|
Contents
Notes and Memoranda
|
|
| |
|
|
|
Effects
of the Legislative Sessions on the Stock
Market: Evidence from Taiwan
CHIN- TSAl LIN AND
YI-HSIEN WANG
|
|
In this
paper we examine the relationship between
the politics and the financial market in
Taiwan. We deal with the effects of the
legislative sessions between the pre and
post-power change on the stock return and
volatility by the AR (3)-EGARCH (1,1)
model from February 24, 1984 to January
14, 2003. The results provide empirical
evidence that neither returns nor
volatility of Taiwanese stock market are
significant at the 5% level when the
legislative assembly is in session. But
Taiwan stock market following a change of
power are significantly negative at the 5%
level, volatility of the Taiwanes stock
market following the change of power to
significantly exceed that previously at
the 5% level. Moreover, the effect of
legislative sessions posterior to the
cl1ange of power is significantly more
than the ones prior to the change of power
on the stock market return, but this
effect pre- and post- the change of power
does not significant on the stock market
volatility. This result can be attributed
to the development of the political
democratization of the Taiwan legislative
assembly, which remains immature. |
|
 Top |
|
| |
| |
|
Growth
Effects of Capital Account Liberalization:
Evidence From Vector Error Correction
Model of Nigeria
AJILORE,
OLUBANJO T AlWO
|
|
Theoretical
and empirical literature continued to
present conflicting thesis on the
desirability and consequences of capital
account liberalization, especially for
developing countries. The study focused at
verifying the growth effect of this
phenomenon for the Nigerian deregulated
economy. The paper uses the co-integration
and the associated error-correction
procedure on quarterly data on Nigeria for
the period 1986 (I) and 2000 (4) to
estimate a standard growth equation for
the Nigerian economy. The results from the
Augmented Dickey-Fuller (ADF) tests
confirmed that all variables are of random
walk; while the Johansen co-integration likelihood ratio test
establishes the presence of two co
integrating relationship among the
four-variables model. Consequence upon the
foregoing, an error-correction model was
developed which was shown to be well
specified relative to its own information
set and capable of parsimoniously
representing the data set. The findings
from this study confirmed that the surge
in inflow of foreign private capital that
occasioned the opening of the country
capital accounts in the late eighties have
had positive effects on growth performance
in Nigeria. This result runs contrary to
common positions in literature that
capital account liberalization is inimical
to economic performance for less developed
countries. |
|
Top |
|
| |
| |
|
Importance
of Knowledge Management for
Call Centres
ANJILA
SAXENA
|
|
Knowledge
Management (KM) is the concept in which an
enterprise gathers, organize, analyzes and
shares its knowledge in terms of
resources, documents and people skills. It
helps an organization in acquiring and
storing knowledge, in planning and
decision making. Call Centers provide many
business advantages, including improved
efficiency, increased hours of operation,
reduced costs and greater flexibility.
Perhaps, the greatest challenge of running
a call centre, however, is ensuring that
customers are provided with the right
information in a timely fashion. Knowledge
Management (KM) has a number of practical
tools and strategies for meeting this
challenge, and call centre managers have
much to gain by exploring KM principles. |
|
Top |
|
| |
| |
|
A
Computer Program for investment Appraisal
in Power Sector
URMILA
VERMA, N. P. SINGH AND R. K. TUTEJA
|
|
Visual Basic
macro based input module has been
developed for getting cash flow analysis
in context of investment appraisal. The
data entry is done through the spreadsheet
in different cells or by using the
function key for entering a formula. The
module developed is basically based on
creating windows foe data input user's
friendly prompts. Each and every window is
provided with a default value and mainly
consists of input parameters of a project
and their values considered for the
project period. The module has linkages
with several sub-modules for preparing the
cash flow analysis of a project investment
plan based on as many input parameters as
one can have and also the life cycle of
the project. |
|
Top |
|
| |
| |
|
The
Choice of Green Policies in Supply Chain
Contracts
CHUNG-CHIANG CHEN
|
|
The
awareness of public environmentalism has
forced firms to consider manufacturing
greener parts, materials, and services to
improve environmental performance. Most
multinational firms acknowledge the
necessity of the social responsibility to
perform green purchasing and extend their
activities beyond the traditional
obligations of economic profit seeking.
Therefore, they urge the suppliers to
provide green parts or products in the
supply chain contracts. In this paper, we
examine he supplier's responsive behaviors
to the external pressure demanded by the
buyers for greener production and examine
the effects of market scale,
environmentalism and technology progress
on the optimal greenness level of the
supplied products. The results show higher
environmentalism and better technology
provide a vital power to pressure firms in
adopting higher greenness level in product
design, but the market scale may' affect
the decisions of green policies in a
different way. |
|
Top |
|
| |
| |
|
New
Institutions and Economic Development: The
Significance of Governance and Social
Capital for Economic Growth
T.
