Search results for: Foreign exchange rate

Authors: Pavla Ruzickova, Petr Teply

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There are many debates now regarding undervalued and overvalued currencies currently traded on the world financial market. This paper contributes to these debates from a theoretical point of view. We present the three most commonly used methods of estimating the equilibrium real effective exchange rate (REER): macroeconomic balance approach, external sustainability approach and equilibrium real effective exchange rate approach in the reduced form. Moreover, we discuss key concepts of the calculation of the real exchange rate (RER) based on applied explanatory variables: nominal exchange rates, terms of trade and tradable and non-tradable goods. Last but not least, we discuss the three main driving forces behind real exchange rates movements which include terms of trade, relative productivity growth and the interest rate differential.

Keywords: real exchange rate, real effective exchange rate, foreign exchange, terms of trade

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Authors: L. Basha, E. Gjika

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The exchange rate is one of the most important economic variables, especially for a small, open economy such as Albania. Its effect is noticeable on one country's competitiveness, trade and current account, inflation, wages, domestic economic activity and bank stability. This study investigates the fluctuation of Albania’s exchange rates using monthly average foreign currency, Euro (Eur) to Albanian Lek (ALL) exchange rate with a time span from January 2008 to June 2021 and the macroeconomic factors that have a significant effect on the exchange rate. Initially, the Random Forest Regression algorithm is constructed to understand the impact of economic variables in the behavior of monthly average foreign currencies exchange rates. Then the forecast of macro-economic indicators for 12 months was performed using time series models. The predicted values received are placed in the random forest model in order to obtain the average monthly forecast of Euro to Albanian Lek (ALL) exchange rate for the period July 2021 to June 2022.

Keywords: Exchange rate, Random Forest, time series, Machine Learning, forecasting.

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Authors: Chimaobi V. Okolo, Onyinye S. Ugwuanyi, Kenneth A. Okpala

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This study evaluated the effect of exchange rate volatility on the manufacturing sector of Nigeria. The flow and stock market theories of exchange rate determination was adopted considering macroeconomic determinants such as balance of trade, trade openness, and net international investment. Furthermore, the influence of changes in parallel exchange rate, official exchange rate and real effective exchange rate was modeled on the manufacturing sector output. Vector autoregression techniques and vector error correction mechanism were adopted to explore the macroeconomic determinants of exchange rate fluctuation in Nigeria and to examine the influence of exchange rate volatility on the manufacturing sector output in Nigeria. The exchange rate showed an unstable and volatile movement in Nigeria. Official exchange rate significantly impacted on the manufacturing sector of Nigeria and shock to previous manufacturing sector output caused 60.76% of the fluctuation in the manufacturing sector output in Nigeria. Trade balance, trade openness and net international investments did not significantly determine exchange rate in Nigeria. However, own shock accounted for about 95% of the variation of exchange rate fluctuation in the short-run and long-run. Among other macroeconomic variables, net international investment accounted for about 2.85% variation of the real effective exchange rate fluctuation in the short-run and in the long-run. Monetary authorities should maintain stability of the exchange rates through proper management so as to encourage local production and government should formulate and implement policies that will develop other sectors of the economy as this will widen the country’s revenue base, reduce our over reliance on oil sector for our foreign exchange earnings and in turn reduce the shocks on our domestic economy.

Keywords: Exchange rate volatility, exchange rate determinants, manufacturing sector, official exchange rate, parallel exchange rate, real effective exchange rate.

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Authors: R. Mechgoug, A. Titaouine

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Fuzzy systems have been successfully used for exchange rate forecasting. However, fuzzy system is very confusing and complex to be designed by an expert, as there is a large set of parameters (fuzzy knowledge base) that must be selected, it is not a simple task to select the appropriate fuzzy knowledge base for an exchange rate forecasting. The researchers often look the effect of fuzzy knowledge base on the performances of fuzzy system forecasting. This paper proposes a genetic fuzzy predictor to forecast the future value of daily US Dollar/Euro exchange rate time’s series. A range of methodologies based on a set of fuzzy predictor’s which allow the forecasting of the same time series, but with a different fuzzy partition. Each fuzzy predictor is built from two stages, where each stage is performed by a real genetic algorithm.

Keywords: Foreign exchange rate, time series forecasting, Fuzzy System, and Genetic Algorithm.

