Finance Commons^™

Does Inflation Targeting Matter For Output Growth? Evidence From Industrial And Emerging Economies, Andre V. Mollick, Rene Cabral, Francisco G. Carneiro

School of Economics and Finance Faculty Publications

This paper examines the effects of inflation targeting on industrial and emerging economies’ output growth over the “globalization years” of 1986-2004. Controlling for trade openness and two indicators of financial globalization, the authors find systematic positive and significant effects of inflation targeting on real output growth. In dynamic models, the findings show strong output persistence in industrial economies, in which partial and full inflation targeting regimes have a positive long-run impact on growth. In emerging markets, only full inflation targeting policies have any output effect in the long-run. The results suggest that strict inflation targeting is needed to make the …

Improving Bank's Attitude Towards Financing The Small And Medium Enterprises (Smes) : A Case For Malaysia., Susana Mohd Nasir

Student Works (2010-2019)

This study examines the relationship between bank’s attitude and access to financing for SME companies for Malaysian local banks. It is evidence that large part of the private sectors consist of SMEs in Malaysia. The role of SMEs in economic growth has become more important than ever in line with the government envisioned New Economic Model. There is substantial evidence that SMEs face larger growth constraints and have less access to financing. Using data collected from lending officers from local banks, we examine the banks practices in evaluating the SME financing. We found that banks attitude affects SME access to …

Budget 2011–2012: All Eyes On The Centre, But Provinces Matter Too, Ishrat Husain Dr.

Faculty Research - Newspaper and Magazine Articles

The budget announced yesterday did not contain any surprises and was, as usual, an accounting statement of the revenues and expenditures of the federal government.

In so far as the content of economic policies and institutional changes was concerned, it made four departures from the past.

First, the federal excise duties are going to be phased out in the next three years and a beginning has been made in this year’s budget. Second, the exemptions and concessions in the tax regime available for a wide variety of activities without any coherence are being abolished, minimising some of the distortions and …

Ecowas Single Currency By Year 2020: The Need For Timely And Reliable Data To Enhance The Achievement Of The Convergence Criteria, Olorunyomi L. Akinboyo

Bullion

The issue of single currency in West Africa has long been on the agenda of the political and monetary authorities since the inception of ECOWAS in 1975. The principal aim of economic and monetary integration effort was to expand intra-community trade. As obtained in other regional blocks especially in the euro area where a single currency the, 'Euro' is used. ECOWAS identified a number of impediments to the development of inter-regional trade. which include multiplicity of currencies, widespread controls and restrictions on exchange transactions. Consequently, member central banks and other relevant agencies adopted brood and diverse set of statistical data, …

A Martingale Approach For Testing Diffusion Models Based On Infinitesimal Operator, Zhaogang Song

Research Collection Lee Kong Chian School Of Business

I develop an omnibus specification test for diffusion models based on the infinitesimal operator. The infinitesimal operator based identification of the diffusion process is equivalent to a “martingale hypothesis” for the processes obtained by a transformation of the original diffusion model. My test procedure is then constructed by checking the “martingale hypothesis” via a multivariate generalized spectral derivative based approach that delivers a  asymptotical null distribution for the test statistic. The infinitesimal operator of the diffusion process is a closed-form function of drift and diffusion terms. Consequently, my test procedure covers both univariate and multivariate diffusion models in a unified …

The Implications Of Sovereign Wealth Fund Investment On Capital Markets: A Bottom-Up View, David Fernandez

Research Collection Lee Kong Chian School Of Business

The buzz around sovereign wealth funds has been turned down a notch, but they remain a hot topic. The accusations of sovereign wealth funds having hidden agendas remain, but with the very public losses suffered by some during the recent financial turmoil, such talk has even less credibility. And given that most of those losses were from investments in US, UK, and European financial institutions, hope that sovereign wealth funds would be the saviors of Wall Street has also faded. At its base, four trends continue to keep sovereign wealth funds in focus. First, there is the phenomenal rise of …

Recent Developments In European Bank Competition, Juliana Yu Sun

Research Collection School Of Economics

This paper investigates the degree of bank competition in the euro area, the U.S. and U.K. before and after the recent financial crisis, and revisits the issue whether the introduction of EMU and the euro have had any impact on bank competition. The results suggest that the level of bank competition converged across euro area countries in the wake of the EMU. The recent global financial crisis led to a fall in competition in several countries and especially where large credit and housing booms had preceded the crisis...

