International Economic Studies

International Economic Studies

International Economics Studies, 44, Issue 1, Spring and Summer 2014 (مقاله علمی وزارت علوم)



Determinants of the Timing of Bank Failure in Ten Asian Countries(مقاله علمی وزارت علوم)


کلید واژه ها: Early Warning Systems Split Population Model Bank Failures Bank Mergers and Acquisitions

حوزه های تخصصی:
تعداد بازدید : ۱۵۶ تعداد دانلود : ۱۵۴
The purpose of this paper is to examine the determinants of the timing of bank failure/merger in 10 Asian countries over the period of 1999-2007 using a multivariate logit model and a split population duration analysis. Apart from bank-specific information, we also focus on the effects of macroeconomic and financial characteristics. The following empirical findings are obtained. First, the results based on the logit model and parametric survival time regressions (Weibull) indicate that individual bank factors such as asset quality, liquidity, earnings, as well as macroeconomic and financial characteristics, namely real interest rates, inflation and the ratio of M2 to foreign exchange reserves are important in explaining the likelihood and timing of bank failure. Second, using a split-population duration model, the evidence further demonstrates that relative timing had a significantly positive influence on the probability of bank failure during the 1999-2007 periods. The study also mentions that not all variables, which explain the probability of failure, are useful to explain the timing of failure. Additionally, these results confirm that bank liquidity, earnings, and macroeconomic environment significantly affect the likelihood and timing of bank failure. JEL Classification: E44, G21, N25

The Role of R&D in Trade Expansion: A Semi-parametric Gravity Specification for East and West Asia(مقاله علمی وزارت علوم)

کلید واژه ها: Research and Development (R& amp؛؛D)؛ Trade؛ Gravity Model؛ Semi-parametric Analysis؛ East-West Asia D) Trade Gravity Model semi parametric Analysis East West Asia

حوزه های تخصصی:
تعداد بازدید : ۲۸۹ تعداد دانلود : ۱۵۸
In more recent years, it has become increasingly recognized that R&D (research and development) is a key driver of economic growth, a source of innovation and change, and as such stimulates improvements in productivity and economic competitiveness. It is closely associated with knowledge and flexibility, two factors that have gained new significance as a source of competitiveness in an increasingly globalized world economy. In this paper the relationship between bilateral trade and R&D differences among selected east and west Asian countries is investigated, specifying a semi-parametric gravity model over 1990-2013. Despite the majority of empirical analysis, we explore the relationship between trade and R&D differences through a nonparametric analysis. The results confirm that there is a nonparametric relationship between bilateral exports and R&D differences for both. The implication is that countries with various levels of R&D activities, namely arising from entrepreneurial activities, can affect widely and substantially international trade flows.

The Impact of Monetary Regime on the Exchange Rate Pass-Through under Inflationary Environment (Dynamic Panel Data Approach)(مقاله علمی وزارت علوم)

کلید واژه ها: Inflationary Environment Inflation Targeting and Exchange Rate Anchor Regimes Dynamic Panel Data Approach

حوزه های تخصصی:
تعداد بازدید : ۲۳۷ تعداد دانلود : ۲۷۰
The main objective of this paper is to investigate the effects of monetary regime (countries with inflation targeting monetary policy versus countries with exchange rate anchor) on the extent of exchange rate pass-through over the period of 1999-2010. To achieve this objective, the econometric model has been estimated by Dynamic Panel Data approach and Arrelano- Bond (AB) method. The empirical findings indicate that the interaction effect of monetary regime with exchange rate has a negative and positive impact on the exchange rate pass-through in first and second groups of countries respectively. However, the cross effect of inflationary environment with nominal effective exchange rate has negative and significant effect on domestic price level in the both groups of countries. Hence, overall, the Taylor hypothesis has been confirmed. JEL Classification: C23, F14, F31

Political Consensus through Setting International AccountingStandards: the Case of IAS22(مقاله علمی وزارت علوم)

حوزه های تخصصی:
تعداد بازدید : ۱۷۷ تعداد دانلود : ۱۳۴
The study aims to reveal that a valid and effective standard, which formerly issued, may reflect the needs and expectation of few interested powerful bodies due to the neutral comments and dearth of lobbyists in the process of setting the standard. The research investigates the working of the IASB, by exploring the standard setting process specifically in relation to the standard on business combinations which has been on the agenda over an extended period of time. The written submissions in response to 14 issues, proposed in Exposure Draft 61 (1997), to revise IAS 22 €œBusiness Combination€ are analysed to understand whether various comments from different interested parties deliberately affect IASB€™s decision. The situations in which any of the lobbyists (e.g. Anglo-American bodies) may exert influence are discussed. The results confirm an overall support to the proposed issues by the participants. So there was a satisfactory degree of consensus between the lobbyists involved in IAS 22 in favour of what the IASB was attempting to do. It may raise our concerns about the effectiveness of the deliberation method in the process of setting IASs. This provides us evidence that the IASB acted independently and made its decisions rationally. However a managed type of consensus was seen, which is consistent with the covert view of excreting power and mimetic isomorphism, as a result of insufficiency of respondents and large numbers of neutral comments on the outcome of the consultation process. It then justifies the needs for a revision of the standard once more as happened in IFRS 3.

The Strategy of Export Diversification and Economic Growth in Selected Developing Economies(مقاله علمی وزارت علوم)

کلید واژه ها: Export Diversification economic growth Developing Countries GMM

حوزه های تخصصی:
تعداد بازدید : ۲۵۱ تعداد دانلود : ۱۶۲
Today export diversification has become one of the most important economic objectives of development strategies in the developing countries. For various reasons, such as preventing instability in export prices of primary products in global markets, reducing fluctuations in exchanges of them compared with industrial goods, producing dynamic benefits resulted from exporting various goods and increasing productivity of production factors may increase the rate of economic growth. The main purpose of this study is to investigate the role of export diversification in the economic growth of selected developing countries over the period of 2000-2010. Accordingly, the relationship among GDP, physical capital stock, labor force, and export diversification index was studied using the generalized method of moments (GMM). The results showed that reducing export specialization and increasing export diversification have significantly positive effect on the rate of economic growth of these countries. JEL classican: F10, O40

Monetary policy and exchange rate overshooting in Iran(مقاله علمی وزارت علوم)

کلید واژه ها: Monetary policy Exchange rate overshooting Vector Error Correction (VEC) approach

حوزه های تخصصی:
تعداد بازدید : ۳۶۳ تعداد دانلود : ۲۲۲
Assumption of exchange rate overshooting has significant position in international macroeconomic discussion. This phenomenon is one of the abnormal behaviors of exchange rate that happen in short run. Dornbusch (1976) shows that because speed of equilibrium prices is slow relative to asset markets and commodity prices are sticky in the short run, However, over time, commodity prices will rise and result in a decrease in real money supply and thus, in a higher interest rate. This, in turn, will cause the currency to appreciate. The aim of this article is study of exchange rate overshooting for period 1380:1-1387:12 by Vector Error Correction approach. Results show that monetary relative shock in long run and short run also effect exchange rate that imply exchange rate overshooting in Iran.


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