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on South East Asia |
| By: | Yamasaki, Yoko |
| Keywords: | Agricultural and Food Policy, International Development, International Relations/Trade |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea22:322422&r= |
| By: | He Nie (National University of Singapore); Jordan Roulleau-Pasdeloup (National University of Singapore) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:21-153&r= |
| By: | Benny, Dickson; Benson, Todd; Ivekolia, Mark; Kedir Jemal, Mekamu; Ovah, Raywin |
| Abstract: | If smallholder farming households in Papua New Guinea achieve higher crop productivity levels, progress will be made along several dimensions of the development vision for PNG – increasing GDP for the agricultural sector and the overall economy; driving growth, diversification, and transformation of local rural economies; improving food consumption; and reducing poverty. In this paper, we examine recent data on yields for the most important crops grown in PNG, assess what yields might be achieved based on productivity data from areas of Indonesia with similar growing conditions, and sketch where policy reforms could provide incentives and access to technologies to achieve higher crop yields by all farmers across PNG. |
| Keywords: | PAPUA NEW GUINEA, OCEANIA, agricultural productivity, policies, crop yield, cash crops, smallholders, agriculture, food security, poverty reduction |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:fpr:pngfwp:1&r= |
| By: | Bakari, Sayef; El Weriemmi, Malek; Mabrouki, Mohamed |
| Abstract: | The aim of this investigation is to check the impact of digitalization and trade openness on economic growth for top ten richest Asian countries. Static Gravity Model and Generalized Method of Moments Model were estimated. We found that digitalization and trade openness have a significant positive effect on economic growth. These results prove that trade openness and digitalization is a source of economic growth for richest Asian countries. Due to the magnitude of the positive externalities attached to the trade openness and digitalization, in terms of technology transfer bias, financial capacities, economic policies, human expertise, plenty of natural resources, large markets size, and spillover effect added to the domestic capacities and the national investment, the pace of the phenomenal economic performance of the Asian economies is very well marked. |
| Keywords: | Digitalization, Trade Openness, Economic Growth, Richest Asian Countries. |
| JEL: | E22 F10 F11 F13 F14 O16 O33 O47 O53 |
| Date: | 2022 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:113816&r= |
| By: | Nyasha, Sheilla; Odhiambo, Nicholas |
| Abstract: | In this study, the key determinants of tourism development in three study countries ? South Africa, Brazil and Vietnam ? have been examined for the period from 1995 to 2018. Despite the growing empirical literature on the determinants of tourism development from a number of countries, these countries have remained understudied. The study uses two proxies, namely: tourism revenue (TR) and the number of international tourist arrivals (TA), to measure the level of tourism development. Using the ARDL bounds-testing approach, the findings of the study have shown that the determinants of tourism development differ from country to country and over time. In addition, the study shows that the determinants depend on the proxy used to measure the level of tourism development. Overall, the study found that the positive drivers of tourism in these countries are tourist disposable income, financial development, trade openness and political stability, while the negative drivers include exchange rate, price level and carbon emissions. |
| Keywords: | Tourism Development, Determinants, South Africa, Brazil, Vietnam, ARDL |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:uza:wpaper:29296&r= |
| By: | Sheilla Nyasha; Nicholas M. Odhiambo |
| Abstract: | In this study, the key determinants of tourism development in three study countries – South Africa, Brazil and Vietnam – have been examined for the period from 1995 to 2018. Despite the growing empirical literature on the determinants of tourism development from a number of countries, these countries have remained understudied. The study uses two proxies, namely: tourism revenue (TR) and the number of international tourist arrivals (TA), to measure the level of tourism development. Using the ARDL bounds-testing approach, the findings of the study have shown that the determinants of tourism development differ from country to country and over time. In addition, the study shows that the determinants depend on the proxy used to measure the level of tourism development. Overall, the study found that the positive drivers of tourism in these countries are tourist disposable income, financial development, trade openness and political stability, while the negative drivers include exchange rate, price level and carbon emissions. |
| URL: | http://d.repec.org/n?u=RePEc:afa:wpaper:aesriwp19&r= |
| By: | International Monetary Fund |
| Abstract: | Singapore registered one of the most impressive recoveries from the pandemic, with economic output having surpassed pre-crisis levels at end-2021. This was spurred by the country’s strong economic fundamentals, an impressive vaccination rollout, and the authorities’ decisive policy responses. However, the recovery has been uneven with activities in tourism-related, consumer-facing and construction sectors remaining well below pre-pandemic levels. Inflation has risen rapidly due to higher food and energy, private transport, and housing prices, but inflation expectations remain well anchored. Risks to the outlook are tilted to the downside, arising mainly from the war in Ukraine and the related sanctions, the pandemic, China’s growth slowdown, and monetary policy normalization in advanced economies. |
| Date: | 2022–07–21 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfscr:2022/233&r= |
| By: | Warinthip Worasak; Nuwat Nookhwun; Pongpitch Amatyakul |
