This paper estimates time specific values for China's long-run equilibrium exchange rate and develops measures of the direction and extent of misalignment based on a reduced-form real effective exchange rate (REER) model. An appropriately specified long-run equilibrium model is estimated and...

Most of the earlier studies on the convergence of income in China are based on provincial level data with a few papers focusing on intra-provincial units’ transitional dynamics. The objective of this study is to fill the void in the literature by using county-level data which cover 1485...

This paper examines the relationship between opacity and the cost of intermediation in Asian banks. Using a sample of publicly traded commercial banks from 2002 to 2008, our empirical results show that higher opacity is associated with a lower intermediation cost in banking. Hence, bank managers...

This paper investigates trade related industrial wage premiums. The procedure involves (1) estimating industrial wage premiums and (2) linking those estimated wage premiums to trade related variables. Results reveal that (1) in addition to workers’ characteristics, industry characteristics...

This research is one of the few attempts to analyze chronic and transient poverty in the Philippines. Results indicate that poverty in the Philippines is largely comprised of chronic poverty with households in rural areas and Mindanao regions being the most affected. Using quantile regressions,...

This paper employs a cointegrated Vector Autoregression (CVAR) model to explore the determinants of Australian household debt. The results show that housing prices, GDP and the population in the economy have a positive effect on household borrowing. Meanwhile, interest rates, the unemployment...

Employing panel data for Asian countries to distinguish between different kinds of export- and tradable-led growth, we find that the proportion of a country's manufactured exports that is destined for industrialized countries, a variable largely ignored by existing studies, is robustly...

In this paper, we examine whether oil price can predict exchange rate returns for 14 Asian countries. A new GLS-based time series predictive regression model proposed by Westerlund and Narayan (WN, 2012) is used. The main finding is that higher oil price leads to future depreciation of the...

In this paper, we test whether oil price uncertainty predicts credit default swap (CDS) returns for eight Asian countries. We use the Westerlund and Narayan (2011, 2012) predictability test that accounts for any persistence in and endogeneity of the predictor variable. The estimator also...

The paper presents an alternative approach to test herding behavior in the Indian equity market. In contrast to the conventional test methodologies, based on return dispersions among a group of securities, this paper uses symmetric properties of the cross-sectional return distribution to...