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Authors: Chen-Yin Kuo

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This paper fist examines three set of bivariate cointegrations between any two of current accounts, stock markets, and currency exchange markets in ten Asian countries. Furthermore, we examined the effect of country characters on this bivariate cointegration. Our findings suggest that for three sets of cointegration test, each sample country at least exists one cointegration. India consistently exhibited a bi-directional causal relationship between any two of three indicators. Unlike Pan et al. (2007) and Phylaktis and Ravazzolo (2005), we found that such cointegration is influenced by three characteristics: capital control; flexibility in foreign exchange rates; and the ratio of trade to GDP. These characteristics are the result of liberalization in each Asian country. This implies that liberalization policies are effective on improving the cointegration between any two of financial markets and current account for ten Asian countries.

Keywords: Current account, stock price, foreign exchange rate, country characteristics, bivariate cointegration, bi-directional causal relationships.

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Authors: Wong Hock Tsen

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This study aims to investigate the impact of exchange rate volatility on real export in Malaysia. The moving standard deviation with order three (MSD(3)) is used for the measurement of exchange rate volatility. The conventional and partially asymmetric autoregressive distributed lag (ARDL) models are used in the estimations. This study finds exchange rate volatility to have significant impact on real total export and some sub-categories of real total export. Moreover, this study finds that the positive or negative exchange rate volatility tends to have positive or negative impact on real export. Exchange rate volatility can be harmful to export of Malaysia.

Keywords: Exchange rate volatility, autoregressive distributed lag, export, Malaysia.

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Authors: Aleksandre Ergeshidze

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The exchange rate is a pivotal pricing instrument that simultaneously impacts various components of the economy. Depreciation of nominal exchange rate is export promoting, which might be a desired export-led growth policy, and particularly critical to closing-down the widening current account imbalance. However, negative effects resulting from high dollarization and high share of imported intermediate inputs can outweigh positive effect. The aim of this research is to quantify impact of change in nominal exchange rate and test contractionary depreciation hypothesis on Georgian economy using structural and Bayesian vector autoregression. According to the acquired results, appreciation of nominal exchange rate is expected to decrease inflation, monetary policy rate, interest rate on domestic currency loans and economic growth in the medium run; however, impact on economic growth in the short run is statistically not significant.

Keywords: Bayesian vector autoregression, contractionary depreciation, dollarization, nominal exchange rate, structural vector autoregression.

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Authors: Ivan Lovrinović, Gordana Kordić, Martina Nakić

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There are little subjects in macroeconomics that are so widely discussed, but at the same time controversial and without a clear solution such as the choice of exchange rate regime. National authorities need to take into consideration numerous fundamentals, trying to fulfil goals of economic growth, low and stable inflation and international stability. This paper focuses on the countries of ex- Yugoslavia and their exchange rate history as independent states. We follow the development of the regimes in 6 countries during the transition through the financial crisis of the second part of the 2000s to the prospects of their final goal: full membership in the European Union. Main question is to what extent has the exchange regime contributed to their economic success, considering other objective factors.

Keywords: European Union, exchange rate regime, ex- Yugoslavia countries

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Authors: M. A. Torkamani, S. Mahmoodzadeh, S. Pourroostaei, C. Lucas

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Daily production of information and importance of the sequence of produced data in forecasting future performance of market causes analysis of data behavior to become a problem of analyzing time series. But time series that are very complicated, usually are random and as a result their changes considered being unpredictable. While these series might be products of a deterministic dynamical and nonlinear process (chaotic) and as a result be predictable. Point of Chaotic theory view, complicated systems have only chaotically face and as a result they seem to be unregulated and random, but it is possible that they abide by a specified math formula. In this article, with regard to test of strange attractor and biggest Lyapunov exponent probability of chaos on several foreign exchange rates vs. IRR (Iranian Rial) has been investigated. Results show that data in this market have complex chaotic behavior with big degree of freedom.

Keywords: Chaos, Exchange Rate, Nonlinear Models.

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Authors: Chatchai Pesee

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This paper examines long-range dependence or longmemory of financial time series on the exchange rate data by the fractional Brownian motion (fBm). The principle of spectral density function in Section 2 is used to find the range of Hurst parameter (H) of the fBm. If 0< H <1/2, then it has a short-range dependence (SRD). It simulates long-memory or long-range dependence (LRD) if 1/2< H <1. The curve of exchange rate data is fBm because of the specific appearance of the Hurst parameter (H). Furthermore, some of the definitions of the fBm, long-range dependence and selfsimilarity are reviewed in Section II as well. Our results indicate that there exists a long-memory or a long-range dependence (LRD) for the exchange rate data in section III. Long-range dependence of the exchange rate data and estimation of the Hurst parameter (H) are discussed in Section IV, while a conclusion is discussed in Section V.