Ole, Ole… Oh No? The Economic And Social Impacts The Fifa World Cup Has On Its Host Countries And How South Africa, The 2010 Host, May Be Affected, Colleen A. Schohl

Honors Theses

Research has not shown any proven long-term positive economic impacts directly resulting from hosting the FIFA World Cup; however, the intangible "feel good" factor has been hypothesized to bring positive effects to a country and its individual residents. This is one variable that has shown to have some positive effect on a host country, but its benefit is usually short-lived and commonly overlooked by researchers (Kavetsos and Szymanski, 2010). If questions on how to measure this factor could be answered, researchers would better be able to address the overall economic impact. Based on analysis of the South African economy, South …

Determinants Of Exchange Rate Hedging An Empirical Analysis Of U.S. Small-Cap Industrial Firms, Zachary M. Lehner

HIM 1990-2015

Using a sample of 141 U.S. small-cap industrial firms, I examine the firm characteristics that influence its use of foreign exchange derivatives to hedge exchange rate risk. Companies in the industrial sector produce goods and services that are used for the production of another final product. The performance of this sector is closely correlated to the level of demand from the final consumer. I find firm size, the amount of foreign sales, and firm liquidity influence the firm's decision to use foreign exchange derivatives to hedge exchange rate risk. For those firms that hedge exchange rate risk using derivatives, a …

Echoes From Geneva: Finding John Calvin’S Socio-Economic Interests In The Modern World, Brenda K. Savage

Master of Liberal Studies Theses

Through an examination of John Calvin’s intentions in ending the prohibition on usury and the practical application of his teachings in sixteenth-century Geneva, and a consideration of the elements of poverty, social outcasts, and exploitation common to both Geneva and the modern world, it can be argued that the Reformer has much to offer of continued relevancy for those seeking to engage their contemporary world by finding alternatives that can help the financially disenfranchised. Calvin is often referred to as the “Father of Modern Interest,” and as such many people have directly blamed him for the exploitation associated with capitalism. …

The Battle Between Multinaional Sic] Tax Avoidance And Corporate Competitiveness, Nico Koop

HIM 1990-2015

In the past decade, there has been a significant decrease in US corporate tax revenues. Multinational companies have been employing several different techniques of tax avoidance to get around paying corporate taxes. Tax avoidance is used by any large multinational corporation for a variety of reasons. The US has one of the highest corporate tax rates in the world and is seeing many companies relocate their operations abroad to lower their tax expenses. The different methods of tax avoidance are discussed in this thesis, as well as the different reasons behind their use. To understand how companies implement tax avoidance …

Vertical Linkages And The Collapse Of Global Trade, Rudolfs Bems, Robert C. Johnson, Kei-Mu Yi

Dartmouth Scholarship

A common view is that cross-border vertical linkages played a key role in the 2008-2009 collapse of global trade. This paper presents two accounting results from a global input-output framework that shed light on this channel. We feed in observed changes in final demand and find that trade in final goods fell by twice as much as trade in intermediate goods. Nevertheless, intermediate goods account for more than two-fifths of the trade collapse. We also find that vertical specialization trade fell 13 percent, while value-added trade fell by 10 percent, because declines in demand were largest in highly vertically-specialized sectors.

