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2007

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Full-Text Articles in International Economics

American Index Put Options Early Exercise Premium Estimation, Ako Doffou Dec 2007

American Index Put Options Early Exercise Premium Estimation, Ako Doffou

WCBT Faculty Publications

"This paper examines empirically the value of early exercise by testing the ability of two American put valuation models to predict the early exercise premium for the S&P 100 American put options. An accuracy test and a quality test are performed on (1) the MacMillan (1986) & Barone-Adesi and Whaley (1987) model, and (2) the Carr, Jarrow and Myneni(1992) model. The test results show that early exercise premium is significant regardless of moneyness. Moreover, consistent with the theory, the value of early exercise is significantly negatively related to moneyness and interest rates and significantly positively related to time to ...


Some Economic Issues In Indian Textile Sector, Badri Narayanan G. Dec 2007

Some Economic Issues In Indian Textile Sector, Badri Narayanan G.

Badri Narayanan G.

No abstract provided.


Global Information Technology Report 2006-2007: Connecting To The Networked Economy, Priscilla Finley Dec 2007

Global Information Technology Report 2006-2007: Connecting To The Networked Economy, Priscilla Finley

Library Faculty Publications

This World Economic Forum report by Dutta (INSEAD) and Mia (WEF) evaluates the penetration of information and communication technologies (ICT) in 122 economies across the globe.


Impact Of The South Korea-U.S. Free Trade Agreement On The U.S. Livestock Sector, Jacinto F. Fabiosa, Dermot J. Hayes, Fengxia Dong Nov 2007

Impact Of The South Korea-U.S. Free Trade Agreement On The U.S. Livestock Sector, Jacinto F. Fabiosa, Dermot J. Hayes, Fengxia Dong

CARD Working Papers

The recently signed Korea-U.S. Free Trade Agreement (KORUS FTA) grants the U.S. livestock industry with preferential access to South Korea's import market. This study evaluates the likely impacts of the KORUS FTA on the U.S. livestock sector.

Using the Food and Agricultural Policy Research Institute's modeling system, we find that livestock prices increase by 0.5% to 3.8% under the agreement. And together with an expansion by 381 to 883 million pounds in meat exports, the value of U.S. exports increase by close to U.S.$2 billion, or a 15.2% increase ...


The Wto Trade Effect, Pao Li Chang, Myoung-Jae Lee Sep 2007

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

Research Collection School Of Economics

Rose (2004) showed that the WTO or its predecessor, the GATT, did not promote trade, based on conventional econometric analysis of gravity-type equations of trade. We argue that conclusions regarding the GATT/WTO trade effect based on gravity-type equations are arbitrary and subject to parametric misspecifications. We propose using nonparametric matching methods to estimate the 'treatment effect' of GATT/WTO membership, and permutation-based inferential procedures for assessing statistical significance of the estimated effects. A sensitivity analysis following Rosenbaum (2002) is then used to evaluate the sensitivity of our estimation results to potential selection biases. Contrary to Rose (2004), we find ...


Modeling Country Risks: An Asian Perspective, Swee Liang Tan, G. K. Randolph Tan Sep 2007

Modeling Country Risks: An Asian Perspective, Swee Liang Tan, G. K. Randolph Tan

Research Collection School Of Economics

This paper investigates the use of the Markov Regime Switching Model (MRSM) as a means to track changes in the levels of investor confidence. It also assesses the probabilities of a country switching between different regimes using the transition probability matrix. A maximum of three possible levels or regimes of risk – low, intermediate and high volatility regimes, is considered. From the smoothed probabilities calculated for different regimes, this paper makes inferences about timings of debt crisis. Comparing Brazil, Mexico, the Philippines and Indonesia in particular, we date the onset and subsequent dissolution of crisis-induced panic. We give interpretations of the ...


Protection For Sale Under Monopolistic Competition: An Empirical Investigation, Pao Li Chang Aug 2007

Protection For Sale Under Monopolistic Competition: An Empirical Investigation, Pao Li Chang

Research Collection School Of Economics

This paper proposes a general empirical framework to estimate the protection-for-sale model, where the protection regime shifts according to a sector's market structure (perfectly or monop-olistically competitive). We base the protection structure on Grossman and Helpman (1994) for the subset of perfectly competitive sectors and on Chang (2005) for the subset of monop- olistically competitive sectors. The two protection regimes are simultaneously estimated with joint constraints. The results of the J-test consistently reject the homogeneous (perfect compe- tition) protection-for-sale model often adopted in previous literature and suggest a direction of improvement toward the proposed heterogeneous protection structure model.


