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2003

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Articles 31 - 60 of 628

Full-Text Articles in Economics

Measures Of Restrictions On Inward Foreign Direct Investment For Oecd Countries, Stephen S. Golub Dec 2003

Measures Of Restrictions On Inward Foreign Direct Investment For Oecd Countries, Stephen S. Golub

Economics Faculty Works

No abstract provided.

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Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman Dec 2003

Valuation Averaging: A New Procedure For Resolving Valuation Disputes, Keith Sharfman

Rutgers Law School (Newark) Faculty Papers

In this Article, Professor Sharfman addresses the problem of "discretionary valuation": that courts resolve valuation disputes arbitrarily and unpredictably, thus harming litigants and society. As a solution, he proposes the enactment of "valuation averaging," a new procedure for resolving valuation disputes modeled on the algorithmic valuation processes often agreed to by sophisticated private firms in advance of any dispute. He argues that by replacing the discretion of judges and juries with a mechanical valuation process, valuation averaging would cause litigants to introduce more plausible and conciliatory valuations into evidence and thereby reduce the cost of valuation litigation and increase the …

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Wright State University Regional Economic Report, December 2003, Thomas L. Traynor Dec 2003

Wright State University Regional Economic Report, December 2003, Thomas L. Traynor

Economics Faculty Publications

No abstract provided.

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Improving Economic Literacy: The Role Of Concurrent Enrollment Programs, Donald H. Dutkowsky, Jerry M. Evensky, Gerald S. Edmonds Dec 2003

Improving Economic Literacy: The Role Of Concurrent Enrollment Programs, Donald H. Dutkowsky, Jerry M. Evensky, Gerald S. Edmonds

Economics - All Scholarship

This paper introduces Concurrent Enrollment Programs (CEPs), within the context of Syracuse University Project Advance (PA) Economics, as a way to improve economic literacy. We describe measures implemented to operate PA Economics as a high-quality CEP, as well as the National Alliance of Concurrent Education Partnerships to establish national standards. This study also contains results from administering to high school students taking PA Economics the nationally normed Test of Economic Literacy (TEL). PA students average nearly one percentage point higher than the AP/Honors Economics Group, and score considerably better than AP/Honors Economics in fundamentals and international economics. By cognitive level, …

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Welcome Address: The New Partnership For Africa's Development: An African Renaissance?, A. O. Agholor Dec 2003

Welcome Address: The New Partnership For Africa's Development: An African Renaissance?, A. O. Agholor

Economic and Financial Review

This is a Welcome Address by Mr. A. O. Agholor, Branch Controller, CBN Benin Branch to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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Keynote Address: The New Partnership For Africa's Development: An African Renaissance?, Ernest C. Ebi Dec 2003

Keynote Address: The New Partnership For Africa's Development: An African Renaissance?, Ernest C. Ebi

Economic and Financial Review

This is a Keynote Address by Mr. Ernest Ebi, Deputy Governor. (Policy) Central Bank of Nigeria to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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Opening Address: The New Partnership For Africa's Development: An African Renaissance?, M Okunfolami Dec 2003

Opening Address: The New Partnership For Africa's Development: An African Renaissance?, M Okunfolami

Economic and Financial Review

This is an Opening Address by Mr. M Okunfolami, Director, Human Resources Department, Central Bank of Nigeria to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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Special Remarks: The New Partnership For Africa's Development: An African Renaissance?, O. J. Nnanna Dec 2003

Special Remarks: The New Partnership For Africa's Development: An African Renaissance?, O. J. Nnanna

Economic and Financial Review

This is a special remark by Dr. O. J. Nnanna Director of Research, Central Bank of Nigeria, to participants at the In- House Seminar Themed: " The new Partnership for Africa's Development: an African renaissance?" for CBN Executive Staff, Asaba, October 20 - 24, 2003.

