Finance Commons^™

The Role Of Non-Interest Banking In National Economic Development, Hakeem Ishola Mobolaji

Bullion

The paper examines non-interest Banking model that operates devoid of interest in lending, financing, deposit-taking and all forms of financial intermediation. Hence, the bank becomes an important financial institution for enhancing growth and development in an economy. The article is divided into five section, the first being the introduction, section two contains the conceptual framework, three highlights non-interest banking in Nigeria and four concludes the paper.

On Equitable Social Welfare Functions Satisfying The Weak Pareto Axioma Complete Characterization, Ram Dubey, Tapan Mitra

Department of Economics Faculty Scholarship and Creative Works

The present paper examines the problem of aggregating infinite utility streams with a social welfare function that respects the Anonymity and Weak Pareto Axioms. The paper provides a complete characterization of domains (of the one period utilities) on which such an aggregation is possible. A social welfare function satisfying the Anonymity and Weak Pareto Axioms exists on precisely those domains that do not contain any set of the order typeof the set of positive and negative integers. The criterion is applied to decide on possibility and impossibility results for a variety of domains. It is also used to provide an …

Money, Bargaining, And Risk Sharing, Nicolas L. Jacquet, Serene Tan

Research Collection School Of Economics

We investigate the dual role of money as a self-insurance device and a means of payment when perfect risk sharing is not possible, and when the two roles of money are disentangled. We use a variant of Lagos–Wright (2005) where agents face a risk in the centralized market (CM): in the decentralized market (DM) money’s main role is as a means of payment, while in the CM it is as a self-insurance device. We show that state-contingent inflation rates can improve agents’ ability to self-insure in the CM, thereby improving the terms of trade in the DM. We then characterize …

Research On The Impact Of Container Freight Derivatives On Shipping, Zhenle Shen

World Maritime University Dissertations

No abstract provided.

An Investigation Of Shipping Derivatives Based On Risk Evaluation, Sheng Yang

World Maritime University Dissertations

No abstract provided.

Research On Capacity Development Plan Of Wenzhou Shipping Company, Xinlei Chen

World Maritime University Dissertations

No abstract provided.

Study On Ship Investment Risk : Uo Company As An Example, Yichen Chen

World Maritime University Dissertations

No abstract provided.

Process Optimization In Freight Forwarding Industry, Xiaohua Shi

World Maritime University Dissertations

No abstract provided.

Liner Shipping Lane Planning From Shanghai Port To Guangzhou Port Of Shanghai Baoyin Shipping Co., Ltd, Zhujun Zhou

World Maritime University Dissertations

No abstract provided.

Marketing Model Of Freight Forwarding Basing On Information Technology, Yang Li

World Maritime University Dissertations

No abstract provided.

The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company, Ying Zheng

World Maritime University Dissertations

No abstract provided.

Three Essays On Opacity, Corporate Governance, And Credit Ratings, Yiwen Gu

Graduate Theses and Dissertations

In the first essay, utilizing a more recent and expanded 20-year sample 1991-2010 of dual-rated bonds issued, I confirm Morgan's (2002) finding that banks are relatively more opaque than nonbanks. The likelihood of a rating split is higher, and the magnitude of the rating gap is larger, for banks than nonnbanks. Moreover, rating agency disagreements are more significant for banks with relatively higher loan and trading securities holdings and maintain lower capital, and for banks engaged in mortgage securitization. Importantly, I find that rating agency disagreements reflect market proxies of information uncertainty. Further, opacity makes external financing more costly. Equity …

An Impact Evaluation Of U.S. Arms Export Controls On The U.S. Defense Industrial Base An Interrupted Time-Series Analysis, Aaron Condron

HIM 1990-2015

The United States Defense Industrial Base (USDIB) is an essential industry to both the economic prosperity of the US and its strategic control over many advanced military systems and technologies. The USDIB, which encompasses the industries of aerospace and defense, is a volatile industry - prone to many internal and external factors that cause demand to ebb and flow widely year over year. Among the factors that influence the volume of systems the USDIB delivers to its international customers are the arms export controls of the US. These controls impose a divergence from the historical US foreign policy of furthering …

Anatomy Of A Financial Center's Global Competitiveness In The Context Of Michael Porter's Model Of National Competitive Advantage A Theoretical Analysis, Josef Joachim L. Magpantay

HIM 1990-2015

Throughout history, a number of financial centers have risen and fallen. While the significance of some centers have deteriorated, a small number of centers have emerged as today's leading financial centers by meeting a specific set of necessary conditions needed to successfully address the growing financial needs of the regions they are located. Furthermore, an even smaller number of financial centers have been able to sustain and expand their initial dominance in the financial industry by continuously satisfying a more focused set of conditions and factors. This thesis focuses on adapting Michael Porter's Diamond Model in determining, clustering, and expanding …

