Economics Commons^™

Time To Look To The East, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

One of the most dynamic regions of the world today and likely to remain so in the next several decades is East Asia (including Japan, China, Korea, Taiwan, Hong Kong, Australia and New Zealand). The East Asia summit that was held at Kuala Lumpur recently was a path-breaking event in which 10 Asian countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Viet Nam), along with China, Japan, Korea, Australia, New Zealand and India participated. This summit could become a precursor for a long drawn process for an emerging East Asian Community.

New Mexico Labor Market Review 12-31-2005, New Mexico Department Of Labor

Historic Publications

This issue of the New Mexico Labor Market Review presents November 2005 employment, unemployment, wage, and economic activity data for New Mexico, its counties, and metropolitan areas.

Comparative Analysis Of Lianyungang Port's Competitiveness Based On Calculation Of Principal Component Analysis, Yongle Sang

World Maritime University Dissertations

No abstract provided.

Analysis Of The Feasibility Of Building Virtual Corporations In The Shipping Industry, Shengxiao Di

World Maritime University Dissertations

No abstract provided.

Research On World Expo Shanghai 2010 Logistics Solutions, Yue Gao

World Maritime University Dissertations

No abstract provided.

The Application Of Cba In Fsa, Maoxuan. Zheng

World Maritime University Dissertations

No abstract provided.

An Analysis Of The Trend In Concessions And Privatisation In Ports : The Case Of Kenya And Tanzania, Sudi Amani Mwasinago

World Maritime University Dissertations

No abstract provided.

Research On Logistics Park's Development Mode In Wenzhou, Jiazheng. Xu

World Maritime University Dissertations

No abstract provided.

Crewing Of Ships In Contemporary Ship Registry Systems : Safety And Socio-Economic Considerations, Lyudmyla Balyk

World Maritime University Dissertations

No abstract provided.

Analysis Of China's Import Iron Ore Shipping Market, Yan Pu

World Maritime University Dissertations

No abstract provided.

South Dakota's International Trade, Evert Van Der Sluis, Benno Wymar

Economics Commentator (1972- 2016)

No abstract provided.

Rediscovering The Economics Of Loss Causation , Richard Kaplan, Madge Thorsen, Scott Hakala

ExpressO

Abstract This article explores the economic principles and theories underlying loss causation in the context of securities fraud litigation. It explains the difference between “investment loss” and recoverable “inflationary loss” and posits that the latter consists of the difference between inflation in stock prices caused by the fraud at the time of purchase and inflation in the price at the time of sale. It reviews scenarios in which inflationary loss due to fraud may occur and would be recognized as a matter of economic theory as well as a matter of law. It urges that Dura v. Broudo Pharmaceuticals, 125 …

Extending Predation Analysis To Monopolist's Bundled Discounts Under Section 2: An Economic, Legal, And Comparative Perspective, Seth B. Chertok

ExpressO

In LePage’s v. 3M, the Third Circuit decided the first case at the federal appellate court level that dealt with the subject of bundled discounts by a monopolist under Section 2 of the Sherman Act in the period following the U.S. Supreme Court’s decision in Brooke Group Ltd. v. Brown & Williamson Tobacco Corporation. Prior to the decision in Brooke Group, the Third Circuit had only once before addressed this topic in Smithkline Corp. v. Eli Lilly and Company. Smithkline is only significant because it nearly suggested that any bundled discount, regardless of whether above or below cost, was anti-competitive. …

The Dual Purpose Of The American Jobs Creation Act Of 2004, Dennis J. Kokenos

ExpressO

The American Jobs Creation Act of 2004 claims to help bring offshore investments back to the United States. In reality, the AJCA does much more. The AJCA of 2004 makes adjustments to the U.S. tax code which helps bring the U.S. in line with existing international trade obligations as well as stimulating the U.S economy.

