Current Issue : April - June Volume : 2011 Issue Number : 2 Articles : 5 Articles
We analyze and compare the social, cultural and historical determinants that in?uence the international competitiveness of China and India. Starting with the discussion why pure economic determinants cannot solely explain a country�s competitiveness, we will analyze previous qualitative research and evaluate quantitative data to assess which country has more favorable socio-economic factors in?uencing its economic performance in the long run....
The paper tries to and evidence supporting the impact of continuous policy reforms on the market efficiency on the Dhaka Stock Exchange (DSE). Different policies formed/reformed from 1994 to 2005 were categorized in eleven groups depending on their time of issue and subject matter. To get the result, both nonparametric test (Kolmogrov-Smirnov normality test and run test) and parametric test (autocorrelation test, autoregression) have been performed. Analyses were done for each policy group, and it is found that formed/reformed policies for DSE during the study period failed to improve the market efficiency even in the weak form level....
This paper investigates the long-term e?ects of institutions of higher education (IHEs) on regional economic growth with an application of spatial econometrics. IHEs are classi?ed based on the ?elds of programs o?ered and degree-granting activities. I use county-level data for the contiguous US to estimate the marginal e?ects of IHEs on the changes in log employment and log wages in own counties and neighboring counties between 1970 and 2000. Evidence is found of knowledge spillovers of IHEs, especially for cross-county spillovers. Counties with more IHEs on location or in their neighboring counties experienced modestly faster employment growth over the 30-year period. Institutions o?ering accredited business programs had much larger e?ects than the others. With respect to degree-granting activities, only those institutions awarding bachelor�s degrees or above had signi?cant growth-boosting e?ects. When industrial mix of counties is controlled for, own-county e?ects diminish except for business programs, whereas all neighboring-county e?ects prevail....
The objective of this paper is to test for nonlinear dependence in the GARCH residuals of a number of asset classes using nonlinear dynamic tools. The equity and bond market samples appear to be independent once GARCH has been applied, but evidence of nonlinear dependence in the CDS GARCH residuals is found. The sensitivity of this result is analysed by changing the speci?cations of the GARCH model, and the robustness of the result is veri?ed by applying additional tests of nonlinearity. Evidence of nonlinear dependence in the GARCH residuals of CDS contracts has implications for the accurate modeling of the marginal distribution of the CDS market, for pricing of CDS contracts, for estimating risk neutral default probabilities in the bond market, as well as for bond market hedging strategies....
This study examines the economic and welfare e?ects of raising the number of high-skilled immigrants in Canada. It uses a life-cycle applied general equilibrium model with endogenous time allocation decisions between work, education, and leisure. According to the simulation results, raising the number of high-skilled immigrants would boost productive capacity and labour productivity but could lower real GDP per capita. In addition, by raising the supply of high-skilled workers, more high-skilled immigrants would reduce the skill premium and the return to human capital. This in turn would lower incentives for young adults to invest in human capital and have a dampening e?ect on the domestic supply of skilled workers. Finally, it is found that more high-skilled immigrants would be welfare enhancing for medium-and low-skilled workers but welfare decreasing for high-skilled workers....
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