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on South East Asia |
| By: | Suwanhirunkul, Suwijak; Masih, Mansur |
| Abstract: | International diversification of equity is important for investors who want to reduce risk of capital loss. However, international diversification benefit is inconclusive. This research is the initial attempt to find international diversification benefit of global Islamic equity (in the World, US, EU and Asia Pacific region) from the perspective of the conventional Southeast Asian investors. We use relatively advanced and robust techniques MGARCH-DCC and Wavelet coherence. We find that, for the Southeast Asia as a whole region, very-short-term investors have obvious diversification benefit in Islamic equities in World, Europe and US regions but not in Asia Pacific region. Short-term and Medium-term investors face limited diversification benefit, while long-term investors have benefit in Islamic Europe and US equity. Each Southeast Asian country has varying benefit at different investment horizons. The result of this study provides suggestion for the investors who have different investment horizons to effectively diversify their conventional stocks with Islamic equity. |
| Keywords: | portfolio diversification, Islamic equity, MGARCH-DCC, Wavelet coherence, Southeast Asia |
| JEL: | C22 C58 G11 G15 |
| Date: | 2018–12–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93542&r=all |
| By: | James C. Knowles |
| Abstract: | This is the report of a midline evaluation of a randomized controlled trial to increase the utilization of saving and other financial services by women business owners in Indonesia. The trial was motivated by a recent law in Indonesia supporting the development of branchless banking services for a large unbanked rural population and by the results of several studies suggesting that it is possible to stimulate savings and improve a range of downstream outcomes with suitable interventions targeted to under-banked rural populations. The trial was conducted in 400 purposively selected rural and semi-urban villages in five districts of East Java province in which branchless banking services (including basic savings accounts accessible through mobile phones) were available. The randomized interventions supported by this trial include both supply-side treatments (higher agent incentives) and demand-side treatments (training and mentoring of female business owners). The data analyzed include both baseline and midline survey data on female and male business owners and branchless banking agents. Implementation of the trial was delayed due to difficulties in recruiting suitable agents in all 400 trial villages. Numerous supply-side problems, both technical and logistical, were also reported in the monitoring data. However, the midline results indicate that the interventions were successfully delivered, resulting in significant positive effects on key intermediate outcomes, including knowledge and use of mobile banking services and initial take up of a mobile basic savings account. Downstream effects indicate that the supply- and demand-side interventions, particularly in combination, increased women business owners’ savings, empowerment, self-confidence, and economic welfare. |
| Date: | 2019–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:cgd:wpaper:506&r=all |
| By: | Nguyen, Hoai Thu Thi; Vu, Huong Van; Bartolacci, Francesca; Quang Tran, Tuyen |
| Abstract: | Using a sample of private manufacturing SMEs (small and medium-sized enterprises) in the period 2007-15, we analyze the effect of government support on firms’ financial performance in Vietnam. Contrary to many previous studies, we find that government support affects firms’ financial performance after controlling for heterogeneity, unobservable factors and dynamic endogeneity. The finding supports the viewpoint of institutional theory. Also, the study reveals that assistance measures, such as tax exemptions, soft loans and investment incentives to promote financial performance, are vital for the development of Vietnamese private SMEs. |
| Keywords: | Government support; innovation; firm financial performance; SMEs; Vietnam |
| JEL: | H7 H71 M2 M21 O3 |
| Date: | 2018–08–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:93599&r=all |
| By: | Tasso Adamopoulos; Diego Restuccia |
| Abstract: | We assess the effects of a major land policy change on farm size and agricultural productivity using a quantitative model and micro-level data. We study the 1988 land reform in the Philippines that imposed a ceiling on land holdings, redistributed above-ceiling lands to landless and smallholder households, and severely restricted the transferability of the redistributed farm lands. We study this reform in the context of an industry model of agriculture with a non-degenerate distribution of farm sizes featuring an occupation decision and a technology choice of farm operators. In this model, the land reform can reduce agricultural productivity not only by misallocating resources across farmers but also by distorting farmers' occupation and technology decisions. The model, calibrated to pre-reform farm-level data in the Philippines, implies that on impact the land reform reduces average farm size by 34% and agricultural productivity by 17%. The government assignment of land and the ban on its transfer are key for the magnitude of the results since a market allocation of the above-ceiling land produces about 1/3 of the size and productivity effects. These results emphasize the potential role of land market efficiency for misallocation and productivity in the agricultural sector. |
| JEL: | O11 O13 O14 O4 O53 Q1 R2 R52 |
| Date: | 2019–04 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:25780&r=all |
| By: | Majdeline El Rayess; Avril Halstead; Jason Harris; John Ralyea; Alexander F. Tieman |
| Abstract: | Public sector balance sheets (PSBS) provide a framework for comprehensive and deep analysis of fiscal risks and policies. To illustrate these benefits, this paper shows how PSBS analysis can be applied to assess risks to Indonesia’s public sector stemming from its public corporations. The paper also shows that the government’s plans to finance a ramp-up in public investment with additional tax revenue increases both economic growth and public wealth. |