Impact Of Agricultural Profitability, Productivity And Interest Rate On Farmland Value For Selected U.S. And Slovak States, Maria Majerhoferova

Graduate Theses and Dissertations

This thesis examines agricultural factors which may have impact on agricultural land values. Based on theory, three primary factors are considered to have an impact on land value: agricultural productivity, agricultural profitability and interest rate. The study is of two countries: the US, where data are from 16 states and Slovakia with 6 states. The ten-year period from 2000 until 2009 is used in the analysis. A capitalization model is used to estimate the relationship between agricultural productivity, profitability and interest rate and land value. Three types of agricultural land are used: cropland and its value in relationship with crops, …

Grey Market For Indian Ipos: Investor Sentiment And After-Market Performance, Chandrasekhar Krishnamurti, Tiong Yang Thong, Vishwanath Ramanna

Research Collection Lee Kong Chian School Of Business

Extant research on developed markets shows that investor sentiment is a prominent feature in IPO grey markets. There is sparse work in the context of emerging markets. We fill this lacuna by studying the working of the Indian IPO market. We consider this work interesting and relevant for the following reasons. First, grey market trading always involves short-selling as securities are not yet available. Since legal and institutional environment is less developed in emerging markets, the functioning of grey markets is of interest to policy makers and financial economists. Second, retail investors participate to a greater extent in IPOs of …

Testing For Multiple Bubbles, Peter C. B. Phillips, Shu-Ping Shi, Jun Yu

Research Collection School Of Economics

Identifying explosive bubbles that are characterized by periodically collapsing behavior over time has been a major concern in the literature and is of great importance for practitioners. The complexity of the nonlinear structure in multiple bubble phenomena diminishes the discriminatory power of existing tests, as evidenced in early simulations conducted by Evans (1991). Multiple collapsing bubble episodes within the same sample period make bubble diagnosis particularly difficult and complicate attempts at econometric dating. The present paper systematically investigates these issues and develops new procedures for practical implementation and surveillance strategies by central banks. We show how the testing procedure and …

Specification Sensitivities In Right-Tailed Unit Root Testing, Shu-Ping Shi, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

Right-tailed unit root tests have proved promising for detecting exuberance in economic and financial activities. Like left-tailed tests, the limit theory and test performance are sensitive to the null hypothesis and the model specification used in parameter estimation. This paper aims to provide some empirical guidelines for the practical implementation of right-tailed unit root tests, focusing on the sup ADF test of Phillips, Wu and Yu (2011), which implements a right-tailed ADF test repeatedly on a sequence of forward sample recursions. We analyze and compare the limit theory of the sup ADF test under different hypotheses and model specifications. The …

Marketing Margins Of Strawberries 2006-2010 Shipping Point-Terminal-Retail Price, Matej Mikle Barat

Graduate Theses and Dissertations

This thesis examines vertical price relationships for fresh strawberries. Specifically, the focus is on three stages of the vertical chain. The first stage is the shipping point. Shipping points represent major strawberry production regions and are the closest price point to the farm. The second stage is the terminal market. Terminal markets are wholesale markets in major US cities. The third stage is the retail level. Retail level prices are measured as average supermarket prices in the same cities for which terminal market prices are available. Using weekly data, markup equations are estimated from upstream to downstream levels of the …

Maximising Benefits, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The recent moves to devolve some of the functions and responsibilities of the federal government to the provinces through the 18th Amendment and the decision of the National Finance Commission (NFC) to allocate a larger portion of divisible tax pool to the provinces are highly commendable. These steps have the potential to overcome some of the structural difficulties and micro-economic distortions that have been keeping Pakistan as an underachiever economically and socially. In a multi-ethnic and multi-linguistic society, with one of the federating units being much advanced and enjoying political dominance, de-concentration of powers and equitable sharing of resources among …

Mexico Consensus Economic Forecast, Volume 14, Number 3, Thomas M. Fullerton Jr., Adam G. Walke

Departmental Papers (E & F)

No abstract provided.

