mi Diao; Yi Fan; Tien Foo Sing
    Abstract: Singapore's government imposes demand restrictions in 2011 and 2013 disallowing Singaporean residents to concurrently own a private housing unit and a resale public housing flat. The restrictions, however, do not affect public housing owners, who fulfill the minimum occupation period requirement. This paper uses the policy shocks to set up a quasi-experiment to test if differential housing purchasing behaviors exist between the private housing and the public housing buyers. Using private housing transaction data between 2005 and 2015, we find that prices decline by 2.4% and 1.8% for the private housing owners’ purchases after the policy took effects in 2010 and 2013, respectively, relative to public housing owners' purchases. Public housing owners could be motivated by housing wealth accrued to their existing flats to pay higher prices in their private housing purchases. We also find stronger treatment effects in resale market, core central region, medium to high-end market, and market with large size units.
    Keywords: Demand restrictions; government interventions; housing wealth; private housing market; resale public housing market
    JEL: R3
    Date: 2018–01–01
  27. By: Ashraf, Dawood (The Islamic Research and Teaching Institute (IRTI)); Rizwan, Muhammad Suhail (NUST Business School, National University of Sciences and Technology, Islamabad, Pakistan); Azmat, Saad (Lahore University of Management Sciences Lahore, Pakistan)
    Abstract: After controlling for the double selection bias in a sequential three-equation model of the decisions to issuance, to choose a Sukuk structure, and the volume of Sukuk engagements, we find robust evidence suggesting that ownership structure and governance mechanisms play a significant role in controlling agency costs through issuance of Sukuk. In line with monitoring hypothesis, we find that higher government ownership positively influences the decisions to participate, issue a debt-like Sukuk and volume thereof. Similarly, in line with complementarity hypothesis, the empirical evidence suggests that firms with higher board of directors’ independence are more likely to participate in issuing Sukuk with higher volumes. We also find that ethnicity, in the form of a higher proportion of Malay/Muslim members on the board of directors, does not influence the initial decision on whether or not to issue Sukuk. However, once the decision to issue Sukuk is made, firms with higher institutional ownership or a higher proportion of Malay/Muslim board members are more likely to issue equity-like Sukuk
    Keywords: ukuk Financing; Ownership Structure; Governance Mechanisms; Double Selection Models
    JEL: F40 G21 G29
    Date: 2018–05–14
  28. By: Bruno Jetin (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique); Pascal Petit (CEPN - Centre d'Economie de l'Université Paris Nord (ancienne affiliation) - UP13 - Université Paris 13 - CNRS - Centre National de la Recherche Scientifique)
    Abstract: The ASEAN region, with its 10-member states, as it stood at the beginning of the 21st century, presented huge gaps between levels of development of member states. Over the last two decades one observes a relative convergence in countries' levels (even if the gap is still quite important) but an increase in inequalities within countries. Even if this dual movement can be found in many groups of trade partners, and in first instance in the EU, the replication of this dual movement may be surprising in a set of countries with such differences in development levels. The paper will try to investigate whether this dual evolution is likely to persist or recede in the medium term and to what extent a regionalisation process, mainly based on trade liberalisation, is the main factor at work. An assessment of the contribution to this dual dynamic of the various sectors, whether agriculture, raw materials or manufacturing, will be attempted as it may hint at specific trade policies to limit rises in within-country inequalities which run the risk at the end to ruin the benefits of the regionalisation process. Historical specificities of Europe and ASEAN regional integration Regional integration is supposed to foster convergence of living standards on the long run as it creates catching-up opportunities for less developed member states. Better access to an enlarged market, attraction of foreign direct investment, transfer of technologies, improved infrastructure and connectivity are the economic drivers of the process of convergence. These economic factors combine with institutional and socio-political drivers such as political agreements on common policy objectives, adoption of common regulatory framework, procedures and norms regarding production, trade, skills, migration and sometimes, education and social rights.
    Date: 2018–06–23
  29. By: Burmaa Jamiyansuren
    Abstract: We have learned many practices of how other leading countries develop and implement their housing policies, especially in China and Malaysia. The essential parts of a multi-faceted housing policy is to provide housing for low-income areas and to determine housing policy by assessing supply, demand and mortgage rates. At the initial stage of housing market, the price is unstable, is in turmoil and is not regulated. At the second stage, a price stabilization program and supply of low-income area housing programs are implemented. In UB city of Mongolia, we are in greatest need of housing policy development as the majority of the cities population live in ""ger district"", these ""gers"", a traditional yurt, are not supplied with heating, plumbing or hot water. In order to stay warm in one of the coldest cities in the world, those people have to use coal extensively for home heat and cooking, causing extremely dangerous levels of air pollution in the city. It shows that we are in need of excellent housing policy to be developed and implemented immediately. The first part of the paper will discuss about applying the study of Chinese housing policy in Mongolia and reveal that our housing market is frozen, but has excess supply and is in high need of housing price and regulation. The second part of the paper will discuss about how bench marking from the housing policies of European countries were not suitable for Mongolia
    Keywords: housing bubble and dip; housing market segmentation; housing policy for heating and cooling down; housing price stabilization; multi-faceted housing policy
    JEL: R3
    Date: 2018–01–01
  30. By: Jamal Bouoiyour (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour); Refk Selmi (CATT - Centre d'Analyse Théorique et de Traitement des données économiques - UPPA - Université de Pau et des Pays de l'Adour); Ilhan Ozturk
    Abstract: Although many factors have been identified to explain the nexus between electricity consumption and economic growth, the empirical evidence is rather mixed. Given these contradictory conclusions, we try to find out which outcome the meta analysis would support. To tackle this issue, we meta-analyze the empirical results of 43 studies between 1996 and 2013. We find that the conservation hypothesis is widely associated to American and European countries. However, conservative policies are likely to have an adverse effect on the economic growth in Asian and MENA countries. Conversely to expectations, the growth hypothesis is heavily associated to studied countries and considered modeling specifications. Additionally, while a neutrality hypothesis is insignificantly associated to MENA countries, the feedback hypothesis is not supported when appealing a panel of American economies. Therefore, the inconclusive results may be mainly due to the different country samples, econometric methodologies and to the fact that energy policies cannot be designed without considering economic and environmental factors, which are unfortunately excluded in the majority of studies. Further analysis should focus more on the new approaches rather than usual methods based on a set of common variables for different countries.
    Keywords: Electricity consumption,Economic growth,Meta-analysis
    Date: 2018–09–24
  31. By: Chu, Junhong (National University of Singapore); Liu, Haoming (National University of Singapore); Png, I. P. L. (National University of Singapore)
    Abstract: We exploit China's heating policy to investigate how non-labor income affects marriage. From the mid-1950s, the policy gave substantial subsidies to urban residents north of the Huai River. Applying geographic regression discontinuity, we find that, with the policy, urban men in the north married 15 months earlier than southerners. The difference is substantial compared with the average age of first marriage of 24.9 years for urban men in the south. The effect is larger for later birth cohorts, which is consistent with the progressive implementation of the policy. The effect is smaller among women, consistent with women having less power in the household than men. There is no effect among rural people, who did not benefit from the heating policy.
    Keywords: age at marriage, regression discontinuity, non-labor income, China
    JEL: J12
    Date: 2018–08

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