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Journal Cover Economies
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  This is an Open Access Journal Open Access journal
   ISSN (Online) 2227-7099
   Published by MDPI Homepage  [140 journals]
  • Economies, Vol. 4, Pages 5: Impact of Economic Freedom on the Growth Rate:
           A Panel Data Analysis

    • Authors: Mohammed Hussain, Mahfuzul Haque
      First page: 5
      Abstract: This study looks at some non-conventional determinants of economic growth, with the help of the newly developed economic freedom index datasets of the Heritage Foundation/Wall Street Journal(HF/WSJ), which is a cumulative index derived from several sub-indices (trade freedom index, financial freedom, labor freedom, business and fiscal freedom index). The cumulative economic freedom index show us how open and business friendly a country is. The sub-indices show us openness across different sector of the economy, for example, the financial sector or the trade sector etc. Traditional neo-classical economic theories have explained economic growth looking at the supply of labor, capital and state of technology, with little attention being paid to institutional factors. The study presents evidence based on two panel data-sets. The first set consists of 186 countries over the period 2013, 2014 and 2015 that show institutional factors play a crucial role in economic growth. A second data-set with data for 57 countries for the period 2004–2014 also show a positive impact on the index on the growth rate of per capita GDP.
      PubDate: 2016-03-28
      DOI: 10.3390/economies4020005
      Issue No: Vol. 4, No. 2 (2016)
  • Economies, Vol. 4, Pages 6: Nonlinear Monetary Policy Rules: An Essay in
           the Comparative Study on Egyptian and Tunisian Central Banks

    • Authors: Yosra Baaziz, Moez Labidi
      First page: 6
      Abstract: The purpose of this paper is to evaluate the behavior of monetary authorities in Tunisia and Egypt, in response to changes in macroeconomic variables over time based on LSTR model. In this sense, we estimate Taylor-type equations for short-term interest rate in Tunisia and Egypt using quarterly data covering the period 1998.Q4–2013.Q2. We find strong evidence that the real decision-making process followed by these central banks varies from one central bank to another and that it exhibits nonlinear patterns that better capture special events and unexpected contingencies i.e., the terrorist attack in the US in September 2001, the global financial crisis in 2008, and the effect of political instability with the onset of the revolution. Additionally, the presence of asymmetries in the reaction function of the Tunisian and Egyptian Bank requires disconnection from their automatic pilot rules and use of judgement to make decisions.
      PubDate: 2016-04-11
      DOI: 10.3390/economies4020006
      Issue No: Vol. 4, No. 2 (2016)
  • Economies, Vol. 4, Pages 7: Foreign Direct Investment, Trade, and Economic
           Growth: An Empirical Analysis of Bangladesh

    • Authors: Mohammed Hussain, Mahfuzul Haque
      First page: 7
      Abstract: The study reveals that there is a relationship between foreign direct investments, trade, and growth rate of per capita GDP for Bangladesh with the help of annual time series data for 1973 to 2014. The Vector Error Correction Model (VECM) analysis shows that there is a long-term relationship between these variables. To check the validity of the VECM model, we did a few post-estimation diagnostic tests, and found that the residuals of the regressions have a normal distribution and do not show any auto-correlation. The trade and foreign investment variables have a significant impact on the growth rate of GDP per capita. Because FDI and trade are two important components of economic growth in Bangladesh, it is important to frame policies that promote growth and reduce the barriers for capital flows.
      PubDate: 2016-04-15
      DOI: 10.3390/economies4020007
      Issue No: Vol. 4, No. 2 (2016)
  • Economies, Vol. 4, Pages 8: Germany versus the United States: Monetary
           Dominance in the Eurozone

    • Authors: Chee-Heong Quah
      First page: 8
      Abstract: This study inspects if there is greater convergence with Germany amongst the Eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after “euroization”. The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To some extent, the findings could signify if real convergence has been significantly endogenous. At the same time, to assess the relative dominance of Germany, the features against Germany are compared to those against US. In addition, the paper also appraises some aspects of economic performance to check whether economic conditions across the states have improved and converged after unification. In some convergence aspects, findings suggest remarkable convergence with Germany and across the states but also relative convergence with US. On economic performance, results indicate substantial improvements in inflation and unemployment. Amongst the founding states, Ireland has idiosyncratically shown serious divergences in a number of the convergence and performance measures.
      PubDate: 2016-04-26
      DOI: 10.3390/economies4020008
      Issue No: Vol. 4, No. 2 (2016)
  • Economies, Vol. 4, Pages 9: Modelling Monetary and Fiscal Governance in
           the Wake of the Sovereign Debt Crisis in Europe

