International Economics Commons^™

Trade Integration, Income Divergence, And Global Imbalances, Haiping Zhang

Research Collection School Of Economics

We embed financial frictions and sector-specific minimum investment requirements (MIR) in a two-factor, two-sector, overlapping-generation model and showthat whether trade integration leads to convergence of the income levels among member states depends on their level of financial development. It helps reconcilethe mixed empirical evidence on trade integration and income dynamics in differentgroups of countries from the institutional perspective. In the recent decades, trade globalization has allowed developed countries to specialize towards the high-MIR, high-return production stages and tasks through international fragmentation of production and global sourcing. In our model, the “sectors” can be interpreted broadly as production stages and tasks. …

On Emerging Asia-Pacific Equity Markets From The Perspective Of The Dynamics Of Mean And Volatility Spillovers, Li Xu

FIU Electronic Theses and Dissertations

This dissertation investigates the dynamics of mean and volatility spillovers from the U.S. and three large (regional) Asia-Pacific stock markets to ten small (local) ones from June 2008 to May 2013.

After a brief introduction to the main purposes and contributions of my research in Chapter 1, I examine the impact of lagged American and regional returns on the local markets in Chapter 2. By building up a univariate autoregressive model and treating lagged U.S. and regional returns as exogenous variables, I find that the local markets have statistically significant exposure to lagged returns of their own and the U.S. …

Remittances Without Borders, Tan Swee Liang, S. N. Venkataramanan, Anil Kishora

Research Collection School Of Economics

A Pan-Asian Mobile Remittance Platform might just be the next big disruption in global remittances. One out of every 28 people lives in a country that they were not born in. As migrants, they are estimated by The World Bank to send home US$636 billion in 2017, with three-quarters remitted to developing countries. These remittances form a significant percentage of the Gross Domestic Product (GDP) of many of these developing countries. Given their magnitude and contribution to national economies, even a small reduction in remittance cost adds billions to these local economies. Mobile-to-mobile cross border remittances have recently shown that …

Mexico Consensus Economic Forecast, Volume 18, Number 4, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

Greece Caught In Death Spiral, Augustine H. H. Tan

Research Collection School Of Economics

The country is trapped between twin evils akin to the sea monsters Scylla and Charybdis that threatened Odysseus' voyage.

Role For Singapore In Mobile Phone Remittances, Tan Swee Liang, Singanallore Narayanan Venkataramanan, Anil Kishora

Research Collection School Of Economics

As sending money home this way takes off, the country can provide a Pan-Asian platform

Mexico Consensus Economic Forecast, Volume 18, Number 3, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

Is There A Future For The Euro?, Augustine H. H. Tan

Research Collection School Of Economics

A Greek exit could spell the euro zone's disintegration. The Greek referendum last Sunday resoundingly backed its embattled government over its tortuous negotiations with the Troika of the European Central Bank (ECB), the European Union (EU) and the International Monetary Fund (IMF). Greece is now back at the negotiating table, which may ease the terms of loan repayment and lighten the reforms demanded or it may lead to a Grexit.

Greece Caught In Death Spiral, Augustine H. H. Tan

Research Collection School Of Economics

The country is trapped between twin evils akin to the sea monsters Scylla and Charybdis that threatened Odysseus' voyage.

Small Firms And Domestic Bank Dependence In Europe's Great Recession, Mathias Hoffmann, Bent E. Sorensen

Mathias Hoffmann

The paper studies the role of small businesses (SME) in the transmission of the Eurozone crisis to member countries and whether regions or countries with many SMEs were less able to share risk. Our analysis draws attention to domestic bank dependence---defined as the share of domestic private credit originated by domestic banks---as a key variable modulated the impact of shocks on bank-dependent SMEs and thus on the real economy. We argue that Eurozone banking integration in the years after the creation of the single currency was lopsided in the sense that, until 2008, cross-border lending between banks increased markedly while …

Three Essays On Capital Regulations And Shadow Banking, Diny Ghuzini

Dissertations

The shadow banking sector is a sector that is comprised of financial intermediaries that do not have access to central bank funds and performs their activities outside the regular banking system. This sector had been rapidly growing in most developed economies. This dissertation focuses on the behavioral difference and interaction of the traditional and shadow banking sectors as displayed by the relative asset position of both sectors, their risk-taking positions, and their business-cycles properties.

