Economics Commons^™

Mercado Telefónico En México: Diez Años Después De La Privatización De Telmex Privatización De Telmex [The Telephone Market: 10 Years After The Privatization Of Telmex], Leonardo E. Torre Cepeda, Armando R. Lopez-Velasco

School of Economics and Finance Faculty Publications

• El sector de las telecomunicaciones en México experimentó una profunda transformación durante la década de los años noventa: el monopolio público telefónico fue privatizado (1990), se emitió una nueva ley del sector (1995), se creó un nuevo ente regulador (1996) y se abrió a la competencia el segmento de larga distancia (1997).

• El cambio estructural en el sector trajo consigo avances importantes en materia de densidad, calidad y precios de los servicios. Sin embargo, estos avances han sido insuficientes para impedir que en México sigamos contando con una baja densidad telefónica y precios elevados de los servicios, en …

Environmental Finance Charette, Hyannis Park On Lewis Bay: A Case Study, New England Environmental Finance Center, Environmental Finance Center Of University Of Maryland

Water

The town of Yarmouth currently has a $30 million septic sludge treatment plant and transport lines in place. The vast majority of the dwellings and businesses in the Hyannis Park area are on septic systems that are viable and Title 5 compliant, regardless of age. Conventional, "non-failing" septic systems, however, were never intended to remove form their effluent nutrients such as nitrogen. These have become recognized as an environmental threat only as our understanding of the impacts of excess nutrients on ecosystems has increased in recent decades.

A Comparative Analysis Of Conventional Banking System And Islamic Banking System In Malaysia In Relation To Loan Repayments, Baharin Salim Abdullah

Student Works (2000-2009)

The birth of Bank Islam Malaysia Berhad (81MB) in 1983 symbolized the Malaysian Government's initiative in establishing an Islamic banking system. After 17 years of operation in a market mainly dominated by conventional banks, 81MB has still unable to achieve its target of capturing a significant portion of th is market. In this paper, the writer tries to observe the main differences between the conventional and Islamic banking system Malaysia in relation to loan repayments. Through this observation, strengths and weaknesses of the Islamic banking system can be identified. Recommendations can be made to help enhancing BIMB's performance in achieving …

Interstate Trade And Economic Development In Nigeria., Ukwu I. Ukwu

Bullion

The economy is characterized by low industrial development, predominantly poor population and low agricultural production. The paper presents an analysis of the present size and structure of the Nigerian Domestic market, examine the patterns of trade among states and zones, and consider what needs to be done to improve the domestic trade system and enable it play its appropriate role in the overdue of transformation of the Nigerian economy. Finally, the study reveals that economic development of any state or group of states can be improved if they take advantage of economic integration. The relatively low level of economic development …

Development In The Petroleum Sub-Sector And Their Impacts On Nigerian Economy., I. P. Ojinnaka

Bullion

The development of the petroleum industry has had both negative and positive impacts on the Nigerian economy. Two schools of thought can be examined. First, that positive impacts outweigh the negative, and secondly, the inverse. The paper will examined the impacts and analyzed the positive ones. From the approach of the study it is clear that the petroleum industry has had both negative and positive impacts on the Nigerian economy. Nigeria without petroleum could be like any other country without oil or gas, that is, import dependent. However, Nigeria with oil is the best thing that could have happened to …

Interstate Cooperation And Educational Development In Nigeria., Bankole Oni

Bullion

The paper highlights on interstate cooperation and educational development in Nigeria. Education is a major instrument for economic and social development. The process of allocating resources to the sector vis-a-vis other sectors depends again on the political priorities of the decision makers. Whether or not different states, which belong to the same ideological camp, can and will cooperate in the field of education in future is not certain. The empirical analysis of existing facts have further strengthened the hypothesis that there exists a structural and cause - effect relationship between education and other aspects of the social structure. Political competition …

Monetary And Financial Sector Policies In The Year 2000 Budget Of The Fgn, M. O. Ojo

