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Articles 121 - 150 of 167
Full-Text Articles in Finance
China And Brazil: Potential Allies Or Just Brics In The Wall?, Anthony Petros Spanakos
China And Brazil: Potential Allies Or Just Brics In The Wall?, Anthony Petros Spanakos
Department of Political Science and Law Faculty Scholarship and Creative Works
Brazil is an increasingly important actor in global governance and for China specifically. Sino-Brazilian relations have deepened considerably but they remain concentrated in areas of trade and investment. There is also considerable overlap in interests between the two countries in other areas, such as diplomatic and political relations. At the same time, China must manage carefully important differences that exist over the enlargement of the UN and the potential challenge to the Brazilian industry.
Managing Capital Flows: The Case Of Singapore, Hwee Kwan Chow
Managing Capital Flows: The Case Of Singapore, Hwee Kwan Chow
Research Collection School Of Economics
The resurgence of private capital inflows into Asia in recent years has raised the question of whether the region is susceptible to yet another financial crisis. While a sudden large-scale reversal of capital flows is not likely to result in a liquidity crunch or balance of payments crisis, the attendant sharp corrections in asset prices will have an adverse impact on the economy particularly through indirect channels. We present, in this study, Singapore’s experience in managing the risks posed by capital flows as well as the retention of control over exchange rates and monetary conditions. It is the overall package …
Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy
Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy
Research Collection School Of Economics
The ongoing global financial turmoil has revived the question of whether central bankers ought to tighten monetary policy preemptively in order to head off asset price misalignments before a sudden crash triggers financial instability. This study explores the issue of the appropriate monetary policy response to asset price swings in the small open economy of Singapore. Empirical analysis of monetary policy based on standard VAR models, unfortunately, is often hindered by the use of sparse information sets. To better reflect the extensive information monitored by Singapore’s central bank, including global economic indicators, we augment a monetary VAR model with common …
Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio
Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio
Economics Honors Projects
This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when membership grows too diffuse. To address this issue, this study uses a model that takes into account existing theory on constrained-optimization in credit unions and theory on the adverse effects of diffuse ownership. Using data on 36 public credit unions in Ecuador, the empirical analysis finds evidence that credit unions can achieve economies of scale despite their problematic structural features. …
Asian Currency Baskets: An Answer In Search Of A Question?, Charles Adams, Hwee Kwan Chow
Asian Currency Baskets: An Answer In Search Of A Question?, Charles Adams, Hwee Kwan Chow
Research Collection School Of Economics
This paper considers how a regional currency basket and the associated divergence indicators could be used in official surveillance. Recently, proponents of Asian currency baskets have referred to the role the ECU played in constructing exchange rate divergence indicators in Europe as evidence of the intrinsic usefulness of currency baskets for exchange rate monitoring. We show in this paper a number of problems with the use of regional currency-basket based divergence indicators. First, at a technical level, such indicators involve tracking regional exchange rates against a moving currency basket and can obscure underlying movements in bilateral exchange rates. Second, currency …
An Empirical Analysis Of Stock Market Integration: Comparison Study Of Singapore And Malaysia, Zheng Yi, Swee Liang Tan
An Empirical Analysis Of Stock Market Integration: Comparison Study Of Singapore And Malaysia, Zheng Yi, Swee Liang Tan
Research Collection School Of Economics
Using a GARCH (1,1) model, this paper compares the extent to which financial sector liberalization in Singapore and Malaysia each has led to integration of its domestic equity market with external markets. The results show that the level of integration of the domestic markets with the external markets is higher when MSCI regional and global data are used, as compared to when individual country data are used to proxy regional and global markets. Inferences are made about the preferred pace of liberalization in Singapore, as well as, the impact of the Asian financial crisis and capital control measures imposed in …
