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Abstract - Benchmarking Cost of Milk Production in 46 Countries
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Abstract: The global dairy industry is facing challenges due to the extremely volatile milk price and a substantial increase of feed prices. The goal of this study, therefore, was to compare and benchmark the cost of milk production in 46 countries representing 87% of the world's total milk production, using a standard method developed by the International Farm Comparison Network (IFCN). Two typical farms were selected per country; one average-sized and one larger farm. The cost of milk production in 2010 ranged from 16.91US-$/100kg Energy Corrected Milk (ECM) in Armenia to 97.27 US-$/100kg ECM in Switzerland, with cost differences mainly driven by the diversity in farming and feeding systems. Based on costs, world regions were categorized into four levels: 40-50 US-$ in the EU, Middle East and China; 30-40 US-$ in the USA, Brazil, CEEC and Oceania; <30 US-$ in Africa, Asia, South America; >60 US-$ in Austria, Norway, Switzerland and Canada. The major drivers for this variation were ranked as; purchased feed cost (the highest) followed by labor, land and machinery costs. Regression analyzes showed that costs were highly correlated milk yield and milk price but not to herd size. Keywords: Benchmark, cost of milk production, International Farm Comparison Network, typical farm.Download Full Article |
Abstract - Growth and Land Use with Agriculture and Industry
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Abstract: This paper develops an economic growth model with economic structure and geography. The economy consists of one agricultural and one industrial sector and economic geography consists of urban and rural areas. The model synthesizes the main ideas in the Solow growth, the Alonso urban, and the von-Thünen’s agricultural models in a compact framework. We simulate the model. We demonstrate that the economic geography has a unique equilibrium point with the specified parameter values. We examine changes in the preference, productivity, urban and regional amenities, transportation conditions, the population, and land endowment upon the long-term economic growth, structure, and geography. Keywords: Urban dynamics, capital accumulation, land rent, residential distribution, Solow’s growth model, Alonso’s urban model, von-Thünen’s agricultural model.Download Full Article |
Abstract - Financial Supervision and Bank Profitability: Evidence from East Asia
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Abstract: The growing fragility of the financial system has led to the increasing importance of financial supervision’s role. In particular, the financial supervision regime is expected to promote bank performance and maintain financial stability. Unfortunately, studies on the relationship between banking supervisory regimes and bank performance are still limited. To address this issue, this paper focuses on the following four aspects of banking supervision:(i) the structure of supervisory frameworks, (ii) the independence of supervisory institutions (iii) the scope of supervisory role; and (iv) the authority of central banks in the banking sector. We use country-specific data for seven East-Asian countries and data for 39 individual banks in those countries over the period of 2006–2011 to examine how different financial supervision regimes in the region influence bank performance. The results show strong evidence that the existence of a single bank supervisor, instead of multiple, will enhance bank profitability. Mean while, there is a mixed result regarding the role of central bank independence in improving bank profitability. Furthermore, the authority of central banks in the banking sector and the scope of bank supervision do not show strong relationship with bank performance. Keywords: Supervision, Bank Regulation, Bank Profitability.Download Full Article |
Abstract : Terrorism and the Stock Market: A Case Study for Turkey Using STR Models
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Abstract: Several attempts have been made in the literature to analyze the detrimental effects of terrorist activities on the stock market. However, in neither of these studies the effects of terrorist activities on stock returns are investigated through employing nonlinear models in spite of the fact that most financial data is shown to exhibit nonlinear behaviour. This study, therefore, aims to contribute to this growing area of research by exploring the potential nonlinear effects of terrorist activities on stock returns by employing smooth transition regression (STR) models. Our results show that terrorism has a statistically significant negative effect on the stock index when the intensity of terrorist activities passes a certain threshold level. This negative effect continues for terrorist activities below this threshold level, but becomes statistically insignificant. This study by conducting the analysis within a nonlinear framework offers important insights into the investors who want to make portfolio diversification strategies against terrorism risk. Keywords: Stock market, Terrorist activity, STR nonlinearity.Download Full Article |
