jrge
|
|
Abstract: Post-2001 studies on Japanese official intervention, though divergent in results, generally support the effectiveness of daily intervention in influencing yen–dollar exchange rate returns. Studies are less conclusive about the impact on volatility. Any impact of intervention appears to be short-lived and a reversal of the initial impact to occur on subsequent days, suggesting market microstructure as the primary channel: intervention acts like any other information and works through order flows. The overriding message of the literature is that the impact of intervention depends on the conditions under which it takes place. Each intervention is thus a unique event. This explains why econometric tests of the average impact of intervention yield mixed results. Keywords: Foreign exchange market intervention, Japanese foreign exchange rate policy, great intervention, quantitative easing monetary policy.Download Full Article |
|
|
Abstract: The development and use of renewable energy sources for electricity generation, particularly energy from wind, hydro, solar, biomass and geothermal, is a central aim of the European Commission’s Energy Policy. For this reason, it is important to know what could be the role that renewable could play within the EU energy mix during the coming years, based on the role that this type of energy sources is now playing. The use of renewable energy sources for the generation of electricity is expected to be economically competitive in comparison with the use of conventional energy sources with the same purpose, will reduce the negative impact on the environment and the population as a result of the burn of fossil fuels, and will reduce the cost of the energy bill in the medium to long-term. Keywords: Renewable, hydrology, solar, wind, geothermal power.Download Full Article |
|
|
Abstract: By applying the GARCH-DCC model, we reexamine the Phillips curve based on a time-varying correlation analysis for Canada and the United States from January 1985 to December 2012. The empirical results show that the sign of the correlation between the inflation rate and the unemployment rate is negative during recession periods but positive during boom periods. Keywords: GARCH-DCC model, Phillips curve, financial crisis.Download Full Article |
|
|
Abstract: This paper aims to measure the impacts of International Financial Crisis on the performance of the Saudi Arabian economy from 1968 to 2010. Linear and non-linear SVAR methodologies are used to exhibit the interdependence between the process of international liquidity, net-exports and economic growth. The empirical models show that the impacts of international financial crisis lead to an immediate drop in the net-exports and conduct to reduce gradually real economic growth during roughly three years. In the horizon, the variation in economic growth is largely attributed to domestic supply shocks, but negative shocks of international financial markets drove to reduce the economic growth in the long-run by 1.04%. Keywords: Financial Crisis, International Liquidity, Asymmetric SVAR Model, Saudi Arabia.Download Full Article |
Abstract: Access to Debt Finance: Which Policies Work? Empirical Evidence from Sub-Saharan Africa
|
|
Abstract: Are the structural policy reforms effective in reducing debt financing constraints on formal sector enterprises in sub-Saharan Africa? We do not know. And the reason is the relatively limited research on the effectiveness of policies in the credit market. Using policy variables from the World Bank and the Enterprise Surveys data, the analysis involves three-way error component models. The results are indicative that taken together; structural policy reforms reduce debt financing constraints, at least, as it pertains to working capital needs. There is heterogeneity in the results. Changes in the business regulatory environment benefit large firms more than small ones. Financial sector reforms affect enterprises of all sizes relatively equally. For all the twelve countries, together, trade sector reforms initially increase the likelihood of access to debt finance by 20 percent until a policy threshold, beyond which progressive reforms in the trade sector reduce the probability by as much as 13 percent. Also, not all countries experience the same effects from trade sector reforms. The result is robust to different indicators of credit constraint and measures of structural reforms. The results have implications on the World Bank’s push towards reforms on trade policy across countries. Keywords: Debt-financing, trade reforms, structural reforms.Download Full Article |
