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2011

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Full-Text Articles in International Economics

Economic Freedom And Fiscal Performance: A Regression Analysis Of Indices Of Economic Freedom On Per Capita Gdp, Jason Ockey Dec 2011

Economic Freedom And Fiscal Performance: A Regression Analysis Of Indices Of Economic Freedom On Per Capita Gdp, Jason Ockey

Jason R Ockey

This paper explores whether different forms of economic freedom drive fiscal performance. We also seek to determine which specific measurements of economic freedom have the most statistically significant impacts. Though the results of our analysis show that economic freedom does impact levels of per capita GDP, the interpretation of these results is more complicated. Because some indices of economic freedom have negative effects on per capita GDP or are statistically insignificant, it is important to note that simply generally increasing a country’s overall level of economic freedom will not necessarily spur economic growth or increase fiscal performance. This paper ...


Interest Rate Policy In China: The Impact Of Suppressed Deposit Rates On Household Income From 2000-2007, Zhuliang James Zhang Dec 2011

Interest Rate Policy In China: The Impact Of Suppressed Deposit Rates On Household Income From 2000-2007, Zhuliang James Zhang

Undergraduate Economic Review

An often-overlooked impact of China’s policy of maintaining low interest has been the suppression of household interest income, which has increased the propensity of households to save while decreasing their consumption rates. This paper posits that from 2000 to 2007, deposit rates in China were suppressed annually by around 720 basis points, imposing an implicit tax on annual per-capita income of 12.8% on average. Raising deposit rates will increase household income and boost consumption in the medium-term if the Chinese government is able to initiate policy shifts that distribute the gains of economic growth more equitably to households ...


Essays On An Asean Optimal Currency Area, Kathryn J. Whittaker Huff Dec 2011

Essays On An Asean Optimal Currency Area, Kathryn J. Whittaker Huff

University of New Orleans Theses and Dissertations

Many regions of the world would like to replicate the financial and monetary integration of the European Monetary Union (EMU). Member countries of the Association of Southeast Asian Nations (ASEAN) have shown an interest in such an arrangement. ASEAN is a political, cultural, and economic association that includes Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. Many of these nations are experiencing rapid economic development while others are still relatively poor and under developed. As such, they appear to be an unlikely group for currency unification. Older studies suggest that multiple currency union groupings may be ...


The Resource Curse And Peru: A Potential Threat For The Future?, Sergio Cruz Dec 2011

The Resource Curse And Peru: A Potential Threat For The Future?, Sergio Cruz

Master's Theses

What explains the ability of some countries to successfully use their natural resources towards development and economic growth while for others stagnation and impoverishment? The resource curse theory has helped economists explain this observation. This work examines how Peru has been able to produce strong economic growth in the last 20 years despite the economy’s strong dependence on its natural resource extractive industry. Peru has been able to avoid many of the pitfalls and traps that resource curse literature considers to be detrimental to economic growth. This article examines the resource based economies of four other countries (Venezuela, Chile ...


Understanding The Legitimacy Of Both Dissension And Acceptance Of Accommodative Monetary Policy, Maximilian Bevan Dec 2011

Understanding The Legitimacy Of Both Dissension And Acceptance Of Accommodative Monetary Policy, Maximilian Bevan

Maximilian Bevan

No abstract provided.


The Oecd And Phases In The International Political Economy, 1961-2011, Judith Clifton, Daniel Díaz-Fuentes Dec 2011

The Oecd And Phases In The International Political Economy, 1961-2011, Judith Clifton, Daniel Díaz-Fuentes

Judith Clifton

In 2011, the OECD turned fifty. To provide a broad foundation for further thinking on this organization, we analyse its evolution over half a century from two perspectives: phases in the international political economy and the literature on IPE. By so doing, we uncover two paradoxes. Firstly, we find that the organization’s evolution closely mirrored major phases in the postwar international political economy until recently. However, the OECD’s long-term dependence on theWest has now become an obstacle to its efforts to adapt to the latest phase, characterised by the rise of non-Western powers. Secondly, we show that, during ...


