Is there a relationship between corruption and job creation in resource rich oil and gas developing countries?
|
|
- Terence Scott
- 6 years ago
- Views:
Transcription
1 Research n Busness and Economcs Journal Volume 12 Is there a relatonshp between corrupton and job creaton n resource rch ol and gas developng countres? ABSTRACT Olumde Ijose Governors State Unversty Jesus Valenca Slppery Rock Unversty of Pennsylvana Though the relatonshp between corrupton and development has attracted ncreased research attenton n the last 5 years, past studes have not segmented developng countres n a unque manner n examnng ths relatonshp. Usng data from the Economc Intellgence Unt, Transparency Internatonal and the Hertage Foundaton, ths paper examnes the relatonshp between corrupton and employment growth n ol rch developng countres between the 1999 and 2006-tme perod. The perod was selected as t represents an era of hgh ol and gas prces and n theory, an enhanced ablty to create jobs. The paper wll deepen the understandng of the mpact of corrupton on employment n emergng/developng resource rch countres. Keywords: Corrupton, job creaton, ol and gas, developng countres Copyrght statement: Authors retan the copyrght to the manuscrpts publshed n AABRI journals. Please see the AABRI Copyrght Polcy at Is there a relatonshp, Page 1
2 Research n Busness and Economcs Journal Volume 12 INTRODUCTION Economes are hard pressed to create good jobs at a reasonable clp, f ther resources are suboptmally utlzed. Snce corrupton creates neffcences, there should be a drect relatonshp between job creaton and the ncdence of corrupton. Corrupton s however but one force affectng job creaton. The openness of an economy also nfluences ts ablty to create jobs. If t s true, that the more nsttutonalzed corrupton s n an economy, the less open t becomes, t means that ceters parbus, the more corrupt a country s, the less compettve t becomes, and the more constraned ts ablty to create jobs becomes. The relatonshp between natural resources and slow economc growth n emergng economes has been well-demonstrated (Sachs and Warner, 1995, Gylfason, 2001). Lkewse, the negatve correlaton between slow economc growth and job creaton has been well documented. Ths fndng s counter to classc economc theory whch holds that ceters parbus, the more abundant the supply of natural resources n a country, the better for the country s economy. It s a fact that today, asde from the Unted States, the rch countres and the major emergng economes do not possess an abundant stock of natural resources. Most economsts agree that a plausble reason for the seemng contradcton s that, other mportant job creatng factors tend to be crowded out n countres wth abundant natural resources. Gylfason (2001) for nstance, ponts to a dearth of nvestment n human captal, Sachs and Warner (2001) argue that natural resources tend to crowd out manufacturng, whle Kronenberg (2004) contends that natural resource rch countres are plagued by rent seekng behavor and wdespread corrupton that negatvely affects ther economc performance. There has been no prevous emprcal work on the relatonshp between corrupton, economc openness and job creaton n ol and gas domnated economes. Ths paper analyses ths relatonshp, usng measures of economc openness and corrupton estmates from Hertage Foundaton and employment data from Economc Intellgence Unt. The study covers employment growth n the perod between 1999 and 2006 as ths represents a perod of sgnfcantly ncreased earnngs for ol and gas endowed countres. The countres studed were selected, because sales from crude ol represent a majorty of ther earnngs and because of the exstence of relable data. Ths meant that a lack of consstent data led to the excluson of nterestng countres such as Ngera, Iran, Iraq, Kuwat and Angola from the study. To control for the level of development n the selected countres, Norway, a developed country, endowed wth huge ol and gas deposts, was ncluded n the regresson equaton. The expectaton s that everythng beng equal, gven the sgnfcant ncrease durng the perod under revew, the countres should demonstrate sgnfcant gans n employment. Secton 2 of ths paper provdes a bref overvew of the lterature on corrupton and economc openness and how they may affect job creaton. The next secton descrbes the data methodology used n the regresson analyss. In secton 4, the regresson results are dscussed whle concludng remarks are presented n secton 5. WHAT IS CORRUPTION? The conceptualzaton of corrupton n ths paper ncludes all of t economc forms, publc and prvate. Publc sector corrupton, ncludes actvtes such as the blatant use of publc money for prvate gan such as trade msprcng where publc contracts are over-nvoced for prvate gan and the payment of brbes to a publc offcal to gan undue advantage such as evadng taxes, wnnng a compettve Is there a relatonshp, Page 2
3 Research n Busness and Economcs Journal Volume 12 contract, wnnng a tender offer, wnnng a prvatzaton bd, or wnnng access to a lcense to explot natural resources. Prvate sector corrupton ncludes, over-nvocng of mport transactons as a tool for facltatng transfer payments, evadng taxes or to conceal llegal payments, under-nvocng of mport prces to reduce mport dutes, to avod payng taxes or to foster captal flght (de Boyre, Pak and Zdanowcz, 2004). Though corrupton s an age-old problem (Bardham, 1997), there are dvergent vews on how t has mpacted natonal economes. Some researchers (Leff, 1964, Huntngton, 1968, Lu, 1985, Len, 1986) have argued that corrupton has an effcency effect n developng countres where bureaucraces tend to dstort effcent economc actvtes and to hnder entrepreneural behavor as practced n western market economes. In essence, these researchers argue that corrupton should have a postve effect on economc growth and employment. A second group (Rose-Ackerman, 1978, Shlefer and Vshny, 1993) contends that the mpact of corrupton depends on the nature of government. That corrupton hnders growth n countres where power s decentralzed but not n countres where power s centralzed. Shlefer and Vshny (1993) use ths argument n contendng that the ncrease n corrupton n Russa post the communst Sovet Unon was due to the ensung decentralzaton of corrupton. A thrd group argues that corrupton mpacts negatvely on statc effcency, nvestment and growth (Romer, 1994, Mauro, 1995, Tanz, 1998, Lete and Wedman, 1999). Emprcal studes that have found a negatve relatonshp between corrupton and ndces of economc growth nclude the works of Mauro, 1995 and We, 1997 that found a negatve relatonshp between the ncdence of corrupton and nvestment and growth and those of Kruger, 1974 and Torrez, 2002 that found a smlar effect on nternatonal trade. Ths paper s based on the hypothess that corrupton has a negatve effect on job creaton and thus, belongs to the school of thought that dscredts the argument that corrupton has an effcency effect. METHODOLOGY Data Sources The unt of analyss for the study was an ol and gas producng country, wth a country defned as a dstnct autonomous entty, able to take ndependent decsons on the structure of ts nternal nsttutonal envronment and ts domestc economc, socal and poltcal polces. Longtudnal data was collected for the perod between 1999 and 2006 from the webstes of Economst Intellgence Unt and Hertage Foundaton. Data was collected for the followng countres: Algera, Azerbajan, Kazakhstan, Mexco, Norway, Russa and Venezuela. Dependent Varable The dependent varable for the study was employment growth. Data was collected from the Economst Intellgence Unt for the perod between 1999 and 2006 and ndcates yearly changes n job creaton. Analyss was done by poolng the ndvdual country data. Countres are presumed to consttute relatvely homogenous economc/poltcal enttes, thus they are the logcal unts wthn whch to dentfy varatons n the ndependent varable, and to assess the mpact of these varatons on job creaton. Is there a relatonshp, Page 3
