Human Capital, Trade, FDI and Economic Growth in Thailand: What causes What?

We investigate the causal links between human capital, openness through trade and FDI, and economic growth using quarterly data for Thailand over the period 1973:2-2000:4. A number of hypotheses are investigated including, in particular, FDI-led growth and export-led growth, as well as the reverse linkages from growth to FDI and exports. The importance of human capital is highlighted as complementary to trade and FDI inflows, underlying the importance of technology adoption. We find that, after controlling for domestic investment, government expenditure and imports, support for FDI-led growth is not as strong as export-led growth, although allowing for the joint interaction of FDI and human capital reveals a positive FDI effect above a minimum threshold of human capital, estimated to be around 4.5 years of average secondary schooling attainment. Extending our study using multivariate causality tests conducted within a vector error correction framework, we also find significant effects of domestic investment and trade openness, providing support for import-led growth, but direct support for FDI-led growth as well as growth-led FDI is again relatively weak, reinforcing the conclusion that trade openness has played a more significant role than FDI in influencing Thai economic growth. But the results reveal a subtle role for technology transfer through the complementary effect of trade on FDI, and FDI on government expenditure, which thereby influences human capital development with spillovers onto domestic investment and growth. This leads us to argue that there is a potential role for FDI interacting with human capital in influencing the future development of the Thai economy, given its recently active policy of FDI promotion.Trade Openness, FDI, Growth, VECM, Technology Adoption

Non-adherence to cardiovascular pharmacotherapy in Iraq assessed using 8-items Morisky questionnaire and analysis of dried blood spot samples

open access journalThe study evaluated the non-adherence to selected cardiovascular medications, atenolol, atorvastatin, bisoprolol, diltiazem, lisinopril, simvastatin and valsartan in Iraqi patients by applying a standardized Morisky questionnaire (8-MMAS) and by measuring therapeutic drug concentrations in dried blood spots (DBS) analyzed by liquid chromatography - high resolution mass spectrometry (LC-HRMS). Sixty-nine patients, on continued use of one or more of the selected drugs, were evaluated. The questionnaire showed that 21.7% of participants were non-adherent whereas DBS analysis showed that 49.3% were non-adherent to their medications. No significant correlation between medication non-adherence and gender was detected, but adherence was negatively correlated with the number of medications in the regimen. The 8-items questionnaire was unable to differentiate non-adherence to multiple medications in the prescribed pharmacotherapy regimens. DBS is an alternative to conventional methods to monitor non-adherence objectively. Agreement between the two approaches was weak (Kappa =0.269, p-value 0.05)

Thai financial sector efficiency prior to the East Asian financial crisis

This paper looks at whether differences in the form of ownership were not the cause of the productivity differences but that these differences were due to individual firm effects. We also want to examine the belief that inefficiency in the Thai financial sector was not one of the causal factors in the currency crisis in 1997 with a high level of overall efficiency and some firms outperforming this norm. A regression of total revenue on capital, labour, company dummies and time dummies reveals that the average growth rate of total revenue allowing for changes in labour and capital and inter-firm efficiency differences was 3.6% for the period 1989 to 1996. The same regression also provides evidence that in the Thai insurance sector, larger companies are more efficient. However, no such similar evidence exists for the Thai banking sector.Thailand financial services efficiency

The free jet as a simulator of forward velocity effects on jet noise

A thorough theoretical and experimental study of the effects of the free-jet shear layer on the transmission of sound from a model jet placed within the free jet to the far-field receiver located outside the free-jet flow was conducted. The validity and accuracy of the free-jet flight simulation technique for forward velocity effects on jet noise was evaluated. Transformation charts and a systematic computational procedure for converting measurements from a free-jet simulation to the corresponding results from a wind-tunnel simulation, and, finally, to the flight case were provided. The effects of simulated forward flight on jet mixing noise, internal noise and shock-associated noise from model-scale unheated and heated jets were established experimentally in a free-jet facility. It was illustrated that the existing anomalies between full-scale flight data and model-scale flight simulation data projected to the flight case, could well be due to the contamination of flight data by engine internal noise

Are serial acquirers good targets for acquisition? An accounting perspective

This study uses the positivist agency theory to examine if serial acquirers with consistently negative cumulative abnormal returns over their past acquisitions are more likely to become targets themselves. The study is based on the assumption that firms that make repeated value reducing acquisitions and depress their stock price are more attractive targets than firms that make good returns to their shareholders through acquisitions, and whose share prices increase correspondingly. Our findings show that serial acquirers that are considered bad bidders are more likely to become targets themselves compared to those that are considered good bidders. While this is the case in the USA and Europe, we find limited evidence to show that the same disciplinary tool is applicable in other parts of the world