International Economics Commons^™

The Predictive Power Of Commodity Futures Prices On South American Equity Markets, Aadithyan Manivannan

Empirical Economic Bulletin, An Undergraduate Journal

The purpose of this paper is to examine the relationship between the futures United States futures market the returns on the South American stock market. In particular the paper focuses on three key commodities—industrial sugar, copper, and coffee. The study looks into methods to isolate the effect of the United States commodity market from the returns of the equity exchanges in both the United States and South America. Once isolated, the relationship between the selected commodities and South American stock market returns can be estimated through quantitative analysis.

European Integration And Anti-Money Laundering Cooperation, Allison Blauvelt

Claremont-UC Undergraduate Research Conference on the European Union

This paper compares European Union anti-money laundering (AML) efforts with international efforts in scope and intensity through an analysis of the timeline of AML cooperation in Europe from 1980 to 2012, showing the creation or adoption date for relevant organizations and legislation, referred to as actions. The actors include United Nations bodies, the Financial Action Task Force, the Council of Europe, and European Union bodies. This paper also comments on the utility of different European Union (EU) integration theories in explaining the patterns in cooperation. The key finding of this paper is that international AML cooperation operates in waves, with …

The Political Hindrances In Solving The European Sovereign Debt Crisis, C. Cole Fairbanks

Claremont-UC Undergraduate Research Conference on the European Union

Once revered as a progressive supranational success story, the European Union now faces excessive public debt, unemployment, and stagnation partly due to its flawed institutional design. This has become apparent in southern Eurozone countries like Portugal and Greece, which continue to suffer from strict austerity measures imposed by the International Monetary Fund, European Commission, and European Central Bank (Troika). This report examines the politics behind the European Sovereign Debt Crisis, including the rise of Eurosceptic populist parties. Furthermore, it analyzes austerity in southern Europe, the ‘moral hazard’ argument, and the German government’s reluctance to lead Europe out the crisis. This …

No Light At The End Of The Tunnel: Ideological And Systematic Causes Of Spain's Economic Paralysis, Taylor S. Shippen

Claremont-UC Undergraduate Research Conference on the European Union

Since 2008, Spain’s economy has suffered from an unemployment crisis. In response, voters elevated the Partido Popular (PP) to power in 2011 after becoming frustrated with the Partido Socialista Obrero Español’s (PSOE) lack of effective action. However, since the election of 2011, very little has changed in Spain’s stagnant economy. Unemployment remains high despite initially promising reforms in Spain’s labor market and a bailout for Spain’s larger banks in 2012 has done little to bring foreign investment back into the country. In this paper, I contend that the PP’s timid response to the unemployment crisis is the result of a …

Delayed Complementarity: How Schengen Area Membership Influenced German And Austrian Investment In Central And Eastern Europe, Romy L. Franks

Claremont-UC Undergraduate Research Conference on the European Union

This paper considers the mutually beneficial relationship of German and Austrian foreign direct investment (FDI) in Central and Eastern Europe (CEE) between 2004 and 2007, and the impact that the CEE states' belated membership in the Schengen Area had on further economic integration. It analyzes how excluding CEE member states from immediate membership in the Schengen Area upon their accession to the EU in 2004 and 2007 affected the economies of Germany, Austria, and the CEE member states. The paper argues that, in reviewing actual FDI and migration numbers following EU enlargements, fears over the potentially negative effects of labor …

History, External Influence And Political Volatility In The Central African Republic (Car), Henry Kam Kah

Journal for the Advancement of Developing Economies

This paper examines the complex involvement of neighbours and other states in the leadership or political crisis in the CAR through a content analysis. It further discusses the repercussions of this on the unity and leadership of the country. The CAR has, for a long time, been embroiled in a crisis that has impeded the unity of the country. It is a failed state in Africa to say the least, and the involvement of neighbouring and other states in the crisis in one way or the other has compounded the multifarious problems of this country. Some of these states have …

Masthead And Table Of Contents

Journal for the Advancement of Developing Economies

The Journal for the Advancement of Developing Economies (JADE) is sponsored by the Institute for the Advancement of Developing Economies (IADE). JADE is an academic journal that publishes research articles and case studies on innovation, entrepreneurship, and other social areas that will aid in the advancement of developing economies.

