DSpace Collection: 2009-10
http://hdl.handle.net/2115/39870
2009-102024-03-28T23:02:18ZMacroeconomic and Distributional Impacts of Downsizing Fiscal Deficits
http://hdl.handle.net/2115/39875
Title: Macroeconomic and Distributional Impacts of Downsizing Fiscal Deficits
Authors: Acharya, Sanjaya
Abstract: This paper analyzes the price, growth, and distributional changes in a developing economy under domestic fiscal reform to narrow a fiscal deficit. We take the case of the South Asian developing economy of Nepal, which has been less covered in policy studies. Our approach is the Computable General Equilibrium (CGE) method applied to the Social Accounting Matrix (SAM) data. We conducted a simulation analysis with an approximately 10 percent reduction in the fiscal deficit of the government from domestic measures. This simulation exempted the agricultural sector from imposition of the additional tax, as an effort to protect the welfare of the poor. Our results show that under this policy the industrial and agricultural sectors expand, whereas the services sectors contract. However, basic macroeconomic fundamentals hardly change. Households that basically draw their livelihood from the industrial and agricultural sectors are benefited, whereas those that draw basically from the service sectors lose. Therefore, the study warrants the policy implication that the potential expansions and contractions of different activities must be envisaged beforehand when implementing this type of policy reform. Otherwise, poor who are working in the potential contractionary sectors may become even poorer after the implementation of this policy.2009-09-30T15:00:00ZAcharya, SanjayaThis paper analyzes the price, growth, and distributional changes in a developing economy under domestic fiscal reform to narrow a fiscal deficit. We take the case of the South Asian developing economy of Nepal, which has been less covered in policy studies. Our approach is the Computable General Equilibrium (CGE) method applied to the Social Accounting Matrix (SAM) data. We conducted a simulation analysis with an approximately 10 percent reduction in the fiscal deficit of the government from domestic measures. This simulation exempted the agricultural sector from imposition of the additional tax, as an effort to protect the welfare of the poor. Our results show that under this policy the industrial and agricultural sectors expand, whereas the services sectors contract. However, basic macroeconomic fundamentals hardly change. Households that basically draw their livelihood from the industrial and agricultural sectors are benefited, whereas those that draw basically from the service sectors lose. Therefore, the study warrants the policy implication that the potential expansions and contractions of different activities must be envisaged beforehand when implementing this type of policy reform. Otherwise, poor who are working in the potential contractionary sectors may become even poorer after the implementation of this policy.Dynamic Relations between Exchange Rates and Stock Prices : Evidence from Russia
http://hdl.handle.net/2115/39874
Title: Dynamic Relations between Exchange Rates and Stock Prices : Evidence from Russia
Authors: Ono, Shigeki
Abstract: This study examines the relations between stock prices and exchange rates. The bi-variate vector autoregressive models suggest that in the crisis period of 1998, exchange rates led stock prices as in many developing countries, whereas in three sub-periods stock prices led exchange rates and in one sub-period the causality was bidirectional. These findings indicate the causal relations between these two variables after the financial turmoil in 2008 are different from those of the crisis in 1998. Variance decomposition clarifies that more than 50 percent of the error variance of stock prices is explained by exchange rates during the financial crisis in 1998.2009-09-30T15:00:00ZOno, ShigekiThis study examines the relations between stock prices and exchange rates. The bi-variate vector autoregressive models suggest that in the crisis period of 1998, exchange rates led stock prices as in many developing countries, whereas in three sub-periods stock prices led exchange rates and in one sub-period the causality was bidirectional. These findings indicate the causal relations between these two variables after the financial turmoil in 2008 are different from those of the crisis in 1998. Variance decomposition clarifies that more than 50 percent of the error variance of stock prices is explained by exchange rates during the financial crisis in 1998.ASEAN and the Structural Change of the World Economy
http://hdl.handle.net/2115/39873
Title: ASEAN and the Structural Change of the World Economy
Authors: Shimizu, Kazushi
