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International Environment of Global Business eJournal最新文献

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Rational Cost Inefficiency in Chinese Banks 我国银行的理性成本低效率
International Environment of Global Business eJournal Pub Date : 2009-09-30 DOI: 10.2139/ssrn.1627992
K. Matthews, Zhiguo Xiao, Zhang Xu
{"title":"Rational Cost Inefficiency in Chinese Banks","authors":"K. Matthews, Zhiguo Xiao, Zhang Xu","doi":"10.2139/ssrn.1627992","DOIUrl":"https://doi.org/10.2139/ssrn.1627992","url":null,"abstract":"According to a frequently cited finding by Berger et al (1993), X-inefficiency contributes 20% to cost-inefficiency in western banks. Empirical studies of Chinese banks tend to place cost-inefficiency in the region of 50%. Such estimates would suggest that Chinese banks suffer from gross cost inefficiency. Using a non-parametric bootstrapping method, this study decomposes cost-inefficiency in Chinese banks into X-inefficiency and allocative-inefficiency. It argues that allocative inefficiency is the optimal outcome of input resource allocation subject to enforced employment constraints. The resulting analysis suggests that allowing for rational allocative inefficiency; Chinese banks are no better or worse than their western counterparts.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"79 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129174767","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}
引用次数: 10
Global Market Integration from Stock Analyst Forecasts 从股票分析师预测来看全球市场整合
International Environment of Global Business eJournal Pub Date : 2009-08-19 DOI: 10.2139/SSRN.1458079
Bohui Zhang, Eliza Wu
{"title":"Global Market Integration from Stock Analyst Forecasts","authors":"Bohui Zhang, Eliza Wu","doi":"10.2139/SSRN.1458079","DOIUrl":"https://doi.org/10.2139/SSRN.1458079","url":null,"abstract":"This paper presents new evidence on international financial market integration using stock analyst earnings forecasts from around the world. By examining cash flow and discount rate news comovements, we find that financial and economic integration has diverged over time as financial integration has developed particularly more rapidly than economic integration over the past decade. However, this divergence is less severe in emerging markets compared with developed markets where financial integration has proceeded at a slower pace. We find that financial integration has developed relatively slowly in emerging markets due to the hampering effects of their poor information environments.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125358688","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}
引用次数: 0
Measuring Effectiveness of Telecom Regulation Using Perception Surveys 利用感知调查测量电信监管的有效性
International Environment of Global Business eJournal Pub Date : 2009-08-01 DOI: 10.2139/ssrn.1553051
Helani Galpaya, R. Samarajiva
{"title":"Measuring Effectiveness of Telecom Regulation Using Perception Surveys","authors":"Helani Galpaya, R. Samarajiva","doi":"10.2139/ssrn.1553051","DOIUrl":"https://doi.org/10.2139/ssrn.1553051","url":null,"abstract":"The Telecom Regulatory Environment (TRE) survey presented in this paper is a tool to evaluate the effectiveness of the Telecom Regulatory and Policy Environment of a country. It asks senior stakeholders to assess the effectiveness (efficacy) of the regulatory and policy environment in the telecom sector of a country along seven dimensions. The dimensions are based on the General Agreement for Trade in Services (GATS) regulatory reference paper on telecommunications, with some additions. Three telecom subsectors of fixed, mobile and broadband are evaluated separately. The evaluation is done on a Likert scale of one to five. The stakeholders are selected to represent in a balanced manner those directly affected by regulation and policy (such as operators and equipment manufacturers), those observing the sector with broader interest and affected by its overall performance (such as lawyers, consultants, investment analysts) and those representing consumer interests (such as civil society organizations, other government institutions). Equal weight is given to each sub-group of stakeholders in order to ensure that a range of views are represented in the final score. The results can be used to diagnose the positives and negatives of a country’s regulatory environment. When multiple countries are surveyed, resulting comparisons can give insight into best or worst practices and act as tool for leaning. For investors who are evaluating investment options in multiple countries, the TRE scores can act as a proxy indicator for regulatory risk. The paper surveys the literature on measuring regulatory performance in infrastructure sectors, describes the TRE methodology and discusses the results from implementing the survey in 2006 and 2008 in a number of South and South East Asian countries.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126626538","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}
引用次数: 13
History of Sub-Federal and Municipal Bonds Market in Russia 俄罗斯次联邦和市政债券市场的历史
International Environment of Global Business eJournal Pub Date : 2009-07-02 DOI: 10.2139/ssrn.1428996
Magomet Yandiev
{"title":"History of Sub-Federal and Municipal Bonds Market in Russia","authors":"Magomet Yandiev","doi":"10.2139/ssrn.1428996","DOIUrl":"https://doi.org/10.2139/ssrn.1428996","url":null,"abstract":"In the clause the history of occurrence and development of the market of sub-federal and municipal bonds in Russia is described. Interesting examples from real practice are shown.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131887037","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}
引用次数: 0
Global Uniform Sales Law – With a European Twist? CISG Interaction with EU Law 全球统一销售法-与欧洲的扭曲?《销售公约》与欧盟法的互动
International Environment of Global Business eJournal Pub Date : 2009-06-11 DOI: 10.31228/osf.io/z5d2x
Ulrich G. Schroeter
{"title":"Global Uniform Sales Law – With a European Twist? CISG Interaction with EU Law","authors":"Ulrich G. Schroeter","doi":"10.31228/osf.io/z5d2x","DOIUrl":"https://doi.org/10.31228/osf.io/z5d2x","url":null,"abstract":"The paper investigates the interaction between the United Nations Convention on the International Sale of Goods of 11 April 1980 (CISG) and European Community law. It outlines the historical involvement of the European Community in the efforts to create a global uniform sales law (first through the Hague Sales Laws, then through the CISG), before elaborating on the way in which the CISG has influenced various law making efforts of the EU (the EC Consumer Sales Directive, the EC Late Payments Directive, other EC Directives, the ongoing plans to create a European 'Optional Instrument', and the revised rule on the jurisdiction of the courts at the place of performance under Article 5 No. 1 of the Brussels I Regulation). The final part of the paper concentrates on the influence the CISG has and could have on the interpretation of European Community law, and makes the case against the European Court of Justice's power of interpretation over the CISG.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121554630","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}
引用次数: 4
Dollarization in Haiti: Causes and Consequences 海地的美元化:原因与后果
International Environment of Global Business eJournal Pub Date : 2009-05-22 DOI: 10.2139/ssrn.1681099
Kathleen Dorsainvil
{"title":"Dollarization in Haiti: Causes and Consequences","authors":"Kathleen Dorsainvil","doi":"10.2139/ssrn.1681099","DOIUrl":"https://doi.org/10.2139/ssrn.1681099","url":null,"abstract":"The objective of this paper is to study the causes and consequences of financial dollarization in the Haitian economy for the period 1990-2006. Among the potential causes of dollarization, the study investigates the impact of high inflation, the imminence of a crisis, and larger openness of the economy. Among the potential consequences, the study focuses on trade movement, economic growth, and inflation. The empirical evidence shows that since the adoption of dollarization the economy has experienced higher inflation and lower growth with no noticeable increase in openness. These observed shortfalls are due for the most part to Delayed Reforms that Haiti is experiencing and to the lack of credibility of policymakers. However, it should be noted that the adoption of dollarization may well have restrained the negative impact of such shocks as an embargo, the hurricane, political unrest which have hit the economy during that period.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"207 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131489300","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}
引用次数: 1
Financial Spillovers to Emerging Markets During the Global Financial Crisis 全球金融危机对新兴市场的金融溢出效应
International Environment of Global Business eJournal Pub Date : 2009-05-01 DOI: 10.5089/9781451872514.001.A001
Heiko Hesse, Nathaniel Frank
{"title":"Financial Spillovers to Emerging Markets During the Global Financial Crisis","authors":"Heiko Hesse, Nathaniel Frank","doi":"10.5089/9781451872514.001.A001","DOIUrl":"https://doi.org/10.5089/9781451872514.001.A001","url":null,"abstract":"In this paper potential financial linkages between liquidity and bank solvency measures in advanced economies and emerging market (EM) bond and stock markets are analyzedduring the latest crisis. A multivariate GARCH model is estimated in order to gauge the extent of co-movements of these financial variables across markets. The findings indicate that the notion of possible de-coupling (in the financial markets) had been misplaced. While EM stock markets reached their peak in the last quarter of 2007, interlinkages between funding stress and equity markets in advanced economies and EM financial indicators were highly correlated and have seen sharp increases during specific crisis moments.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117140840","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}