4 Research n Busness and Economcs Journal Volume 12 Independent Varables Nne ndcators of a country s ablty to create jobs were dentfed from the Hertage Foundaton s Index of Openness, Transparency Internatonal s Corrupton Perceptons Index (CPI) and the Economst Intellgence Unt Country Reports database. These ndcators nclude varables measurng economc freedom, corrupton and economc growth. As the extent of a country s economc openness, level of corrupton and rate of economc growth s expected to affect job creaton, each measure s expected to correlate wth employment growth. Retroactvely analyzng the effect of economc openness, corrupton and economc growth on employment growth n selected natural resource rch countres, wll help n understandng how these countres n general can leverage ther natural resource wealth to create jobs. From ths understandng comes dfferent theoretcal, emprcal and polcy makng attrbutes, whch wll nform future theoretcal, emprcal and polcy makng actvtes. The measurement of each of the nne varables s brefly descrbed below. Busness Freedom: The ablty to create, operate and close an enterprse quckly and easly. Trade Freedom: A composte measure of the absence of tarff and non-tarff barrers that affect mports and exports of goods and servces. Monetary Freedom: Combnes a measure of prce stablty wth an assessment of prce controls. Freedom from Government: Includes all government expendtures, ncludng consumpton and transfers. Fscal Freedom: A measure of the burden of government from the revenue sde. The measure ncludes both tax burden and the overall amount of tax revenues as a proporton of GDP. Property Rghts: An assessment of the ablty of ndvduals to accumulate prvate property secured by clear laws that are enforced by the state. Investment Freedom: An assessment of the free flow of captal especally foregn nvestment. Fnancal Freedom: A measure of bankng securty as well as ndependence from government control. Gross Domestc Product Per Capta: GDP n US$ per capta at current prces and exchange rates Source: Hertage Foundaton 2007 STATISTICAL ANALYSIS The data conssted of 10 varables collected on seven countres durng 9 years for a total of 630 observatons. The data s referred to n the econometrc lterature as panel data. The research queston s the mpact that corrupton has on the ablty of countres to generate employment. Ths meant that employment growth (empgrwt) wll be the dependent varable. The ndependent varables comprsng the data set were named as follows: Is there a relatonshp, Page 4
5 Research n Busness and Economcs Journal Volume 12 Gdpch = percentage change n GDP Corrupt = corrupton ndex Regul = freedom from regulaton ndex (busness freedom) Trade = trade freedom Fscal = a measure of the burden of government from the tax revenue sde. Govnterv = a measure of the degree of freedom from government. Monetstabl = a measure of prce stablty and absence of prce controls. Invest = a measure of nvestment freedom how freely captal can flow. Fnance = a measure of fnancal freedom: bankng securty and freedom from bankng regulaton Accordng to economc theory, the creaton of jobs s of course postvely related to the growth of gross domestc product (GDP) ncreases n real GDP should accompany ncreases n labor employment. The paper thus examnes corrupton as a force that reduces the effectveness of GDP growth on the premse that t causes an neffcent allocaton of scarce resources n pursut of economc actvty, that would otherwse be allocated more effcently. The ntal estmates estmated employment growth as a functon of GDP growth and the 8 varables measurng the varous economc freedoms as defned above. Empgrwt = α + β ( gdpch) + β ( corrupt) + β ( regul) + β ( trade) β ( fnance) + υ + ε,t 1, t 2, t 3, t 4, t 9, t, t '' refers to country and 't' refers to year t. [1] Equaton [1] was estmated usng a fxed effects estmator. The term υ corresponds to the country specfc term that would defne a dfferent ntercept equaton for country. The term ε represents an assumed whte nose error term wth expected zero mean. The results from usng a fxed effects estmator for equaton [1] were dsappontng to say the least. Corrupton had the wrong sgn and most coeffcents were not statstcally sgnfcant. Corrupton as an Endogenous Varable Corrupton s perhaps better vewed as a varable, whch s endogenously generated alongsde forces that also determne job creaton. It s ndeed possble that corrupton affects job creaton, whch affects subsequent levels of corrupton for better, or worse. If that s the case, the ncluson of corrupton as an explanatory varable n an equaton attemptng to explan employment growth leads to smultaneous causalty bas. In that case, OLS estmates are known to be nconsstent because the explanatory varable corrupton s correlated wth the error term ε. Is there a relatonshp, Page 5
6 Research n Busness and Economcs Journal Volume 12 Instrumental Varables Regresson Ths estmaton technque was desgned specfcally to deal wth stuatons where for some reason an explanatory varable s correlated wth the error term n a regresson. The smultaneous causalty case nvoked here s but one of several theoretcal cases where correlaton between a regressor and the error term s the result. Possble Instruments for the varable Corrupton The dffculty of usng the nstrumental varable technque usually has to do wth fndng a sutable nstrument for the endogenous regressor n the estmatng equaton as the nstruments have to be correlated wth the endogenous varable corrupton but also have to have zero correlaton wth the error term ε n the equaton. The nstruments selected also have to be exogenous to the system of varables that determne employment growth and corrupton. Three Sutable Instruments for Corrupton The varables trade, nvest, and monetstabl appear to be sutable nstruments n that they are correlated to corrupton but can be thought of as exogenously determned. The varable trade measures a country s freedom to trade. It s a composte measure of the absence of tarff and non-tarff barrers that affect a country s level of mports and exports. Trade freedom s an economc polcy varable determned through a country s poltcal process and thus determned exogenously to the process beng modeled n ths study. The same can be sad about the varable nvest, whch measures the extent to whch fnancal captal can flow freely, especally foregn captal. The thrd nstrumental varable monetstabl measures monetary freedom n the sense that t combnes a measure of prce stablty wth an assessment of prce controls. In essence, ths posts that prce stablty and the degree of prce controls n the economy are also economc polcy varables that are determned outsde the system beng examned n ths study. An Instrumental Varable Approach: Statstcal Results In essence, the method of nstrumental varables s a two stage least squares estmatng technque. Table 1 shows the results of the nstrumental varable approach. The varable country represented the cross sectonal dmenson and the varable year represented the tme-seres dmenson n the data. The results shown n table 1 are the result of usng a random effects estmator of the coeffcents. The selecton of the random effects estmator can be defended because the sample of seven countres s but a subset of the ol exportng countres for whch nference are beng made regardng the relatonshp between corrupton and ts mpact on job creaton. Is there a relatonshp, Page 6