Working Paper No. 30, On The Origins Of Laissez-Faire, Thomas Breaden

Working Papers in Economics

This paper traces laissez-faire back to its French roots, and in particular, to its origins as a political philosophy evoking an economic approach. Related to his visit to France in the 1760s and his personal contacts, we suggest that Adam Smith serves as the link between selected French thinkers and what after Smith’s Inquiry would be widely accepted as a quintessentially Anglo-Saxon tradition in economics. Exploring doctrine, we offer linkages between F. Quesnay, A. Turgot, J.J. Rousseau, and Smith’s ideas. Similarities in Smith’s understanding and the French exponents regarding economic activity vis-a- vis a public sector are presented, along with …

Insuring Major Spring Crops In South Dakota, Matthew A. Diersen

Economics Commentator (1972- 2016)

No abstract provided.

Tax Management, Burton Plflueger

Economics Commentator (1972- 2016)

No abstract provided.

Did Reform Of Prudent Trust Investment Laws Change Trust Portfolio Allocation?, Max M. Schanzenbach, Robert H. Sitkoff

Law and Economics Papers

This paper investigates the effect of changes in state prudent trust investment laws on asset allocation in noncommercial trusts. The old prudent man rule favored “safe” investments

such as government bonds and disfavored “speculation” in stock. The new prudent investor rule, now widely adopted, relies on modern portfolio theory, freeing the trustee to invest based on risk and return objectives reasonably suited to the trust and in light of the composition of the trust portfolio as a whole. Using state- and institution-level panel data from 1986-1997, we find that after a state’s adoption of the new prudent investor rule, trust …

Why Increase In Capital Requirement Of Banks?, Ishrat Husain Dr

Faculty Research - Newspaper and Magazine Articles

Several commentetcrs have critiqued the recent move of the State Bank of Pakistan (SBP) to raise tile minimum capital requirements of the banks by 2009. They believe that this move is unfair as it would lead to the survival of big banks and eliminaIion of small banks and also result in the exit of the foreign banks from the scene.

Capital Flight From The Philippines, 1970-2002, Edsel L. Beja Jr

Economics Department Faculty Publications

Capital flight is defined as the movement of capital from resource-scarce developing countries to avoid social controls. It is measured as net unrecorded capital outflow, or the residual between officially recorded uses and sources of funds. Total capital flight from the Philippines was estimated at USD 138 billion (in 1995 constant prices) for the period 1970-2002. Including imputed interest earnings, the stock of capital flight as of 2002 was USD 218 billion. Indeed, by any yardstick, these figures are significant amounts of lost resources that could have been utilized to generate additional output and jobs in the country. Were it …

Rhode Island Current Conditions Index -- December 2005, Leonard Lardaro

The Rhode Island Current Conditions Index

No abstract provided.

On Some Subtle Implications Of The Choice Of Numeraire For Monetary Policy In Developing Countries, Eduardo Zambrano

Economics

Numeraire choice is often deemed a problem of purely analytical convenience. In this paper I show that there is more to numeraire selection than meets the eye for the formulation of monetary policy in countries with weak fiscal institutions. I show how (a) improper numeraire choice can dramatically overstate or understate Central Bank profits and (b) how this can threaten the ability of a Central Bank to keep inflation under control. I show point (a) in the context of Monte Carlo experiments calibrated for the Venezuelan economy and point (b) in an infinitely lived representative agent model that illustrates the …

Do Aid Donors Reward Institutional Reforms?: A Panel Study On Aid-Receiving Countries, Wairimu R. Mugo

Economics Theses - Archive

Foreign aid is an important component of financial flows to many developing countries. This study seeks to investigate how foreign aid flows are influenced by two factors: the gross domestic products (GDP) per capita of the recipient countries, and changes in institutional and economic factors. For example, do increases in the GDP per capita of recipient countries attract more foreign aid in support of the on going economic and institutional reforms, or does this send a signal to the donors that these countries are doing well, and do not need as much aid? The question is whether aid donors reward …

Sequential Equilibria In Bayesian Games With Communication, Dino Gerardi, Roger B. Myerson

