In this paper, we diagnose the current status of state-owned enterprises (SOEs) in Vietnam, identify their key governance challenges, and recommend policy directions in light of Korea’s and other countries’ experiences. Among various types of SOEs in Vietnam, we limit our focus to economic groups introduced since 2006. We recommend (i) to re-clarify the objective of economics groups, (ii) to reconcile the conflicting objectives, (iii) to expand and strengthen the role of SCIC, (iv) to strengthen the internal governance mechanism, (v) to develop a well-functioning capital market, (vi) to limit the diversification into non-core business areas, (vii) to enhance the transparency of ownership structure, and (viii) to strengthen the protection of minority shareholders.
{"title":"On the Governance of State-Owned Economic Groups in Vietnam","authors":"Woochan Kim, I. Nam, T. Cuong","doi":"10.2139/SSRN.1729093","DOIUrl":"https://doi.org/10.2139/SSRN.1729093","url":null,"abstract":"In this paper, we diagnose the current status of state-owned enterprises (SOEs) in Vietnam, identify their key governance challenges, and recommend policy directions in light of Korea’s and other countries’ experiences. Among various types of SOEs in Vietnam, we limit our focus to economic groups introduced since 2006. We recommend (i) to re-clarify the objective of economics groups, (ii) to reconcile the conflicting objectives, (iii) to expand and strengthen the role of SCIC, (iv) to strengthen the internal governance mechanism, (v) to develop a well-functioning capital market, (vi) to limit the diversification into non-core business areas, (vii) to enhance the transparency of ownership structure, and (viii) to strengthen the protection of minority shareholders.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128384883","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Chia‐Lin Chang, Thanchanok Khamkaew, Michael McAleer
This paper analyzes the responsiveness of Thai outbound tourism to East Asian destinations, namely China, Hong Kong, Japan, Taiwan and Korea, to changes in effective relative price of tourism, total real total tourism expenditure, and one-off events. The nonlinear and linear Almost Ideal Demand (AID) models are estimated using monthly data to identify the price competitiveness and interdependencies of tourism demand for competing destinations in both long run (static) and short run error correction (dynamic) specifications. Homogeneity and symmetry are imposed in the long run and short run AID models to estimate the elasticities. The income and price elasticities provide useful information for public and private tourism agents at the various destinations to maintain and improve price competitiveness. The empirical results show that price competitiveness is important for tourism demand for Japan, Korea and Hong Kong in the long run, and for Hong Kong and Taiwan in the short run.
{"title":"Estimating Price Effects in an Almost Ideal Demand Model of Outbound Thai Tourism to East Asia","authors":"Chia‐Lin Chang, Thanchanok Khamkaew, Michael McAleer","doi":"10.2139/ssrn.1587532","DOIUrl":"https://doi.org/10.2139/ssrn.1587532","url":null,"abstract":"This paper analyzes the responsiveness of Thai outbound tourism to East Asian destinations, namely China, Hong Kong, Japan, Taiwan and Korea, to changes in effective relative price of tourism, total real total tourism expenditure, and one-off events. The nonlinear and linear Almost Ideal Demand (AID) models are estimated using monthly data to identify the price competitiveness and interdependencies of tourism demand for competing destinations in both long run (static) and short run error correction (dynamic) specifications. Homogeneity and symmetry are imposed in the long run and short run AID models to estimate the elasticities. The income and price elasticities provide useful information for public and private tourism agents at the various destinations to maintain and improve price competitiveness. The empirical results show that price competitiveness is important for tourism demand for Japan, Korea and Hong Kong in the long run, and for Hong Kong and Taiwan in the short run.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"42 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133108637","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In this paper, we examine the influence of bank regulation, concentration, and financial and institutional development on commercial bank margins and profitability across a broad selection of Middle East and North Africa (MENA) countries. The empirical results suggest that bank-specific characteristics, in particular bank capitalization and credit risk, have a positive and significant impact on banks' net interest margin, cost efficiency, and profitability. Also we find that macroeconomic and financial development indicators have no significant impact on net interest margins, except for inflation. Regulatory and institutional variables seem to have an impact on bank performance.
