Asian economic integration: a perspective on South Asia

This paper argues in favor of open regionalism and continent-based integration in Asia. These are the effective instruments of outward-oriented development. The enlargement of trading blocs into continent-based integration also serves as a countervailing power to stem the excesses of economic globalism. The case made in the paper shows the need for institutional changes for promoting economic development. Institutional changes along with open regionalism are essential to enhancing outward-oriented development in South Asia. Respectable progress has been made in these areas across the continents in general, and in Asia in particular (ASEAN, SAARC, APEC). Efforts on these initiatives must be redoubled as we start the 21st century.     

Bangladesh's trade and economic relations with the socialist countries

After her independence in 1971, the economic relations between Bangladesh and the European socialist countries developed to a greater extent than before. But the socialist countries still remain relatively small trading partners of Bangladesh. Their share in the total aid received by the heavily aid-dependent Bangladesh has also not been very great. It is not possible to arrive at any precise estimate of the terms of trade and aid between Bangladesh and the socialist countries, but some rudimentary measurements show that they are unlikely to have been very different from those between Bangladesh and the rest of the world.     

Equilibrium in abstract economies without ordered preferences and with a measure space of agents

We report a generalization of Aumann's (1966) existence theorem to economies without ordered preferences and with externalities in consumption. Our work can alternatively be viewed as a generalization of the Shafer–Sonnenschein (1975) theorem to economies with a continuum of agents.     

Determinants of corporate social disclosure: Empirical evidence from Bangladesh

We explore the potential firm and industry characteristics that determine the corporate social responsibility (CSR) disclosure practises by Bangladeshi listed firms. We use a CSR disclosure checklist to measure the extent of CSR disclosure in the annual reports and a multiple regression analysis to examine the determinants of CSR disclosure. Our study finds that CSR disclosure has positive and significant relationships with export-oriented sector, firm size and types of industries. We also find a negative relationship between CSR disclosure and family ownership. The overall findings of our study provide empirical evidence which suggests that a number of firm and industry characteristics are important determinants of the extent of CSR disclosures in a developing country like Bangladesh. Our findings can help the policy makers to adopt necessary regulatory reform to improve the CSR practises and enhance organisational legitimacy.     

Can financial literacy reduce anxiety about life in old age?

This study examines the role of financial literacy in reducing anxiety about life in old age. We hypothesize that financial literacy increases preparedness for old age through better savings and investment decisions, leading to the accumulation of more assets and earning more income, which enhances financial capacity and reduces anxiety. Using data from a nationwide panel survey in Japan, we provide evidence that financial literacy can reduce anxiety about life in old age by making people capable of accumulating more assets and earning more income. Moreover, the interaction of financial literacy with age and spouse reduces anxiety, while living with children increases anxiety about life during old age. We check the robustness of our results using an alternative measure of financial literacy, changing composition of the sample, controlling for residents’ geographical dispersion, and testing for endogeneity bias. The major findings remain unchanged after considering these factors.     

The Social Impact of Tourism on Singapore

The article attempts to study the social consequences of tourism in Singapore by undertaking a sample survey, which involved about 500 households selected from four main tourist areas of the city-state. The results indicate that the Singaporeans largely benefited from overseas visitors. Tourism helped to promote cultural diversity, a sense of cleanliness, and a feeling of pride in Singapore. It also helped improve various infrastructural facilities and quality of services in general. The social costs of tourism were found to be rather minimal.     

Roles of Public Capital in Pakistan's Economy: Productivity, Investment and Growth Analysis

This study analyzes the role of public capital in Pakistan's economy, tracing the relationship between productivity of public capital and economic growth. We estimate a production function, with public capital as an inputs. The results indicate that the productivity (output elasticity) of aggregate as well as different components of public capital are sufficiently high. We also analyze substitutability and complementarity between public and private capital by estimating investment functions, revealing that public capital has worked as a substitute for private investment. The net effect of public capital on the national economy is analyzed by estimating reduced forms, with the result that public capital has a positive net effect on national product. The growth analysis shows that the contribution of public capital is declining over time.     

MACROECONOMIC ADJUSTMENT IN DEVELOPING COUNTRIES: A POLICY PERSPECTIVE

A comprehensive macroeconomic adjustment program is expectedto have the following objectives: a sustainable current accountposition, a stable and high rate of economic growth that wouldallow for a steady rise in per capita consumption, a reducedrate of inflation, and a manageable level of foreign debt. Thepackage designed to meet these objectives would typically includepolicy measures that simultatenously restrain aggregate demandand increase the availability of resources. These policies maybe grouped as follows: demand-management policies, structuralpolicies, exchange rate policies, and external financing policies.This article describes how these policies can be expected toachieve the goal of macroeconomic adjustment. The focus is primarilyon the theoretical and empirical links between policy instrumentsand ultimate objectives. An examination of these links is necessarybefore issues of the appropriate mix of demand-management, structural,exchange rate, and external policies, and the sequencing ofthese policies in a program, can be properly addressed.