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The Impact Of Political Events On Financial Market Volatility: Evidence Using A Markov Switching Process, Ahmed M. Khalid, Gulasekaran Rajaguru
The Impact Of Political Events On Financial Market Volatility: Evidence Using A Markov Switching Process, Ahmed M. Khalid, Gulasekaran Rajaguru
Gulasekaran Rajaguru
This paper investigates the impact of political shocks (positive and negative) on financial markets. Using data from Pakistan for the period January 1999 to September 2006, we link ‘a’ political event to the financial market volatility. We use high frequency data from three indicators (currency, stock and money market) of the financial market for empirical estimation. We employ a Markov Switching process to identify the low and high volatility regimes in Pakistan’s financial market and then link these regimes to certain political events. We use data on daily observations of exchange rates, stock prices and interest rates to perform empirical …
Market Development For Fixed Income Securities: The Role Of Socio-Economic And Institutional Factors, Ahmed M. Khalid, Gulasekaran Rajaguru
Market Development For Fixed Income Securities: The Role Of Socio-Economic And Institutional Factors, Ahmed M. Khalid, Gulasekaran Rajaguru
Gulasekaran Rajaguru
It is well understood that bond markets play an important role in the development of the overall financial sector. Bond markets also help to make efficient investment and financing decisions, to improve efficiency in the design and implementation of monetary policy, provide financial stability by mitigating rollover risk and interest rate risk for the borrowers, provide an alternative source of finance to firms and thus reduce the monopoly of the banking sector. Given the importance of this market, this paper aims to investigate the factors that may be important for developing a market for domestic bonds. First, we discuss the …
International Migration And The Welfare State: Asian Perspectives, Noel Gaston, Gulasekaran Rajaguru
International Migration And The Welfare State: Asian Perspectives, Noel Gaston, Gulasekaran Rajaguru
Gulasekaran Rajaguru
Immigration is a controversial topic in Australia and some of its Asian neighbours. Given the potential impact on native welfare, such as effects on relative wages and unemployment, there has been political mobilisation on the immigration question. The presence of a redistributive welfare state in all major immigrant host countries creates yet another margin on which immigration affects native welfare. The focus of the paper is whether a large intake of immigrants leads to a reduction in welfare state effort. It is often argued that steady increases in immigration lead to public pressure for stricter immigration controls or for less …
How An Export Boom Affects Unemployment, Noel Gaston, Gulasekaran Rajaguru
How An Export Boom Affects Unemployment, Noel Gaston, Gulasekaran Rajaguru
Gulasekaran Rajaguru
Does trade affect the equilibrium rate of unemployment? To answer this question, we propose a small open economy model that incorporates realistic features of labour markets. The model predicts that a sustained improvement in the terms of trade lowers unemployment. We test this prediction for the case of Australia, an economy that is subject to large terms of trade movements. We use a novel technique to estimate the structural model based on a combination of traditional econometric procedures and the calibration of time-varying parameters. Both reduced form and the structural estimates reveal strong evidence that higher export prices, capital accumulation …