{"title":"The Effects of Bank Regulations, Competition, and Financial Reforms on Banks’ Performance","authors":"Sami Ben Naceur, M. Omran","doi":"10.2139/ssrn.1554537","DOIUrl":"https://doi.org/10.2139/ssrn.1554537","url":null,"abstract":"In this paper, we examine the influence of bank regulation, concentration, and financial and institutional development on commercial bank margins and profitability across a broad selection of Middle East and North Africa (MENA) countries. The empirical results suggest that bank-specific characteristics, in particular bank capitalization and credit risk, have a positive and significant impact on banks' net interest margin, cost efficiency, and profitability. Also we find that macroeconomic and financial development indicators have no significant impact on net interest margins, except for inflation. Regulatory and institutional variables seem to have an impact on bank performance.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-02-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122284418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-01-06DOI: 10.1504/IJBSR.2010.030773
Hatem Bugshan, M. S. Sohail
With advancement in application of communications technology, the scope for deployment of WiMAX (wireless interoperability microwave access) network is very promising, particularly in the unserved markets. This paper examines the feasibility of deploying WiMAX systems in Saudi Arabia, from technical as well as marketing perspectives. Saudi Arabia is an attractive market in terms of market potential and technology absorption. This paper first elaborates on architectural issues related to the deployment of WiMAX system in Saudi Arabia. Then, the results of a survey are provided. This survey examined issues related to consumer preference and consumer behaviour issues for effective deployment of WiMAX system in the Saudi Arabia. The findings of this study will be useful to potential marketers of WiMAX in the Middle East region. This study makes a valuable contribution given the fact that there is a dearth of empirical studies of this nature undertaken in the Middle East region.
{"title":"WiMAX System in Saudi Arabia: Deployment Issues and Development of Marketing Strategy","authors":"Hatem Bugshan, M. S. Sohail","doi":"10.1504/IJBSR.2010.030773","DOIUrl":"https://doi.org/10.1504/IJBSR.2010.030773","url":null,"abstract":"With advancement in application of communications technology, the scope for deployment of WiMAX (wireless interoperability microwave access) network is very promising, particularly in the unserved markets. This paper examines the feasibility of deploying WiMAX systems in Saudi Arabia, from technical as well as marketing perspectives. Saudi Arabia is an attractive market in terms of market potential and technology absorption. This paper first elaborates on architectural issues related to the deployment of WiMAX system in Saudi Arabia. Then, the results of a survey are provided. This survey examined issues related to consumer preference and consumer behaviour issues for effective deployment of WiMAX system in the Saudi Arabia. The findings of this study will be useful to potential marketers of WiMAX in the Middle East region. This study makes a valuable contribution given the fact that there is a dearth of empirical studies of this nature undertaken in the Middle East region.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126838962","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-12-01DOI: 10.5089/9781451874334.001.A001
Samya Beidas-Strom, Weicheng Lian, A. Maseeh
This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007, which appears to have bottomed out; (iii) the rental market appears to be largely determined by region-specific economic fundamentals-a youthful working-age population and wealth variables; and (iv) a segregation between self-owned house and rental price dynamics exists in this region, rendering the former more sensitive to the business cycle.
{"title":"The Housing Cycle in Emerging Middle Eastern Economies and its Macroeconomic Policy Implications","authors":"Samya Beidas-Strom, Weicheng Lian, A. Maseeh","doi":"10.5089/9781451874334.001.A001","DOIUrl":"https://doi.org/10.5089/9781451874334.001.A001","url":null,"abstract":"This paper examines housing finance and housing price dynamics in selected emerging Middle Eastern economies over the past two decades. It finds that (i) mortgage markets have experienced rapid development, which has led to lower private per capita consumer spending volatility this decade; (ii) a downward price correction occurred in the housing market after 2007, which appears to have bottomed out; (iii) the rental market appears to be largely determined by region-specific economic fundamentals-a youthful working-age population and wealth variables; and (iv) a segregation between self-owned house and rental price dynamics exists in this region, rendering the former more sensitive to the business cycle.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122053292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We estimate the impact of the caste, gender, and party affiliation of locally elected leaders on implementation of India's new workfare program for rural areas, the National Rural Employment Guarantee Act (NREGA), in Andhra Pradesh (AP), a state in Southern India. While, for most castes, we find a modest increase in participation by members of the same caste of the leader in the program, we find no impact on a broad range of other program outcomes or any effect of reservations for women. Our results suggest that NREGA in AP may be less susceptible to capture than other government programs.