7 Research n Busness and Economcs Journal Volume 12 TABLE 1 Frst-stage G2SLS regresson Number of obs. = 61 Wald ch (4) = 28 Prob > ch2 = corrupt Coef. Std. Err. z P> z [95% Conf. Interval] gdpch monetstabl trade nvest _cons G2SLS random-effects IV regresson Number of obs = 61 Group varable: country Number of groups = 7 Obs per group: mn = 8 avg = 8.7 max = 9 F (2,59) = 4.77 Corr (u_, X) = 0 Prob > F = empgrwt Coef. Std. Err. t P> t [95% Conf. Interval] corrupt gdpch _cons sgma_u sgma_e rho.1454 (fracton of varance due to u_) Analyss of the results The results of the frst stage n ths two-stage least-squares estmatng technque shows that corrupton s well explaned by the nstruments monetstabl, trade and nvest. All coeffcents for the 3 nstrumental varables are statstcally sgnfcant. Accordng to the estmates: A. Growth of real GDP reduces the ndex value for corrupton, whch means that corrupton ncreases. B. Increased prce stablty and ncreased freedom from prce controls ncreases the ndex value of corrupton, whch means that corrupton falls. Is there a relatonshp, Page 7
8 Research n Busness and Economcs Journal Volume 12 C. Increased trade freedom ncreases the ndex value of corrupton, whch means that corrupton falls. D. Increased nvestment freedom ncreases the ndex value of corrupton, whch means that corrupton falls. It s reassurng that greater nvestment and trade freedom reduces corrupton and that prce stablty and freedom from prce controls do the same. The second stage n ths nstrumental varable estmatng technque uses the results from the frst stage n order to estmate the relatonshp of prmary nterest n ths study: how corrupton affects employment growth. The results n table 1 show that all coeffcents are statstcally sgnfcant. The coeffcent on corrupton s sgnfcant at the 1% level of confdence, and those on gdpch and the constant term are sgnfcant at a 5% level of sgnfcance or better. Accordng to the results: A. An ncrease n the ndex value of corrupton (a reducton n corrupton) ncreases employment growth. The margnal effect beng an ncrease of 0.14 ncrease n employment growth for a onepont ncrease n the ndex value of corrupton (a reducton n the level of corrupton). B. The elastcty of employment growth wth respect to changes n corrupton was estmated at Ths elastcty was measured at the mean level of corrupton for all countres n the sample (37.67). Ths estmate shows that there are sgnfcant returns to fghtng corrupton. C. The elastcty of employment growth wth respect to changes n real GDP growth was estmated as Ths elastcty was measured at the mean level of DPG growth for all countres n the sample (5.72%). Country-Specfc Inferences The random effects estmatng technque facltated the estmaton of the followng equaton for each country n the sample: Empgwth = ( Gdpch) ( Corrupt) + ν + ε [2],t, t, t, t where the subscrpt denotes country and t denotes year t For purposes of llustraton, let us refer to equaton [2] as y, t = xβ + ν + ε, t. Under a random effects estmator the coeffcent ν s a country specfc random error derved from the characterstcs partcular to country. Table 2 shows the means for each of the elements of equaton [2] by country as well as the means for corrupton and gdp change. The table also shows the employment growth rates estmated by the model: xβ + ν. Is there a relatonshp, Page 8
9 Research n Busness and Economcs Journal Volume 12 TABLE 2 Country Corrupt gdpch Constant xβ ν xβ + ν Algera Azerbajan Kazakhstan Mexco Norway Russa Venezuela The levels of corrupton shown on table 2 are averages for each country durng the years sampled: 1998 through In terms of corrupton the most corrupted n the sample s Venezuela (18.55) followed by Azerbajan (21.3), Kazakhstan (21.4), Russa 27.3), Mexco (42), Algera (44.7) and far away from the rest, Norway (88.7). Table 3 shows the employment growth rates that would have taken place had the ndex of corrupton for every country been 10 ponts greater than they actually were durng the years sampled, all else beng equal. That means f levels of corrupton had been less than they actually were. TABLE 3 %Change %Change Corrupt gdpch constant xβ ν xβ + ν emplymt corrupt Elastcty Algera Azerbajan Kazakhstan Mexco Norway Russa Venezuela As table 3 shows, there appears to be great returns to fghtng corrupton. The emprcal analyss ndcated an elastcty of 2.87 on average for a 1% reducton n corrupton by all countres. That elastcty was however estmated at 37.67, the average level of corrupton for all countres n the sample. The results ndcate that the returns on fghtng corrupton are vared gven the country-specfc estmates obtaned n the model. The percentage change n employment s of course greatly affected by the employment performance each country experenced durng the perod sampled. Thus, those wth hgh employment growth rates between 1998 and 2006 stand to gan smaller returns fghtng corrupton. Venezuela, the most corrupt n the sample, gans the least smply because a 10-pont ncrease n the corrupton ndex represents a large reducton n corrupton and ts employment growth performance durng the perod sampled was relatvely good. The hgh return on corrupton reducton that Norway experences, the least corrupt country n the sample, s due to the small reducton n corrupton Is there a relatonshp, Page 9