Bullion

The paper attempts to review the monetary and financial sector policies of CBN during the 2000 fiscal year. It also discussed the issues and problems of implementation of the policies. The paper observes that the Nigerian economy witnessed some anxious moments during the 1999 fiscal year. Severe Pressures built-up in the economy mainly because of the expansionary fiscal policy of the Federal Government during the first five months of the year. lf price of oil in the international market continue to rise above budget expectations and expenditure does not rise in tandem, finance is likely to constrain achievement of most …

Hedging And Nonlinear Risk Exposure, Kong Wing, Clement Chow, Udo Broll, Kit Pong Wong

Hong Kong Institute of Business Studies Working Paper Series

This paper documents some empirical evidence of nonlinear spot-futures exchange rates relationships and develops an expected utility model of an exporting firm to examines the associated economic implications. The model shows that the firm should export more (less) and adopt an over (under) hedge in an unbiased currency futures market if the spot-futures exchange rates relationship is convex (concave) rather than linear. When fairly priced currency options on futures are available, the firm should use them in conjunction with the currency futures so as to achieve better hedging against its nonlinear exchange rate risk exposure. This provides a rationale for …

A Special Address: Year 2000 Budget Policy Seminar, Phillip Asiodu

Bullion

A Special address by the Chief Economic Adviser to the President, Mr. Phillip Asiodu. The paper centered on the roles of inter agencies synergies to ensure the implementation of the Year 2000 Federal Government Budget.

Remarks On The Focus Of The Policy Seminar., Mike Kwanashie

Bullion

The remarked was delivered at a seminar on the implementation of Year 2000 budget.

The Performance Of The 1999 Federal Government Budget, An Appraisal, Edet B. Akpankpan

Bullion

The annual budget is a key instrument for implementation of Government projects, programmes and policies. This paper attempts to explain the fact that the annual budget serves three important purposes, namely; as a tool for accountability and transparency; as a tool of management, and as an instrument of economic policy. The paper conclude that Despite the macrocosmic achievement of this, Administration, basic structural imbalances persist. These include the lingering problems of import dependence, reliance on a single economic sector-oil, weak industrial base, low level of agricultural production, a weak Private sector, high external debt overhang, inefficient public utilities, low quality …

Data Generation In The Nigerian Environment: The Cbn Experience., A. A. Sere-Ejembi

Bullion

The paper examines data collection activities of the statistical services division in collaboration with its Lagos liaison office as well as the zonal research units. The paper analyzes the survey methods applied by them. The task of easing data collection should be regarded as a continuous process. This is relevant even to the most developed economies with sophisticated technology for data collection and processing. Finally, with an improvement in the literacy level and overall appreciation of the role of reliable statistics in the country, it is believed that the public would embrace data generation and availability of relevant statistics will …

External Sector Performance And The External Sector Policy Measures In The Year 2000 Federal Budget., Mike I. Obadan

Bullion

The paper briefly reviews the performance of the external sector in the first half of year 2000 and then goes on to appraise the external sector policy measures in the federal budget for the year under review. The study reveals that the The Presidential directive on government ministries, departments and agencies to-Patronise home-made goods as first choice is commendable. The paper suggests that if monitoring mechanisms are put in place, it will ensure full compliance. Private sector operators, individuals, should be encouraged to take a cue from government departments. The Year 2000 customs tariff measures largely address the concerns of …

Indiana State University Financial Report 2000, Indiana State University

Financial Reports

No abstract provided.

