Pub Date : 2018-04-01DOI: 10.18178/IJTEF.2018.9.2.588
N. Nguyen, D. Nguyen, T. Wakefield
We report a modeling study of short term interest rates using the Hidden Markov Model (HMM) and the Hull-White (HW) model. For this purpose, we modify the original HW model by adding a regime variable to its instantaneous forward function. This variable is defined by the regimes of the short term interest rate which are found by a two-state HMM. The combination of the HMM and the HW model for generating interest rate predictions results in a significant improvement, reducing the error of the estimations by about 50% compared to that of using HW alone. Furthermore, the errors of the simulations using HMM and HW have a smaller standard deviation compare with which of using the HW. Adjusted R-square results also show that the regime variable is significant. This improvement to the short-term interest rate model has a substantial impact on financial economics and related fields.
{"title":"Using the Hidden Markov Model to Improve the Hull-White Model for Short Rate","authors":"N. Nguyen, D. Nguyen, T. Wakefield","doi":"10.18178/IJTEF.2018.9.2.588","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.2.588","url":null,"abstract":"We report a modeling study of short term interest rates using the Hidden Markov Model (HMM) and the Hull-White (HW) model. For this purpose, we modify the original HW model by adding a regime variable to its instantaneous forward function. This variable is defined by the regimes of the short term interest rate which are found by a two-state HMM. The combination of the HMM and the HW model for generating interest rate predictions results in a significant improvement, reducing the error of the estimations by about 50% compared to that of using HW alone. Furthermore, the errors of the simulations using HMM and HW have a smaller standard deviation compare with which of using the HW. Adjusted R-square results also show that the regime variable is significant. This improvement to the short-term interest rate model has a substantial impact on financial economics and related fields.","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125664194","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 : 2018-04-01DOI: 10.18178/ijtef.2018.9.2.594
Sihong Wu
{"title":"Estimation of the J-Curve: An Empirical Analysis Based on the Trade Balance between Australia and China","authors":"Sihong Wu","doi":"10.18178/ijtef.2018.9.2.594","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.2.594","url":null,"abstract":"","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132042968","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 : 2018-04-01DOI: 10.18178/IJTEF.2018.9.2.589
Mehran Ramezanali, Brazil Unidavi, Djamchid Assadi
{"title":"Does Microfinance Reduce Poverty? The Case of Brazil","authors":"Mehran Ramezanali, Brazil Unidavi, Djamchid Assadi","doi":"10.18178/IJTEF.2018.9.2.589","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.2.589","url":null,"abstract":"","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"117 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121494673","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 : 2018-02-01DOI: 10.18178/ijtef.2018.9.1.580
M. Khuong, N. T. D. Tran
This research aimed to examine the effects of product packaging on purchase intention through the mediating role of brand image, with the example of Phuc Long’s packaged tea products. Quantitative approach is applied with the sample size of 410 consumers living in Ho Chi Minh City (HCMC), Vietnam. The results showed that packaging font, picture, shape and color have direct and indirect associations with purchase intention whereas product information, ease of use and handle have indirect ones. However, material and size do not have any influences. Suggestions are given to develop a differentiated packaged for tea products by: (1) using eye-catching pictures and (2) vivid colors, (3) designing a good packaging shape, (4) carefully choosing the amount of product information, and (5) designing an easy-handling, or –opening and –closing, or –disposing package.
{"title":"The Impacts of Product Packaging Elements on Brand Image and Purchase Intention — An Empirical Study of Phuc Long's Packaged Tea Products","authors":"M. Khuong, N. T. D. Tran","doi":"10.18178/ijtef.2018.9.1.580","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.1.580","url":null,"abstract":"This research aimed to examine the effects of product packaging on purchase intention through the mediating role of brand image, with the example of Phuc Long’s packaged tea products. Quantitative approach is applied with the sample size of 410 consumers living in Ho Chi Minh City (HCMC), Vietnam. The results showed that packaging font, picture, shape and color have direct and indirect associations with purchase intention whereas product information, ease of use and handle have indirect ones. However, material and size do not have any influences. Suggestions are given to develop a differentiated packaged for tea products by: (1) using eye-catching pictures and (2) vivid colors, (3) designing a good packaging shape, (4) carefully choosing the amount of product information, and (5) designing an easy-handling, or –opening and –closing, or –disposing package.","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121113712","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 : 2018-02-01DOI: 10.18178/IJTEF.2018.9.1.579
Elsayed Mettwally Abd-Elkader
{"title":"Trade Liberalization and Carbon Dioxide Emissions: A Pooled Mean Group Analysis","authors":"Elsayed Mettwally Abd-Elkader","doi":"10.18178/IJTEF.2018.9.1.579","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.1.579","url":null,"abstract":"","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132868633","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 : 2018-02-01DOI: 10.18178/IJTEF.2018.9.1.582
M. Torres-Barreto
{"title":"Product Innovations and R&D public funding: How to Handle Heteroscedasticity and Autocorrelation?","authors":"M. Torres-Barreto","doi":"10.18178/IJTEF.2018.9.1.582","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.1.582","url":null,"abstract":"","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133615688","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 : 2018-02-01DOI: 10.18178/ijtef.2018.9.1.587
K. Łopaciński, R. Kutera, M. Leszczynska, W. Gryncewicz
{"title":"Implementation Possibilities and Conditionalities of an Internet Platform Designed to Activate Elderly People in the Light of Research Conducted on the Polish Market","authors":"K. Łopaciński, R. Kutera, M. Leszczynska, W. Gryncewicz","doi":"10.18178/ijtef.2018.9.1.587","DOIUrl":"https://doi.org/10.18178/ijtef.2018.9.1.587","url":null,"abstract":"","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"220 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132404734","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 : 2018-02-01DOI: 10.18178/IJTEF.2018.9.1.581
Berna Kalkan
— Logistics sector, is a market where the competition is high. Flexibility, fully and timely delivery and increasing e-trade applications in logistics operations change the customer expectations. At this point, logistics enterprises are expected to benefit from information technologies in their operations. Information technologies connect together all the different components (supply chain, headquarters and vehicles) in transportation chain. Accordingly; efficiency and productivity of transportation operations increase. This study analyses the relation between the use of information technologies to ensure customer satisfaction in logistics firms and the business performance. As a result of this research, significant relations have been found between the information technology applications utilized by the logistic firms in their land route operations and performance indicators of the business. Also, recommendations concerning the potential benefits logistic firms can gain in the performance indicators by supporting their business activities with information technologies have been included in the study.