The first essay examines the impact of minimum capital requirements on the share of shadow to total banking assets. Previous literature has argued that increased regulation …

Gender Bias In Microlending: Do Opposites Attract?, Kanyinsola Adepoju

Master's Theses

This study exploits a quasi-random assignment of clients to loan officers using a unique database and survey from a large microfinance bank in Nigeria to show that opposite-sex preferences affect credit demand and supply. We find that clients matched to loan officers of the opposite gender are more likely to receive credit and are more likely to return for an additional loan with the credit lender.

Mexico Consensus Economic Forecast, Volume 18, Number 2, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

China's Yuan: Asia's Future Anchor Currency?, Hwee Kwan Chow

Research Collection School Of Economics

The yuan is becoming more widely used in pricing and settling intra-regional trade and investment. Asian currencies' movements are likely to shift more in tandem with the yuan, leading to it becoming one of Asia's lead currencies. Singapore is now the world's second-most- important offshore yuan trading hub after Hong Kong.

The Gettysburg Economic Review, Volume 8, Spring 2015

Gettysburg Economic Review

No abstract provided.

Mexico Consensus Economic Forecast, Volume 18, Number 1, Thomas M. Fullerton Jr., Adam G. Walke

Border Region Modeling Project

No abstract provided.

The Cape Town Convention’S Improbable-But-Possible Progeny Part Two: Bilateral Investment Treaty-Like Enforcement Mechanism, Charles W. Mooney Jr.

All Faculty Scholarship

This Essay is Part Two of a two-part essay series that outlines and evaluates two possible future international instruments. Each instrument draws substantial inspiration from the Cape Town Convention and its Aircraft Protocol (together, the “Convention”). The Convention governs the secured financing and leasing of large commercial aircraft, aircraft engines, and helicopters. It entered into force in 2006. It has been adopted by sixty-six Contracting States (fifty-eight of which have adopted the Aircraft Protocol), including the U.S., China, the E.U., India, Ireland, Luxembourg, Russia, and South Africa.

This Part of the Essay explores whether an investor-state dispute settlement (ISDS) feature …

World Bank, Agriculture And Policy: A Case Study In Ghana And Ethiopia, Steven Margel

Dissertations and Theses

This thesis tests the effectiveness of the World Bank’s agricultural-aid policy by examining case studies in Ghana and Ethiopia in the period of 2000-2010. Each study examines the policy context, project/program success, overall human development results, and threats to sustainability, of agricultural aid. The primary hypothesis of the paper is that participatory processes and inclusive institutions will prove to be decisive factors. Each case is tested against this political view of aid in addition to three additional images (Destructive, Ineffective, Effective Technical), in order to ensure a comprehensive review.

The Ghana case showed a lack of participation in forming the …

Los Procesos De Bancarización Y Su Alcance En El Desarrollo Humano: Un Análisis Para Los Países De La Alianza Del Pacifico 2007 2012, Jorge Armando Moreno Agudelo, Víctor David Bonilla Najar

Finanzas y Comercio Internacional

El actual documento presenta una revisión teórica del fenómeno de bancarización como herramienta institucional público - privada para fomentar la inclusión financiera en las personas habitantes de los países miembros de la alianza pacifico (Colombia, Chile, Perú y México), se desarrollan los principales programas nacionales que buscan que un mayor número de personas accedan al sistema financiero, lo conozcan y usen sus servicios buscando mejorar su calidad de vida medida a través del índice de desarrollo humano (IDH), compuesto por educación, ingreso y esperanza de vida, la hipótesis fundamental del trabajo afirma que una masificación geográfica de la banca comercial …

