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Abstract - Does Capital Account Liberalization Affect the Financial Stability: Evidence from China
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Abstract: This paper seeks to investigate the relationship between capital account liberalization and the financial stability in China. Furthermore, The Finite Distributed Lag Model is employed to quantify relationship between capital account liberalization and monetary crisis. And a general conclusion can be drawn that capital account liberalization is harmful to the stability official market in one year period, while the overall capital account liberalization effect can facilitateChina’s financial stability in a long run. Moreover, some suggestions are provided on China's capital account liberalization policies. Keywords: Capital account liberalization, Financial risk, Financial stability, Finite Distributed Lag Model.Download Full Article |
Abstract - Revising Fiscal Policy and Growth in Saudi Arabia
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Abstract: This article empirically investigates how private investment and different categories of public expenditure (defense, education, health care, and housing) impact real non-oil GDP in Saudi Arabia. The econometric analysis couples unit root, stationarity, and cointegration analysis with vector error correction models. Impulse response functions are applied to examine the impacts of different shocks to the system. We find that public expenditures on health care and defense have decreased real non-oil GDP while public expenditure on education and housing have very little impact. Interestingly, public expenditures on health crowds-out private investment. Keywords: Fiscal Policy, Cointegration, Vector Error Correction Model, Impulse Response Function.Download Full Article |
Abstract - The Fall of Oil Prices and Changes in the Dynamic Relationship between the Stock Markets of Russia and Kazakhstan
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Abstract: In this paper, we investigate the dynamic relationship between the stock markets of Russia and Kazakhstan and the effect of oil price volatility on both markets. This research differs from the studies of the effect of oil prices on stock markets as it considers the relationship between two post-Soviet transition and developing economies that are highly dependent on the export of oil. The derived results reveal significant interdependence among variations in the stock markets of Russia and Kazakhstan, crude oil prices and the association of falling oil prices with global and Russian crises. Keywords: Financial market, Oil price, Post-soviet economies.Download Full Article |
Abstract - Microcredit and Poverty: When Microcredit Works and When It Doesn’t
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Abstract: This paper explores the relationship between microcredit and poverty reduction. To investigate this question, we posit a bare-bone, household model that outlines the economic environment within which various types of family- microenterprises operate. It highlights a number of issues that impinge on household earnings such as the nature of the labor market, technology, product demand and entrepreneurial skills. The paper argues that the impact of microcredit is likely to be different across household types as well as across different economic environments. The paper identifies several important demand and supply constraints to the household’s graduation from poverty. These constraints are difficult to overcome in a traditional economic environment, marked by stagnant technology and market saturation. Keywords: Microcredit, poverty reduction, labor market, and technology.Download Full Article |
