Munich Personal Repec Archive

Displaying 1-40 of 1526 results

  • White Papers // Jul 2011

    Trade Integration,Restructuring And Global Imbalances-A Tale Of Two Countries

    China is widely seen as one of the sources of global macroeconomic imbalances. Its persistent current account surplus and capital exports to the United States are even cited as one of the causes of the global financial crisis. The most common explanation traces China's current account surplus to a mismatch...

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  • White Papers // Jul 2011

    A Non-Linear Coopetitive Game For Global Green Economy

    The paper aims at providing a non-linear Game Theory model of coopetition which addresses the problem of the global Green Economy. The Green Economy is a theoretical model of economic development that suggests economic, technical and legislative solutions to reduce the consumption of energy, of natural resources and environmental damage...

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  • White Papers // Jun 2011

    Trade Collapse, Trade Relapse And Global Production Networks: Supply Chains In The Great Recession (Revised)

    The nature of international trade and the very nature of globalization have changed dramatically in recent years, with the emergence of new global players and a radically different competitive landscape. This new landscape emerged during the late 1980s and early 1990s, when the Berlin Wall fall brought down the barriers...

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  • White Papers // Jun 2011

    The Rise of Emerging Markets' Financial Market Architecture: Constituting New Roles in the Global Financial Governance

    This paper analyses the impact of the global financial crisis on Brazil, India and South Africa whose financial markets have shown strong resilience to the global financial turmoil. The paper shows, that in contrast to advanced countries in these emerging market economies there is contagion from the real sector through...

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  • White Papers // Jun 2011

    Analysis of WIMAX/BWA Licensing in India: A Real Option Approach

    Indian Internet and broadband market has experienced very slow growth and limited penetration till now. The introduction of Broadband Wireless Access (BWA) is expected to aid in increasing the penetration of internet and broadband in India. The paper sheds light on the guidelines and procedure used in 4G/BWA spectrum auction...

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  • White Papers // Jun 2011

    Causality Between FDI And Financial Market Development: Evidence From Emerging Markets

    This paper studies the causal relationship between Foreign Direct Investment (FDI) and Financial Market Development (FMD) using panel data from emerging markets. Most studies of the relationship between FDI and FMD have focused on the role of FMD in the link between FDI and economic growth, with no deep understanding...

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  • White Papers // May 2011

    Beyond The Global Financial Crisis: Central Banking In A New Global Financial System

    Since the outbreak of the global crisis in mid 2007, there has been an extensive discussion on root causes. Some blame the greed and corruption of financial actors. Others put the blame on central bankers for easy money or regulators who remained idle as too much risks accumulated in financial...

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  • White Papers // May 2011

    A Rational Road To Effectiveness Attainment

    Operational effectiveness goes beyond efficiency while it incorporates exogenous variables, non-controllable by the service units. Effectiveness is a fundamental driver for the success of an operational unit within a competitive environment. In this paper, the authors seek to identify the active units that meet both the high or technical efficiency...

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  • White Papers // May 2011

    Industrialization And Technological Progress With Many Countries Under A Non-homothetic Preference

    This paper examines industrialization in each country by using a model with a continuum of countries. The model is mainly based on Yanagawa's (1996) model. However, unlike Yanagawa's model, the model adopts the Stone-Geary utility function of a non-homothetic preference. The main results are as follows. First, the authors find...

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  • White Papers // May 2011

    Evaluating Density Forecasts: A Comment

    This is a comment on Mitchell and Wallis (2011) which in turn is a critical reaction to Gneiting et al. (2007). The comment discusses the notion of forecast calibration, the advantage of using scoring rules, the "Sharpness" principle and a general approach to testing calibration. The aim is to show...

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  • White Papers // May 2011

    Distribution, 'Financialisation' And The Financial And Economic Crisis - Implications For Post-Crisis Economic Policies

    The severity of the financial and economic crisis which started in 2007 cannot be understood without examining the medium-to long-run developments in the world economy since the early 1980s. The following long-run causes for the crisis can be identified: inefficient regulation of financial markets, increasing inequality in the distribution of...

