Economics Commons^™

Interview: Dr. Ishrat Hussain, Asif Jehangir Raja

Faculty Research - Newspaper and Magazine Articles

We should realize that when we got Pakistan in 1947, the regions/ areas comprising Pakistan were quite backward and not developed by the British Government. Except growing crops, there was not much of economic activity. But since then, we are one of the few developing countries which maintained 5% annual growth rate for over sixty years. Very few countries have this achievement to their credit. In the start, we used to be we now produce 25 million tons of wheat. We are the 4th largest producer of milk in the world

Adaptive Nonparametric Regression With Conditional Heteroskedasticity, Sainan Jin, Liangjun Su, Zhijie Xiao

Research Collection School Of Economics

Vector Autoregression (VAR) has been a standard empirical tool used in macroeconomics and finance. In this paper we discuss how to compare alternative VAR models after they are estimated by Bayesian MCMC methods. In particular we apply a robust version of deviance information criterion (RDIC) recently developed in Li et al. (2014b) to determine the best candidate model. RDIC is a better information criterion than the widely used deviance information criterion (DIC) when latent variables are involved in candidate models. Empirical analysis using US data shows that the optimal model selected by RDIC can be different from that by DIC.

Deviance Information Criterion For Comparing Var Models, Tao Zeng, Yong Li, Jun Yu

Research Collection School Of Economics

Vector Autoregression (VAR) has been a standard empirical tool used in macroeconomics and finance. In this paper we discuss how to compare alternative VAR models after they are estimated by Bayesian MCMC methods. In particular we apply a robust version of deviance information criterion (RDIC) recently developed in Li et al. (2014b) to determine the best candidate model. RDIC is a better information criterion than the widely used deviance information criterion (DIC) when latent variables are involved in candidate models. Empirical analysis using US data shows that the optimal model selected by RDIC can be different from that by DIC.

Self-Exciting Jumps, Learning, And Asset Pricing Implications, Andras Fulop, Junye Li, Jun Yu

Research Collection School Of Economics

The paper proposes a self-exciting asset pricing model that takes into account cojumps between prices and volatility and self-exciting jump clustering. We employ a dence of self-exciting jump clustering since the 1987 market crash, and its importance Bayesian learning approach to implement real time sequential analysis. We find evidence of self-exciting jump clustering since the 1987 market crash, and its importance becomes more obvious at the onset of the 2008 global financial crisis. It is found that learning affects the tail behaviors of the return distributions and has important implications for risk management, volatility forecasting and option pricing.

Managing Private Vehicles In Asian Cities, Sock-Yong Phang

Research Collection School Of Economics

Asia's rapid urbanization and growing incomes have resulted in a corresponding booming market in motor vehicle sales. In 2013, an estimated 18 million new passenger cars were sold in China. Motor vehicle users generate congestion, pollution, accidents, noise and road damage. Yet, in most cities motor vehicle users often do not pay the full social costs and are therefore implicitly subsidized by non-users. According to the Tom Tom Traffic Index, which is based on GPS data, motorists in the worst congested cities in developed countries spend up to 40% more time for peak hour commutes. This level of delay is …

Is The Renminbi East Asia’S Dominant Reference Currency? A Reconsideration, Hwee Kwan Chow

Research Collection School Of Economics

Recent empirical studies show that the Chinese currency renminbi is either becoming or has become a dominant reference currency in Asia. However, the high correlation between the US dollar and renminbi movements hampers the identification of their individual effects on the Asian currencies. In particular, the application of Frankel-Wei regressions to determine the weights of the US dollar and the (unorthogonalized) renminbi in the implicit currency baskets could suffer from endogeneity problems that produce an upward bias in renminbi’s estimated weight. This paper reviews the evidence by applying country-specific VAR models to daily exchange rate data from nine Asian economies …

Specification Sensitivity In Right‐Tailed Unit Root Testing For Explosive Behaviour, Peter C. B. Phillips, Shuping Shi, Jun Yu

Research Collection School Of Economics

This article aims to provide some empirical guidelines for the practical implementation of right-tailed unit root tests, focusing on the recursive right-tailed ADF test of Phillips et al. (2011b). We analyze and compare the limit theory of the recursive test under different hypotheses and model specifications. The size and power properties of the test under various scenarios are examined and some recommendations for empirical practice are given. Some new results on the consistent estimation of localizing drift exponents are obtained, which are useful in assessing model specification. Empirical applications to stock markets illustrate these specification issues and reveal their practical …

“Monetary And Currency Policy Management In Asia” By M. Kawai, P.J. Morgan And S. Takaji [Book Review], Hwee Kwan Chow-Tan

Research Collection School Of Economics

No abstract provided.

