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2009

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Full-Text Articles in International Economics

新新贸易理论的贡献与发展, 邓翔, 路征 Dec 2009

新新贸易理论的贡献与发展, 邓翔, 路征

Zheng Lu (Chinese: 路征)

梅里兹 (Melitz, 2003)模型确立了异质企业贸易理论的基本框架 ,并迅速成为国际贸易理论研究的新热点 ,围绕着梅里兹模型 ,产生了一批从企业异质性角度分析国际贸易的研究成果 ,从而完善了新新贸易理论的理论体系。本文首先介绍了梅里兹模型的基本框架 ,然后分析了格里兹模型的局限 ,最后介绍了围绕梅里兹模型产生的最新理论成果及启示。


Ua36i/29 Gary Ransdell - Fed. Reserve Board - Ben Bernanke Confirmation Hearing Q&A, St. Louis Federal Reserve Board Dec 2009

Ua36i/29 Gary Ransdell - Fed. Reserve Board - Ben Bernanke Confirmation Hearing Q&A, St. Louis Federal Reserve Board

Faculty/Staff Personal Papers

Question and answers from Ben Bernanke's confirmation hearing as distributed to members of the St. Louis Federal Reserve Board.


O Fim Do "Privilégio Exorbitante": Comentários A Currency And State Power, De Benjamin J. Cohen [The End Of The "Exorbitant Privilege": Commentary To Currency And State Power, By Benjamin J. Cohen], Jefferson Alvares Dec 2009

O Fim Do "Privilégio Exorbitante": Comentários A Currency And State Power, De Benjamin J. Cohen [The End Of The "Exorbitant Privilege": Commentary To Currency And State Power, By Benjamin J. Cohen], Jefferson Alvares

Jefferson Alvares

Busca contextualizar o estudo Currency and State Power, de Benjamin J. Cohen, descrever sua estrutura conceitual e suas conclusões, e submeter a crítica a premissa de que o poder monetário é decorrência da flexibilidade macroeconômica que acompanha as moedas internacionais.

[The paper aims to set the background for the essay Currency and State Power, by Benjamin J. Cohen, to describe its conceptual framework and conclusions, and to subject to a critical appraisal the premise that monetary power is a result of macroeconomic flexibility, which stems from the international standing of a currency.]


Do Chinese Domestic Firms Benefit From Fdi Inflow? Evidence Of Horizontal And Vertical Spillovers, Ping Lin, Zhuomin Liu, Yifan Zhang Dec 2009

Do Chinese Domestic Firms Benefit From Fdi Inflow? Evidence Of Horizontal And Vertical Spillovers, Ping Lin, Zhuomin Liu, Yifan Zhang

Prof. ZHANG Yifan

Using a large panel dataset covering all manufacturing firms (above a minimum scale) in China from 1998 to 2005, this paper examines whether there exist productivity spillovers from foreign direct investment (FDI) to domestic firms. In estimating productivity, we control for a possible simultaneity bias by using semi-parametric estimation techniques. We find that Hong Kong, Macao and Taiwan (HMT) invested firms generate negative horizontal spillovers, while Non-HMT foreign invested firms (mostly from OECD countries) tend to bring positive horizontal spillovers in China. These two opposing horizontal effects seem to cancel out at the aggregate level. We also find strong and ...


Assessing China's Potential Import Demand For Distillers Dried Grain: Implications For Grain Trade, Jacinto F. Fabiosa, James Hansen, Holger Matthey, Suwen Pan, Francis Tuan Dec 2009

Assessing China's Potential Import Demand For Distillers Dried Grain: Implications For Grain Trade, Jacinto F. Fabiosa, James Hansen, Holger Matthey, Suwen Pan, Francis Tuan

CARD Staff Reports

A team of U.S. analysts visited China to assess the potential for use of distillers dried grain plus solubles (DDGS) in China's livestock sector. They examined the economics of the use of DDGS in feeds, the policy issues surrounding the use of the product, and transportation-logistic constraints in the expansion of DDGS imports. The team collected actual and secondary data to conduct a micro-economic analysis of the impact of DDGS on feed cost, solicited official and expert opinions through interviews, and conducted site visits. They found the development of the DDGS import market in China to be very ...


