Papers by Gulasekaran Rajaguru
Sustainable Development: Asia-Pacific Perspectives
International Journal of Business Studies, 2007
Informit is an online service offering a wide range of database and full content publication prod... more Informit is an online service offering a wide range of database and full content publication products that deliver the vast majority of Australasian scholarly research to the education, research and business sectors. Informit is the brand that encompasses RMIT Publishing's online products ...
Http Dx Doi Org 10 1080 08276331 2008 10593436, Dec 19, 2012
ABSTRACT Just how important is physical location as a source of small-firm advantage? In this pap... more ABSTRACT Just how important is physical location as a source of small-firm advantage? In this paper we consider this question by testing the predictive validity of three classic perspectives: central-place theory, spatial interaction theory and the principle of minimum differentiation. In addition, we identify and test two manager-grounded hypotheses focusing on locational continuity and transactional convenience. We test these hypotheses on a sample of small U.S. retail hardware stores and find significant support for central-place theory and both manager-grounded hypotheses.
ABSTRACT Academics have found it particularly challenging to develop parsimonious models that can... more ABSTRACT Academics have found it particularly challenging to develop parsimonious models that can accurately model and forecast gold price. One of the reasons could be the complex nature of gold market fundamentals. Arguing that the key to forecasting gold prices lies in analyzing the factors that generate investment demand (as opposed to gold supply and fabrication demand), we empirically validate a model that factors in consumer sentiments, interest rates, returns on stock market, and oil prices. Our findings indicate that although gold price has significant correlation with all these four variables, interest rate and consumer sentiments are only significant predictors of the gold price.
Journal of Small Business & Entrepreneurship, 2008
ABSTRACT Just how important is physical location as a source of small-firm advantage? In this pap... more ABSTRACT Just how important is physical location as a source of small-firm advantage? In this paper we consider this question by testing the predictive validity of three classic perspectives: central-place theory, spatial interaction theory and the principle of minimum differentiation. In addition, we identify and test two manager-grounded hypotheses focusing on locational continuity and transactional convenience. We test these hypotheses on a sample of small U.S. retail hardware stores and find significant support for central-place theory and both manager-grounded hypotheses.
… : A Publication of the Faculty of …, 2007
Informit is an online service offering a wide range of database and full content publication prod... more Informit is an online service offering a wide range of database and full content publication products that deliver the vast majority of Australasian scholarly research to the education, research and business sectors. Informit is the brand that encompasses RMIT Publishing's online products ...
Globalisation and Development Centre, 2007
Australian Journal of Management, 2014
Given the nature of East Asia's economic structure, interregional exchange rate stability is an e... more Given the nature of East Asia's economic structure, interregional exchange rate stability is an essential requirement for regional economic integration. One way to achieve exchange rate stability is for the region to adopt an anchor currency. However, the choice of potential anchor is a major question for policy planners. This paper examines the role of 5 major currencies as a candidate for an anchor currency in the East Asian region. In particular, the paper examines the dynamic linkages between a selected sample of East Asian currencies (Indonesian rupiah, South Korean won, Malaysian ringgit, Philippine peso, Singaporean dollar and Thailand bhat) with each potential anchor currency (the Australian dollar, Japanese yen, euro and U.S. dollar) As an extension to the analysis, we also include the Chinese renminbi as an alternative anchor to identify its importance in the sample of Asian countries.
Empirical Economics, 2015
SSRN Electronic Journal, 2000
ABSTRACT Increased bank non interest income has been found to be associated with higher bank spec... more ABSTRACT Increased bank non interest income has been found to be associated with higher bank specific risk as well as increased systemic risk (Brunnermeier, et al. (2012), Stiroh and Rumble (2006)). We adopt a time series approach to this issue for Asian nations to present a different perspective to this literature. We find that declines in bank interest margins are associated with both increased non interest income as well as increased bank risk. We also find that bank capital holdings are insensitive to changes in bank revenue. We argue that these results provide an objective basis for regulatory intervention to reduce the potential for systemic risk.