From Boom To Doom To Boom: Offshore Financial Centres And Development In Small States, Richard Woodward

Articles

During the 1990s tax havens and offshore financial centres (OFCs) were subject to a string of initiatives designed to raise their tax and regulatory regimes to accepted international standards. Many commentators forecast that this would lead to the demise of OFCs, a worry for the many small states whose economic well being depended heavily on the provision of offshore financial services. Despite this regulatory onslaught many small state OFCs have prospered in the new millennium. This paper seeks to explain this apparent paradox by arguing that (1) international initiatives were riddled with loopholes and exceptions that have been gleefully seized …

Does Inflation Targeting Matter For Output Growth? Evidence From Industrial And Emerging Economies, Andre V. Mollick, Rene Cabral, Francisco G. Carneiro

School of Economics and Finance Faculty Publications

This paper examines the effects of inflation targeting on industrial and emerging economies’ output growth over the “globalization years” of 1986-2004. Controlling for trade openness and two indicators of financial globalization, the authors find systematic positive and significant effects of inflation targeting on real output growth. In dynamic models, the findings show strong output persistence in industrial economies, in which partial and full inflation targeting regimes have a positive long-run impact on growth. In emerging markets, only full inflation targeting policies have any output effect in the long-run. The results suggest that strict inflation targeting is needed to make the …

Improving Bank's Attitude Towards Financing The Small And Medium Enterprises (Smes) : A Case For Malaysia., Susana Mohd Nasir

Student Works (2010-2019)

This study examines the relationship between bank’s attitude and access to financing for SME companies for Malaysian local banks. It is evidence that large part of the private sectors consist of SMEs in Malaysia. The role of SMEs in economic growth has become more important than ever in line with the government envisioned New Economic Model. There is substantial evidence that SMEs face larger growth constraints and have less access to financing. Using data collected from lending officers from local banks, we examine the banks practices in evaluating the SME financing. We found that banks attitude affects SME access to …

Budget 2011–2012: All Eyes On The Centre, But Provinces Matter Too, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The budget announced yesterday did not contain any surprises and was, as usual, an accounting statement of the revenues and expenditures of the federal government.

In so far as the content of economic policies and institutional changes was concerned, it made four departures from the past.

First, the federal excise duties are going to be phased out in the next three years and a beginning has been made in this year’s budget. Second, the exemptions and concessions in the tax regime available for a wide variety of activities without any coherence are being abolished, minimising some of the distortions and …

Ecowas Single Currency By Year 2020: The Need For Timely And Reliable Data To Enhance The Achievement Of The Convergence Criteria, Olorunyomi L. Akinboyo

Bullion

The issue of single currency in West Africa has long been on the agenda of the political and monetary authorities since the inception of ECOWAS in 1975. The principal aim of economic and monetary integration effort was to expand intra-community trade. As obtained in other regional blocks especially in the euro area where a single currency the, 'Euro' is used. ECOWAS identified a number of impediments to the development of inter-regional trade. which include multiplicity of currencies, widespread controls and restrictions on exchange transactions. Consequently, member central banks and other relevant agencies adopted brood and diverse set of statistical data, …

A Martingale Approach For Testing Diffusion Models Based On Infinitesimal Operator, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

I develop an omnibus specification test for diffusion models based on the infinitesimal operator. The infinitesimal operator based identification of the diffusion process is equivalent to a “martingale hypothesis” for the processes obtained by a transformation of the original diffusion model. My test procedure is then constructed by checking the “martingale hypothesis” via a multivariate generalized spectral derivative based approach that delivers a  asymptotical null distribution for the test statistic. The infinitesimal operator of the diffusion process is a closed-form function of drift and diffusion terms. Consequently, my test procedure covers both univariate and multivariate diffusion models in a unified …

The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez

Research Collection Lee Kong Chian School Of Business

The buzz around sovereign wealth funds has been turned down a notch, but they remain a hot topic. The accusations of sovereign wealth funds having hidden agendas remain, but with the very public losses suffered by some during the recent financial turmoil, such talk has even less credibility. And given that most of those losses were from investments in US, UK, and European financial institutions, hope that sovereign wealth funds would be the saviors of Wall Street has also faded. At its base, four trends continue to keep sovereign wealth funds in focus. First, there is the phenomenal rise of …

Recent Developments In European Bank Competition, Juliana Yu Sun

Research Collection School Of Economics

This paper investigates the degree of bank competition in the euro area, the U.S. and U.K. before and after the recent financial crisis, and revisits the issue whether the introduction of EMU and the euro have had any impact on bank competition. The results suggest that the level of bank competition converged across euro area countries in the wake of the EMU. The recent global financial crisis led to a fall in competition in several countries and especially where large credit and housing booms had preceded the crisis...

Ole, Ole… Oh No? The Economic And Social Impacts The Fifa World Cup Has On Its Host Countries And How South Africa, The 2010 Host, May Be Affected, Colleen A. Schohl

Honors Theses

Research has not shown any proven long-term positive economic impacts directly resulting from hosting the FIFA World Cup; however, the intangible "feel good" factor has been hypothesized to bring positive effects to a country and its individual residents. This is one variable that has shown to have some positive effect on a host country, but its benefit is usually short-lived and commonly overlooked by researchers (Kavetsos and Szymanski, 2010). If questions on how to measure this factor could be answered, researchers would better be able to address the overall economic impact. Based on analysis of the South African economy, South …