Exchange Rate Volatility And Foreign Direct Investment In Sub-Saharan Africa,
2013
University of Cape Coast, Ghana
Exchange Rate Volatility And Foreign Direct Investment In Sub-Saharan Africa, Emmanuel Ekow Asmah, Francis Kwaw Andoh
Journal for the Advancement of Developing Economies
Foreign Direct Investment (FDI) is an important source of financing development. It enhances efficiency and raises skills of local manpower, facilitates transfer of technology, generates employment and promotes productivity resulting in broad welfare improvements. Although FDI could have a substantial impact on the growth of African economies, poverty reduction and the achievement of various dimensions of human development as articulated in the Millennium Development Goals, its flows to Africa, though growing steadily have been relatively low, volatile, and highly concentrated in a few countries. One of the factors that have been identified in the literature as key drivers of FDI …
Determinants Of Savings Rate In Rural Nigeria: A Micro Study Of Kwara State,
2013
University of Ibadan, Nigeria
Determinants Of Savings Rate In Rural Nigeria: A Micro Study Of Kwara State, Oluwakemi Adeola Obayelu
Journal for the Advancement of Developing Economies
The inability of households to save over time has significant influence on the rate of capital accumulation and economic growth in developing countries. In order to understand this trend, this research assesses savings rates and its correlates in rural Kwara state, Nigeria. A multistage sampling procedure was used to obtain data from 120 households. This was then analyzed using two descriptive statistics: the generalized linear model and the Tobit regression model. Results show that majority of the rural households were male-headed (81.0 percent) and combined farming with other non-farming activities (73.5 percent). The Tobit regression model reveals that age squared …
Estimation Of Monthly Volatility: An Empirical Comparison Of Realized Volatility, Garch And Acd-Icv Methods,
2013
Singapore Management University
Estimation Of Monthly Volatility: An Empirical Comparison Of Realized Volatility, Garch And Acd-Icv Methods, Shouwei Liu, Yiu Kuen Tse
Research Collection School Of Economics
We apply the ACD-ICV method proposed by Tse and Yang (2011) for the estimation of intraday volatility to estimate monthly volatility, and empirically compare this method against the realized volatility (RV) and generalized autoregressive conditional heteroskedasticity (GARCH) methods. Our Monte Carlo results show that the ACD-ICV method performs well against the other two methods. Evidence on the Chicago Board Options Exchange volatility index (VIX) shows that it predicts the ACD-ICV volatility estimates better than it predicts the RV estimates. While the RV method is popular for the estimation of monthly volatility, its performance is inferior to the GARCH method.
Three Essays On Local Government Debt,
2013
University of Kentucky
Three Essays On Local Government Debt, Robert Greer
Theses and Dissertations--Public Policy and Administration
The local government tax-exempt debt market is a growing, and complex, sector of public finance. As local governments turn to debt financing the factors that contribute to interest costs of that debt have become important considerations for local government officials and politicians. Governance at the local level involves a network of overlapping governments some of which share a tax base. This system of overlapping governments that share a tax base are subject to externalities that arise from taxation, expenditures, and debt. These externalities are usually analyzed in terms of tax or expenditure reactions, but there are implications for local government …
Cafio-Prg Develops Novel Approach To Policy Research,
2013
University of Nebraska-Lincoln
Cafio-Prg Develops Novel Approach To Policy Research, Konstantinos Giannakas
CAFIO: Policy Research Group Policy Pagers
The University of Nebraska-Lincoln has received a grant from the United States Department of Agriculture under the Policy Research Centers Program. This grant has supported the establishment of a Policy Research Group (PRG) as part of the Center for Agricultural and Food Industrial Organization (CAFIO) in the Department of Agricultural Economics. CAFIO-PRG is led by the Project Director, Professor Konstantinos Giannakas, and its main focus is on the development of a novel, empirically relevant, integrated, multi-market framework of policy analysis.
Consumer Attitudes And Labeling Regime Key To The Market Potential Of Food Nanotechnology,
2013
University of Nebraska-Lincoln
Consumer Attitudes And Labeling Regime Key To The Market Potential Of Food Nanotechnology, Miah Tran, Amalia Yiannaka, Konstantinos Giannakas
CAFIO: Policy Research Group Policy Pagers
Research shows that, even though most consumers lack knowledge and understanding of the technology, they nevertheless have strong opinions as to its potential risks and benefits. Advocates are determined to not repeat the mistakes of biotechnology. Understanding the factors determining the market acceptance of food nanotechnology and its potential impact on the different interest groups involved can inform the design of effective policies and strategies governing food nanotechnology innovations.