Cowles Foundation Discussion Papers

We study the effects of communication in Bayesian games when the players are sequentially rational but some combinations of types have zero probability. Not all communication equilibria can be implemented as sequential equilibria. We define the set of strong sequential equilibria (SSCE) and characterize it. SSCE differs from the concept of sequential communication equilibrium (SCE) defined by Myerson (1986) in that SCE allows the possibility of trembles by the mediator. We show that these two concepts coincide when there are three or more players, but the set of SSCE may be strictly smaller than the set of SCE for two-player …

Grading In Games Of Status: Marking Exams And Setting Wages, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We introduce grading into games of status. Each player chooses effort, producing a stochastic output or score. Utilities depend on the ranking of all the scores. By clustering scores into grades, the ranking is coarsened, and the incentives to work are changed. We first apply games of status to grading exams. Our main conclusion is that if students care primarily about their status (relative rank) in class, they are often best motivated to work not by revealing their exact numerical exam scores (100,99,…,1), but instead by clumping them into coarse categories ( A,B,C ). When student abilities are disparate, the …

A Remark On Bimodality And Weak Instrumentation In Structural Equation Estimation, Peter C.B. Phillips

Cowles Foundation Discussion Papers

In a simple model composed of a structural equation and identity, the finite sample distribution of the IV/LIML estimator is always bimodal and this is most apparent when the concentration parameter is small. Weak instrumentation is the energy that feeds the secondary mode and the coefficient in the structural identity provides a point of compression in the density that gives rise to it. The IV limit distribution can be normal, bimodal, or inverse normal depending on the behavior of the concentration parameter and the weakness of the instruments. The limit distribution of the OLS estimator is normal in all cases …

The Response Of Prices, Sales, And Output To Temporary Changes In Demand, Adam Copeland, George J. Hall

Cowles Foundation Discussion Papers

We determine empirically how the Big Three automakers accommodate shocks to demand. They have the capability to change prices, alter labor inputs through temporary layoffs and overtime, or adjust inventories. These adjustments are interrelated, non-convex, and dynamic in nature. Combining weekly plant-level data on production schedules and output with monthly data on sales and transaction prices, we estimate a dynamic profit-maximization model of the firm. Using impulse response functions, we demonstrate that when an automaker is hit with a demand shock sales respond immediately, prices respond gradually, and production responds only after a delay. The size of the immediate sales …

Testing Linearity In Cointegrating Relations With An Application To Purchasing Power Parity, Seung Hyun Hong, Peter C.B. Phillips

Cowles Foundation Discussion Papers

This paper develops a linearity test that can be applied to cointegrating relations. We consider the widely used RESET specification test and show that when this test is applied to nonstationary time series its asymptotic distribution involves a mixture of noncentral chi-squared distributions, which leads to severe size distortions in conventional testing based on the central chi-squared. Nonstationarity is shown to introduce two bias terms in the limit distribution, which are the source of the size distortion in testing. Appropriate corrections for this asymptotic bias leads to a modified version of the RESET test which has a central chi-squared limit …

Grading In Games Of Status: Marking Exams And Setting Wages, Pradeep Dubey, John Geanakoplos

Cowles Foundation Discussion Papers

We introduce grading into games of status. Each player chooses effort, producing a stochastic output or score. Utilities depend on the ranking of all the scores. By clustering scores into grades, the ranking is coarsened, and the incentives to work are changed. We first apply games of status to grading exams. Our main conclusion is that if students care primarily about their status (relative rank) in class, they are often best motivated to work not by revealing their exact numerical exam scores (100,99,…,1), but instead by clumping them into coarse categories ( A,B,C ). When student abilities are disparate, the …

Opening Address At The In-House Seminar On The Mortgage Industry In Nigeria: Issues, Challenges And Prospects, O. A. Demuren

Economic and Financial Review

This is the opening address by Mrs. O. A. Demuren at the in-house seminar on "the mortgage industry in Nigeria: issues, challenges and prospects", for CBN Executive Staff, Bauchi, October 24 - 28, 2005.