International Economics Commons^™

International Financial Reporting Standards: A Cautionary Note For Emerging Economies, Khursheed Omer, Darshan Wadhwa

Business Review

Long before the present economic crisis unfolded, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) had been working to achieve harmonization in accounting and financial reporting standards across the globe. Now that the world economic community has become more integrated, cross border flow of capital has gained unprecedented momentum and steps are underway to achieve this goal as early as possible. Initial efforts to harmonize local accounting principles and practices with those followed in developed economies were generally aimed at facilitating foreign multinationals operating in other countries. The desired goal of harmonization now ought to …

Effects Of Free Trade Areas In Trade Promotion: Gravity Model Approach, Mona Jit Mui Lim

Dissertations and Theses Collection (Open Access)

Since the early 1990s, the world has seen a proliferation of Free Trade Agreements (FTAs). One of the key objectives of FTAs is to expand trade between or amongst its signatories. This study explores the intra-FTA and extra-FTA trade expansion capability of 3 types of FTA: North-North FTA (European Union (EU)-15 as a representative), North-South FTA (North America Free Trade Agreement (NAFTA) as a representative) and South-South FTA (Association of Southeast Asia Nations (ASEAN ) Free Trade Agreement (AFTA) as a representative). The study made an attempt to address the spread of such FTA-led trade expansion amongst the members and …

How Short And Long Term Interdependencies Have Changed Due To The Global Financial Crisis, Lungowe Andala

Theses : Honours

This study investigates how short and long term interdependencies have changed among ten countries grouped into countries from the same region (close geographical proximity) as a result of the recent Global Financial Crisis. A number of econometrics methodologies are employed in doing the analysis. Johansen's cointegration methodology is carried out to assess whether the stock markets have long run interdependencies and whether these interdependencies have changed as a result of the Global Financial Crisis. For the stock markets not cointegrated Granger Causality is carried out to analyze short run interdependencies between pairs of stock markets. Furthermore, generalized Impulse Response Function …

Redesigning Global Trade Institutions, John Linarelli

Scholarly Works

This is a draft of an essay for the symposium, 2021: International Law Ten Years from Now, held by the Southwestern Journal of International Law in cooperation with the International Law Association (American Branch) Weekend West. The essay deals with two questions. First, what is to be of the WTO and world trade institutions generally? It examines the rise of regionalism in international trade agreements and possible roles for variable geometry for the WTO. The essay critiques proposals to move towards (or back to) plurilateralism for the WTO. Second, what should trade agreements do? This question goes to the core …

Introduction To Special Issue: Globalisation And Economic Integration In East Asia, Paul De Grauwe, Zhaoyong Zhang

Research outputs 2011

Globalisation or regionalisation is arguably the most popular concept used to describe the rapid growth of intra-regional trade and capital flows as well as the political and social linkages associated with increasing economic integration in the East Asian region. However, it might be a surprise to note that regionalisation is relatively a recent event in East Asia. In comparison with the European experience, regional integration in East Asia has occurred in the absence of a formal institutional framework, and is market-driven in nature. Policies such as preferential trading arrangements have traditionally not played much of a role in the integration …

Cross-Border Mergers And Acquisitions In Emerging Markets After The 2007 Economic Crisis., Amani John Mayage

Student Works (2010-2019)

This paper reviews the cross-border mergers and acquisitions (CBMA) activities during the period 2000-2010 of the four Southeast Asian countries most impacted by the 1997 Asian Financial Crisis namely, Indonesia, Malaysia, Philippines, and Indonesia. The selection of case of study was based on economic development categories. The selected countries are categorized as emerging markets within the ASEAN countries; and both are representative of the impact of the 1997 economic crisis. Due to these factors Singapore and Korea have been excluded. After the 1997 economic crisis that impacted most South East Asia countries, Indonesia, Malaysia, Philippines and Thailand introduced various measures …

How Predictable Is The Chinese Stock Market?, Fuwei Jiang, Jun Tu, David Rapach, Jack K. Strauss, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

We analyze return predictability for the Chinese stock market index and its components sorted on industry, size, book-to-market and ownership concentration, with both in-sample and out-of-sample tests. We find significant predictability. Among industry portfolios, Finance and insurance, Real estate, and Manufacturing exhibit the most predictability, while small-cap, low book-to-market ratio and low ownership concentration firms also display considerable predictability. The conditional CAPM model largely accounts for component predictability, and industry concentration significantly explain differences in return predictability across industries, consistent with the information-flow frictions emphasized by Hong, Torous, and Valkanov (2007).

Women In China, Between Confucius And The Market, Tonia Warnecke, Alain Blanchard

Faculty Publications

No abstract provided.

La Metà Del Cielo Tra Confucio E Mercato, Tonia Warnecke, Alain Blanchard

Faculty Publications

No abstract provided.