    • Authors: Bodo Herzog
      First page: 9
      Abstract: This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone.
      PubDate: 2016-05-05
      DOI: 10.3390/economies4020009
      Issue No: Vol. 4, No. 2 (2016)
  • Economies, Vol. 4, Pages 1: Falling behind, Forging Ahead and Falling
           behind Again: Thailand from 1870 to 2014

    • Authors: Anne Booth
      First page: 1
      Abstract: The paper argues that Thailand’s economic and social development from the late 19th century to the early 21st century presents a puzzle. For much of the period from 1870 to 1940, the country’s economic growth was slow, and the economy remained agricultural, with little diversification into modern industry or services. It was the only Southeast Asian country to escape direct colonization, and yet it did not use its relative freedom from colonial control to embark on a programme of accelerated economic, social and political modernization. The contrast with Meiji Japan has been made by several Thai and foreign scholars, but Thailand’s growth was also slow in comparison with several neighbouring countries under colonial control. Only in the late 1950s did economic growth start to accelerate and by 1996, per capita GDP was well ahead of other ASEAN countries except Malaysia and Singapore. The paper explores the reasons for the accelerated growth, looking particularly at the role of government. The paper also examines the reasons for the growth collapse of 1997/1998, and the slower economic growth since then.
      PubDate: 2016-01-22
      DOI: 10.3390/economies4010001
      Issue No: Vol. 4, No. 1 (2016)
  • Economies, Vol. 4, Pages 2: Acknowledgement to Reviewers of Economies in

    • Authors: Economies Editorial Office
      First page: 2
      Abstract: The editors of Economies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in 2015. [...]
      PubDate: 2016-01-22
      DOI: 10.3390/economies4010002
      Issue No: Vol. 4, No. 1 (2016)
  • Economies, Vol. 4, Pages 3: Drivers of Growth in the Travel and Tourism
           Industry in Malaysia: A Geweke Causality Analysis

    • Authors: Tan Giap, Sasidaran Gopalan, Ye Ye
      First page: 3
      Abstract: The travel and tourism industry has been growing in importance for several developing countries. It has not only generated considerable foreign exchange revenues but has also contributed to the overall output and socio-economic development of these countries. Within the Asia and Pacific region, data for 2014 indicates that Malaysia was ranked very highly at no. 26 out of the 184 countries in the world in terms of the relative importance of the contribution of the travel and tourism industry to its national output. In this light, this paper aims to undertake an empirical examination of the factors driving international tourist arrivals into Malaysia. The paper attempts to identify the causal determinants of the growth of the travel and tourism industry, using quarterly data from 2000 to 2012, under a Geweke causality framework. The empirical results suggest Malaysia’s government expenditures on tourism promotion as well as infrastructure investments such as enhancing airport facilities are causal and significant determinants of growth in the travel and tourism industry.
      PubDate: 2016-02-26
      DOI: 10.3390/economies4010003
      Issue No: Vol. 4, No. 1 (2016)
  • Economies, Vol. 4, Pages 4: Does Trust Matter for Entrepreneurship:
           Evidence from a Cross-Section of Countries

    • Authors: Oasis Kodila-Tedika, Julius Agbor
      First page: 4
      Abstract: Differences in trust levels between countries explain the observed discrepancies in entrepreneurial spirit amongst them. We test this hypothesis with a cross-section of 60 countries in 2010. Our findings suggest that about half of the variation in entrepreneurial spirit across countries in the world is driven by trust considerations. This result is robust to regional clustering, outliers and alternative conditioning variables. The findings of the study indicate that while formal incentives to nurture entrepreneurship must be maintained, policy makers should also seek to pay attention to the role of trust cultivated through informal networks.
      PubDate: 2016-03-04
      DOI: 10.3390/economies4010004
      Issue No: Vol. 4, No. 1 (2016)
  • Economies, Vol. 3, Pages 150-160: Economic Development and Government
           Spending: An Exploration of Wagner’s Hypothesis during Fifty Years
           of Growth in East Asia

    • Authors: Hassan Mohammadi, Rati Ram
      Pages: 150 - 160
      Abstract: Applicability of Wagner’s hypothesis to six East Asian countries is studied for a period of nearly a half-century during which their economic growth has often been termed as a “miracle”. Despite the high rates of growth in most cases, there is little indication to support the hypothesis except for Japan and possibly Korea. This finding is broadly supported by a variety of tests of cointegration using time-series as well as panel data.
      PubDate: 2015-10-08
      DOI: 10.3390/economies3040150
      Issue No: Vol. 3, No. 4 (2015)
  • Economies, Vol. 3, Pages 161-185: Effects of Primary, Secondary and
           Tertiary Education on Conflict Intensity in Africa