引用次数: 157
Estimating Default Frequencies and Macrofinancial Linkages in the Mexican Banking Sector 估计墨西哥银行业的违约频率和宏观金融联系
International Environment of Global Business eJournal Pub Date : 2009-05-01 DOI: 10.5089/9781451872569.001.A001
Rodolphe Blavy, M. Souto
{"title":"Estimating Default Frequencies and Macrofinancial Linkages in the Mexican Banking Sector","authors":"Rodolphe Blavy, M. Souto","doi":"10.5089/9781451872569.001.A001","DOIUrl":"https://doi.org/10.5089/9781451872569.001.A001","url":null,"abstract":"The credit risk measures we develop in this paper are used to investigate macrofinancial linkages in the Mexican banking system. Domestic and external macro-financial variables are found to be closely associated with banking soundness. At the aggregate level, high external volatility and domestic interest rates are associated with higher expected default probability. Though results vary substantially across individual banks, domestic activity and U.S. growth, and higher asset prices, are generally associated with lower credit risks, while increased volatility worsens credit risks. The expected default probability is also found to be a leading indicator of traditional financial stability indicators.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"63 7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128724665","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}
引用次数: 27
Fostering Monetary and Financial Cooperation in East Asia 促进东亚货币金融合作
International Environment of Global Business eJournal Pub Date : 2009-04-29 DOI: 10.1142/7259
Barry Eichengreen
{"title":"Fostering Monetary and Financial Cooperation in East Asia","authors":"Barry Eichengreen","doi":"10.1142/7259","DOIUrl":"https://doi.org/10.1142/7259","url":null,"abstract":"Since the Asian financial crisis of 1997-1998, there has been a deep and abiding desire on the part of Asian policy makers and opinion makers to enhance the region’s economic, monetary and financial self-sufficiency - or at least to ring-fence the region against financial instability and give it a louder voice in global financial affairs. There has been progress in these directions, notably in the form of the Chiang Mai Initiative of financial supports and the Asian Bond Market Initiative to build a single Asian financial market. But progress is hindered by disagreements among the principal national governments - Japan, China and South Korea - and resistance to the development of an Asian bloc from both Europe and the United States.This volume considers these issues from a number of different national and analytical perspectives. Scholars from all the relevant regions and countries are represented: Japan, China, Korea, Europe and the United States. While there have been a few previous books and articles concerned with the issue of Asian integration, this is one of the first volumes to successfully draw together top contributors from these different countries and regions to address the issues in a rigorous but relatively accessible way.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132470452","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}
引用次数: 7
Domestic Financial Development in Emerging Economies: Evidence and Implications 新兴经济体的国内金融发展:证据与启示
International Environment of Global Business eJournal Pub Date : 2009-04-20 DOI: 10.2139/ssrn.1325243
Ettore Dorrucci, Alexis Meyer‐Cirkel, Daniel Santabárbara
{"title":"Domestic Financial Development in Emerging Economies: Evidence and Implications","authors":"Ettore Dorrucci, Alexis Meyer‐Cirkel, Daniel Santabárbara","doi":"10.2139/ssrn.1325243","DOIUrl":"https://doi.org/10.2139/ssrn.1325243","url":null,"abstract":"We construct, on the basis of an original methodology and database, composite indices to measure domestic financial development in 26 emerging economies, using mature economies as a benchmark. Twenty-two variables are used and grouped according to three broad dimensions: (i) institutions and regulations; (ii) size of and access to financial markets and (iii) market performance. This new evidence aims to fill a gap in the economic literature, which has not thus far developed comparable time series including both emerging and mature economies. In doing so, we provide a quantitative measure of the - usually considerable - scope for the selected emerging countries and regions to “catch up” in financial terms. Moreover, we find evidence that a process of financial convergence towards mature economies has already started in certain emerging economies. Finally, we conduct an econometric analysis showing that different levels of domestic financial development tend to be associated with the building up of external imbalances across countries.","PeriodicalId":213755,"journal":{"name":"International Environment of Global Business eJournal","volume":"56 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116098019","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}
引用次数: 53
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