Policy initiatives and firms’ access to external finance: Evidence from a panel of emerging Asian economies

This paper analyses the impact of policy initiatives co-ordinated by Asian national governments on firms' access to external finance, using a unique firm-level database of eight Asian countries- Hong Kong SAR, Indonesia, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand over the period of 1996-2012. Using a difference-indifferences approach and controlling for firm-level and macroeconomic factors, the results show a significant impact of policy on firms' access to external finance. After splitting firms into constrained and unconstrained, using several criteria, the results document that unconstrained firms benefited significantly in obtaining external finance, compared to their constrained counterparts. Finally, we show that the increase in access to external finance after the policy initiative helped firms to raise their investment spending, especially for unconstrained firms.

Influencia de la exploración y el almacenamiento de petróleo y gas natural en la relación de las organizaciones con las comunidades

El presente trabajo pretendía investigar y analizar el funcionamiento del mercado de hidrocarburos y gas natural, en busca de determinar la Influencia de la exploración y el almacenamiento de petróleo y gas natural en la relación de las organizaciones con las comunidades. Teniendo en cuenta el concepto de comunidad a partir del marketing relacional donde la comunidad se refiere a los consumidores y el entorno en el cual están inmersos. En este contexto se definieron los principales actores que participan en la relación comercial, el tipo de relación presente entre ellos y todos los factores que intervienen en desarrollo de esta relación que cada vez es más inestable y de corto plazo. Al finalizar esta investigación se reunió información acerca de las relaciones comerciales en el mercado de hidrocarburos, que servirán de fundamento para investigaciones futuras que permitirán plantear alternativas para sobrellevar la incertidumbre de este mercado y de esa manera lograr desarrollar una relación más confiable y duradera entre las organizaciones y las comunidades que intervienen en el proceso comercial. Debido a que aunque existe gran diversidad estrategias que pueden ser implementadas para mantener una relación estable, estas en la mayor parte de los casos no son utilizadas.

Utilidad de la relación estratégica comunitaria y el marketing en el sector de extracción de petróleo crudo y gas natural

El presente trabajo pretende investigar y analizar la utilidad de las relaciones estratégicas comunitarias y el marketing en el sector de extracción de petróleo crudo y gas natural. El mercadeo juega un papel importante a la hora de vender cualquier tipo de producto o servicio. Dependiendo de las características de cada sector, las estrategias de mercadeo pueden llegar a ser más o menos útiles y/o efectivas que otras. Por esta razón, esta investigación pretende analizar la utilidad de las estrategias de marketing comunitario y marketing en el sector de extracción de petróleo crudo y gas natural. La forma de llegar a esa respuesta, puede hallarse por medio de tres caminos: el primero de ellos es encontrar y analizar las características del sector, el segundo es identificar cuáles son las estrategias que están utilizando las empresas que operan este campo, y por último, consistiría en analizar la utilidad de integrar el concepto de relación estratégica comunitaria y marketing al sector de extracción de petróleo crudo y gas natural, en cuanto a los beneficios que el marketing comunitario le traería al sector de interés. El sector de petróleo crudo y gas natural es uno de los más importantes en la economía global y sus clientes son numerosos y totalmente heterogéneos. El mercadeo se vuelve muy complejo para esta industria ya que al tener tipos de clientes tan distintos se dificulta alcanzar las expectativas de cada uno de ellos con una misma estrategia y por supuesto la forma de vender un producto es más compleja. Estos factores mencionados anteriormente están generando relaciones entre empresas y clientes totalmente transaccionales de corto plazo, y es ahí donde se cree que la inclusión de mercadeo relacional y estrategias de mercadeo relacional pueden ser de utilidad para el sector, generando desarrollo y beneficios mutuos tanto para clientes como empresas.

The G-20 in the aftermath of the crisis: a Euro-Asian view. Bruegel Policy Brief, 24 March 2009

In 2009 the global economy switched from recession to recovery. However, the pace of the recovery has been very different in different parts of the world, with the divergence between emerging and mature economies becoming greater than expected. Europe and emerging Asia are in this respect in clearly opposite situations, while the Japanese situation is closer to that of Europe than to those of its neighbours (Figure 1 on the next page).

Is chytridiomycosis an emerging infectious disease in Asia?

