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Beyond the Resource Curse? Canada and the Case for Bilateral Trade Agreements 超越资源诅咒?加拿大与双边贸易协定的案例
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-08-03 DOI: 10.2139/ssrn.1904537
Marc D. Froese
{"title":"Beyond the Resource Curse? Canada and the Case for Bilateral Trade Agreements","authors":"Marc D. Froese","doi":"10.2139/ssrn.1904537","DOIUrl":"https://doi.org/10.2139/ssrn.1904537","url":null,"abstract":"This article examines the case for Canadian trade bilateralism through the lens of the resource curse. As a favoured federal policy option for economic diversification, Canada’s bilateral trade agreements have underperformed even as energy exports continue to rise. Given Canada’s structural relationship to the global economy and the very low levels of diversification created by preferential trade agreements outside the NAFTA arrangement, there are few strong arguments for an intensification of Canadian bilateralism. However, the political reasons for bilateral trade agreements are better than the economic ones. Even though Canada's pattern of bilateral trade agreements to date does not suggest a coordinated attempt to unlock a specific region or strategic set of trading partners, a political stake in the current system pays dividends both in terms of diplomatic legitimacy as well as in the development of new templates for future agreements.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133327092","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
Measurement of Real Income in the System of National Accounts: An Application to North American Economies 国民经济核算体系中实际收入的计量:在北美经济中的应用
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-07-11 DOI: 10.2139/ssrn.1918848
R. Macdonald
{"title":"Measurement of Real Income in the System of National Accounts: An Application to North American Economies","authors":"R. Macdonald","doi":"10.2139/ssrn.1918848","DOIUrl":"https://doi.org/10.2139/ssrn.1918848","url":null,"abstract":"This paper makes use of both output and income statistics derived from the System of National Accounts to examine performance in the three North American countries. In doing so, the paper follows recommendations contained in the System of National Accounts 1993 (SNA 1993) for calculating aggregate real income statistics such as gross national income (GNI) and gross national disposable income (GNDI) rather than aggregate real gross domestic product (GDP), in order to demonstrate the utility of alternate measures for analyzing aggregate economic performance and the standard of living. To move from estimates of GDP to estimates of GNI and GNDI, adjustments are made for changes in relative prices, referred to as a \"trading gain\" (the combined effect of changes to the terms of trade and changes in the ratio of traded goods prices to non-traded goods prices), and for current account entries other than the trade balance. The paper compares real output and income measures for Mexico, the United States, and Canada. Differences between the GDP and GNDI estimates illustrate the extent to which non-production factors, such as relative price changes, can influence the economic performance of a nation, either as compared to that of other nations or in terms of a nation's ability to purchase the goods and services its citizens consume. They also illustrate the benefit of using more than one measure when comparing economic performance across countries.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127520952","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: 3
Stories of the Twentieth Century for the Twenty-First 二十一世纪的二十世纪故事
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-07-01 DOI: 10.1257/MAC.4.1.226
Pierre-Olivier Gourinchas, M. Obstfeld