{"title":"How do Caste, Gender and Party Affiliation of Locally Elected Leaders Affect Implementation of NREGA?","authors":"Doug Johnson","doi":"10.2139/ssrn.1664161","DOIUrl":"https://doi.org/10.2139/ssrn.1664161","url":null,"abstract":"We estimate the impact of the caste, gender, and party affiliation of locally elected leaders on implementation of India's new workfare program for rural areas, the National Rural Employment Guarantee Act (NREGA), in Andhra Pradesh (AP), a state in Southern India. While, for most castes, we find a modest increase in participation by members of the same caste of the leader in the program, we find no impact on a broad range of other program outcomes or any effect of reservations for women. Our results suggest that NREGA in AP may be less susceptible to capture than other government programs.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"82 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133765904","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The study undertaken aims to gain insights on the relatively unexplored but growing Family office market in Asia and the opportunities for them in the Singapore wealth management industry. Family offices are set up by ultra high net worth (UHNW) families to manage their private wealth. These concept of these offices is well developed in the west i.e., in US and Europe. However, in Asia it is still in its infancy stage. It is slowly catching up as the wealth of the people is increasing along with which the need for personalized wealth management services is also increasing. Family offices form an integral part of the wealth management industry. The needs of clients of this industry are growing. They not only want their wealth to be managed efficiently but also look out for fulfillment of their emotional needs. In Asia, the wealth is mainly held by first generation entrepreneurs who are still looking for the most efficient ways to manage their wealth. This has paved the way for establishment of these offices in Asia as well. This study is an effort to look into the prevalent wealth management industry in Asia, especially in Singapore and the scope of development of family offices here.
{"title":"Family Offices in Asia with Special Focus on Singapore","authors":"Mansi Jain, Hemal Lotia","doi":"10.2139/ssrn.1448613","DOIUrl":"https://doi.org/10.2139/ssrn.1448613","url":null,"abstract":"The study undertaken aims to gain insights on the relatively unexplored but growing Family office market in Asia and the opportunities for them in the Singapore wealth management industry. Family offices are set up by ultra high net worth (UHNW) families to manage their private wealth. These concept of these offices is well developed in the west i.e., in US and Europe. However, in Asia it is still in its infancy stage. It is slowly catching up as the wealth of the people is increasing along with which the need for personalized wealth management services is also increasing. Family offices form an integral part of the wealth management industry. The needs of clients of this industry are growing. They not only want their wealth to be managed efficiently but also look out for fulfillment of their emotional needs. In Asia, the wealth is mainly held by first generation entrepreneurs who are still looking for the most efficient ways to manage their wealth. This has paved the way for establishment of these offices in Asia as well. This study is an effort to look into the prevalent wealth management industry in Asia, especially in Singapore and the scope of development of family offices here.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130102938","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Rarely has the outlook for the Chinese economy been so contested. Th e fi nancial press widely quotes three alternative perspectives on the short- and medium-term outlook. One school argues that the Chinese government's recent eff orts to rein in overly rapid growth are working and that the economy is now on a glide path to what is referred to as a soft landing. While "soft landing" is usually not fully defi ned, its chief feature in this case is that Chinese economic growth slows modestly from its current pace of 9 to 10 percent to around 8 percent and that the rate of job creation does not slow enough to constitute a major political challenge for the regime. At the other end of the spectrum is the hard landing school, which argues that the authorities to date have not tightened suffi ciently, that loan and investment growth remain excessive, and that the authorities soon will be forced to take more drastic action that will trigger a sharp correction. Finally, the no landing school argues that China's eff orts to slow growth modestly are misguided since the economy was not overheating in 2003 and early 2004. In this view, China is in the early stages of a secular boom that has several additional years to run.