| Date: | 2019–04–24 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:19/81&r=all |
| By: | Sarwat Jahan; Jayendu De; Fazurin Jamaludin; Piyaporn Sodsriwiboon; Cormac Sullivan |
| Abstract: | Financial inclusion is a multidimensional concept and countries have chosen diverse methods of enhancing financial inclusion with varying degrees of results. The heterogeneity of financial inclusion is particularly striking in the Asia-Pacific region as member countries range from those that are at the cutting edge of financial technology to others that are aiming to provide access to basic financial services. The wide disparity is not only inter-country but also intra-country. The focus of this paper is to take stock of the current state of financial inclusion in the Asia-Pacific region by highlighting twelve stylized facts about the state of financial inclusion in these countries. The paper finds that the state of financial inclusion depends on several factors, but a holistic approach calibrated to specific country conditions may lead to greater financial inclusion. |
| Date: | 2019–04–19 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfwpa:19/79&r=all |
| By: | Amanda Beatty; Evan Borkum; Jeremy Brecher-Haimson; Erin Crossett; Nick Ingwersen; William Leith; Clair Null; Swetha Sridharan |
| Abstract: | This report presents the findings from interim data collection for the Nutrition Project that took place between October and December 2017. |
| Keywords: | MCC, Indonesia, Nutrition |
| JEL: | F Z |
| URL: | http://d.repec.org/n?u=RePEc:mpr:mprres:9e907ae787834680b5f454af27c32143&r=all |
| By: | Michael R.M. Abrigo (Philippines Institute for Development Studies); Timothy J. Halliday (University of Hawaii at Manoa UHERO, IZA); Teresa Molina (University of Hawaii at Manoa) |
| Abstract: | The Philippines expanded health insurance coverage of its senior citizens, aged 60 and older, in 2014. Employing data from two separate sources, we find that the expansion increased insurance coverage by approximately 16 percentage points. Instrumental variables estimates indicate that out-of-pocket medical expenditures more than doubled among the newly insured. We argue that this is most likely driven by an outward shift in the medical demand curve due to physician-induced demand. Quantile regression estimates indicate that these effects were the most pronounced among high utilizers. We show that the compliers, defined as those induced by the policy to obtain insurance, are disproportionately female and largely from the middle of the socioeconomic distribution. Finally, tests for selection indicate only moderate adverse selection into the treatment. |
| Keywords: | Immigration, Health Insurance, Cost Sharing, Medicaid, Insurance Exchange |
| JEL: | I10 I13 I14 |
| Date: | 2019–05 |
| URL: | http://d.repec.org/n?u=RePEc:hai:wpaper:201907&r=all |
| By: | Eddy Giovanni Velandia Cuervo |
| Abstract: | The document compares the Import Substitution Industrialisation (ISI) model for Colombia with the success of Singapore, to determine if there were failures in the implantation of the model in Colombia and if so, to identify them. It should be noted that an analysis of this type may present problems since the conditions of both territories differ considerably. To correct that problem the possible deficiencies found for the South American country are evaluated under the possibilities granted by its context and not by the conditions that could have been established in Singapore. The analysis of this work is limited only to the following three perspectives: historical, governmental and cultural, inasmuch as these dimensions, in the author's opinion, yield interesting results of the ISI phase of the Colombian economy and provide sufficient information for the reader to become familiar with the import substitution process in Colombia, its strengths, weaknesses and economic consequences. *** El documento compara el modelo de Industrialización por Sustitución de Importaciones (ISI) para Colombia con el éxito asiático de Singapur, con el propósito de determinar si existieron falencias en la implantación del modelo en Colombia y en caso afirmativo, determinarlas. Cabe resaltar que realizar un análisis de este tipo puede presentar problemas en tanto las condiciones de ambos territorios difieren de manera considerable. Con el fin de subsanar este problema, las posibles deficiencias encontradas para el país suramericano se evalúan bajo las posibilidades otorgadas por su propio contexto y no por las condiciones que pudieron ser establecidas en Singapur. El análisis de este trabajo se limita únicamente a las siguientes tres perspectivas: histórica, gubernamental y cultural, en tanto estas dimensiones, a juicio del autor, arrojan por sí mismas resultados interesantes de la fase ISI de la economía colombiana y proveen información suficiente para que el lector se familiarice con el proceso de sustitución de importaciones en Colombia, sus fortalezas, desaciertos y consecuencias en materia económica. |
| Keywords: | Colombia, Singapore, Economic History, Import Substitution, Industrialisation, Culture |
| JEL: | B20 H11 I21 Z10 |
| Date: | 2019–04–23 |
| URL: | http://d.repec.org/n?u=RePEc:col:000176:017237&r=all |
| By: | International Monetary Fund |
| Abstract: | The economic outlook has weakened with risks to stability rising. Growth rebounded in 2017/18, led by exports and a recovery in agriculture, but is losing momentum. The impact from the Rakhine crisis is depressing foreign investor sentiment and donor financing. Macro-financial spillovers from banking sector restructuring may be severe if banks delay recapitalization. Global risks include trade tensions and global financial volatility, high crude oil prices and spillovers from a slowdown in China. |
| Date: | 2019–04–10 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:19/100&r=all |