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Publisher: KSP Journals   (Total: 6 journals)   [Sort by number of followers]

Showing 1 - 6 of 6 Journals sorted alphabetically
J. of Economic and Social Thought     Open Access   (Followers: 2)
J. of Economics and Political Economy     Open Access   (Followers: 6)
J. of Economics Bibliography     Open Access  
J. of Economics Library     Open Access   (Followers: 7)
J. of Social and Administrative Sciences     Open Access  
Turkish Economic Review     Open Access   (Followers: 1)
Journal Cover Journal of Economics Library
  [7 followers]  Follow
    
  This is an Open Access Journal Open Access journal
   ISSN (Print) 2149-2379
   Published by KSP Journals Homepage  [6 journals]
  • Economic integration and income convergence in the EU and the ASEAN

    • Authors: Devasmita JENA
      Pages: 1 - 11
      Abstract: . In this paper, examine per capita income convergence among the countries of the EU and the ASEAN during 2000-2014 using both beta and sigma convergence and theil index of inequality in order to to explain the process of structural change contributing to the process of income convergence. Our analysis of theil index of inequality indicates that the inter-country inequality, in general, has been decreasing for GDP in the EU and the ASEAN, which is in line with the findings of β- and σ- convergence for these two groups of countries during 2000-2014. While in the case of EU, reduction in inequality in the industrial sector has positively affected the reduction in inequality in income; for ASEAN, industrial and services sector have contributed to income convergence.Keywords. Convergence, EU, ASEAN, Theil Index of Inequality.JEL. O00, O10, O40.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1478
      Issue No: Vol. 5, No. 1 (2018)
       
  • The impact of macroeconomic variables on stock prices in Tanzania

    • Authors: Manamba EPAPHRA, Evidence SALEMA
      Pages: 12 - 41
      Abstract: . This paper examines the relationship between stock prices and macroeconomic variables namely, inflation rate, Treasury bill rate, exchange rate and money supply in Tanzania. The paper uses monthly time series data spanning from January 2012 to December 2016 across 10 companies listed on the Dar es Salaam Stock Exchange. Johansen’s co-integration and vector error correction models have been applied to investigate the long-run relationship between stock prices and macroeconomic variables while considering average stock price on one hand and individual companies stock prices on the other hand. We specify 11 models, whereas model 1 examines the effects of macroeconomic variables on overall stock price, models 2-11 explore the effects of the same macroeconomic variables on individual firm’s stock price across 10 firms. This is important because some firms tend to behave differently as far as changes in macroeconomic variables are concerned. The empirical analysis reveals that macroeconomic variables and the stock prices are co-integrated across all models and, hence, a long-run equilibrium relationship exists between them. Equally important, all regression models pass the specification tests of heteroscedasticity, serial correlation, Ramsey RESET test of specification and Jacque-Bera Normality test. The overall model regression results show that money supply and exchange rate have a positive effect on stock prices. By contrast, Treasury bill rate tends to have a negative effect on stock prices. Inconsistent with the a priori expectation, inflation rate seems to exert no impact on overall stock prices. However, individual firms’ regressions show that the coefficient on inflation is negative and statistically significant in 6 models but weakly significant in 2 models, and positive and statistically significant in 1 model. Similar controversial results across firms are revealed on the other macroeconomic variables while considering individual firms regressions. Nevertheless, money supply is found to be the main determinant of stock and hence, it should be targeted as the main monetary policy aimed at directing the stock market in Tanzania.Keywords. Stock prices, Macroeconomic variables, Error correction models.JEL. D51, H54, O24.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1561
      Issue No: Vol. 5, No. 1 (2018)
       
  • Non-oil trade of Turkey and Russia in the Middle East: Trends and
           potential

    • Authors: Zeynep KAPLAN, Feride DOĞANER GÖNEL
      Pages: 42 - 58
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1589
      Issue No: Vol. 5, No. 1 (2018)
       
  • Technology case study: Virtual lifestyles and sustainable economic
           development

    • Authors: Dawood MAMOON
      Pages: 59 - 64
      Abstract: . The paper analyses the opportunity cyber space and virtual technologies provide for improvement of lifestyles of rural and urban poor in developing countries. The paper floats the term ‘virtual tourism’ that suggests that developing countries can connect with each other and the developed world through world wide web and provide opportunities of cultural, economic and social exchange between populations through development and facilitation of locally developed virtual applications and technologies that has partly created the social media outlets like face book and Twitter and commerce spaces like Amazon and Ali Baba.Keywords. Information technology, Sustainable development, Virtual tourism.JEL. F63, Q10, Q56.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1492
      Issue No: Vol. 5, No. 1 (2018)
       