{"title":"The Relation between Use of Information Technologies in Logistics Firms, Customer Satisfaction and Business Performance","authors":"Berna Kalkan","doi":"10.18178/IJTEF.2018.9.1.581","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.1.581","url":null,"abstract":"— Logistics sector, is a market where the competition is high. Flexibility, fully and timely delivery and increasing e-trade applications in logistics operations change the customer expectations. At this point, logistics enterprises are expected to benefit from information technologies in their operations. Information technologies connect together all the different components (supply chain, headquarters and vehicles) in transportation chain. Accordingly; efficiency and productivity of transportation operations increase. This study analyses the relation between the use of information technologies to ensure customer satisfaction in logistics firms and the business performance. As a result of this research, significant relations have been found between the information technology applications utilized by the logistic firms in their land route operations and performance indicators of the business. Also, recommendations concerning the potential benefits logistic firms can gain in the performance indicators by supporting their business activities with information technologies have been included in the study.","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"60 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114940466","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 : 2018-02-01DOI: 10.18178/IJTEF.2018.9.1.583
Yin Cui
{"title":"Evaluating the Level of Urban Infrastructure Economic Benefit: Case Study of Beijing, China","authors":"Yin Cui","doi":"10.18178/IJTEF.2018.9.1.583","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.1.583","url":null,"abstract":"","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"47 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115840272","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 : 2018-02-01DOI: 10.18178/IJTEF.2018.9.1.585
Joshua Kim
As several studies have continuously proven repeatedly the benefits that microfinancing can bring to society, microfinancing has quickly caught the interest of both developed and developing countries. However, little study has been done into the particular models of microfinancing and their characteristic strengths and limitations. This particular study begins by differentiating the needs of the two parties (developed country and developing country) and focuses on South Korea and looks into what the best microfinancing model could be for developed nations. Analysis into the generic microfinancing model that South Korea’s government and Central Microfinance Foundation utilizes will prove to us the fundamental issues of utilizing a model whose structure does not fit the environment. From there, we will go on to study the developed nation’s environment and what it demands in the present, namely welfare. This set guideline will allow us to select a unique microfinance model from South Korea that fits the researched environment and we will analyze its success factors and limitations. Finally, we will check whether the final model seems applicable in other developed nations and conclude by suggesting a more improved model for developed nations than the generic microfinance model also used in developing nations.
{"title":"A New Paradigm for Microfinance in Developed Nations","authors":"Joshua Kim","doi":"10.18178/IJTEF.2018.9.1.585","DOIUrl":"https://doi.org/10.18178/IJTEF.2018.9.1.585","url":null,"abstract":"As several studies have continuously proven repeatedly the benefits that microfinancing can bring to society, microfinancing has quickly caught the interest of both developed and developing countries. However, little study has been done into the particular models of microfinancing and their characteristic strengths and limitations. This particular study begins by differentiating the needs of the two parties (developed country and developing country) and focuses on South Korea and looks into what the best microfinancing model could be for developed nations. Analysis into the generic microfinancing model that South Korea’s government and Central Microfinance Foundation utilizes will prove to us the fundamental issues of utilizing a model whose structure does not fit the environment. From there, we will go on to study the developed nation’s environment and what it demands in the present, namely welfare. This set guideline will allow us to select a unique microfinance model from South Korea that fits the researched environment and we will analyze its success factors and limitations. Finally, we will check whether the final model seems applicable in other developed nations and conclude by suggesting a more improved model for developed nations than the generic microfinance model also used in developing nations.","PeriodicalId":243294,"journal":{"name":"International journal trade, economics and finance","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131764002","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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