Open Access. Powered by Scholars. Published by Universities.®

Economics Commons™

Open Access. Powered by Scholars. Published by Universities.®

2012

Discipline
Institution
Keyword
Publication
Publication Type
File Type

Articles 1351 - 1363 of 1363

Full-Text Articles in Economics

Supply Elasticity Of Housing, Kyunghwan Kim, Sock-Yong Phang, Susan Wachter Jan 2012

Supply Elasticity Of Housing, Kyunghwan Kim, Sock-Yong Phang, Susan Wachter

Research Collection School Of Economics

The supply elasticity of housing determines how quickly house prices respond to economic shocks and this has many real economic consequences. Malpezzi and Maclennan (2001) describes its importance in housing market analysis: „most housing models, and most policy analysis hinge on explicit or implicit estimates of the price elasticity of supply of housing: does the market respond to demand side shocks with more supply or higher prices‟. However, as pointed out by Quigley (1979), there exist real analytical difficulties in modeling the supply of housing. Attempting to measure the flow of housing services provided by the stock of housing is …

Go to article

Optimal International Agreement And Treatment Of Domestic Subsidy, Gea M. Lee Jan 2012

Optimal International Agreement And Treatment Of Domestic Subsidy, Gea M. Lee

Research Collection School Of Economics

We investigate how a domestic subsidy is treated in an international agreement, when a government, having incentive to use its domestic subsidy as a means of import protection, can disguise its protective use of subsidy as a legitimate intervention with which to address a market imperfection. We show that any optimal agreement, as opposed to the conventional message of the targeting principle, restricts the home government’s freedom to select its domestic subsidy in order to increase the market-access level for foreign exporters. Our finding suggests that a proper restriction on domestic subsidy is somewhere between GATT and WTO rules.

Go to article

Folklore Theorems, Implicit Maps, And Indirect Inference, Peter C. B. Phillips Jan 2012

Folklore Theorems, Implicit Maps, And Indirect Inference, Peter C. B. Phillips

Research Collection School Of Economics

The delta method and continuous mapping theorem are among the most extensively used tools in asymptotic derivations in econometrics. Extensions of these methods are provided for sequences of functions that are commonly encountered in applications and where the usual methods sometimes fail. Important examples of failure arise in the use of simulation-based estimation methods such as indirect inference. The paper explores the application of these methods to the indirect inference estimator (IIE) in first order autoregressive estimation. The IIE uses a binding function that is sample size dependent. Its limit theory relies on a sequence-based delta method in the stationary …

Go to article

Coastal Empire Economic Monitor, 1st Quarter, 2012, Armstrong Atlantic State University Center For Regional Analysis Jan 2012

Coastal Empire Economic Monitor, 1st Quarter, 2012, Armstrong Atlantic State University Center For Regional Analysis

Coastal Empire Economic Monitor

The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.

Go to article

Coastal Empire Economic Monitor, 2nd Quarter, 2012, Armstrong Atlantic State University Center For Regional Analysis Jan 2012

Coastal Empire Economic Monitor, 2nd Quarter, 2012, Armstrong Atlantic State University Center For Regional Analysis

Coastal Empire Economic Monitor

The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.

Go to article

Role Of Marketing And Construction In Economic Development: Lessons For Emerging Economies, Low Sui Pheng, Dang Thuy Huong Giang Jan 2012

Role Of Marketing And Construction In Economic Development: Lessons For Emerging Economies, Low Sui Pheng, Dang Thuy Huong Giang

Business Review

This paper reviews the relationship between marketing, with focus on international marketing, and economic development based on existing theoretical and empirical studies. There have been different stances on the relationship. It is, however, argued that engagement in effective marketing in general and international marketing in particular is much needed for the economic development process in most developing countries. Primary theoretical insights for government policies that support the integration of developing countries into the international market are also discussed in this paper. The paper concludes with an observation that infrastructure support provided by the construction industry is essential for trade to …

Go to article

International Business Environment Analysis, Sana Khalil Jan 2012

International Business Environment Analysis, Sana Khalil

Business Review

This paper presents business environment analysis on the basis of cultural and economic differences. It elucidates the potential conflicts, risks and discusses the business opportunities that lie amid this whirlpool. The cultural differences are analyzed using Hofstede's dimensions and subsequent implications are discussed. It elucidates that the socio-economic differences require the managers to use their discretion while developing business strategies or goods and services for different markets. Since BRICS nations are emerging as potential business markets for firms around the globe and have attracted much attention and debate, I have chosen to present a comparative analysis using BRICS countries and …

