International Capital Flows With Limited Commitment And Incomplete Markets,
2011
University of Bonn
International Capital Flows With Limited Commitment And Incomplete Markets, Jürgen Von Hagen, Haiping Zhang
Research Collection School Of Economics
Recent literature has proposed two alternative types of financial frictions, i.e., limited commitment and incomplete markets, to explain the patterns of international capital flows between developed and developing countries observed in the past two decades. This paper integrates both types of frictions into a two-country overlapping-generations framework to facilitate a direct comparison of their effects. In our model, limited commitment distorts the investment made by agents with different productivity, which creates a wedge between the interest rates on equity capital vs. credit capital; while incomplete markets distort the investment among projects with different riskiness, which creates a wedge between the …
Out Of Sight, Out Of Mind: The Value Of Political Connections In Social Networks,
2011
Singapore Management University
Out Of Sight, Out Of Mind: The Value Of Political Connections In Social Networks, Quoc-Anh Do, Bang Dang Nguyen, Yen Teik Lee, Kieu-Trang Nguyen
Research Collection School Of Economics
This paper investigates the impact of social-network connections to politicians on firm value. We focus on the networks of university classmates and alumni among directors of U.S. public firms and congressmen. Using the Regression Discontinuity Design based on close elections from 2000 to 2008, we identify that a director’s connection to an elected congressman causes a Weighted Average Treatment Effect on Cumulative Abnormal Returns of -2.65% surrounding the election date. The effect is robust and consistent through various specifications, parametric and nonparametric, with different outcome measures and social network definitions, and across many subsamples. We find evidence to support the …
The Role Of Central Banks In Driving The Development Agenda,
2011
Institute of Business Administration, Karachi.
The Role Of Central Banks In Driving The Development Agenda, Ishrat Husain Dr.
Faculty Research - Book Chapters and Conference Papers
The recent global financial crisis that has caused serious dislocation to the economies of the developed countries (DCs) as well as the knock-on effects on the emerging and developing countries (EDCs) has raised a number of serious concerns. First, the role of the regulatory and supervisory agencies in carrying out their tasks has been seriously questioned. Second, the emergence of the shadow banking immune from the oversight indicates a gap in the tool box of the regulatory system. Third, it has been asserted that the financial sector particularly the banks are not performing any socially useful functions or creating any …
Towards A Metatheory Of Budgeting,
2011
CUNY Bernard M Baruch College
Towards A Metatheory Of Budgeting, Dan Williams, Thad D. Calabrese
Publications and Research
In this paper. we suggest that many budget theories actually are about appropriating and not about budgeting. We trace this development back to the classic budgeting question posed by V.O. Keys in 1940. To clarify the issue, we examine early normative theories of budgeting, and apply many contemporary theories about budgeting to the budgeting process advocated for in this early work. By analyzing current theories, we show that budget theories are, in many cases, simply focused on parts of the budget process or on the role of techniques in decision making. Our analyses suggest that rather than theories competing with …
Financial Sector Regulation In Pakistan: The Way Forward,
2011
Institute of Business Administration, Karachi, Pakistan
Financial Sector Regulation In Pakistan: The Way Forward, Ishrat Husain Dr.
Faculty Research - Journal Articles
The 2008 global financial crisis that turned into the worst economic recession across the world has led to some serious soul searching among the scholars and practitioners about the ways in which financial sector has to be regulated and supervised. There is very little doubt that the U.S. and European financial systems were badly affected and trillions of public tax dollars had to be poured into the system to avert a complete breakdown. The prompt and coordinated response of the G-8 and G-20 to the crisis was something which had not been seen before. Emerging and Developing Economies (EDEs) particularly …
Dating The Timeline Of Financial Bubbles During The Subprime Crisis,
2011
Singapore Management University
Dating The Timeline Of Financial Bubbles During The Subprime Crisis, Peter C. B. Phillips, Jun Yu
Research Collection School Of Economics
A new recursive regression methodology is introduced to analyze the bubble characteristics of various financial time series during the subprime crisis. The methods modify a technique proposed in Phillips, Wu, and Yu (2011) and provide a technology for identifying bubble behavior with consistent dating of their origination and collapse. The tests serve as an early warning diagnostic of bubble activity and a new procedure is introduced for testing bubble migration across markets. Three relevant financial series are investigated, including a financial asset price (a house price index), a commodity price (the crude oil price), and one bond price (the spread …
Ingredients For Creating And Sustaining Growth For The Long Term,
2011
Singapore Management University
Ingredients For Creating And Sustaining Growth For The Long Term, Singapore Management University
Perspectives@SMU
It is easy to explain why organisations need and want to grow. This applies not only to bottom line-oriented companies, but also non-profit entities. Just like the same way business management skills can and should be applied to public sector and not-for-profit set-ups, these organisations do seek growth too. However, while it is easy to engineer short spurts of growth one way or another, what differentiates a successful organisation from one less so, is whether this organisation can sustain growth over the long-term and achieve continuous success.