    • Authors: Julius Agbor
      Pages: 161 - 185
      Abstract: This study investigates the impact of different schooling dimensions (primary, secondary and tertiary) on the intensity of intra-state conflicts in 25 African states during the period 1989–2008. It uses fixed-effects and Generalized Methods of Moments (GMM) estimators in an annualized panel data framework. Parameter estimates suggest the following (1) primary schooling broadly mitigates conflicts in Africa. However, in environments with high natural resource rents, it could ignite conflicts; (2) there is evidence, although not overwhelming, that secondary schooling potentially drives conflicts in Africa. There is also evidence that urbanization potentially drives conflicts in Africa. However, although secondary schooling and urbanization potentially drives conflicts, in environments where secondary schooling (urbanization) is high, urbanization (secondary schooling) mitigates conflicts; (3) there is no evidence of a strong direct positive impact of tertiary education on conflicts and conditioning on tertiary schooling, income inequality potentially drives conflicts in African states. However, in contexts where income inequality (tertiary schooling) is high, tertiary schooling (inequality) mitigates conflict. Two important policy implications follow from this study. First, in contexts where income inequality is high (for instance, in South Africa), governments should strive to foster tertiary education in order to reduce conflict. Second, where urbanization rates are high, they should foster both secondary and tertiary education. This study contributes to existing knowledge by clearly demonstrating the utility of distinguishing between different educational dimensions and the contexts wherein they matter for conflict mitigation in Africa.
      PubDate: 2015-10-09
      DOI: 10.3390/economies3040161
      Issue No: Vol. 3, No. 4 (2015)
  • Economies, Vol. 3, Pages 186-215: The Redistribution of Trade Gains When
           Income Inequality Matters

    • Authors: Marco de Pinto
      Pages: 186 - 215
      Abstract: How does a redistribution of trade gains affect welfare when income inequality matters? To answer this question, we extend the [1] model to unionized labor markets and heterogeneous workers. As redistribution schemes, we consider unemployment benefits that are financed either by a wage tax, a payroll tax or a profit tax. Assuming that welfare declines in income inequality, we find that welfare increases up to a maximum in the case of wage tax funding, while welfare declines weakly (sharply) if a profit tax (payroll tax) is implemented. These effects are caused by the wage tax neutrality (due to union wage setting) and by a profit tax-induced decline in long-term unemployment. As a result, the government’s optimal redistribution scheme is to finance unemployment benefits by a wage tax.
      PubDate: 2015-10-28
      DOI: 10.3390/economies3040186
      Issue No: Vol. 3, No. 4 (2015)
  • Economies, Vol. 3, Pages 216-234: Catastrophic Economic Consequences of
           Healthcare Payments: Effects on Poverty Estimates in Egypt, Jordan, and

    • Authors: Ahmed Rashad, Mesbah Sharaf
      Pages: 216 - 234
      Abstract: Healthcare payments could drive households with no health insurance coverage into financial catastrophe, which might lead them to cut spending on necessities, sell assets, or use credit. In extreme cases, healthcare payments could have devastating consequences on the household economic status that would push them into extreme poverty. Using nationally representative surveys from three Arab countries, namely, Egypt, Jordan, and Palestine, this paper examines the incidence, intensity and distribution of catastrophic health payments, and assesses the poverty impact of out-of-pocket health payments (OOP). The OOP for hhealthcare were considered catastrophic if it exceeded 10% of a household’s total expenditure or 40% of non-food expenditure. The poverty impact was evaluated using poverty head counts and poverty gaps before and after OOP. Results show that OOP exacerbate households’ living severely in Egypt, pushing more than one-fifth of the population into a financial catastrophe and 3% into extreme poverty in 2011. However, in Jordan and Palestine, the disruptive impact of OOP remains modest over time. In the three countries, the catastrophic health payment is the problem of the better off households. Poverty alleviation policies should help reduce the reliance on OOP to finance healthcare. Moving toward universal health coverage could also be a promising option to protect households from the catastrophic economic consequences of health care payments.
      PubDate: 2015-11-26
      DOI: 10.3390/economies3040216
      Issue No: Vol. 3, No. 4 (2015)
  • Economies, Vol. 3, Pages 235-236: Financial Reform and Economic