Go to article

G-20 Summit And Debt Crisis Of Europe, Badar Alam Iqbal Jan 2012

G-20 Summit And Debt Crisis Of Europe, Badar Alam Iqbal

Business Review

Europe is under debt threat, facing the biggest crisis of uncertainty. If Euro fails, Europe fails. Since the Second World War, this is the hardest hour for Europe. One of the biggest limitations of global integration of EU is that small and weak countries could not fall in line with strong economies. This crisis is the example in this regard. The recent summit at Cannes has failed in giving concrete solution to the debt crisis especially in case of Greece, Italy, Portugal, Ireland and Spain. The crisis in Greece and ltaly cost the resignations of two popular Prime Ministers. The …

Go to article

Conditional Independence Specification Testing For Dependent Processes With Local Polynomial Quantile Regression, Liangjun Su, Halbert L. White Jan 2012

Conditional Independence Specification Testing For Dependent Processes With Local Polynomial Quantile Regression, Liangjun Su, Halbert L. White

Research Collection School Of Economics

We provide straightforward new nonparametric methods for testing conditional independence using local polynomial quantile regression, allowing weakly dependent data. Inspired by Hausman's (1978) specification testing ideas, our methods essentially compare two collections of estimators that converge to the same limits under correct specification (conditional independence) and that diverge under the alternative. To establish the properties of our estimators, we generalize the existing nonparametric quantile literature not only by allowing for dependent heterogeneous data but also by establishing a weak consistency rate for the local Bahadur representation that is uniform in both the conditioning variables and the quantile index. We also …

Go to article

Bayesian Learning Of Impacts Of Self-Exciting Jumps In Returns And Volatility, Andras Fulop, Junye Li, Jun Yu Jan 2012

Bayesian Learning Of Impacts Of Self-Exciting Jumps In Returns And Volatility, Andras Fulop, Junye Li, Jun Yu

Research Collection School Of Economics

The paper proposes a new class of continuous-time asset pricing models where negative jumps play a crucial role. Whenever there is a negative jump in asset returns, it is simultaneously passed on to diffusion variance and the jump intensity, generating self-exciting co-jumps of prices and volatility and jump clustering. To properly deal with parameter uncertainty and in-sample over-fitting, a Bayesian learning approach combined with an efficient particle filter is employed. It not only allows for comparison of both nested and non-nested models, but also generates all quantities necessary for sequential model analysis. Empirical investigation using S&P 500 index returns shows …

Go to article

A Household-Level Decomposition Of The White-Black Homeownership Gap, Eric Fesselmeyer, Kien T. Le, Kiat Ying Seah Jan 2012

A Household-Level Decomposition Of The White-Black Homeownership Gap, Eric Fesselmeyer, Kien T. Le, Kiat Ying Seah

Research Collection College of Integrative Studies

This paper uses a semiparametric homeownership model to estimate and to decompose the household-level white-black homeownership gap into an endowment component and a residual component across the distribution of homeownership rates. We find that the racial gap differs across homeownership rates and that studies that examine the gap only at the mean may be misleading. We also find that although household characteristics explain the homeownership gap for most households, there is a substantial portion of the gap that remains unexplained for households with a very low propensity to own homes. A comparison of the estimates from the semiparametric model and …

Go to article

Sovereign Wealth Funds And Global Finance, Katharina Pistor Jan 2012

Sovereign Wealth Funds And Global Finance, Katharina Pistor

Faculty Scholarship

This chapter focuses on a number of specific sovereign wealth funds (SWFs) whose portfolios indicate strong interests in finance both in their home countries and abroad. It first reviews empirical evidence that shows SWFs having been major investors in Western financial intermediaries for decades. It then considers the organization and governance of SWFs, with particular emphasis on the three main schools of thought as well as the predictions one can derive from them vis-à-vis the behavior of individual actors in the global financial network: economic theories, economic sociology, and political economy. It also presents case studies that “test” these theories …

Go to article

The Governance Of China’S Finance, Katharina Pistor Jan 2012

The Governance Of China’S Finance, Katharina Pistor

Faculty Scholarship

This chapter examines the governance of China's financial system, which, it shows, cannot be adequately explained using conventional paradigms that rely on ownership and legal or regulatory controls alone. Instead, China's governance regime relies heavily on human resource management, which uses control rights over the career path of top-level financial cadres. A commentary is included at the end of the chapter.

Go to article

First Prev