10 Research n Busness and Economcs Journal Volume 12 (percentage-wse) that a 10-pont ncrease would brng coupled wth a relatvely poor employment growth record between 1998 and CONCLUSION Ths study examned the relatonshp between corrupton and economc openness on job creaton n a subset of countres. The result suggests that there should be lttle doubt that economc openness and reductons n the ncdence of corrupton wll have a postve mpact on job creaton, as consstent wth predctons from the openness, growth, rent seekng and other lterature (Torrez, 2002; Kaufman, 1997; Tanz and Davood, 1997), the emprcal results demonstrated the expected negatve relatonshp between corrupton and employment creaton. Interestngly, the analyss shows that a reducton n the ncdence of corrupton leads to an ncrease n the job creaton capablty of a country. Granted that corrupton cannot be reduced solely by wll power or by an understandng of ts systemc negatve consequences, t can be argued that polcy makers need to put a genune market based system n place, f they are serous about fghtng corrupton. Although, the data covered only a subset of all ol and gas domnated economes, there s strong reason to beleve that the results would hold true f data had been avalable on all of them. In fact, the results suggest that t would only have been strengthened wth the avalablty of relable data on countres such as Ngera, Angola, Equatoral Gunea, Chad and Sudan. Research on the underlyng poltcal, soco-cultural, nsttutonal and hstorcal factors undergrdng corrupton n ol and gas rch economes would also be useful. Such research wll help us understand the extent to whch fnancal nflows and external pressures can n realty provde a sgnal to these countres to put n place, real market based economc systems and workable nsttutonal checks and balances. REFERENCES Bardham, P. (1997). Corrupton and Development: A Revew of the Issues. Journal of Economc Lterature: XXXV, de Boyre, M., Pak, S.J., and Zdanowcz, J. (2004). Money Launderng and Income Tax Evason: The Determnaton of Optmal Audts and Inspectons to Detect Abnormal Prces n Internatonal Trade. Journal of Fnancal Crme: 12:2, Gylfason, T. (2001). Natural Resources, Educaton and Economc Development. European Economc Revew: 45(4-6), Huntngton, S. (1968). Poltcal Order n Changng Socetes. New Haven: Yale Unversty Press. Kaufmann, D. (1997). Corrupton: the Facts. Foregn Polcy: 107, Krueger, A The Poltcal Economy of the Rent-Seekng Socety. Amercan Economc Revew: 64, Leff, N. (1964). Economc Development Through Bureaucratc Corrupton. The Amercan Behavoral Scentst: 8(2), Is there a relatonshp, Page 10
11 Research n Busness and Economcs Journal Volume 12 Len, D. (1986). A Note on Comparatve Brbery Games. Economc Letters: 22, Lete, C. and Wedman, J. (1999). Does Mother Nature Corrupt? Natural Resources, Corrupton and Economc Growth. IMF Workng Paper WP/99/85. Lu, F. (1985). An Equlbrum Queung Model of Brbery. Journal of Poltcal Economy: 93(4), Mauro, P. (1995). Corrupton and Growth. Quarterly Journal of Economcs: 11093, Romer, P. (1994). New Goods Old Theory and the Welfare Costs of Trade Restrctons. Journal of Development Economcs: 43(1), Rose-Ackerman, S. (1978). Corrupton: A Study n Poltcal Economy. New York: Academc Press. Sachs, J.D. and Warner, A.M. (2001). The Curse of Natural Resources. European Economc Revew: 45(4-6), Shlefer, A and Vshny, R. (1993). Corrupton. Quarterly Journal of Economc, 108(3), Tanz, V. (1998). Corrupton around the World: Causes, Consequences, Scope and Cures. IMF Staff Papers: 45(4), Tanz, V. and Davood, H. (1997. Corrupton, Publc Investment, and Growth. IMF Workng Paper. WP/97/139. Torrez, J. (2002). The Effect of Openness on Corrupton. The Journal of Internatonal Trade & Economc Development. 11(4) We, S.J How Taxng s Corrupton on Internatonal Investors? Natonal Bureau of Economc Research Workng Paper, 5755: May Authors Note Data for ths paper was collected from the 2007 Hertage Foundaton Index of Economc Freedom and the Economst Intellgence Unt. As much as the authors would have lked to nclude every ol and gas domnated economy n the emprcal analyss, the countres n the dataset were those wth consstent data across the years studed. As such, nterestng countres lke Ngera and Saud Araba were not ncluded n the emprcal analyss. Is there a relatonshp, Page 11
R Square Measure of Stock Synchronicity
Internatonal Revew of Busness Research Papers Vol. 7. No. 1. January 2011. Pp. 165 175 R Square Measure of Stock Synchroncty Sarod Khandaker* Stock market synchroncty s a new area of research for fnance
More informationCHAPTER 9 FUNCTIONAL FORMS OF REGRESSION MODELS
CHAPTER 9 FUNCTIONAL FORMS OF REGRESSION MODELS QUESTIONS 9.1. (a) In a log-log model the dependent and all explanatory varables are n the logarthmc form. (b) In the log-ln model the dependent varable
More informationMgtOp 215 Chapter 13 Dr. Ahn
MgtOp 5 Chapter 3 Dr Ahn Consder two random varables X and Y wth,,, In order to study the relatonshp between the two random varables, we need a numercal measure that descrbes the relatonshp The covarance
More information3/3/2014. CDS M Phil Econometrics. Vijayamohanan Pillai N. Truncated standard normal distribution for a = 0.5, 0, and 0.5. CDS Mphil Econometrics
Lmted Dependent Varable Models: Tobt an Plla N 1 CDS Mphl Econometrcs Introducton Lmted Dependent Varable Models: Truncaton and Censorng Maddala, G. 1983. Lmted Dependent and Qualtatve Varables n Econometrcs.
More informationDomestic Savings and International Capital Flows
Domestc Savngs and Internatonal Captal Flows Martn Feldsten and Charles Horoka The Economc Journal, June 1980 Presented by Mchael Mbate and Chrstoph Schnke Introducton The 2 Vews of Internatonal Captal
More informationHighlights of the Macroprudential Report for June 2018
Hghlghts of the Macroprudental Report for June 2018 October 2018 FINANCIAL STABILITY DEPARTMENT Preface Bank of Jamaca frequently conducts assessments of the reslence and strength of the fnancal system.
More informationReal Exchange Rate Fluctuations, Wage Stickiness and Markup Adjustments
Real Exchange Rate Fluctuatons, Wage Stckness and Markup Adjustments Yothn Jnjarak and Kanda Nakno Nanyang Technologcal Unversty and Purdue Unversty January 2009 Abstract Motvated by emprcal evdence on
More information2) In the medium-run/long-run, a decrease in the budget deficit will produce:
4.02 Quz 2 Solutons Fall 2004 Multple-Choce Questons ) Consder the wage-settng and prce-settng equatons we studed n class. Suppose the markup, µ, equals 0.25, and F(u,z) = -u. What s the natural rate of
More informationTHE VOLATILITY OF EQUITY MUTUAL FUND RETURNS
North Amercan Journal of Fnance and Bankng Research Vol. 4. No. 4. 010. THE VOLATILITY OF EQUITY MUTUAL FUND RETURNS Central Connectcut State Unversty, USA. E-mal: BelloZ@mal.ccsu.edu ABSTRACT I nvestgated
More informationMacroeconomic Theory and Policy
ECO 209 Macroeconomc Theory and Polcy Lecture 7: The Open Economy wth Fxed Exchange Rates Gustavo Indart Slde 1 Open Economy under Fxed Exchange Rates Let s consder an open economy wth no captal moblty
More informationForecasts in Times of Crises
Forecasts n Tmes of Crses Aprl 2017 Chars Chrstofdes IMF Davd J. Kuenzel Wesleyan Unversty Theo S. Echer Unversty of Washngton Chrs Papageorgou IMF 1 Macroeconomc forecasts suffer from three sources of
More informationAsset Management. Country Allocation and Mutual Fund Returns
Country Allocaton and Mutual Fund Returns By Dr. Lela Heckman, Senor Managng Drector and Dr. John Mulln, Managng Drector Bear Stearns Asset Management Bear Stearns Actve Country Equty Executve Summary
More information>1 indicates country i has a comparative advantage in production of j; the greater the index, the stronger the advantage. RCA 1 ij
69 APPENDIX 1 RCA Indces In the followng we present some maor RCA ndces reported n the lterature. For addtonal varants and other RCA ndces, Memedovc (1994) and Vollrath (1991) provde more thorough revews.