What Makes Developing Asia Resilient In A Financially Globalized World?, Hiro Ito, Juthathip Jongwanich, Akiko Terada-Hagiwara Dec 2009

What Makes Developing Asia Resilient In A Financially Globalized World?, Hiro Ito, Juthathip Jongwanich, Akiko Terada-Hagiwara

Economics Faculty Publications and Presentations

The pullbacks of capital inflows to developing Asia following the onset of the global financial crisis in 2008 have brought renewed attention to the role and benefits of financial globalization. A number of notable distinctions between the current global crisis and the Asian financial crisis have become evident. Solid domestic institutions, especially in the financial sector; swift policy responses; and a sound macroeconomic environment with adequate reserves have helped the region to manage well the adverse impacts of the global crisis. Empirical analysis examining the link between capital account openness and output volatility reveals that a developing country with a ...


Msc. Thesis Defence, Johansein L. Rutaihwa Mr. Nov 2009

Msc. Thesis Defence, Johansein L. Rutaihwa Mr.

Johansein Rutaihwa

No abstract provided.


The Effect Of A Collective Exchange Rate Adjustment On East Asian Exports, Mizanur Rahman, Kaliappa P. Kalirajan Nov 2009

The Effect Of A Collective Exchange Rate Adjustment On East Asian Exports, Mizanur Rahman, Kaliappa P. Kalirajan

Mizanur Rahman

This paper estimates long-run effects of a collective exchange rate adjustment on multilateral exports from China, Japan, South Korea, and Taiwan. The findings show that a 1 percent generalized appreciation of all East Asian exchange rates would reduce East Asian exports by about 3 per cent.


Tunneling Through Inter-Corporate Loans: The China Experience, Guohua Jiang, Charles M.C.Lee, Heng Yue Nov 2009

Tunneling Through Inter-Corporate Loans: The China Experience, Guohua Jiang, Charles M.C.Lee, Heng Yue

Research Collection School of Accountancy

This study investigates a particularly brazen form of corporate abuse, in which controlling shareholders use intercorporate loans to siphon billions of RMB from hundreds of Chinese listed companies during the 1996 to 2006 period. We document the nature and extent of these transactions, evaluate their economic consequences, examine factors that affect their cross-sectional severity, and report on the mitigating roles of auditors, institutional investors, and regulators. Collectively, our findings shed light on the severity of the minority shareholder expropriation problem in China, as well as the relative efficacy of various legal and extra-legal governance mechanisms in that country.


Trade, Growth And Increasing Returns To Infrastructure: The Role Of The Sophisticated Monopolist, Ashok S. Guha, Brishti Guha Nov 2009

Trade, Growth And Increasing Returns To Infrastructure: The Role Of The Sophisticated Monopolist, Ashok S. Guha, Brishti Guha

Research Collection School Of Economics

Equilibrium in international trade with increasing returns in infrastructure depends on whether the infrastructure provider is “naïve” or sophisticated. A monopolist produces infrastructure under decreasing cost using fixed equipment. Unlike similar work, we derive a unique closed-economy equilibrium. In a small open economy, with “naïve” infrastructure provider(s), multiple equilibria obtain. The industrial export potential of the economy depends on unexhausted economies of scale, and equilibria are possible where manufactures are exported despite an autarky price higher than the world price. With a sophisticated infrastructure provider, even an open economy has a unique equilibrium, which, at least as long as ...


Surfing The Waves Of Globalization: Asia And Financial Globalization In The Context Of Trilemma, Joshua Aizenman, Menzie David Chinn, Hiro Ito Nov 2009

Surfing The Waves Of Globalization: Asia And Financial Globalization In The Context Of Trilemma, Joshua Aizenman, Menzie David Chinn, Hiro Ito

Economics Faculty Publications and Presentations

Using the "trilemma indexes" developed by Aizenman et al. (2008) that measure the extent of achievement in each of the three policy goals in the trilemma—monetary independence, exchange rate stability, and financial openness—this paper examines how policy configurations affect macroeconomic performances with focus on the Asian economies. We find that the three policy choices do not matter for per capita economic growth. However, they do matter for output volatility and the medium-term level of inflation. Greater monetary independence is associated with lower output volatility while greater exchange rate stability implies greater output volatility, which can be mitigated if ...


Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Ostrup, Lars Oxelheim, Clas Wihlborg Oct 2009

Origins And Resolution Of Financial Crises: Lessons From The Current And Northern European Crises, Finn Ostrup, Lars Oxelheim, Clas Wihlborg

Business Faculty Articles and Research

Since July 2007, the world economy has experienced a severe financial crisis that originated in the U.S. housing market. Subsequently, the crisis has spread to financial sectors in European and Asian economies and led to a severe worldwide recession. The existing literature on financial crises rarely distinguishes between factors that create the original strain on the financial sector and factors that explain why these strains lead to system-wide contagion and a possible credit crunch. Most of the literature on financial crises refers to factors that cause an original disruption in the financial system. We argue that a financial crisis ...


