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ABSTRACT We examine the impact of public infrastructure on the productivity performance of Philippine agriculture by applying a translog cost-based model to the regional agricultural data for years 1974–2000. From our results, public... more

ABSTRACT We examine the impact of public infrastructure on the productivity performance of Philippine agriculture by applying a translog cost-based model to the regional agricultural data for years 1974–2000. From our results, public infrastructure reduces production cost, thereby enhancing productivity growth in Philippine agriculture. In terms of TFP decomposition, public infrastructure is noted to contribute significantly to productivity growth during the late 1970s, although its contribution is observed to be declining in the 1980s but recovering in the 1990s. The decline had been triggered by the reduced provision of public infrastructure. On the other hand, the improvement in its contribution in recent years has not helped reverse the overall decline of productivity growth. In this paper, we establish the importance of roads in terms of altering input demand and enhancing productivity in Philippine agriculture.

Exxon Mobil and ConocoPhillips stock price has been predicted using the difference between core and headline CPI in the United States. Linear trends in the CPI difference allow accurate prediction of the prices at a five to ten-year... more

Exxon Mobil and ConocoPhillips stock price has been predicted using the difference between core and headline CPI in the United States. Linear trends in the CPI difference allow accurate prediction of the prices at a five to ten-year horizon.

Tourism industry has become an important sector for both developed and developing countries. Accordingly, this paper investigates the tourism-headed output hypothesis for 14 Asian countries for period 2000-2012. To account for econometric... more

Tourism industry has become an important sector for both developed and developing countries. Accordingly, this paper investigates the tourism-headed output hypothesis for 14 Asian countries for period 2000-2012. To account for econometric concerns of auto-correlation and heteroskedasticity, random effects with generalized least squares is used for estimation. The effect of tourism on national income is found positive. Results reveal a significant relation between national income and tourism. Recommendations are made to policy attention and investment direction towards tourism sector to benefit from its macroeconomic contributions.

This paper is an empirical study of the intraday liquidity patterns on the National Stock Exchange (NSE) of India. Using trade and quotes data on stocks contained in the NIFTY index, we find that most of the volume and spread related to... more

This paper is an empirical study of the intraday liquidity patterns on the National Stock Exchange (NSE) of India. Using trade and quotes data on stocks contained in the NIFTY index, we find that most of the volume and spread related to liquidity measures are U-shaped, similar to those found in a quote driven market. Such patterns also indicate a contradictory feature of concurrent high trading volume and wide spreads, a feature that is new to an order driven market such as the NSE. Additionally, this paper also measures marketwise liquidity by checking for commonality among liquidity measures. Empirical results show that there is only weak evidence of commonality, suggesting sensitivity to commonality need not be a priced risk.

Abstract: ASEAN member states (AMSs) intend to establish the ASEAN Community by 2015. A key component of this goal is the formation of the ASEAN Economic Community (AEC). The AEC Blueprint was initiated to facilitate and monitor the... more

Abstract: ASEAN member states (AMSs) intend to establish the ASEAN Community by 2015. A key component of this goal is the formation of the ASEAN Economic Community (AEC). The AEC Blueprint was initiated to facilitate and monitor the implementation of the AEC during the period 2008-2015. Competition policy will play an important role in the achievement of the AEC. There has been significant progress in regional cooperation to achieve the competition policy targets listed in the AEC Blueprint. Even though only half of AMSs have implemented competition laws, regional cooperation in this area has been fairly strong. The main emphasis has been on publishing regional guidelines and a handbook on competition policy in ASEAN as well as capacity building activities. There needs to be a renewed impetus to implement national competition laws in AMSs that have not done so. There also remain significant opportunities for enforcement cooperation and pooling of resources for capacity building in c...

The contribution of contemporary art practices for Timor-Leste’s national building is highly significant. Especially since the restoration of independence in 2002, both the authorities and the population have been promoting the... more

The contribution of contemporary art practices for Timor-Leste’s national building is highly significant. Especially since the restoration of independence in 2002, both the authorities and the population have been promoting the consolidation of national identity. The change of political landscape has provided the artistic community with a valuable opportunity to identify and propose values, trends, and community symbols of the new nation. Artists have successfully forged a space of artistic and political intervention, but their input has largely been segregated from broader nation-building efforts that characterize those promoted by the official authorities. This ghettoization has enabled artists to maintain a free discourse, imbued with notions of the avant-garde. Yet, their critical messages have not reached local authorities. Instead, their impact remained mostly confined to the attention granted by the international community residing in the country as well as the artist community itself.

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