LAKSHMANASAMY
|
|
This paper
presents a brief review of both the basic
and the expanded New Institutional
Economics and their relevance for economic
development. The early new institutional
economics, which emphasizes the role of
formal institutions like property rights
in reducing transaction costs has been
termed as 'old' new institutional
economics. The more recently identified
informal institutions like governance and
social capital that can substitute for the
absence of formal institutions not only in
reducing transaction costs but also in
contributing for economic growth has been
referred to as 'neo'-new institutional
economics. Though the early classical
institutionalists demonstrated how
institutional environment affects economic
development, the neoclassical growth
literature has ignored institutions as a
factor in economic growth. The more recent
endogenous growth theory has also failed
to recognize the role of institutions in
economic growth. The old new institutional
economics has concentrated more on the
political, economic and social
institutions in the form of property
rights, civil rights and legal
enforcement. The neo-new institutional
economics builds on the importance of
norms, networks, trust, and civic
engagement in strengthening transaction
agreements and informal contracts.
This review shows that the lesson of the
development experience of the last few
decades has been that both the market and
the state are complements to each other in
economic development. The market needs the
state to provide the institutional
environments for effective functioning and
the state needs the market for efficient
resource allocation. The state has to
provide the investment climate and the
regulatory institutions. For effective
economic development markets are central,
and in developing efficient markets,
institutions play an important role in how
markets are central, and in developing
efficient markets, institutions play an
important role in how markets affect
standards of living and help protect their
rights. In the case both market and
government failures, the community
arrangements to facilitate transactions
become operative. Development can not be
sensibly understood simply in terms of
growth of aggregates such as income per
capita; Development is about fundamental
change in economic and social structures.
The institutions provide inclusive and
integrated markets and ensure stable
growth. and strong institutions provide
opportunities for people and empower them.
For sustainable development in a dynamic
world institutions need to be improved at
many levels. Almost all societies have
invested considerably in their social
capital. The more recent growth literature
has attempted to incorporate the social
capital in basic growth equations. The
available few empirical evidences indicate
that social capital, measured in terms of
organizational memberships, is also a form
of investment and in fact social capital
contributes positively to economic growth. |
|
Top |
|
| |
| |
|
New
Perspectives on the Role of Banks: Not
Only Financial Intermediaries but Really
Solving Problems for Clients
MIAO-SHENG CHEN AND CHUAN-HSING HUANG
|
|
Conventional
Western banking theory defines the role of
banks as financial intermediaries,
emphasizing the function of banks to
bridge the demand and supply of capital.
As a service industry, banks should
undoubtedly strengthen the quality of
service. However, in practice, banks often
interpret quality in a superficial sense,
such as being friendly to clients,
simplifying procedures and expanding
branches, without a commitment to really
solving problems for clients. This paper
attempts to give new perspectives on the
role of banks with solving problems for
clients as a starting point. By
complementing the current cope of banking
services, this paper seeks to provide
ideas to further deepen the bondage banks
may develop with their clients. Given the
minority status of agriculture in Taiwan,
this paper explains how financial
institutions may solve the problems of
farmers by actively participating in
different stages in the production and
distribution process. This is used as an
example to shed light on the new
perspectives of banking functions, which
are then applied to commercial banks to
enhance their services to clients. |
|
Top |
|
| |
| |
|
Investment
Opportunities in Major and Medium
Irrigation in India: An Analysis
considering Unutilized Potential,
Efficiency and Cost
INDRANIL
DE
|
|
Expansion in
the Major and Medium (M. & M.) irrigation
has become necessary due to
overexploitation of groundwater through
minor irrigation. The major argument
behind expansion of M.& M. irrigation is
that it suffers from low utilization of
potential created, high cost, low recovery
of working expenses and environmental
damage. The paper argues that the
above-mentioned problems of M. & M.
irrigation are not uniform in all the
states of India. There are states with
huge amount of potential unutilized, and
conditions regarding utilization of
potential create
d and cost favourable to take an
expansionary policy in M. & M. irrigation.
The paper has also suggested policies for
M. & M. irrigation suitable for the states
under consideration. The paper argues that
participatory management in M. & M.
irrigation can take account the problem of
low utilization of potential created and
low cost recovery. Environmental issues
have not been discussed here. |
|
Top |
|
| |
| |
|
Value
Added Tax (VAT) in Retrospect and
Prospects: The Indian Experience
INDU
KUMARl TIWARI
|
|
Taxation has
continued to be one of the most important
sources of revenue for both the Central
and the State Governments in India.
Further, both the layers of Government
have depended more on indirect taxation,
especially in view of the low per capita
income of the masses. The cost
consideration also prohibit the collection
of direct taxes from majority of the
people. Under such a' situation increase
in revenue is more in case of indirect
taxes in India. In this context, it may be
pointed out that direct taxes constituted
2.31 percent of the G. D. P. in 1951-52,
while indirect taxes formed 4.68 percent
of the G. D. P. Indirect taxes have
continued to predominate in India's tax
structure, the percentage share of
indirect taxes in 2000-01 stood at 11.47
percent as against 3.46 percent in the
case of direct taxes. |
|
Top |
| |
