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Macroeconomic Conditions (macroeconomic + condition)
Selected AbstractsNot by Rent Alone: Analysing the Pro-Poor Functions of Small-Scale Fisheries in Developing CountriesDEVELOPMENT POLICY REVIEW, Issue 3 2010Christophe Béné The dominant view in academic and policy arenas is increasingly one in which the major contribution of capture fisheries to development should be derived from the capacity of society to maximise the economic rent of fishery resources. Drawing upon empirical experience from the South, this article highlights the potentially disastrous consequences that a universal implementation of the rent-maximisation model would have in developing countries, and argues that a more gradual approach would be preferable. The welfare function of small-scale fisheries, namely, their capacities to provide labour and cash income to resource-poor households, should be preserved until the appropriate macroeconomic conditions for rent-maximisation and redistribution are fulfilled. [source] The Original Maturity of Corporate Bonds: The Influence of Credit Rating, Asset Maturity, Security, and Macroeconomic ConditionsFINANCIAL REVIEW, Issue 2 2006Geetanjali Bali G24 Abstract We examine the determinants of the new issue maturity of corporate bonds. As credit rating decreases, new bond issues have longer maturities, but substantial variation in maturity within each rating class remains. We seek to explain the variation of new issue maturity within credit classes. We find that asset maturity, security covenants, and macroeconomic conditions influence the new issue maturity of bonds within rating categories. [source] How to exit from fixed exchange rate regimes?INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 3 2008Ahmet Atil A Abstract This paper improves upon the recently developed literature on exits from fixed exchange rate regimes in three ways: (1) It allows for two indicators for post-exit macroeconomic conditions, the change in the exchange rate and the change in the output gap; (2) it tests whether the distinction between orderly and disorderly exit is statistically justified, and concludes that it is not; (3) it deals with the sample selection problem. The results, subject to extensive sensitivity analysis, suggest that post-exits are better when depegging occurs in good macroeconomic conditions , an unnatural move for most policymakers , when world interest rates decline and in the presence of capital controls. Importantly, ,good' macroeconomic policies do not seem to help with post-exit performance. Copyright © 2007 John Wiley & Sons, Ltd. [source] Labor Migration between Developing Countries: The Case of Paraguay and Argentina,INTERNATIONAL MIGRATION REVIEW, Issue 1 2003Emilio A. Parrado Despite the historical and numerical importance of international migration between Paraguay and Argentina, the socioeconomic forces affecting the dynamics of the flow remain largely unexplored. This article contributes to the understanding of migration movements between the Latin American countries by analyzing patterns of labor migration from two Paraguayan communities to Argentina. The analysis separates the process of migration into four segments representing different migration decisions that Paraguayan men face throughout their life course: first trip, first return, recurrent trips, and duration of additional trips. Results confirm that Paraguayan migration to Argentina is closely related to individual characteristics and wealth, the extent of migrant networks and experience, and changes in macroeconomic conditions. The relative importance of these factors on migration varies depending on the aspect of migration under consideration. More generally, the analysis shows that unlike migration between Mexico and the United States, Paraguayan migrants to Argentina tend to be positively selected with respect to educational attainment and skills. This reflects the higher transferability of skills between the two countries and the absence of large urban centers attracting internal migrants in Paraguay. In addition, results show that migration between Paraguay and Argentina is very responsive to fluctuations in macroeconomic conditions, particularly income differentials and peso over-valuation. Government policies oriented towards the regulation of migration flows in the Southern Cone should pay closer attention to the impact of macroeconomic fluctuations on migration decisions, especially in the context of the Mercosur agreement. [source] Price Premium and Foreclosure RiskREAL ESTATE ECONOMICS, Issue 2 2006Seow Eng Ong Many previous studies identify loan, property, borrower and environmental factors that impact the probability of foreclosure. Implicit in these studies is the assumption that the property was purchased at fair value. We question this assumption based on several empirical findings regarding property value uncertainty. In contrast to previous research, we explicitly quantify the price premium from a hedonic pricing model. Using a comprehensive database of real estate transactions in Singapore during 1989,2000, we document a price premium associated with properties that are subsequently foreclosed based on actual sales transactions. In addition, we find that the premium paid at purchase significantly increases the probability of foreclosure. These results are robust and continue to hold after controlling for other property-specific factors, time-varying macroeconomic conditions, alternative model specifications and definitions of price premium. [source] IS EAST ASIA FIT FOR AN OPTIMUM CURRENCY AREA?THE DEVELOPING ECONOMIES, Issue 3 2006AN ASSESSMENT OF THE ECONOMIC FEASIBILITY OF A HIGHER DEGREE OF MONETARY COOPERATION IN EAST ASIA F42; N15 This paper attempts to make a contribution to the recent search for a suitable assessment of the economic feasibility of a higher degree of monetary cooperation in East Asia. By using a structural vector autoregression approach as well as a generalized purchasing power parity approach, we find that a larger group of appropriately selected East Asian economies does satisfy the macroeconomic conditions for forming an Optimum Currency Area (OCA). The East Asian group consists of four ASEAN countries (Indonesia, Malaysia, Singapore, and Thailand) and four Northeast Asian economies (Hong Kong SAR, Japan, Republic of Korea, and Taiwan). This finding presents a striking contrast to the existing research results whose policy recommendation has generally been that countries in East Asia should start with a smaller subgroup currency area. It is time that many East Asian economies as a region made a serious effort to pursue a higher degree of monetary cooperation among themselves for forming an OCA. [source] It's the Economy Stupid: Macroeconomics and Federal Elections in AustraliaTHE ECONOMIC RECORD, Issue 235 2000LISA CAMERON In this paper we examine the impact of macroeconomic conditions on Federal electoral performance in 20th-century Australia. We find that the electorate penalizes a government for high inflation and high unemployment relative to trend. Real GDP growth and real wage growth were not found to have a systematic relationship with incumbent vote share at the Federal level. We also examine the voteshare of the Federal incumbent in three electorates: the safe Liberal seat of Kooyong, the safe Labor seat of Melbourne Pans, and the swinging seat of Latrobe. We find some evidence that unemployment affects electoral outcomes in the swinging seat, but no macroeconomic variables affect outcomes in the safe seats. [source] ASSESSING EUROPEAN CENTRAL BANK'S CREDIBILITY DURING THE FIRST YEARS OF THE EUROSYSTEM: A BAYESIAN EMPIRICAL INVESTIGATIONTHE MANCHESTER SCHOOL, Issue 5 2010GIANNI AMISANO In this paper we extend Svenssons (CEPR Discussion Paper 940, April 1994) ,simplest test' of inflation target credibility inside a Bayesian econometric framework and obtain various estimates of the European Central Bank's monetary policy credibility. Overall, our empirical evidence suggests that the strategy followed by the European Central Bank was successful in building a satisfactory degree of reputation. However, we find some significant credibility reversals concerning both anti-inflationary and anti-deflationary credibility. These reversals, in turn, are closely related to the evolution of the cyclical macroeconomic conditions in the euro area. [source] | ||||||||||||||||||||||