Misaligned Incentives And Mortgage Lending In Asia, Richard Green, Roberto S. Mariano, Andrey Pavlov, Susan Wachter
Misaligned Incentives And Mortgage Lending In Asia, Richard Green, Roberto S. Mariano, Andrey Pavlov, Susan Wachter
Research Collection School Of Economics
This paper provides a conceptual basis for the price discovery potential for tradable market instruments and specifically the development of mortgage securitization in Asia and the potential dangers of such markets. Nonetheless we argue for the potential importance of securitization in Asia because of its possible role in increasing transparency of the financial sector of Asian economies. We put forth a model explaining how misaligned incentives can lead to bank generated real estate crashes and macroeconomic instability, with or without securitization under certain circumstances. We examine the banking sector’s performance in Asia compared to securitized real estate returns, to provide …
Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy
Analyzing And Forecasting Business Cycles In A Small Open Economy: A Dynamic Factor Model For Singapore, Hwee Kwan Chow, Keen Meng Choy
Research Collection School Of Economics
A dynamic factor model is applied to a large panel dataset of Singapore’s macroeconomic variables and global economic indicators with the initial objective of analyzing business cycles in a small open economy. The empirical results suggest that four common factors are present in the quarterly time series, which can broadly be interpreted as world, regional, electronics and domestic economic cycles. The estimated factor model explains well the observed fluctuations in real economic activity and price inflation, leading us to use it in forecasting Singapore’s business cycles. We find that the forecasts generated by the factors are generally more accurate than …
An Analysis Of The Intra-Regional Trade In The Middle East And North Africa Region, E. M. Ekanayake, John R. Ledgerwood
An Analysis Of The Intra-Regional Trade In The Middle East And North Africa Region, E. M. Ekanayake, John R. Ledgerwood
Publications
This paper analyzes the intra-regional trade and investment flows in the Middle East and North Africa (MENA) region using an augmented gravity model applied to panel data. The study uses annual trade and investment data for the period 1980-2006. There is a growing awareness among countries in the MENA region regarding the importance of international trade and foreign direct investment for stimulating growth and integrating into the world economy. The research will attempt to achieve the following objectives: (a) analyze the intra-regional trade and investment flows in the MENA region; (b) identify the major determinants of trade and investment flows …
Multivariate Garch Models For The Greater China Stock Markets, Xiaojun Song
Multivariate Garch Models For The Greater China Stock Markets, Xiaojun Song
Dissertations and Theses Collection (Open Access)
This paper reviews the commonly used multivariate GARCH models and uses the daily data of the four Greater China region stock markets, namely Hongkong, Shanghai,Shenzhen, and Singapore, and data of Japan as one ex-ogenous variable to investigate the volatility and shocks spillover behavior and to establish the market linkage among the four markets. We find that the volatility spillover between Shanghai and Shenzhen is obvious and correlation contagion is detected. Conditional variance and conditional correlations are time varying and dynamic which conforms to the arguments in most of the literature. Shanghai and Shenzhen present a very high correlation level during …
Rolling Adf Tests: Detecting Rational Bubbles In Greater China Stock Markets, Peng Huang
Rolling Adf Tests: Detecting Rational Bubbles In Greater China Stock Markets, Peng Huang
Dissertations and Theses Collection (Open Access)
Following Phillips, Wu and Yu (2007), this paper extends their bubble detecting work to several Greater China stock markets. Two alternative bubble detecting methods, the forward recursive ADF tests raised by Phillips et al. (2007) and the modified version, forward rolling ADF tests, are implemented and compared. Monte Carlo simulations are performed to determine the critical values of the ADF statistic under different sample size. Empirical results demonstrate that only rolling ADF tests are successful in detecting rational bubbles by overcoming the problem of periodically collapsing bubble. As we have expected, bubbles in China Mainland stock market are detected. Out …
Hong Kong's Money: The History, Logic And Operation Of The Currency Peg, Hwee Kwan Chow
Hong Kong's Money: The History, Logic And Operation Of The Currency Peg, Hwee Kwan Chow
Research Collection School Of Economics
No abstract provided.
