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Information Asymmetry and Card Debt Crisis in Taiwan 台湾资讯不对称与卡债危机
Pub Date : 2022-08-10 DOI: 10.47260/bae/927
Chih-Hsiung Chang
AbstractFollowing the Asian Financial Crisis, South Korea, Hong Kong, and Taiwan experienced card debt crisis in 2001, 2002 and 2005, respectively. Various countries have studied and tried to find the factors that lead to the card debt crisis, hoping that the proposed countermeasures can effectively solve the problem. However, these are only practical operations and observations. Therefore, through information asymmetry, this article constructs a model of card debt crisis from adverse selection and moral hazard, and theoretically provides the government or competent authority with a policy basis. This article employs document analysis, combined with qualitative and quantitative data, to test the research hypotheses. The verification result is supported regardless of hypotheses tests for adverse selection, or moral hazard and confirms that information asymmetry and market failure do exist in the Taiwan credit card market. The policy implication of the article is that the government or competent authority should stop the illusion of free market mechanism and have to be responsible for employing countermeasures to face the crisis.JEL classification numbers: G01,G21,G28.Keywords: Card debt crisis, Information asymmetry, Adverse selection, Moral hazard , Document analysis, Market failure.
摘要继亚洲金融危机之后,韩国、香港和台湾分别在2001年、2002年和2005年经历了信用卡债务危机。各国都在研究和尝试寻找导致卡债危机的因素,希望提出的对策能够有效解决问题。然而,这些只是实际操作和观察。因此,本文通过信息不对称,从逆向选择和道德风险两个角度构建了卡债危机模型,从理论上为政府或主管部门提供政策依据。本文采用文献分析法,结合定性和定量数据对研究假设进行检验。无论是逆向选择的假设检验,还是道德风险的假设检验,验证结果都得到了支持,证实了台湾信用卡市场确实存在信息不对称和市场失灵。这篇文章的政策含义是,政府或主管当局应该停止对自由市场机制的幻想,必须负责采取应对措施来面对危机。JEL分类号:G01、G21、G28。关键词:卡债危机,信息不对称,逆向选择,道德风险,文献分析,市场失灵
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引用次数: 0
Common Components in Co-integrated System and Its Estimation and Application: Evidence from Five Stock Markets in Asia-Pacific Chinese Region 协整系统的共同成分及其估计与应用——来自亚太华人地区五个股票市场的证据
Pub Date : 2022-07-28 DOI: 10.47260/bae/926
Hsiang-Hsi Liu, Chien-Kuo Tseng
Abstract Previous studies on co-integration focused on whether there is co-integration between variables, and might not explore which variables are caused when co-integration exists. This study is based on a multivariate factor model and apply Quah’s decomposition theorem to derive common factors affecting long-run equilibrium, and use this common factor to explain which variables affect the formation of co-integration. Empirically, five stock markets in the Asian-Pacific Chinese region (Hong Kong, Singapore, Taiwan and China including Shanghai and Shenzhen stock markets) are the objects of analysis. According to the estimated common factor, the existence of the co-integration among the five stock markets is caused by the stock markets in Taiwan and Hong Kong. Therefore, when investing in these five stock markets, investors must incorporate and use the information of the two stock markets as a decisive factor in order to promote correct decision-making. That is, the policy authorities of these countries should promote the effective interaction and operation of the stock market. The decisive influence of stock market information in the two countries cannot be ignored. JEL classification numbers: F30, F65, G10, G15. Keywords: Co-integration, Error Correction Model (ECM), Common Component, Quah’s Decomposition Theorem.