| Abstract: | This paper examines the risk-taking channel of monetary policy in the context of Thai corporate bond market. Based on newly-issued non-financial corporate bonds from 2001 to the third quarter of 2020, we find that low interest rates are associated with greater issuance of bonds with worse risk ratings, which is more pronounced for bonds from the property sector. In addition, these bonds tend to have longer maturity. However, we do not find evidence of compression of risk premium or underpricing of risks during these low-rate periods. We then examine whether any types of bond investors are prone to the search-for-yield behaviour. Using the Bank of Thailand's confidential debt securities holding dataset from 2013 onward, our results show that individuals, rather than banks and institutional investors, are the prime holder of high-risk bonds. Conditional on bond risk ratings, only two groups of bondholders appear to bias toward higher-yield bonds. These include individuals and other depository financial institutions, namely saving cooperatives and money market mutual funds. Our results point toward weak evidence of risk-taking among corporate bond investors during the low-rate environment. |
| Keywords: | Monetary policy; Interest rate; Risk taking; Search for yield; Corporate bond; Underpricing of risk; Excess bond premium |
| JEL: | E44 E52 G11 G12 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:pui:dpaper:186&r= |
| By: | Zhaobo Zhu (Audencia Business School); Licheng Sun (ODU - Old Dominion University [Norfolk]); Jun Tu (Singapore Management University); Qiang Ji (UCAS - University of Chinese Academy of Sciences [Beijing]) |
| Abstract: | This paper provides a novel perspective to the nexus of oil prices and stock markets by examining the impact of oil price shocks on stock market anomalies. After decomposing oil price shocks into three types (Kilian, 2009), we find that aggregate demand shocks have the strongest influence on stock market anomalies. In contrast, oil supply shocks and oil specific demand shocks have little impact. Similar results are also found in the industry analysis. Interestingly, the link between aggregate demand shocks and anomalies are the strongest among firms with either small size or high idiosyncratic risks. The documented effects are robust after controlling for investor sentiment as well as several well-known macroeconomic or market factors. Our findings are consistent with but also extend the results of Stambaugh, Yu, and Yuan (2012) in that we show that uncertainty also plays a role in explaining stock market anomalies. |
| Keywords: | Stock market anomalies,Oil supply shocks,Aggregate demand shocks,Oil specific shocks,Investor Sentiment |
| Date: | 2022–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03712237&r= |
| By: | Daniel Carvalho (Banco de Portugal); Etienne Lepers (OECD); Rogelio V. Mercado, Jr. (South East Asian Central Banks (SEACEN) Research and Training Centre) |
| Abstract: | Capital flows may lead to financial vulnerabilities by fueling domestic credit booms, the so-called “capital flows-credit growth nexus, of particular concern to emerging markets. This paper makes two important contributions to the understanding of this nexus: it adopts a sectoral approach to the relationship between cross-border capital flows and domestic credit growth and it studies how different macroprudential and financial policies affect that relationship in emerging market economies. Using novel datasets on both sectoral flows and policy measures, it finds that financial policy measures can mitigate domestic credit growth, not only directly, but also indirectly, through the reduction of the sensitivity of credit to capital inflows. Furthermore, the results underscore the importance of a granular sectoral approach in identifying the full range of connections between capital flows and credit growth, as well as the appropriate policy response. While, in general, macroprudential and foreign currency-based measures are better suited to mitigate the impact of banking sector flows, capital controls appear to lessen the impact of flows to non-financial corporates and other financial corporates. Splitting by borrowing sectors, macroprudential lending standards and measures targeted at household credit weaken the impact of inflows on household credit, while the latter also strengthen the relationship between NFC flows and NFC credit, suggesting a potential shift in composition. |
| Keywords: | capital flows, domestic credit, sectors, capital controls, macroprudential measures |
| JEL: | E51 F32 G15 |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:sea:wpaper:wp46&r= |
| By: | Peter Cramton (University of Cologne, Cologne, Germany 50923); Emmanuele Bobbio (University of Cologne, Cologne, Germany 50923); David Malec (University of Maryland, College Park MD 20742); Pat Sujarittanonta (Chulalongkorn University, Bangkok, Thailand 10400) |
| Abstract: | "Electricity markets worldwide are undergoing a many‐decade transition in the way electricity is generated and consumed. The success of this transition depends critically on climate policy and market design. We model the most advanced electricity markets in the world to evaluate the impact of alternative policies on electricity market outcomes over the next 40 years, including costs, profits, social welfare, risks, and reliability. Each year, investors decide which resources enter and exit given forward‐looking consistent expectations about energy profits, prices, and costs. The model is unique in modeling investment decisions at the individual unit level based on precisely calculated profits from energy, reserves, and capacity markets. These profits depend critically on the resource structure, which changes each year with investor decisions. New and essential elements of electricity markets, such as battery storage and price responsive demand are fully integrated. The model provides detailed insights into how policies such as carbon pricing impact the transition to renewable energy." |
| Date: | 2022–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:183&r= |