PSN: Interdependence (Topic)最新文献

{"title":"Discovering and Disentangling the Effects of US Macro-Announcements for European Stocks","authors":"T. Rühl, Michael V. Stein","doi":"10.2139/ssrn.2561235","DOIUrl":"https://doi.org/10.2139/ssrn.2561235","url":null,"abstract":"In this study, we analyze the effect of US macroeconomic announcements on European stock returns, return volatility and bid-ask spreads using intraday data. We find that certain announcements are generally more important to the European stock market than others, and that the direction of news is important for returns. We provide first evidence that a stock-individual analysis is crucial to disentangle overall market reactions from stock-specific impacts and that effects vary dramatically between stocks. The analysis of quoted spreads reveals that return volatility affects the spread size positively, and that spreads are systematically higher directly after news releases. This is followed by structurally lower spreads, indicating quickly decreasing asymmetric information in the market after announcements. Additionally, spreads tend to react to announcements even if the returns or the volatility of the underlying stock is not significantly affected. This points at the importance of the analysis of news events beyond return and volatility analyses.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"834 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130341317","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":"Assessing the Evidence: The Effectiveness and Impact of Public Governance-Oriented Multi-Stakeholder Initiatives","authors":"Brandon Brockmyer, J. Fox","doi":"10.2139/SSRN.2693608","DOIUrl":"https://doi.org/10.2139/SSRN.2693608","url":null,"abstract":"Transnational multi-stakeholder initiatives (MSIs) – voluntary partnerships between governments, civil society, and the private sector – are an increasingly prevalent strategy for promoting government responsiveness and accountability to citizens. While most transnational MSIs involve using voluntary standards to encourage socially and environmentally responsible private sector behavior, a handful of these initiatives – the Extractive Industries Transparency Initiative (EITI), the Construction Sector Transparency Initiative (CoST), the Open Government Partnership (OGP), the Global Initiative on Fiscal Transparency (GIFT) and the Open Contracting Partnership (OCP) – focus on information disclosure and participation in the public sector. Unlike private sector MSIs, which attempt to supplement weak government capacity to enforce basic social and environmental standards through partnerships between businesses and civil society, public sector MSIs ultimately seek to bolster public governance. But how exactly are these MSIs supposed to work? And how much has actually been achieved?The purpose of this study is to identify and consolidate the current state of the evidence for public governance-oriented MSI effectiveness and impact. Researchers collected over 300 documents and interviewed more than two-dozen MSI stakeholders about their experiences with five public governance oriented multi-stakeholder initiatives.This report provides a ‘snapshot’ of the evidence related to these five MSIs, and suggests that the process of leveraging transparency and participation through these initiatives for broader accountability gains remains uncertain. The report highlights the ongoing process of defining MSI success and impact, and how these initiatives intersect with other accountability actors and processes in complex ways. The study closes with key recommendations for MSI stakeholders.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"149 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116052974","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":"Regional Economic Integration and Multilateralism: The Case of the ASEAN-Australia-New Zealand FTA and the Malaysia-New Zealand FTA","authors":"V. Vitalis","doi":"10.2139/SSRN.2597516","DOIUrl":"https://doi.org/10.2139/SSRN.2597516","url":null,"abstract":"Regional economic integration is back in vogue following the \"stumble\" in the Doha Round in July 2008. Preferential trade agreements (PTAs) are driving this trend in Asia and the Pacific as well as in Central and South America, and the sheer volume of PTAs is striking. In the 1990s there were barely five PTAs in force, but now there are more than 200 either under negotiation or in force. In this regard, Asia and the Pacific has developed a rapidly evolving regional economic architecture that spans two major plurilateral agreements, the Trans-Pacific Partnership (TPP) and the Regional Comprehensive Economic Partnership (or ASEAN+6 RCEP), as well as the putative Free Trade Agreement of the Asia-Pacific (FTAAP), which received a new lease on life through the Asia-Pacific Economic Cooperation (APEC) leaders' meeting in Beijing late last year. ASEAN, as a group or individually, has