A Bayesian Chi-Squared Test For Hypothesis Testing, Yong Li, Xiao-Bin Liu, Jun Yu

Research Collection School Of Economics

A new Bayesian test statistic is proposed to test a point null hypothesis based on of regular conditions and follows a chi-squared distribution when the null hypothesis is correct. The new statistic has several important advantages that make it appeal in practical applications. First, it is well-defined under improper prior distributions. Second, it avoids Jeffrey-Lindley’s paradox. Third, it is relatively easy to compute, even for models with latent variables. Finally, it is pivotal and its threshold value can be easily obtained from the asymptotic chi-squared distribution. The method is illustrated using some real examples in economics and finance.

Extremal Quantile Regressions For Selection Models And The Black White Wage Gap, Xavier D'Haultfoeuille, Arnaud Maurel, Yichong Zhang

Research Collection School Of Economics

We consider the estimation of a semiparametric location-scale model subject to endogenous selection, in the absence of an instrument or a large support regressor. Identification relies on the independence between the covariates and selection, for arbitrarily large values of the outcome. In this context, we propose a simple estimator, which combines extremal quantile regressions with minimum distance. We establish the asymptotic normality of this estimator by extending previous results on extremal quantile regressions to allow for selection. Finally, we apply our method to estimate the black-white wage gap among males from the NLSY79 and NLSY97. We find that premarket factors …

Policy Direction For The Budget, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The contours of the upcoming budget in terms of size, outlays, revenue collection targets, fiscal deficit etc. have been spelled out by the finance minister at various fora and by the IMF in its reports. So, it is not very interesting to speculate on whether the tax targets are ambitious, expenditures understated and subsidies underplayed.

The purpose here is to suggest that budgetary estimates and projections should be formulated in the context of a medium-term policy framework. The objectives of such a framework should be: to accelerate the rate of economic growth and job creation; to keep inflationary expectations under …

Basic Human Health And Sustainable Community Development: A Case Study Of A Community In Monte Plata, Dominican Republic, Rachelle H. Arnoux

Capstone Collection

One of my objectives in conducting this research is to enhance my skills in data collection while simultaneously improving my writing skills. More substantively, I wanted to explore how access to healthcare in a developing country like the Dominican Republic can contribute to sustainable development. As good health is fundamental and vital for all human beings, it is important in the context of this study to understand how the healthcare system in a particular country gives the population access to quality healthcare. Referring myself specifically to the situation at Batey Relief Alliance (BRA) Dominicana medical center in the Dominican Republic …

South Dakota 2014 Agricultural Land Values And Cash Rental Rates, Larry Janssen, Kim Dillivan, Bronc Mcmurty

Economics Commentator (1972- 2016)

No abstract provided.

On The Link Between Conflict, Underdevelopment And The Pursuit Of Basic Needs Satisfaction: A Survey Of Haitian Construction Workers In The Dominican Republic, Joseph W. Alliance

Capstone Collection

The purpose of this study was to explore how conflict and underdevelopment impact Haitian construction workers’ experiences and their basic human needs situation in the Dominican Republic. The Basic Human Needs Theory served as the main theoretical background to approach the topic. Qualitative data were gathered by employing a self- administered, one-time survey and conducting semi-structured interviews with 25 Haitian construction workers in sites located in the Distrito Nacional in the capital city, Santo Domingo and the Consuelo municipality in San Pedro de Macoris. Absence of work in Haiti for the very poor, systematic lack of access to social security, …

An Economic Theory In Action In Asia, Paul Kim

Economics Papers and Presentations

Our studies of economic development in our series at Paul Kim’s Asian Study Center at JCCC focus on having practical application or to be useful to our life not intending to build scientific or mathematical theories, which are often far detached from real life. This means that our studies seek for an inspiration or a new insight and target our thought to capture the right things to do at a right moment in history, not just theoretical or mathematical work. We predict the future of economic growth and show the crucial elements of economic growth at a particular moment in …

Student Debt: Graduate Versus Undergraduate, Michael Hemesath

Administration Publications

No abstract provided.