{"title":"Stories of the Twentieth Century for the Twenty-First","authors":"Pierre-Olivier Gourinchas, M. Obstfeld","doi":"10.1257/MAC.4.1.226","DOIUrl":"https://doi.org/10.1257/MAC.4.1.226","url":null,"abstract":"A key precursor of twentieth-century financial crises in emerging and advanced economies alike was the rapid buildup of leverage. Those emerging economies that avoided leverage booms during the 2000s also were most likely to avoid the worst effects of the twenty-first century's first global crisis. A discrete-choice panel analysis using 1973-2010 data suggests that domestic credit expansion and real currency appreciation have been the most robust and significant predictors of financial crises, regardless of whether a country is emerging or advanced. For emerging economies, however, higher foreign exchange reserves predict a sharply reduced probability of a subsequent crisis.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127646685","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: 853
The Character of the State in Financial Development and Economic Growth 国家在金融发展和经济增长中的特征
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-06-17 DOI: 10.2139/ssrn.1866209
G. Uzonwanne
{"title":"The Character of the State in Financial Development and Economic Growth","authors":"G. Uzonwanne","doi":"10.2139/ssrn.1866209","DOIUrl":"https://doi.org/10.2139/ssrn.1866209","url":null,"abstract":"This article proposes a framework for conceptualizing the finance-growth theory in developing economies. The study investigates how the influence of the character of a state may inadvertently define the trajectory of financial development of the state and its resultant effect on economic growth. To analyze this assertion, a developing economy (Nigeria) which had experienced decades of autocratic military governance was studied using a vector co-integration analysis. A historical case review was conducted using secondary data. The historical review revealed evidence of three major characters while the econometric analysis revealed the presence of macroeconomic structures identifying at least five co-integrating vectors.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"4 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113934312","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
Comparison of the Return on Equity and Measure of Risk by Studying Two Power Companies of the Developing Nations 以两家发展中国家电力公司为研究对象的股权收益率与风险度量比较
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-06-08 DOI: 10.2139/ssrn.1860328
Muhammad Ahmad, M. Naseem
{"title":"Comparison of the Return on Equity and Measure of Risk by Studying Two Power Companies of the Developing Nations","authors":"Muhammad Ahmad, M. Naseem","doi":"10.2139/ssrn.1860328","DOIUrl":"https://doi.org/10.2139/ssrn.1860328","url":null,"abstract":"The comparative study is based on the two large IPPs of India and Pakistan. The annual profits and return on equity (RoE) ratios are compared and analyzed. The study indicated that though the annual profits of both companies differ yet both the countries have equal return on equity ratios. The study also finds strong positive correlation between net profit and RoE. Furthermore, the beta coefficient is also studied and compared for both the IPPs. Both countries were found to have huge potential for private investment in energy sector.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130996386","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
Sovereign Spreads and Contagion Risks in Asia 亚洲主权债务息差及蔓延风险
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-06-01 DOI: 10.2139/ssrn.1860427
Carlos Caceres, D. F. Unsal
{"title":"Sovereign Spreads and Contagion Risks in Asia","authors":"Carlos Caceres, D. F. Unsal","doi":"10.2139/ssrn.1860427","DOIUrl":"https://doi.org/10.2139/ssrn.1860427","url":null,"abstract":"This paper explores how much of the movements in the sovereign spreads of Asian economies over the course of the global financial crisis has reflected shifts in (i) global risk aversion; (ii) country-specific risks, directly from worsening fundamentals, and indirectly from spillovers originating in other sovereigns and the uncertainty surrounding exchange rates. Earlier in the crisis, the increase in market-implied contagion led to higher Asian sovereign bond yield spreads over swaps. But, after the crisis, Asia’s sovereign spreads normalized, despite the debt crisis in the euro area, reflecting a fall in both exchange rate and spillover risks.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126110080","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: 14
Globalization of Trading Platforms - What it Means for India? 交易平台的全球化——对印度意味着什么?