World Food Crisis: Imperfect Markets Starving Development, A Decomposition Of Recent Food Price Increases, Christine Costello Dec 2011

World Food Crisis: Imperfect Markets Starving Development, A Decomposition Of Recent Food Price Increases, Christine Costello

Dissertations, Theses, and Student Research from the College of Business

The recent decade has experienced two rather substantial food price spikes. This thesis sets out to provide an in-depth look at the recent food price increases by achieving two goals: assessing the forces driving food prices, and determining the magnitude of those forces. These goals are reached by reviewing selected rhetoric on the recent food price increases, analyzing case studies, and lastly determining our modeling capabilities in decomposing food price changes. Additionally, this thesis will serve as a tool for stakeholder's to better address critical policy issues surrounding food, agriculture, and energy policies.

Adviser: Hendrik Van Den Berg


The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar M. Rodriguez Dec 2011

The Impact Of Public Credit Programs On Brazilian Firms, Joao Alberto Denegri, Alessandro Maffioli, Cesar M. Rodriguez

Economics Faculty Publications and Presentations

This paper analyzes the effectiveness of public credit lines in promoting the performances of Brazilian firms. We focus on the impact of the credit lines managed by BNDES and FINEP in fostering growth measured in terms of employment, labor productivity and export. For this purpose, we use a unique panel data set developed by the Instituto de Pesquisa Econômica Aplicada (IPEA), which includes information on both firm-level performances and access to public credit lines. This particular data setting allows us to use quasi-experimental techniques to control for selection bias when estimating the impact of the public credit lines. The core ...


Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski Dec 2011

Introduction To The Symposium On 'Financial Risks And Economic Stability In Emerging Market Economies', Lucjan Orlowski

WCBT Faculty Publications

Developing resilience to contagion effects from global financial crises and economic recessions has been an ongoing crucial task for policymakers in emerging market economies. The recent global financial crisis of 2007-2009 has underscored the importance of pursuing disciplined macroeconomic policies and of devising sound macroprudential regulations that would strengthen the immunity of emerging markets and their institutions to various types of risks, including credit, default, sovereign, liquidity and market risks. The studies included in this symposium are not intended to provide a comprehensive overview of financial vulnerabilities in a broad spectrum of emerging markets. Rather, they share a common aim ...


Extreme Risks In Financial Markets And Monetary Policies Of The Euro-Candidates, Hubert Gabrisch, Lucjan Orlowski Dec 2011

Extreme Risks In Financial Markets And Monetary Policies Of The Euro-Candidates, Hubert Gabrisch, Lucjan Orlowski

WCBT Faculty Publications

This study investigates extreme tail risks in financial markets of the euro-candidate countries and their implications for monetary policies. Our empirical tests show the prevalence of extreme risks in the conditional volatility series of selected financial variables, that is, interbank rates, equity market indexes and exchange rates. We argue that excessive instability of key target and instrument variables should be mitigated by monetary policies. Central banks in these countries will be well-advised to use both standard and unorthodox (discretionary) tools of monetary policy while steering their economies out of the financial crisis and through the euro-convergence process.


International Capital Flows With Limited Commitment And Incomplete Markets, Jürgen Von Hagen, Haiping Zhang Dec 2011

International Capital Flows With Limited Commitment And Incomplete Markets, Jürgen Von Hagen, Haiping Zhang

Research Collection School Of Economics

Recent literature has proposed two alternative types of financial frictions, i.e., limited commitment and incomplete markets, to explain the patterns of international capital flows between developed and developing countries observed in the past two decades. This paper integrates both types of frictions into a two-country overlapping-generations framework to facilitate a direct comparison of their effects. In our model, limited commitment distorts the investment made by agents with different productivity, which creates a wedge between the interest rates on equity capital vs. credit capital; while incomplete markets distort the investment among projects with different riskiness, which creates a wedge between ...


Beneath And Beyond The Chinese Miracle, Singapore Management University Dec 2011

Beneath And Beyond The Chinese Miracle, Singapore Management University

Perspectives@SMU

China’s rapid economic progress from an impoverished communist state to the world’s second largest economy within just three decades has enthralled many economists. That the country shifted from the classical centrally-planned command economy to one espousing free market practices while maintaining communist rule, has all given rise to this question: What exactly is the China model? Is it the hybrid of innovative state ownership and tight political control? Or is the rapid growth the result of liberal economic and political reforms?