Assessment Of Land Use Dynamics And The Status Of Biodiversity Exploitation And Preservation In Nigeria, Abiodun Elijah Obayelu

Journal for the Advancement of Developing Economies

Land is the most important natural resource that affects every aspect of human life, while biodiversity constitutes the most important working component of a natural ecosystem. Land use and biodiversity are agricultural and ecological challenges presently facing Nigeria in her efforts at addressing the issue of agro-ecosystem transformation and sustainable land productivity. This study employed secondary sources of information to assess land reform act in Nigeria, the methodological framework to analyze the linkages between land use change and biodiversity, effects of land use on biodiversity, status of biodiversity and suggests ways to solving land use problems and biodiversity loss. Findings …

Ubiquitous Consumer-Centric System To Combating Product Counterfeiting And Boosting Entrepreneurship In Developing Economies, Kingsley C. Nwosu

Journal for the Advancement of Developing Economies

Counterfeiting has been a menacing problem to global economies; however, it has been more devastating to developing and under-developed countries as a result of its impacts on various aspects of the economic development and health conditions of those countries. The consequences are abundantly documented, evidential and troubling. In addition to the fact that counterfeiting results in distribution of fake, cheap, and substandard products, it has very dissuasive effects on the entrepreneurial fabrics of a society. As various governments and agencies attempt to combat the menace and mitigate the consequences, the perpetuators are becoming even more sophisticated and resolute – encouraged …

Determinants Of Non-Oil Export And Economic Growth In Nigeria: An Application Of The Bound Test Approach, Samson Adeniyi Aladejare, Abdulwahab Saidi

Journal for the Advancement of Developing Economies

The effects of the recent global economic crises on Nigeria’s economy have reaffirmed the urgent need for economic diversification in the country. Although no country is immune to such global crises, the over reliance on oil export revenue by Nigeria expose her economy excessively to external shocks. Therefore, this research examines the impact of aggregate non-oil sector and its determinant on economic growth. The bound test approach was explored to examine the long and short run effects of the non-oil export and its ensuing determinants. The result reveals a significant effect of non-oil export on economic growth in both the …

European Union And African Union: A Study Of Regionalism For Global Integration And Development, Soji Oyeranmi

Journal for the Advancement of Developing Economies

Scholars of international political economy have made remarkable inroad into the study of comparative integration endeavors across the globe. For examples, over the last few years, comparative studies of the North Atlantic Free Trade Area (NAFTA) and the European Union (EU) had been undertaken to reveal the factors that facilitated the success of each organization in their integration efforts at the regional level. Also a comparative study of the Asia Pacific Economic Cooperation (APEC) and the European Union has also been undertaken. However, very little effort has been made to reveal the impact or power of regionalism on African development. …

Santa Anna And His Black Eagle: The Origins Of Pari Passu?, Benjamin Chabot, Mitu Gulati

Faculty Scholarship

One of the most debated issues in international finance is the meaning of the pari passu clause in sovereign bonds. The clause is ubiquitous; it is in almost every single foreign-law sovereign bond out there. Yet, almost no one seems to agree on its meaning. One way to cut the Gordian knot is to track down the origins of the clause. Modern lawyers may have simply copied the clause from the documents of their predecessors without understanding its meaning. But surely the people who first drafted the clause knew what it meant. Four enterprising students at Duke Law School may …

From Pigs To Hogs, Stephen J. Choi, Mitu Gulati

Faculty Scholarship

The question of whether, and to what extent, markets price contract terms in government bond issues has been one of considerable debate in the literature. We use a natural experiment thrown up by the Euro area sovereign debt crisis of 2010-2013 to test whether a particular set of contract terms – ones that gave an advantage to sovereign guaranteed bonds over garden variety sovereign bonds – was priced. These contract terms turned out to be important for the holders of guaranteed bonds during the Greek debt restructuring of 2012, where they helped the holders of guaranteed bonds escape the haircut …

Three Essays On Cross-Border Mergers And Acquisitions, Derrick T. Jenniges

Theses and Dissertations--Economics

This dissertation consists of three essays on cross-border mergers and acquisitions (M&As). The first essay studies horizontal and vertical investments between Organization for Economic Cooperation and Development (OECD) countries, while the second essay examines how investment patterns vary by country development. The third essay estimates the effect of merger policy reform on cross-border M&A activity in Europe.

The first essay tests how well theories of horizontal and vertical foreign direct investment (FDI) explain observed patterns of cross-border M&As in OECD countries. Horizontal investment occurs when multinational firms produce in foreign countries to serve the foreign market, whereas vertical investment occurs …

Family Dynamics In Vietnam, Linh Vu

Economics Honors Papers

No abstract provided.

