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Item Open Access DPRK AND THE CTBT: WHAT COULD COME NEXT AFTER THE MORATORIUM?(Journal for Peace and Nuclear Disarmament, 2022) Mukatay, Zhaniya; Niu, Qiyang; Kim, HaeyoonAt the 25th anniversary of the opening for signature of the Comprehensive Nuclear-Test-Ban Treaty (CTBT), this paper seizes the opportunity of a self-imposed nuclear test moratorium by the Democratic People’s Republic of Korea (DPRK), analyzes Kazakhstan’s experience in dismantling its nuclear test site, and proposes three policy recommendations as potential solutions to stir the DPRK to join the CTBT: First, the international community should count DPRK’s potential signing of the CTBT as a reason to consider relaxing sanctions against DPRK in the future; second, the international community should encourage the DPRK to vote in favor of UNGA resolutions on the CTBT as a first step forward towards the final signing; third, the international community and the CTBTO Preparatory Commission (CTBTO) should consider inviting the DPRK for CTBTO training and workshops to build trust. Together, these actions could not only push forward the CTBT with its coming into force but also melt the current stalemate of engaging with the DPRK positively.Item Open Access PROFIT SHARING AND INCENTIVES(International Journal of Industrial Organization, 2022) Ozdenoren, Emre; Rubanov, OlegWe model a firm as a team production process subject to moral hazard and derive the optimal profit sharing scheme between productive workers and outside investors together with incentive contracts based on noisy performance signals. More productive agents with noisier performance signals are more likely to receive shares which can explain why man- agers are motivated by shares, and law or consulting firms form partnerships. A firm that grows by opening branches is held almost entirely by outside investors when its out- put noise grows faster than the number of branches. Otherwise, insiders hold substantial amount of a large firm’s shares.Item Open Access OIL PRICE SHOCKS AND GREEN BONDS: AN EMPIRICAL EVIDENCE(Energy Economics, 2022) Azhgaliyeva, Dina; Kapsalyamova, Zhanna; Mishra, RanjeetaThis paper contributes to the existing literature by investigating the impacts of crude oil price shocks on financial markets through an examination of the effect of oil price shocks on the issuance of corporate green bonds. Green bond issuance has been growing fast over the past several years; despite this, the share of green bonds in the total bonds remains less than 1%. Using the multilevel models, this study investigates the effect of flow oil-supply, flow oil-demand, and speculative oil-demand shocks on (1) probability of the corporate green bond issuance and (2) the share of corporate green bond issuance. We find that flow supply shocks, flow demand shocks and the issuance of sovereign green bonds have a positive and significant effect on the probability of the issuance of corporate green bonds, but shocks have no significant impact on the share of the corporate green bond issuance. The results are robust to alternative specifications of our models.Item Open Access TRADE CREDIT AND FINANCIAL CRISES IN KAZAKHSTAN(Journal of Asian Economics, 2022) Adilkhanova, Zarina; Nurlankul, Aruzhan; Token, Aizat; Yavuzoglu, BerkThis paper studies the trade credit and delinquency behavior in Kazakhstan paying attention to the effects of two recent crises using a unique dataset of large firms and SMEs from the year 2009 to 2016. Our estimates suggest that the relationship between trade and bank credit is mainly substitutional except that it was complementary for large firms following the year 2014– 5 crisis. This new piece of evidence on the non-uniform relationship between trade and bank credit during crisis might provide more insight into the mixed findings in the literature. We also discern that trade credit demand is more prevalent among capital-intensive firms. Kazakhstani firms pass along a sizeable portion of their delinquent receivable to their trade credit suppliers. The transmission of trade credit delinquency, additionally, is amplified during the year 2014–5 economic crisis but the year 2009 global financial crisis.Item Open Access THE EFFECTS OF COVID-19-RELATED DRIVING RESTRICTIONS ON AIR QUALITY IN AN INDUSTRIAL CITY(AAGR Aerosol and Air Quality Research, 2021-05-21) Assanov, Daulet; Kerimray, Aiymgul; Batkeyev, Birzhan; Kapsalyamova, ZhannaTo slow the spread of COVID-19, the state of emergency was announced in Kazakhstan on March 16, 2020. Ust-Kamenogorsk instituted COVID-19 lockdown measures on April 2, 2020. The restrictions reduced the flow of traffic in the city but did not have a major impact on the large industries and power plants. In the areas with a complex profile of emission sources, traffic restriction measures alone may hardly tackle serious air pollution. This natural experiment allowed us to test how the reduction in transport movement affects air quality in Ust-Kamenogorsk, as there is a tendency to hold transport as being a major cause of air pollution in Ust-Kamenogorsk. This study analyzes concentrations of four major air pollutants and meteorological parameters in Ust-Kamenogorsk from March 1 to May 15 in 2016–2020. Using the fixed effects model, we find that restrictions have decreased the levels of CO by 21–23 percent, increased the levels of TSP by 13–21 percent, and had no significant effect on SO2 and NO2 concentrations in the city. It implies that heavy pollution in the city with SO2, NO2, TSP are mainly caused by non-transportrelated sources.Item Open Access THE IMPACT OF SOCIAL DISTANCING ON BOX-OFFICE REVENUE: EVIDENCE FROM THE COVID-19 PANDEMIC(Quantitative Marketing and Economics, 2020-10-21) Kim, KyungIn this paper, I study the short-run effect of social distancing due to the COVID-19 outbreak on movie demand and box-office revenue. Using longitudinal data on the Korean movie theater industry, I first estimate a nested logit model of movie demand, and then quantify the revenue loss in the industry. Estimation results reveal that the revenue