  • Evolution of the economics of science in the Twenty Century

    • Authors: Mario COCCIA
      Pages: 65 - 84
      Abstract: . A new discipline analyses the role of science in society: the economics of scientific research. The purpose of this paper is to investigate the origins, nature, evolution and structure of the economics of scientific research. The paper suggests that one of the first scholars that has tried to systematize this discipline is Paul Freedman with the book “The principles of scientific research” published in London in 1949 by Pergamon Press. In addition, the study here also endeavours to show whenever possible the evolution of this discipline through central topics from emerging research fields.Keywords. Science, Scientific research, History of science, Evolution of Science, Research policy, Research laboratory, R&D management.JEL. B20, D80, L30.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1577
      Issue No: Vol. 5, No. 1 (2018)
       
  • Climate change and profit efficiency in Punjab, Pakistan: Evidence from
           household-level panel data

    • Authors: Khush Bukhat ZAHID, Munir AHMED
      Pages: 85 - 98
      Abstract: . This study seeks to examine, both theoretically and empirically, the impact of climate change on farm Profit efficiency in Rural Punjab Pakistan. Current study explores the climate change impact by using Stochastic Profit Frontier Model at farm level with panel data. The outcomes of this study are indicative of a strong impact of climate change on the agriculture of Punjab, Pakistan. Increase in long run normal precipitation and temperature have significant effect on farm profit that fluctuates in direction as well as magnitude across quarters. The incidence of weather shocks and socioeconomic characteristics of the farming households are important factors of profit efficiency at farm level. The quasi fixed inputs are positively and significantly related to farm profits while input prices contribute negatively to farm profitability. The average profit efficiency score turned out to be 0.72, suggesting that the average farm, by improving their efficiency can increase the profit up to 28 percent. The findings of present study are evocative of huge impact of climate change on the rain-fed areas of Punjab since these are water scarce areas depending on rain fall for cropping. Arguably, it is vital for the better performance of the agriculture sector to combat the impact of climate change more effectively through implementation of adaptation strategies.Keywords. Agriculture, Farm production, Climate change, Profit efficiency, Stochastic profit frontier model and farm level panel data.JEL. C23, D01, Q12.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1477
      Issue No: Vol. 5, No. 1 (2018)
       
  • A study of consumption decisions and wealth, individual data, political
           economy and theory

    • Authors: James CURTIS Jr
      Pages: 99 - 102
      Abstract: . Recent studies have used regression decomposition to analyze recent data and found that over seventy percent of the black-white wealth differences remained unexplained (See, e.g., Gittleman & Wolff 2000; Altonji, Doraszelski & Segal 2000; and Blau & Graham 1990). Their results are limited to the variation in modern data. This study contributes improved methodology and historical empirical results to the literature on economic discrimination. In this paper, (i) presents structural regression decompositions, which are modifications to methods developed by Becker (1957) and Oaxaca (1973); (ii) presents a basic empirical test when analyzing structural regression decompositions; (iii) reports the estimated sources of black-white differences in wealth directly before and after emancipation; (iv) links these findings to recent studies. Empirical estimates confirm that the size and persistence of modern black-white wealth differences have historical roots. (v) presents decision-making considerations of “individuals” in an economy with grouped individuals, owners of firms, and social planner(s), conditional on wealth constraints with applied social economic considerations.Keywords. Theory of economic discrimination, Structural regression decomposition, Wealth inequality.JEL. J70, D90, E20, C20, H50, N30.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1579
      Issue No: Vol. 5, No. 1 (2018)
       
  • Evidence of random walk in Pakistan stock exchange: An emerging stock
           market study

    • Authors: Musarrat SHAMSHIR, Mirza Jawwad BAIG, Khalid MUSTAFA
      Pages: 103 - 117
      Abstract: . The study reports the empirical evidence on the presence of weak-form efficiency under the random walk hypothesis on the emerging stock market of Pakistan; Pakistan stock exchange (PSX), formerly known as Karachi stock exchange (KSE) from January 01, 2009 to August 31, 2014, by investigating two categories of stock indices; one in which the selection of firms is based upon market capitalization and the other where the selection criteria of firms is based upon free-float methodology. The study applied both non-parametric and parametric tests; Kolgomorov-Simirnov (K-S), runs, serial correlation and unit root tests on daily returns of KSE-100 index; KSE- all share index; KSE-30 index and KMI-30 index. The study finds absence of random walk on the former two indices, where chronology of firms and selection criteria are based on traditional market capitalization technique. However, evidence of random walk is found in stock-indices where selection of firms is based on free floating methodology. The trace of random walk advocates the free floating methodology over market capitalization criteria.Keywords. Random walk, Weak-form efficiency, Karachi stock exchange, Pakistan stock exchange, Unit root test, Autocorrelation.JEL. G10, G12, G14.
      PubDate: 2018-03-18
      DOI: 10.1453/jel.v5i1.1605
      Issue No: Vol. 5, No. 1 (2018)
       
 
 
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