Journal of the Asia Pacific Economy, 2013
ABSTRACT Immigration is a controversial topic in Australia and some of its Asian neighbours. Give... more ABSTRACT Immigration is a controversial topic in Australia and some of its Asian neighbours. Given the potential impact on native welfare, such as effects on relative wages and unemployment, there has been political mobilisation on the immigration question. The presence of a redistributive welfare state in all major immigrant host countries creates yet another margin on which immigration affects native welfare. The focus of the paper is whether a large intake of immigrants leads to a reduction in welfare state effort. It is often argued that steady increases in immigration lead to public pressure for stricter immigration controls or for less generous publicly funded social expenditures. In terms of immigrants with similar employability and claims on the public purse to natives, it is hypothesised that the impact on welfare spending is neutral. These ideas are tested using detailed data for migration to developed countries.
This paper investigates the impact of political shocks (positive and negative) on financial marke... more This paper investigates the impact of political shocks (positive and negative) on financial markets. Using data from Pakistan for the period January 1999 to September 2006, we link 'a' political event to the financial market volatility. We use high frequency data from three indicators (currency, stock and money market) of the financial market for empirical estimation. We employ a Markov Switching process to identify the low and high volatility regimes in Pakistan's financial market and then link these regimes to certain political events. We use data on daily observations of exchange rates, stock prices and interest rates to perform empirical test. Finally, we trace the impact of political events moving from one market to another using Granger causality tests within Markov Switching VAR model. The results confirm the changes in the market volatility as a result of some domestic and international events having impact on the domestic economy and the financial market. The results also suggest that the markets have some weak short-run linkages but do not support a long-run causal relationship.
European Journal of Political Economy, 2013
Immigration is a controversial topic in most developed economies. The presence of a redistributiv... more Immigration is a controversial topic in most developed economies. The presence of a redistributive welfare state in all major immigrant host countries creates a margin on which immigration affects native welfare. The primary focus of the paper is whether a large intake of immigrants reduces welfare state effort. It is usually argued that steady increases in immigration lead to public pressure for lower levels of publicly-funded social expenditures. In contrastz to the earlier empirical literature on this topic, we find little evidence in favour of this hypothesis. While immigration does have a relatively modest effect on the welfare state, if anything there is some support for the view that a greater influx of immigrants has lead policy-makers to increase welfare state spending.
Economics Letters, 2004
Quite contrary to the stationary case where systematic sampling preserves the direction of Grange... more Quite contrary to the stationary case where systematic sampling preserves the direction of Granger causality, this paper shows that systematic sampling of integrated series may induce spurious causality, even if they are used in differenced form.
Economics Letters, 2008
Temporal aggregation creates contemporaneous correlations, alters dynamic links and may distort c... more Temporal aggregation creates contemporaneous correlations, alters dynamic links and may distort causality inference. Since cointegration is invariant to temporal aggregation and implies Granger causality this paper presents a sign rule for causal inference and contemporaneous conditioning in regression models.
Pakistan Development Review, 2006
also discuss interlinkages within exchange rate and stock markets in some emerging economies.
Non-standard distributions, size distortions and extremely low power are well-known problems of t... more Non-standard distributions, size distortions and extremely low power are well-known problems of the unit root tests that are currently in use. In this paper we use a mixed- frequency regression technique to develop a test primarily for cointegration under the null of stationarity. This MA unit root test, based on variance-difference, takes the testing back to Normal distribution and offers a way to increase power without having to increase the sample size substantially. Monte Carlo simulations show that the test offers substantial gains in power against near null alternatives in moderate size samples. Although the null of stationarity is the research line to be pursued, we also offer an extension to the null of an AR unit root that provides a Gaussian test with more power. An empirical exercise illustrates the usefulness of the test.
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Papers by Gulasekaran Rajaguru