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  • White Papers // May 2011

    Beginning, Crises, And End Of The Money Economy In Three Consistent Steps

    A crisis is but a crisis when the long run outlook is definitively positive. Then a lower turning point must exist. This implicates a vision or, in the ideal case, a formalized theory of the money economy's possible end states. This theory has to provide an endogenous explanation of end...

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  • White Papers // May 2011

    The 2011 Japanese Earthquake, Tsunami And Nuclear Crisis: Evidence Of Contagion From International Financial Markets

    Natural disasters may inflict significant damage upon international financial markets. Using 33 international stock indexes and exchange rates, this paper examines if any contagion occurred across financial markets after the March 11, 2011 Japanese earthquake, tsunami and nuclear crisis. The results have two paramount implications. Firstly, the authors have confirmed...

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  • White Papers // May 2011

    Keynes's Missing Axioms

    Between Keynes's verbalized theory and its formal basis persists a lacuna. The conceptual groundwork is too small and not general. The quest for a comprehensive formal basis is guided by the question: what is the minimum set of foundational propositions for a consistent reconstruction of the money economy? The authors...

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  • White Papers // May 2011

    What Is Wrong With Heterodox Economics? Kalecki?s Profit Theory As An Example

    Kalecki's profit theory has always been popular among heterodox economist as an alternative approach to solve the paradox of monetary profits. In the present paper his formula 'The workers spend what they get, the capitalists get what they spend' is scrutinized for its logical and factual implications. The analysis shows...

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  • White Papers // May 2011

    Schumpeter And The Essence Of Profit

    Schumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? The authors...

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  • White Papers // May 2011

    Embodied Human Capital Unemployment

    Adam Smith (1776) devoted the first three chapters to the division of labor in his Inquiry into the Nature and Causes of the Wealth of Nations. This process, carried far enough, eventually results in a divergence between the distributions of supplies and demands of such horizontally-differentiated distinct types of human...

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  • White Papers // May 2011

    Role Of Management Control In Small And Medium Enterprises Performance Assurance

    The emergence and development of Small and Medium Enterprises has been and continues to be a driving force for the remarkable economic progress, influencing and accelerating economic growth through more efficient use of resources. Characterized by flexibility, mobility, innovation and capacity to adapt, SMEs have continued to play an important...

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  • White Papers // May 2011

    Information Gathering, Innovation And Growth

    In this paper the authors study the economic implications of IPR protection on corporate intelligence, R&D investment and economic growth. To accomplish this objective, they introduce trade secret and information leakage into a standard quality-ladder growth model and study the long-run implications of improving the privacy of firms' data. They...

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  • White Papers // May 2011

    Modelling Profitability Of Indian Banks

    This paper identifies the key determinants of profitability of Indian banks. It integrates the macroeconomic environment and industry level variables of India for predicting profitability of Indian banks. A simultaneous equation system has been formulated to derive the estimates of Net Interest Income (NII) and Credit for the banking system...

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  • White Papers // May 2011

    From Bounties On Exportation To The Natural And Market Price Of Labour: Smith Versus Ricardo

    Schumpeter's remarks on Ricardo's reaction to Smith's system of thought ("He studied the Wealth; he was shocked at what seemed to him to be a logical muddle; he set about straightening out this muddle; and the Principles was the ultimate result of this work of creative criticism") (1954, p.472) can...

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  • White Papers // May 2011

    The Returns To Scale Effect In Labour Productivity Growth

    Labour productivity is defined as output per unit of labour input. Economists acknowledge that technical progress as well as growth in capital inputs increases labour productivity. However, little attention has been paid to the fact that changes in labour input alone could also impact labour productivity. Since this effect disappears...

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  • White Papers // May 2011

    Pricing, Liquidity And The Control Of Dynamic Systems In Finance And Economics

    The paper discusses various practical consequences of treating economics and finance as an inherently dynamic and chaotic system. On the theoretical side this looks at the general applicability of the market-making pricing approach to economics in general. The paper also discuses the consequences of the endogenous creation of liquidity and...

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  • White Papers // May 2011

    Retirement Withdrawal Rates And Portfolio Success Rates: What Can The Historical Record Teach Us?

