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Social and Behavioral Sciences Commons™

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2003

International and Area Studies

Research Collection School Of Economics

Articles 1 - 10 of 10

Full-Text Articles in Social and Behavioral Sciences

The Impacts Of Hong Kong's Currency Board Reforms On Its Interbank Market, Yiu Kuen Tse, Paul S. L. Yip Dec 2003

The Impacts Of Hong Kong's Currency Board Reforms On Its Interbank Market, Yiu Kuen Tse, Paul S. L. Yip

Research Collection School Of Economics

Among the economies with a Currency Board System (CBS), Hong Kong (HK) is probably the one with the largest and most developed financial sector, as well as the highest capital mobility. Hence, studying HK’s CBS is not only crucial to HK, but also important for the understanding of the modern CBS. This paper outlines the major monetary reforms in HK since the late 1980s. The impacts of these reforms and the 1997–1998 Asian Financial Crisis are then examined empirically. We focus on the differentials between the US and HK interbank interest rates. We assume the conditional-mean equation follows an autoregressive …

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Micro-Level Estimation Of The Prevalence Of Stunting And Underweight Among Children In Cambodia, Tomoki Fujii, Livia Montana Oct 2003

Micro-Level Estimation Of The Prevalence Of Stunting And Underweight Among Children In Cambodia, Tomoki Fujii, Livia Montana

Research Collection School Of Economics

We are pleased to share this copy of the preliminary report on "Micro-Level Estimation of the Prevalence of Stunting and Underweight Among Children in Cambodia." This study is the result of a collaboration between the Ministry of Planning, the United Nations World Food Programme and the MEASURE DHS+ project, with in-kind assistance from The World Bank. We also would like to express our acknowledgement to Italian Cooperation and International Fund for Agricultural Development for supporting in publication and distribution.

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An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse Sep 2003

An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse

Research Collection School Of Economics

Research in the literature shows that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. We consider three hypotheses that may explain the IPO underpricing in China. These are the winner's curse hypothesis, the ex ante uncertainty hypothesis and the signaling hypothesis. Among these hypotheses, the winner's curse hypothesis has not been tested in the Chinese market. Using IPO data for online fixed-price offerings from November 1995 to December 1998, our results show that the winner's curse …

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The Role Of United Charities In Fundraising: The Case Of Singapore, Vincent Chua, Chung Ming Wong Sep 2003

The Role Of United Charities In Fundraising: The Case Of Singapore, Vincent Chua, Chung Ming Wong

Research Collection School Of Economics

Theory suggests that a united charity helps to economize on fundraising costs by reducing competition for donations among member charities. However, donors often cannot control the allocation of their donations, and charities may dislike the monitoring of their activities. This paper examines these and other issues relating to the Community Chest of Singapore. The results, based on analysis of financial positions and fundraising costs of a large number of charities, suggest that the Community Chest does possess important fundraising advantages. Thus charities in financial difficulties or in need of funds for additional programs tend to seek membership. However, organizations that …

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Open Versus Sealed-Bid Auctions: Testing For Revenue Equivalence Under Singapore's Vehicle Quota System, Winston T. H. Koh, Roberto S. Mariano, Yiu Kuen Tse Aug 2003

Open Versus Sealed-Bid Auctions: Testing For Revenue Equivalence Under Singapore's Vehicle Quota System, Winston T. H. Koh, Roberto S. Mariano, Yiu Kuen Tse

Research Collection School Of Economics

Using data from the auction of vehicle quota licenses in Singapore, we study if revenue equivalence holds when the auction format was switched from a sealed-bid format (May 1990 to June 2001) to an open bidding format since July 2001. Our econometric analysis indicates the change in auction format led to a change in bidding behavior. On average, the quota license premium under the open bidding format is about US$1,000 (about 7.5% of the Category E license price in June 2001) lower, compared to the forecast level that would have prevailed if there had been no change in the auction …

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What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang Jul 2003

What Has Luck Got To Do With Economic Development? An Interpretation Of Resurgent Asia's Growth Experience, Hing-Man Leung, Swee Liang Tan, Zhenlin Yang

Research Collection School Of Economics

This paper critically reexamines the belief, currently gathering strength in the literature, that economic development depends on good luck rather than on good policy, and that Prometheus is “unchained by chance”. While it is impossible to disprove the role of luck in growth, we argue that luck is endogenous, and good luck is a function of good policy. Luck favours those who strive. Again contrary to common belief, we show that resurgent Asian economies have endured more, not less, than their fair share of economic volatility. They learned their lessons by success and failures, and luck is endogenous through learning-by-investing.

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Markov Switching Garch Models Of Currency Crises In Southeast Asia, Celso Brunetti, Roberto S. Mariano, Chiara Scotti, Augustine H. H. Tan Mar 2003

Markov Switching Garch Models Of Currency Crises In Southeast Asia, Celso Brunetti, Roberto S. Mariano, Chiara Scotti, Augustine H. H. Tan

Research Collection School Of Economics

This paper develops a model which is able to forecast exchange rate turmoil. Our starting point relies on the empirical evidence that exchange rate volatility is not constant. In fact, the modeling strategy adopted refers to the vast literature of the GARCH class of models, where the variance process is explicitly modeled. Further empirical evidence shows that it is possible to distinguish between two different regimes: îordinaryî versus îturbulenceî. Low exchange rate changes are associated with low volatility (ordinary regime) and high exchange rate devaluations go together with high volatility. This calls for a regime switching approach. In our model …

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Service Links And Wage Inequality, Kong Weng Ho, Hian Teck Hoon Feb 2003

Service Links And Wage Inequality, Kong Weng Ho, Hian Teck Hoon

Research Collection School Of Economics

In our general equilibrium model, the variety of specialized service links affects international production fragmentation in manufacturing. Decreases in cost of education or fixed cost of service links raise the relative supply of skilled workers, increase service specialization, and decrease the price of aggregate services. Consequently, the market for service- and skill-intensive component manufacturing enlarges, raising relative demand for skilled workers. Empirically, endogenous change in international outsourcing rather than skill-biased technological progress is the main reason for a modest decline in wage gap despite the rapid rise in relative supply of skilled workers in Singapore from 1978 to 2000.

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Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang Jan 2003

Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang

Research Collection School Of Economics

This article recounts how a number of strategic infrastructure investment decisions in airport and rail development taken by the Singapore government were at variance with recommendations emerging from cost-benefit analysis, but were considered necessary to support external competitiveness. This link between infrastructure provision and economic development may require decision makers to assess the trade-off between prudent macro-economic planning and efficient micro-economic management for major projects. In the case of airport hubs, the most difficult assessment might be the game consideration of how much, and how far ahead, excess capacity is needed to ensure the dominance of the hub.

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Effects Of Electronic Trading On The Hang Seng Index Futures Market, Joseph Fung, Donald Lien, Yiuman Tse, Yiu Kuen Tse Jan 2003

Effects Of Electronic Trading On The Hang Seng Index Futures Market, Joseph Fung, Donald Lien, Yiuman Tse, Yiu Kuen Tse

Research Collection School Of Economics

This paper investigates the effects of the migration of the Hang Seng Index futures from open-outcry trading to electronic trading. Using trade data over a window of six months we find evidence that, after the migration, the bid-ask spread of the futures contract decreases and the contribution of the futures price in information transmission increases. Furthermore, the asymmetry in volatility spillover reduces and the open interests of the futures market become smaller. These results suggest that the anonymity in trading and the higher speed of order execution in the electronic trading system attract informed traders to the futures market and …

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