Introduction: Global Perspectives on the U.S. Colonial State in the Philippines

The subprime mortgage crisis in the U.S. in mid-2008 suggests that stock prices volatility do spillover from one market to another after international stock markets downturn. The purpose of this paper is to examine the magnitude of return and volatility spillovers from developed markets (the U.S. and Japan) to eight emerging equity markets (India, China, Indonesia, Korea, Malaysia, the Philippines, Taiwan, Thailand) and Vietnam. Employing a mean and volatility spillover model that deals with the U.S. and Japan shocks and day effects as exogenous variables in ARMA(1,1), GARCH(1,1) for Asian emerging markets, the study finds some interesting findings. Firstly, the day effect is present on six out of nine studied markets, except for the Indian, Taiwanese and Philippine. Secondly, the results of return spillover confirm significant spillover effects across the markets with different magnitudes. Specifically, the U.S. exerts a stronger influence on the Malaysian, Philippine and Vietnamese market compared with Japan. In contrast, Japan has a higher spillover effect on the Chinese, Indian, Korea, and Thailand than the U.S. For the Indonesian market, the the return effect is equal. Finally, there is no evidence of a volatility effect of the U.S. and Japanese markets on the Asian emerging markets in this study.

Download Full-text

Institutionalized Ambiguity in Legal Status: Managing Citizenship in the U.S. Imperial Rule of the Philippines

10.31235/osf.io/39g6b ◽

2018 ◽

Author(s):

Katrina Quisumbing King

Keyword(s):

Legal Status ◽

The Philippines ◽

The Political ◽

Administrative Capacity ◽

Law And Policy ◽

State Actors ◽

Political Realm ◽

The U.S ◽

Scholarly Attention ◽

Do So

A perennial question in the scholarship of the state asks how states rule and expand their capacity to do so. Scholars have paid special attention to activities that rationalize and build administrative capacity, known as legibility projects. Alongside these projects, state actors also rule through ambiguous and unclear techniques that have been given less scholarly attention. I introduce the concept of institutionalized ambiguity in legal status to extend the study of state rule. I ask what generates ambiguity, what purposes it serves in law and policy, and what consequences it has for the management of populations. I propose an analytic approach that draws attention to equivocation in law as enabling classificatory debates and discretion in the political realm. To illustrate the purchase of institutionalized ambiguity in legal status, I analyze how, during the years of formal imperial rule (1898-1946), U.S. state actors debated the racial fitness and membership of Filipinos in the imagined U.S. nation. I consider the broader implications of this analysis for scholars of modern state formation and suggest that foundational conflicts over national identity can be institutionalized in law, in turn facilitating a range of contradictory, but co-existing, legally defensible policies.

Download Full-text