Keywords: Fractional Brownian motion, long-rangedependence, memory, short-range dependence.

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Authors: Piotr Prewysz-Kwinto

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A dynamic development of financial market is accompanied by the emergence of new products on stock exchanges which give absolutely new possibilities of investing money. Currently, the most innovative financial instruments offered to investors are exchange traded products (ETP). They can be defined as financial instruments whose price depends on the value of the underlying instrument. Thus, they offer investors a possibility of making a profit that results from the change in value of the underlying instrument without having to buy it. Currently, the Warsaw Stock Exchange offers many types of ETPs. They are investment products with full or partial capital protection, products without capital protection as well as leverage products, issued on such underlying instruments as indices, sector indices, commodity indices, prices of energy commodities, precious metals, agricultural produce or prices of shares of domestic and foreign companies. This paper presents the mechanism of functioning of ETP available on the Warsaw Stock Exchange and the results of the analysis of statistical data on these financial instruments.

Keywords: Exchange traded products, financial market, investment, stock exchange.

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Authors: Chien-Hui Yang, Che-Yang Lin, Ya-Chen Hsu

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Gold passbook is an investing tool that is especially suitable for investors to do small investment in the solid gold. The gold passbook has the lower risk than other ways investing in gold, but its price is still affected by gold price. However, there are many factors can cause influences on gold price. Therefore, building a model to predict the price of gold passbook can both reduce the risk of investment and increase the benefits. This study investigates the important factors that influence the gold passbook price, and utilize the Group Method of Data Handling (GMDH) to build the predictive model. This method can not only obtain the significant variables but also perform well in prediction. Finally, the significant variables of gold passbook price, which can be predicted by GMDH, are US dollar exchange rate, international petroleum price, unemployment rate, whole sale price index, rediscount rate, foreign exchange reserves, misery index, prosperity coincident index and industrial index.

Keywords: Gold price, Gold passbook price, Group Method ofData Handling (GMDH), Regression.

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Authors: Wanwisa Kuncharin, Badaruddin Mohamed

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There have been few studies of cross-border shopping. However, many have focused on macroeconomic effects rather than on discovering the motivation and behaviour of cross-border shoppers who purchase abroad. Hatyai, Thailand is located about 30 km from the Malaysian border. The statistics reports that each year more than 400,000 Malaysian visitors visited Hatyai. The aims of this study are fourfold: (1) to investigate factors motivating cross-border shoppers to shop in Hatyai, Thailand; (2) to examine the relationship between ethnicity and shopper ethnocentrism; (3) to discover the impact of shopper ethnocentrism on foreign product judgment; and (4) to explore the impact of shopper ethnocentrism on the willingness to buy foreign products. The results reveal that the three most popular consumption items were food and beverages, clothing, and grocery products. Factor analysis shows that the three key reasons for choosing Hatyai as the cross-border shopping destination included product and store, close distance, and low exchange rate. Moreover, there were significant differences in ethnocentrism by three ethnic groups. Shopper ethnocentrism had a significant negative correlation with foreign product judgment, while shopper ethnocentrism was not significantly correlated with willingness to buy foreign products.

Keywords: Cross-border shopping behaviours, Malaysian shoppers, Ethnocentrism, Hatyai, Thailand.

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Authors: Shamsuddin Ahmed, M. G. M. Khan, Biman Prasad, Avlin Prasad

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The focus of this paper is to construct daily time series exchange rate forecast models of Samoan Tala/USD and Tala/AUD during the year 2008 to 2012 with neural network The performance of the models was measured by using varies error functions such as Root Square mean error (RSME), Mean absolute error (MAE), and Mean absolute percentage error (MAPE). Our empirical findings suggest that AR (1) model is an effective tool to forecast the Tala/USD and Tala/AUD.

Keywords: Neural Network Forecasting Model, Autoregressive time series, Exchange rate, Tala/AUD, winters model.

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Authors: Yuzhi Cai

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In this paper, we discuss a Bayesian approach to quantile autoregressive (QAR) time series model estimation and forecasting. Together with a combining forecasts technique, we then predict USD to GBP currency exchange rates. Combined forecasts contain all the information captured by the fitted QAR models at different quantile levels and are therefore better than those obtained from individual models. Our results show that an unequally weighted combining method performs better than other forecasting methodology. We found that a median AR model can perform well in point forecasting when the predictive density functions are symmetric. However, in practice, using the median AR model alone may involve the loss of information about the data captured by other QAR models. We recommend that combined forecasts should be used whenever possible.