    Countless current and prospective retirees now rely on portfolio success rates calculated from the historical data for different retirement withdrawal strategies when planning their own retirements. Past history-based studies ushered forth what has become known as the 4 percent rule for retirement withdrawals, as historically 4 percent with inflation adjustments...

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  • White Papers // May 2011

    Wealth, Income, Earnings And The Statistical Mechanics Of Flow Systems

    This paper looks at empirical data from economics regarding wealth, earnings and income, alongside a flow model for an economy based on the general Lotka-Volterra models of Levy & Solomon. The data and modelling suggest that a simple economic system might provide a tractable model for giving an exact statistical...

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  • White Papers // May 2011

    Small Retailing, Town Centres And Inland Territories: An "Extended Town Centre Management" Perspective

    This paper aims to analyze the public policies that can be adopted in order to support small retail firms located in town centers and countryside small towns. The role of small retailing has been recognized for the preservation of an economic, social and cultural identity of both town centers and...

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  • White Papers // May 2011

    Capital, Liquidity Standards And Macro Prudential Policy Tools In Financial Supervision: Addressing Sovereign Debt Problems

    During the recent Financial Crisis, as well as the 2010 and ongoing European Sovereign Debt Crisis, several governments had/have had to raise their debt levels in order to stabilize their economies. The principal problem attributed to sovereign debts, which is linked to their characteristics, is the possibility of defaults occurring...

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  • White Papers // May 2011

    Geographical Information Systems Technologies For Spatial Visualization Of Statistical Data

    This paper proposes an original solution to present statistical data using the facilities provided by the Geographical Information Systems, to improve the means of statistical data figure and distribution inside the territorial profile. The proposed solution allows to represent more statistical data sets, on the same map, using two different...

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  • White Papers // May 2011

    Safe Withdrawal Rates From Retirement Savings For Residents Of Emerging Market Countries

    Researchers have mostly focused on U.S. historical data to develop the 4 percent withdrawal rate rule. This rule suggests that retirees can safely sustain retirement withdrawals without outliving their wealth for at least 30 years, if they initially withdraw 4 percent of their savings and adjust this amount for inflation...

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  • White Papers // May 2011

    On Variable Discounting In Dynamic Programming: Applications To Resource Extraction And Other Economic Models

    The discounted utility with a constant discount rate was introduced by Samuelson (1937). Twenty years later Koopmans (1960) characterized axiomatically a class of recursive utilities, which also includes the classical model as a special case. A fairly large number of researchers have used the discounting rule to various sequential decision-making...

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  • White Papers // May 2011

    On Mission Drift In Microfinance Institutions

    This paper sheds light on a poorly understood phenomenon in microfinance which is often referred to as "Mission drift": A tendency reviewed by numerous microfinance institutions to extend larger average loan sizes in the process of scaling-up. The authors argue that this phenomenon is not driven by transaction cost minimization...

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  • White Papers // May 2011

    Design, Effectiveness And Role Of Visual Merchandising In Creating Customer Appeal

    This paper aims to find out how and to what extent outlets incorporate visual merchandising, that appeals to the customers and lead to a potential purchase. The survey method was followed to conduct the study and data were collected through sampling techniques from identified respondents, who were selected through convenient...

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  • White Papers // May 2011

    Commodity ETFs In The Japanese Stock Exchanges

    The "Financial Big Bang" reforms during the latter half of the 1990s substantially transformed the Japanese financial system, but despite this, the level of risky assets that Japanese households have in their portfolio has not increased. One reason for this is the lack of knowledge necessary to invest in risky...

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  • White Papers // May 2011

    Service Innovation And The Proximity-Concentration Trade-Off Model Of Trade And FDI

    This paper introduces service innovation in the proximity-concentration trade-off model of trade and FDI (Helpman, Melitz and Yeaple, 2004). The idea is that innovation will have two main effects on service firms' choice between exports and FDI. First, innovative firms will on average have higher productivity levels than non-innovative enterprises....