From Economic Crisis To Reform: Imf Programs In Latin America And Eastern Europe By Grigore Pop-Eleches (Book Review), Aleksandra Sznajder Lee Oct 2009

From Economic Crisis To Reform: Imf Programs In Latin America And Eastern Europe By Grigore Pop-Eleches (Book Review), Aleksandra Sznajder Lee

Political Science Faculty Publications

Grigore Pop-Eleches’s book on the interaction of international and domestic determinants of IMF-style reforms in developing countries makes a significant contribution to international and comparative political economy literature. His effort to capture the dynamics of the contentious and complex relationship between the IMF and developing countries/emerging markets inLatin AmericaandEastern Europerepresents mid-range theorizing at its best. The author combines insights from international and comparative political economy literatures to pursue complementary questions. From the international effect perspective: what role do economic crises play in the initiation and implementation of IMF-backed economic reform? Is the IMF impartial in its policy and ...


Does Local School Control Raise Student Outcomes? Evidence On The Roles Of School Autonomy And Parental Participation, Victoria Gunnarsson, Peter F. Orazem, Mario A. Sanchez, Aimee Verdisco Oct 2009

Does Local School Control Raise Student Outcomes? Evidence On The Roles Of School Autonomy And Parental Participation, Victoria Gunnarsson, Peter F. Orazem, Mario A. Sanchez, Aimee Verdisco

Economics Publications

As early as 1962, international agencies such as the United Nations and the World Bank were advising that the decentralization of public service delivery could serve as a development strategy. The strategy has become even more prominent over the past 15 years, particularly in education.1 Decentralization efforts in developed countries include various programs in Australia, Canada, New Zealand, Spain, the United Kingdom, and in at least 44 states in the United States. Among the developing countries, Burkina Faso, Brazil, Chile, Colombia, El Salvador, Honduras, India, and Nicaragua have introduced new programs aimed at devolving power to the local schools ...


Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy Oct 2009

Monetary Policy And Asset Prices In A Small Open Economy: A Factor-Augmented Var Analysis For Singapore, Hwee Kwan Chow, Keen Meng Choy

Research Collection School Of Economics

The ongoing global financial turmoil has revived the question of whether central bankers ought to tighten monetary policy preemptively in order to head off asset price misalignments before a sudden crash triggers financial instability. This study explores the issue of the appropriate monetary policy response to asset price swings in the small open economy of Singapore. Empirical analysis of monetary policy based on standard VAR models, unfortunately, is often hindered by the use of sparse information sets. To better reflect the extensive information monitored by Singapore’s central bank, including global economic indicators, we augment a monetary VAR model with ...


A New Kind Of Middle Man: Looking At Fair Trade In Nepal, Julia Wilber Oct 2009

A New Kind Of Middle Man: Looking At Fair Trade In Nepal, Julia Wilber

Independent Study Project (ISP) Collection

The discipline of Development studies has gone through an evolution of changes in its relatively short time in existence. It has, among other things, left a legacy of vocabulary that is used to define many international interactions. Ideas of the colonizing first world juxtaposed against the colonized third world have given way to notions of an industrialized West and North comprised of developed nations and a backwards East and South made up of developing countries. Colonialism in the age of Imperialism left power and economic disparities across the world. The trends of colonial empires where the colonizer benefited from the ...


Weathering A Different Kind Of Storm: Vietnam's Reaction To Financial Disaster, Rebecca Price Oct 2009

Weathering A Different Kind Of Storm: Vietnam's Reaction To Financial Disaster, Rebecca Price

Independent Study Project (ISP) Collection

I chose to research Vietnam’s reaction to the global financial crisis as a conclusion to my study abroad experience. I thought of it as an opportunity to put in practice the methods I had learned creating the market risk index, while seeing if what I found in Vietnam applied to the theories on the future of capitalism I had researched. My findings are presented more in the style of a magazine or newspaper article, mostly because it is pieces such as these—not long, dry journal articles—that spark my interest and stick in my memory. The New York ...


The International Law Of Economic Migration: Toward The Fourth Freedom, Joel P. Trachtman Sep 2009

The International Law Of Economic Migration: Toward The Fourth Freedom, Joel P. Trachtman

Upjohn Press

This volume examines the welfare economics, political economy, and legal experience in international economic migration, and on the basis of its analysis, suggests the structure of a multilateral framework agreement on international economic migration.