A Cross-Sectional Study Of Infant Mortality Rates Between Countries, Katelyn E. May

Undergraduate Theses and Capstone Projects

The health status of nations has been and continues to be under debate. Although the variables that comprise such a status have not been solidified, one variable that is closely studied and is thought to have an effect on the idea of health status is infant mortality. A country’s Infant Mortality Rate (IMR) is treated as an indicator of its health status as well as socioeconomic status. This research attempts to study the variables which are hypothesized to be significant in relation to IMR, and to find which ones truly have an effect. Data on eight independent variables were collected …

The Role Of Economic Community Of West African States (Ecowas) In Promoting Borderless Trade In West Africa., Adam J. Akperan, Sanni Ganiyu Kayode

Bullion

The Economic Community of West African States (ECOWAS) is a regional group of fifteen countries, founded in 1975. Its mission is to promote economic integration in "all fields of economic activities, particularly industry, transport, telecommunications, energy, agriculture, natural resources, commerce, monetary and financial questions, social and cultural matters". This paper examines the role of CBN economy and monetary policies on the heels of borderless trade amongst the ECOWAS State. ECOWAS aims to promote peace, co-operation and integration in economic, social and cultural activity, ultimately leading to the establishment of an economic and monetary union through the total integration of the …

A Study On The Productivity And Efficiency Effects Of Enterprise Reforms In China, Song Gao

Dissertations

This dissertation studies the progress and impacts of State-Owned Enterprises (SOEs) reforms in China. The primary interests center on impacts of non-ownershipchange reforms and privatization on Chinese SOEs’ productivity and efficiency. The research comprises of three major sections.

Section one briefly reviews the history of SOEs’ reform in China and examines the changes in some selected performance indicators with help of a comprehensive dataset on 863 Chinese firms from 1995 to 2001. In addition, causes of Chinese SOEs’ privatization and determinants of firms’ inefficiency are also studied.

Section two examines the effects of privatization and non-ownership-change reforms on firms’ productivity …

Trade And Divergence In Education Systems, Pao Li Chang, Fali Huang

Research Collection School Of Economics

This paper presents a theory on the endogenous choice of a country's education policy and the two-way causal relationship between trade and education systems. The setting of a country's education system determines its talent distribution and comparative advantage in trade; the possibility of trade by raising the returns to the sector of comparative advantage in turn induces countries to further diferentiate their education systems and reinforces the initial pattern of comparative advantage. Specifically, the Nash equilibrium choice of education systems by two countries interacting strategically are necessarily more divergent than their autarky choices, although the difference is still less than …

The Wto Trade Effect, Pao Li Chang, Myoung-Jae Lee

Research Collection School Of Economics

This paper reexamines the GATT/WTO membership effect on bilateral trade flows, using nonparametric methods including pair-matching, permutation tests, and a Rosenbaum (2002) sensitivity analysis. Together, these methods provide an estimation framework that is robust to misspecification biases, allows general forms of heterogeneous treatment effects, and addresses potential hidden selection biases. This is in contrast to most conventional parametric studies on this issue. Our results suggest large GATT/WTO trade-promoting effects, robust to various restricted matching criteria, alternative indicators for GATT/WTO involvement, different matching methodologies, non-random incidence of positive trade flows, and inclusion of multilateral resistance terms.

Assessing The Spillover Effects Of Fdi To The Philippines, Fernando T. Aldaba, Rafaelita M. Aldaba

Economics Department Faculty Publications

The experience of the Philippines shows that FDI spillover effects are not automatically generated. Opening up the economy to FDI has contributed to the country’s exports of high-technology products and overall economic growth. However, the spillover effects of FDI to domestic firms have remained limited due to the domestic firms’ weak competitiveness and inability to absorb the technology or knowledge being transferred. The government needs to adopt a more comprehensive approach that would combine industrial policy to improve and develop domestic parts and supplier firms with measures to create an environment conducive to the creation and expansion of FDI-related spillovers …

Unpacking Sources Of Comparative Advantage: A Quantitative Approach, Davin Chor

Research Collection School Of Economics

This paper develops an approach for quantifying the importance of different sources of comparative advantage, by extending the Eaton and Kortum (2002) model to predict industry trade flows. In this framework, comparative advantage is determined by the interaction of country and industry characteristics, with countries specializing in industries whose production needs they can best meet with their factor endowments and institutional strengths. I estimate the model parameters using: (i) OLS; and (ii) a simulated method of moments procedure that accounts for the prevalence of zeros in the bilateral trade data. I apply the model to explore various quantitative questions, such …

An Asian Response To International Financial Reforms, Hoe Ee Khor, Kim Song Tan

Research Collection School Of Economics

Asia has emerged as a much more important player in the global economy after the recent financial crisis. Together with other emerging market economies, Asia is expected to be a key driver for global economic growth in the near to medium term. Along with this, there is a rising chorus for an “Asian approach” to financial reforms in the region and internationally. There are also calls for Asia to play a bigger role in designing the new architecture for the global financial system.

Missing Pieces: A New Report To Congress Details Biases And Gaps In Economic Statistics Resulting From Globalization, Susan N. Houseman

Employment Research Newsletter

No abstract provided.

International Capital Flows And Aggregate Output, Jurgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We develop a tractable multi-country overlapping-generations model and show that cross-country differences in financial development explain three recent empirical patterns of international capital flows. Domestic financial frictions in our model distort interest rates and aggregate output in the less financially developed countries. International capital flows help ameliorate the two distortions. International flows of financial capital and foreign direct investment affect aggregate output in each country directly through affecting the size of aggregate investment. In addition, they affect aggregate output indirectly through affecting the composition of aggregate investment and the size of aggregate savings. Under certain conditions, the indirect effects may …

Using Financial Econometrics To Measure Risk, Peter C. B. Phillips, Jun Yu, Eric Ghysels

Research Collection School Of Economics

No abstract provided.