Economic Integration, Political Integration Or Both?, Daniel Brou, Michele Ruta Nov 2011

Economic Integration, Political Integration Or Both?, Daniel Brou, Michele Ruta

Daniel Brou

We study the effects of economic and political integration by presenting a model in which firms compete with each other in both an economic market—where they produce a good and compete for market share—and in a political (rent seeking) market—where they compete for transfers from the government. Growth is driven by firms’ cost-reducing innovation activity and economic and political integration affect firms’ incentive to innovate differently. In this setting, economic and political integration can be seen as complementary. Economic integration, when not accompanied by political integration, can lead to less innovation and slower growth as firms respond ...


Exploring The Nexus Between Trade, Visitor Arrivals, Remittances And Income In The Pacific: A Study Of Vanuatu, Ronald R. Kumar, Vijay Naidu, Radika Kumar Nov 2011

Exploring The Nexus Between Trade, Visitor Arrivals, Remittances And Income In The Pacific: A Study Of Vanuatu, Ronald R. Kumar, Vijay Naidu, Radika Kumar

Dr Ronald R Kumar

We explore the contributions of trade openness, remittance inflows and expansion in tourism towards improving income in Vanuatu over the periods 1983-2009 using the augmented Solow approach and the ARDL bounds test. The results show trade openness and remittances have a positive and statistically significant effect on the long run growth of the economy while tourism expansion is not statistically significant. For a broad-based development policy we propose: remittance inflows need to be encouraged and additional remittance markets to be explored; trade negotiations with specific focus on temporary movement of natural persons need to be prioritized; and ensuring access to ...


Trade, Aid, Remittances And Financial Development: The Case Of Pakistan, Ronald Kumar Nov 2011

Trade, Aid, Remittances And Financial Development: The Case Of Pakistan, Ronald Kumar

Dr Ronald R Kumar

In this paper, we explore the role of trade openness, overseas development aid (ODA), remittance inflows and financial development vis-à-vis income in Pakistan for the periods 1980-2010 using the bounds procedure within the augmented Solow-model approach. In the long-run, trade openness, ODA, and remittances have a significant positive effect on the income level, while financial development is not statistically significant. In the short run, ODA has contributed positively towards income growth while remittances, trade openness and financial development have lagged negative effects, thus underscoring somewhat different behaviour of aid and remittance inflows. Accordingly, for development policy discourse, we emphasise the ...


Compliance Costs And Dissimilarity Of Vat Regimes In The Eu, In: A Retrospective Evaluation Of Elements Of The Eu Vat System, Henk Lm Kox Nov 2011

Compliance Costs And Dissimilarity Of Vat Regimes In The Eu, In: A Retrospective Evaluation Of Elements Of The Eu Vat System, Henk Lm Kox

Henk LM Kox

This chapter of the VAT evaluation study presents new indicators that (elsewhere in this study) are used to asses the impacts of current heterogeneous VAT systems in the European Union on intra-EU trade in goods and services. These indicators quantify the extent of differences in VAT regimes across the European Union.
• The current VAT system in the European Union leaves considerable operational and administrative freedom to national governments. This means that, despite European co-ordination on the basic structure of the VAT system, the situation is still such that firms operating in the internal market have to deal with a complex ...


A Retrospective Evaluation Of Elements Of The Eu Vat System - Final Report, Stuart Adam, David Philips, Stephen Smith, Leon Bettendorp, Stefan Boeters, Henk Lm Kox, Bas Straathof, Kasper Stuut Nov 2011

A Retrospective Evaluation Of Elements Of The Eu Vat System - Final Report, Stuart Adam, David Philips, Stephen Smith, Leon Bettendorp, Stefan Boeters, Henk Lm Kox, Bas Straathof, Kasper Stuut

Henk LM Kox

This is the final report of a project on “The retrospective evaluation of elements of the VAT system.” This project has been led by researchers at the Institute for Fiscal
Studies, in co-operation with other members of a consortium of organisations (led by CPB Netherlands Bureau for Economic Policy Analysis) carrying out a programme of economic analysis of taxation for the European Commission, and with additional contributions to this project from researchers outside the consortium. The full report addresses the following 12 evaluation elements:
(1) To what extent do the current VAT arrangements for cross border supplies of goods and ...


Wage Inequality In Developing Countries: South–South Trade Matters, Julien Gourdon Nov 2011

Wage Inequality In Developing Countries: South–South Trade Matters, Julien Gourdon

Julien Gourdon

The relationship between trade liberalization and inequality has received considerable attention in recent years. The major purpose of this study is to present new results on the sources of wage inequalities in manufacturing taking into account South–South (S–S) trade. Globalization has not only lead to increasing North–South (N–S) trade, but it has also changed the direction and composition of trade as more trade is carried out among developing countries. In this study, we find that increasing wage inequality is associated more with the South–South trade liberalization than with the classical trade liberalization with northern countries ...