Country-Of-Origin-Labeling Creates Winners And Losers Among Consumers, Producers, And Retailers,
2013
University of Nebraska-Lincoln
Country-Of-Origin-Labeling Creates Winners And Losers Among Consumers, Producers, And Retailers, Konstantinos Giannakas, Alejandro Plastina, Daniel Pick
CAFIO: Policy Research Group Policy Pagers
Public Law 107-171, the United States Farm Security and Rural Investment Act of 2002, required country-of-origin labeling (COOL) for beef, lamb, pork, fish, perishable agricultural commodities, and peanuts. While the aim is to benefit domestic consumers by allowing them to make informed decisions, the effects of COOL have been the subject of a heated on-going debate. Advocates of COOL argue the existence of an “overwhelming” consumer support for country of origin information and benefits that substantially outweigh the costs of this labeling regime. Opposing groups have expressed concerns about the potential competitive disadvantage that non-integrated producers might face due to …
Consumer-Oriented Gm Products Can Hurt Producers,
2013
University of Nebraska-Lincoln
Consumer-Oriented Gm Products Can Hurt Producers, Konstantinos Giannakas, Rim Lassoued
CAFIO: Policy Research Group Policy Pagers
Despite their important agronomic benefits to agricultural producers, GM products (GMPs) have been facing a, rather strong, consumer opposition. This opposition varies significantly between countries and so does the countries’ regulatory response to products of biotechnology. While the US treats biotech products as substantially equivalent to their conventional counterparts and does not require their segregation and labeling, the European Union (EU), based on its “precautionary principle” and consumers’ “right to know,” has instituted a mandatory labeling regime that is regarded as the strictest in the world.
Food Labeling Standards Have Significant Welfare And Distributional Impacts,
2013
University of Nebraska-Lincoln
Food Labeling Standards Have Significant Welfare And Distributional Impacts, Konstantinos Giannakas, Nicholas Kalaitzandonakes, Alexandre Magnier
CAFIO: Policy Research Group Policy Pagers
Discussions on the appropriate regulatory norms for genetically modified (GM) foods date back to the early 1980s. Thirty years later, a consensus on what such norms should be remains elusive. Some countries, including the United States and Canada, consider GM foods substantially equivalent to their conventional counterparts and do not require segregation and labeling of these products. Others, including the European Union, Japan, South Korea, New Zealand, Australia, and China have introduced mandatory labeling regimes.
Empathy Nudging Increases Conservation Of Farming Land,
2013
University of Michigan-Dearborn
Empathy Nudging Increases Conservation Of Farming Land, Natalia V. Czap, Hans J. Czap, Gary D. Lynne, Mark E. Burbach
CAFIO: Policy Research Group Policy Pagers
One of the major challenges of environmental policy with regard to conservation is that it must often rely on voluntary and non-selfish actions of individuals. Traditionally policy makers rely on direct regulation and financial incentives, but both approaches face problems. Regulations may lead to resentment and the costs of perfect enforcement are prohibitively high. Financial incentives can be perverse and may lead to unintended consequences, including crowding out of intrinsic motivation. In addition, behavioral economics and economic psychology studies demonstrate that the assumptions of the neoclassical economic models (such as self-interest only, rationality, and willpower) on which the policy design …
2013 Farm Bill: An Experimental Test Of The Senate And House Proposals,
2013
University of Michigan-Dearborn
2013 Farm Bill: An Experimental Test Of The Senate And House Proposals, Natalia V. Czap, Hans J. Czap, Gary Lynne, Mark E. Burbach
CAFIO: Policy Research Group Policy Pagers
The 2008 Farm Bill currently guides agricultural and related environmental/conservation policy. Versions proposed by the United States Senate and the House of Representatives, to be implemented in the 2013 Farm Bill after differences are resolved, aim to achieve environmental (and other food related) goals, while also seeking significant spending cuts. While both versions propose to eliminate the Direct Payments program, they differ with respect to how other crop supports should work and whether crop insurance subsidies should be linked to conservation practices. The Senate Bill supports a policy design based on cross‐compliance, that is, crop insurance subsidies are conditional on …
How Many Barack Obamas Does It Take: An Analysis Of The Effect Of Charter Schools On Real Estate And Crime,
2013
Claremont McKenna College
How Many Barack Obamas Does It Take: An Analysis Of The Effect Of Charter Schools On Real Estate And Crime, Aananditaa Kakkar
CMC Senior Theses
This study looks at the relationship between charter school presence and neighborhood quality in Los Angeles. Using data from the Los Angeles Department of Education, Zillow Real Estate, and the Los Angeles Sheriff, this paper attempts to find whether changes in charter presence influence the price of surrounding real estate or the occurrence of serious and petty crimes. The results find that charter schools tend to be associated with a decrease in home sale prices. The results on crime imply that crime increases upon the opening of charter schools, however they are statistically insignificant.
