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This study extends previous research by comparing banks across European Union (EU) accession and non-accession countries of central-eastern Europe in order to detect differences that perhaps have implications related to policy prescriptions for joining the EU. Using commercial banking data from 17 centraleastern European countries for 2000-04, the period leading up to the EU accessions of 2004 and 2007, a multiproduct translog cost function approach reveals that banks in accession countries generally display stronger input substitutability across capital, labor and deposits than that displayed by banks in non-accession countries. The implication regarding the higher substitutability between capital and labor in EU accession countries is lower banking industry employment in those countries after EU accession. Bank deposits are also substitutes for labor, reflecting the substantial impact of international competition and technological advancements in the industry. As a result of these relationships, pre-accession preparation for the forthcoming banking industry changes may be necessary in some instances.
This study re-assesses regional integration by taking new measures for the degree of openness into account. The value-added based economic integration (VEI) model which improves on traditional economic integration models forms the core of these openness indicators. We show that a shift from the usual proxies of the gross economic integration (GEI) model towards those of the VEI model leads to a decrease of the realized degree of economic integration. Hence, the costs (benefits) are higher (lower) for a country from joining a fixed exchange rate area as supposed by the standard GEI model. From this perspective, the outcomes based on the traditional GEI model tend to overestimate the potential success of a given monetary integration process. More specifically, even a revision of the recommendation for a country to participate in a single currency area might be a consequence. Finally, empirical estimates of these new openness measures are delivered for more than twenty countries.
This paper studies the circulation of Hong Kong dollars in the Chinese Mainland. It first estimates the amount of Hong Kong dollars circulating in southern China in the last fifteen years. The regression analysis indicates that the growth rate of Hong Kongs foreign direct investment in China and the growth rate of trade volume between Hong Kong and China are some of the main determinants that contribute to the widespread use of Hong Kong dollars in southern China. The difference of real returns between Hong Kong dollar denominated assets and Chinese Renminbi denominated assets, however, has no effect on the amount of Hong Kong dollars circulating in China.
We present a three-sector general equilibrium model with an informal sector, which produces an intermediate input for the formal sector, to analyze the effects of different policies on the environmental standard of the economy. The formal sector is made to pay a pollution emission tax for any pollution level higher than the permissible level that is determined by the regulatory authority. Since the informal manufacturing sector creates pollution, increase in the use of informal sector output in the formal sector raises the level of pollution and widens the discrepancy between actual and permissible levels of pollution, so that the emission tax payable by the formal sector also increases. The efficiency of a representative worker is inversely related to the level of pollution. In this framework, we show that even if the permissible level of pollution is reduced, the polluting informal sector may expand and worsen the environmental standard. On the other hand, an inflow of foreign capital may reduce the pollution level. These results are new in the literature of trade and environment.
We study economic growth of a multi-regional small open economy in a perfectly competitive economy. The national economy consists of multiple regions and each region has one production sector and one housing sector. Following the traditional literature of small open economies, we assume that the rate of interest is fixed in international market. The production side is the same as in the neoclassical growth theory. Households move freely among regions, equalizing utility level among regions by choosing housing, goods and saving. A region`s amenity is endogenous, depending on the region`s output and population. We explicitly solve the dynamics of the multi-regional economy. The system has a unique stable equilibrium point. We simulate the motion of the model and examine effects of changes in the rate of interest, the preference, and amenity parameters. We show, for instance, that a productivity improvement in the region with lowest productivity reduces the GDP and GNP and a rise in the preference for large cities may accelerate agglomeration of the population and economic activities into a region with high productivity.
We report transparency scores and growth indicators for the euro area and various classes of potential euro area candidates. We then study currency union stabilization when monetary policy transparency may be imperfect and supply conditions may be country-specific. Sectoral productivity shocks are found to reduce the effectiveness of the single monetary policy compared to monetary autonomy. For a small open economy, a wider cross-country gap in supply slopes (as induced by larger trade openness differentials) favors currency union participation. Small size hampers monetary union stabilization under supply shocks, but not when output target shocks are misperceived by the public.
This study aims at assessing the prospects for a more liberal air passenger transport regime in the Asia Pacific region under the auspices of the Asia Pacific Economic Cooperation (APEC). The decades-old bilateral air services regime has been under pressure to reform for several years. Notwithstanding the critical role that international air transport plays in the ongoing integration of Asia Pacific economies, the airline industry remains one of the region`s most heavily regulated. Estimates from the gravity equation employing the Air Liberalization Index (ALI) developed by the World Trade Organization (WTO) Secretariat find a positive and statistically significant relationship between relaxing bilateral air services restrictions and air passenger traffic. The results hold for a wide range of specifications controlling for fixed effects, different sample sizes, and for all variants of the ALI. The preferred specification, the Anderson and Van Wincoop (2003) equation, provides the most conservative estimates. Prior to taking account of general equilibrium effects, the results imply that if APEC economies eased air transport restrictions to double the ALI scores with their aviation partners, both within and outside the APEC region, traffic would increase by 4.5%.
This study intends to find out whether or not the Nikkei 225 evolves over time in accordance with the following four widely used processes for determining stock prices: random walk with a drift, AR(1), GARCH(1,1), and GARCH(1,1)-M. Given the fact that, in actuality, we have but one sample of time series data, the motivation of this study is to make use of the bootstrap technology to deal with this one-sample problem. Specifically, we use the bootstrap technique to generate 2,000 artificial Nikkei series from each process and compute the return from the trading rule for each of the 2,000 artificial Nikkei series. Then, we construct a 95% bootstrap percentile interval with these 2,000 returns and determine if it contains the return computed from the actual Nikkei series. If it does, we claim that returns from the artificial Nikkei series are in agreement with those from the actual Nikkei series. Our results show that, of the four processes, GARCH(1,1)-M generates returns that are most agreeable with those computed from the actual Nikkei series. An important implication of this study is that a proper model for pricing Nikkei-related derivatives is one that uses the GARCH(1,1)-M process to depict the dynamics of the Nikkei return series.
This paper investigates hedging and risk management options in the energy sector. Energy firms tend to adopt risk management tools in order to cover their financial exposure. Taking into consideration that current crisis has a significant effect on their value; we check whether energy firms actually have better output when they use hedging tools. In order to measure the effectiveness of this strategy in the energy industry, we adopt Tobin`s Q methodology. The sample of this study consists energy firms on a worldwide basis. The empirical evidence of this research confirms that energy firms may avoid huge economic problems when they adopt risk management methods. It is better enery market integration.
In this paper we build up a three-sector general equilibrium framework to examine impact of agricultural trade liberalization, tariff rate restructuring and inflow of Foreign Direct Investment on unemployment and wage inequality in an emerging market economy. The paper shows that agricultural trade liberalization and tariff rate restructuring reduces the skilled-unskilled wage gap whereas increase in inflow of foreign capital may lead to worsening of income distribution. Multiple cross effects, factor specificity and factor intensity ranking play important roles in determining changes in output composition, factor rewards and unemployment in the wake of economic reforms.