Can A Financial Conditions Index Guide Monetary Policy? The Case Of Singapore,
2013
Singapore Management University
Can A Financial Conditions Index Guide Monetary Policy? The Case Of Singapore, Hwee Kwan Chow
Research Collection School Of Economics
In this study, we explore the issue of whether a financial conditions index can serve as a useful guide to monetary policy in the context of Singapore. To this end, we construct an index that comprises not only the usual monetary variables like interest rates, exchange rates and credit expansions but also asset prices such as stock prices and house prices. The choice of these constituent series is motivated by the role they play in the monetary transmission mechanism with consideration given to the key role leverage plays in modern business cycles and the risk-taking channel magnified by the prolonged …
Ex Post Destruction In The Hold-Up Problem,
2013
New York University
Ex Post Destruction In The Hold-Up Problem, Huan Wang, Juyuan Zhang, Yi Zhang
Research Collection School Of Economics
We investigate whether or not ex post destruction can solve the hold-up problem. After clarifying the difference between ex post destruction and nontrade when negotiation breaks down, we show that the option of ex post destruction is not sufficient to enhance ex ante efficiency. In particular, only if the information about the spitefulness of the supplier is coarse enough, will the option of ex post destruction alleviate the inefficiency of underinvestment caused by the hold-up problem.
Financial Development, International Capital Flows, And Aggregate Output,
2013
University of Bonn
Financial Development, International Capital Flows, And Aggregate Output, Jürgen Von Hagen, Haiping Zhang
Research Collection School Of Economics
We develop a tractable two-country overlapping-generations model and show that cross-country differences in financial development can explain three recent empirical patterns of international capital flows: Financial capital flows from relatively poor to relatively rich countries, while foreign direct investment flows in the opposite direction; net capital flows go from poor to rich countries; despite its negative net international investment positions, the United States receives a positive net investment income. International capital mobility affects output in each country directly through the size of domestic investment and indirectly through the aggregate saving rate. Under certain conditions, the indirect effect may dominate the …
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.
Demography, Development And The Origin Of Democracy: A Model With Case Studies Of Arachic Athens And Maritime England,
2013
Singapore Management University
Demography, Development And The Origin Of Democracy: A Model With Case Studies Of Arachic Athens And Maritime England, Brishti Guha
Research Collection School Of Economics
No abstract provided.
Non-Normality And Heteroscedasticity Robust Lm Tests Of Spatial Dependence,
2013
Singapore Management University
Non-Normality And Heteroscedasticity Robust Lm Tests Of Spatial Dependence, Badi H. Baltagi, Zhenlin Yang
Research Collection School Of Economics
The standard LM tests for spatial dependence in linear and panel regressions are derived under the normality and homoskedasticity assumptions of the regression disturbances. Hence, they may not be robust against non-normality or heteroskedasticity of the disturbances. Following Born and Breitung (2011), we introduce general methods to modify the standard LM tests so that they become robust against heteroskedasticity and non-normality. The idea behind the robustification is to decompose the concentrated score function into a sum of uncorrelated terms so that the outer product of gradient (OPG) can be used to estimate its variance. We also provide methods for improving …
Micro-Finance Competition: Motivated Micro-Lenders, Double-Dipping And Default,
2013
Singapore Management University
Micro-Finance Competition: Motivated Micro-Lenders, Double-Dipping And Default, Brishti Guha, Prabal Roy Chowdhury
Research Collection School Of Economics
We develop a tractable model of competition among motivated MFIs. We find that equilibria may or may not involve double-dipping (and consequently default), with there being double-dipping whenever the MFIs are very profit-oriented. Moreover, in an equilibrium with double-dipping, borrowers who double-dip are actually worse off compared to those who do not. Further, for intermediate levels of motivation, there can be multiple equilibria, with a doubledipping equilibrium co-existing with a no default equilibrium. Interestingly, an increase in MFI competition can lower efficiency, as well as increase the extent of double-dipping and default. Further, the interest rates may go either way, …
Entropy-Based Analysis And Bioinformatics-Inspired Integration Of Global Economic Information Transfer,