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  • White Papers // May 2011

    The Effects Of Terrorist Activities On Foreign Direct Investment: Nonlinear Evidence

    In this paper, the authors examine the relationship between Foreign Direct Investment and terrorist incidents that took place in Turkey for the period from 1991:12 to 2003:12. This research contributes to the literature by checking for a possible non-linear relationship between terrorism and Foreign Direct Investment. The data used to...

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  • White Papers // May 2011

    Economic Crisis And Taxation In Europe

    The recent economic crisis and taxation in the advanced countries - especially in the European nations - are linked in several ways. The tax systems may have exacerbated the crisis, and this raises the question of the need for a better system of taxation in certain economic sectors, especially in...

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  • White Papers // May 2011

    Patterns In U.S. Urban Growth (1790-2000)

    This paper reconsiders the evolution of the growth of American cities since 1790 in the light of new theories of urban growth. The null hypothesis for long-term growth is random growth. The authors obtain evidence supporting random growth against the alternative of mean reversion (convergence) in city sizes using panel...

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  • White Papers // May 2011

    Heterogeneous Expectations, Taylor Rules And The Merit Of Monetary Policy Inertia

    The authors present new results for the performance of Taylor rules in a New Keynesian model with heterogeneous expectations. Agents have either rational or adaptive expectations. They find that depending on the particular rule, expectational heterogeneity can create or increase the set of policies that leads to local explosiveness. This...

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  • White Papers // May 2011

    Wage Bargaining And Quality Competition

    In a standard model of vertical differentiation, wage is assumed to determine the quality. Wage is also subject to bargaining. Increased bargaining power of the worker in the low quality firm reduces quality differential, and increases price competitiveness. The Opposite happens from a similar change in the high quality firm....

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  • White Papers // May 2011

    Does Timing Of Decisions In A Mixed Duopoly Matter?

    The authors determine the endogenous order of moves in a mixed price-setting duopoly. In contrast to the existing literature on mixed oligopolies they establish the payoff equivalence of the games with an exogenously given order of moves. Hence, it does not matter whether one becomes a leader or a follower....

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  • White Papers // Feb 2011

    Asymmetric Shocks And Co-movement Of Price Indices

    This paper is an attempt to gauge the relationship between the long run paths of consumer price index and wholesale price index of Pakistan. For the empirical analysis the Johansen cointegration technique has been applied on monthly data (1978 to 2010) of WPI and CPI. This paper found that both...

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  • White Papers // Feb 2011

    Firm's Information Environment And Stock Liquidity: Evidence From Tunisian Context

    This paper analyzes the relationship between public disclosure, private information and stock liquidity in the Tunisian market. The authors use a sample of 41 listed firms in the Tunis Stock Exchange in 2007. First, they find no evidence that there is a relation between public and private information. Second, Tunisian...

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  • White Papers // Feb 2011

    Does Corporate Governance Affect Stock Liquidity In The Tunisian Stock Market?

    The aim of the current paper is to study the link between the effects of corporate governance on information asymmetry problems and stock liquidity in the Tunisian Stock Market. The authors use a sample of 49 Tunisian firms listed between 1998 and 2007. The results show that corporate governance has...

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  • White Papers // Feb 2011

    Evaluating And Managing Systemic Risk In The European Union

    The financial crisis has exposed the weaknesses in national and international economies, the disruption of the financial systems all over the world. The aim of this paper is to point out the importance of systemic risk management in the European Union (EU). Structured on two parts, the paper presents the...

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  • White Papers // Feb 2011

    The Demographics Of Fund Turnover

    This paper documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated among less experienced managers in financial centers, they do not outperform...

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  • White Papers // Jan 2011

    Opening The Black Box: Internal Capital Markets And Managerial Power

    The authors analyze the internal capital markets of a multinational conglomerate to determine whether more powerful unit managers enjoy larger allocations. They use a new dataset of planned and actual allocations to business units to show that, although all unit managers systematically over-budget capital expenditures, more powerful and better connected...

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  • White Papers // Jan 2011

    Giants At The Gate: On The Cross-section Of Private Equity Investment Returns

    The authors examine the determinants of private equity returns using a newly constructed database of 7,500 investments worldwide over forty years. The median investment IRR (PME) is 21% (1.3), gross of fees. One in ten investments goes bankrupt, whereas one in four has an IRR above 50%. Only one in...