More informationRaising Food Prices and Welfare Change: A Simple Calibration. Xiaohua Yu
Rasng Food Prces and Welfare Change: A Smple Calbraton Xaohua Yu Professor of Agrcultural Economcs Courant Research Centre Poverty, Equty and Growth Unversty of Göttngen CRC-PEG, Wlhelm-weber-Str. 2 3773
More informationECONOMETRICS - FINAL EXAM, 3rd YEAR (GECO & GADE)
ECONOMETRICS - FINAL EXAM, 3rd YEAR (GECO & GADE) May 17, 2016 15:30 Frst famly name: Name: DNI/ID: Moble: Second famly Name: GECO/GADE: Instructor: E-mal: Queston 1 A B C Blank Queston 2 A B C Blank Queston
More informationSpatial Variations in Covariates on Marriage and Marital Fertility: Geographically Weighted Regression Analyses in Japan
Spatal Varatons n Covarates on Marrage and Martal Fertlty: Geographcally Weghted Regresson Analyses n Japan Kenj Kamata (Natonal Insttute of Populaton and Socal Securty Research) Abstract (134) To understand
More informationECO 209Y MACROECONOMIC THEORY AND POLICY LECTURE 8: THE OPEN ECONOMY WITH FIXED EXCHANGE RATES
ECO 209 MACROECONOMIC THEOR AND POLIC LECTURE 8: THE OPEN ECONOM WITH FIXED EXCHANGE RATES Gustavo Indart Slde 1 OPEN ECONOM UNDER FIXED EXCHANGE RATES Let s consder an open economy wth no captal moblty
More informationPolitical Economy and Trade Policy
Poltcal Economy and Trade Polcy Motvaton When asked why no free trade?, most nternatonal economsts respond t must be poltcs In representatve democraces, trade polcy shaped not only by general electorate,
More informationModule Contact: Dr P Moffatt, ECO Copyright of the University of East Anglia Version 2
UNIVERSITY OF EAST ANGLIA School of Economcs Man Seres PG Examnaton 2012-13 FINANCIAL ECONOMETRICS ECO-M017 Tme allowed: 2 hours Answer ALL FOUR questons. Queston 1 carres a weght of 25%; Queston 2 carres
More informationEvaluating Performance
5 Chapter Evaluatng Performance In Ths Chapter Dollar-Weghted Rate of Return Tme-Weghted Rate of Return Income Rate of Return Prncpal Rate of Return Daly Returns MPT Statstcs 5- Measurng Rates of Return
More informationUniversity of Toronto November 9, 2006 ECO 209Y MACROECONOMIC THEORY. Term Test #1 L0101 L0201 L0401 L5101 MW MW 1-2 MW 2-3 W 6-8
Department of Economcs Prof. Gustavo Indart Unversty of Toronto November 9, 2006 SOLUTION ECO 209Y MACROECONOMIC THEORY Term Test #1 A LAST NAME FIRST NAME STUDENT NUMBER Crcle your secton of the course:
More informationUniversity of Toronto November 9, 2006 ECO 209Y MACROECONOMIC THEORY. Term Test #1 L0101 L0201 L0401 L5101 MW MW 1-2 MW 2-3 W 6-8
Department of Economcs Prof. Gustavo Indart Unversty of Toronto November 9, 2006 SOLUTION ECO 209Y MACROECONOMIC THEORY Term Test #1 C LAST NAME FIRST NAME STUDENT NUMBER Crcle your secton of the course:
More informationNotes are not permitted in this examination. Do not turn over until you are told to do so by the Invigilator.
UNIVERSITY OF EAST ANGLIA School of Economcs Man Seres PG Examnaton 2016-17 BANKING ECONOMETRICS ECO-7014A Tme allowed: 2 HOURS Answer ALL FOUR questons. Queston 1 carres a weght of 30%; queston 2 carres
More informationQuiz 2 Answers PART I
Quz 2 nswers PRT I 1) False, captal ccumulaton alone wll not sustan growth n output per worker n the long run due to dmnshng margnal returns to captal as more and more captal s added to a gven number of
More informationJenee Stephens, Dave Seerattan, DeLisle Worrell Caribbean Center for Money and Finance 41 st Annual Monetary Studies Conference November 10 13, 2009
Jenee Stephens, ave Seerattan, esle Worrell Carbbean Center for Money and nance 41 st Annual Monetary Studes Conference November 10 13, 2009 1 OUTINE! Introducton! Revew of lterature! The Model! Prelmnary
More informationSolutions to Odd-Numbered End-of-Chapter Exercises: Chapter 12
Introducton to Econometrcs (3 rd Updated Edton) by James H. Stock and Mark W. Watson Solutons to Odd-Numbered End-of-Chapter Exercses: Chapter 1 (Ths verson July 0, 014) Stock/Watson - Introducton to Econometrcs
More informationTradable Emissions Permits in the Presence of Trade Distortions
85 Tradable Emssons Permts n the Presence of Trade Dstortons Shnya Kawahara Abstract Ths paper nvestgates how trade lberalzaton affects domestc emssons tradng scheme n a poltcal economy framework. Developng
More informationRisk and Return: The Security Markets Line
FIN 614 Rsk and Return 3: Markets Professor Robert B.H. Hauswald Kogod School of Busness, AU 1/25/2011 Rsk and Return: Markets Robert B.H. Hauswald 1 Rsk and Return: The Securty Markets Lne From securtes
More informationMacroeconomic Theory and Policy
ECO 209 Macroeconomc Theory and Polcy Lecture 7: The Open Economy wth Fxed Exchange Rates Gustavo Indart Slde 1 Open Economy under Fxed Exchange Rates Let s consder an open economy wth no captal moblty
More informationPrivatization and government preference in an international Cournot triopoly
Fernanda A Ferrera Flávo Ferrera Prvatzaton and government preference n an nternatonal Cournot tropoly FERNANDA A FERREIRA and FLÁVIO FERREIRA Appled Management Research Unt (UNIAG School of Hosptalty
More informationCorruption, Economic Growth, and Income Inequality: Evidence from Ten Countries in Asia
Corrupton, Economc Growth, and Income Inequalty: Evdence from Ten Countres n Asa Chung-Ju Huang Abstract Ths study utlzes the panel vector error correcton model (PVECM) to examne the relatonshp among corrupton,
More informationNetwork Analytics in Finance
Network Analytcs n Fnance Prof. Dr. Danng Hu Department of Informatcs Unversty of Zurch Nov 14th, 2014 Outlne Introducton: Network Analytcs n Fnance Stock Correlaton Networks Stock Ownershp Networks Board
More informationWhich of the following provides the most reasonable approximation to the least squares regression line? (a) y=50+10x (b) Y=50+x (d) Y=1+50x
Whch of the followng provdes the most reasonable approxmaton to the least squares regresson lne? (a) y=50+10x (b) Y=50+x (c) Y=10+50x (d) Y=1+50x (e) Y=10+x In smple lnear regresson the model that s begn
More informationTesting the weak efficient market hypothesis using Bangladeshi panel data
Chu V. Nguyen (USA), Muhammad Mahboob Al (Bangladesh) Testng the weak effcent market hypothess usng Bangladesh panel data Abstract Ths emprcal study nvestgates whether the Dhaka Stock Exchange market n
More informationMoney, Banking, and Financial Markets (Econ 353) Midterm Examination I June 27, Name Univ. Id #
Money, Bankng, and Fnancal Markets (Econ 353) Mdterm Examnaton I June 27, 2005 Name Unv. Id # Note: Each multple-choce queston s worth 4 ponts. Problems 20, 21, and 22 carry 10, 8, and 10 ponts, respectvely.
More informationEXAMINATIONS OF THE HONG KONG STATISTICAL SOCIETY
EXAMINATIONS OF THE HONG KONG STATISTICAL SOCIETY HIGHER CERTIFICATE IN STATISTICS, 2013 MODULE 7 : Tme seres and ndex numbers Tme allowed: One and a half hours Canddates should answer THREE questons.
More informationAn Empirical Study on Stock Price Responses to the Release of the Environmental Management Ranking in Japan. Abstract
An Emprcal Study on Stock Prce esponses to the elease of the Envronmental Management ankng n Japan Fumko Takeda Unversy of Tokyo Takanor Tomozawa Unversy of Tokyo Abstract Ths paper nvestgates how stock
More informationIMPACT OF STOCK CONTROL ON PROFIT MAXIMIZATION OF MANUFACTURING COMPANY. Keywords: Stock, Profit Maximization, Manufacturing Company, Nigeria.