Financial Liberalization And Monetary Policy Cooperation In East Asia, Hwee Kwan Chow, Peter N. Kriz, Roberto S. Mariano, Augustine H. H. Tan
Financial Liberalization And Monetary Policy Cooperation In East Asia, Hwee Kwan Chow, Peter N. Kriz, Roberto S. Mariano, Augustine H. H. Tan
Research Collection School Of Economics
As the countries in East Asia embark on financial liberalization, a key issue that confronts policymakers is the greater complexity of risks that is injected into the financial system. In particular, capital account liberalization may potentially increase the vulnerability of individual countries to external financial shocks. This paper advocates the optimally cascading of financial liberalization that is consistent across three dimensions: extent of domestic financial liberalization; the degree of exchange rate flexibility; and the scope of capital account liberalization. Unless the process of liberalization is properly managed, it could provoke destabilizing capital flows and lead to volatile exchange rates. Smooth …
Global And Regional Sources Of Risk In Equity Markets: Evidence From Factor Models With Time-Varying Conditional Skewness, Aamir R. Hashmi, Anthony S. Tay
Global And Regional Sources Of Risk In Equity Markets: Evidence From Factor Models With Time-Varying Conditional Skewness, Aamir R. Hashmi, Anthony S. Tay
Research Collection School Of Economics
We examine the influence of global and regional factors on the conditional distribution of stock returns from six Asian markets, using factor models in which unexpected returns comprise global, regional and local shocks. The models allow for conditional heteroskedasticity and time-varying conditional skewness, and are used to measure mean, variance, and skewness spillovers. We find that incorporating time-varying conditional skewness improves the fit of our spillover models, and can alter measurements of variance spillovers. However, time-varying conditional skewness is mostly a local phenomenon; with exceptions, there is little spillover in skewness from global and regional factors.
Asian Currency Baskets: A Useful Surveillance Tool?, Charles Adams, Hwee Kwan Chow
Asian Currency Baskets: A Useful Surveillance Tool?, Charles Adams, Hwee Kwan Chow
Research Collection School Of Economics
This paper considers whether an intra-regional currency basket and the associated divergence indicators could play a useful role in official exchange rate surveillance. Recently, proponents of an Asian currency basket have referred to the role the European Currency Unit played in constructing exchange rate divergence indicators as evidence of the usefulness of intra-regional currency baskets for exchange rate monitoring. The paper shows that such indicators have a number of features that can lead to them obscuring underlying changes in exchange rates and that the signals they emit will often be difficult to interpret. In addition, the use of regional currency …
The Effect Of Micro-Credit On Poverty Alleviation: The Case Of Urban And Rural Egypt, Raghda El Ebrashi
The Effect Of Micro-Credit On Poverty Alleviation: The Case Of Urban And Rural Egypt, Raghda El Ebrashi
Archived Theses and Dissertations
No abstract provided.
The Effect Of Devaluation On Output In The Egyptian Economy: A Vector Autoregression Analysis, Sahar Mohamed Abdel-Haleim Abdel-Moneim
The Effect Of Devaluation On Output In The Egyptian Economy: A Vector Autoregression Analysis, Sahar Mohamed Abdel-Haleim Abdel-Moneim
Archived Theses and Dissertations
No abstract provided.
Wal-Mart Bank In Mexico: Money To The Masses And The Home-Host Hole, Anna Gelpern
Wal-Mart Bank In Mexico: Money To The Masses And The Home-Host Hole, Anna Gelpern
Georgetown Law Faculty Publications and Other Works
In November 2006 Wal-Mart's Mexican subsidiary received approval to open a bank. The application faced little opposition in Mexico, unlike the company's failed effort to start a bank in the United States. This was partly because in Mexico, Wal-Mart's entry was generally regarded as increasing competition in a historically concentrated banking sector. With over three-quarters of all Mexicans unbanked, the authorities also looked to Wal-Mart to reach the underserved. Along with the promise, Wal-Mart's entry presents a transnational regulatory dilemma with implications beyond Wal-Mart and Mexico. Because it is Wal-Mart's only banking venture, the new institution will have its Mexican …
Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen
Choice Of Currency By East Asia Bond Issuers, David Fernandez, Simon Klassen
Research Collection Lee Kong Chian School Of Business
In discussing bond markets in Asia, academics and policymakers typically begin by noting that the Asian crisis of 1997-98 in part resulted from the underdevelopment of the region’s domestic bond markets and the resultant currency and duration mismatches. When assessing the progress made in developing these markets in the post-crisis years, academics and policymakers usually observe that, while several domestic currency government bond markets have moved ahead, corporate bond markets have lagged (Asian Development Bank (2002), Reserve Bank of Australia (2003)). The policy conclusion is therefore often drawn: to prevent another Asian crisis, Asian bond markets must be further developed.
Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow
Characterizing Exchange Rate Policy In East Asia: A Reconsideration, Hwee Kwan Chow
Research Collection School Of Economics
Frankel and Wei [Frankel, J. A., & Wei, S.-J. (1994). Yen bloc or dollar bloc: Exchange rate policies of the East Asian economies. In I. Takatoshi & A. Krueger (Eds.), Macroeconomic linkages. Chicago: University of Chicago Press] developed and popularized a method for uncovering the implicit weights assigned to major international currencies constituting a currency basket. We extend the methodology in two dimensions: include regional competitive pressure and employ a vector autoregressive (VAR) model to overcome simultaneity bias. With these modifications, we confirm the prominent role of the US dollar in the exchange rate policy of East Asian economies beyond …
Exchange-Rate Systems And Interest-Rate Behaviour: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip
Exchange-Rate Systems And Interest-Rate Behaviour: The Experience Of Hong Kong And Singapore, Yiu Kuen Tse, Paul S. L. Yip
Research Collection School Of Economics
The Currency Board System in Hong Kong and the monitoring band system in Singapore are important benchmarks for two different exchange-rate systems. In this paper we consider the implications of the two exchange-rate systems on the interest-rate behaviour of the two economies. We examine the domestic–US interest differentials under the two exchange-rate regimes during the Asian Financial Crisis as well as the pre-and post-crisis periods. Using a bivariate generalized autoregressive conditional heteroscedasticity model, we also investigate whether there is any change in the correlation between the domestic and US interest rates due to the Asian Financial Crisis.
Financial Services Liberalization With Emphasis On The Egyptian Banking Sector, Noha Hatem Abdel Razek
Financial Services Liberalization With Emphasis On The Egyptian Banking Sector, Noha Hatem Abdel Razek
Archived Theses and Dissertations
No abstract provided.
Growth Accounting For A Follower-Economy In A World Of Ideas: The Example Of Singapore, Kong Weng Ho, Hian Teck Hoon
Growth Accounting For A Follower-Economy In A World Of Ideas: The Example Of Singapore, Kong Weng Ho, Hian Teck Hoon
Research Collection School Of Economics
In this paper, we take another approach to accounting for the sources of Singapore’s economic growth by being explicit about the channels through which Singapore, as a technological follower, benefits from international R&D spillovers. Taking into account the channels through which technology developed in the G5 countries diffuses to technological followers, we show that 57.5 percent of Singapore’s real GDP per worker growth rate over the 1970-2002 period is due to multifactor productivity growth. In particular, about 52 percent of the growth is accounted for by an increase in the effectiveness of accessing ideas developed by the technology leaders through …
Competition Policy In Indonesia, Malcolm Dowling
Competition Policy In Indonesia, Malcolm Dowling
Research Collection School Of Economics
The Indonesian economy was dominated by the government in the decades of the 1970s and 1980s through its control of major mining, manufacturing and agricultural activities. Hill (2000) estimates that as much as 40% of non-agricultural GDP was accounted for by government entities in the late 1980s There were still a lot of government corporations up until the late 1980s and early 1990s and governmental control over the banking system was still substantial.
