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Rajan, Ramkishen S. 세종대학교 국제경제연구소 1996 Journal of Economic Integration Vol.11 No.3
Notwithstanding some recent attempts at analyzing the impact of increasing internal returns to scale (IIRS) on CU theory, research on this issue is still at a highly rudimentary stage. The potentially important implications for CU theory of the introduction IIRS were in fact independently discussed in seminal, albeit relatively neglected papers by Max Corden [1972] and Donald Mead [1968]. This paper selectively surveys and applies the earlier papers to systematically establish conditions under which a CU could, from a single country's perspective, potentially pareto dominate unilateral trade policies. Relaxation of some restrictive assumptions maintained by Corden [1972] and Mead [1968] allow for the consideration of a wide=ranging and rich milieu of theoretical possibilities of non-negligible practical significance. (JEL Classification: F01, F12, F15)
( Ramkishen S. Rajan ) 세종대학교 경제통합연구소 1996 Journal of Economic Integration Vol.11 No.3
Notwithstanding some recent attempts at analyzing the impact of increasing internal returns to scale (IIRS) on CU theory, research on this issue is still at a highly rudimentary stage. The potentially important implications for CU theory of the introduction IIRS were in fact independently discussed in seminal, albeit relatively neglected papers by Max Corden [1972] and Donald Mead [1968]. This paper selectively surveys and applies the earlier papers to systematically establish conditions under which a CU could, from a single country`s perspective, potentially pareto dominate unilateral trade policies. Relaxation of some restrictive assumptions maintained by Corden [1972] and Mead [1968] allow for the consideration of a wide-ranging and rich milieu of theoretical possibilities of non-negligible practical significance. (JEL Classification: F02, F12, F15)
Why Are Crisis-Induced Devaluations Contractionary? Exploring Alternative Hypotheses
( Ramkishen S. Rajan ),( Chung Hua Shen ) 세종대학교 경제통합연구소 (구 세종대학교 국제경제연구소) 2006 Journal of Economic Integration Vol.21 No.3
Why are some currency crises followed by economic contractions while others are not? This paper is an attempt at answering this query. In particular, we investigate two closely related questions. First, we explore whether there is a difference in the output effects of a devaluation during “normal” periods versus crises ones; after all, during non-crisis periods, real exchange devaluation is seen as an important policy option for promoting exports and output growth. Yet, the literature has not made a distinction between crisis and non-crisis periods. To preview the main conclusion, we find that the contractionary effects tend to exist only during the crisis period. Building on this, we go on to explore the factors that cause a crisis-induced devaluation to be contractionary.
Foreign Direct Investment in the APEC Region: the Role of Country Risks
이현훈,Ramkishen S. Rajan 한국무역학회 2011 Journal of Korea trade Vol.15 No.3
This paper aims to establish a firm understanding of the structure and determinants of bilateral FDI investment linkages among APEC economies. Specifically, this paper first aims to analyze determinants of intra-APEC FDI flows so as to ascertain if and whether APEC members tend to invest more intensively intraregionally than extraregionally and, conversely, whether APEC economies receive more investments from other APEC members compared to extra-regional investments. This paper then aims to assess the impact on FDI flows of three different types of country risks - political, economic and financial risks - for the destination economy. This paper finds that the APEC member economies engage more intensively with each other in terms of FDI flows than what one might expect based on the general determinants of FDI flows. However, this conclusion does not hold once we incorporate bilateral exports, suggesting that the reason for the more intensive FDI engagement within APEC was largely due to the significant trade links between the member economies. More exports tend to promote bilateral FDI flows. This points to the complementary nature of FDI and trade in the APEC region. This paper also finds that economies with lower political risk appear to attract more FDI inflows. Thus, individual and regional efforts to improve the institutional quality of member economies are expected to contribute to increasing intra- regional FDI flows in the region. Other aspects, such as more stable political systems, improvements in socioeconomic conditions, reduction in corruption and enhancement of law and order, are all important objectives in and of themselves and will obviously contribute to greater FDI flows
Foreign Direct Investment and Technology Transfer Under Uncertainty in a Liberalizing Host Economy
Jie Li,Ramkishen S. Rajan 한국국제경제학회 2009 International Economic Journal Vol.23 No.1
This paper tackles the issue of investment and optimal “choice” of market structure for a foreign multinational enterprise (MNE) in a newly liberalized economy under uncertainty and in the presence of sunk costs. A minimalist duopolistic model is developed whereby a foreign investor's subjective belief about the probability distribution of policy uncertainty is endogenized as a function of the aggregate output in the tradable goods sector. The main propositions derived from the model are consistent with some unconventional empirical findings in the literature on Foreign Direct Investment (FDI), technology transfer to and crowding out of domestic firms in LDEs.