The disease chytridiomycosis, caused by the fungus Batrachochytrium dendrobatidis (Bd), has caused dramatic amphibian population declines and extinctions in Australia, Central and North America, and Europe. Bd is associated with >200 species extinctions of amphibians, but not all species that become infected are susceptible to the disease. Specifically, Bd has rapidly emerged in some areas of the world, such as in Australia, USA, and throughout Central and South America, causing population and species collapse. The mechanism behind the rapid global emergence of the disease is poorly understood, in part due to an incomplete picture of the global distribution of Bd. At present, there is a considerable amount of geographic bias in survey effort for Bd, with Asia being the most neglected continent. To date, Bd surveys have been published for few Asian countries, and infected amphibians have been reported only from Indonesia, South Korea, China and Japan. Thus far, there have been no substantiated reports of enigmatic or suspected disease-caused population declines of the kind that has been attributed to Bd in other areas. In order to gain a more detailed picture of the distribution of Bd in Asia, we undertook a widespread, opportunistic survey of over 3,000 amphibians for Bd throughout Asia and adjoining Papua New Guinea. Survey sites spanned 15 countries, approximately 36° latitude, 111° longitude, and over 2000 m in elevation. Bd prevalence was very low throughout our survey area (2.35% overall) and infected animals were not clumped as would be expected in epizootic events. This suggests that Bd is either newly emerging in Asia, endemic at low prevalence, or that some other ecological factor is preventing Bd from fully invading Asian amphibians. The current observed pattern in Asia differs from that in many other parts of the world.

On performance persistence in emerging markets: Empirical evidence from Asia-Pacific

The purpose of this study is to investigate the performance persistence of international mutual funds, employing a data sample which includes 2,168 European mutual funds investing in Asia-Pacific region; Japan excluded. Also, a number of performance measures is tested and compared, and especially, this study tries to find out whether iterative Bayesian procedure can be used to provide more accurate predictions on future performance. Finally, this study examines whether the cross-section of mutual fund returns can be explained with simple accounting variables and market risk. To exclude the effect of the Asian currency crisis in 1997, the studied time period includes years from 1999 to 2007. The overall results showed significant performance persistence for repeating winners when performance was tested with contingency tables. Also the annualized alpha spreads between the top and bottom portfolios were more than ten percent at their highest. Nevertheless, the results do not confirm the improved prediction accuracy of the Bayesian alphas.

Germination ecology of Rhynchosia capitata: an emerging summer weed in Asia

Rhynchosia capitata is becoming an increasing problem in summer crops, such as cotton, soybean, pearl millet and mungbean in many Asian countries. Laboratory and greenhouse studies have been conducted to determine the effects of several environmental factors on seed germination patterns and seedling emergence of R. capitata. We investigated whether the diverse ecological factors such as temperature, light, salinity, moisture stress, pH, and soil depth affected germination and seedling emergence of R. capitata. Germination increased as temperature increased from 25ºC and significantly reduced at 45ºC. Presence or absence of light did not influence germination. Germination of R. capitata was sensitive to increased salt and moisture stress, as well as to seed burial depth. Only 48% of seeds germinated at 150 mM salt concentration compared to 100% in control (distilled water). Similarly, 15% of seeds germinated at an osmotic potential of ‑0.8 MPa compared to 88% at ‑0.2 MPa. The optimum pH for seed germination of R. capitata was 7 (98% germination), but the seeds also germinated at lower level of pH 5 (85%) and at higher level of pH 10 (75%). In seed burial trial, maximum seedling emergence of 93% occurred at 2 cm depth, and seedling did not emerge from a depth of 12 cm. The high germination ability of R. capitata under a wide range of ecological factors suggests that this species is likely to be the one to cause more problems in a near future, if not managed appropriately.

Assessing the Competitive Ability of Rhynchosia capitata; an Emerging Summer Weed in Asia

Rhynchosia capitata is a newly emerging threatening weed of summer crops in many Asian countries. We conducted 2-yr experiments to evaluate R. capitata competition with mungbean under irrigated conditions. Rhynchosia capitata was allowed to compete with mungbean for 0, 3, 4, 5, 6, 7 weeks after planting and for full crop season. The competitive ability of R. capitata was assessed by measuring its dry weight, micro and macro nutrient contents and uptake; and its effects on mungbean growth and yield parameters. The results showed that full season weed competition produced highest dry weight of R. capitata and its macro and micronutrient contents and uptake. Yield and yield components of mungbean decreased in a linear fashion with increase in competition period of Rhynchosia capitata. Full season competition of R. capitata reduced the seed yield of mungbean by 49% and 46% during 2011 and 2012 respectively. In conclusion, damaging effect of R. capitata intrusion on mungbean yield is associated with duration of its presence in crop, accumulation of dry matter and the nutrient uptake by R. capitata, which otherwise should be available to crop.