摘要以往对协整的研究主要集中在变量之间是否存在协整,可能没有探讨协整存在时哪些变量是造成的。本研究基于多元因素模型,运用Quah分解定理推导出影响长期均衡的共同因素,并利用该共同因素解释哪些变量影响协整的形成。实证上,亚太华人地区的五个股票市场(香港、新加坡、台湾和中国包括上海和深圳股票市场)是分析的对象。根据公因子的估计,五市之间协整的存在是由台湾和香港的股票市场造成的。因此,投资者在进行这五个股票市场的投资时,必须将这两个股票市场的信息纳入和使用,作为一个决定性因素,以促进正确的决策。也就是说,这些国家的政策当局应该促进股票市场的有效互动和运行。两国股市信息的决定性影响不容忽视。JEL分类号:F30、F65、G10、G15。关键词:协整,误差修正模型(ECM),公共分量,Quah分解定理
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引用次数: 0
Cointegration Analysis of Financial Market Indices During Financial ShocksFocus on Global Financial Crisis and COVID-19 Рandemic Crisis 金融冲击时期金融市场指数协整分析——以全球金融危机和新冠肺炎疫情为例Рandemic危机
Pub Date : 2022-07-19 DOI: 10.47260/bae/924
Roko Pedisic
AbstractThe рurрose of this research was to examine cointegration relationships among the stock market indices before and after the global financial crisis. The cointegration effects were analysed also in the context of the COVID-19 pandemic. The sample included 20 years of data at daily, weekly, and monthly frequencies for stock рrice indices in the United States (S&Р 500), Europe (STXE 600), Japan (Nikkei 225), China (SSE composite), Australia (S&P/ASX 200), and Brazil (IBOVESPA). Two interesting empirical facts were documented. First, the global financial crisis does not seem to have played a significant and uniform role in influencing the cointegration relationship, as only for the monthly sample the number of cointegrating relationships changed after the crisis. Second, the daily sample allowed to explore the period during the COVID-19 pandemic. The findings suggest that this event increased the number of cointegrating relationships, perhaps due to the global nature of such phenomenon which affects both developed and emerging economies contemporaneously. On the other hand, the financial crisis affected mainly developed economies, and the spillovers to emerging markets took place at a later stage as a second-round effect. In line with the previous findings in the existing literature, the results of the study have shown that cointegration stock market indices is dependent on the period of analysis and the frequency of the data.JEL classification numbers: C0, C4, G1, F6.Keywords: Cointegration analysis, stock markets, financial crisis, COVID-19.
摘要本研究的主要目的是考察全球金融危机前后股市指数之间的协整关系。还分析了COVID-19大流行背景下的协整效应。样本包括20年来美国(S&Р 500)、欧洲(STXE 600)、日本(日经225)、中国(上证综指)、澳大利亚(S&P/ASX 200)和巴西(IBOVESPA)股票价格指数的日、周、月频率数据。记录了两个有趣的经验事实。首先,全球金融危机对协整关系的影响似乎并没有起到显著和统一的作用,因为只有每月样本的协整关系的数量在危机后发生了变化。其次,每日样本可以探索COVID-19大流行期间的情况。研究结果表明,这一事件增加了协整关系的数量,可能是由于这种现象的全球性质,同时影响发达经济体和新兴经济体。另一方面,金融危机主要影响发达经济体,对新兴市场的溢出效应是较晚的第二轮效应。与之前已有文献的研究结果一致,本研究的结果表明,股票市场指数的协整依赖于分析的周期和数据的频率。JEL分类号:C0、C4、G1、F6。关键词:协整分析,股票市场,金融危机,COVID-19
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引用次数: 1
Is Financial Institution Management Effective to Reduce Problems Related to Information Asymmetry in Taiwan? 金融机构管理能有效减少台湾资讯不对称问题吗?
Pub Date : 2022-06-15 DOI: 10.47260/bae/923
Chih-Hsiung Chang, Wu Chang, Yi-Yu Shih
AbstractThanks to the deregulation of financial regulations since the 1990s, the domestic financial institutions had ever been in excessive amounts for a long time. In order to expand their business scope and market share, they often adopted a looser or simple review mechanism, which led to a decline in the asset quality of financial institutions and an upward trend in overdue loans. As a result, the credit card debt crisis caused by the information asymmetry and the derived serious social problems ensued . Under the pressure of public opinion, the financial authority was forced to promote the debt negotiation mechanism in 2005 and even led passing the Consumer Debt Clearance Regulations in 2007. This article analyzed the statistics of consumer finance related to public and private banks, trying to explain whether the problems related to information asymmetry was reduced and whether financial institution management was effective. The result revealed that the number of valid cards, revolving interest rates, and overdue ratios fell in tandem after the financial authority intervened in the market. Especially when the credit card debt crisis and the social problem were showed under control, it was proven that financial institution management is essential and effective to reduce problems related to information asymmetry in Taiwan.JEL classification numbers: G01,G21,G28.Keywords: Financial Institution Management, Credit Cards, Card Debt Crisis, Information Asymmetry, Adverse Selection, Moral Hazard.
