Commenced in January 2007
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Edition: International
Paper Count: 2

savings Related Publications

2 Capital Mobility in Savings and Investment across China and the ASEAN-5: Evidence from Recursive Cointegration

Authors: Mei-Se Chien, Chien-Chiang Lee, Chang Lee Shu-Jung, Hui-Ting Hu

Abstract:

This paper applies recursive cointegration analysis to examine the dynamic changes in Feldstein-Horioka saving-investment (S-I) coefficients across China and the ASEAN-5 countries over time. To the extent that the S-I coefficients measure international capital mobility, the main empirical results are as follows. The recursive trace statistics show that the investment- savings nexus varies in these six countries. There is no cointegration between investment and savings in three countries (China, Malaysia, and Singapore), which means that the mobility of the capital markets in the three is high and that domestic investment in them will be financed by the global pool of capital. As to the other three countries (Indonesia, Thailand, and Philippines), there is cointegration between investment and savings for part of the sample period in the three, including before 2002 for Thailand, before 2001 for Indonesia, and before 2002 for Philippines. This shows these three countries achieved highly mobile and open capital markets later.

Keywords: Investment, China, ASEAN, savings, recursive cointegration test

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1 Economic and Environmental Benefits of the Best Available Technique Application in a Food Processing Plant

Authors: Frantisek Bozek, Magdaléna Náplavová, Alexandr Bozek, Pavel Budinsky, Ignac Hoza

Abstract:

A cleaner production project was implemented in a bakery. The project is based on the substitution of the best available technique for an obsolete leaven production technology. The new technology enables production of durable, high-quality leavens. Moreover, 25% of flour as the original raw material can be replaced by pastry from the previous day production which has not been sold. That pastry was previously disposed in a waste incineration plant. Besides the environmental benefits resulting from less waste, lower consumption of energy, reduction of sewage waters quantity and floury dustiness there are also significant economic benefits. Payback period of investment was calculated with help of static method of financial analysis about 2.6 years, using dynamic method 3.5 years and an internal rate of return more than 29%. The supposed annual average profit after taxationin the second year of operation was incompliance with the real profit.

Keywords: Energy, Investment, Efficiency, savings, bakery, costs, best available technology, economic benefit, environmental benefit, cleaner production

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