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AbstractWhile the effect of land fragmentation on farm efficiency and production diversification in Vietnam has been well established, no evidence exists for its effect on household food security. Using a unique dataset from household surveys in combination with micro‐econometric models, the current study examines the impact of land fragmentation on food security in the poorest districts of Vietnam's North Central Coast. Even after controlling for other factors in the models, we provide the first evidence that in Vietnam, ethnic minority households whose land holdings are fragmented are more likely to suffer from food insecurity. A higher likelihood of achieving food security is found for households whose members have better education and non‐farm self‐employment. The findings suggest that land policies that encourage land consolidation and improve the access of ethnic minorities to better education and non‐farm self‐employment would help them improve their food security. Such policies should be promoted in the study area.

Motivated by the European debt crisis and the new European Union regulatory regime for the credit rating industry, we analyse differences of opinion in sovereign credit signals and their influence on European stock markets. Rating disagreements have a significant connection with subsequent negative credit actions by each agency. However, links among Moody's/Fitch actions and their rating disagreements with other agencies have weakened in the post-regulation period. We also find that only S&P's negative credit signals affect the own-country stock market and spill over to other European markets, but this is concentrated in the pre-regulation period. Stronger stock market reactions occur when S&P has already assigned a lower rating than Moody's/Fitch prior to taking a further negative action.

This paper investigates the causes of split sovereign ratings across S&P, Moody's and Fitch for 64 countries from 1997 to 2011. We identify that split sovereign ratings are not symmetric, with S&P tending to be the most conservative agency. We find that opaque sovereigns are more likely to receive split ratings. Political risk plays a highly significant role in explaining split ratings and dominates economic and financial indicators. Out-of-sample model performance is enhanced by capturing political risk. Government information disclosure affects split ratings between Moody's and Fitch in emerging countries. The study implies an incentive for governments to reduce political uncertainty and to enhance transparency.

Vietnam is a country that found itself at the center of the Indochina wars and was subjected to the most intense aerial bombing in history. However, little research has been done on the effect of unexploded ordnance (UXO) contamination on household livelihoods in rural Vietnam. In this paper, we investigate the contaminating effect of unexploded ordnance on households. Livelihood choices are classified by cluster analysis techniques, and unexploded ordnance contamination is measured at the district level by the proportion of land at risk from unexploded bombs and mines. We examine the effect of UXO contamination on livelihood choices using a multinomial logit model, controlling for various important household and regional level characteristics. It was found that households in districts with greater contamination were less likely to adopt a formal wage-earning livelihood, characterized by higher income and less poverty, than they were to engage in an agricultural livelihood. This suggests that the Indochina wars have had a long-running effect, reducing the likelihood of non-farm diversification, which in turn diminishes economic well-being among rural households in Vietnam.

Purpose– Little econometric evidence exists on the determinants of nonfarm participation among ethnic minorities in Vietnam. The purpose of this paper is to examine the intensity of nonfarm participation and its correlates among ethnic minority households in Northwest Mountains – the poorest region of Vietnam.Design/methodology/approach– Factors affecting the level of nonfarm participation were examined by using a fractional logit model. In addition, regression analysis using analysis of variance models were used to compare the mean of household characteristics and assets between households with and without nonfarm employment.Findings– The study found that households depended heavily on agriculture for subsistence and their access to nonfarm employment is very limited. Households with nonfarm employment had much higher levels of education, income, assets and a much lower level of poverty than those without nonfarm participation. The intensity of nonfarm participation is positively associated with education levels, proportion of male working members and fixed assets but negatively correlated with the size of annual crop land and water surface for aquaculture. Also, the presence of nonfarm opportunities and paved roads in a commune increases the intensity of nonfarm participation for households living in that commune.Practical implications– The findings suggest that any poverty alleviation policies should aim at improving the access of ethnic minorities to education and nonfarm job opportunities.Originality/value– The study offers the first evidence of factors affecting the intensity of nonfarm participation among ethnic minorities in the study area.

Using 603 sovereign rating actions by the three leading global rating agencies between January 2020 and March 2021, this paper shows that the severity of sovereign ratings actions is not directly affected by the intensity of the COVID-19 health crisis (proxied by case and mortality rates) but through a mechanism of its negative economic repercussions such as the economic outlook of a country and governments' response to the health crisis. Contrary to expectations, credit rating agencies pursued mostly a business-as-usual approach and reviewed sovereign ratings when they were due for regulatory purposes rather than in response to the rapid developments of the pandemic. Despite their limited reaction to the ongoing pandemic, sovereign rating news from S&P and Moody's still conveyed price-relevant information to the bond markets.