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  • White Papers // Jan 2011

    Industry Concentration And The Cross-section Of Stock Returns: Evidence From The UK

    In this paper, the author examines the relationship between industry concentration and the cross-section of stock returns in the London Stock Exchange between 1985 and 2010. Using Multifactor asset pricing theory, the author tests whether industry concentration is a new asset pricing factor in addition to conventional risk factors such...

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  • White Papers // Jan 2011

    Regional Skill Supplies And Location Of Firms: The Case Of Information Technology Industry In India

    The "New economic geography" of the IT industry is shaped by two characteristic features of the industry, smaller size of the firms and zero transportation costs of its products that provide its ability of being a 'Footloose' industry. The IT industry could locate itself in a region on the basis...

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  • White Papers // Jan 2011

    Financing Social Protection In The Light Of International Spending Targets: A Public Sector Spending Review

    This paper explores the 'Affordability' of development targets in six key sectors (health, education, water and sanitation, agriculture and infrastructure), by means of an empirical study examining sectoral expenditure in five low income case study countries in sub-Saharan Africa (Ethiopia, Kenya, Malawi, Mozambique and Uganda) and comparing them with target...

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  • White Papers // Jan 2011

    The Use Of Indicators For Unobservable Product Qualities: Inferences Based On Consumer Sorting

    Using the dietary supplement black cohosh to demonstrate the method, the authors employ data on a product characteristic unobservable to consumers to decompose the contribution to consumers' valuations of observable characteristics into surrogate indicator and direct components. Because consumers are not all "Expert appraisers" of the unobservable characteristic, the measured...

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  • White Papers // Mar 2011

    Media Capture And Information Monopolization In Japan

    In this paper, the authors investigate the unique institution of the Japanese press industry called kisha club system, which is deemed as the symbol of media capture by the government, and collusion in the media industry. By tracing through its history, they show how the institution has developed as a...

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  • White Papers // Mar 2011

    The Legal Barriers To International Movement Of Goods And Their Impact On The Administration Of Small Scale Organisations In The United Kingdom

    The carriage of goods across international boundaries involves bulk and sometimes complex transportation and therefore requires planning and the deployment of resources and logistics. In most cases, the use of sea transportation is commonly preferred. The legal issues surrounding the carriage of goods have informed the development of trade laws...

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  • White Papers // Mar 2011

    Can Microcredit And Job Under NREGS Jointly Bring More Happiness To The Villagers?

    This paper aims to investigate whether access to microfinance loan and job under National Rural Employment Guarantee Scheme (NREGS) have any significant impact to bring life satisfaction as well as happiness, an important well-being indicator to the villagers of West Bengal. Here the authors consider microfinance system under individual liability...

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  • White Papers // Mar 2011

    The Dividend Strategy Of Indian Companies: An Empirical Assessment

    The paper uses firms across different ownership categories to examine the factors influencing dividend policy. The results suggest that bigger, mature and low-leveraged firms tend to pay more dividends. As well, the findings suggest that bigger, less profitable and high-leveraged firms are more likely to initiate a dividend cut. Examining...

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  • White Papers // Mar 2011

    The Impact Of Real Effective Exchange Rate On The Non-Oil Export: The Case Of Azerbaijan

    The paper investigates the impact of the real exchange rate on non-oil exports in Azerbaijan by applying Vector Error Correction Model. The estimation results suggest that real exchange rate has negative impact on non-oil export performance while non-oil GDP affects positively in the long- and short-run. Error correction term indicates...

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  • White Papers // Mar 2011

    Analyzing The Link Between Real Exchange Rate And Productivity

    This paper study, in panel data, the relationship between real exchange rate and total factor productivity on a sample of 68 developed and developing countries for the period 1960-1999. The theoretical part presents the arguments advanced to explain the effects of real exchange rate on productivity, technical efficiency and technological...

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  • White Papers // Mar 2011

    Co-operative Credit Delinquency: Identification Of Factors Discriminating Defaulters

    Co-operative movement dawned in India a century ago to eradicate indebtedness and to accelerate agricultural production in India. Co-operatives are eminently suited to achieve social, economic changes in rural India. However, credit risk is acute in co-operative credit system, predominantly manifested in short-term credit. Delinquency of co-operative credit is the...