been particularly busy in this sphere, deliberately using PTAs as a supplement to its own regional integration process. In Central and Latin America, economic integration has been similarly pursued at variable speeds and in variable geometries. In the meantime, there have been some concerns about the proliferation of PTAs for all the usual reasons. Trade diversion is a reality and with their less-than-comprehensive approach to sensitive issues like agriculture and burdensome rules of origin (ROO), many PTAs are perceived as being at best of marginal business interest and at worst a \"stumbling block\" to conclusion of the Doha Development Round. This paper argues, however, that more recent PTA outcomes, like the ASEAN-Australia-New Zealand FTA (AANZFTA) and the Malaysia-New Zealand FTA (MNZFTA) present a rather more nuanced picture. There may even be some grounds for modest optimism about how PTAs can be building—not stumbling—blocks for multilateralism. Four distinct criteria are used to assess the AANZFTA and the MNZFTA. These include: 1) the breadth and depth of agricultural market access liberalization; 2) the existence (or non-existence) of WTO-plus commitments; 3) how the risks of complex ROO, etc., are mitigated; and 4) the introduction of bespoke solutions of direct commercial value to business (e.g., facilitated business visitor access). The paper suggests that both the AANZFTA and the MNZFTA provide the basis for engagement at the WTO on how to multilateralize the outcomes secured through the AANZFTA and the MNZFTA. The role and experience of New Zealand in both of these high quality and comprehensive PTAs is something that may be of enduring interest.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132764276","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":"Globalization, Peace & Stability, Governance, and Knowledge Economy","authors":"V. Amavilah, S. Asongu, A. Andrés","doi":"10.2139/ssrn.2493469","DOIUrl":"https://doi.org/10.2139/ssrn.2493469","url":null,"abstract":"A previous analysis of the impact of formal institutions on the knowledge economy of 22 Middle-Eastern and Sub-Sahara African countries during the 1996-2010 time period concluded that formal institutions were necessary, but inadequate, determinants of the knowledge economy. To extend that study, this paper claims that globalization induces peace and stability, which affects governance and through governance the knowledge economy. The claim addresses one weakness of previous research that did not consider the effects on the knowledge economy of globalization. We model the proposition as a three-stage process in four hypotheses, and estimate each hypothesis using robust estimators that are capable of dealing with the usual statistical problems without sacrificing economic relevance and significance. The results indicate that globalization has varying effects on peace and stability, and peace and stability affect governance differently depending on what kind of globalization induces it. For instance, the effects on governance induced by globalization defined as trade are stronger than those resulting from globalization taken to be foreign direct investment. Hence, we conclude that foreign direct investment is not a powerful mechanism for stimulating and sustaining the knowledge economy in our sample of countries. However, since globalization-induced peace and stability have both positive and negative effects on governance simultaneously, we also conclude that while the prospect for knowledge economy in African countries is dim, it is still realistic and attainable as long as these countries continue to engage in the kind of globalization that does indeed induce peace and stability. We further conclude that there is a need for a sharper focus on economic and institutional governance than on general governance as one possible extension of this paper.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"64 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116822346","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 Effects of BRICS and Matik Countries on World Economy and Cointegration Analysis the Long Term Relation G-7 Growth Rates (1962-2012)","authors":"Bilal Kargi","doi":"10.22610/JEBS.V6I3.489","DOIUrl":"https://doi.org/10.22610/JEBS.V6I3.489","url":null,"abstract":"In this article, long term data is analyzed for the total growth of the world economy and the growth of developed (G7) and of the rapid developing economies. BRICS countries are known countries with their meetings since 2008. Rapidly developing countries such as Mexico, Argentina, Turkey, Indonesia and Korea are defined as MATIKin thisanalysisexceptthecountriesfor BRICS meeting. Especially, the basic hypotheses of this study is that BRICS+MATIK countries whose economic shares slowly increase were compared with G-7 and the global economy, i) Help of BRICS+MATIK economies rapidly increase for the growth rate of world economy: ii)They’re the hypotheses that BRICS+MATIK economies are cointegrated with the growth of world economy in long term. In this way, it may be possible that the help of G-7 is compared with the help of BRICS+MATIK economies for the growth of world economy. The study uses the annual data of the 1962-2012 periods. Time series analysis is used to test the hypotheses. The most important finding is that BRICS+MATIK economies affect the growth rate of world economy, and it constantly increases as statistic according to the help of G-7.The result has been acquired that World, G-7, and BRICS+MATIK economies cointegrated in the long term.