We provide a simple and intuitive measure of interdependence of asset returns and/or volatilities. In particular, we formulate and examine precise and separate measures of return spillovers and volatility spillovers. Our framework facilitates study of both non-crisis and crisis episodes,...

Using a generalized vector autoregressive framework in which forecast-error variance decompositions are invariant to variable ordering, we propose measures of both total and directional volatility spillovers. We use our methods to characterize daily volatility spillovers across U.S. stock, bond,...

The research aims to investigate the roles of market linkage for the growth of MSE in Ambo town. The data were collected through questionnaires and interviews. A stratified sampling technique is used to select among the seven business sectors. Data were analyzed using descriptive and inferential...

The objective of this paper is to understand the mechanisms by which development projects facilitate market linkage of smallholder farmers based on panel data from Nicaragua. We find that activities related to entrepreneurial practices have positive and statistically significant effect on...

While it is too early to undertake rigorous quantitative analysis on the impact of the Philippines-Japan Economic Partnership Agreement (PJEPA) on the Philippines, this initial ex-post study concludes that based on several key indicators the country has not suffered major adjustment costs...

The paper evaluates the feasibility of sectoral liberalization of environmental goods for the Asia-Pacific Economic Cooperation (APEC). Using the model originally developed by Wonnacott, it argues for the liberalization of goods predominantly supplied by APEC members, thereby minimizing the free...

This paper evaluates the impact of globalization on tax bases of countries at varying stages of development. We see globalization as a process that induces countries to embrace greater trade and financial integration. This in turn should shift their tax revenue from easy to collect taxes...