Journal of economic development最新文献

{"title":"The theory and application of spectral risk measures in Vietnam","authors":"H. Hai, N. Hoa","doi":"10.24311/jed/2017.24.4.2","DOIUrl":"https://doi.org/10.24311/jed/2017.24.4.2","url":null,"abstract":"Article history: Received: Oct. 17, 2016 Received in revised form: July 04, 2017 Accepted: Oct. 25, 2017 This paper aims to provide a new risk measure for portfolio management in Vietnam by incorporating investor’s risk aversion into current risk measures such as value at risk (VaR) and expected shortfall (ES). This measure shares several desirable characteristics with the coherent risk measures, as illustrated in Artzner et al. (1997). In Vietnam, our study makes the first attempt to utilize distortion theory, instead of utility theory, to facilitate the adoption of risk aversion level in the popular risk measures. We find that spectral risk measure is more flexible and effective to different groups of risk-adverse investors, compared to the more monotonic and conventional VaR and ES measures.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"24 1","pages":"29-45"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48916084","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A framework of significant human resource management practices in Vietnam","authors":"T. Dung, Truong Thi Lan Anh","doi":"10.24311/jed/2017.24.4.3","DOIUrl":"https://doi.org/10.24311/jed/2017.24.4.3","url":null,"abstract":"Oct. 25, 2017 This paper aims at conceptualizing a framework of human resource management practices (HRMPs) that will work effectively in Vietnam. qualitative research is applied, based on a survey of 388 companies located in Ho Chi Minh city, Vietnam. HRMPs in Vietnam can be measured using seven criteria. Apart from the four traditional HRM functions, which are recruitment selection, training development, performance appraisal and compensation, HRMPs in the Vietnamese context involve three additional criteria: leading change and motivation, both based on traditional soft practices, and talent management, which is based on contemporary hard practice. The validity and reliability of the HRMPs has been confirmed. It was found that the role of HRMPs explains 43 per cent of the variation in a firm’s business performance. The findings imply that HRMPs in Vietnam, despite lagging behind global trends, are on track to catch up with them. The trend of adopting HRMPs in Vietnam continues with the emergence of traditional HRM soft practices and contemporary HRM hard practices. The typical framework of most common HRMPs in Vietnam implies that there is a need to design appropriate training programs for both HR professionals and line managers.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"24 1","pages":"46-63"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43976409","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Water governance for sustainable development: International practices and implications for the Mekong Delta region","authors":"T. Vo, T. Tran, D. Luong","doi":"10.24311/JED/2017.24.4.6","DOIUrl":"https://doi.org/10.24311/JED/2017.24.4.6","url":null,"abstract":"","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"24 1","pages":"99-120"},"PeriodicalIF":0.0,"publicationDate":"2017-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46579792","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Railroad Infrastructure Investments and Economic Development in the Antebellum United States","authors":"R. Pereira, W. Hausman, A. Pereira","doi":"10.35866/CAUJED.2017.42.3.001","DOIUrl":"https://doi.org/10.35866/CAUJED.2017.42.3.001","url":null,"abstract":"We measure the overall impact of railroad investment on economic development in the antebellum period in the United States using a vector autoregressive approach. Our results can be summarized as follows. First, we find bidirectional causality between railroad infrastructure investment and GDP. Second, we estimate a marginal product of $4.2 for railroad investment which corresponds to a 15.5% rate of return when considering a 10-year lifetime for railroad capital. While about two-thirds of this effect stems from the supply side, short run demand side effects also are substantial. Third, given the low effective tax rates practiced in the 1830s and the magnitude of the effects of railroad investment we estimate, it is very likely that these investments were not self-financing and may, therefore, have contributed to the high levels of public indebtedness observed in the period.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":" ","pages":"1-16"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43381554","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Robust Analysis of the Relationship between Natural Disasters, Electricity and Economic Growth in 41 Countries","authors":"Nadia Benali, Kais Saidi","doi":"10.35866/CAUJED.2017.42.3.005","DOIUrl":"https://doi.org/10.35866/CAUJED.2017.42.3.005","url":null,"abstract":"(ProQuest: ... denotes formulae omitted.)1. INTRODUCTIONNatural disasters are now better known. They are well investigated and mapped both locally and global scale. Natural disasters are liable to cause serious economic and social disruption. The immediate damage is decrease production, expenditures and the number of hours worked. According to the data reported by EM-DAT, Americas suffered in 2014 from 76 natural disasters and the damage reached US$ 25.8 billion. On the other side, Africa suffered from 39 natural disasters, a number far below its 2004-2013 annual average. According to EM-DAT (2014), the damages from natural disasters in European countries represent approximately US$ 7.8 billion.The occurrence of natural disasters such as earthquakes, hurricanes, tornadoes, floods, storms and volcanic eruptions have negative effects on the electrical system operation. The earthquakes that have hit several countries such as China, Italy, Japan and the United States have severe impact economic, environmental and human. In addition, they destroyed their power system equipment.The response of the authorities has led in practice by the implementation of prevention and risk management systems evolving since the 1980s, resulting in an abundance of tools and acronyms that thwarts their ownership all players. In the period immediately following the event, reconstruction efforts are offset these losses and, paradoxically, create a net stimulatory effect on economic growth. To achieve this objective, it is necessary to measure or estimate economic costs of such disasters. In this sense, many studies have examined the debate in a macro-economic perspective by exploring how disasters affect real GDP per capita.In general, economic effects due to disasters can be classified into two categories: direct damage and indirect damage. The main findings shown that the direct effects of natural disasters depend on the level of development of the affected countries (Kahn, 2005).Most empirical studies have shown that natural disasters have a negative indirect damage in short-term, such as effects on economic growth (Noy, 2009; Fomby et al., 2013). Although long-term studies are still relatively rare and yet failed to provide consistent results (Skidmore and Toya, 2002; Noy and Nualsri, 2007; Jaramillo, 2009.).The contribution of this article is to assess the effects of natural disaster on economic growth, physical capital, labor and electricity. Furthermore, our study of literature suggests that few studies have examined the impact of natural disaster on the electricity. For this purpose, we use a Panel data and Granger causality-VECM model, including four types of disasters (earthquakes, storms, floods and droughts) in about 41 countries over the period 1990 to 2014.The sections of this paper presented as follows. The literature review section presents a brief literature review. The data section details the data used in the empirical part. The descriptive statistics and","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"42 1","pages":"89-110"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47234477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Relationship between Financial Development and Private Investment Commitments in Energy Projects","authors":"Lika Ba, F. Gasmi, Paul Noumba Um","doi":"10.35866/CAUJED.2017.42.3.002","DOIUrl":"https://doi.org/10.35866/CAUJED.2017.42.3.002","url":null,"abstract":"This paper investigates the extent to which the level of development of countryi¯s financial sector draws private participation in energy projectsi¯ financing in a 1990-2007 dataset on 56 developing countries. We find that a financial sector that offers proper financing and risk-mitigating instruments indeed contributes to improving private participation. Macroeconomic development and stability and greater energy needs are also found to be significant determinants of a countryi¯s appeal to private investors. While country risk dampens investorsi¯ will to participate in energy projects, higher interest rate and exchange rate risk do not seem to divert them away.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"42 1","pages":"17-40"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42266794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The Impact of Globalization on Inflation in Developing Countries","authors":"Sandeep Mazumder","doi":"10.35866/CAUJED.2017.42.3.003","DOIUrl":"https://doi.org/10.35866/CAUJED.2017.42.3.003","url":null,"abstract":"This paper examines the impact of globalization on inflation in developing and emerging economies. We estimate both traditional and open-economy versions of the Phillips curve for all developing economies by incorporating both domestic and foreign output gaps. We find mixed results: whether globalization has significantly affected domestic inflation in developing countries depends on the measure of inflation. Under GDP deflator inflation, there has been a significant change in the output-inflation tradeoff, but CPI inflation suggests otherwise. This highlights the importance of paying closer attention to the measure of inflation implemented, which is something that the current literature neglects to do.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"42 1","pages":"41-60"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47046812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Returns to Human Capital and Wage Inequality: The Case of Taiwan","authors":"Yih‐chyi Chuang, Wei-Wen Lai","doi":"10.35866/caujed.2017.42.3.004","DOIUrl":"https://doi.org/10.35866/caujed.2017.42.3.004","url":null,"abstract":"To compare with the literature on Taiwan study of wage inequality by the turn of Twenty-First Century, using Taiwani¯s 1978-2003 Manpower Utilization Survey data, this paper estimates the trends of returns to education and experience and investigates the relationship between returns to human capital, ability, and wage inequality. Over the period, return to higher education has an increasing trend while the wage inequality reveals a declining tendency, a phenomenon also contradicted to existing literature, e.g., Castello-Climent and Domenech (2014). Using quantile regression, we further discover the relations between human capital accumulation and unobserved ability, i.e., education and ability are substitutes while experience and ability tend to complement each other. Education enables those less able people to improve upon their disadvantages and thus improve wage inequality. Moreover, wage inequality is lower in females than in males for every educational level and more experienced groups. Contrary to the existing literature, Taiwani¯s empirical study demonstrates that the increasing employment share of more educated workers and/or females will improve instead of worsen wage inequality. Policy implications are also discussed based on Taiwani¯s experience.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"42 1","pages":"61-88"},"PeriodicalIF":0.0,"publicationDate":"2017-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43295179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Mitigating Loan Repayment Troubles during Microfinance Expansion: Evidence from a Large Panel","authors":"Jules O. Yimga","doi":"10.35866/CAUJED.2017.42.2.003","DOIUrl":"https://doi.org/10.35866/CAUJED.2017.42.2.003","url":null,"abstract":"Using linear panel methods, this article tests whether the surge in microfinance lending during the boom years of 2004-2008 hurt loan repayment rates. Surprisingly, we find evidence that loan delinquency is inversely related to microfinance growth. This result is contrary to the long-standing view that fast microfinance expansion leads to increased loan delinquency. This suggests the existence of a larger pool of high quality borrowers that may have not yet been tapped in new markets. This finding is robust across estimation methods and even after controlling for cross-sectional and temporal dependencies.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"42 1","pages":"39-49"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45400397","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"THE EFFECT OF REMITTANCES UPON SKILLED EMIGRATION: AN EMPIRICAL STUDY","authors":"Dambar Uprety, Kevin Sylwester","doi":"10.35866/CAUJED.2017.42.2.001","DOIUrl":"https://doi.org/10.35866/CAUJED.2017.42.2.001","url":null,"abstract":"This paper empirically examines whether remittance inflows affect emigration. We consider a panel of 133 developing countries as migrant source countries and seven five-year windows between 1980 and 2010. Because inflows of remittances could be endogenous, we employ a dynamic GMM estimation methodology. We find that inflows of remittances are positively associated with subsequent stocks of highly educated migrants living in OECD countries. We find little association between remittance inflows and subsequent changes in stocks of less educated migrants. Although many see the level of migration as influencing remittance flows, our results suggest that causality goes in the other direction as well, implying that the inflow of remittances could be a push-factor for emigration, at least for those with more education.","PeriodicalId":15602,"journal":{"name":"Journal of economic development","volume":"42 1","pages":"1-15"},"PeriodicalIF":0.0,"publicationDate":"2017-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43575858","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}