How Different are FDI and FPI Flows?: Distance and Capital Market Integration
( Rabin Hattari ),( Ramkishen S. Rajan ) 세종대학교 경제통합연구소(구 세종대학교 국제경제연구소) 2011 Journal of Economic Integration Vol.26 No.3
The availability of bilateral capital flows between countries has given rise to a number of papers attempting to understand trends and determinants of capital flows between country pairs. Almost without exception, the papers find that the gravity model fits the data quite well. Specifically, while economic sizes of the host and source (measured by GDP, population etc) appear to positively impact bilateral flows in most cases, distance--broadly proxying some sort of transactions and/or information frictions--stands out as consistently hindering all types of capital flows. But does greater distance hinder both foreign portfolio investment (FPI) and foreign direct investment (FDI) flows equally? In other words, does distance change the composition of capital flows? This is the specific question that this paper focuses on, differentiating between total FDI, FDI via mergers and acquisitions (M&As) and FPI.
Amit Ghosh,Ramkishen S. Rajan 연세대학교 동서문제연구원 2007 Global economic review Vol.36 No.3
The degree of exchange rate pass-through is of paramount importance to small and open economies as it has a direct impact on domestic inflation as well as the effectiveness of exchange rate as an adjustment tool. High exchange rate pass-through (ERPT) is often cited as a reason for a ‘‘fear of floating’’. This article analyzes the degree of ERPT into the export prices of three Asian economies*Korea, Thailand and Singapore for the period 1980: Q1_2006: Q4 using both US dollar bilateral rates as well as nominal effective exchange rates. The study also examines whether there are asymmetries in ERPT between exchange rate appreciation and depreciation.
Monetary Policy Rules for Small and Open Developing Economies: A Counterfactual Policy Analysis
Tony Cavoli,Ramkishen S.Rajan 중앙대학교 경제연구소 2006 Journal of Economic Development Vol.31 No.1
This paper uses a model calibrated to suit a small open Asian economy to present a series of counterfactual policy experiments aimed at comparing conventional optimal inflation targeting (IT) under commitment and discretion and variations of simple fixed monetary policy rules (MPRs). Two significant points of departure between the model presented here and previous ones for industrial countries are the incorporation of the real exchange rate and consideration of possible contractionary depreciation/devaluation. This represents a realistic scenario for some Asian economies after the crisis. In assessing the impact of different policy types it is essential to find parameters for model calibration that suitably represent the small and open Asian economies that have recently implemented inflation targeting arrangements. We have used estimates from Thailand over a recent period (1993-2003) to assist in selecting these parameters.
Does Inflation Targeting in Asia Reduce Exchange Rate Volatility?
Alice Y. Ouyang,Ramkishen S. Rajan 한국국제경제학회 2016 International Economic Journal Vol.30 No.2
Inflation targeting has become a popular option among many developing economies, including those in Asia. Despite a gradual move towards inflation targeting, many Asian economies remain concerned about exchange rate variability. Motivated by this, this paper is interested in the impact of inflation targeting on real exchange rate volatility in the Asian economies. In particular, using a panel of developing countries that includes many from Asia for the period 2007–2012, the paper explores the impact of inflation targeting on real exchange rate volatility as well as in terms of its two component parts, i.e. relative tradable prices across countries (external prices) and the sectoral prices of tradables and non-tradables within countries (internal prices). The paper also compares the inflation and growth effects of inflation targeting regimes with non-inflation targeters.