Foreign exchange market efficiency under recent crises: Asia-Pacific focus

The Asia-Pacific region’s currency markets are generally efficient within-country when tested using the 30 and 31 cointegration technique whereas market efficiency fails to hold when tested using Fama’s (1984) conventional regression. Using the Pilbeam and Olmo (2011) model, we reconcile these conflicting findings. The Pilbeam and Olmo (2011) model confirms within-country market efficiency. It further confirms that free-float currency markets are more resilient than managed-float currency markets among 12 Asia-Pacific economies. From the across-country perspective, the foreign exchange markets are mostly efficient and the results show that the 1997–1998 Asian financial crisis was a more disturbing event than the 2008–2009 global financial crisis in the region.     

How anticipated regret influences the effect of economic animosity on consumers’ reactions towards a foreign product

We use regret theory to explain the negative effect of economic animosity on consumers’ reactions towards a foreign product (i.e., product judgment and reluctant to buy). We conduct our study in Taiwan by collecting data via an online survey. Our results show that consumers’ economic animosity increases their anticipated regret towards purchasing a foreign product originating from a target market of animosity. Specifically, anticipated regret is found to mediate the link between economic animosity and foreign product judgment, which in turns affects consumers’ reluctance to buy. Our study is the first to consider the role of anticipated regret in explaining the negative effect of economic animosity on consumers’ reactions towards a foreign product. We also contribute to research by introducing two antecedents of economic animosity: perceived economic competition and consumer ethnocentrism.     

Exchange rate policy in the pacific: an evaluation of currency basket regimes

The Pacific island countries have opted for exchange rate regimes with varying degrees of flexibility. Whereas several microstates have adopted an external currency as their legal tender, others have decided to use a basket currency, and yet others have chosen a managed float. The choice of exchange rate regime can have far reaching economic consequences. In the paper, we study the basket currency arrangements by Fiji, Samoa, the Solomon Islands, and Tonga. We first build a new four‐country exchange rate model that illustrates how monetary authorities should best determine the weights of the basket currencies given certain macroeconomic objective functions. In this model, we explicitly include tourism flows. In the second part of the paper, we estimate the de facto weights of foreign currencies in the currency basket of the four countries. We show how the composition has changed amid the global financial crisis. Finally, we demonstrate that the current weights are not optimal compared with the predictions of our model.     

Analysis of School Enrollment in Ghana: A Sequential Approach

In this paper, we depart from the standard way of analyzing school enrollment by accounting explicitly for educational selectivity in order to examine the determinants of child school enrollment in Ghana. Using data from the Ghana Living Standard Survey round 6 (GLSS 6), we estimate a three‐step sequential logit model for the determinants of secondary school enrollment and its dependence on completing primary school. We find that family resources such as parental education, household income and the gender of the head of the household play a role in households' child schooling decisions. Educated parents are relatively more likely to enroll their children in primary school and keep them in school until they complete primary education. As well, we show that educated parents do not promote a gender‐biased investment in the schooling of children at the primary level. While household welfare does not influence children's entry into primary school importantly, their completion of primary school depends on household welfare. The study sheds more light on the pro‐male bias phenomenon regarding entry into primary school and primary school completion. Policies to promote the achievement of Sustainable Development Goal 4 in Ghana must be grade sensitive.     

Developing environmental performance measures for tourism using a Tourism Satellite Accounts approach: a pilot study of the accommodation industry in Egypt

Considering the recognized pressures of tourism on the natural environment, it is important to quantify and understand those pressures. This paper adopts an approach based on the Tourism Satellite Accounts conceptual framework to measure selected environmental pressures of tourism. Egypt is selected for the case study and the accommodation industry group is used as a pilot test (reference year 2009) for the feasibility of the proposed methodology. Results show that each US$ 1 million of direct value added supported by tourists expenditure in the accommodation industry group requires 18.6 thousand m³ of water, 51.1 tons of fuel, and 426 megawatt hours (Mwh) of electricity. Similarly, each US$ 1 million of the direct value added generated by tourists expenditure for accommodation creates directly about 464.3 tons of CO₂ emissions. It is estimated that serving inbound tourism is a higher user of energy resources than serving domestic tourism, which is higher in terms of water use. These environmental performance measures enable the Egyptian Government to examine the potential environmental pressures and financial costs of attracting new tourists.     

EVALUATION OF HAITIAN AGRICULTURAL DEVELOPMENT WITH THE USE OF PRINCIPAL COMPONENTS

Considerable experimental agricultural development efforts have been undertaken in Haiti (Zurekas, 1978, pp. 80–120). Many of the Haitian programmes have been directed toward development through intensive extension efforts with the primary purpose of providing local producers with improved production and management techniques. Frequently such experiments are localised and designed to emphasise the development methods while giving less consideration to evaluating the overall project performance. The Haitian Bas Boen region development project is a case in point (Prires, 1978, p. 76). In this paper the Bas Boen project is considered with the primary objective to show the relationship between production responses to intensive agricultural development programmes. A statistical technique using principal components is used to link production responses to those inputs changed through the extension efforts.