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121026278","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":"Can National Governments Be Responsible in a World of Interdependence?","authors":"R. Rose","doi":"10.2139/ssrn.2323432","DOIUrl":"https://doi.org/10.2139/ssrn.2323432","url":null,"abstract":"This paper expands the conventional model of responsible party government to take into account the effect of trans-national constraints on nationally elected governments. It starts by systematically comparing the closed model of national party government with that of a governing party subject to the constraints of a world of interdependence. European Union constraints concurrently exert a denationalizing influence through the Council, a multinational effect through the European Parliament, and an aspiring economic technocracy. Interdependence is increased in institutions of a wider Europe or global in scope, and trans-national influences of markets and non-state crime can operate without any formal institution being accountable or in control. As an alternative to electorates rotating their choice between a succession of parties that fail to meet national preference, the conclusion proposes a learning model by which parties and voters may adapt expectations to meet the constraints of interdependence.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129162743","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":"An Exploration of an Integration Index and Its Application for Asian Regional Community","authors":"Heungchong Kim, Minhee Kim, Jehoon Park, Wooseok Ok, Minsoo Kim, Wŏn-ho Kim, Hyungdo Ahn","doi":"10.2139/ssrn.2955512","DOIUrl":"https://doi.org/10.2139/ssrn.2955512","url":null,"abstract":"The purpose of this research is to develop a regional integration index and apply the index to East Asia, as well as other major regional communities, such as ASEAN, EU, MERCOSUR, and NAFTA. The regional integration index was constructed to measure the degree of integration in terms of four criteria: functional integration, political/security integration, social and cultural integration, and institutional integration. In the case of East Asia, the region scored low in 1994 at the inception of regional integration, in terms of indices for political/security and institutional integration, mainly due to the lack of political leadership. However, the functional integration index was higher than in other regions at the initial stage, despite the absence of an economic union. During the development stage of integration of East Asia in 2000, the regional integration index increased. In 2007, the overall score increased as well, but the functional integration index actually decreased due to the reduction of intra-regional FDI. Noticeable increase in the socio-cultural index was observed in the region as East Asia was swept by the spreading popularity of Korean pop culture known as Hallyu, or the Korean wave. Currently, the integrative factors in the socio-cultural arena in East Asia is lower than those of EU and NAFTA, but almost the same as those of ASEAN and MERCOSUR. The political and security factor is much lower than those of EU and MERCOSUR, and even lower than those of ASEAN and NAFTA. Following policy recommendation from Kim and Park(2004), the following implications for the East Asian integration can be suggested. First, East Asian countries need to make efforts to attain qualifications as an area with greater economic integration. To this end, economic cooperation needs to increase in terms of trade, and institutionbuilding for exchange rate stability must commence. Second, it would be vital to make an advanced blueprint for regional cooperation and integration in East Asia. Third, East Asian countries need greater exposure to opportunities for binding negotiations on regional issues, and accumulate sufficient experience in resolving the issues. Fourth, a variety of policies are required so that potential 'losers' in regional integration would be encouraged to continue their engagement in the process. Finally, it is strongly recommended that a kind of core group be formed so as not to lose the driving force for integration. Case in point, Germany and France have kept a key bilateral relation as a linchpin over the course of the entire European integration process. In East Asia, Japan and China are expected to play such a role, but if the two countries are not suited for the role or up to the challenge, Korea is strongly recommended to initiate the necessary multilateral relation.