Economics Commons^™

Modified Information Criteria For Selecting A Finite Mixture Model, Safa K. Kadhem, Hajem A. Daham

Muthanna Journal of Administrative and Economics Sciences

Recently, a paper published by Celeux et al. (2006) presented several forms for the deviation information criterion (DIC) for mixture models, each version is depended on the kind of probability function. However, no reliable version was adopted for those models. As an idea inspired by Brooks (2002, p. 617), we develop, in this paper, Bayesian deviations plugging into two known criteria: the Akaike information criterion (AIC) and Bayesian information criterion (BIC) for choosing best mix model. Due to unavailability the closed-form of the perceived likelihood of those models, we propose an algorithm for estimating the observed likelihood for mixture models …

Monetary Policy Essay, Dan Brocklehurst

Academic Symposium of Undergraduate Scholarship

No abstract provided.

Ua37/29 Gary Ransdell - Federal Reserve Board - Final Guidance On Incentive Compensation, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Email sent to members of the St. Louis Federal Reserve Board announcing the final guidance on incentive compensation issued by the Federal Reserve, OCC, OTS and FDIC.

A Clashing Viewpoint Concerning India: A Critique Of Goldman Sachs 2007 Report, Ashok K. Roy, Aniruddha Bagchi

Journal of Global Initiatives: Policy, Pedagogy, Perspective

The centerpiece of the 2007 Report by Goldman Sachs is the prediction of India's phenomenal economic growth and power in the next few decades. In this article we critique the conceptual validity of that prognosis. In particular, we highlight several hard and soft infrastructure impediments to India's emergence as a major economic power.

Africa's Debt Crisis: Perspectives On Nigeria's Escape From External Debt Trap, Solomon O. Akinboye

Journal of Global Initiatives: Policy, Pedagogy, Perspective

In sharp contrast with the image of an "oil-rich" country, Nigeria is paradoxically a heavily indebted poor country. While the country's oil production reached 2.5 million barrels per day in 2004, its total external debt stock at the end of 2004 was estimated at $35.9 billion. The debt crisis has been aggravated by the burden of debt servicing, which has absorbed the nation's budgetary and foreign exchange resources with deleterious impact on the critical sectors of the economy. The paper critically examines Nigeria's external debt profile and efforts toward its alleviation. It argues that the debt burden constitutes a major …

A Comparison Of Costs And Returns For Organic And Conventional Cabernet Sauvignon Grape Production In San Luis Obispo County, Amanda N. Johansen

Agribusiness

This study examined the differences in costs and profitability for established conventional and organic Cabernet Sauvignon vineyards in the Edna Valley region of San Luis Obispo County, California. The study used a partial budgeting approach to compare cost and profitability for established vineyards for 2009, and thus ignored transition costs. Data were obtained from UC Davis cost studies for organic and conventional grape production in other regions of California in previous years. Adjustments made to these costs to account for changes in input use, input costs and grape prices in San Luis Obispo County during the 2009 growing season.

The …

The Global Credit Crisis Of 2007–2009: An Examination Of Some Of The Causes, Chronology, And Unconventional Monetary Tools Employed, Mark P. Culver

Electronic Theses and Dissertations

This paper will first examine some of the causes over many years and conditions that evolved that preceded the 2007-2009 credit crisis as well as some of the events that took place in the midst of the crisis. More importantly, this paper will examine how central banks applied the generally prescribed first line defense in the form of conventional monetary policy to its full extent without complete or adequate satisfaction or result. The bulk of the paper is directed at a description and analysis of the unconventional monetary tools, that which has come to be called quantitative easing, that central …

What Explains The Gender Gap In Financial Literacy? The Role Of Household Decision-Making, Raquel Fonseca, Kathleen J. Mullen, Gema Zamarro, Julie Zissimopoulos

Education Reform Faculty and Graduate Students Publications

Research has shown that financial illiteracy is widespread among women, and that many women are unfamiliar with even the most basic economic concepts needed to make saving and investment decisions. This gender gap in financial literacy may contribute to the differential levels of retirement preparedness between women and men. However, little is known about the determinants of the gender gap in financial literacy. Using data from the RAND American Life Panel, we examined potential explanations for the gender gap including the role of marriage and division of financial decision-making among couples. We found that differences in the demographic characteristics of …

Financial Illiteracy: Prevalence, Consequences, And Solutions, Gerald Matasy

Economics Undergraduate Honors Theses

As Americans have become increasingly responsible for their own financial security their ability to make financial decisions in their best interests has certainly grown in importance. The focus of this paper is to determine what role financial literacy plays in making optimal financial decisions and maintaining economic stability. Using mostly research from other studies and some original research, this paper seeks to examine the level of financial literacy among the general population and what the implications are for the general lack of literacy. What I find is that individuals who have lower levels of financial literacy generally make poorer financial …