Banking Sector Soundness, Innovation, and Development: Emerging Europe and South Asia. ACES Working Papers, 2012

While most academic and practitioner researchers agree that a country’s commercial banking sector’s soundness is a very significant indicator of a country’s financial market health, there is considerably less agreement and substantial confusion surrounding what constitutes a healthy bank in the aftermath of 2007+ financial crisis. Global banks’ balance sheets, corporate governance, management compensation and bonuses, toxic assets, and risky behavior are all under scrutiny as academics and regulators alike are trying to quantify what are “healthy, safe and good practices” for these various elements of banking. The current need to quantify, measure, evaluate, and compare is driven by the desire to spot troubled banks, “bad and risky” behavior, and prevent real damage and contagion in the financial markets, investors, and tax payers as it did in the recent crisis. Moreover, future financial crisis has taken on a new urgency as vast amounts of capital flows (over $1 trillion) are being redirected to emerging markets. This study differs from existing methods in the literature as it entail designing, constructing, and validating a critical dimension of financial innovation in respect to the eight developing countries in the South Asia region as well as eight countries in emerging Europe at the country level for the period 2001 – 2008, with regional and systemic differentials taken into account. Preliminary findings reveal that higher stages of payment systems development have generated efficiency gains by reducing the settlement risk and improving financial intermediation; such efficiency gains are viewed as positive financial innovations and positively impact the banking soundness. Potential EU candidate countries: Albania; Montenegro; Serbia

Emerging viral diseases of South-East Asia and the Western Pacific: A brief review

Over the past 6 years, a number of zoonotic and vectorborne viral diseases have emerged in Southeast Asia and the Western Pacific. Vectorborne disease agents discussed in this article include Japanese encephalitis, Barmah Forest, Ross River, and Chikungunya viruses. However, most emerging viruses have been zoonotic, with fruit bats, including flying fox species as the probable wildlife hosts, and these will be discussed as well. The first of these disease agents to emerge was Hendra virus, formerly called equine morbillivirus. This was followed by outbreaks caused by a rabies-related virus, Australian bat lyssavirus, and a virus associated with porcine stillbirths and malformations, Menangle virus. Nipah virus caused an outbreak of fatal pneumonia in pigs and encephalitis in humans in the Malay Peninsula. Most recently, Tioman virus has been isolated from flying foxes, but it has not yet been associated with animal or human disease. Of nonzoonotic viruses, the most important regionally have been enterovirus 71 and HIV.

The role of overseas Chinese investment in the emerging countries of Southeast and East Asia: A Confucian model of the foreign direct investment decision-making process using factors unconsidered in the West

The purpose of this study was to gain a better understanding of the foreign direct investment location decision making process through the examination of non-Western investors and their investment strategies in non-traditional markets. This was accomplished through in-depth personal interviews with 50 Overseas Chinese business owners and executives in several different industries from Hong Kong, Singapore, Taiwan, Malaysia, and Thailand about 97 separate investment projects in Southeast and East Asia, including The Philippines, Malaysia, Hong Kong, Singapore, Vietnam, India, Pakistan, South Korea, Australia, Indonesia, Cambodia, Thailand, Burma, Taiwan, and Mainland China.^ Traditional factors utilized in Western models of the foreign direct investment decision making process are reviewed, as well as literature on Asian management systems and the current state of business practices in emerging countries of Southeast and East Asia. Because of the lack of institutionalization in these markets and the strong influences of Confucian and patriarchal value systems on the Overseas Chinese, it was suspected that while some aspects of Western rational economic models of foreign direct investment are utilized, these models are insufficient in this context, and thus are not fully generalizable to the unique conditions of the Overseas Chinese business network in the region without further modification.^ Thus, other factors based on a Confucian value system need to be integrated into these models. Results from the analysis of structured interviews suggest Overseas Chinese businesses rely more heavily on their network and traditional Confucian values than rational economic factors when making their foreign direct investment location decisions in emerging countries in Asia. This effect is moderated by the firm's industry and the age of the firm's owners. ^