摘要自20世纪90年代以来,由于金融监管的放松,国内金融机构长期处于超量状态。为了扩大业务范围和市场份额,往往采取较为宽松或简单的审查机制,导致金融机构资产质量下降,逾期贷款呈上升趋势。因此,信用卡债务危机所造成的信息不对称及其衍生的严重社会问题随之而来。在舆论压力下,2005年财政当局被迫推动债务谈判机制,甚至在2007年牵头通过了《消费者债务清理条例》。本文通过对与公私银行相关的消费金融统计数据的分析,试图解释信息不对称相关的问题是否减少,金融机构管理是否有效。结果显示,金融当局介入市场后,有效信用卡数量和循环利率、逾期率同时下降。特别是在信用卡债务危机和社会问题得到控制的情况下,证明了金融机构管理对于减少台湾信息不对称问题的必要性和有效性。JEL分类号:G01、G21、G28。关键词:金融机构管理,信用卡,卡债危机,信息不对称,逆向选择,道德风险
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引用次数: 0
Tax Revenue and Economic Growth Nexus in Ghana: Co-integration and Granger causality Test 加纳税收与经济增长关系:协整与格兰杰因果检验
Pub Date : 2022-06-12 DOI: 10.47260/bae/922
J. MacCarthy, Paul Muda, Prince Sunu
AbstractThe paper sought to assess the taxes and economic growth nexus in Ghana. The study used annual time-series data collected from 1972 to 2019. The study used the Johansen Co-integration technique, vector error correction model, and Granger causality test to assess the causal relationship between tax revenue and economic growth in Ghana. The Co-integration test was used to establish the long-run relationship. In contrast, the Granger Causality test was used to establish the short-run relationship between the variables used in the model. The study revealed that the model has a speed of adjustment of 61.4% to restore the short-run relationship to the long-run equilibrium path.Furthermore, the study found a unidirectional relationship between tax revenue variables and economic growth. Again, the study found support for a positive and significant nexus between direct tax revenue and economic growth and a significant and negative nexus between indirect tax revenue and economic growth. Based on the results, the study recommends that the government tax policy move gradually from indirect tax revenue concentration to direct tax revenue to finance development programs to sustain economic growth.Keywords: Direct tax; Economic growth; Granger Causality; Indirect tax.
摘要本文试图评估加纳的税收和经济增长关系。该研究使用了1972年至2019年收集的年度时间序列数据。本研究采用约翰森协整技术、向量误差修正模型和格兰杰因果检验来评估加纳税收与经济增长之间的因果关系。采用协整检验建立长期关系。相比之下,使用格兰杰因果检验来建立模型中使用的变量之间的短期关系。研究表明,该模型将短期关系恢复到长期均衡路径的调整速度为61.4%。此外,研究发现税收变量与经济增长之间存在单向关系。研究再次发现,直接税收入与经济增长之间存在显著的正相关关系,间接税收入与经济增长之间存在显著的负相关关系。根据研究结果,该研究建议政府的税收政策逐步从间接税收入集中转向直接税收收入,为发展项目提供资金,以维持经济增长。关键词:直接税;经济增长;格兰杰因果关系;间接税收。
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引用次数: 0
On the Heteroskedastic-Autoregressive Specification of the Linear Regression Model 线性回归模型的异方差自回归规范
Pub Date : 2022-04-15 DOI: 10.47260/bae/921
E. Lola, S. Symeonides
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引用次数: 0
Yield Curve Construction: A Note on the Moldovan bond market 收益率曲线的构建:摩尔多瓦债券市场的注解
Pub Date : 2022-03-22 DOI: 10.47260/bae/919
Olesea Speian, V. Ganea, Constantinos Kyriakopoulos
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引用次数: 0
Longer Patent Life Representing Higher Value? A Study on China Stock Market and China Patents 专利寿命越长价值越高?中国股票市场与中国专利研究
Pub Date : 2022-02-16 DOI: 10.47260/bae/918
Hong-Wen Tsai, Hui-Chung Che, Bo Bai
AbstractBy setting the market capitalization as the frame of patent value reference, twenty-two quarter’s market capitalization from 2016Q1 to 2021Q2 of China listed companies (A-shares) were collected. All valid patent data of three patent species including the invention grant, the utility model grant and the design grant, were retrieved for calculating the average patent life of each A-share. The variances of the market capitalization via different patent life groups were analyzed via ANOVA. The A-shares having invention grant’s patent lives above the general level usually showed higher market capitalization means than the A-shares having invention grant’s patent lives below the general level. The invention grants with longer patent life might be regarded as the patents of higher value. The utility model grants with longer patent life might not be regarded as the patents of higher value because of poor significance. The design grant’s patent life was a significant indicator for discriminating China A-share’s market capitalization, however, the optimal patent life were close to but not longer than four years. The longer patent life of the design grants was not regarded as higher value.JEL classification numbers: C38, C46, G11, G12.Keywords: patent, market capitalization, China A-share, patent life, ANOVA.