{"title":"What Kind of Landing for the Chinese Economy?","authors":"N. Lardy, M. Goldstein","doi":"10.2139/ssrn.2126178","DOIUrl":"https://doi.org/10.2139/ssrn.2126178","url":null,"abstract":"Rarely has the outlook for the Chinese economy been so contested. Th e fi nancial press widely quotes three alternative perspectives on the short- and medium-term outlook. One school argues that the Chinese government's recent eff orts to rein in overly rapid growth are working and that the economy is now on a glide path to what is referred to as a soft landing. While \"soft landing\" is usually not fully defi ned, its chief feature in this case is that Chinese economic growth slows modestly from its current pace of 9 to 10 percent to around 8 percent and that the rate of job creation does not slow enough to constitute a major political challenge for the regime. At the other end of the spectrum is the hard landing school, which argues that the authorities to date have not tightened suffi ciently, that loan and investment growth remain excessive, and that the authorities soon will be forced to take more drastic action that will trigger a sharp correction. Finally, the no landing school argues that China's eff orts to slow growth modestly are misguided since the economy was not overheating in 2003 and early 2004. In this view, China is in the early stages of a secular boom that has several additional years to run.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"07 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2004-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127290641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Short descriptive report of an experimental research on intercultural negociation simulations in International Trade Management, between Quebec participants at the CETAI Center of the Ecole des Hautes Etudes Commerciales (HEC) de l''Universite de Montreal, and nine trade representatives of the Popular Republic of China, in October 1996. Le but de ce rapport est de decrire une action de management international, soit des simulations de relations commerciales internationales a l''Ecole des HEC. Le Centre CETAI des HEC recevait la visite d''une dizaine de cadres intermediaires et superieurs specialises en relations commerciales internationales de la Republique Populaire de Chine, seuls habilites a transiger avec l''etranger. Ainsi, j''ai pris part a la simulation de negociation individuelle tenue le 5 octobre 1996 (9 h00 - 16 h''07 et a la seance de retroaction tenue le 26 octobre 1996.
{"title":"The Visit from a Chinese Singer: International Trade Negociation Simulations (La Visite d''un Chanteur Chinois: Simulations de Négociations Commerciales Internationales (in French)","authors":"Jean-Claude Lapointe","doi":"10.2139/SSRN.1737502","DOIUrl":"https://doi.org/10.2139/SSRN.1737502","url":null,"abstract":"Short descriptive report of an experimental research on intercultural negociation simulations in International Trade Management, between Quebec participants at the CETAI Center of the Ecole des Hautes Etudes Commerciales (HEC) de l''Universite de Montreal, and nine trade representatives of the Popular Republic of China, in October 1996. Le but de ce rapport est de decrire une action de management international, soit des simulations de relations commerciales internationales a l''Ecole des HEC. Le Centre CETAI des HEC recevait la visite d''une dizaine de cadres intermediaires et superieurs specialises en relations commerciales internationales de la Republique Populaire de Chine, seuls habilites a transiger avec l''etranger. Ainsi, j''ai pris part a la simulation de negociation individuelle tenue le 5 octobre 1996 (9 h00 - 16 h''07 et a la seance de retroaction tenue le 26 octobre 1996.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1996-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133252744","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As a consequence of the 2006-08 food crisis, food security has become a mayor political concern in the LA region. The crisis has led to intense political discussions at both the regional and country levels, and has resulted in new policy responses that have attempted to protect vulnerable social sectors from the negative impacts of the crisis.
{"title":"Food Security Policies in Latin America","authors":"M. Piñeiro, E. Bianchi, Laura Uzquiza, M. Trucco","doi":"10.2139/ssrn.1895648","DOIUrl":"https://doi.org/10.2139/ssrn.1895648","url":null,"abstract":"As a consequence of the 2006-08 food crisis, food security has become a mayor political concern in the LA region. The crisis has led to intense political discussions at both the regional and country levels, and has resulted in new policy responses that have attempted to protect vulnerable social sectors from the negative impacts of the crisis.","PeriodicalId":213910,"journal":{"name":"Emerging Markets: Regional Perspective eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114869960","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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