International Economics Commons^™

Proliferation Of Tail Risks And Policy Responses In The Eu Financial Markets, Lucjan Orlowski

WCBT Faculty Publications

This study draws attention to the proliferation of tail risks in financial markets prior to and during the course of the recent global financial crisis. It examines the level of tail risks in selected equity, interbank lending and foreign exchange markets in selected EU Member States in relation to the United States. The extent of tail risks is assessed by applying general error distribution (GED) parameterization in GARCH volatility tests of the examined variables. The empirical tests prove that tail risks were pronounced across all of the examined European financial markets throughout the crisis. They were also significant prior to …

The Impact Of Monetary Regimes On International Trade Are Eu Experiences Relevant For Asia?, Apanard P. Angkinand, Clas Wihlborg

Business Faculty Articles and Research

We extend much research that has been devoted to the effects of the European Monetary Union (EMU) on international trade by introducing monetary regime variables in bilateral export equations with the objective of capturing the effects on trade of changes in monetary regimes relative to the pure EMU effects. To make the analysis relevant from an Asian perspective trade effects of the EU’s internal markets are also separated from EMU effects. To identify these different effects we include three groups of countries in our sample: EMU countries which are also members of the EU, EU countries outside the EMU and …

Capm In Up And Down Markets: Evidence From Six European Emerging Markets, Jianhua Zhang, Clas Wihlborg

Business Faculty Articles and Research

The pricing of equity in six European emerging capital markets is analysed using both the conventional CAPM and a ‘conditional’ CAPM wherein up and down markets are separated. International influences on the stock markets are also analysed. The empirical evidence from a sample of 1,131 firms from the six markets indicates that there exists a significant relationship between beta and returns when up and down markets are separated. The international CAPM performs well in some markets that have become increasingly integrated with the world market. The general implication of the analysis is that beta can be a useful risk-measure for …

Exchange Rate Pass Through Into Domestic Prices In Mainland China, Xiangyu Zhang

Theses : Honours

The present study sets up an empirical framework to study the exchange rate pass through (ERPT) issue in China's domestic markets, within the Chinese economic reform period from 1978 till present. The results show a relative low degree of pass-through to consumer and retail prices, but high degree of pass-through to producer and purchasing prices. It suggests that the degree of ERPT tends to diminish along the price chain. In addition, the results also show an increasing trend of the degree of ERPT in recent years. The speed of price reaction to exchange rate shocks may be quicker in recent …

Rxr Rulc Typed Notes And Model Results, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. (2002). Full exchange rate and balance of payments model. Unpublished manuscript.
• Shaikh, A. (2009). Real exchange rate vs. adjusted relative real unit labor costs and covered interest rate differentials. Unpublished manuscript.
• Shaikh, A. (2009). Least squares estimations of deviations of the terms of trade from rescaled relative unit labor costs. Unpublished manuscript.
• Shaikh, A. (2009). Tests of uncovered interest parity versus the classical relative price hypothesis: Exchange rate changes and real interest differentials. Unpublished manuscript.
• Shaikh, A. (2010). United States and Japan macroeconomic cointegration analysis, unit root tests, and error correction …

Globalization And International Development: Critical Issues Of The 21st Century, Sisay Asefa Editor

Upjohn Press

These papers address globalization issues with a special emphasis on its impact on poverty. Advances in transportation and telecommunications with instantaneous information and communication flows requires new approaches given the wide differences in cultures, political systems, languages, and ethnicities. Extreme variation in the international distributions of wealth, income, and poverty remain as enormous social problems to be addressed. In general, the contributors recommend expanding the flows between countries to accelerate growth and reduce inequalities. These flows include international trade and capital, migration, remittances, and foreign aid. But in addition to these hard commodities and dollars, there are flows of ideas, …

Rulc Rxr Econometrics, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes:

• Shaikh, A. Rule exchange rate and real exchange rate econometrics and stationarity analysis.
• Elliott, G., Rothenberg, T. J., & Stock, J. H. Efficient tests for an autoregressive unit root.
• Ng, S., & Perron, P. Lag length selection and the construction of unit root tests with good size and power.
• Pesaran, M. H., Shin, Y., & Smith, R. J. Bounds testing approaches to the analysis of level relationships.
• Shaikh, A. Gretl statistical regression software outputs for terms of trade and unit labor cost models.
• Shaikh, A. Simulated terms of trade, relative unit labor …

Pricing Bond Yields In The European Bond Market, David Cook

CMC Senior Theses

This paper analyzes macroeconomic factors and their effect on 2-year government bonds of 11 countries in the European Monetary Union. I specifically looked at how a simultaneous budget and trade surplus effect a country's bond yield spread relative to Germany's bond yield. My model showed that double surplus countries have a larger yield spread than countries that do not have a double surplus.

The Consequences Of Increasing Ocean Acidification On Local And Global Fishing Industries, Alyson N. Stark

CMC Senior Theses

As human activities continue to generate accelerating levels of carbon dioxide emissions, the world’s oceanic resources are threatened by variability in seawater chemistry, known as ocean acidification. Recent increases in atmospheric carbon dioxide have resulted in decreased carbonate ion concentrations and ocean pH levels, leading to increasingly acidic waters. The exact consequences of these chemical changes on ecosystems and individual species are difficult to predict; however, research has shown that economically valuable calcifying species will experience reduced reproductive fitness and population declines. Ocean acidification, therefore, poses an immediate risk to both fish stocks and fishery industries. From a local perspective, …

Integrated Overview, Case-Studies And Analysis: Income Inequality In Latin America, Post-1980, Aaron R. Campbell

CMC Senior Theses

This thesis provides an integrated overview on the historical and contemporary literature dedicated to the study of within-country income inequality in Latin America.

The central hypothesis of this report is that there are underlying factors that drive the persistent levels of high within-country inequality experienced by Latin American countries. We study two countries, Brazil and Bolivia, through the process of reform and growth, and note the effects on the labor markets.

Using all available statistics and the wealth of knowledge compiled since the early 1980s, this study identifies those trends, and the factors that cause them to reappear in numerous …

Rights & Interests: Trade & Disputes, Howard Guille

Human Rights & Human Welfare

A review of:

Trade Imbalance: The Struggle to Weight Human Rights Concerns in Trade Policy-Making. By Susan Ariel Aaronson & Jamie M. Zimmerman. New York: Cambridge University Press, 2008. 337pp.

and

Public Values & Public Interest: Counterbalancing Economic Individualism. By Barry Bozeman. Washington, DC: Georgetown University Press, 2007. 219pp.

and

The Impact of the WTO: The Environment, Public Health & Sovereignty. By Trish Kelly. Northampton, MA: Edward Elgar, 2007. 220pp.