Le Rôle Des Foires Et Salons Dans Le Développement Commercial Et Économique D’Un Pays, Madow Yves Nagou Dr Nov 2011

Le Rôle Des Foires Et Salons Dans Le Développement Commercial Et Économique D’Un Pays, Madow Yves Nagou Dr

Dr NAGOU Madow Yves

Salons et foires sont des lieux de communications et d'échanges. L'article expose les différents enjeux de l'organisation des foires dans les pays en quête de savoir-faire en organisation commerciale et de technologies adaptées à la promotion du leur économie.


Transmission Linked To Structural Vulnerability: How Low-Income Countries Endured The Great Recession, Rachel F. Hartgen Nov 2011

Transmission Linked To Structural Vulnerability: How Low-Income Countries Endured The Great Recession, Rachel F. Hartgen

Electronic Theses and Dissertations

The implosion of the 2008 financial crisis ignited fears that integration would transmit the crisis’ effects throughout the global system. Examining two countries, Bangladesh and Zambia, this project shows that low-income countries with relatively little integration also saw negative impacts. This occurred through three main transmission mechanisms: trade flows, rising prices and financial flows that could have possible long-term effects at the macro and micro level. The manner and impact of each transmission mechanism, however, varied among LICs according to each country’s individual structural economic and financial vulnerabilities. Bangladesh saw a delayed impact but did not avoid the crisis ...


Trade Reforms And Performances Of Manufacturing Sector In Tanzania: A Case Of Employment, Wage And Output Performance Of Textile And Clothing Industry, Johansein L. Rutaihwa Mr. Oct 2011

Trade Reforms And Performances Of Manufacturing Sector In Tanzania: A Case Of Employment, Wage And Output Performance Of Textile And Clothing Industry, Johansein L. Rutaihwa Mr.

Johansein Rutaihwa

The objective of this study is to investigate the effect of trade liberalization on employment performance of textile industry in Tanzania. The basic issue of concern is that the implementation of trade liberalization has differential impact on employment and wage in many African countries. In addressing this issue as well as achieving the objective, econometric models of employment and wage are estimated using co-integration method of analysis. The analysis shows that effective rate of protection and export intensity have an insignificant positive impact on demand for labour, but import penetration has a significant negative impact on employment. Also, only import ...


Impacts Of Social Upbringing On Family Integration In Military Life In Sudan, Professor Issam A.W. Mohamed Oct 2011

Impacts Of Social Upbringing On Family Integration In Military Life In Sudan, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

In a country on the eve of losing one third of its land, 80% of potential natural resources and 75% of external exports value, economic future seems gloomy. Many opinions were given for economic solutions after the Southern Sudan secession. However, that does not support a theoretical framework that those are the only reasons for the expected economic collapse. Our theory here is that such collapse already happened because of economic mismanagement, corruption and hoarding initiated by the calls for empowerment and carried out by the regime's members. Such acts extended to the banks, economic institutions and randomized privatization ...


Multinational Companies And Investments In Sudan: Case Study Of Oil Exploration And Extraction, Professor Issam A.W. Mohamed Oct 2011

Multinational Companies And Investments In Sudan: Case Study Of Oil Exploration And Extraction, Professor Issam A.W. Mohamed

Professor Issam A.W. Mohamed

The purpose of this paper is to present the role of multinational companies in general then its role in Sudan with particular emphasis on oil exploration and extraction. Chinese companies of multinationalities currently control the newly born oil industry in the country. Needless to say that the dire needs of the government because of its international isolation and sanctions compelled it to be subjected to bellow standards conditions in all economic and environmental aspects. The government accepted the conditions for the past twelve years. However, the secession of Southern Sudan into new country gives better re-negotiations opportunity to the newly ...


The Role Of Technological Change In Increasing Gender Equity With A Focus On Information And Communications Technology, Joyce P. Jacobsen Oct 2011

The Role Of Technological Change In Increasing Gender Equity With A Focus On Information And Communications Technology, Joyce P. Jacobsen

ACSPL Working Paper Series

This paper considers the potential role of various transformative general-purpose technologies in affecting gender equity. The particular technologies considered at length and contrasted are four network technologies: electricity and water provision on the one hand, and the newer information and communications technologies of the Internet and mobile phones on the other. Available evidence on the effects of transformative technologies, both historically and in recent developing country contexts, is surveyed. The results indicate difficulties in finding cleanly measurable factors due to the complex nature of the effects of the technologies, as well as the containment of many effects in the household ...


