ECONOMIC INTEGRATION AND ENDOGENOUS GROWTH: AN EXPLANATION USING AK MODEL

Abstract: This research investigates the impacts of economic integration on endogenous growth by an application of the AK learning-by-doing model. Assuming that the knowledge that increases the productivity of labor will be created by accumulated capital, we divide economic integration into two different categories: one-way and two-way integration. The results show that two identical countries cannot have any benefits from economic integration. If two countries are different, the domestic country should only integrate with foreign countries that have a lower cost of capital of wage, or higher learning coefficient (the speed of transferring accumulated capital to knowledge) in the case of one-way integration. The same conclusion is still drawn in the case of two-way integration for two similar countries.Keywords: economic integration, endogenous growth, AK mode

FLIGHT-TO-QUALITY OR CONTAGION DURING U.S. SUBPRIME CRISIS: EVIDENCE FROM VIETNAM’S FINANCIAL MARKETS

Abstract: This study investigates whether contagion or flight-to-quality occurred in Vietnam’s financial markets during the US subprime crisis in 2007. We apply the asymmetric dynamic conditional correlation model (ADCC-GARCH (1,1)) to daily stock-index and bond index returns of Vietnam’s and US stock markets. We test for contagion or flight-to-quality by using a test for difference in dynamic conditional correlation means. The results show a contagion between the US and Vietnam’s stock markets, confirming the widespread influence of the US stock market on a young market like Vietnam. This result suggests a low benefit from diversification for investors holding portfolios containing assets in Vietnam’s stock market and US stock market during the crisis. Moreover, the relationship between Vietnam’s stock and bond markets represents a flight-to-quality during the US subprime crisis. This finding shows that the investors tend to hold less risky assets, i.e., bonds, instead of stocks during this turbulent period in Vietnam.Keywords: international financial contagion, flight-to-quality, Vietnam, US subprime crisis, ADCC-GARC

NOISE TRADER RISK: EVIDENCE FROM VIETNAM STOCK MARKET

Abstract: This paper investigates the existence of noise trader risk in Vietnam’s stock market and its effect on the daily returns of stock prices. The methodologies contain the estimation of GARCH (1,1) model to filter the residuals using the moving average method to calculate the impact of information traders. Noise trader risk or the risk that is caused by noise traders is derived by subtracting the residuals by the rational traders’ impact. We find that the noise trader risk does exist in Vietnam’s stock market and its impact on daily returns of stocks is unpredictable. Meanwhile, we find a positive impact of information traders on the stock returns. It increases the daily stock returns, and in turn, helps the market to correct itself because the stock prices move back to its fundamental value.Keywords: noise trader risk, GARCH (1,1), Vietnam’s stock marke

Willingness to adopt improved shrimp aquaculture practices in Vietnam

The shrimp industry plays a leading role in aquaculture development in Vietnam. Currently, the government is running a credit subsidy program to support farmers investing in improved production methods. This paper aimed to investigate white-legged shrimp farmers’ willingness to invest in improved production methods and to examine whether the current government policy for the sector is in line with farmers’ preferences using a discrete choice experiment. The results show that farmers do not care about the environmental impacts but emphasize increased yields and more successful crops as the main drivers of their willingness to invest. There is a mismatch between the current subsidized interest rate and farmers’ required interest rate. These findings suggest that to promote better investment in improved production methods, the government should focus on the regulatory framework, monitoring and control of environmental impacts, and reevaluate the size of the credit subsidy.acceptedVersio

Effects of guava (Psidium guajava L.) and bhumi amla (Phyllanthus amarus Chum et Thonn) extracts on haematological parameters and oxidative stress of striped catfish (Pangasianodon hypophthalmus) fingerlings exposed to high-temperature stress