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"182 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123083498","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":"Growing East Asian Trade and Economic Integration: Implications for Economic Relations across the Taiwan Strait","authors":"Dan Ciuriak","doi":"10.4337/9781847204165.00018","DOIUrl":"https://doi.org/10.4337/9781847204165.00018","url":null,"abstract":"Economic integration is evolving rapidly in East Asia, driven by a multitude of factors. The most important of these has been the entrenchment of China in the global division of labour and its increasingly important role as an independent engine of growth in the global economy. Business-led East Asian economic integration is now being complemented by a growing web of regional and bilateral free trade agreements within the region. This paper takes up the following questions: How deep is Asian economic integration today and how much further might it go? How does the deepening of regional economic links interplay with globalization? What factors will bear on the evolution of global and regional patterns of trade in the coming years? What are the implications for individual economies of being part of, or not being part of, regional trading agreements? The main conclusions are that the forces driving regional integration in East Asia are far from spent; that the unwinding of global trade imbalances and higher relative costs of transportation will increasingly force East Asia to rely on regional sources of final demand to sustain growth; and that parties to preferential agreements within the region will have an advantage in capturing the expanding intra-regional trade opportunities, although this advantage will be partly offset in the longer-run by continued multilateral trade liberalization that squeezes the margin of preference that regional trade agreements can offer. While many equate greater economic inter-dependence with heightened risk, in reality deep trade and investment ties mitigate risk compared to a world in which there is no or only limited commercial interaction between states. In East Asia, deepening inter-dependence, in practical terms, largely involves deepening commercial ties with mainland China. Recognizing this intuitively, business has already voted with its feet and beaten the path to the Chinese market.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"141 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2007-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131474612","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":"패널 공적분기법을 활용한 국제자본시장 통합성 검정- Oecd와 아시아 국가군을 중심으로 (A Review of International Financial Market Integration Using Nonstationary Panel Techniques)","authors":"Hong-Kee Kim","doi":"10.2139/SSRN.3079206","DOIUrl":"https://doi.org/10.2139/SSRN.3079206","url":null,"abstract":"<b>Korean Abstract:</b> 본 논문은 최근에 급속히 발달되고 있는 패널 공적분 추정기법을 이용하여 OECD 국가군과 아시아 국가군에 대해 저축과 투자의 관계를 추정하였다. 저축과 투자는 패널자료로 각각 비안정적으로 나타나고 있지만, 두 변수간에는 장기적인 안정관계가 존재하는 것으로 나타나고 있다. 그룹내, 그룹간 FMOLS와 DOLS 방법을 이용한 저축보유계수 추정치는 1980년대 이후 크게 감소하여 자본이동성이 매우 높은 것으로 나타나고 있다. 더욱이 그룹내 패널 공적분추정치에 의하면 1980년대 이후 국가간에 자본이동성이 완전한 것으로 나타나고 있다. 패널 공적분 기법에 의거한 저축보유계수 추정치는 최근 정보통신기술의 발달, 범세계적인 자본이동자유화 등을 고려할 때 1980년대 이후 자본이동성이 급속히 증가하였다는 일반적 인식과 부합되는 결론이라고 할 수 있다. 따라서 그동안 Feldstein-Horioka 수수께끼라고 일컬어졌던 문제가 패널 공적분 추정기법을 활용하면 상당 정도 해결될 수 있다고 말할 수 있다. 즉 패널 공적분 추정기법에 의한 저축보유계수는 자본이동성을 측정하는 데 유효한 기법이라고 판단된다. <b>English Abstract:</b> This paper investigates the Feldstein-Horioka coefficient for OECD country group and Asian country group, using the recently developed several nonstationary panel cointegration techniques. The savings and investment rates are nonstationary and cointegrated in panel. The estimated FH coefficients using panel FMOLS and DOLS estimators have significantly declined for the second sub-period of 1980-98, comparing with those for the first sub-period of 1960-79 for two country groups. In addition, the FH coefficient using the panel cointegration estimator in FH original samples (16 OECD countries) decreases drastically for the sub-periods of 1975-98 (0.10-0.35), though it is a little smaller (0.59-0.83) than that of original FH(0.88) for 1960-74. These estimated FH coefficients are consistent with the recognitions that international capital flows have increased significantly after the 1980s. The FH coefficient using panel cointegration estimator seems to have an important information about international capital mobility.","PeriodicalId":166531,"journal":{"name":"PSN: Interdependence (Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2003-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134090696","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}