IMPACT OF STOCK CONTROL ON PROFIT MAXIMIZATION OF MANUFACTURING COMPANY AJAYI Boboye L.1, and OBISESAN Oluwaseun G.2 Department of Bankng and Fnance, Faculty of Management Scences, Ekt State Unversty,
More information- contrast so-called first-best outcome of Lindahl equilibrium with case of private provision through voluntary contributions of households
Prvate Provson - contrast so-called frst-best outcome of Lndahl equlbrum wth case of prvate provson through voluntary contrbutons of households - need to make an assumpton about how each household expects
More informationThe Linkages between Growth, Poverty and Inequality in Vietnam: An Empirical Analysis. Hoi Quoc Le *
DEPOCEN Workng Paper Seres No. 200/06 The Lnkages between Growth, Poverty and Inequalty n Vetnam: An Emprcal Analyss Ho Quoc Le * * Faculty of Economcs, Natonal Economcs Unversty, Vetnam The DEPOCEN WORKING
More informationThe Effects of Industrial Structure Change on Economic Growth in China Based on LMDI Decomposition Approach
216 Internatonal Conference on Mathematcal, Computatonal and Statstcal Scences and Engneerng (MCSSE 216) ISBN: 978-1-6595-96- he Effects of Industral Structure Change on Economc Growth n Chna Based on
More informationProtecting India s Trade Liberalization? Tariff Reform, Antidumping and Safeguards
Protectng Inda s Trade Lberalzaton? Tarff Reform, Antdumpng and Safeguards Chad P. Bown Brandes Unversty Patrca Tovar Brandes Unversty 30 October 2007 Prelmnary and ncomplete: please do not quote, cte
More informationΚείμενο Θέσεων Υπ. Αρ. 5 Rates of return to different levels of education: Recent evidence from Greece
Υπουργείο Εθνικής Παιδείας και Θρησκευμάτων Ειδική Υπηρεσία Διαχείρισης ΕΠΕΑΕΚ Κείμενο Θέσεων Υπ. Αρ. 5 Rates of return to dfferent levels of educaton: Recent evdence from Greece 2003-2005 Επιστημονικός
More informationMarket Opening and Stock Market Behavior: Taiwan s Experience
Internatonal Journal of Busness and Economcs, 00, Vol., No., 9-5 Maret Openng and Stoc Maret Behavor: Tawan s Experence Q L * Department of Economcs, Texas A&M Unversty, U.S.A. and Department of Economcs,
More informationElements of Economic Analysis II Lecture VI: Industry Supply
Elements of Economc Analyss II Lecture VI: Industry Supply Ka Hao Yang 10/12/2017 In the prevous lecture, we analyzed the frm s supply decson usng a set of smple graphcal analyses. In fact, the dscusson
More informationUNIVERSITY OF NOTTINGHAM
UNIVERSITY OF NOTTINGHAM SCHOOL OF ECONOMICS DISCUSSION PAPER 99/28 Welfare Analyss n a Cournot Game wth a Publc Good by Indraneel Dasgupta School of Economcs, Unversty of Nottngham, Nottngham NG7 2RD,
More informationWages as Anti-Corruption Strategy: A Note
DISCUSSION PAPER November 200 No. 46 Wages as Ant-Corrupton Strategy: A Note by dek SAO Faculty of Economcs, Kyushu-Sangyo Unversty Wages as ant-corrupton strategy: A Note dek Sato Kyushu-Sangyo Unversty
More informationII. Random Variables. Variable Types. Variables Map Outcomes to Numbers
II. Random Varables Random varables operate n much the same way as the outcomes or events n some arbtrary sample space the dstncton s that random varables are smply outcomes that are represented numercally.
More informationDO FOREIGN AID TRANSFERS DISTORT INCENTIVES AND HURT GROWTH? Theory and evidence from 75 aid-recipient countries. January 29, 2004
DO FOREIGN AID TRANSFERS DISTORT INCENTIVES AND HURT GROWTH? Theory and evdence from 75 ad-recpent countres by George Economdes a, Sarants Kalyvts a a, b, * and Apostols Phlppopoulos January 29, 2004 Abstract:
More informationStochastic ALM models - General Methodology
Stochastc ALM models - General Methodology Stochastc ALM models are generally mplemented wthn separate modules: A stochastc scenaros generator (ESG) A cash-flow projecton tool (or ALM projecton) For projectng
More informationA MODEL OF COMPETITION AMONG TELECOMMUNICATION SERVICE PROVIDERS BASED ON REPEATED GAME
A MODEL OF COMPETITION AMONG TELECOMMUNICATION SERVICE PROVIDERS BASED ON REPEATED GAME Vesna Radonć Đogatovć, Valentna Radočć Unversty of Belgrade Faculty of Transport and Traffc Engneerng Belgrade, Serba
More informationBilateral Trade Flows and Nontraded Goods
Blateral Trade Flos and Nontraded Goods Yh-mng Ln Department of Appled Economcs, Natonal Chay Unversty, Taan, R.O.C. Emal: yxl173@mal.ncyu.edu.t Abstract Ths paper develops a monopolstc competton model
More informationFamily control and dilution in mergers
Famly control and dluton n mergers * Nlanjan Basu ** Lora Dmtrova and *** Imants Paegls Current verson: Aprl, 007 JEL classfcaton: G3, G34 Keywords: Famly frms, mergers and acqustons * Assstant Professor
More informationA copy can be downloaded for personal non-commercial research or study, without prior permission or charge
Sganos, A. (2013) Google attenton and target prce run ups. Internatonal Revew of Fnancal Analyss. ISSN 1057-5219 Copyrght 2012 Elsever A copy can be downloaded for personal non-commercal research or study,
More informationIn the 1990s, Japanese economy has experienced a surge in the unemployment rate,
Productvty Growth and the female labor supply n Japan Yoko Furukawa * Tomohko Inu Abstract: In the 990s, Japanese economy has experenced a surge n the unemployment rate, and ths s due partly to the recent
More informationA Multinomial Logit Based Evaluation of the Behavior of the Life Insureds in Romania
Amercan Journal of Appled Scences 6 (1): 124-129, 2009 ISSN 1546-9239 2009 Scence Publcatons A Multnomal Logt Based Evaluaton of the Behavor of the Lfe Insureds n Romana 1 Crstan Dragos and 2 Smona Dragos
More informationAnalysis of the Influence of Expenditure Policies of Government on Macroeconomic behavior of an Agent- Based Artificial Economic System
Analyss of the Influence of Expendture olces of Government on Macroeconomc behavor of an Agent- Based Artfcal Economc System Shgeak Ogbayash 1 and Kouse Takashma 1 1 School of Socal Systems Scence Chba
More informationFinancial crisis and exchange rates in emerging economies: An empirical analysis using PPP- UIP-Framework
Fnancal crss and exchange rates n emergng economes BEH: www.beh.pradec.eu Peer-revewed and Open access journal ISSN: 1804-5006 www.academcpublshngplatforms.com The prmary verson of the journal s the on-lne
More informationEducational Loans and Attitudes towards Risk
Educatonal Loans and Atttudes towards Rsk Sarah Brown, Aurora Ortz-Nuñez and Karl Taylor Department of Economcs Unversty of Sheffeld 9 Mappn Street Sheffeld S1 4DT Unted Kngdom Abstract: We explore the
More informationEconomics 1410 Fall Section 7 Notes 1. Define the tax in a flexible way using T (z), where z is the income reported by the agent.