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  • White Papers // Mar 2011

    Service Quality Gap Analysis In Private Sector Bank - A Customer Perspective

    This paper evaluates the customer perceptions of service quality in selected private sector banks. Data was collected from 200 customers of Private Sector Banks using structured questionnaire. Gap analysis and Multi regression were used for analysis of data. The result shows that the dimension of service quality such as Empathy...

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  • White Papers // Mar 2011

    Lessons From The Foreign Exchange Market Reforms In Ghana: 1983-2006

    This paper critically examines the trade and exchange reforms that paved way for the implementation of the current flexible, market-based exchange rate regime in Ghana. Using descriptive method, the paper argues that Ghana has succeeded in unifying its exchange rates without the inflationary consequences, as Pinto (1988, 1990) predicts, partly...

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  • White Papers // Mar 2011

    An Empirical Analysis Of The Money Supply Process In Ghana: 1983-2006

    This paper examines the major drivers of the asset counterpart of the observed money supply in Ghana since the adoption of the Economic Recovery Programmes in Ghana. Using the traditional money multiplier approach, the relative contributions of fiscal financing and capital inflows to the money supply process were examined. It...

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  • White Papers // Mar 2011

    Export Performance And Determinants In Ethiopia

    In this paper analysis of factors affecting export supply of Ethiopia, during the period 1981 - 2004, have been made using co integration analysis. Data trend reveals that Ethiopian export performance was highly volatile during the period, on average merchandise exports have been growing at 7% per annum, while manufacturing...

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  • White Papers // Mar 2011

    Methods For Evaluating Innovative Health Programs (EIHP): A Multi-country Study

    Designed as a global research initiative, the EIHP project aims at adding to the evidence base of health interventions that have the potential to improve health outcomes in Africa and Asia. The project focuses on rigorous, quantitative evaluations of innovative local initiatives that address the Millennium Development Goals for health:...

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  • White Papers // Mar 2011

    Indian Textile Industry: Sea Of Potential Opportunities

    India's share of the global textile industry is expected to grow from 4% to 7% by 2011-12 and the share of apparel in the export basket is expected to increase from 48% to 60%. A Vision 2010 for textiles formulated by the government after exhaustive interaction with the industry and...

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  • White Papers // Mar 2011

    Financial Frictions And The Zero Lower Bound On Interest Rates: A DSGE Analysis

    Recent developments in Canada, the United Kingdom, and the euro area, Japan, Sweden, Switzerland and the United States have triggered a debate on whether monetary policy is effective when the nominal interest rate is close to zero. In this context, the monetary authority is no longer in a position to...

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  • White Papers // Mar 2011

    Did The Commercial Paper Funding Facility Prevent A Great Depression Style Money Market Meltdown?

    This paper analyzes how risk premia - and other factors affecting the comparative advantages of security-funded versus deposit-funded short-run debt - altered the relative use of debt funded by securities markets since the early-1960s and the relative use of commercial paper during the recent financial crisis. Results indicate that lower...

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  • White Papers // Feb 2011

    Shell Oil Company In Nigeria: Impediment Or Catalyst Of Socio-economic Development?

    The aim of this paper is to investigate whether the She oil company, through investment and crude oil exploration, benefits socio-economic growth in Nigeria in general and in the Niger Delta of Nigeria in particular. In 1998, the United Nations Special Rapporteur's report on Nigeria accused Nigeria and Shell of...

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  • White Papers // Feb 2011

    Military Expenditure And Economic Growth: A Meta-analysis

    Meta analysis is conducted to review 32 empirical studies with 169 estimates to find the combined overall effect of military expenditure on economic growth. Using a meta fixed and random effects and regression analysis, the results show that there exists a "Genuine" net effect of military expenditure on economic growth....

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  • White Papers // Feb 2011

    Leasing And Secondary Markets: Theory And Evidence From Commercial Aircraft

    The author constructs a dynamic model of transactions in used capital to understand the role of leasing when trading is subject to frictions. Firms trade assets to adjust their productive capacity in response to shocks to profitability. Transaction costs hinder the efficiency of the allocation of capital, and lessors act...

