This paper examines the effects of local and global shocks on the sector indices and national returns of the Association of Southeast Asian Nations (ASEAN) by using the univariate AR-GARCH model. We find that regional and global shocks have different influences on the ASEAN-wide sector and...

We document that the net factor income smoothing channel in OECD countries is primarily driven by net financial asset income, while the other two sub[hyphen (true graphic)]components (net compensation of employees and net taxes on imports) turn out to be ineffective. Once factor income inflows...

Usually, a monetary union is not considered feasible between countries if the correlations of shocks are positive but weak. This may not be so if the country with the larger output gap converges to full-employment equilibrium faster than the country with the smaller gap. We argue that common...

We examine the potential welfare gains and channels of income smoothing for Pacific Island Countries (PICs) and find that, under full risk sharing overall welfare gains across all PICs (particularly, Kiribati, Palau, and Papua New Guinea) are at desirable levels. However, for Australia, the...

Since the mid-1990s, monetary policy discussion has been centered around whether targeting inflation rate too low was responsible for the differential unemployment rate observed between major OECD countries and the US. In late 2000s with the financial crisis, critiques have argued that these...

In this paper, we investigate the indirect economic effects of the Hizmet movement. Participants of the Hizmet movement have spread all around the world, opening various types of educational institutions (more than a thousand) ranging from kindergartens to universities since the early 1990s. The...