Explaining The “Explained”: An Examination Of The Gender-Based Education Gap In India And Its Impact On The Wage Gap,
2013
Claremont McKenna College
Explaining The “Explained”: An Examination Of The Gender-Based Education Gap In India And Its Impact On The Wage Gap, Kanupriya Rungta
CMC Senior Theses
Analysis of the National Sample Survey Data from 2011-2012 shows that a gender-based education gap exists. Women are more likely than men to be illiterate. Some parents continue to view household duties as more important than education in the case of girls, causing some to drop out in primary and middle school, which leads to lower experience accumulation. However, females are almost equally as likely as males to be enrolled in school, and an equal proportion of males and females earn higher education degrees. More importantly, the difference in resource allocation seems to be minimal. Although education has a strong, …
State Level Earned Income Tax Credit’S Effects On Race And Age: An Effective Poverty Reduction Policy,
2013
Claremont McKenna College
State Level Earned Income Tax Credit’S Effects On Race And Age: An Effective Poverty Reduction Policy, Anthony J. Barone
CMC Senior Theses
In this paper, I analyze the effectiveness of state level Earned Income Tax Credit programs on improving of poverty levels. I conducted this analysis for the years 1991 through 2011 using a panel data model with fixed effects. The main independent variables of interest were the state and federal EITC rates, minimum wage, gross state product, population, and unemployment all by state. I determined increases to the state EITC rates provided only a slight decrease to both the overall white below-poverty population and the corresponding white childhood population under 18, while both the overall and the under-18 black population for …
The Price Discounts Of Chinese Cross-Listed Companies And Their Variation Across Sectors,
2013
Claremont McKenna College
The Price Discounts Of Chinese Cross-Listed Companies And Their Variation Across Sectors, Tom Guo
CMC Senior Theses
This study builds on the paper by Arquette, Brown, and Burdekin (2008) and asks whether the factors which they find to be significant in influencing the differential between the share prices of Chinese securities traded on their home market in Shanghai versus share prices observed offshore in Hong Kong and New York have varying degrees of influence when compared across industries. This paper focuses on Chinese companies listed on both the Shanghai and Hong Kong Stock Exchanges and finds that the proxy variables of expected exchange rate change, relative market sentiment, and relative company sentiment are significant in determining the …
Three Essays On Large Panel Data Models With Cross-Sectional Dependence,
2013
Singapore Management University
Three Essays On Large Panel Data Models With Cross-Sectional Dependence, Yonghui Zhang
Dissertations and Theses Collection (Open Access)
My dissertation consists of three essays which contribute new theoretical results to large panel data models with cross-sectional dependence. These essays try to answer or partially answer some prominent questions such as how to detect the presence of cross-sectional dependence and how to capture the latent structure of cross-sectional dependence and estimate parameters efficiently by removing its effects. Chapter 2 introduces a nonparametric test for cross-sectional contemporaneous dependence in large dimensional panel data models based on the squared distance between the pair-wise joint density and the product of the marginals. The test can be applied to either raw observable data …
Testing Conditional Independence Via Empirical Likelihood,
2013
Singapore Management University
Testing Conditional Independence Via Empirical Likelihood, Liangjun Su, Halbert White
Research Collection School Of Economics
We construct two classes of smoothed empirical likelihood ratio tests for the conditional independence hypothesis by writing the null hypothesis as an infinite collection of conditional moment restrictions indexed by a nuisance parameter. One class is based on the CDF; another is based on smoother functions. We show that the test statistics are asymptotically normal under the null hypothesis and a sequence of Pitman local alternatives. We also show that the tests possess an asymptotic optimality property in terms of average power. Simulations suggest that the tests are well behaved in finite samples. Applications to some economic and financial time …
Qml Estimation Of Dynamic Panel Data Models With Spatial Errors,
2013
Singapore Management University
Qml Estimation Of Dynamic Panel Data Models With Spatial Errors, Liangjun Su, Zhenlin Yang
Research Collection School Of Economics
We propose quasi maximum likelihood (QML) estimation of dynamic panel models with spatial errors when the cross-sectional dimension n is large and the time dimension T is fixed. We consider both the random effects and fixed effects models and derive the limiting distributions of the QML estimators under different assumptions on the initial observations. We propose a residual-based bootstrap method for estimating the standard errors of the QML estimators. Monte Carlo simulation shows that both the QML estimators and the bootstrap standard errors perform well in finite samples under a correct assumption on initial observations, but may perform poorly when …
Nonparametric Dynamic Panel Data Models: Kernel Estimation And Specification Testing,
2013
Singapore Management University
Nonparametric Dynamic Panel Data Models: Kernel Estimation And Specification Testing, Liangjun Su, Xun Lu
Research Collection School Of Economics
Motivated by the first differencing method for linear panel data models, we propose a class of iterative local polynomial estimators for nonparametric dynamic panel data models with or without exogeous regressors. The estimators utilize the additive structure of the first-differenced model, the fact that the two additive components have the same functional form, and the unknown function of interest is implicitly defined as a solution of a Fredholm integral equation of the second kind. We establish the uniform consistency and asymptotic normality of the estimators. We also propose a consistent test for the correct specification of linearity in typical dynamic …
Variable Selection In Nonparametric And Semiparametric Regression Models,
2013
Singapore Management University
Variable Selection In Nonparametric And Semiparametric Regression Models, Liangjun Su, Yonghui Zhang
Research Collection School Of Economics
This chapter reviews the literature on variable selection in nonparametric and semiparametric regression models via shrinkage. We highlight recent developments on simultaneous variable selection and estimation through the methods of least absolute shrinkage and selection operator (Lasso), smoothly clipped absolute deviation (SCAD) or their variants, but restrict our attention to nonparametric and semiparametric regression models. In particular, we consider variable selection in additive models, partially linear models, functional/varying coefficient models, single index models, general nonparametric regression models, and semiparametric/nonparametric quantile regression models.