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The Influence Of Policies On Trade And Foreign Direct Investment, G. Nicoletti, Stephen S. Golub, D. Hajkova, D. Mirza, K.-Y. Yoo Dec 2003

The Influence Of Policies On Trade And Foreign Direct Investment, G. Nicoletti, Stephen S. Golub, D. Hajkova, D. Mirza, K.-Y. Yoo

Economics Faculty Works

This paper assesses the importance of border and non‐border policies for global economic integration. The focus is on four widely‐advocated policies: removing explicit restrictions to trade and FDI; promoting domestic competition; improving the adaptability of labour markets; and ensuring adequate levels of infrastructure capital. The analysis covers FDI and trade in both goods and services, thus aiming to account for the most important channels of globalisation and dealing with most modes of cross‐border services supply. The results highlight that, despite extensive liberalisation over the past two decades, there is scope for further reducing policy barriers to integration of OECD markets. …

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Likelihood-Based Specification Analysis Of Continuous-Time Models Of The Short-Term Interest Rate, Garland B. Durham Dec 2003

Likelihood-Based Specification Analysis Of Continuous-Time Models Of The Short-Term Interest Rate, Garland B. Durham

Finance

An extensive collection of continuous-time models of the short-term interest rate is evaluated over data sets that have appeared previously in the literature. The analysis, which uses the simulated maximum likelihood procedure proposed by Durham and Gallant (2002), provides new insights regarding several previously unresolved questions. For single factor models, I find that the volatility, not the drift, is the critical component in model specification. Allowing for additional flexibility beyond a constant term in the drift provides negligible benefit. While constant drift would appear to imply that the short rate is nonstationary, in fact, stationarity is volatility-induced. The simple constant …

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Which Is The Fairest One Of All? A Positive Analysis Of Justice Theories, James Konow Dec 2003

Which Is The Fairest One Of All? A Positive Analysis Of Justice Theories, James Konow

Economics Faculty Works

This paper evaluates numerous positive and normative theories of justice in positive terms, i.e., in terms of how accurately they describe the impartial fairness preferences of real people. In addition, the paper proposes and defends an integrated justice theory based on preferences over four distinct and sometimes conflicting forces. These forces frame the analysis of the individual theories and inspire four corresponding theoretical classes: equality and need, utilitarianism and welfare economics, equity and desert, and context. This synthesis enables one to treat justice rigorously and to reconcile results that often appear contradictory or at odds with alternative theories.

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Three Essays On Financial Intermediation, Capital Formation, And Economic Growth And Development, Md. Habibur Rahman Dec 2003

Three Essays On Financial Intermediation, Capital Formation, And Economic Growth And Development, Md. Habibur Rahman

Dissertations

This dissertation contains three essays on financial intermediation, capital formation, and economic growth and development. The first essay presents a theoretical model explaining the role of financial intermediation in capital formation and economic growth. It outlines a model of search and matching equilibrium in financial economies where a lender owns capital and an entrepreneur owns entrepreneurial skill and output is produced when search generates a meeting between a lender and an entrepreneur. It is shown that investment in capital and skill is inefficient in autarky due to search frictions and an externality. We examine the autarkic equilibrium under bargaining-without-search and …

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Rural Finance, Poverty Alleviation, And Sustainable Land Use: The Role Of Credit For The Adoption Of Agroforestry Systems In Occidental Honduras, Ruerd Ruben, Luud Clercx Dec 2003

Rural Finance, Poverty Alleviation, And Sustainable Land Use: The Role Of Credit For The Adoption Of Agroforestry Systems In Occidental Honduras, Ruerd Ruben, Luud Clercx

Journal of Microfinance / ESR Review

This paper analyzes the relationship between financial services provided by different agents, the adoption of agroforestry systems, and the implications for food security and sustainable soil management. Attention is focussed on the role of rural finance in reducing risk and stabilizing household income and yields. We conclude that credit provision performs critical functions for reinforcing the resilience of rural livelihoods in less-favored areas. Rural development programs in the Occidental region of Honduras have been rather reluctant to provide rural financial services. Unfavorable agroclimatic conditions and the scarcity of infrastructure lead to extreme poverty. The local economy is fairly dynamic due …

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Taylor-Based Monetary Policy Rules: Are They Forward-Looking, Data Congruent, And Asset Price Responsive?, Rajeev Sooreea Dec 2003

Taylor-Based Monetary Policy Rules: Are They Forward-Looking, Data Congruent, And Asset Price Responsive?, Rajeev Sooreea

Dissertations

This dissertation presents three essays to analyze a class of Taylor-based monetary policy rules that forms the basis of contemporary monetary policy decisions. The first essay examines whether policy rules are forward-looking. It proposes the methodology that, if the parameters of the Taylor rule change when the mechanism generating inflation changes, that is the Lucas critique applies, then inflation is not superexogenous for the parameters of the rule. In this case where superexogeneity fails, the rule is forward-looking. However, the results indicate that, although there is structural break in the inflation volatility process as evidenced by a model of heteroskedastic …

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Essays On Monetary Policy In Bangladesh, Sayera Younus Dec 2003

Essays On Monetary Policy In Bangladesh, Sayera Younus

Dissertations

No abstract provided.