loss due to the decrease in underlying movie demand is approximately 52 million dollars nationwide during the first five weeks after the outbreak, implying a 34 percent decrease in sales. The results also suggest an additional 42 million dollars were lost as the delay of some major movies lowered the overall quality of available movies in the marketItem Open Access WHY ENERGY ACCESS IS NOT ENOUGH FOR CHOOSING CLEAN COOKING FUELS? EVIDENCE FROM THE MULTINOMIAL LOGIT MODEL(Academic Press, 2021-05-11) Kapsalyamova, Zhanna; Mishra, Ranjeeta; Kerimray, Aiymgul; Karymshakov, Kamalbek; Azhgaliyeva, DinaThe transition to sustainable energy requires an assessment of drivers of the use of clean and dirty fuels for cooking. Literature highlights the importance of access to clean fuel for switching from dirty fuels to clean fuels. Though access to cleaner fuels, such as electricity promotes clean fuel use, it does not necessarily lead to a complete transition to the use of clean fuels. Households continue using traditional fuels in addition to the clean fuels. The main objective of this paper is to explain the choice of dirty cooking fuels even when access to electricity is provided. We use nationally representative household survey data to study the household energy use decisions in three middle-income countries, namely, India, Kazakhstan, and the Kyrgyz Republic. The study discusses the role of access to natural gas, free fuel, convenience or multi-use of fuels featured by the heating system installed, built-in environment, and other socio-economic factors in household fuel choice for cooking. The results show that access to natural gas increases the likelihood of opting for clean fuel, while the availability of free fuel in rural areas and the coal-based heating system promote the use of solid fuels.Item Open Access Return to the countryside: The return intentions of highly educated young people in the Akmola province of northern Kazakhstan(Wiley, 2019-10-19) Sagyndykova, Galiya; Buchenrieder, Gertrud; Dufhues, Thomas; Möllers, Judith; Runschke, DavidThe rural out‐migration of young people leads to problems such as “brain drain” and the overageing of the rural population. The purpose of this paper is to study return migration motives among students originating from rural areas. The case study relates to the province of Akmola, northern Kazakhstan. Based on data collected from college and university students (n = 357), a binary logistic regression model is used to identify rural return motives. Noneconomic and economic motives are equally important in forming a return intention. Our findings do not suggest that particularly underperforming students intend to return. As expected, compared with those in major cities, students who study in a regional town intend to return more often. We also found a large difference in return intentions along ethnic lines. Students of non‐Kazakh decent are much more likely to return than ethnic Kazakhs, and the two ethnic groups have quite distinct motives indicating signs of ethnic discrimination against non‐Kazakhs in the job market.Item Open Access Spatial electricity market data for the power system of Kazakhstan(ELSEVIER, 2019-04) Assembayeva, M.; Egerer, Jonas; Mendelevitch, Roman; Zhakiyev, NurkhatThe data presented in this article are related to the research article “A spatial electricity market model for the power system: The Kazakhstan case study” (M. Assembayeva et al. 2018). This data article presents information on network topology and characteristics, demand variation and distribution, technical and economic parameters for conventional and renewable generation, as well as availability time series, and imports and exports. The dataset is made publically available to allow for more and independent analysis of this emerging energy market.Item Metadata only Resale in second-price auctions with costly participation(International Journal of Industrial Organization, 2017-09-01) Celik, Gorkem; Yilankaya, Okan; Gorkem, CelikAbstract We study sealed-bid second-price auctions with costly participation and resale. Each bidder chooses to participate in the auction if her valuation is higher than her optimally chosen participation cutoff. If resale is not allowed and the bidder valuations are drawn from a strictly convex distribution function, the symmetric equilibrium (where all bidders use the same cutoff) is less efficient than a class of two-cutoff asymmetric equilibria. Existence of these equilibria without resale is sufficient for existence of similarly constructed two-cutoff equilibria with resale. Moreover, the equilibria with resale are “more asymmetric” and (under a sufficient condition) more efficient than the corresponding equilibria without resale.Item Open Access Eliminating useless portfolios in constrained financial economies(Economic Theory, 2016-10-21) Aouani, Zaier; Cornet, BernardWhen financial investors’ portfolio holdings are unconstrained, financial economies are assumed, w.l.o.g., to have no redundant assets. Indeed, eliminating redundant assets allows to replace the initial financial structure by an equivalent one, i.e., one that has the same consumption equilibria. Moreover, at the end of the process, absence of redundant assets guarantees that the set of admissible portfolio allocations is bounded, a fundamental property for the existence of equilibria. In the presence of institutional (exogenous) portfolio constraints, eliminating redundant assets is not innocuous anymore since bounded arbitrage may persist at equilibrium, the law of one price does not hold, and some zero-income portfolios may not be free. The goal of the paper is to replace the elimination of redundant assets by the elimination of useless portfolios, a process that eliminates in particular Werner useless portfolios, but needs to go beyond to obtain the boundedness of the set of admissible portfolio allocations at the end of the purification process. Moreover, the elimination process is carried out without affecting the set of consumption equilibria, hence replacing at each step the financial structure by an equivalent one.