Global Economic Crisis: The Need For African Government Interventions For Rapid Economic Recovery And Stability, Hassan T. Sanni

Bullion

The paper reappraises the various measures taken by African governments to curtail the effects of the global economic meltdown. This is with a view to re-emphasizing the need for strong interventions by African governments. The paper is organized into five sections. Aside from the introduction, section two reviews the genesis of the global economic crisis, while section three briefly discusses the impact of the global economic meltdown with greater emphasis on African economies. The global responses as well as African forms of interventions since the global shock are presented in section four of the paper. The summary, recommendations and conclusion …

Banking System Credit As An Instrument Of Economic Growth In Nigeria, Andrew O. Agbada

Bullion

Globally, banks in developing countries are expected to play very vital and effective roles in financing their economic projects and activities as their contribution in ensuring sustainable economic growth. This expectation is as a result of the fact that there is acute shortage of capital in the developing countries of the world. ln this paper, attempt was made to address how banking system credit can be used as an instrument of economic growth in Nigeria. The specific objectives that banking system credit were expected to achieve were also stated. lt's was revealed that though credits have increased tremendously in recent …

Naira Convertibility: The Journey So Far, Moses K. Tule

Bullion

This paper examines the path to Naira Convertibility, the Journey so far. lt avers that convertibility is pursued by countries either as an economic management approach or as a tool for achieving higher reckoning on the global economic stage. Consequently, the examples of Argentina, Chile, Peru, Brazil, etc could fall in the first category while the Russian Rubble push could qualify for the second group. Nigeria's efforts at Naira convertibility would fall. The paper suggested that Nigeria should initiate a more realistic Naira convertibility programme through trade guarantees where it insists that imports from Nigeria from member ECOWAS members would …

An Overview Of Financial Sector Reforms And Intermediation In Nigeria, George Okorie, Uche J. Uwaleke

Bullion

_{Financial systems all over the world play very important roles in the development and growth of the economy. However, the effectiveness and efficiency of the system as well as its scope and capacity varies quite considerably among economies. This is partly because of the varied levels of ,development. More developed financial systems tend to be associated with the more developed economies. This paper advocates the speedy adoption of international financial reporting standard for all Nigerian banks (currently in the pipeline). This reform, while by no means a cure-all for problems of bank transparency, would nonetheless be a significant step forward, …}

Islamic Banking In Nigeria: Issues And Prospects, Ismaila S. Abdullahi

Bullion

This paper analyzes the challenging issues and highlight the prospects of Islamic banking in Nigeria. Following this introduction is section two which discusses the evolution of Islamic banking including the basic principles as well as the products/services offered by the system. Section three reviews Islamic banking practices in Nigeria. Section four analyzes the challenging issues and highlights the prospects of practicing Islamic banking in Nigeria. Section five concludes the paper and proffers policy recommendations.

Firm Value And The Tax Benefits Of Debt : A Study On Public Listed Company In Malaysia., Izam Syaharadzi Ahmad Sofian

Student Works (2010-2019)

This study has three main objectives. First, to empirically defines the relationship between firm value and debt of Public Listed Company in Malaysia once endogeneity of contemporaneous debt is corrected. Secondly the study looks into the possibility impact of alternative theories such as Free Cash Flow and Debt Signaling Hypotheses to the relationship between firm value and debt. Finally, it examines the influence of managerial ownership towards firm value and how it affects the benefits of debts. This study uses interest expense scaled by total assets as proxy of debt. The relationship between firm value and debt is statistically tested …

الذكاء واليقظة الاستراتيجيين وأثرهما في تحقيق النجاح التنظيمي، استطلاع لآراء القيادات الإدارية في جامعة المثنى حول تطبيق البرنامج الحكومي لسنة 2018 – 2022, اسيل علي مزهر, دعاء عبد الرضا هادي

Muthanna Journal of Administrative and Economics Sciences

يركز البحث الحالي على مواضيع في غاية الأهمية للمنظمات وهي الذكاء واليقظة الاستراتيجيين واثرهما في النجاح التنظيمي وباعتماد المنهج التحليلي في تنفيذ البرنامج الحكومي لرئاسة الوزراء للفترة (2018-2022) والخاص بوزارة التعليم العالي وتطبيقه في جامعة المثنى حيث تم دراسة تأثير الذكاء الاستراتيجي واليقظة الاستراتيجية في تحقيق النجاح التنظيمي الممثل بأهداف البرنامج الحكومي لوزارة التعليم العالي بوجودهم معاً او بصورة منفصلة بوصفهم احد أدوات الإدارة الاستراتيجية ومن المواضيع ذات الأهمية الكبيرة والمعتمدة في الدول المتقدمة . وظفت استمارة الاستبيان بوصفها أداة لجمع البيانات والمعلومات الخاصة بعملية تطبيق البرنامج الحكومي إذ تم توزيع (30) استمارة على القيادات الإدارية الممثلة بالسادة(رئيس الجامعة ، …