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Community Norms And Organizational Practices: The Legitimization Of Wage Arrears In Russia, 1992-1999, John S. Earle, Andrew Spicer, Klara Sabirianova Peter Dec 2003

Community Norms And Organizational Practices: The Legitimization Of Wage Arrears In Russia, 1992-1999, John S. Earle, Andrew Spicer, Klara Sabirianova Peter

Upjohn Institute Working Papers

What role do community norms play in the diffusion and persistence of new organizational practices? We explore this question through an examination of the widespread practice of wage arrears, the late and non-payment of wages, in Russia during the 1990s. Existing research on wage arrears most often examines this practice as a means of flexible wage adjustment under difficult economic conditions. We develop an alternative theory that explains wage arrears through their acceptance as a legitimate form of organizational behavior within local communities. Our empirical analysis finds some support for the neoclassical position that wage arrears reflect adjustment to negative …

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Information Recovery In A Study With Surrogate Endpoints, Song Xi Chen, Denis H. Y. Leung, Jing Qin Dec 2003

Information Recovery In A Study With Surrogate Endpoints, Song Xi Chen, Denis H. Y. Leung, Jing Qin

Research Collection School Of Economics

Recently, there has been a lot of interest in statistical methods for analyzing data with surrogate endpoints. In this article, we consider parameter estimation from a model that relates a variable Y to a set of covariates, X, in the presence of a surrogate, S. We assume that the data are made up of two random samples from the population, a validation set where (Y, X, S) are observed on every subject and a nonvalidation set where only (X, S) are measured. We show how information from the nonvalidation set can be incorporated to improve upon estimation of a parameter …

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Optimum Currency Area In Europe: An Alternative Evaluation, Yoonbai Kim, Hwee Kwan Chow Dec 2003

Optimum Currency Area In Europe: An Alternative Evaluation, Yoonbai Kim, Hwee Kwan Chow

Research Collection School Of Economics

In this paper we explore an alternative scheme to assess the suitability of adopting a common currency by Western European countries. It is based on the role of common regional shocks in the determination of output. The results show that the OCA theory well explains and predicts participation decisions in EMU. We also find that our OCA index is highly consistent with two popular schemes that have been introduced by Bayoumi and Eichengreen.

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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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Score Tests For Inverse Gaussian Mixture, Zhenlin Yang Dec 2003

Score Tests For Inverse Gaussian Mixture, Zhenlin Yang

Research Collection School Of Economics

The mixed inverse Gaussian given by Whitmore (Scand. J. Statist., 13, 1986, 211–220) provides a convenient way for testing the goodness-of-fit of a pure inverse Gaussian distribution. The test is a one-sided score test with the null hypothesis being the pure inverse Gaussian (i.e. the mixing parameter is zero) and the alternative a mixture. We devise a simple score test and study its finite sample properties. Monte Carlo results show that it compares favourably with the smooth test of Ducharme (Test, 10, 2001, 271-290). In practical applications, when the pure inverse Gaussian distribution is rejected, one is interested in making …

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Performance Of High And Low Book-To-Market Stocks With Strong Financial Signals: Evidence In Asia Markets 1991-2002, Choong Seok Joseph Kang, Kuan Yong David Ding Dec 2003

Performance Of High And Low Book-To-Market Stocks With Strong Financial Signals: Evidence In Asia Markets 1991-2002, Choong Seok Joseph Kang, Kuan Yong David Ding

Research Collection Lee Kong Chian School Of Business

Motivated by striking findings in recent US studies on return enhancing role in financial signals, we examine in the context of Asian stock markets if we can improve one- and two-year returns of high and low book-to-market (BTM) portfolios by retaining in the portfolios only the stocks whose current accounting/financial information indicates strong financial performance in the prior year. We find that doing so can substantially improve the future returns of such portfolios in all markets except Malaysia. We also find that a zero-investment winner-loser strategy on high BTM stocks (a strategy of longing the value stocks with strong financial …

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Fiducial Predictive Densities And Econometric Duration Analysis, Zhenlin Yang Dec 2003

Fiducial Predictive Densities And Econometric Duration Analysis, Zhenlin Yang

Research Collection School Of Economics

In this article, we propose using fiducial predictive density (FPD) as a density estimate, which leads naturally to estimators of survivor and hazard functions and provides a simple way of constructing shortest prediction intervals. This approach is studied in detail in the context of two flexible duration models proposed in this paper, namely the trans-normal and trans-exponential families, by presenting the FPDs, their basic properties, their Bayesian correspondence and their applications in econometric duration analysis. Empirical evidences show that the FPD method provides better estimates of survivor and hazard functions, particularly the latter, than does the usual maximum likelihood method. …