The Applicability Of The Dividend-Yield Investment Strategy At The Kuala Lumpur Stock Exchange, Allan, Kim Hon. Ngam

Student Works (2000-2009)

Many theories, techniques and strategies have been developed over the years on how to outperform the stock market. The objective of this research is to apply the "Dividend-Yield" strategy on the Kuala Lumpur Stock Exchange ("KLSE") to ascertain whether using such a strategy would provide superior investment return. Research findings using this strategy on the New York Stock Exchange ("NYSE") have shown favourable results. The data used in this research were sourced primarily from the KLSE, covering a period of 10 years from 1988 to 1997. This research is based on the premise that the investment universe comprises the component …

Marketization Through Systems Of Laws: People's Republic Of China, Maria H. Ramjerdi

Department of Economics Faculty Scholarship and Creative Works

Since 1978, the standing Committee Congress of People’s Republic of China has adopted an unprecedented number of laws improving China’s legal structure to put Democracy in the form of a system of laws with in the framework of monolithic Communist control. These legal structures enacted when the process of the Marketization stipulates such laws.

Macroeconomic Announcements, Volatility And Interrelationships: An Examination Of The Uk Bond And Stock Markets, Bradley Jones

Theses : Honours

This study covers considerable ground and touches on a range of issues in a rigorous investigation of the intraday and end-of-day behaviour of I JK stock index and interest rate futures contracts. Firstly, the paper uses S-minute data in an initial examination of the response of the Short Sterling, Long Gilt and FTSEI00 to the release of macroeconomic announcements (assisted with the application of GMM). Secondly, in an analysis of intraday patterns in returns and volatility a GARCII(I,I) framework is employed, so that further inferences are made robust to time-varying variance. Finally, the paper draws upon some of the latest …

An Empirical Analysis Of Unit Trust Performance In Singapore, Joseph H. H. Chia, Yiu Kuen Tse

Research Collection School Of Economics

The Singapore government’s recent strategic plan to develop the financial sector has placed much emphasis on the fund management industry. In this paper we examine the unit trust performance in Singapore in the 90s. Our results show that fund managers in general performed poorly in security analysis and market timing. However, they performed fairly well in risk-adjusted returns and generally maintained well-diversified portfolios. We find that there is little consistency in the performance ranking of the evaluated portfolios, although there is evidence of repeat performance of some top funds. Our analysis also shows that fund managers could indeed make excess …

Central Bank Of Nigeria Annual Report And Statement Of Accounts For The Year Ended 31st December 1999, Central Bank Of Nigeria

CBN Annual Report

The Annual Report contains details of Central Bank of Nigeria (CBN) financial activities during the 1999 accounting year in accordance with statutory requirement. During the period under review, the Bank carried out its core functions under CBN Decree No. 24, 1991, and the Banks and Other Financial Institutions (BOFI Decree No. 25, 1991). The CBN also performed developmental and technical assistance roles to contribute to economic development and capacity building. In 1999, the CBN carried out core functions, including issuance of currency notes and coins, maintaining Nigeria's external reserves, and promoting monetary stability. The Bank implemented policies to reduce excess …

Volatility Of Central Europe Exchange Rates: Reaction To Financial Contagion, And Policy Recommendations For European Union Accession, Lucjan T. Orlowski, Thomas D. Corrigan

WCBT Faculty Publications

Examines the volatility of the exchange rates in Central Europe. Role of capital account liberalization and financial market integration in exchange rate stability; Remedies employed to financial problems of each countries; Impact of Asian and Russian financial crises on currencies of Central European countries; Recommendations for European Union accession.

Multivariate Density Forecast Evaluation And Calibration In Financial Risk Management: High-Frequency Returns On Foreign Exchange, Francis X. Diebold, Jinyong Hahn, Anthony S. Tay

Research Collection School Of Economics

We provide a framework for evaluating and improving multivariate density forecasts. Among other things, the multivariate framework lets us evaluate the adequacy of density forecasts involving cross-variable interactions, such as time-varying conditional correlations. We also provide conditions under which a technique of density forecast calibration can be used to improve deficient density forecasts, and we show how the calibration method can be used to generate good density forecasts from econometric models, even when the conditional density is unknown. Finally, motivated by recent advances in financial risk management, we provide a detailed application to multivariate high-frequency exchange rate density forecasts. © …

