In a typical corporate hierarchy, the manager is delegated the authority to make strategic decisions, and to contract with other employees. By studying a model with one principal and two agents where one agent can gather information that is valuable for the principal's project choice and the...

This paper constructs the augmented monetary conditions index (AMCI) over 1982:1-2004:4 using UECM and bounds test approach for the Philippines data. Results reveal evidence of cointegration between the real GDP and its determinants, namely short-term interest rate, exchange rate and claims on...

This paper uses quarterly data from 1980 to 2004 for ASEAN-5 founder countries to estimate the weight of the Augmented Monetary Conditions Index (AMCI), and identifies the key transmission mechanism paths using Pesaran and Pesaran’s (1997) ARDL procedure, and Pesaran et al.’s...

Abstract: This paper studies a multinational firm’s transfer price decisions in imperfectly competitive market settings. It investigates whether the firm’s optimal transfer price coincides with the arm’s length price and examines how the firm might respond if it is compelled...

This paper argues that there is an important benefit from the division of labor that Adam Smith failed to mention, that is, the division of labor shortens the time required for capital formation and makes continuous roundabout production possible. The paper presents a simple general equilibrium...

Malaysian manufacturing has an asymmetrical structure: small and medium-sized enterprises dominate in numbers, but contribute relatively little to total output, employment, and exports as compared to their larger counterparts. In light of an increasingly competitive environment arising from...

Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for 19 OECD countries over the period from 1870 to 2006 this study finds strong evidence of unconditional...

This paper investigates the effect of trade and outsourcing on demand for labour in France, including the role of exports. We analyse the impact of outsourcing - imported inputs - on unskilled labour in manufacturing industry during 1990-2002 and find that outsourcing has a significant negative...

We find that taller people enjoy a higher quality of life at older ages in China. Implications are drawn for investment in health human capital in infancy and adolescence.

The objective of this paper is to estimate the impacts of medium and long term participation in microfinance programs. It utilises a new, large and unique panel dataset collected from treatment and control households from 1997 to 2005. The data enables us to identify continuing participants in...