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Was Japan’S Real Interest Rate Really Too High During The 1990s? The Role Of The Zero Interest Rate Bound And Other Factors, Hiro Ito Nov 2003

Was Japan’S Real Interest Rate Really Too High During The 1990s? The Role Of The Zero Interest Rate Bound And Other Factors, Hiro Ito

Economics Faculty Publications and Presentations

Japan’s more than a decade long “Great Recession” has presented a disconcerting case of what could happen if interest rates are bounded by zero and deflation sets in. Since Krugman (1998), the commonplace observation is that the deflationary situation combined with the zero nominal interest rate has caused elevated real interest rates, thereby nullifying monetary policy. This paper investigates this oft -cited claim and examines whether it is associated with anomalies in the way real interest rates are determined by employing an error correction model (ECM) based on the time-varying parameter model with Markov-switching variances. Using this model it is …

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New Mexico Labor Market Review 11-30-2003, New Mexico Department Of Labor Nov 2003

New Mexico Labor Market Review 11-30-2003, New Mexico Department Of Labor

Historic Publications

This issue of the New Mexico Labor Market Review presents October 2003 employment, unemployment, wage, and economic activity data for New Mexico, its counties, and metropolitan areas.

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South Dakota's Cropland Share Leasing Market, John Cole, Larry Janssen Nov 2003

South Dakota's Cropland Share Leasing Market, John Cole, Larry Janssen

Economics Commentator (1972- 2016)

No abstract provided.

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The Virgin And The Grasshoppers: Persistence And Piety In German-Catholic America, Stephen Gross Nov 2003

The Virgin And The Grasshoppers: Persistence And Piety In German-Catholic America, Stephen Gross

Faculty Working Papers

This paper examines two inter-related historical problems -- the impact of the market revolution in nineteenth-century American and the disruptive impact of immigration on community life -- by chronicling the construction of a votive chapel in the heavily German-Catholic Stearns County, Minnesota. The chapel, dedicated to the Virgin Mary, was ostensibly built to secure divine relief from a plague of Rocky Mountain locusts that was devastating the area. At the same time, the chapel and the rituals surrounding its construction spoke to other community needs and functioned in diverse ways to address other community problems. For one, the shrine spoke …

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Rhode Island Current Conditions Index -- November 2003, Leonard Lardaro Nov 2003

Rhode Island Current Conditions Index -- November 2003, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

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Option Value And Dynamic Programming Model Estimates Of Social Security Disability Insurance Application Timing, Rickard V. Burkhauser, J. S. Butler, Gulcin Gumus Nov 2003

Option Value And Dynamic Programming Model Estimates Of Social Security Disability Insurance Application Timing, Rickard V. Burkhauser, J. S. Butler, Gulcin Gumus

Economics - All Scholarship

This paper develops dynamic structural models - an option value model and a dynamic programming model - of the Social Security Disability Insurance (SSDI) application timing decision. We estimate the time to application from the point at which a health condition first begins to affect the kind or amount of work that a currently employed person can do. We use Health and Retirement Study (HRS) and restricted access Social Security earnings data for estimation. Based on tests of both in-sample and out-of-sample predictive accuracy, our option value model performs better than both our dynamic programming model and our reduced form …

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November 2003, Syracuse Department Of Economics Nov 2003

November 2003, Syracuse Department Of Economics

Economics - All Scholarship

No abstract provided.

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Slotting Allowances As A Facilitating Practice By Food Processors In Wholesale Grocery Markets: Profitability And Welfare Effects, Stephen F. Hamilton Nov 2003

Slotting Allowances As A Facilitating Practice By Food Processors In Wholesale Grocery Markets: Profitability And Welfare Effects, Stephen F. Hamilton

Economics

Slotting allowances, which are lump-sum transfers paid by food manufacturers to grocery retailers in return for various retail concessions, are becoming increasingly common in wholesale grocery markets. This article extends the literature on slotting allowances by considering two features that previously have been ignored: the role of food processors in determining these pricing arrangements, and the effect of slotting allowances on the size and distribution of economic surplus. Slotting allowances motivated by food processors increase procurement quantities and farm prices, and this raises farm surplus, increases total producer surplus, and improves consumer welfare in the food system.

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