GSDE: Journal Articles
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- ItemIncome distribution and socio-economic disparity in aging society in ThailandDararatt Anantanasuwong (Ritsumeikan University. The Institute of Social Systems, 2019)The paper is focused on the income distribution and socio-economic disparity in aging society in Thailand. Using the household panel data from the Health, Aging, and Retirement in Thailand (HART) Wave 2 (2017) survey, Gini coefficient index and socio- economic disparity are estimated. The results indicate that income distribution situation, Gini coefficient index, is unequally distributed among the young old (aged 60-69) and the mid-old (aged 70-79) and among those by gender, by region and by living area (urban or rural). Besides, disparities in educational attainment by age group, region, and living area exist. The socio-economic disparities imply the limit opportunities for economic security and choice of work for earning income. Policy implication suggests more concrete efforts should be emphasized on regional economic development, especially in the northeast and the south. Policies related to job creation for the young old and the mid old persons such as retirement age extension, reemployment system, skill retraining, and fexible employment system, including long-term care (LTC) system for the oldest old should be focused. Finally, policies to promote 'healthy aging' to increase heathy life expectancy of population for longer working life is also crucial.
- ItemA framework for benchmarking the strategic position of bond markets in the competing environmentSorasart Sukcharoensin (Emerald Publishing Limited, 2017)The purpose of this paper is to develop a benchmarking framework for identifying different indicators and their importance in forming the strategic position of Thai bond markets in competitive economies using Strategic Position and Action Evaluation (SPACE) matrix framework.Design/methodology/approachThe Delphi approach is deployed for indicator selection and the framework validation. A questionnaire survey is then used to assess the importance of different factors determining the strategic bond market development and competitiveness using the Analytic Hierarchy Process (AHP) model.FindingsA group of experienced bond market experts assign different levels of importance for each key factor under a given dimension to reach consensus. The results reveal that there are 17 factors affecting the strategic development and competitiveness of the bond market. Among four aspects under the framework, the financial strength dimension is considered by the experts as the most dominant aspect to strategic bond market development, followed by competitive advantage, industry strength, and environment stability, respectively.Practical implicationsThe benchmarking framework developed in this study is useful for guiding measurement and assessment of the strategic position of bond markets in the competing environment.Originality/valueThe author proposes for the first time a conceptual framework based on macro-level data to assess the strategic bond market development and competitiveness using SPACE matrix method. The study employs the Delphi?s technique and in-depth interview with bond market experts to build indicators for each dimension under the framework. Second, this paper also applies the AHP to discover the order of relative importance for the indicators identified by the experts through pairwise comparison to reach consensus, which has never been conducted before.
- ItemBenchmarking the competitiveness of the ASEAN 5 equity markets: An application of Porter’s diamond modelWanida Jarungkitkul; Sorasart Sukcharoensin (Emerald Publishing Limited, 2016)The purpose of this paper is to study the competitiveness of the stock markets in ASEAN 5, which are the Stock Exchange of Thailand (SET), the Singapore Exchange (SGX), Bursa Malaysia (BM), the Indonesia Stock Exchange (IDX), and the Philippine Stock Exchange (PSE). Design/methodology/approach ? This research applies Porter?s (1990) diamond model to analyze the competitiveness and the data were collected from World Economic Forum, International Institute for Management Development, the World Federation of Exchanges database, and DataStream. Findings ? The results show that SGX is the most competitive exchange in ASEAN 5 region. It dominates other exchanges in every dimension. It gains its reputation for being the region?s most prominent exchange, followed by BM, SET, IDX, and the PSE, respectively. Practical implications ? The results of this investigation provide rank for competitiveness of stock exchanges among ASEAN 5 and identify the way to improve its competitive position. Social implications ? It is useful for public and private sectors involved in the development and policy making to promote funding and investment efficiency of the exchanges. It will be benefit to establish the well-planned development strategy and policy to build up the competitive advantage of the nations. Originality/value ? Identifying and benchmarking the competitiveness of the stock markets in ASEAN economies. By using Diamond Model, the authors propose indicators to assess the competitiveness of the stock markets in ASEAN 5 countries. Assessing the competitiveness of the ASEAN stock markets in this paper will lead us to better understand about each country?s strengths and weaknesses and to promote a mutual collaboration among the region toward ASEAN Economic Community.
- ItemThe analysis of stock market development indicators: evidence from the ASEAN-5 equity marketsPariyada Sukcharoensin; Sorasart Sukcharoensin (International Journal of Trade, Economics and Finance, 2013)This paper proposes indicators to assess the development of the stock markets in ASEAN-5 countries, namely Indonesia, Malaysia, the Philippines, Singapore and Thailand. The results show the distinctions among these equity markets. The indicators in this research separate these stock markets into two tiers. The results indicate that SGX, SET, and BM have higher level of development comparing to other stock markets in the same region. Their main strengths are in their accessibility. SGX has higher level of development in most aspects, specifically in size when measured by market capitalization. BM gains its advantage on access dimension. SET is outstanding in stability dimension. The other group is IDX and PSE. The latter equity markets need to improve in most aspects. These findings convey important messages to less-developed stock markets to establish the well-planned strategy and policy to build up the development before full participation of ASEAN Economic Community in 2015.
- ItemSuccess factors of financial derivatives markets in AsiaTrin Sittisawad; Pariyada Sukcharoensin (Springer Nature, 2018)The objective of this study is to investigate the success factors of financial derivatives markets in Asia. The selected countries include Thailand, Malaysia, Singapore, South Korea, Japan and Hong Kong. The success factors of financial derivatives markets in Asia are examined by employing the panel regression. The empirical results show that size, volatility, and liquidity of spot market are significant factors for the success of financial derivatives markets in sample countries. Further, tick size, contract size, and option-type also enhance trading volumes while product age is not statistically significant. The results from this study provide important implications in developing the financial derivatives market which plays an important role in the capital market.
- ItemDoes bank competition contribute to financial stability?Sanhapas Laowattanabhongse; Sorasart Sukcharoensin (Academic Affair Division, Thammasat University, 2017)The relationship between bank competition and financial system stability is indeed very complex. At present, there is still a controversial debate on the two opposing views of the relationship. Under the traditional view called competition-fragility, the hypothesis suggests that a more competitive banking system is less stable. On the contrary, under the recent view called competition-stability, the hypothesis suggests that a more competitive banking system is more stable. This paper, therefore, attempts to fill in the literature gap by using a sample of 81 countries including both developed and developing countries from 2000 to 2013. The results reveal that the relationship between bank competition and financial system stability can vary across different market characteristics, specifically when the segmentation is based on accessibility to funding via financial market and size of credit relative to a country’s GDP. These findings have significant policy implications and help to analyse the effect of competition in financial sector to its stability.