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-05-05 DOI: 10.2139/SSRN.1899250
V. Malhotra
{"title":"Globalization of Trading Platforms - What it Means for India?","authors":"V. Malhotra","doi":"10.2139/SSRN.1899250","DOIUrl":"https://doi.org/10.2139/SSRN.1899250","url":null,"abstract":"With increasing importance being attached to stock market operations worldwide, the organisation of stock exchanges has come under the scanner again. Markets are striving towards achieving an almost dream like situation of global connection ensuring 24/7 liquidity. This paper elucidates various measures which have been adopted by stock exchanges and regulators to make most of a feasible financial synergy. A keen look at India is vital. An emerging economy and a growing market for securities, the stock exchanges have not performed as well as other South Asian financial spots. Country has adopted a conservative stand, though a 2006 regulations made some interesting changes in ownership structures of exchanges in India. The Bimal Jalan Committe Report has also made some significant suggestions for improving 'market infrastructure.' Any discussion of organisation of stock exchanges cannot be conducted in isolation of their regulatory roles - listing requirements, benchmarking corporate governance etc. This role can sometimes compromise their business interests.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"34 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123110875","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
Earnings Structures, Informal Employment, and Self-Employment: New Evidence from Brazil, Mexico, and South Africa 收入结构、非正规就业和自营职业:来自巴西、墨西哥和南非的新证据
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-05-01 DOI: 10.1111/j.1475-4991.2011.00454.x
O. Bargain, Prudence Kwenda
{"title":"Earnings Structures, Informal Employment, and Self-Employment: New Evidence from Brazil, Mexico, and South Africa","authors":"O. Bargain, Prudence Kwenda","doi":"10.1111/j.1475-4991.2011.00454.x","DOIUrl":"https://doi.org/10.1111/j.1475-4991.2011.00454.x","url":null,"abstract":"We estimate the conditional earnings gap between formal and informal sectors, distinguishing between salary and self-employed workers. Rich panel datasets for Brazil, Mexico, and South Africa are assembled to define informality in a comparable way and to control for (time-invariant) unobserved heterogeneity. Estimations are conducted at different points of the conditional earnings distributions. Interesting results emerge. First, informal salary workers are systematically underpaid compared to their formal sector counterparts, in all countries and at almost all conditional quantiles. Yet penalties are very moderate in Brazil and Mexico while more substantial in South Africa, a country where legal advantages in formal employment are effective. Second, informal self-employment contributes to a more dispersed earnings distribution in all three countries. International comparisons reveal a continuum of situations reflecting historical and legal differences across countries, from very large self-employment penalties in South Africa to significant conditional earnings premia in Mexico.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121055702","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: 90
Adapting the International Monetary System to Face 21st Century Challenges 调整国际货币体系以迎接21世纪的挑战
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-05-01 DOI: 10.18356/3ad337b4-en
A. Caliari
{"title":"Adapting the International Monetary System to Face 21st Century Challenges","authors":"A. Caliari","doi":"10.18356/3ad337b4-en","DOIUrl":"https://doi.org/10.18356/3ad337b4-en","url":null,"abstract":"Recent calls for more intense debate on and reforms to the international monetary system imply that the current system is unable to respond appropriately and adequately to challenges that have appeared, or become more acute, in recent years. This paper focuses on four such challenges: ensuring an orderly exit from global imbalances, facilitating more complementary adjustments between surplus and deficit countries without recessionary impacts, better supporting international trade by reducing currency volatility and better providing development and climate finance. After describing them, it proposes reforms to enable the international monetary system to better respond to these challenges.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130024050","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: 6
A Forensic Analysis of Global Imbalances 对全球失衡的实证分析
INTL: Economic & Financial Issues (Topic) Pub Date : 2011-03-26 DOI: 10.2139/ssrn.1798728
M. Chinn, Barry Eichengreen, Hiro Ito
{"title":"A Forensic Analysis of Global Imbalances","authors":"M. Chinn, Barry Eichengreen, Hiro Ito","doi":"10.2139/ssrn.1798728","DOIUrl":"https://doi.org/10.2139/ssrn.1798728","url":null,"abstract":"We examine whether the behavior of current account balances changed in the years preceding the global crisis of 2008-09, and assess the prospects for global imbalances in the post-crisis period. Changes in the budget balance are an important factor affecting current account balances for deficit countries such as the U.S. and the U.K. The effect of the \"saving glut variables\" on current account balances has been relatively stable for emerging market countries, suggesting that those factors cannot explain the bulk of their recent current account movements. We also find the 2006-08 period to constitute a structural break for emerging market countries, and to a lesser extent, for industrialized countries. We attribute the anomalous behavior of pre-crisis current account balances to stock market performance and real housing appreciation; fiscal procyclicality and the stance of monetary policy do not matter as much. Household leverage also appears to explain some of the standard model's prediction errors. Looking forward, U.S., fiscal consolidation alone cannot induce significant deficit reduction. For China, financial development might help shrink its current account surplus, but only when it is coupled with financial liberalization. These findings suggest that unless countries implement substantially more policy change, global imbalances are unlikely to disappear.","PeriodicalId":420844,"journal":{"name":"INTL: Economic & Financial Issues (Topic)","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124230404","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: 144
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