Economic Governance Wins In India, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The landslide victory of the BJP and the terrible beating of the Congress party in the recent Indian elections are likely to elicit different interpretations. Most observers and analysts, however, believe that the single most factor responsible for this startling outcome was the candidature of Mr Narendera Modi as the prime minister. His track record as the chief minister of Gujarat as a decisive economic reformer, a doer, and result-oriented leader is widely acclaimed and acknowledged even by his worst enemies and critics. The Indian business community, irrespective of differences within it, was unanimous in endorsing him as the most …

The Spanish Export Led Recovery, David Wagner

Undergraduate Economic Review

I researched the export-led recovery currently taking place in Spain. My thesis revolved around Mariano Rajoy and the Popular Party coming into power in 2011 and instituting reforms in three distinct categories; financial market reforms, fiscal measures, and labor market reforms. These reforms have had a significant impact in restoring credibility in Spain's capital markets and decreasing unit labor costs. In turn, Spain has shown impressive export growth in the past two years, especially compared to its neighbors Italy and France.

Real Estate Investment By Bank Holding Companies And Their Risk And Return: Nonparametric And Garch Procedures, Scott Deacle, Elyas Elyasiani

Business and Economics Faculty Publications

We investigate the association between real estate investment by US Bank Holding Companies (BHCs) and their return, risk and risk-adjusted returns. Three portfolios are formed of BHCs according to whether they do or do not invest in real estate, strictness of the regulation on real estate investment and the ratio of real estate investment to assets. Wilcoxon tests of differences in portfolio returns, risk, risk-adjusted returns and value at risk between each pair of portfolios are conducted to determine how engagement in real estate, stricter regulation and increased real estate investment affect BHC performance. These effects are also investigated within …

Personal Attention, Mentoring And The Liberal Arts, Michael Hemesath

Administration Publications

No abstract provided.

Public Health Services & Systems Research And The Reforming U.S. Health System, Glen P. Mays

Health Management and Policy Presentations

This session reviews progress in the field of public health services & systems research (PHSSR), with a specific focus on findings that can inform the implementation and impact of health reform strategies on the U.S. public health system.

Working Paper No. 36, The Rise Of Marginalism: The Philosophical Foundations Of Neoclassical Economic Thought, Emily Pitkin

Working Papers in Economics

This inquiry examines the works of the early thinkers in marginalist theory and seeks to establish that certain philosophical assumptions about the nature of man led to the development and ultimate ascendance of neoclassical thought in the field of economics. Jeremy Bentham’s key assumption, which he develops in his 1781 work, A Fragment on Government and an Introduction to the Principles of Morals and Legislation, that men are driven by the forces of pain and pleasure led directly to William Stanley Jevons and Carl Menger’s investigation and advancement of utility maximization theory one hundred years after Bentham, in 1871. …

Musical Missteps: The Severity Of The Sophomore Slump In The Music Industry, Shane M. Zackery

Scripps Senior Theses

This study looks at alternative models of follow-up album success in order to determine if there is a relationship between the decrease in Metascore ratings (assigned by Metacritic.com) between the first and second album for a musician or band and the 1) music genre or 2) the number of years between the first and second album release. The results support the dominant thought, which suggests that neither belonging to a certain genre of music nor waiting more or less time to drop the second album makes an artist more susceptible to the Sophomore Slump. This finding is important because it …

Reused Refuse: Freeganism And The Shifting Hegemonies Of Consumption And Waste, Jamie Corliss

