Does asymmetric information play a role in explaining the Asian crisis? Application to Indonesian and Malaysian cases using a two-state Markov Switching model

This paper aims at establishing a relationship between disparity of information and the probability of speculative attack in explaining the Asian crisis. We apply the general framework of Markov-Switching models to the differential of interest rates (DIR), subsequently in Indonesia and Malaysia. We allow dependency of the transition probabilities over the asymmetric information indicators. The Maximum Likelihood estimators results (MLE) are twofold: (1) an increase of information dispersion among speculators leads to a higher probability of a currency crisis (2) there is a significant asymmetric impact of information disparity as measured by the difference between fund price and Net Asset Value (NAV) on the transition probability in the case of Indonesia, while the hypothesis is rejected for Malaysia's case.Speculative attack, Global Games, Asymmetric information, Markov-Switching Models

Does asymmetric information play a role in explaining the Asian currency crisis? Application to Indonesian and Malaysian cases using a two-state Markov Switching model

This paper aims at establishing a relationship between disparity of information and the probability of speculative attack in explaining the Asian crisis. We apply the general framework of Markov-Switching models to the differential of interest rates (DIR), subsequently in Indonesia and Malaysia. We allow dependency of the transition probabilities over the asymmetric information indicators. The Maximum Likelihood estimators results (MLE) are twofold: (1) an increase of information dispersion among speculators leads to a higher probability of a currency crisis (2) there is a significant asymmetric impact of information disparity as measured by difference between fund price and Net Asset Value (NAV) on the transition probability in the case of Indonesia, while the hypothesis is rejected for Malaysia’s case.Speculative attack ; Global Games ; Asymmetric information ; Markov-Switching Models

Does asymmetric information play a role in explaining the Asian crisis? Application to Indonesian and Malaysian cases using a two-state Markov Switching model

This paper aims at establishing a relationship between disparity of information and the probability of speculative attack in explaining the Asian crisis. We apply the general framework of Markov-Switching models to the differential of interest rates (DIR), subsequently in Indonesia and Malaysia. We allow dependency of the transition probabilities over the asymmetric information indicators. The Maximum Likelihood estimators results (MLE) are twofold: (1) an increase of information dispersion among speculators leads to a higher probability of a currency crisis (2) there is a significant asymmetric impact of information disparity as measured by difference between fund price and Net Asset Value (NAV) on the transition probability in the case of Indonesia, while the hypothesis is rejected for Malaysia's case.Speculative attack, Global Games, Asymmetric information, Markov-Switching Models

Blind Carrier Phase Recovery for General 2{\pi}/M-rotationally Symmetric Constellations

This paper introduces a novel blind carrier phase recovery estimator for general 2{\Pi}/M-rotationally symmetric constellations. This estimation method is a generalization of the non-data-aided (NDA) nonlinear Phase Metric Method (PMM) estimator already designed for general quadrature amplitude constellations. This unbiased estimator is seen here as a fourth order PMM then generalized to Mth order (Mth PMM) in such manner that it covers general 2{\Pi}/M-rotationally symmetric constellations such as PAM, QAM, PSK. Simulation results demonstrate the good performance of this Mth PMM estimation algorithm against competitive blind phase estimators already published for various modulation systems of practical interest.Comment: 14 pages, 12 figures, International Journal of Wireless & Mobile Networks (IJWMN

Performance analysis of mixed Nakagami- m and Gamma–Gamma dual-hop FSO transmission systems

In this paper, we carry out a unified performance analysis of a dual-hop relay system over the asymmetric links composed of both radio-frequency (RF) and unified free-space optical (FSO) links under the effect of pointing errors. Both fixed and variable gain relay systems are studied. The RF link is modeled by the Nakagami-m fading channel and the FSO link by the Gamma-Gamma fading channel subject to both types of detection techniques (i.e., heterodyne detection and intensity modulation with direct detection). In particular, we derive new unified closed-form expressions for the cumulative distribution function, the probability density function, the moment generating function (MGF), and the moments of the end-to-end signal-to-noise ratio (SNR) of these systems in terms of the Meijer's G function. Based on these formulas, we offer exact closed-form expressions for the outage probability (OP), the higher order amount of fading, and the average bit error rate (BER) of a variety of binary modulations in terms of the Meijer's G function. Furthermore, an exact closed-form expression of the end-to-end ergodic capacity is derived in terms of the bivariate G function. Additionally, by using the asymptotic expansion of the Meijer's G function at the high-SNR regime, we derive new asymptotic results for the OP, the MGF, and the average BER in terms of simple elementary functions

Unified Performance Analysis of Mixed Line of Sight RF-FSO Fixed Gain Dual-Hop Transmission Systems

In this work, we carry out a unified performance analysis of a dual-hop fixed gain relay system over asymmetric links composed of both radio-frequency (RF) and unified free-space optics (FSO) under the effect of pointing errors. The RF link is modeled by the Nakagami-$m$ fading channel and the FSO link by the Gamma-Gamma fading channel subject to both types of detection techniques (i.e. heterodyne detection and intensity modulation with direct detection (IM/DD)). In particular, we derive new unified closed-form expressions for the cumulative distribution function, the probability density function, the moment generation function, and the moments of the end-to-end signal-to-noise ratio of these systems in terms of the Meijer's G function. Based on these formulas, we offer exact closed-form expressions for the outage probability, the higher-order amount of fading, and the average bit-error rate of a variety of binary modulations in terms of the Meijer's G function. Further, an exact closed-form expression for the end-to-end ergodic capacity for the Nakagami-$m$-unified FSO relay links is derived in terms of the bivariate G function. All the given results are verified via Computer-based Monte-Carlo simulations

Spirituality: A Multidimentional Construct and Its Implications for Marketing

The present paper deals with the spiritual value that controls the brain activity of many thinkers as well as with the various definitions and characteristics tied up with it. The ultimate scope throughout this essay is to point out the multi-facets aspect of spirituality. Indeed, spirituality encompasses a personal, interpersonal, and transpersonal context. It revealed thus to be a multidimensional construct, entailing four dimensions namely meaningfulness of life (the goal of one’s living), interconnectedness with people (the various relationships that one nourishes with others), transcendence (feeling of an inexplicable supernatural and divine power) and self-renewal (the relationship with one’s self