Food Imports Under Foreign Exchange Constraints In The Cfa’S Franc Zone Of Sub-Saharan Africa (Ssa), Seydina Ousmane Sene

Theses and Dissertations--Agricultural Economics

To respond to the high imported food prices in their domestic markets, net food importing countries in the Communauté Financière Africaine (CFA) zone^[1] are adjusting their import tariffs and homologate domestic prices of imported commodities such as rice, wheat, maize, and sugar. This research uses a multivariate specification of error correction model (VECM) of estimation to investigate the link between food imports, world price index of rice, wheat, maize and sugar, real effective exchange rates, domestic food production, GDP, and trade openness in the short and long run. The data are on each homogenous commodity from 1969 to 2012. …

Does U.S. Macroeconomic News Make Emerging Financial Markets Riskier?, Esin Cakan, Nadia Doytch, Kamal P. Upadhyaya

Publications and Research

This study analyzes the impacts of US macroeconomic announcement surprises on the volatility of twelve emerging stock markets by employing asymmetric GJR-GARCH model. The model includes both positive and negative surprises about inflation and unemployment rate announcements in the U.S. We find that volatility shocks are persistent and asymmetric. Asymmetric volatility increases with bad news on US inflation in five out of the twelve countries studied and it increases with a bad news on U.S. unemployment in four out of twelve countries. Asymmetric volatility decreases with good news about US employment situation in eight countries out of twelve countries. Such …

Attracting International Private Finance For African Infrastructure☆, Paul Collier

Journal of African Trade

Africa's trade is impeded by poor infrastructure. Inadequate transport infrastructure raises costs analogous to trade barriers, while inadequate power discourages investment. Yet Africa's infrastructure needs greatly exceed its capacity to finance them. There is therefore a need, and an opportunity, for substantial foreign private finance. However, to date, while private finance routinely finances infrastructure elsewhere in the world, in Africa it has been very limited. This article sets out the chain of impediments to scaling up private finance and suggests ways of addressing them.

The African Economic Partnership Agreements With The Eu: Reflections Inspired By The Case Of The East African Community☆, Jaime De Melo, Julie Regolo

Journal of African Trade

This paper appraises the likely effects of the Economic Partnership Agreement (EPA) between the East African Community (EAC) and the European Union (EU). Customs data are used to estimate the revenue and welfare effects of an EPA with and without an exception list. Revenue and welfare effects are rather small. The paper then discusses the benefits that would have occurred had the EAC-EU protocol on rules of origin been simplified and made more compatible with the multilateral trading system. An inclusion of services would have also helped achieve the objective of increased competitiveness in goods trade, while the time table …

The 1997 Asian Financial Crisis And Foreign Direct Investment (Fdi) Inflows To Asean Member Countries, 1995-2005, Rosalina Palanca-Tan

Economics Department Faculty Publications

In the late 1990s, ASEAN countries started to find it more and more difficult to lure foreign investors. While ASEAN was capturing about 8% of foreign direct investments (FDI) until the mid-1990s, this share dropped to only about 3% from the late 1990s until mid-2000s. This paper traced the trends and patterns of FDI flows to ASEAN during the years 1995-2005, a period that included the Asian financial crisis that started in July 1997, the years immediately preceding the crisis and the recovery years. The study examined the effects of the crisis on FDI inflows to ASEAN countries and their …

Transnational Marriage: Modern Imaginings, Relational Realignments, And Persistent Inequalities, Coralynn V. Davis

Faculty Journal Articles

In the context of shifting cultural anchors as well as unstable global economic conditions, new practices of intimacy and sexuality may become tactics in an individual’s negotiation of conflicting desires and potentials. This article offers reflection on the interface between global forces, powerful transcultural narratives, and state policies, on the one hand, and local, even individual, constructions and tactics in regard to sexuality, marriage, migration, and work, on the other. The article focuses on the life trajectory of Gudiya, an ambitious young Hindu woman who started out life with little social capital and few economic resources in a dusty corner …

Diplomacy & Negotiation, Liefke M. Cox

Master of Liberal Studies Theses

Over the course of history when women have been involved in the diplomatic, political, social, and economic structure of a country it has been found they are one of the key ingredients to building an effective and stable democracy. Investing in women strengthens the back bone of any society. Top CEO’s, such as Tupperware’s Rick Goings and Warren Buffett, have also publically supported this assumption. I argue that women in different societies have traits that have been instilled in them culturally which in turn translate directly to their ability to handle diplomatic situations and business negotiations. Societies, however intentionally or …

What Constitutes The Success Or Failure Of Multinational Corporations (Mncs) In Foreign Markets? A Case Study Of Chinese And American Mncs, Shiwei Jiang

Graduate Program in International Studies Theses & Dissertations

Scholars have identified multinational corporations (MNCs) as increasingly important and influential actors in international politics. However, mainstream international studies scholarship has failed to explain why MNCs succeed or fail in entering foreign markets. Market entry is a particularly vexing question for U.S. and Chinese firms seeking to compete for each other's consumers. As this study shows, surprising differences in success among U.S. firms in China, as well as Chinese firms in the U.S., suggest that statist and market factors interact with corporate strategies in confounding ways. Through case studies in the internet, automobile and fast food industries, this dissertation builds …

Reversing The Flood Of Forced Displacement: Shedding Light On Important Determinants Of Return Migration, Prakash Adhikari Ph.D., Wendy L. Hansen Ph.D.