摘要以市值为专利价值参考框架,收集了2016年第一季度至2021第二季度中国上市公司(a股)22个季度的市值数据。检索发明授权、实用新型授权和外观设计授权三个专利种类的所有有效专利数据,计算每个a股的平均专利寿命。通过方差分析分析不同专利寿命组的市值差异。高于一般水平的发明授权专利期限的a股通常比低于一般水平的发明授权专利期限的a股表现出更高的市值。授予专利期限较长的发明可视为具有较高价值的专利。具有较长专利寿命的实用新型专利,由于重要性较差,可能不被视为具有较高价值的专利。外观设计专利期限是判别中国a股市值的重要指标,但最优专利期限接近但不超过4年。外观设计授权的专利期限越长,并不被视为价值越高。JEL分类号:C38、C46、G11、G12。关键词:专利,市值,中国a股,专利寿命,方差分析
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引用次数: 3
Interregional Migration: Who Decides to Move? 区域间迁移:谁决定迁移?
Pub Date : 2022-02-15 DOI: 10.47260/bae/917
Diana Castorina, R. Welters
AbstractThe functionality of a region depends on its people. Yet for some regions within Australia, attracting and retaining varied skilled people continues to be a challenge. What influences people to want to stay, move away from or move into a region? Before we can answer this question, we firstly need to understand ‘who’ is making this decision. Much of past research assumes the decision is made at the individual head of household level or must assume the decision is made at the individual as opposed to the household level as a result of data availability. This paper highlights the limitations of making such an assumption and offers an alternative method transforming secondary microdata to reflect the collective household unit as the decision making unit. We find that our migration models are statistically robust with results consistent with conventional studies that show smaller, younger households are more mobile. Most importantly, however, we find evidence that our proxies which represent characteristics of the collective unit, termed “Decision Making Unit”, are also statistically significant. Thus, justifying the need for migration models to reflect the collective unit and not just the individual, should we seek to better understand motives. JEL classification numbers: J61, R23, R58Keywords: interregional migration, migration, decision-making, households, regions
摘要一个地区的功能取决于它的人民。然而,对于澳大利亚的一些地区来说,吸引和留住各种技术人才仍然是一个挑战。是什么影响人们想要留下、离开或进入一个地区?在回答这个问题之前,我们首先需要了解“谁”在做这个决定。过去的许多研究假设决定是在户主个人一级作出的,或者必须假设决定是在个人而不是在家庭一级作出的,因为数据的可得性。本文强调了这种假设的局限性,并提出了一种将次要微观数据转换为反映集体家庭单位作为决策单位的替代方法。我们发现,我们的迁移模型在统计上是稳健的,其结果与传统研究一致,即较小、较年轻的家庭更具流动性。然而,最重要的是,我们发现证据表明,我们的代理代表集体单位的特征,称为“决策单位”,在统计上也是显著的。因此,如果我们试图更好地理解移民的动机,那么证明移民模型需要反映集体单位而不仅仅是个人。JEL分类号:J61, R23, r58关键词:区域间迁移,迁移,决策,住户,区域
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引用次数: 0
Global Dynamics of Gini Coefficients of Education for 146 Countries: Update to 1950-2015 and a Compact Guide to the Literature 146个国家教育基尼系数的全球动态:1950-2015年更新和文献契约指南
Pub Date : 2022-01-15 DOI: 10.47260/bae/916
T. Ziesemer
We briefly survey the literature which uses data for Gini coefficients of education. We update the Gini coefficients of education to include the year 2015, added to the Barro-Lee data set recently, and compare them to those of the earlier data set based on older Barro-Lee data. A panel analysis shows that every five years education inequality falls by 2.8 percentage points. A stable average value is predicted to be 0.22. Kernel density world distributions for education Ginis loose their twin peaks when going from 1955 to later years, and the right tail of the distribution with high inequality is losing mass over time.
我们简要地回顾了使用教育基尼系数数据的文献。我们更新了教育的基尼系数,包括2015年的基尼系数,最近加入了Barro-Lee数据集,并将其与基于旧Barro-Lee数据集的早期数据集进行比较。一项小组分析显示,教育不平等每五年下降2.8个百分点。一个稳定的平均值预计为0.22。教育基尼系数的核密度世界分布从1955年到以后的年份失去了双峰,分布的右尾部高度不平等随着时间的推移正在失去质量。
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引用次数: 3
期刊
Bulletin of Applied Economics
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