Price-Based Measurement Of Financial Globalization: A Cross-Country Study Of Interest Rate Parity, Hiro Ito, Menzie David Chinn Aug 2007

Price-Based Measurement Of Financial Globalization: A Cross-Country Study Of Interest Rate Parity, Hiro Ito, Menzie David Chinn

Economics Faculty Publications and Presentations

We characterize the relationship between ex post exchange rate depreciation and the interest differential for a set of countries that spans both developed and emerging market economies. The measured ex post uncovered interest differentials in terms of both levels and absolute values are then related to measures of trade and financial openness, financial development, government budget balances, institutional development, and exchange rate regimes. We find that there is wide diversity in the coefficient relating depreciations and interest differentials. Some of these differing results can be attributed to differences in inflation volatility, financial development, trade openness, capital account openness, legal development ...


A Welfare Analysis Of Capital Account Liberalization, Jürgen Von Hagen, Haiping Zhang Aug 2007

A Welfare Analysis Of Capital Account Liberalization, Jürgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

We develop a model of a small open economy with credit market frictions to analyze the consequences of capital account liberalization. We show that nancial opening facilitates the in ows of cheap foreign funds and improves production e ciency. Reforms increasing labor market exibility can further improve such e ciency gains. However, capital account liberalization also has important distributional consequences. Speci cally, it may be impossible to use public transfers to fully compensate the loss of those negatively a ected by capital account liberalization. This explains why nancial opening often meets erce opposition even though it leads to e ciency ...


Oil. Changing Geopolitics Of Oil In Asia & The Usa, Jay Hein, John Clark, Robert Ebel, Dong Hyung Cha, Richard Lotspeich Jul 2007

Oil. Changing Geopolitics Of Oil In Asia & The Usa, Jay Hein, John Clark, Robert Ebel, Dong Hyung Cha, Richard Lotspeich

New England Journal of Public Policy

One of the most important responsibilities the United States assumed following World War II was ensuring the stable flow of relatively inexpensive oil to the industrialized and industrializing countries of the world. A glance at a list of the top petroleum exporting countries shows that most of them are poor, have despotic governments, and experience frequent bouts of political instability and ideological extremism.


Integracion Profunda En El Mercosur. Un Analisis En La Perspectiva De Paraguay, Francisco Carlos Ruiz Diaz Jul 2007

Integracion Profunda En El Mercosur. Un Analisis En La Perspectiva De Paraguay, Francisco Carlos Ruiz Diaz

Francisco Carlos Ruiz Diaz

No abstract provided.


Oil. The Geopolitics Of Oil And Iraq, Issam Al-Chalabi Jul 2007

Oil. The Geopolitics Of Oil And Iraq, Issam Al-Chalabi

New England Journal of Public Policy

The author deals only with the recent developments that will shape the destiny of Iraq and determine whether it will remain a unified country or disintegrate. He is not optimistic.


Fueling The Superpowers: Russia As A Player In World Energy, Theresa Sabonis-Helf Jul 2007

Fueling The Superpowers: Russia As A Player In World Energy, Theresa Sabonis-Helf

New England Journal of Public Policy

This article by Theresa Sabonis-Helf is taken from the proceedings of the EPIIC Symposium at Tufts University, February 2005


Fueling The Superpowers: Nexus Of Foreign Policy And Energy Security, Jack Blum Jul 2007

Fueling The Superpowers: Nexus Of Foreign Policy And Energy Security, Jack Blum

New England Journal of Public Policy

This article talks about the oil history and the role government and international politics has played in it.


Oil. Seeking Peace In The Niger Delta: Oil, Natural Gas, And Other Vital Resources, Darren Kew, David L. Phillips Jul 2007

Oil. Seeking Peace In The Niger Delta: Oil, Natural Gas, And Other Vital Resources, Darren Kew, David L. Phillips

New England Journal of Public Policy

Nigeria’s oil-rich Niger Delta region has seen little benefit from the billions of dollars earned from oil over the last four decades, prompting a growing but disorganized insurgency across the region. Irresponsible oil companies and government officials have reduced the Niger Delta to one of the most polluted environments on earth. Corrupt local and national politicians, many of whom came to power through rigged elections, have colluded to manipulate ethnic divisions amid poverty to loot the region’s wealth. Consequently, the people of the Niger Delta have no formal political voice in Nigeria’s nascent democratic system, increasing the ...