Himalayan Research Papers Archive

Most current research on forced migration focuses on explaining patterns of displacement during armed conflicts and the role that social networks play in pulling people away from conflict torn areas. But what happens to displaced persons after a conflict ends? While many of these individuals are able to resettle in the place to which they fled during conflict, some individuals return to their places of origin while others remain in limbo. This research seeks to better understand behavior after flight. Using a rational choice framework, we theorize that people are strategic in their calculations of the costs and benefits of …

Differentiating Among International Investment Disputes, Julie A. Maupin

Faculty Scholarship

Can investor-state arbitration tribunals, which exercise jurisdiction over limited claims involving discrete parties, render awards that deliver individualized justice while also promoting systemic fairness, predictability and coherence? The answer, I argue, is a qualified yes – provided that the methods employed are tailored to the particular characteristics of each dispute. Using three well-known investment arbitrations as case studies, I illustrate that investor-state disputes vary widely in terms of their socio-legal, territorial, and political impacts. Significant variances along these three dimensions call for a differentiated approach to investor-state dispute resolution. I outline what such an approach might look like and analyze …

International Political Economy: How Does Freedom Correlate With Economic Success?, Trevis Harrold

Senior Honors Theses and Projects

It is thought by many that the size of a nation's economy determines the amount and kind of services that any individual in that nation can access. This paper explores how freedom affects a country's economic success in terms of GDP per capita. The conclusions are that the amount of freedom a country has, as determined by Freedom house measures, does have an effect on Gross Domestic Product per Capita.

Generally, the more freedom a country has the higher the GDP per capita is. Countries should promote and establish free regimes in order to have the best economic output. In …

The Rise Of Private Equity In China: A Case Study Of Successful And Failed Foreign Private Equity Investments, June Kim

CMC Senior Theses

China's transition from a planned economy to a market economy has brought about remarkably rapid economic growth. Year after year, China boasted of double-digit growth rates since the early 1990s. Attracted by China's so-called "economic miracle," foreign investors began entering the Chinese market hoping to benefit from the country's vast array of financial opportunities. Private equity, particularly a leveraged buyout, was an unfamiliar concept in China until late 1990s. Now China has become the most attractive destination among emerging markets for private equity investment. Global private equity firms are currently raising billions of dollars for funds focusing on China because …

The Liberalization Of Shibor And The Economic Fundamentals Of House Price Growth In China, Michael J. Mavredakis

CMC Senior Theses

This paper uses data collected from the National Interbank Funding Center of China, the People’s Bank of China, the National Bureau of Statistics, and Bloomberg starting in October 2006 through 2013 to test the economic fundamental’s affecting the housing market in Shanghai, particularly interest rates. This study finds that the 6- month duration Shibor has a negative and significant correlation with house price growth in Shanghai when lagged 4 months. The analysis continues by examining other economic fundamentals affecting house price growth, finding growth in inflation, the money supply and Shanghai real estate investment to have significant, positive relationships with …

Great Powers, The Persian Gulf, And Global Oil: A Comparative Analysis, Katerina Oskarsson

Graduate Program in International Studies Theses & Dissertations

Using original data, this study explores the changing capabilities of the United States, China, and Russia in the conflict-ridden Persian Gulf since 1980. It reveals what such shifts mean for American hegemony, the international distribution of capabilities in the region, relations among the great powers, and global oil security.

Foreign Direct Investment Led Growth And Its Determinants In Sub-Saharan African Countries, Tewodros Zerihun Demelew

Masters Theses

Despite FDI's growth in Sub-Saharan African (SSA) countries, the evidence from earlier studies on FDI led economic growth and key determinants of FDI in SSA countries have been inconclusive. This paper provides up-to-date evidence on the question: does FDI lead to economic growth? And if so, what are the key determinants of FDI growth in SSA countries? In this study we use three estimation approaches, OLS with robust standard errors (robust regression), multi-level random-effects regression, and fixed-effects regression. The multi-level and fixed-effects regression are aimed to help us control for within-country and between-country effects. Based on a panel dataset for …