Was Financial Market Contagion The Source Of Economic Crisis In Asia? Evidence Using A Multivariate Var Model, Ahmed Khalid, Masahiro Kawai Sep 2009

Was Financial Market Contagion The Source Of Economic Crisis In Asia? Evidence Using A Multivariate Var Model, Ahmed Khalid, Masahiro Kawai

Ahmed Khalid

The episodes of financial crises in many parts of the world during the 1990s have sparked interest in identifying channels through which such crises spread from one country to another. Researchers have identified several factors that may have sparked and induced contagion. This study further extends the existing research by identifying and testing three financial market variables to trace the alleged origin and the subsequent path of the contagion during the 1997 Asian Crisis. Foreign exchange rates, stock market prices and interest rates are three main financial market indicators, representing the currency, stock and money markets, respectively. We use a ...


The Effects Of Devaluation Of The Tenge Upon The Kazakhstan Economy, John Ja Burke Aug 2009

The Effects Of Devaluation Of The Tenge Upon The Kazakhstan Economy, John Ja Burke

John JA Burke

This article examines the probable effect of the February 2009 devaluation of the Tenge on the Kazakhstan economy. Conventional wisdom holds that currency devaluation increases exports, protects domestic production, and preserves foreign exchange currency reserves. While the latter states the obvious, the causal relation between currency devaluation and increased export revenue and increased domestic production, though logically valid, requires the passage of time to measure. In the context of Kazakhstan, the question of devaluation and its effects also must be examined within the “Dutch Disease” model, as Kazakhstan is an oil dependent country. History teaches that devaluing the Tenge is ...


A Nation In Dilemma, Professor Issam A.W. Mohamed Aug 2009

A Nation In Dilemma, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

following the Global financial Crisis there were economic collapses in all the world. Sudan officials claimed that the country was immune from that epidemic. Such declaration were truly weird as it has been deeply affected from the first instant. That article presented many questions about the economic and social conditions and the eminent southern Sudan, Darfur crises.


The Very Basics Of Sustainability - An Alternative Viewpoint (Slides With Audio) (Large File! To Speed Up Download, Right-Click On "Download" Link To Save To Own Pc.), Jim Mcgovern Aug 2009

The Very Basics Of Sustainability - An Alternative Viewpoint (Slides With Audio) (Large File! To Speed Up Download, Right-Click On "Download" Link To Save To Own Pc.), Jim Mcgovern

Other resources

This presentation sets out the very basics of ‘sustainability’, although a definition of sustainability is not attempted. Some of the very basics are the context in which the Earth and humankind exist in space and time, the Earth’s climate, the Earth’s population and humankind’s options and choices. The author advocates keeping an open mind on all available options, including the use of oil, gas, coal, tar sands, carbon capture and sequestration, nuclear power etc., as well as the technologies that are more widely considered ‘green’. The author also argues that, in addressing the challenges that humankind faces ...


Gatt/Wto Promotes Trade Strongly: Sample Selection And Model Specification, Xuepeng Liu Aug 2009

Gatt/Wto Promotes Trade Strongly: Sample Selection And Model Specification, Xuepeng Liu

Faculty Publications

Some recent empirical studies examine the impact of the GATT/WTO on trade. This paper investigates the sample selection bias and the gravity model specification issues in the literature. First, the GATT/WTO not only makes existing trading partners trade more at the intensive margin, but also creates new trading relationships at the extensive margin. Most existing papers exclude zero trade observations and hence ignore the extensive margin. Secondly, due to the violation of some maintained assumptions, the traditional log-linear gravity regressions fail to uncover the role of the GATT/WTO even at the intensive margin. Using a large bilateral ...


The Spectacle Of Neoclassical Economics: The Chad-Cameroon Petroleum Development Project And Exploitation In The Niger Delta And The Chad Basin, Nicholas A. Jackson Aug 2009

The Spectacle Of Neoclassical Economics: The Chad-Cameroon Petroleum Development Project And Exploitation In The Niger Delta And The Chad Basin, Nicholas A. Jackson

Electronic Theses and Dissertations

In recent years, neoclassical economic literature has undergone a fundamental change of emphasis, from orthodox neoclassical to neoinstitutional theory. World Bank research and high-level policy departments have reflected this change by shifting from development as ‘structural adjustment’ to development as ‘governance’. I engage the case of the Chad-Cameroon Petroleum Development Project (CCPDP) to argue that the neoclassical economic shift is a spectacle or exhibit, irrelevant in important ways to exploitation “on the ground.” Contrary to neoclassical economics and World Bank development rationales, the CCPDP is a hyper-documented project with a hyperrestricted scope, typical of commodity exploitation in Central Africa and ...