The Framework Of Trade In The Council For Mutual Economic Assistance, Michael S. Bokoff

Honors Scholar Theses

This paper establishes an overview of the variables and constraints that affected trade in the Council for Mutual Economic Assistance. It explores the origins of COMECON, the demographic and resource distribution of the member nations, and the role of trade in a centrally planned economy. The paper’s primary focus is on the emergence of a bilateral trade structure, the faulty price mechanism, and the nonconvertibility of currencies. The paper documents the origins and relationships between the constraints of trade within COMECON, and argues that ultimately, these constraints prevented COMECON from fully achieving its economic objectives.

The Economic Impact Of Medicaid Spending In Arkansas, Katherine A. Deck, Viktoria Riiman

Publications and Presentations

Arkansas Medicaid is a joint federal and state program that provides necessary medical services to needy and low-income persons that is administered through the Arkansas Division of Medical Services at the Arkansas Department of Human Services. The Medicaid program is designed to provide the baseline health outcomes that are necessary for the state’s economy to function. The expenditures that are made through the Arkansas Medicaid program significantly affect the Arkansas economy. This report details the economic impacts of the direct expenditures of the Medicaid program on the Arkansas economy.

The Effects Of Winning A Basketball National Championship On Admission Factors, Daniel Weistrop

Renée Crown University Honors Thesis Projects - All

Collegiate sports attract a lot of attention and money. Many universities are sponsored by high powered sportswear and equipment companies including Nike and Adidas. Furthermore, CBS, Fox, and Disney participate in multimillion dollar media deals to exclusively cover a variety of sporting events featuring mainly collegiate basketball and football.

This is best demonstrated by the television coverage that respective sports receive. For example, CBS is in the midst of an 11 year, $6 billion contract that will pay the National Collegiate Athletic Association approximately $545 million per year to carry the NCAA basketball tournament. The NCAA basketball tournament is held …

Three Essays In Forward Rate Unbiasedness Hypothesis, Devalina Chatterjee

All Graduate Theses and Dissertations, Spring 1920 to Summer 2023

The objective of this dissertation is to verify and explain the forward exchange rate unbiasedness hypothesis in the foreign exchange market. Since in most of the cases the unbiasedness hypothesis fails to hold, we try to provide three different explanations of this puzzling behavior in the three essays. The first essay tries to resolve the forward premium puzzle by addressing the model misspecification issue and thereby adding a time-varying risk premium term in the percentage change specification. The risk premium term is modeled using the GARCH-M representation and the model is estimated by applying a GARCH (1, 1) specification. The …

Forex Market Behaviour : Application Of High Frequency Data., Tan Heng Kiat

Student Works (2010-2019)

The huge and high frequency trading in foreign exchange market creates the need for an analytical method that can provide a view on the volatility. Traditional methods such as GARCH are proven to have limitations when applied to high frequency data, such as those generated in foreign exchange market.In this thesis, wavelet method is applied to high frequency data of EURO/USD, GBP/USD and YEN/USD currency pairs and of one minute resolution. The period of this behavioral study is from one hour before 1pm GMT to one hour after 1pm GMT for every Mondays from June 2008 to Dec 2008. The …

Optimal Monetary Policy In A Model With Recursive Preferences, Sungbae An

Research Collection School Of Economics

This paper provides a simple and elegance approach for an empirical investigation of a model with Epstein-Zin (1989) preferences. The perturbation method implemented in Dynare is readily applicable for computation of equilibrium and welfare. A stylized new Keynesian economy with sticky prices is analyzed and optimal simple rules are accessed across various types of monetary policy rules.

Did The Electronic Trading System Make The Foreign Exchange Market More Efficient?, Hao Zou

Economics Honors Projects

This paper examines the effects of introducing the electronic trading system (EBS) on the foreign exchange market, the biggest financial market in the world where trading occurs through many dealers. We find that increasing transparency leads to an increase in informational efficiency, an important aspect of market quality. However, informed dealers are found to quote less aggressively in the more transparent market. Overall, we conclude that semi-transparency raises market efficiency in general, but that it is the uninformed dealers who benefit more from this increased efficiency.