Keywords: Exchange rate, quantile regression, combining forecasts.

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Authors: Kunya Bowornchockchai

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The objective of this research is to forecast the monthly exchange rate between Thai baht and the US dollar and to compare two forecasting methods. The methods are Box-Jenkins’ method and Holt’s method. Results show that the Box-Jenkins’ method is the most suitable method for the monthly Exchange Rate between Thai Baht and the US Dollar. The suitable forecasting model is ARIMA (1,1,0)  without constant and the forecasting equation is Y_t = Y_t-1 + 0.3691 (Y_t-1 - Y_t-2) When Y_t  is the time series data at time t, respectively.

Keywords: Box–Jenkins Method, Holt’s Method, Mean Absolute Percentage Error (MAPE).

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Authors: Anita Kéri

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Satisfying foreign student needs has been in the center of research interest in the past several years. Higher education institutions have been exploring factors influencing foreign student satisfaction to stay competitive on the educational market. Even though foreign student satisfaction and loyalty are topics investigated deeply in the literature, the academic years of 2020 and 2021 have revealed challenges never experienced before. With the COVID-19 pandemic, new factors have emerged that might influence foreign student satisfaction and loyalty in higher education. The aim of the current research is to shed lights on what factors influence foreign student satisfaction and loyalty in the post-pandemic educational era, and to reveal if the effects of factors influencing satisfaction and loyalty have changed compared to previous findings. Initial results show that students are less willing to participate in online surveys during and after the pandemic. The return rate of the survey instrument is below 5%. Results also reveal that there is a slight difference in what factors students deem important during pandemic times regarding their satisfaction and loyalty. The results of the current study help us determine what factors higher education institutions need to consider, when planning the future service affordances for their foreign students, that might influence their satisfaction and loyalty.

Keywords: COVID-19, foreign students, loyalty, pandemic, satisfaction.

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Authors: Gordana Kordić, Petra Palić

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The European countries that during the past two decades based their exchange rate regimes on currency board arrangement (CBA) are usually analysed from the perspective of corner solution choice’s stabilisation effects. There is an open discussion on the positive and negative background of a strict exchange rate regime choice, although it should be seen as part of the transition process towards the monetary union membership. The focus of the paper is on the Baltic countries that after two decades of a rigid exchange rate arrangement and strongly influenced by global crisis are finishing their path towards the euro zone. Besides the stabilising capacity, the CBA is highly vulnerable regime, with limited developing potential. The rigidity of the exchange rate (and monetary) system, despite the ensured credibility, do not leave enough (or any) space for the adjustment and/or active crisis management. Still, the Baltics are in a process of recovery, with fiscal consolidation measures combined with (painful and politically unpopular) measures of internal devaluation. Today, two of them (Estonia and Latvia) are members of euro zone, fulfilling their ultimate transition targets, but de facto exchanging one fixed regime with another. The paper analyses the challenges for the CBA in unstable environment since the fixed regimes rely on imported stability and are sensitive to external shocks. With limited monetary instruments, these countries were oriented to the fiscal policies and used a combination of internal devaluation and tax policy measures. Despite their rather quick recovery, our second goal is to analyse the long term influence that the measures had on the national economy.

Keywords: Currency Board Arrangement, internal devaluation, exchange rate regime, Great recession.

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Authors: Nikolaos Sariannidis, Grigoris Giannarakis, Nikolaos Litinas, Nikos Kartalis

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This study investigates the relationship between 10 year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all employs) and crude oil to U.S. Dow Jones Sustainability Index. A GARCH model is used to test these relationships for the period January 1st 1999 to January 31st 2008 using monthly data. Results show that an increase of the 10 year bond and non farm payrolls (all employs) lead to an increase of the D.J.S.I returns. On the contrary the volatility of the Yen/U.S dollar exchange rates as well as the increase of crude oil returns has negative effects on the U.S D.J.S.I returns. This study aims at assisting investors to understand the influences certain macroeconomic indicators have on the companies- stock returns as reported by the D.J.S.I.

Keywords: Bond value, Corporate Social Responsibility, Crudeoil, D.J.S.I United States, Exchange rate, GARCH, Non-farmpayrolls.

