The efficiency of speculative markets, as represented by Fama's 1970 fair game model, is tested on weekly price index data of six Asian stock markets - Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Thailand - using Sherry's (1992) non-parametric methods. These scientific testing methods...

Liberalization of Singapore's financial sector causes its fund management industry to expand rapidly. As of December 1, 1998 there were 191 unit trusts to choose from. Eventually, Singapore, like the USA and Hong Kong, will have more unit trusts than stocks listed on its exchange. Many...

Just when China’s leaders receive conflicting signals of “overheating” and “below-potential growth”, they encounter tremendous external pressure to revalue the Renminbi (RMB) substantially. Our conclusion is that the major macroeconomic challenges have their roots in China’s...

In the light of first-hand data from a Beninese urban household survey in Cotonou, we investigate several motives aiming to explain participation in Rotating Savings and Credit ASsociations. We provide empirical findings which indicate that individuals use their participation in a rosca as a...

(This abstract and the paper are in Turkish.) Ekonomik krizler; herhangi bir mal, hizmet, uretim faktoru veya doviz piyasasindaki fiyat ve/veya miktarlarda, kabul edilebilir bir degisme sinirinin otesinde gerceklesen siddetli dalgalanmalar olarak tanimlanabilir. Soz konusu krizlerin ortaya...

The purpose of the study is to examine significant attributes of customers for explaining the level of confidence, convenience and affordability of services offered by financial service firms (FSFs). A GLS systems model is applied to cross sectional survey data in Dubai. Earnings stability,...

Financial Sector Reforms in Developing Countries with Special Reference to Egypt Philip Arestis, The Levy Economics Institute of Bard College ABSTRACT Financial reforms, and financial liberalization in particular, have been at the root of many recent cases of financial and banking crises. In...

This paper presents a more realistic endogenous time preference model, incorporating the property that impatience decreases as consumption increases. The model overcomes a serious drawback of the existing model, which needs the assumption of increasing impatience. The new model is applied to the...

This work builds a macro model for livestock farming based on aggregation of initial micro description for rational control of total number of vintage livestock (age cohorts). All variety of animal kinds is reduced to one by given recount coefficients. An optimal problem on co-hort total number...

Young (1995) estimated Total Factor Productivity (TFP) growth for Hong Kong, Taiwan, Singapore and South Korea. He reported moderate growth rates for these four regions. This means that rapid growth of GDP in these four economies is due mainly to fast increase of inputs. Young (2000) also...