The Fundamental And Non-Fundamental Components Of Stock Prices: The Role Of Time-Varying Expected Inflation, Maosen Zhong

Doctoral Dissertations

I derive testable implications of fundamental and non-fundamental components of stock prices. In order to control for the role of time-varying expected inflation and to be able to perform reasonable empirical tests, I use a nominal (rather than a real) interpretation of the present-value model (PVM), whereby nominal interest rates approximate expected inflation. I conjecture that the fundamental and non-fundamental components represent the permanent and temporary components of stock prices, respectively. A series of cointegration analysis over the annual period 1871–1997 confirms my conjecture for the model with time-varying expected inflation. Various fundamental and non-fundamental exclusion tests indicate that both …

Behavioral Foreign Exchange Rates, Thanomsak Suwannoi

Doctoral Dissertations

The foreign exchange market is one of the most active financial markets. The sheer volume of trade in the foreign exchange market has captured the attention of many researchers. Since exchange rates began to float in 1973, there has been much empirical work on exchange rate behavior. The results from previous studies appear to be somewhat sensitive to econometric techniques employed. Thus, the correct statistical characterization of exchange rate behavior remains an open question.

Chapter 2 examines time-series behavior of monthly real exchange rates. The results show that real exchange rates do not follow a pure random walk process. Changes …

Implementing Efficient Allocations In A Model Of Financial Intermediation, Edward J. Green

Centre for Public Policy Studies : CPPS Working Paper Series

In a nite-trader version of the Diamond and Dybvig (1983) model, the ex-ante efficient allocation is implementable by a direct mechanism (i.e., each trader announces the type of his own ex-post preference) in which truthful revelation is the strictly dominant strategy for each trader. When the model is modified by formalizing the sequential-service constraint (cf. Wallace, 1988), the truth-telling equilibrium implements the symmetric, ex-ante efficient allocation with respect to iterated elimination of strictly dominated strategies.

Indiana State University Financial Report 1999, Indiana State University

Financial Reports

No abstract provided.

Nova Southeastern University 1999 Annual Report, Nova Southeastern University

NSU Annual Reports

No abstract provided.

The Exchange Rate Mechanism And The Ruble Devaluation Of 1998, Philip Porter

University Avenue Undergraduate Journal of Economics

I will first examine what I see as the common sense fundamentals of the exchange rate mechanism, noting as I go, the relationship with the current Russian crisis. In my examination, I will take the simplest approach, assuming free trade, unrestricted capital movements and negligible transaction costs. Concluding, I will delve into the quagmire of the Russian situation.

Will Aging Baby Boomers Bust The Federal Budget?, Ronald Lee, Jonathan Skinner

Dartmouth Scholarship

The authors analyze in three steps the influence of the projected mortality decline on the long-run finances of the Social Security System. First, mortality decline adds person years of life which are distributed across the life cycle. The interaction of this distribution with the age distribution of taxes minus benefits determines the steady state financial consequences of mortality decline. Second, examination of past mortality trends in the United State and of international trends in low mortality populations, suggests that mortality will decline much faster than foreseen by the SSA's forecasts. Third, based on work on stochastic demographic forecasting, stochastic forecasts …

Investment Function, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (1995, May 13). Müller & Yun 199 [Handwritten notes discussing present value, cash flows, and excess profit]. Unpublished manuscript.

• Callard, C., & Kleinman, D. (1985, May–June). Inflation-adjusted accounting: Does it matter? Financial Analysts Journal. Publisher details not identified.

• Shaikh, A. (1998, January). ROP, and average & marginal rates of return on investment [Handwritten notes including a diagram of marginal new investment]. Unpublished manuscript.

• Shaikh, A. (1995, March 25). gIER (growth of real invest.) vs. [MRR]NF (accelerator) [Chart and notes discussing leads and lags in investment and profit]. Unpublished manuscript.

• Shaikh, A. (1995, March 25). …

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Looking At Communities And Markets, Lan Cao

Faculty Publications

No abstract provided.