Abstract: ASEAN has been an important axis of regional economic cooperation and FTA in East Asia. As part of the structural change of the world economy, ASEAN has promoted deepening and widening of regional cooperation. The advancement of intra-ASEAN economic cooperation and East Asian regional economic cooperation as an axis of ASEAN will have major influences on the overall East Asian economy as well as the world economy. This paper confirms the significance of intra-ASEAN economic cooperation within the structural change of the world economy, and addresses current issues relating to intra-ASEAN economic cooperation. Section 2 discusses the significance of intra-ASEAN economic cooperation within the structural change of the world economy. Section 3 analyzes the experiences of intra-ASEAN economic cooperation during the period from 1976 to 2003. Section 4 discusses the new developments in intra-ASEAN Economic Cooperation since 2003, and ASEAN and the East Asian regional economic cooperation. The concluding section summarizes these analyses, and also presents key issues relating to intra-ASEAN economic cooperation.2009-09-30T15:00:00ZShimizu, KazushiASEAN has been an important axis of regional economic cooperation and FTA in East Asia. As part of the structural change of the world economy, ASEAN has promoted deepening and widening of regional cooperation. The advancement of intra-ASEAN economic cooperation and East Asian regional economic cooperation as an axis of ASEAN will have major influences on the overall East Asian economy as well as the world economy. This paper confirms the significance of intra-ASEAN economic cooperation within the structural change of the world economy, and addresses current issues relating to intra-ASEAN economic cooperation. Section 2 discusses the significance of intra-ASEAN economic cooperation within the structural change of the world economy. Section 3 analyzes the experiences of intra-ASEAN economic cooperation during the period from 1976 to 2003. Section 4 discusses the new developments in intra-ASEAN Economic Cooperation since 2003, and ASEAN and the East Asian regional economic cooperation. The concluding section summarizes these analyses, and also presents key issues relating to intra-ASEAN economic cooperation.The Regional Education-Based Wage Differentials : The Case of Canadian Registered Nurses
http://hdl.handle.net/2115/39872
Title: The Regional Education-Based Wage Differentials : The Case of Canadian Registered Nurses
Authors: Lee, Heyung-Jik
Abstract: This paper examines the monetary returns from a baccalaureate degree for the nursing education compared to a diploma across five regions in Canada. It engages me in employing benefit-cost analysis to assess whether the evidence is consistent with implications of human capital theory. Depending on the assumed discount rate and retirement age, the estimated baccalaureate-diploma wage differentials vary in each Canadian region. In this study, I conclude that the decision to invest in one more year of nursing education is economically rational only for the registered nurses who work in Eastern Canada.2009-09-30T15:00:00ZLee, Heyung-JikThis paper examines the monetary returns from a baccalaureate degree for the nursing education compared to a diploma across five regions in Canada. It engages me in employing benefit-cost analysis to assess whether the evidence is consistent with implications of human capital theory. Depending on the assumed discount rate and retirement age, the estimated baccalaureate-diploma wage differentials vary in each Canadian region. In this study, I conclude that the decision to invest in one more year of nursing education is economically rational only for the registered nurses who work in Eastern Canada.Venture Capital in Japan
http://hdl.handle.net/2115/39871
Title: Venture Capital in Japan
Authors: Hamada, Yasuyuki
Abstract: The first Japanese venture capital (VC) fund was formed in Kyoto. In 1972, businesses in Kyoto established Kyoto Enterprise Development Co., Ltd. (KED), which was dissolved in 1979. During the first boom from 1972 through 1974, Japan Associate Finance Cooperation (JAFCO) was established with the cooperation of Nomura Securities, Sanwa Bank and Nippon Life Insurance. JAFCO has since become the biggest and leading VC firm in Japan. The peak for investment came in 2000, roughly the same time when VC investment reached its height in the U.S. The total investment balance reached one trillion yen, meaning VC was clearly recognized as an industry. The Japanese Venture Capital Association (JVCA) was organized in 2002. Following a severe period in 2004, VC investment had recovered to the one trillion yen level by 2005. Unfortunately steady growth was derailed by the shock from the subprime housing loan problem in the United States in late 2008. VC firms in Japan looked to change their direction towards private equity, which seems to present medium risk but offers a good method to neutralize their portfolio. University spin-offs were backed by VC firms after 2000, but have decreased following the shock in 2008.2009-09-30T15:00:00ZHamada, YasuyukiThe first Japanese venture capital (VC) fund was formed in Kyoto. In 1972, businesses in Kyoto established Kyoto Enterprise Development Co., Ltd. (KED), which was dissolved in 1979. During the first boom from 1972 through 1974, Japan Associate Finance Cooperation (JAFCO) was established with the cooperation of Nomura Securities, Sanwa Bank and Nippon Life Insurance. JAFCO has since become the biggest and leading VC firm in Japan. The peak for investment came in 2000, roughly the same time when VC investment reached its height in the U.S. The total investment balance reached one trillion yen, meaning VC was clearly recognized as an industry. The Japanese Venture Capital Association (JVCA) was organized in 2002. Following a severe period in 2004, VC investment had recovered to the one trillion yen level by 2005. Unfortunately steady growth was derailed by the shock from the subprime housing loan problem in the United States in late 2008. VC firms in Japan looked to change their direction towards private equity, which seems to present medium risk but offers a good method to neutralize their portfolio. University spin-offs were backed by VC firms after 2000, but have decreased following the shock in 2008.