Our paper examines how credit markets operate through wealth to influence households’ entrepreneurial choices. Our results show that policy-led bank branch withdrawal in rural China has a significant negative impact on credit availability to rural households, though unexpectedly the effect is...

Practitioners are generally well aware of the fact that most standard approaches for estimation and inference in panel data regressions are based on assuming that the cross-sectional units are independent of each other, an assumption that is surely mistaken in applications, especially in...

This study deals with the out-of-sample predictability of realized volatility induced by implied volatility using FGLS. The original dataset was collected from Bloomberg and includes price and implied volatility indices from the US, Hong Kong, China, South Korea and India. Prices were then...

In this paper, we test spillover effects between Asian equity market volatility and the volatility of the two most dominant commodities, namely, crude oil and gold futures. We consider a total of 14 Asian markets. We find that volatility shocks in established and mature equity markets, such as...

This paper presents new empirical evidence on the effectiveness of Bank of Japan's foreign exchange interventions on the daily realized volatility of USD/JPY exchange rates using high frequency data. Following Huang and Tauchen (2005) and Barndorff-Nielsen and Shephard (2004, 2006), we use...

This paper examines economic returns to schooling for China's Korean minority in the urban labour market using ordinary least squares (OLS) and two-stage least squares. The OLS estimates of the returns to schooling are similar to findings from recent studies for the Chinese urban labour market....

Many developing countries have chosen to use a variety of policy instruments to transfer resources out of agriculture and to the manufacturing and, in some countries, the service sector. It will be argued in this paper that such policies slow structural change, create incentives for capital...

Do immigrant workers fill in job vacancies and promote employment dynamics? Using Thailand's firm-surveyed data, this paper investigates the challenges experience by firms employing immigrant workers and how immigrants help to fill job vacancies. Descriptive analysis shows that Thai firms do not...

This paper uses the asymmetric dynamic conditional correlation model developed by Cappiello et al. (2006) to analyze the correlation between the Japanese and Singaporean stock markets and makes two principal findings. First, it finds that financial integration has advanced because of the...

This paper investigates the causes and consequences of inward cross-border acquisitions in emerging countries. The focus is on business deals made by firms in China and India, where government ownership ratios remain high. Our empirical analysis yields two important findings. First, the Chinese...