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  • White Papers // Feb 2011

    Is Optimal Monetary And Fiscal Policy In A Small Open Economy Time Consistent?

    This paper studies optimal monetary and fiscal policy in a small open economy. Two forces in the economy impose orthogonal restrictions on financing costs across governments. The first force requires constant financing costs across governments to have time consistent optimal policy of hours. The second force always asks for time...

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  • White Papers // Feb 2011

    Fiscal Federalism And Decentralization In Mongolia

    Fiscal federalism has been an important topic among public finance theorists in the last four decades. There is a series of arguments that decentralization of governments enhances growth by improving allocation efficiency. However, the empirical studies have shown mixed results for industrialized and developing countries and some of them have...

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  • White Papers // Feb 2011

    Perspectives On Single Euro Payments Area Adoption In The Light Of The Financial Crisis

    The scope of this paper is to point out how the present financial crisis is affecting the European payments landscape and the Single Euro Payments Area implementation. The current unpredictable and very challenging market situation has not fundamentally changed the fact that payment services need to continue modernization in order...

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  • White Papers // Feb 2011

    China's Increasing Policy Shift Towards More Sustainable Growth

    The story of China's path to recent development is one of both increasingly balancing the three pillars of sustainability, i.e. social, environmental, and economic issues, and doing so in a way that increasingly focuses on the quality of development within these pillars. This marks a change from China's previous focus...

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  • White Papers // Feb 2011

    Multiplicative Uncertainty, Central Bank Transparency And Optimal Degree Of Conservativeness

    This paper extends the results of Kobayashi (2003) and Ciccarone and Marchetti (2009) by considering the optimal choice of central bank conservativeness. It is shown that the government can choose a sufficiently populist but opaque central banker so that higher multiplicative uncertainty improves the social welfare only when the society...

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  • White Papers // Feb 2011

    Financial Volatility And Optimal Instrument Choice: A Revisit To Poole's Analysis

    In this paper, using an IS-LM model with reserve market, the authors examine whether the operating procedure actually adopted by many central banks in the world, i.e. targeting directly short run interest rates and hence indirectly market interest rates, is more efficient in stabilizing output than a monetary base operating...

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  • White Papers // Jan 2011

    Does Political Accountability Matter For Infrastructure Regulation? The Case Of Telecommunications

    This paper discusses the link between political accountability, regarded as an important aspect of institutional design, and infrastructure regulation that has been emphasized in the recent literature on the role of institutions in economic development. The authors report on the findings and lessons drawn from an analysis of telecommunications data...

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  • White Papers // Feb 2011

    Will India Become A World Economy Power?

    India's economic rise during the last decades has surprised most of the economists, including the Nobel Laureate Paul Krugman. Which are the ingredients of such an economic roadmap and why hasn't India's economy boosted along with those of the "Asian tigers" during the 80s or later, with China's economy? Once...

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  • White Papers // Feb 2011

    Product Innovation When Consumers Have Switching Costs

    Economists have long recognized that in free markets, incentives to innovate will be diluted unless some factors grant innovators with a temporary monopoly. Patenting is the most cited factor in the economic literature. This paper concentrates on another factor that confers innovators with first-mover advantage over their competitors, namely consumer...

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  • White Papers // Feb 2011

    Money And Keynesian Uncertainty

    Keynes's theory of a monetary economy and his liquidity preference theory of investment will be examined in order to highlight the essential properties of money under the conditions of uncertainty, which inevitably prefigures the existence of involuntary unemployment and could - within a laissez faire, deregulated financial system - induce...

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  • White Papers // Jan 2011

    The Summarized Evaluation Of The US And Latin America Corporate Governance Standards After Financial Crisis, Corporate Scandals And Manipulation

    There are many analytical papers and researches done in the field of examining and analyzing consequences of the Sarbanes Oxley Act (2002) and some done in the corporate governance in some Latin American countries. This paper chooses a different approach. First, it selects The US, Brazil and Chile, which represents...

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