Mexico Consensus Economic Forecast, Volume 14, Number 4,
2011
University of Texas at El Paso
Mexico Consensus Economic Forecast, Volume 14, Number 4, Thomas M. Fullerton Jr., Adam G. Walke
Departmental Papers (E & F)
No abstract provided.
A Forensic Analysis Of Global Imbalances,
2011
University of Wisconsin-Madison
A Forensic Analysis Of Global Imbalances, Menzie David Chinn, Barry Eichengreen, Hiro Ito
Economics Faculty Publications and Presentations
We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes in the budget balance are an important factor affecting current account balances for deficit countries such as the U.S. and the U.K. The effect of the “saving glut variables” on current account balances has been relatively stable for emerging market countries, suggesting that those factors cannot explain the bulk of their recent current account movements. We also find the 2006-08 period to constitute a structural break for emerging market …
Subsidizing The Rich,
2011
Institute of Business Administration, Karachi, Pakistan
Subsidizing The Rich, Ishrat Husain Dr.
Faculty Research - Newspaper and Magazine Articles
A progressive state caters to the needs of those, who are unable to generate adequate incomes and forced to live in subhuman conditions. Targeted subsidies to the poor are seen as an integral part of the state policy for promoting equity within a society. To finance these subsidies, the rich pay taxes. What is ironical in Pakistan is the role reversal — as those who should be financing subsidy to the needy, are its beneficiaries. First, they evade taxes on their income and then, they also receive bulk of subsidies and concessions to which they are least entitled. The only …
The Role Of Non-Interest Banking In National Economic Development,
2011
University of Ilorin, Kwara
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,
2011
Montclair State University
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,
2011
Singapore Management University
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 …
Sources And Application Of Funds In Non Interest Banking Regime,
2011
Central Bank of Nigeria
Sources And Application Of Funds In Non Interest Banking Regime, A. S. Abdulkarim
Bullion
The concept of Islamic finance is a new phenomenon in Nigeria. At present there are over 300 Islamic Banks that are operational throughout the world. Like conventional banks, Islamic banks also needs funds to operate its banking activities.This paper explores the sources and application of funds in non-interest banking regime. Sources of funds to include deposits, deposits from other Islamic banks, banks equity, Islamic investment funds and placement from bank treasury.
Research On Capacity Development Plan Of Wenzhou Shipping Company,
2011
World Maritime University
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,
2011
World Maritime University
Study On Ship Investment Risk : Uo Company As An Example, Yichen Chen
World Maritime University Dissertations
No abstract provided.
Research On The Impact Of Container Freight Derivatives On Shipping,
2011
World Maritime University
Research On The Impact Of Container Freight Derivatives On Shipping, Zhenle Shen
World Maritime University Dissertations
No abstract provided.
Process Optimization In Freight Forwarding Industry,
2011
World Maritime University
Process Optimization In Freight Forwarding Industry, Xiaohua Shi
World Maritime University Dissertations
No abstract provided.
The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company,
2011
World Maritime University
The Application Of Portfolio Theory In Shipping Assets And Business For Shipping Company, Ying Zheng
World Maritime University Dissertations
No abstract provided.
Liner Shipping Lane Planning From Shanghai Port To Guangzhou Port Of Shanghai Baoyin Shipping Co., Ltd,
2011
World Maritime University
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.