Economcs 1410 Fall 2017 Harvard Unversty Yaan Al-Karableh Secton 7 Notes 1 I. The ncome taxaton problem Defne the tax n a flexble way usng T (), where s the ncome reported by the agent. Retenton functon:
More informationLabor Market Transitions in Peru
Labor Market Transtons n Peru Javer Herrera* Davd Rosas Shady** *IRD and INEI, E-mal: jherrera@ne.gob.pe ** IADB, E-mal: davdro@adb.org The Issue U s one of the major ssues n Peru However: - The U rate
More informationCompetitive Conditions in the Turkish Non-Life Insurance Industry
8. Türkye Ekonometr ve İstatstk Kongres 24-25 Mayıs 2007 İnönü Ünverstes Malatya Compettve Condtons n the Turksh Non-Lfe Insurance Industry Adnan Kasman 1 * Evrm Turgutlu 2 Abstract: Ths paper nvestgates
More informationSpurious Seasonal Patterns and Excess Smoothness in the BLS Local Area Unemployment Statistics
Spurous Seasonal Patterns and Excess Smoothness n the BLS Local Area Unemployment Statstcs Keth R. Phllps and Janguo Wang Federal Reserve Bank of Dallas Research Department Workng Paper 1305 September
More informationTeaching Note on Factor Model with a View --- A tutorial. This version: May 15, Prepared by Zhi Da *
Copyrght by Zh Da and Rav Jagannathan Teachng Note on For Model th a Ve --- A tutoral Ths verson: May 5, 2005 Prepared by Zh Da * Ths tutoral demonstrates ho to ncorporate economc ves n optmal asset allocaton
More informationREFINITIV INDICES PRIVATE EQUITY BUYOUT INDEX METHODOLOGY
REFINITIV INDICES PRIVATE EQUITY BUYOUT INDEX METHODOLOGY 1 Table of Contents INTRODUCTION 3 TR Prvate Equty Buyout Index 3 INDEX COMPOSITION 3 Sector Portfolos 4 Sector Weghtng 5 Index Rebalance 5 Index
More informationASYMMETRIC TRADE FLOWS AND THEIR IMPLICATIONS FOR COMPETITIVENESS, EFFICIENCY AND TRADE
ASYMMETRIC TRADE FLOWS AND THEIR IMPLICATIONS FOR COMPETITIVENESS, EFFICIENCY AND TRADE YOUNGJAE LEE Department of Agrcultural Economcs and Agrbusness Lousana State Unversty AgCenter 242A Martn D. Woodn
More informationVolume 30, Issue 1. Partial privatization in price-setting mixed duopoly. Kazuhiro Ohnishi Institute for Basic Economic Science, Japan
Volume 3, Issue 1 Partal prvatzaton n prce-settng mxed duopoly Kazuhro Ohnsh Insttute for Basc Economc Scence, Japan Abstract Ths paper nvestgates a prce-settng mxed model nvolvng a prvate frm and a publc
More informationPrice Formation on Agricultural Land Markets A Microstructure Analysis
Prce Formaton on Agrcultural Land Markets A Mcrostructure Analyss Martn Odenng & Slke Hüttel Department of Agrcultural Economcs, Humboldt-Unverstät zu Berln Department of Agrcultural Economcs, Unversty
More informationProblem Set #4 Solutions
4.0 Sprng 00 Page Problem Set #4 Solutons Problem : a) The extensve form of the game s as follows: (,) Inc. (-,-) Entrant (0,0) Inc (5,0) Usng backwards nducton, the ncumbent wll always set hgh prces,
More informationConsumption Based Asset Pricing
Consumpton Based Asset Prcng Mchael Bar Aprl 25, 208 Contents Introducton 2 Model 2. Prcng rsk-free asset............................... 3 2.2 Prcng rsky assets................................ 4 2.3 Bubbles......................................
More informationFinancial Development and Economic Growth: Evidence from Heterogeneous Panel Data of Low Income Countries
FIACE RESEARCH VOL., O., JAUARY 202 5 Fnancal Development and Economc Growth: Evdence from Heterogeneous Panel Data of Low Income Countres A. Qayyum, R. Sddqu and M.. Hanf Abstract Ths paper examnes emprcal
More informationMonetary Tightening Cycles and the Predictability of Economic Activity. by Tobias Adrian and Arturo Estrella * October 2006.
Monetary Tghtenng Cycles and the Predctablty of Economc Actvty by Tobas Adran and Arturo Estrella * October 2006 Abstract Ten out of thrteen monetary tghtenng cycles snce 1955 were followed by ncreases
More informationEvaluation of the Factors Affecting Initial Public offering Underpricing by Newly-accepted Companies into Tehran Stock Exchange
Internatonal Research Journal of Appled and Basc Scences 4 Avalable onlne at www.rjabs.com ISSN 5-8X / Vol, 8 (7): 873-88 Scence Explorer Publcatons Evaluaton of the Factors Affectng Intal Publc offerng
More informationThe Uneven Roles of FTAs: Selection Effect or Learning Effect?