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Authors: K. Bokreta, D. Benanaya

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The objective of this study is to examine the relative effectiveness of monetary and fiscal policy in Algeria using the econometric modelling techniques of cointegration and vector error correction modelling to analyse and draw policy inferences. The chosen variables of fiscal policy are government expenditure and net taxes on products, while the effect of monetary policy is presented by the inflation rate and the official exchange rate. From the results, we find that in the long-run, the impact of government expenditures is positive, while the effect of taxes is negative on growth. Additionally, we find that the inflation rate is found to have little effect on GDP per capita but the impact of the exchange rate is insignificant. We conclude that fiscal policy is more powerful then monetary policy in promoting economic growth in Algeria.

Keywords: Economic growth, fiscal policy, monetary policy, VECM.

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Authors: Seung Yeon Son

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In today’s rapidly changing and increasingly complex environment, organizations have relied on their members’ positive attitude toward their employers. In particular, employees’ organizational commitment (primarily, the affective component) has been recognized as an essential component of organizational functioning and success. Hence, identifying the determinants of affective commitment is one of the most important research issues. This study tested the influence of leader-member exchange (LMX) and exchange ideology on employee’s affective commitment. In addition, the interactive effect of LMX and exchange ideology was examined. Data from 198 members of the Korean military supports each of the hypotheses. Lastly, implications for research and directions for future research are discussed.

Keywords: Affective commitment, exchange ideology, leader-member exchange, commitment.

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Authors: Mogari I. Rapoo, Diteboho Xaba

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This paper examines the forecasting performance of Autoregressive Integrated Moving Average (ARIMA) and Artificial Neural Networks (ANN) models with the published exchange rate obtained from South African Reserve Bank (SARB). ARIMA is one of the popular linear models in time series forecasting for the past decades. ARIMA and ANN models are often compared and literature revealed mixed results in terms of forecasting performance. The study used the MSE and MAE to measure the forecasting performance of the models. The empirical results obtained reveal the superiority of ARIMA model over ANN model. The findings further resolve and clarify the contradiction reported in literature over the superiority of ARIMA and ANN models.

Keywords: ARIMA, artificial neural networks models, error metrics, exchange rates.

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Authors: Dong-Woo Lim, Chang-Jae Chun, Hyung-Myung Kim

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We consider a two-way relay network where two sources exchange information. A relay helps the two sources exchange information using the decode-and-XOR-forward protocol. We investigate the power minimization problem with minimum rate constraints. The system needs two time slots and in each time slot the required rate pair should be achievable. The power consumption is minimized in each time slot and we obtained the closed form solution. The simulation results confirm that the proposed power allocation scheme consumes lower total power than the conventional schemes.

Keywords: Decode-and-XOR-forward, power minimization, two-way relay

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Authors: Cheng-Chi Lee, Min-Shiang Hwang, Shu-Yin Hsiao

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Network exchange is now widely used. However, it still cannot avoid the problems evolving from network exchange. For example. A buyer may not receive the order even if he/she makes the payment. For another example, the seller possibly get nothing even when the merchandise is sent. Some studies about the fair exchange have proposed protocols for the design of efficiency and exploited the signature property to specify that two parties agree on the exchange. The information about purchased item and price are disclosed in this way. This paper proposes a new fair network payment protocol with off-line trusted third party. The proposed protocol can protect the buyers- purchase message from being traced. In addition, the proposed protocol can meet the proposed requirements. The most significant feature is Non-transfer property we achieved.

Keywords: E-commerce, digital signature, fair exchange, security.

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Authors: Mikail Altan

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International trust takes first place in the development of foreign trade in the country. They see an important role in ensuring that trust. Various payment methods that are developed in the banking system provide fast and reliable way to execution and promote foreign trade by financing the foreign trade. In this study, we investigate the influence of bank on foreign trade in Turkey. 26 years of data for 1990-2015 period have been used in this study. After correlation analysis, a simple regression model was established. Payment methods that are developed in the banking system make a positive contribution in Turkey’s foreign trade volume. In addition, the export of Turkey was affected positively more than import’s by these payment methods.

Keywords: Banks, export, foreign trade, import.

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Authors: Ozlem Bozok, Yusuf Bozok

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The importance of using mother tongue and translation in foreign language classrooms cannot be ignored and translation can be utilized as a method in English Language Teaching courses. There exist researches advocating or objecting to the use of translation in foreign language learning but they all have a point in common: Translation should be used as an aid to teaching, not an end in itself. In this research, prospective English language teachers’ opinions about translation use and use of mother tongue in foreign language teaching are investigated and according to the findings, some explanations and recommendations are made.

Keywords: Exposure to foreign language, translation, foreign language learning, prospective teachers’ opinions, use of L1.