2013
Seoul National University
Entropy-Based Analysis And Bioinformatics-Inspired Integration Of Global Economic Information Transfer, Jinkyu Kim, Gunn Kim, Sungbae An, Young-Kyun Kwon, Sungroh Yoon
Research Collection School Of Economics
The assessment of information transfer in the global economic network helps to understand the current environment and the outlook of an economy. Most approaches on global networks extract information transfer based mainly on a single variable. This paper establishes an entirely new bioinformatics-inspired approach to integrating information transfer derived from multiple variables and develops an international economic network accordingly. In the proposed methodology, we first construct the transfer entropies (TEs) between various intra- and inter-country pairs of economic time series variables, test their significances, and then use a weighted sum approach to aggregate information captured in each TE. Through a …
Corruption, Public Integrity, And Globalization In South-Eastern European States: A Comparative Analysis,
2013
Kennesaw State University
Corruption, Public Integrity, And Globalization In South-Eastern European States: A Comparative Analysis, Andrew I. E. Ewoh, Ani Matei, Lucica Matei
Faculty Articles
The last three decades have witnessed a proliferation of studies on the globalization of corruption or convergence of anticorruption strategies. These studies have been motivated by scholarly concerns from various administrative, economic, and political fields. In view of these interdisciplinary concerns, the purpose of this article is to provide a comparative analysis of corruption phenomena and the demand for public integrity because these developments pertain to the discourse on globalization issues in some South-Eastern European nations within the last decade. The article concludes that the differences observed in these countries are due to their level of maturation in the democratic …
Multiscale Adaptive Inference On Conditional Moment Inequalities,
2013
Yale University
Multiscale Adaptive Inference On Conditional Moment Inequalities, Timothy B. Armstrong, Hock Peng Chan
Cowles Foundation Discussion Papers
This paper considers inference for conditional moment inequality models using a multiscale statistic. We derive the asymptotic distribution of this test statistic and use the result to propose feasible critical values that have a simple analytic formula, and to prove the asymptotic validity of a modified bootstrap procedure. The asymptotic distribution is extreme value, and the proof uses new techniques to overcome several technical obstacles. The test detects local alternatives that approach the identified set at the best rate in a broad class of models, and is adaptive to the smoothness properties of the data generating process. Our results also …
Coastal Empire Economic Monitor, 1st Quarter, 2013,
2013
Georgia Southern University
Coastal Empire Economic Monitor, 1st Quarter, 2013, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor
The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.
Coastal Empire Economic Monitor, 4th Quarter, 2013,
2013
Georgia Southern University
Coastal Empire Economic Monitor, 4th Quarter, 2013, Armstrong Atlantic State University Center For Regional Analysis
Coastal Empire Economic Monitor
The Coastal Empire Economic Indicators are designed to provide continuously updating quarterly snapshots of the Savannah Metropolitan Statistical Area economy. The coincident index measures the current economic heartbeat of the region. The leading index provides a short term forecast of the region’s economic activity in six to nine months.
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 …
Queen Elizabeth’S Leadership Abroad: The Netherlands In The 1570s,
2013
University of Richmond
Queen Elizabeth’S Leadership Abroad: The Netherlands In The 1570s, Peter Iver Kaufman
Jepson School of Leadership Studies articles, book chapters and other publications
In 1576, after Edmund Grindal, archbishop of Canterbury, presumed to lecture Queen Elizabeth on the importance of preaching and on her duty to listen to such lectures, his influence diminished precipitously, and leadership of the established English church fell to Bishop Aylmer. Grindal’s friends on the queen’s Privy Council, “forward” Calvinists (or ultra-Protestants), were powerless to save him from the consequences of his indiscretion, which damaged the ultras’ other initiatives’ chances of success. This paper concerns one of those initiatives. From the late 1560s, they urged their queen “actively” to intervene in the Dutch wars. They collaborated with Calvinists on …
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.
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.
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.
