Productive efficiency and privatisation : an evaluation of Korean ports policy

Korea has experienced remarkable economic growth during the last four decades due to its trade-oriented development policy. Since the international trade of Korea is carried predominantly by sea transport, its ports play a pivotal role in national economic development. This impressive development in a short period of time has resulted in rapidly increasing seaborne cargoes. All the parties involved in port activities have made a significant effort to keep pace with the ever-growing export and import cargoes. Korean ports, however, still have a number of problems including insufficient port and terminal capacity, inefficient management and operation, and bureaucratic administration, all of which weaken the competitiveness of the country's products by adding heavy logistics costs. Th deal appropriately with these problems, the newly established public port authority, the Ministry of Maritime Affairs and Fisheries, has launched a new port and terminal development plan to attract private capital into both existing and new facilities. As a consequence, this scheme has introduced new competition into the Korean port industry combined with some degree of privatisation. The motives for privatisation are complex and varied, but one key claim made is that the transformation of ownership from public to private improves economic efficiency. Economic theories and existing empirical studies, however, fail to establish clear-cut evidence supporting this claim. This phenomenon may reflect, to some extent, a paucity of performance indicators systematically applicable across enterprises and industries. It is essential, therefore, to have a systematic and pragmatic analytical framework to assess the process of privatisation and its results. With this context in mind, this thesis aims to critically review the characteristics of international port privatisation together with the economic theory of privatisation, to apply a new econometric technique for efficiency measurement to a port: the frontier model, and to assess the policy implications for the Korean government and port authority, paying particular reference to the privatisation strategy and its implementation within the nation's seaports and terminals. This research makes an original contribution to knowledge in three respects: firstly, port privatisation, in particular the Korean case has, for the first time, been scientifically investigated on the basis of the economic theory of privatisation; secondly, the industry was analysed through the application of a recently developed econometric efficiency measurement method based on the estimation of two frontier models (i.e. cross-sectional and panel models); and finally, the results of the research undoubtedly provide government, port authority and other interested parties with information and guidelines for implementing the policy of port privatisation

Trends in Emerging Markets Finance, Institutions and Money

Since the waves of financial liberalization in the 1980s, emerging market economies have been accessible to foreign investors. Altogether, they contributed up to 43.8% of the global GDP in 2018, and many of them, such as China, India, Bangladesh, Philippines, Myanmar and Vietnam from 2010 to 2019, are among the fastest-growing economies in the world. Given the high economic growth, the assets issued by companies in emerging markets are viewed as a new set of investment opportunities for global investors and fund managers who seek to improve the risk-adjusted performance of their portfolios. In addition to their risky profile due to the lack of transparency as well as stable and matured institutions, their recent development path faces a number of challenges arising not only from the slow pace of economic reforms but also from their increased integration with the world. Geopolitical risks, the US–China trade wars, and rising policy uncertainty around the world are expected to reduce their growth potential and performance. This Special Issue dedicates special attention to the current dynamics of emerging financial markets, as well as their perspectives of development as a key driver for sustainable firms and economies. Accordingly, the focus is particularly placed on market integration and interdependence, valuations and risk management practices, and the financing means for inclusive growth

Mobilisation of Muslim financial resources for investment in the Malaysian capital market : an analysis of the Bumiputera investors.

SIGLEAvailable from British Library Document Supply Centre-DSC:DX189188 / BLDSC - British Library Document Supply CentreGBUnited Kingdo

SME default prediction: A systematic methodology-focused review

This study reviews the methodologies used in the literature to predict failure in small and medium-sized enterprises (SMEs). We identified 145 SMEs’ default prediction studies from 1972 to early 2023. We summarized the methods used in each study. The focus points are estimation methods, sample re-balancing methods, variable selection techniques, validation methods, and variables included in the literature. More than 1,200 factors used in failure prediction models have been identified, along with 54 unique feature selection techniques and 80 unique estimation methods. Over one-third of the studies do not use any feature selection method, and more than one-quarter use only in-sample validation. Our main recommendation for researchers is to use feature selection and validate results using hold-out samples or cross-validation. As an avenue for further research, we suggest in-depth empirical comparisons of estimation methods, feature selection techniques, and sample re-balancing methods based on some large and commonly used datasets.publishedVersio

Credit risk modeling for multilateral lenders

Financial crashes, bubbles, panic in the banking industry, currency crises and even sovereign defaults continue to occur periodically. Therefore, when international or multilateral lenders contemplate on lending credit to customers who are located in different countries, they require a meticulous method of analyzing every aspect to select the best customers, amongst numerous credit proposals from different countries. Moreover, while lending to selected customers, multilateral lenders need to take into account and consider the risk premium in their pricing methodology. Even after having selected sound customers, one should not neglect adequate loan loss provisions in order to safeguard themselves against unexpected changes in financial situations of customers. This may result in credit default. Although several credit scoring methodologies exist for calculating the risk of individuals and corporate customers, most of these methodologies are based on default history and there appears to be a lack of an appropriate methodology when faced with minimal credit default history. Usually, financial institutions and very large corporations are characterized by nil or a very low default history. Following this introduction, this dissertation aims to contribute towards these aspects in the form of three self-contained essays. The first chapter is concerned with determining the main factors, which affect the financial health of financial institutions. More specifically, this is undertaken by employing the two-way panel model and data from financial institutions in several Asian countries. The study attempts to determine bank specific and macro level factors affecting the financial soundness of these financial institutions. In the second chapter by following a similar approach of analysis, this study attempts to detect the main determinants of financial health for very large corporations. These corporations are another group of customers for multilateral lenders. In this case, data from very large corporations in Eastern European countries, which are characterized by their in-transition economies, are employed. Considering the dissertation's findings that are supportive of existing literature, the third chapter addresses the design of two credit scoring/rating models employing fuzzy logic methodology and based upon results from previous chapters. The scoring/rating results of the two models are then analyzed in comparison with the Capital Intelligence rating agency and stock exchange market performance results to assess robustness. This proves the relative robustness of our designed models. Overall, this thesis not only combines and investigates topical issues; moreover, it does so employing various techniques with the intention to contribute on the methodological level. The study is concluded by highlighting policy implications by providing direction for future research

Competition and Cooperation in Economics and Business

Asia and the Pacific have become the growth engine of the world economy with the contribution of two-third of the global growth. The book discusses current issues in economics, business, and accounting in which economic agents, as individuals, entrepreneurs and professionals, as well as countries in the Asia and Pacific regions compete and collaborate with each other and with the rest of the globe. Areas covered in the book include economic development and sustainability, labor market competition, Islamic economic and business, marketing, finance, accounting standard compliances, and taxation. It will help shed light on what business and economic scholars in regions have done in terms of research and knowledge development, as well as the new frontiers of research that have been explored and opening up

2020 SDSU Data Science Symposium Program

https://openprairie.sdstate.edu/ds_symposium_programs/1002/thumbnail.jp

Malaysian bilateral trade relations and economic growth

This paper examines the structure and trends of Malaysian bilateral exports and imports and then investigates whether these bilateral exports and imports have caused Malaysian economic growth. Although the structure of Malaysia’s trade has changed quite significantly over the last three decades, the direction of Malaysia’s trade remains generally the same. Broadly, ASEAN, the EU, East Asia, the US and Japan continue to be the Malaysia’s major trading partners. The Granger causality tests have shown that it is the bilateral imports that have caused economic growth in Malaysia rather than the bilateral exports