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Authors: G. Erkomaishvili, M. Kobalava, T. Lazariashvili, N. Damenia

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Current state of foreign direct investment (FDI) in Georgia is analyzed and evaluated in the paper, the existing legislative background for regulating investments and stimulating policies to attract investments are shown. It is noted that in developing countries encouragement of investment activity, support and implementation are of the most important tasks, implying a consistent investment policy, investor-friendly tax regime and the legal system, reducing administrative barriers and restrictions, fare competitive conditions and business development infrastructure. The work deals with the determining factor of FDIs and the main directions of stimulation, as well as prospective industries where new investments are needed. Contributing and hindering factors and stimulating measures are analyzed. As a result of the research, the direct and indirect factors attracting FDI have been identified. Facilitating factors to FDI inflow are as follows: simplicity of starting business, geopolitical location, low taxes, access to credit, ease of ownership registration, natural resources, low burden of regulations, low level of corruption and low crime rates. Hindering factors to FDI inflow are as follows: small market, lack of policy for attracting investments, low qualification of the workforce (despite the large number of unemployed people it is difficult to find workers with necessary special skills and qualifications), high interest rates, instability of national currency exchange rate, presence of conflict zones within the country and so forth.

Keywords: Foreign direct investment, investment attracting policies, investor, reinvestment.

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Authors: Tak-Hyun Kim, Youn-Ku Nam, Myunjoo Lee

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The ionizing radiation of livestock wastewater for the removal of nitrogen and phosphorus was studied in the presence of a natural zeolite. The feasibility of a combined process of zeolite ion exchange and electron beam irradiation of livestock wastewater was also investigated. The removal efficiencies of NH4 +-N, T-N and T-P were significantly enhanced by electron beam irradiation after zeolite ion exchange as a pre-treatment. The presence of silica zeolite accelerated the decomposition rate of livestock wastewater in the electron beam irradiation process. These results indicate that the combined process of zeolite ion exchange and electron beam irradiation has the potential for the treatment of livestock wastewater

Keywords: Zeolite, electron beam, livestock wastewater, ammonia nitrogen, phosphorus.

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Authors: Chimaobi V. Okolo, Afamefuna J. Ani, Ebere U. Okolo

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This paper seeks to assess the implications of insurance to foreign direct investment inflow in Nigeria. Multiple linear regression technique and correlation matrix test were employed to measure the extent to which foreign direct investment was influenced. The result showed that insurance premium (IP), asset size of insurance industry (AS), and total investment of the industry (TI) impacted significantly and positively on foreign direct investment inflow in Nigeria. There should be effective risk transfer mechanism and financial intermediation, which gives the investor confidence in the risk management strength of the host country.

Keywords: Foreign direct investment, insurance.

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Authors: Nattapol Pourprasert

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This study has an objective to analyze foreign policy of member states in globalization current, aiming to answer that the foreign policy of member states have been changed or remained the same and there are any factors affecting changing of foreign policy of the member states. From the study results, it is found that the foreign policy of Thailand is a friendly foreign policy with all states. The policy of Indonesia is more opened because of a change in leader, allowing more democratic development in the country; the government has proceeded with friendly foreign policy with the states in order to bring funds into the state. The foreign policy of Malaysia is not much changed as there is no changing in the leader; the policy of Malaysia has reconciled relations with main city of Indian and Chinese residing in the country in order to bring investments into the country and to relieve tensions in the country. The foreign policy of the Philippines has proceeded with policy under the ASEAN framework and emphasized on international Islam communities. The foreign policy of Singapore has the least changed as the Singapore's policy focuses on internal trade since the state was found. As for the foreign policy of Brunei Darussalam, Brunei has a little role in the international stage; the state having closest relationship as from the view of history is Singapore as the Singaporean has invested in retailing business in Brunei. The foreign policy of Vietnam has emphasized on an omnidirectional foreign policy in order to compete with several states in global stage. The foreign policy of Myanmar has proceeded with a friendly foreign policy with all ASEAN member states, the East-west Corridor transportation line from Myanmar through Thailand and Lao to Vietnam has been developed. As for the foreign policy of Lao, In 2001, the Thai government and Lao government held a discussion which Thailand reaffirmed the position not to support the anti-Lao group. The foreign policy of Cambodia has proceeded with more openness, having good relation with China, Russia and USA as these states has invested in the state, especially the US company.

Keywords: Globalization, Public Policy Analysis, Foreign Policy, ASEAN Member States.

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