https://so01.tci-thaijo.org/index.php/CMJE/issue/feed CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 2023-12-28T17:49:02+07:00 Dr.Jirapa Inthisang Trochim journal.econcmu@gmail.com Open Journal Systems <p>Chiang Mai University Journal of Economics (CMJE) is a double-blind peer-reviewed journal published by the Faculty of Economics, Chiang Mai University, Thailand which aims to be a channel to report academic progression in the field of economics. It was established in 1996 and has been indexed in the Thai-Journal Citation Index <span style="text-decoration: underline;"><strong>TCI Tier 2</strong></span></p> <p>CMJE publishes original research/academic papers and review articles in 2 issues per year</p> <ul> <li class="show">Issue 1 January – June, published in June</li> <li class="show">Issue 2 July – December, published in December</li> </ul> <p>Since 2020 onward</p> <p>CMJE have been published as a book for any interested, library or institutions and as an online issue at https://www.tci-thaijo.org/index.php/CMJE</p> https://so01.tci-thaijo.org/index.php/CMJE/article/view/265301 Multi-product exporters, productivity, and the margins of Malaysian exports: A firm-level panel data analysis 2023-02-12T02:29:31+07:00 SUNIL DASH sunil.dash@hotmail.com <p>With balanced panel statistics of 1200 Malaysian manufacturing firms from 2004-2006, this paper explores the importance of multi-product exporters and examines the relationship between export margins and firm productivity as well. Firstly, we decompose the individual-level exports into two components, the number of export destinations (extensive margin) and average exports per destination (intensive margin). Secondly, we use the Heckman selection approach to examine the relationship between firm productivity and export margins. Our findings suggest that more productive firms export more, serve more export destinations, and have greater average export flows per destination. Furthermore, most of the aggregate rise in individual exports associated with greater firm productivity comes from the intensive margin. These findings are consistent with the theoretical predictions of Mayer, Melitz, and Ottaviano (2014).</p> 2023-12-28T00:00:00+07:00 Copyright (c) 2023 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS https://so01.tci-thaijo.org/index.php/CMJE/article/view/267716 Exploring Generalized Trust: A Multilevel and Cross-Country Analysis 2023-06-01T12:39:18+07:00 savinee suriyanrattakorn savinee.suri@gmail.com <p>This paper aims to investigate the determinants of general trust by utilizing cross-country data from the World Value Survey waves 6 to 8. The results indicate that a multilevel model is suitable for examining trust in this context. The findings of this study reveal that individuals who participate in voluntary memberships, feel secure in their neighborhoods, and report satisfaction with their life and financial status tend to exhibit higher levels of trust compared to the reference groups. Additionally, the analysis highlights the significant relationship of contextual-level variables, indicating that societies characterized by greater ethnic diversity tend to have lower levels of trust. These findings provide insights for the development of trust-enhancing policies by promoting community security and encouraging social engagement through voluntary membership associations.</p> 2023-12-28T00:00:00+07:00 Copyright (c) 2023 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS https://so01.tci-thaijo.org/index.php/CMJE/article/view/268673 Rate of Return on Education of the Bachelor Degree in the Faculty of Education and Educational Innovation, Kalasin University 2023-07-22T03:52:56+07:00 Duangrat Luangon duangoh@gmail.com <p>The objective of this study is to analyze the private rate of return to investment in education of Bachelor Degrees in the faculty of education and educational innovation, Kalasin University. As information for choosing a university, the results of the study may be used by those who are interested in furthering their education in the faculty of education and educational innovation, Kalasin University. The primary data were collected from interviewing 340 students in the academic year 2018-2021. And the secondary data were from other sources and related studies. In the analysis of economic costs and returns for investment in education, By means of the net present value (NPV), the benefit-cost ratio (B/R) and the internal rate of return (IRR). The study has found that the private rate of return to investment in education of Bachelor Degrees in the faculty of education and educational innovation, Kalasin University was cost-effective. It is also found that under the possible changing conditions that (1) the cost of education was assumed to increase which may be because the cost of graduate production was higher, and/or (2) the benefits expected to obtain from work were assumed to decrease which may be because of the competition among education institutes to produce graduates in response to the job markets demand, the private rate of return to investment in education in the faculty of education and educational innovation, Kalasin University was still cost-effective. Those who are interested in continuing their education in the faculty of education and educational innovation, Kalasin University not only need to be qualified for the universities entrance examination, but also have sufficient financial support to receive this high cost educational services.</p> 2023-12-28T00:00:00+07:00 Copyright (c) 2023 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS https://so01.tci-thaijo.org/index.php/CMJE/article/view/269266 The Impact of Covid-19 Pandemic on the Structural Relationship between Bitcoin Price and Macroeconomic Factors 2023-08-28T20:42:44+07:00 Kanokwan Chalatarn kanokwan.c63@rsu.ac.th <p>This thesis examines the factors affecting the price of bitcoin during Covid-19 pandemic. The study is divided into 2 periods: the pre covid-19 pandemic period (2018-2019) and the covid-19 pandemic period (2020-2021). Weekly data were used to test the impact of various economic factors, namely, gold price, crude oil WTI index, VIX volatility index, S&amp;P500 index, Dow Jones index, Nasdaq index, US Dollar index and Fed Fund Rate. The testing was divided into four stages: (1) Stationarity Test, (2) Cointegration Test, (3) Error Correction Model, and (4) Granger Causality Test.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The results indicate that the stationarity of all variables of the 2 periods are the mixture of both I(0) and I(1). Therefore, the Autoregressive Distributed Lag (ARDL) model is appropriate for testing the long-run Cointegration and short-run adjustment. In the period before the outbreak of the Covid-19 pandemic (2018 - 2019), it was found that Dow Jones Index, US Dollar index and Fed Fund Rate have significant impact on bitcoin price. While during the period of Covid-19 pandemic (2020 - 2021), it was found that gold price, WTI index, S&amp;P500 index, Nasdaq index and US Dollar index have significant effect on bitcoin price. As for the estimation of Error Correction Model, it was found that, for the period prior to the Covid-19 pandemic (2018 - 2019), the system is able to adjust back to its long-run equilibrium at the rate of 11.98% of the disequilibrium in each period after the deviation. While during the period of Covid-19 pandemic (2020-2021), it was found that the system can adjust back to its long-run equilibrium at the rate of 30.51% of the disequilibrium in each period after the shock occurs.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As for the test for structural change during Covid-18 period, it was found that the factors that involve significant changes in parameter estimates include gold price and Dow Jones Index.</p> <p>&nbsp;</p> 2023-12-28T00:00:00+07:00 Copyright (c) 2023 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS