INTL: Economic & Financial Issues (Topic)最新文献

{"title":"The Rise of China and India: Blessing or Curse for the Advanced Countries?","authors":"Livio Stracca","doi":"10.2139/ssrn.2362755","DOIUrl":"https://doi.org/10.2139/ssrn.2362755","url":null,"abstract":"This paper evaluates the impact of the rise of large emerging manufacturing exporters such as China and India on economic growth in advanced countries. After illustrating the possible theoretical channels, I estimate a growth regression based on 3-year average data augmented with country-specific measures of import and export competition from China and India using instrumental variables. Stronger import competition from China and India leads to stronger income growth in advanced countries, but to a loss of manufacturing jobs. A more flexible labour market, lower concentration of employment in manufacturing and pre-existing trade links with China and India help advanced countries to maximise the growth dividend resulting from their rise in world export markets. JEL Classification: F02, F15","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126448001","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 Financial Liberalization on Various Financial Crises","authors":"E. Lukas","doi":"10.2139/ssrn.2395996","DOIUrl":"https://doi.org/10.2139/ssrn.2395996","url":null,"abstract":"This paper examines the effect of financial liberalization on various financial crises by differentiating developing and developed countries. In the last few decades, countries tended to liberalize their financial system. Commonly, financial liberalization is viewed to promote economic growth because it strengthens financial development. However, in contrast, some studies find that financial liberalization induces excessive risk-taking behavior, increases macroeconomic volatility and leads to more frequent crises.Based on a study of 53 countries from Demirguc-Kunt and Detragiache in 1998, 78% of financial crises occurred in the period of liberalization. The study shows that when a country liberalizes its interest rate, it is more likely that country experiences a banking crisis. This fact motivates the author to closely analyze the relationship between financial liberalization and financial crises. The author also wants to contribute to the literature in this area by not only focusing on banking crisis but also adding some other types of crises such as debt crisis, inflation crisis, currency crisis and stock market crash. Since the countries that experienced these crises consist of both developing and developed countries, the author wants to find out whether the effect is the same for developing and developed countries.The dataset which consist of 35 countries data from 1973-2005 is estimated by the linear probability model combined with fixed effect and IV probit model. The author uses the dummy variable for various crises as dependent variable and the financial liberalization index as the main explanatory variable. The financial liberalization uses seven different dimensions of financial sector policy that affect the financial liberalization process. The following seven dimensions are credit controls and excessively reserve requirements, interest rate controls, entry barriers, state ownership in the banking sector, capital account restrictions, prudential regulations and supervision of the banking sector, and securities market policy.As a result, financial liberalization increases the likelihood of banking crisis and debt crisis in both developing and developed countries. Regarding inflation crisis, financial liberalization increases the likelihood of crisis in developed countries but reduces the likelihood of crisis in developing countries. Financial liberalization decreases the probability of currency crisis in developing countries and increases the probability of stock market crash in developed countries. In the last part, the author provides financial liberalization dimensions that have major contribution in affecting each type of crises.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130294146","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":"News Flow, Web Attention and Extreme Returns in the European Financial Crisis","authors":"Andreas S. Chouliaras, Theoharry Grammatikos","doi":"10.2139/ssrn.2348189","DOIUrl":"https://doi.org/10.2139/ssrn.2348189","url":null,"abstract":"We examine the existence of stock market contagion effects among three groups of countries: the Euro-periphery countries (Portugal, Ireland, Italy, Greece, Spain), the Euro-core countries (Germany, France, the Netherlands, Finland, Belgium), and the major European Union - but not euro-countries (Sweden, UK, Poland, Czech Republic, Denmark). Using daily stock market data from January 2004 till March 2013, contagion effects for the tails of the marginal distributions are present for the Pre-crisis and the Euro-crisis periods within the Euro-periphery countries and from the Euro-periphery group to the Non-Euro and the Euro-core groups. We do not find a significant change in the contagion transmission mechanism when comparing the two periods, but for the Euro-crisis periods the extreme returns have a higher magnitude. Finally, we propose a connection between extreme stock market returns, the Web Attention index and two News Flow factors. The Euro-periphery Web Attention and News Flow variables significantly affect the probabilities of extreme bottom returns for the Euro-periphery, the Non-euro and the Euro-core groups. The effect is asymmetric in most of the cases since the Euro-periphery Web Attention and News Flow factors do not affect the probabilities of extreme top returns, with a few exceptions. More Web Attention and more bad news for the Euro-periphery in times of crisis are associated with higher probabilities of extreme bottom returns within and across groups. Granger-causality tests show that the News Pessimism and the News Relevance factors exhibit a two-way causality with the stock market movements while the Web Search Volume Index (SVI) one-way Granger-causes stock markets and extreme bottom returns in the three country groups.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"428 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122866713","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":"Industry Concentration and Foreign Investment","authors":"Andriy Bodnaruk, M. Massa","doi":"10.2139/ssrn.2348421","DOIUrl":"https://doi.org/10.2139/ssrn.2348421","url":null,"abstract":"We study how product market competition affects the firm’s ownership by international and domestic investors and its stock performance. We argue that in the presence of local bias domestic investors tilt their portfolios towards domestic stocks that offer lower exposure to country-specific risks. Industry concentration mitigates local risks and increases reservation value of firms operating in concentrated industries for domestic investors. This makes domestic (foreign) investors more likely to invest in stocks of concentrated (competitive) industries. Building on the stylized fact that foreign investors exhibit stronger reaction to news events, we demonstrate that increase in industry sentiment leads to higher stock performance for firms in concentrated industries, particularly when their foreign ownership is large. Stock prices of firms in competitive industries also faster incorporate new information.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"91 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115210061","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":"Cultural Brand as a Manifestation of Contemporaneity in the Management Theory","authors":"Marcin Komańda","doi":"10.2139/ssrn.2474962","DOIUrl":"https://doi.org/10.2139/ssrn.2474962","url":null,"abstract":"From the point of view of the purpose of this paper its introduction should draw attention to the most commonly recognized aspect of contemporaneity (also referred to as postmodernism or late modernity) in economics, namely the process of globalisation [Kostera 1996, pp. 22-25] for it is necessary to dispose of the still persisting common belief that the current process of globalisation concerns, first and foremost, the expansion of business activity from a geographic perspective. It is not entirely true. Globalisation understood as a phenomenon of territorial expansion occurred together with geographic discoveries and conquering of the so called overseas territories by European powers. It was then when spreading trade relations and flow of people all around the globe became popular. It is also a fact that globalisation from the perspective of geographic expansion of business activity in the 20th century displayed twofold acceleration. The first acceleration was observed after the end of World War Two when the markets of former European colonies were opened up, whereas the second one -- at the end of the 20th century along with the collapse of the Eastern Bloc. Therefore globalisation as a socio-economic phenomenon is not characteristic only for recent times.However, nowadays another character of globalisation is being mindfully suggested as well. Liberalization and integration of markets of goods, services and capital are described in this context. Liberalization and integration cause, in turn, the formation of a new institutional order which favours flow of products, services and money [Rymarczyk 2004, p. 19]. In fact, territorial expansion of business activity itself is something that has been to a large extent completed. However, its quality has become its major problem. This new economic view of the process of globalisation is also closely accompanied by globalisation from the social perspective.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"142 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131408299","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":"Capital Requirements, Bank Behavior and Fair Value Accounting: Evidence from Japanese Commercial Banks","authors":"K. Lai, M. Konishi","doi":"10.2139/ssrn.2312022","DOIUrl":"https://doi.org/10.2139/ssrn.2312022","url":null,"abstract":"Using data from Japanese commercial banks during 2002-2012, we explore the relationship between banks’ choice of capital buffers and prevailing macroeconomic conditions. We find a positive relationship between capital buffers and the phase of the business cycle, and further find that this positive relationship was weakened after the implementation of Basel II. We also examine whether the gap between desired and actual capital buffers, as well as the phase within the business cycle, affected banks’ balance sheet management behavior and lending activities. We find that during periods of economic upturn, banks increased capital more than they increased lending. These results are consistent with the countercyclical capital management behavior exhibited by commercial banks. Moreover, we find that banks which adopting fair value accounting (FVA) intend to behave more counter cyclically in their capital management practice as compared to domestic banks.