The Unversty of Adelade School of Economcs Research aper No. 200-9 October 200 The Uneven Roles of FTAs: Selecton Effect or Learnng Effect? Faqn Ln The Uneven Roles of FTAs: Selecton Effect or Learnng
More informationCrowding out Effect of Foreign Aid in Selected Developing Countries: Panel Data Evidence
Iran. Econ. Rev. Vol.17, No., 13. Crowdng out Effect of Foregn Ad n Selected Developng Countres: Panel Data Evdence Sadegh Bakhtar Hojjat Izadkhast Seyed Komal Tayeb Receved: 1/8/11 Accepted: 13/4/16 Abstract
More informationIncorrect Beliefs. Overconfidence. Types of Overconfidence. Outline. Overprecision 4/15/2017. Behavioral Economics Mark Dean Spring 2017
Incorrect Belefs Overconfdence Behavoral Economcs Mark Dean Sprng 2017 In objectve EU we assumed that everyone agreed on what the probabltes of dfferent events were In subjectve expected utlty theory we
More informationNYSE Specialists Participation in the Posted Quotes
European Journal of Economc and Poltcal Studes NYSE Specalsts Partcpaton n the Posted Quotes Bülent Köksal 1 Abstract: Usng 2001 NYSE system order data n the decmal prcng envronment, we analyze how the
More informationFOREIGN LIQUIDITY, ECONOMIC OPENNING AND GROWTH IN LATIN AMERICAN ECONOMIES
FOREIGN LIQUIDITY, ECONOMIC OPENNING AND GROWTH IN LATIN AMERICAN ECONOMIES Abstract The man concern of our emprcal study s to shed lght to the queston of whether or not and n whch drecton long-run growth
More informationFM303. CHAPTERS COVERED : CHAPTERS 5, 8 and 9. LEARNER GUIDE : UNITS 1, 2 and 3.1 to 3.3. DUE DATE : 3:00 p.m. 19 MARCH 2013
Page 1 of 11 ASSIGNMENT 1 ST SEMESTER : FINANCIAL MANAGEMENT 3 () CHAPTERS COVERED : CHAPTERS 5, 8 and 9 LEARNER GUIDE : UNITS 1, 2 and 3.1 to 3.3 DUE DATE : 3:00 p.m. 19 MARCH 2013 TOTAL MARKS : 100 INSTRUCTIONS
More informationUsing a firm-level survey, this study examines the effects of foreign direct investment and
Foregn Drect Investment, Technology Transfer and Frm Performance Sarah Yuetng Tong Hong Kong Insttute of Economcs and Busness Strateges Unversty of Hong Kong Aprl 2001 Abstract: Usng a frm-level survey,
More informationDiversified Portfolio: Evidence from Bombay Stock Exchange (BSE) in India
Dversfed Portfolo: Evdence from Bombay Stock Exchange (BSE) n Inda Aro Internatonal Research Journal May, 2016 Volume VI, ISSN: 2320-3714 Dversfed Portfolo: Evdence from Bombay Stock Exchange (BSE) n Inda
More informationCompetition in Hong Kong s banking industry
Lngnan Journal of Bankng, Fnance and Economcs Volume 4 2012/2013 Academc Year Issue Artcle 6 January 2013 Competton n Hong Kong s bankng ndustry La Yee CHU Yue CUI Nan YE Yueln YAN Follow ths and addtonal
More informationThe Role of Demographic and Psychological Differences in Future Financial and Economic Expectations
Internatonal Journal of Economcs and Fnance; Vol. 6, No. 12; 2014 ISSN 1916-971X E-ISSN 1916-9728 Publshed by Canadan Center of Scence and Educaton The Role of Demographc and Psychologcal Dfferences n
More informationThe Integration of the Israel Labour Force Survey with the National Insurance File
The Integraton of the Israel Labour Force Survey wth the Natonal Insurance Fle Natale SHLOMO Central Bureau of Statstcs Kanfey Nesharm St. 66, corner of Bach Street, Jerusalem Natales@cbs.gov.l Abstact:
More informationNetworks in Finance and Marketing I
Networks n Fnance and Marketng I Prof. Dr. Danng Hu Department of Informatcs Unversty of Zurch Nov 26th, 2012 Outlne n Introducton: Networks n Fnance n Stock Correlaton Networks n Stock Ownershp Networks
More informationProblem Set 6 Finance 1,
Carnege Mellon Unversty Graduate School of Industral Admnstraton Chrs Telmer Wnter 2006 Problem Set 6 Fnance, 47-720. (representatve agent constructon) Consder the followng two-perod, two-agent economy.
More informationOPERATIONS RESEARCH. Game Theory
OPERATIONS RESEARCH Chapter 2 Game Theory Prof. Bbhas C. Gr Department of Mathematcs Jadavpur Unversty Kolkata, Inda Emal: bcgr.umath@gmal.com 1.0 Introducton Game theory was developed for decson makng
More informationDo Commercial Banks, Savings Banks, and Credit Unions Compete?
Internatonal Journal of Busness and Economcs, 2006, Vol. 5, No. 1, 17-27 Do Commercal Banks, Savngs Banks, and Credt Unons Compete? Luco Fuentelsaz Departamento Economía y Dreccón de Empresas, Unversty
More informationDETERMINING THE EFFECT OF NAFTA ON THE NORTH AMERICAN SWEET POTATO MARKET
DETERMINING THE EFFECT OF NAFTA ON THE NORTH AMERICAN SWEET POTATO MARKET YOUNGJAE LEE Department of Agrcultural Economcs and Agrbusness Lousana State Unversty AgCenter 242A Martn D. Woodn Hall Baton Rouge,
More informationUnderstanding price volatility in electricity markets
Proceedngs of the 33rd Hawa Internatonal Conference on System Scences - 2 Understandng prce volatlty n electrcty markets Fernando L. Alvarado, The Unversty of Wsconsn Rajesh Rajaraman, Chrstensen Assocates
More informationTAXATION AS AN INSTRUMENT OF STIMULATION OF INNOVATION-ACTIVE BUSINESS ENTITIES
TAXATIO AS A ISTRUMET OF STIMULATIO OF IOVATIO-ACTIVE BUSIESS ETITIES Андрей Сергеевич Нечаев Andrej Sergeevch echaev Summary: The analyss of the theoretcal materal revealed the lack of consensus on defnton
More informationc slope = -(1+i)/(1+π 2 ) MRS (between consumption in consecutive time periods) price ratio (across consecutive time periods)
CONSUMPTION-SAVINGS FRAMEWORK (CONTINUED) SEPTEMBER 24, 2013 The Graphcs of the Consumpton-Savngs Model CONSUMER OPTIMIZATION Consumer s decson problem: maxmze lfetme utlty subject to lfetme budget constrant
More informationHarmonised Labour Cost Index. Methodology
Harmonsed Labour Cost Index Methodology March 2013 Index 1 Introducton 3 2 Scope, coverage and reference perod 4 3 Defntons 5 4 Sources of nformaton 7 5 Formulae employed 9 6 Results obtaned 10 7 Seres
More informationUniform Output Subsidies in Economic Unions versus Profit-shifting Export Subsidies
nform Output Subsdes n Economc nons versus Proft-shftng Export Subsdes Bernardo Moreno nversty of Málaga and José L. Torres nversty of Málaga Abstract Ths paper focuses on the effect of output subsdes
More informationPrinciples of Finance
Prncples of Fnance Grzegorz Trojanowsk Lecture 6: Captal Asset Prcng Model Prncples of Fnance - Lecture 6 1 Lecture 6 materal Requred readng: Elton et al., Chapters 13, 14, and 15 Supplementary readng:
More information5. Market Structure and International Trade. Consider the role of economies of scale and market structure in generating intra-industry trade.
Rose-Hulman Insttute of Technology GL458, Internatonal Trade & Globalzaton / K. Chrst 5. Market Structure and Internatonal Trade Learnng Objectves 5. Market Structure and Internatonal Trade Consder the
More informationClearing Notice SIX x-clear Ltd
Clearng Notce SIX x-clear Ltd 1.0 Overvew Changes to margn and default fund model arrangements SIX x-clear ( x-clear ) s closely montorng the CCP envronment n Europe as well as the needs of ts Members.
More informationLeast Cost Strategies for Complying with New NOx Emissions Limits
Least Cost Strateges for Complyng wth New NOx Emssons Lmts Internatonal Assocaton for Energy Economcs New England Chapter Presented by Assef A. Zoban Tabors Caramans & Assocates Cambrdge, MA 02138 January
More informationA Utilitarian Approach of the Rawls s Difference Principle
1 A Utltaran Approach of the Rawls s Dfference Prncple Hyeok Yong Kwon a,1, Hang Keun Ryu b,2 a Department of Poltcal Scence, Korea Unversty, Seoul, Korea, 136-701 b Department of Economcs, Chung Ang Unversty,
More informationMultifactor Term Structure Models
1 Multfactor Term Structure Models A. Lmtatons of One-Factor Models 1. Returns on bonds of all maturtes are perfectly correlated. 2. Term structure (and prces of every other dervatves) are unquely determned
More information