Oil. China And Oil In The Asian Pacific Region: Rising Demand For Oil, Pablo Bustelo Jul 2007

Oil. China And Oil In The Asian Pacific Region: Rising Demand For Oil, Pablo Bustelo

New England Journal of Public Policy

China’s growing demand for oil is significantly changing the international geopolitics of energy, especially in the Asian Pacific region. The recent growth in oil consumption, combined with forecasts of increased oil imports (especially from the Middle East), have led to deep concern among Chinese leaders regarding their country’s energy security. They are responding in a number of different ways. In particular, they are searching for new sources of supply and seeking to control purchases and transport lanes, while boosting national production at any cost. This is already causing tension with the United States and other big oil consumers ...


Oil. Geopolitics Reborn: Oil, Natural Gas, And Other Vital Resources, Michael T. Klare Jul 2007

Oil. Geopolitics Reborn: Oil, Natural Gas, And Other Vital Resources, Michael T. Klare

New England Journal of Public Policy

Competition over vital resources is a potent source of international friction among nations and within states. The result is the increasing interplay of international and internal struggles and the growing militarization of the global energy resource quest.


Oil. The Geopolitics Of Oil And Natural Gas, Alan Larson Jul 2007

Oil. The Geopolitics Of Oil And Natural Gas, Alan Larson

New England Journal of Public Policy

Ensuring the reliability of global energy supplies will call for policies that both encourage the use of newer, cleaner energy technologies and address the political challenges posed by the world’s growing demand for oil and natural gas. U.S. policy seeks to encourage expansion and diversification of world energy supplies and to promote the transparency and democratic institutions that help energy-producing countries make the most productive use of their resources.


Fueling The Superpowers: Potential Hazard For U.S.-China Relations, Travis Tanner Jul 2007

Fueling The Superpowers: Potential Hazard For U.S.-China Relations, Travis Tanner

New England Journal of Public Policy

This article by Travis Tanner is taken from the proceedings of the EPIIC Symposium at Tufts University, February 2005


A Comparative Analysis Of The Development Of The United States And European Union Biodiesel Industries, Miguel Carriquiry Jul 2007

A Comparative Analysis Of The Development Of The United States And European Union Biodiesel Industries, Miguel Carriquiry

CARD Briefing Papers

Worldwide production of biodiesel is growing at a rapid pace. Arguably, the European Union (EU) is the global leader in biodiesel production, but the United States has recently expanded its production. The growth of the biodiesel industry in both regions has been fueled by a series of government-provided financial incentives. However, the timing of the growth and incentive provisions, the nature of the main incentives, and the market conditions differ across regions. This article provides a comparative analysis of the EU and U.S. biodiesel industries, highlighting market and policy aspects that are leading to a rapid but distinct growth.


The Evolution And Utilization Of The Gatt/Wto Dispute Settlement Mechanism, Pao-Li Chang Jul 2007

The Evolution And Utilization Of The Gatt/Wto Dispute Settlement Mechanism, Pao-Li Chang

Research Collection School Of Economics

This paper provides a theoretical framework of dispute settlement to explain the surge in blocking incidence of GATT panel reports during the 1980s and the variations in withdrawn incidence versus total disputes across different decades of the GATT regime. The study first suggests the role of the degree of legal controversy over a panel ruling in determining countries' incentives to block (appeal) a panel report under the GATT (WTO) regime. The study then analyzes the effects of political power on countries' incentives to use, and their interactions in using, the dispute settlement mechanism, when two-sided asymmetric information exists regarding panel ...


Competitive Conditions For Foreign Direct Investment In India, Laura Bloodgood Jul 2007

Competitive Conditions For Foreign Direct Investment In India, Laura Bloodgood

Federal Publications

Net foreign direct investment (FDI) flows into India reached $15.7 billion in India’s 2006-­07 fiscal year, more than triple the $4.7 billion recorded during 2005-­06, with the largest share of FDI flows from Mauritius, followed by the United States and the United Kingdom. This study examines FDI in India, in the context of the Indian economic and regulatory environment. We present FDI trends in India, by country and by industry, using official government data from India, the United States, and international organizations. To supplement the official data, the study also discusses specific investment activities of ...


Introduction To Research Methodologies, Professor Issam A.W. Mohamed Jun 2007

Introduction To Research Methodologies, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

In this book, I introduce basics of research methodologies in Arabic language which I believe is an unprecedented step. The conceptions, research frameworks, sampling and some detailed methods are given in this text book. Moreover, some analytical statistical methods are introduced to give insights to researchers. Methods of writing the scientific reports and papers in addition to documentation of references and classifying the required logical process of a thesis are detailed in this text. I introduce this book that was published by the Africa International University in Khartoum, Sudan for the purpose of helping sub and post graduate university students ...