Capital Account Liberalization, Financial Development And Industry Growth: A Synthetic View, Rachita Gullapalli, Barry Eichengreen, Ugo Panizza Oct 2011

Capital Account Liberalization, Financial Development And Industry Growth: A Synthetic View, Rachita Gullapalli, Barry Eichengreen, Ugo Panizza

Rachita Gullapalli

This paper synthesizes studies analyzing the effects of capital account liberalization on industry growth while controlling for financial crises, domestic financial development and the strength of institutions. We find evidence that financial openness has positive effects on the growth of financially dependent industries, although these growth-enhancing effects evaporate during financial crises. Further analysis indicates that the positive effects of capital account liberalization are limited to countries with relatively well-developed financial systems, good accounting standards, strong creditor rights and rule of law. It suggests that countries must reach a certain threshold in terms of institutional and economic development before they can ...


Watching The Clock: Challenges For The World's Fastest Growing Economies, Singapore Management University Oct 2011

Watching The Clock: Challenges For The World's Fastest Growing Economies, Singapore Management University

Perspectives@SMU

Double-digit economic growths that are set to propel it to the second biggest economy in the world, overtaking Japan, has made people see China’s rise as remarkable. So confident are the pundits that they have dubbed this to be an “Asian century” and many more are urging for the world to learn Chinese in anticipation of a new world order. But, to renowned historian Wang Gungwu, this fast-paced growth associated with China is not something that is peculiar to the Asian giant only.


The Informal Economy And Bribery In North Korea, Byung-Yeon Kim, Yumi Koh Oct 2011

The Informal Economy And Bribery In North Korea, Byung-Yeon Kim, Yumi Koh

Research Collection School Of Economics

This paper uses the data of 227 North Korean refugees who have settled in South Korea to investigate the relationship between working in the informal economy (market component of the economy) and bribe-giving, and between bribe-giving and the number of hours worked in the formal sector (planned component of the economy). The first relationship is positive, and the second relationship is negative. These results imply that widespread informal economy activities in North Korea have been undermining the socialist regime through bribery.


Essays On International Trade, Kai Xu Sep 2011

Essays On International Trade, Kai Xu

Electronic Thesis and Dissertation Repository

This thesis consists of three essays on the economic effects of agricultural and non-agricultural trade. The first essay asks whether the observed low trade intensity of agricultural goods is caused by high trade costs or small gains from agricultural trade. By empirically estimating structural equations from a trade model, I find that it is largely due to high trade costs. I also find large variation in relative efficiency of producing agricultural goods, which suggests that lower agricultural trade costs could lead to large gains from trade. The second essay asks how large are the gains from lower trade costs in ...


Taiwan’S Private Sector Labour Market Prior To 1996, Gary S. Fields Sep 2011

Taiwan’S Private Sector Labour Market Prior To 1996, Gary S. Fields

Gary S Fields

[Excerpt] Analysis of the inter-industry earnings differentials revealed that these differentials were quite small by international standards, and indeed, that earnings were rising at roughly the same rate in every sector of the labour market in Taiwan. Wage differentials in Taiwan's private sector are generally in line with the economy as a whole; quite small by international standards, with real wages rising at very similar rates throughout all of the major private sector industries, whilst also demonstrating similar growth and decline patterns. For example, the agricultural sector in Taiwan is a declining sector of the economy, relative to non-agriculture ...


The Migration Transition In Asia, Gary S. Fields Sep 2011

The Migration Transition In Asia, Gary S. Fields

Gary S Fields

[Excerpt] This theoretical discussion of the migration transition is Asia develops a framework to understand the turning point from labor exporter to labor importer experienced by the Asian NIEs (Hong Kong, Korea, Singapore and Taiwan). The author concludes that the NIEs' demand for labor curve shifted rapidly, primarily due to export-led growth of a labor-intensive character. Because these economies are well integrated, improvements in labor market conditions in individual sectors are transmitted to all workers, discouraging emigration. Despite industry's efforts to mitigate wage increases through labor import, new technology or relocation overseas, the rapidly improving domestic earnings opportunities induced ...