522293
International Trade Financing 523210
Securities and Commodity Exchanges
摘要:
This study was intended to investigate factors affecting
capital flight in Malaysia. The study used
time series data from first quarter 1991 through fourth quarter 2008 and the
data were tested using the Augmented Dickey-Fuller unit root test,
Johansen-Juselius cointegration test, and vector error-correction modeling.
Empirical findings indicated a stable long-run relationship between the
variables under study. Foreign direct investment and the stock market were found
to have a positive impact on capital flight, whereas real gross
domestic product (GDP), budget deficit, and interest rate were negatively
related to capital flight. In addition, real GDP, interest
rate, and budget deficit can Granger cause capital flight in
the short-run.[ABSTRACT FROM AUTHOR]
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property of International Academy of Business & Economics (IABE) and its
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abridged. No warranty is given about the accuracy of the copy. Users should
refer to the original published version of the material for the full
abstract.(Copyright applies to all Abstracts.)
作者所屬機構:
1Faculty of Economics and Business, University
Malaysia Sarawak, Malaysia
In this paper, we analyze causal relationship between foreign direct investment (FDI) and economic growth in western region of China using time-series data from 1986-2010. The analysis is conducted by the means of time-series estimations through ADFunitroot test, co-integration tests, error-correction analysis and Granger causality test. The purpose of the paper is to empirically investigate the impact of economic growth on FDI in western region and its dynamical mechanism. The results suggest that inward FDI flow does not lead to Granger-cause economic growth, and economic growth also does not exert significant impacts on FDI inflows, which means some studies have exaggerated the positive effect of FDI on economic growth, and eclipsed the influence of economic growth on FDI.[ABSTRACT FROM AUTHOR]
Copyright of International Business Research is the property of Canadian Center of Science & Education and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.(Copyright applies to all Abstracts.)
作者所屬機構:
1School of Economics, Northwest University for Nationalities, Lanzhou, P. R. China
926150 Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors
摘要:
Applying a VAR model based on a sample from 1981.Q1 – 2002.Q3, the nominal exchangerate in Korea was found to have a positive response to a shock to the U.S. output, real budget deficits, the price level in the U.S., and its own lagged values. The exchangeratereacts negatively to a shock to output in Korea, the interest rate differential between the U.S. and Korea, and the price level in Korea. Second only to lagged exchangerates, the price level in Korea had a very significant impact on the movement of exchangerate. The interest rate differential and government deficit are considerable factors as well, explaining up to 8.6% and 7.9% of the variation inexchangerates, respectively. By evaluating the simultaneous differential equations, exchangerate and interest rate differentials are proven to follow certain paths toward conditional equilibrium. The model and empirical results can provide insights for multinational companies in developing a business strategy that better controls the exchangerate risk of Korean won.[ABSTRACT FROM AUTHOR]
Copyright of International Journal of Management is the property of International Journal of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.(Copyright applies to all Abstracts.)
作者所屬機構:
1DePaul University 2Southeastern Louisiana University
926110 Administration of General Economic Programs 522293 International Trade Financing
摘要:
The hypothesis that devaluating and depreciating the exchangerate in developingeconomies will lead to fast growth and economic development has drawn some controversies and debate recently in the area of development economics. Mainly, due to the delayed results in some countries especially in the Sub Sahara Africa region. In this study, the key emphasis is on the stochastic trends of the exchangerate and the net FD inflows into Tanzania. We find a significant long-runrelationshipbetween the exchangerate of Tanzanian shilling, which is on the list of weak currencies in the world, and the net FDI inflow. We employ the Augmented Dickey Fuller test (ADF), Vector error Correction Model (VECM) and the Johansen's cointegration test to measure the time series properties of the two variables. To conclude, this study suggests LDC's to include the level of the exchangerate on the settings of the policies that will attract more FDI to flow in their market. [ABSTRACT FROM AUTHOR]
Copyright of Journal of Applied Economics & Business Research is the property of Journal of Applied Economics & Business Research and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract.(Copyright applies to all Abstracts.)
This paper employs a new approach in order to
investigate the underlying relationship between stock markets and exchange
rates. Current approaches suggest that the relative equity market performance of
two countries is linked to their exchange rate. In contrast, this study
proposes an alternative approach where one global variable – global equity
market returns – is believed to have an effect on exchange rates, with the
relative interest rate level of a currency determining the sign of the relationship.
Our empirical findings suggest that exchange rates and global stock market returns
are strongly linked. The value of currencies with higher interest rates is
positively related with global equity returns, whereas the value of currencies
with lower interest rates is negatively related with global equity returns.
Ma and Kao (1990) 以及Dornbusch and Fischer (1980)認為匯率對股票報酬率的影響有兩種不同的方向，首先，在財務方面，以投資人角度來看，投資該國的股票市場總報酬率等於該股市的報酬率加上匯率轉換的利益，如果本國貨幣為強勢貨幣時，在外國資金流入之下，股市會上漲。其次，從經濟面來看，當本國貨幣升值時，商品及勞務出口比重較高的國家，因為商品價格是以外國貨幣計價，所以商品價格會相較於其他國家來得昂貴，降低了本國商品的價格競價力，企業的現金流量亦會降低，不利於股票市場；反之，本國貨幣升值時，商品及勞務進口比重較高的國家，因為成本降低，而有利於股票市場。
Cappiello and De
Santis (2005)認為，如果一個國家的股票預期報酬率高於另一個國家，那股票預期報酬率較高國家的貨幣會貶值，其原理類似風險利率平價（UIP）。Georgios Katechos (2011) 研究結果發現，股市報酬率與較低收益貨幣的匯率報價是負相關，與較高收益貨幣的匯率報價是正相關。
PO 文注意事項 (Notes about your posts required for this course)
每位同學必需建立與維護 2 個網頁: (updated on 2010.9.19) Every registered student MUST post and maintain TWO pages at this site. 1. 你的期末報告想要仿照的原始 paper 重點摘要頁, 見 [範例] A summary of the paper you choose to follow in your term-project. (see a suggestive [summary example]).
2. 你的學習紀錄頁, 見 [範例] A "learning weblog" of your progress during this course (see [example]). This example is demonstrative rather than required to conform to.
3. 記得每一頁要在頁尾處輸入你的「標籤」, 包含學號後5碼, 名字或暱稱, 和 其它你自訂的關鍵字, 例 ADF、共整合、PPP、等 When you edit your pages, be sure to write appropriate "Tags" (as many as you wish) (around the bottom of editing screen) for your posted pages tolet me identify your required contributions. The tags should at least include your last 5-digit student ID and keywords about the page.
4. 請同學在你所選的 paper 加上標籤:「已選」 If you have already decided a paper to follow and post a page for it. Please be sure to attach that page a specific tag named "selected or 已選." It is of course possible that two or more students may choose the same paper to follow as their term-project. BUT only one of them can be authorized to follow the specific paper. The decision will be based on a first-come-first-serve rule. That is, the one who posts the summary page of a paper gets the first priority to follow that paper posted with a tag named"selected" paper .
5. 在你的 學習紀錄頁加上標籤:「學習記事」 Don't forget to stick a tag "weblog" with your "learning weblog" page in addition to your last 5-digit student ID.
== Posted on 2009.10.05 == 請同學在你所選的 paper 加上標籤:「已選」 在你的 學習紀錄頁加上標籤:「學習記事」