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130747312","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":"National Distances, International Experience, and Venture Capital Investment Performance","authors":"Yong Li, I. Vertinsky, Jing Li","doi":"10.2139/ssrn.2311996","DOIUrl":"https://doi.org/10.2139/ssrn.2311996","url":null,"abstract":"This study examines how the performance of cross-border venture capital investments is affected by national institutional and cultural distances between the environments of venture capitalists (VCs) and investee ventures. We propose that institutional and cultural distances will decrease VCs’ effectiveness in conducting venture capital activities and negatively affect investment performance in terms of exit success, and obtain supportive evidence while controlling for geographic distance. We further analyze how VCs can use their international experience to mitigate the negative consequences of national distances. We find that while broad international experience in diverse countries attenuates the deleterious effects of institutional distance in a significant way, it does not have a similar impact in attenuating the negative effects of cultural distance.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123478548","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":"Determinants of Islamic Bond (Sukuk): Evidence in Malaysia","authors":"R. Said, Wan Nurhanan W. Suhaimi, A. Haris","doi":"10.2139/ssrn.2311835","DOIUrl":"https://doi.org/10.2139/ssrn.2311835","url":null,"abstract":"The virtual isolation of Islamic financial markets from 2008’s financial crisis prompted a quest to find the underlying determinants that stabilise the market’s liquidity. Utilising data from the Malaysian bond market, the paper first provides insight into the trend and liquidity of the sukuk market before analysing sukuk’s liquidity level by using the latent liquidity measurement. This is followed by a random effect regression to determine the liquidity drivers for sukuk. Four variables (issuance amount, maturity, coupon rate and age) are found to be significant drivers of sukuk’s liquidity level. The conclusions drawn from the regression results indicate that sukuk’s investors favour to match long term sukuk with their long term liabilities. In addition they also like to keep their sukuk to amortise the return.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"95 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117113493","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":"Financial Globalization and the Rise of IPOs Outside the U.S.","authors":"Craig Doidge, G. Karolyi, René M. Stulz","doi":"10.2139/ssrn.2118624","DOIUrl":"https://doi.org/10.2139/ssrn.2118624","url":null,"abstract":"During the past two decades, the fraction of the world's initial public offerings (IPOs) accounted for by U.S. firms has fallen sharply. This decrease is attributed to higher IPO activity outside the U.S. and lower IPO activity in the U.S. We show that financial globalization has played a major role in the growth of IPOs outside the U.S. Historically, a country's IPO activity was strongly related to the quality of its institutions and better institutions helped explain the higher IPO activity in the U.S. compared to other countries. However, greater financial globalization has been associated with a reduction in the importance of institutions as determinants of a country's IPO activity. A large part of the increase in IPO activity outside the U.S. occurred through global IPOs, IPOs in which some of the proceeds are raised outside the firm's home country. Financial globalization has enabled firms from countries with poorer institutions to make use of global IPOs and they have done so more than firms from other countries. The evidence is consistent with the view that access to global markets and, more generally, financial globalization helps firms overcome the obstacles of poor institutions.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"291 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120937828","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":"Do Chili Traders Make Price Volatility Worse? A Qualitative Analysis of East Java Trading Practices","authors":"A. Webb, Fransischa Galuh Kartikarsari, Ivan Aditirta Kosasih","doi":"10.2139/ssrn.2176153","DOIUrl":"https://doi.org/10.2139/ssrn.2176153","url":null,"abstract":"Chili prices in Indonesia at the end of 2010 soared 10-fold within the span of a few months. This was not an isolated event. Chili prices have been extremely volatile over the past decade. Although chili is a condiment in Indonesian cooking and, like other spices, demand is very inelastic, this does not explain the persistence of large price swings. Repeated large price movements create opportunities for those with the information to take market positions that would generate profit opportunities and, at the same time, result in actions that would reduce the magnitude of price fluctuations. Those with the information to take advantage of the price swings are market intermediaries — traders and wholesalers — because they must monitor both upstream and downstream activities. This paper is a qualitative investigation of the role of market intermediaries in the Indonesian chili market supplemented with available data and statistical analysis. We posit 5 possible explanations for the contribution of market intermediaries to the farm-retail price spread for chili sales in Java island which can be summarized as: (1) market structure impediments to competition; (2) lack of scale economies; (3) market intermediary value-added functions; (4) post harvest losses; and (5) price risk premiums. We use a series of structured interviews with chili traders and wholesalers in a chili-producing region of East Java to assess the effect of trader activities on the efficiency of the chili marketing chain. We follow this with a regression analysis of farm and retail prices and price margins. Results show that there is no stockholding at any level of the marketing chain. For the East Java study area, price margins are positively and statistically related to farm price levels indicating the traders exacerbate price volatility.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126776696","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}