Are Standards Always Protectionist?, Stéphan Marette, John C. Beghin Jun 2007

Are Standards Always Protectionist?, Stéphan Marette, John C. Beghin

CARD Working Papers

We analyze the effects of a domestic standard that reduces an externality associated with the consumption of the good targeted by the standard, using a model in which foreign and domestic producers compete in the domestic good market. Producers can reduce expected damage associated with the externality by incurring a cost that varies by source of origin. Despite potential protectionism, the standard is useful in correcting the consumption externality in the domestic country. Protectionism occurs when the welfare-maximizing domestic standard is higher than the international standard maximizing welfare inclusive of foreign profits. The standard is actually anti-protectionist when foreign producers ...


Challenges For Business Services In European Economic Growth, Henk Lm Kox May 2007

Challenges For Business Services In European Economic Growth, Henk Lm Kox

Henk LM Kox

#1; Stylised facts on growth of EU business services #1; Problem: dynamic, but weak productivity growth #1; Direct and indirect growth contributions #1; Challenges and opportunities


Regional And International Market Integration Of A Small Open Economy, Cesar M. Rodriguez, Sebastian Fossati, Fernando Lorenzo May 2007

Regional And International Market Integration Of A Small Open Economy, Cesar M. Rodriguez, Sebastian Fossati, Fernando Lorenzo

Cesar M. Rodriguez

This paper studies the relationship between a set of commodity prices in a small open economy like Uruguay and the corresponding international and regional prices. The empirical methodology used is the multivariate cointegration procedure based on maximum likelihood methods introduced by Johansen (1988) as well as estimations of half-life persistence indicators. In the case of cereals, the evidence suggests strong market integration between domestic and regional markets and, to some extent, also to international markets. Therefore, directly or indirectly, domestic prices are connected with the efficient price signal. Results for beef indicate strong market integration between the domestic market and ...


The Effects Of Prior Beliefs And Learning On Consumers’ Acceptance Of Genetically Modified Foods, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene May 2007

The Effects Of Prior Beliefs And Learning On Consumers’ Acceptance Of Genetically Modified Foods, Wallace E. Huffman, Matthew Rousu, Jason F. Shogren, Abebayehu Tegene

Economics Publications

New food products using genetically modified crops appeared in U.S. supermarkets starting in 1996, and consumers’ perceived some risks. This paper examines the role of consumers prior beliefs about genetic modification and of diverse, new information on their willingness to pay for foods that might be genetically modified. We use data from economics experiments and show that participants who had informed prior beliefs discounted GM-labeled food products more highly than those who had uninformed prior beliefs. Uninformed participants were especially susceptible to information from interested and third parties. In contrast, informed participants were generally not affected significantly by new ...


Poverty In Moldova, Corneliu Bolbocean Apr 2007

Poverty In Moldova, Corneliu Bolbocean

Muskie School Capstones and Dissertations

Moldova is the poorest nation in Europe and the Moldavian society has one f the highest degrees of economic inequality among the Soviet states. Official statistics as well as the World Bank poverty reports suggest that the number of people who live below the absolute poverty line is around 30%. In reality poverty is a massive phenomenon in Moldova and the real poverty rate exceeds 70% for both rural and urban areas.


Measurement Of The Market Data For The Ocean And Coastal Economy, Charles S. Colgan Apr 2007

Measurement Of The Market Data For The Ocean And Coastal Economy, Charles S. Colgan

Publications

This paper supplements reports and data released on the Coastal and Ocean Economies of the United States by the NOEP. It provides a discussion of the relevant literature involved in the investigation of the Ocean and Coastal related Economies, the theoretical background of measures such as gross domestic product (GDP) and gross state product (GSP), and provides details on sources, methods, assumptions, and limitations of the data provided by NOEP.

Those concerned with the health of coastal and ocean resources increasingly need to understand the socio-economic context in which changes are occurring. The market data of the National Ocean Economics ...


India’S Unlikely Democracy: Economic Growth And Political Accommodation, Aseema Sinha Apr 2007

India’S Unlikely Democracy: Economic Growth And Political Accommodation, Aseema Sinha

CMC Faculty Publications and Research

There is no doubt that India’s democracy has become stable, yet economic change could create distributional conflicts and stresses on its democratic institutions. Economic change and liberalization have served to reinforce and further stabilize democracy rather than undermining it. This has happened partly because of the nature of economic and social transition, which has allowed the rich many options in the private, urban, and global economy. Simultaneously, the poor are divided and seek redress through electoral and democratic channels. Weak coalition governments in the 1990s have responded to claims from the poor contributing to the continuing stability of Indian ...