The Effects Of Walmart On Healthcare And Unionization: Is America Really Saving Money And Living Better?, Leyla Ziad

Renée Crown University Honors Thesis Projects - All

As the largest private sector employer in the United States, corporate retail giant Walmart continues to make waves in United States culture and the economy since launching its first store in 1962. As Walmart seeks to expand, the validity of its consumer guarantee to “save money, live better” has been increasingly scrutinized, given Walmart’s use of controversial business practices, most notably its employee benefit policies and anti-unionization efforts. With over 1.4 million employees in the United States, there is much talk surrounding the potential costs of Walmart’s low prices. This study analyzes selected healthcare and unionization impacts of Walmart in …

Analyzing The Relative Efficiency Of Nevada Secondary Schools, Jesse Welsh

UNLV Theses, Dissertations, Professional Papers, and Capstones

A definitive answer to how to allocate school-level expenditures to yield the greatest "bang for the buck" has continually eluded education finance researchers. With increased regulation, oversight, and sanctions resulting from the No Child Left Behind Act, paired with financial strains on states' education budgets, measuring schools' production and efficiency has become urgent.

The methodology for this study was comprised of two phases. Phase I analyzed the per-pupil expenditures of middle and high schools over a three-year period and developed descriptive statistics that revealed the expenditure patterns by category. Phase II used a micro-level economic approach, data envelopment analysis, to …

Investment Styles, Fees, & Returns Among Individually Managed & Team Managed Mutual Funds, Kendal Cehanowicz

Honors Projects in Finance

Identifying a successful mutual fund investment involves a crucial analysis of alternatives, all of which influence the true benefit of the investment. Major considerations must include performance, management and fees; which ultimately determine investment returns. Studies have shown that team managed mutual funds exhibit similar risk adjusted performance to individually managed mutual funds, however studies lack this comparison of performance based on fund fees and investment objective. This gap in research implies that there is an opportunity to examine how fund management, investment objective, and fund fees affect overall returns to the investor. Using the 2010 Center for Research in …

Monopsony And Salary Suppression: The Case Of Major League Soccer In The United States, John Twomey, James Monks

Economics Faculty Publications

Top tier professional soccer in the United States is operated by Major League Soccer (MLS). The MLS was established and operates under a single entity structure, such that all players negotiate and sign contracts with the league rather than with individual teams. This monopsonistic structure was designed to eliminate competition for players across teams within the league and thus allow the league to suppress player salaries. This paper investigates how effective the MLS has been in achieving this goal and finds that the MLS devotes only about 25 percent of its revenues to player salaries, compared to 50 to 60 …

Mexico Consensus Economic Forecast, Volume 14, Number 2, Thomas M. Fullerton Jr., Carlos Morales, Francisco Pallares

Departmental Papers (E & F)

No abstract provided.

Warning Signs Of Future Asset Bubbles, Peter C. B. Phillips, Jun Yu

Research Collection School Of Economics

Values Survey, we find that individuals with higher levels of schooling, but whose income

Impact Of The Economic Downturn On Local Governments In South Carolina, William Tomes

Georgia Journal of Public Policy

Across the country local government revenues have decreased while operating costs such as fuel, materials, equipment, and health insurance costs have significantly increased. In addition to reduced revenues, interest earnings for city and county government investments are low. These factors combined have created a difficult financial arena in which local governments must operate. While economists are reporting signs of economic recovery, many city and county budgets are just now feeling the full brunt of the economic downturn that began in 2008. On a daily basis, news media nationwide report local governments addressing budget deficits by cutting services, eliminating positions, or …

Nigerian Sovereign Wealth Fund (Swf): Lessons From Existing Swf, M. U. Yakub

Bullion

This paper examines the merits and demerits of some existing SWFs with the view of drawing some lessons of experience for Nigeria to establish its own SWF. Following this introduction, the paper in section two outlines the objective of SWF, section three discusses the merits and demerits of SWF, while section four examines countries experiences and section five dwells on the institutional framework for the fund and section six provides policy recommendation.