A New Stock Index To Better Predict The United States' Real Gdp, William Nette

Honors Projects in Finance

The relationship between the United States’ real GDP and the overall stock market has been acknowledged by researchers and investors alike. This research paper will document a newly created composite index that will try to more accurately predict the overall U.S. economy through the proxy of GDP than the current S&P 500 index. Success will be determined if the composite index representing the addition of a service sector component to the S&P 500 is more correlated to U.S. real GDP than the S&P 500 alone. The results suggest that the service sector is not quite adequately in the S&P 500. …

Determinants Of Bank Profitability In Ukraine, Antonina Davydenko

Undergraduate Economic Review

The Ukrainian banking system exhibits low profitability compared to other transitional countries in the region. This study examines the determinants of bank profitability in Ukraine. It relates bank specific, industry specific and macroeconomic indicators to the overall profitability of Ukrainian banks. The study uses a panel of individual banks’ financial statements from 2005 to 2009. According to the empirical results, Ukrainian banks suffer from low quality of loans and do not manage to extract considerable profits from the growing volume of deposits. Despite low profits from the core banking activities Ukrainian banks manage benefit from exchange rate depreciation. This study …

A Case Study On The Credit Guarantee Scheme., Mohd Rizal Zubair

Student Works (2010-2019)

A brief description of Bank Perusahaan Kecil dan Sederhana Malaysia Berhad (SME Bank) and Credit Guarantee Scheme (CGS) Bank Perusahaan Kecil dan Sederhana Malaysia Berhad or better known as SME Bank was established more than 30 years ago as Bank Industri dan Infrastruktur Malaysia Berhad. SME Bank is a Development Financial Institution and 100% owned by Ministry of Finance Incorporated and Ministry of Industrial and International Trade acts as the Supervising Ministry. As a Government Agency, SME Bank has its mandated role to provide financing as well as financial and business advisory services to Malaysian SMEs residing within predefined categories …

Financial Stability, The Trilemma, And International Reserves, Maurice Obstfeld, Jay C. Shambaugh, Alan M. Taylor

Dartmouth Scholarship

The rapid growth of international reserves, a development concentrated in the emerging markets, remains a puzzle. In this paper, we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange rate policy are all significant predictors of reserve stocks. Our empirical financial-stability model seems to outperform both traditional models and recent explanations based on external short-term debt.

Austerity, Abundance, And The Investor States: The Political Economy Of Sovereign Wealth Funds, Manda Shemirani

Graduate Program in International Studies Theses & Dissertations

Sovereign Wealth Funds (SWFs) are not new, but their foreign investment created concerns among many states in 2005 and 2006. Many policy makers argued that the ownership of foreign governments in specific areas may expose their countries to various risks. The concerns in the United States were from a national security perspective, while Europe was more worried about the lack of reciprocity and established standards. The political economy literature lacks a suitable framework for the study of investor states. The mainstream economic view contends that SWFs are a result of balance of payments surpluses and are used for economic smoothing …

Economic Thinking And Risk Attitudes: An Empirical Study, Peter Slepcevic-Zach, Ph.D., Thomas Koeppel

International Journal for Business Education

In the light of the current economic crisis, which had its roots in high risk dealings in the international financial markets, the question how economically minded students are and what propensity towards risk they have, are essential to improving their financial literacy. In a broad survey including economic and non-economic schools 649 students aged 14 and 18 were questioned. In this paper results are presented and implications for classroom teaching and curricular development are derived.

تسعير الخدمة التعليمية في الجامعات والكليات الأهلية العراقية, غازي معين فيصل, خولة حسين حمدان

Muthanna Journal of Administrative and Economics Sciences

يهدف البحث الى دراسة الأسس التي تعتمدها الجامعات والكليات الأهلية العراقية عند تسعيرها للخدمة التعليمية وبيان أسباب التفاوت في رسوم الخدمة التعليمية وتحديد الأساليب المناسبة التي يجب تطبيقها عند تسعير الخدمة التعليمية. وتم جمع البيانات عن طريق الاستمارة الإلكترونية المحكمة من قبل مختصين والتي وزعت على الجامعات والكليات الأهلية العراقية بواقع (4) جامعات أهلية ، (18) كلية أهلية لتحقيق اهداف البحث. وتوصل البحث الى مجموعة من الاستنتاجات أهمها : تركز الجامعات والكليات الأهلية على تحديد رسوم الخدمة التعليمية وفق أساس واحد للتسعير دون دراسة جميع العوامل المؤثرة على قرارات التسعير ،مما قد يؤدي الى زيادة العائد في اختصاصات معينة ولكن …