Us Foreign Trade Zones As The Secret Lover: Is Uncle Sam Faithful To Tariff Elimination?, Richard J. Smith Jul 2009

Us Foreign Trade Zones As The Secret Lover: Is Uncle Sam Faithful To Tariff Elimination?, Richard J. Smith

Social Work Faculty Publications

For centuries the nations and principalities of the world have engaged in trading schemes to boost exports. Conquest, protection of domestic supply through tariffs and eroding domestic currency are all part of the historic policy harem. The United States has a foreign trade zone program. Who knew? FTZs evoke images of women locked inside a dark sweatshop in a jungle making hoodies for football fans. While these "developing" countries have unambiguously embraced FTZs as an export strategy, Uncle Sam has played the unwilling suitor to the concept, making the FTZ a common law revealed preference while engaged with but not ...


Macroeconomic Impact Of The Financial Crisis On Armenia, King Banaian Jul 2009

Macroeconomic Impact Of The Financial Crisis On Armenia, King Banaian

Economics Faculty Working Papers

As a small, open economy with a small export sector, Armenia has experienced a large amount of stress from the financial crisis. The government exited a peg-like exchange rate regime after a drain of foreign reserves. The loss of reserves was put to loss of revenues from mining exports, but can also be put to the effects of global financial crisis on remittance inflows. Worldwide, the World Bank expects remittances to fall from US$305 billion in 2008 to $290 billion in 2009. In this paper I explore the effect of global crisis on the loss of reserves supporting the ...


The Impact Of Real Exchange Rate Flexibility On East Asian Exports, Mizanur Rahman Jul 2009

The Impact Of Real Exchange Rate Flexibility On East Asian Exports, Mizanur Rahman

Mizanur Rahman

This paper estimates the impact of intra-regional real exchange rate flexibility on East Asian exports. The hypothesis is that the impact would be negative for East Asian countries regardless of their exchange rate regimes. The results validate the hypothesis. The findings show that for Chinese exports the long-run effect is as much as that of a real appreciation of renminbi. By contrast, for Japanese exports the effect is three times larger than that of a real appreciation of the yen. The findings imply that a regional currency basket mechanism would lessen the adverse effect of exchange rate flexibility and engineer ...


Some Remarks On The Effects Of Active Labour Market Policies In Post-Transition, Joanna Tyrowicz, Piotr Wojcik Jul 2009

Some Remarks On The Effects Of Active Labour Market Policies In Post-Transition, Joanna Tyrowicz, Piotr Wojcik

Joanna Tyrowicz

Social cohesion is the principal goal behind active labour market policies (ALMPs), including those financed at supra-national level, like the European Social Fund. In this paper we use NUTS4 level data on the local labour market dynamics in an attempt to verify direct and indirect effects of ALMPs. We use data for 2000-2007 for Poland, while this period comprised both stark increases and reductions in the unemployment rates. Over this time also the financing of ALMPs has been increased considerably, transforming both to higher intensity of ALMPs (wider coverage) and higher extensiveness of these activities (increase in per treatment cost ...


Quantifying The Value Of Us Tariff Preferences For Developing Countries, Judith M. Dean, John Wainio Jul 2009

Quantifying The Value Of Us Tariff Preferences For Developing Countries, Judith M. Dean, John Wainio

Judith M Dean

In recent debates, trade preference erosion has been viewed by some as damaging to developing countries, and by others as insignificant, except in a few cases. However, little data have been available to back either view. The objective of this paper is to improve our measures of the size, utilization and value of all US non-reciprocal trade preference programs, in order to shed some light on this debate. Highly disaggregated data are used to quantify the margins, coverage, utilization and value of nonagricultural and agricultural tariff preferences, for all beneficiary countries in the US regional programs and in the GSP ...


Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio Jul 2009

Are Credit Unions In Ecuador Achieving Economies Of Scale?, Nick A. Marchio

Economics Honors Projects

This study tests the assertion that membership growth in credit unions is constrained by their unique structural features, such as their non-profit mission and member-based ownership. Although these features enhance inclusiveness, existing theory suggest that they work against efficiency when membership grows too diffuse. To address this issue, this study uses a model that takes into account existing theory on constrained-optimization in credit unions and theory on the adverse effects of diffuse ownership. Using data on 36 public credit unions in Ecuador, the empirical analysis finds evidence that credit unions can achieve economies of scale despite their problematic structural features ...