Efectos Del Comercio Exterior En El Crecimiento Económico Del Grupo Denominado Bric, Brasil, Rusia, India Y China En Los Años 1997 2012, Cindy Estefanía Monroy Díaz, Paula Stephanie Vergara Torres

Finanzas y Comercio Internacional

Con el objetivo de contribuir al debate de los BRIC, se presenta la siguiente monografía titulada “Efectos del comercio exterior en el crecimiento económico del grupo denominado BRIC (Brasil, Rusia, India y China) en los años 1997-2012”. A partir de un análisis de las dinámicas comerciales de cada país objeto de estudio, en contraste con el crecimiento económico en un periodo de 16 años, se comprueba de manera histórica la evolución y el alcance en materia comercial de países que se catalogan actualmente como economías emergentes. Seguido de esto, por medio de una adaptación del índice de Grubel & Lloyd …

Análisis De La Volatilidad De Las Tasas De Interés Frente A Crisis Económicas En Países Emergentes Caso Comparativo Entre Brasil Y Colombia 1993-2013, Jorge Mario Salcedo Mayorga, Juan Leonardi Ramírez Granados

Finanzas y Comercio Internacional

Colombia y Brasil como economías emergentes son susceptibles a los choques internacionales que se puedan presentar, generando volatilidad en el comportamiento de sus variables económicas, este estudio busca analizar cuál es el comportamiento de las tasas de interés de captación de ambos países frente a choques externos, tomando como referencia la tasa DTF para Colombia y CDB para Brasil a través de la estimación de modelos econométricos, en el periodo comprendido entre 1993 y 2013. Los resultados muestran que es necesario dividir la serie en dos partes cuando existe un cambio de régimen cambiario (año 2000 para Colombia y 1999 …

Malaysian Equities: A Sector Analysis Of Risk And Normality, Robert J. Powell

Research outputs 2014 to 2021

This study uses Value at Risk (VaR) and Conditional Value at Risk (CVaR) metrics to measure the relative riskiness of sectors for Malaysian equities. VaR is a widely used volatility measure, but only measures risk below a specified threshold, whereas CVaR looks at risk beyond that threshold. The study finds that the relative risk of sectors changes with changing economic circumstances as measured by VaR, but remains significantly the same as measured by CVaR. Parametric (normally distributed) measures of VaR are compared to nonparametric measures, and it is found, consistently across all sectors, that parametric measures are not suitable measures …

Retornos De Los Activos Del Mercado Accionario Colombiano En El Periodo 2008-2014: Valoración A Través De Los Modelos Apt Y Apt Modificado En Contraste Con Capm, María Alejandra Arias Duarte, María Fernanda Naranjo Rodríguez, Jenniffer Natalia Rojas Franco

Finanzas y Comercio Internacional

La presente monografía tiene como objetivo estimar los retornos de los activos del mercado accionario colombiano en el periodo 2008 - 2014 a partir de la metodología APT y APT modificado en contraste con CAPM teniendo en cuenta los principales activos de la economía colombiana con el fin de contrastar modelos de análisis financiero, y por consiguiente el análisis de la canasta de COLCAP. En el desarrollo del presente trabajo se evidencia los antecedentes de investigación tanto a nivel nacional como internacional que fueron utilizados como base para el desarrollo de nuestra investigación, el marco teórico, fuente importante del desarrollo …

Sustainable Microfinancing: Improving Microenterprise's Traditional Measures Of Success, Stephen R. Watson

Graduate Research Papers

Microfinance has over three decades of experience serving the needs of the poor on earth. Unfortunately, academia and the secular world are divided on its effectiveness to lift the impoverished from the bottom of the economic pyramid. India is the focus of this paper, but measures of microfinace success are essentially universal. This paper examines the metrics used to evaluate programs and their benefit to India's poor. Current estimates find 2.8 billion people survive on less than $2 per day. Subsistence living impacts nutrition, shelter, sanitation, transportation and access to healthcare and education. India's caste system creates discrimination and overpopulation …