Effects of guava (Psidium guajava L.) and bhumi amla (Phyllanthus amarus Chum et Thonn) on haematology and thermal stress mitigation of striped catfish (Pangasianodon hypophthalmus) were investigated. In a 42-day trial, fish were administered 4 diets as control (without extract), 0.2% P. guajava (Pg0.2), 0.5% P. amarus (Pa0.5), and a mixture of Pg0.2 and Pa0.5 (Mix). Fish were then subjected to temperatures of 27°C, 31°C, and 35°C for another 42 days. Haematological parameters were highest at 35°C, but these parameters were not significantly different from values recorded at 31°C on day 14 post-temperature challenge. The Pg0.2 diet modified red blood cells, haematocrit, and haemoglobin (p<0.05). The lowest glucose concentration was recorded in Pg0.2 (57.4±1.34 mg/100 mL) and Mix (58.9±1.87 mg/100 mL) groups after 14 days of thermal exposure. Glucose concentration surged on the third-day post-temperature challenge, then declined, and was maintained at 35°C until the end of the experiment which was not significant if compared to those at 27°C. Pg0.2 and Mix diets significantly reduced lipid peroxidation and enhanced catalase in gill and liver after 42 days. In the case average water temperature in the Mekong Delta remains below 35°C, the feeding diets for P. hypophthalmus administered Pg0.2 or..

Cider Production from King Mandarin (Citrus nobilis Lour.) and Its Antioxidant Activity

With the necessity of diversifying alcoholic beverages, cider has become a kind of drink that can fulfill this demand. This is because the cider will be diversified depending on the kinds of fruit that are chosen to be used for the cider fermentation. Therefore, this study aims to investigate the effects of dilution ratio, Brix, pH, and yeast concentration on the production of cider from king mandarin (Citrus nobilis Lour.), and to evaluate the analytical characteristics and antioxidant activity of the product. After the investigation, it can be claimed that the dilution of the juice causes the ethanol content to decrease, whereas the increase of Brix, pH, and yeast concentration makes the ethanol content increase. However, the proportional increase in the ethanol content with Brix, pH, and yeast concentration has its limitations. Specifically, when the Brix and the yeast concentrations were, respectively, higher than 16°Brix and 0.04%, the ethanol content tended to maintain the same. This is also the same when the pH was lower than 4.5. In addition, by using the DPPH and ABTS●+ methods, the antioxidant activity of cider is estimated to be lower than the one of the juice before fermentation, which is smaller than 3.78 times for the DPPH method and 3.76 times for the ABTS●+ method

Dry Eyes Status on Des Scale and Related Factors in Outpatients at Vietnam National Institute of Ophthalmology

BACKGROUND: Dry eye (DE) can effect on quality of life by pain, inability to perform certain activities that require prolonged attention (driving, reading,…) and productivity at work and finally effect to Q0L associated with DE. OSDI is scale questionnaire is created team to measure the quality of life related to ocular surface disease. AIM: To describe the dry eye disease according to OSDI scale and related factors of this disease. METHODS: A cross-sectional descriptive study was carried out on outpatients (≥ 16-year-old) who were examined and diagnosed with dry eyes at Vietnam National Institute Of Ophthalmology from April to July 2018. Data was collected using the OSDI questionnaire. RESULTS: The average age of participants was 44.6 years; 80.9% of patients were female; 39.9% were identified having mild dry eye. The related factors have been identified that associated with severe dry eye, including age OR = 1.03 (95%CI: 1.01-1.05, p = 0.005), binocular good vision OR = 0.11 (95%CI: 0.05-0.23; p &lt; 0.0001), medical history OR = 17.09 (95%CI: 2.24-130.25; p &lt; 0.0001), chronic conjunctivitis OR = 0.36 (95%CI: 0.14-0.91; p = 0.027), refractive errors OR = 0.14 (95%CI: 0.04-0.48; p &lt; 0.0001), Sjogren's syndrome OR = 31.13 (95%CI: 7.08-136.76; p &lt; 0.0001). CONCLUSION: Several related factors have been identified associated with severe dry eye, including: age, binocular good vision, medical history, chronic conjunctivitis, refractive errors, Sjogren's syndrome