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
An Empirical Examination Of Ipo Underpricing In The Chinese A-Share Market, Ting Yu, Yiu Kuen Tse
Research Collection School Of Economics
Research in the literature shows that initial public offerings (IPOs) of common stocks are systematically priced at a discount to their subsequent initial trading price. The large underpricing magnitude in the Chinese IPO market has attracted much attention. We consider three hypotheses that may explain the IPO underpricing in China. These are the winner's curse hypothesis, the ex ante uncertainty hypothesis and the signaling hypothesis. Among these hypotheses, the winner's curse hypothesis has not been tested in the Chinese market. Using IPO data for online fixed-price offerings from November 1995 to December 1998, our results show that the winner's curse …
Banking System Consolidation In Nigeria And Some Regional Experiences: Challenges And Prospects., Y A. Bello
Banking System Consolidation In Nigeria And Some Regional Experiences: Challenges And Prospects., Y A. Bello
Bullion
This paper examines banking sector development in Nigeria from the Structural Adjustment era of the mid-1980s and the current reforms taking place in the financial service industry in terms of consolidation. In addition, the paper tries assess the banking system consolidation in Nigeria and the challenges and prospects expected. The paper is structured into six parts. following this introduction\, the part two discusses an overview of the banking system in Nigeria. part three reviews some regional experiences, while part four evaluates banking system consolidation in Nigeria and part five examines the challenges and prospects. while part six, summarizes and concludes …
Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter
Bank Lending And Real Estate In Asia: Market Optimism And Asset Bubbles, Winston T. H. Koh, Roberto S. Mariano, Andrey Pavlov, Sock-Yong Phang, Augustine H. H. Tan, Susan M. Wachter
Research Collection School Of Economics
This paper investigates the Asian real estate price run-up and collapse in the 1990s. We identify financial intermediaries’ underpricing of the put option imbedded in non-recourse mortgage loans as a potential cause for the observed price behavior. This underpricing is due to behavioral causes (lender optimism and disaster myopia) and/or rational response of lenders to market incentives (agency conflicts, deposit insurance, or limited liability of bank shareholders). The empirical evidence suggests that underpricing occurred in Thailand, Malaysia, and Indonesia. Consequently, these countries experienced a more severe market crash than Hong Kong and Singapore, where underpricing was kept under control by …
Effects Of Electronic Trading On The Hang Seng Index Futures Market, Joseph K. W. Fung, Donald Lien, Yiuman Tse, Yiu Kuen Tse
Effects Of Electronic Trading On The Hang Seng Index Futures Market, Joseph K. W. Fung, Donald Lien, Yiuman Tse, Yiu Kuen Tse
Research Collection School Of Economics
This investigation of the switch from open-outcry trading to electronic trading on the Hang Seng Index (HSI) futures contract reveals that the bid–ask spread narrows and the futures price plays more of a role in information transmission. Factors, such as anonymity in trading and fast order execution in electronic trading, attract informed traders to the futures market, enhancing the information flow. Our results provide support for the worldwide trend of transforming open-outcry markets into electronic trading platforms
A Var Analysis Of Singapore's Monetary Transmission Mechanism, Hwee Kwan Chow
A Var Analysis Of Singapore's Monetary Transmission Mechanism, Hwee Kwan Chow
Research Collection School Of Economics
The Singapore economy has experienced greater business cycle fluctuations in recent years, being subject to recurrent shocks from the external environment. Given the extreme openness of the economy—Singapore’s export share of GDP is approximately 180%—it is not surprising that the main cause of the increase in economic volatility is a rise in the frequency and magnitude of exogenous shocks. These include the downswing in the global electronics industry in 1996–97, the Asian financial crisis in 1997–98, the burst of the information technology bubble in 2001, and the outbreak of the SARS respiratory disease in 2003. Such a close sequence of …
The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim
The Empirical Relationship Between Exchange Rates And Interest Rates In Post-Crisis Asia, Hwee Kwan Chow, Yoonbai Kim
Research Collection School Of Economics
In post-crisis Asia, all crisis-hit countries (except Malaysia) announced a shift from exchange rate based monetary policy framework to the explicit adoption of inflation targeting that uses interest rates as the key monetary policy operating instrument. In this study, we examine the empirical relationship between exchange rates and interest rates, and investigate how the dynamics between them have changed following the crisis. This is carried out by constructing a bivariate VAR-GARCH model for each of the four Asian crisis countries, namely Indonesia, Korea, Philippines and Thailand. The findings suggest these countries do not use interest rate policy more actively to …