Cultural Studies Capstone Papers

Freeganism is a counter-culture practice, lifestyle, and philosophy that resists the waste and exploitation inherent to capitalism. By examining freegan practices and philosophies, specifically dumpster diving, this project reveals how these actions help make apparent and shift dominant ideologies about waste and consumption by re-injecting value into wasted items. The project argues that the waste that freegans live on has the semiotic power to shift dominant attitudes about waste and gives freegans the means to survive with limited participation in the economy, but this waste is a byproduct of capitalist production, not a cause of it. Freegans are conceptually paving …

Assessing “Mixed-Use” - Evaluating New Urbanism In New England, Michael K. Daniels

Honors Scholar Theses

New urbanism is a movement in city and regional planning that is primarily based upon a return to mixed-use development. New urbanists contend that reintegrating land uses to make “walkable” urban neighborhoods will help increase residential financial diversity and make once downtrodden areas desirable again. It remains unclear if physical design changes can truly impact economic and social conditions. Is mixed-use development worth pursuing for cities looking to restore economic diversity? To investigate this question, I turn to two Southern New England cities of similar population which have faced parallel struggles: Worcester, Massachusetts and Providence, Rhode Island. I analyze the …

Moving Motherly: Raising Children In The Low-Wage Hospitality Industry, Anna E. Hackman

LSU New Orleans Theses and Dissertations

In the hospitality industry, women with children are in a unique position. Government deregulation of corporate labor practices, the exit of manufacturing overseas, and the rise of the service sector economy in the United States has contributed to the development of a surplus, low-wage labor force. Tourism is one subset of this labor force that deserves further attention. Although there is substantial literature on the structure of low-wage labor in tourism economies (Herod and Aguiar, 2006), as well as the impacts on work-family balance (Liladrie, 2009), a less explored topic is the impacts hospitality labor has on mothering. The purpose …

Market Frictions And The Efficiency Of Capital Allocation, William J. Hippler Iii

LSU New Orleans Theses and Dissertations

The following dissertation contains two unique empirical studies that contribute to the overall literature in the field of Financial Economics in the areas of mutual fund investing and financial intermediation and regulation. The first Chapter, entitled “The Impact of Macroeconomic Stress on the U.S. Financial Sector”, examines the relative impact of macroeconomic stress on financial and non-financial U.S. firms. Empirical results show that macroeconomic shocks appear to have a larger impact on financial firms. Additionally, the sensitivity of financial firms to macroeconomic events can be traced to the influence of non-depository institutions, or “shadow banks”, like finance and investment companies, …

The Economic Impact Of Wheelchairs For The Disabled In Ethiopia, Justin L. Grider

Master's Theses

Abstract: How do wheelchairs impact income and the possible channels of employment status and time allocation for the physically disabled? In order to improve opportunities for people with disability, it is imperative to know the effect that a wheelchair has on the lives of the disabled. Estimates from 261 participants across Addis Ababa, Ethiopia were taken to estimate a wheelchair’s impact across numerous time, economic and distance variables. I demonstrate how nearest neighbor covariate matching methods can be used to estimate how wheelchair beneficiaries would have fared had they not been given a wheelchair. Results show that current wheelchair users …

Fdi And Technical Efficiency In Manufacturing Firms: A Stochastic Frontier Approach, Yue Zhou

Master's Theses

In this paper, firm-level data from manufacturing sector in five African countries is obtained to estimate the impact of foreign direct investment (FDI) on firm’s technical efficiency. Unbalanced panel data over period of 1991-2003 shows that the existence of FDI has a significant impact on domestic firms’ technical efficiency. The results remain robust after controlling for country and year fixed effect. Other determinants of technical efficiency are investigated as well and the results show that firm size and export behavior increases efficiency while firm age lowers efficiency

Impact Of Mobile Money Usage On Microenterprise Evidence From Zambia, Laura I. Frederick

Master's Theses

Mobile money payment systems have spread rapidly around the world in the last decade. Given developing countries are powered by informal economies that traditionally have had limited access to information technologies, mobile payment system infrastructure has the potential to transform the way microenterprises conduct business. Through a pilot study in Livingstone, Zambia, I examine the effect of mobile money usage on microenterprise profits. I employ an instrumental variable strategy using the type of mobile operator as the instrument to address the selection bias in adoption, as mobile money services are available to everyone. In this urban context, I find initial …