    • Authors: Helmi HAMDI
      Pages: 235 - 236
      Abstract: The crucial role of the financial sector in the process of economic development and growth is widely acknowledged by scholars and policymakers.
      PubDate: 2015-12-21
      DOI: 10.3390/economies3040235
      Issue No: Vol. 3, No. 4 (2015)
  • Economies, Vol. 3, Pages 237-259: Revisiting “Southern”
           Sprawl: Urban Growth, Socio-Spatial Structure and the Influence of Local
           Economic Contexts

    • Authors: Ilaria Tombolini, Ilaria Zambon, Achille Ippolito, Stathis Grigoriadis, Pere Serra, Luca Salvati
      Pages: 237 - 259
      Abstract: Given its unpredictable nature, urban sprawl in the Mediterranean region is considered an intriguing (and intricate) socioeconomic issue. Since the 1970s, urban dispersion advanced rapidly in southern Europe—irrespective of a city’s size and morphology—with urbanization rates growing faster than population. A comparison between the metropolitan areas of Barcelona, Rome and Athens reveals how sprawl has occurred in different ways in the three cities, highlighting peculiar relationships between urbanization, land-use and economic structures. Sharing common drivers of change related to population dynamics, socio-spatial structure and deregulated urban expansion, sprawl has adapted to the local economic, cultural and environmental context. Barcelona shows a dispersion pattern towards a more spatially-balanced morphology, with expanding sub-centres distributed around the central city, Rome appears to be mostly scattered around the historical city with fragmented urban fabric and heterogeneous economic functions, Athens is denser, with polarized economic spaces and social segregation. Understanding how place-specific factors influence processes of settlement dispersion in Mediterranean contexts may inform policies of urban containment and land-use management.
      PubDate: 2015-12-21
      DOI: 10.3390/economies3040237
      Issue No: Vol. 3, No. 4 (2015)
  • Economies, Vol. 3, Pages 128-146: Inflation and Inflation Uncertainty
           Revisited: Evidence from Egypt

    • Authors: Mesbah Sharaf
      Pages: 128 - 146
      Abstract: The welfare costs of inflation and inflation uncertainty are well documented in the literature and empirical evidence on the link between the two is sparse in the case of Egypt. This paper investigates the causal relationship between inflation and inflation uncertainty in Egypt using monthly time series data during the period January 1974–April 2015. To endogenously control for any potential structural breaks in the inflation time series, Zivot and Andrews (2002) and Clemente–Montanes–Reyes (1998) unit root tests are used. The inflation–inflation uncertainty relation is modeled by the standard two-step approach as well as simultaneously using various versions of the GARCH-M model to control for any potential feedback effects. The analyses explicitly control for the effect of the Economic Reform and Structural Adjustment Program (ERSAP) undertaken by the Egyptian government in the early 1990s, which affected inflation rate and its associated volatility. Results show a high degree of inflation–volatility persistence in the response to inflationary shocks. Granger-causality test along with symmetric and asymmetric GARCH-M models indicate a statistically significant bi-directional positive relationship between inflation and inflation uncertainty, supporting both the Friedman–Ball and the Cukierman–Meltzer hypotheses. The findings are robust to the various estimation methods and model specifications. The findings of this paper support the view of adopting inflation-targeting policy in Egypt, after fulfilling its preconditions, to reduce the welfare cost of inflation and its related uncertainties. Monetary authorities in Egypt should enhance the credibility of monetary policy and attempt to reduce inflation uncertainty, which will help lower inflation rates.
      PubDate: 2015-07-20
      DOI: 10.3390/economies3030128
      Issue No: Vol. 3, No. 3 (2015)
  • Economies, Vol. 3, Pages 147: Economic Development in Southeast Asia

    • Authors: David Dapice
      Pages: 147 - 147
      Abstract: Most of the original ASEAN nations in Southeast Asia came out of the Asian Crisis facing slower growth (4%–6% a year) and modest structural change compared to previous decades. [...]
      PubDate: 2015-09-07
      DOI: 10.3390/economies3030147
      Issue No: Vol. 3, No. 3 (2015)
  • Economies, Vol. 3, Pages 148-149: Economies Inclusion in the Web of
           Science and Changes in Its Review Process

    • Authors: Ralf Fendel
      Pages: 148 - 149
      Abstract: Economies is entering its third year of existence and an impressive amount of high-quality research has already been published. It is fair to say that Economies has already established itself as an international, peer-reviewed, open access journal. [...]
      PubDate: 2015-09-22
      DOI: 10.3390/economies3030148
      Issue No: Vol. 3, No. 3 (2015)
  • Economies, Vol. 3, Pages 55-71: Estimating Interest Rate Setting Behavior
           in Brazil: A LSTR Model Approach

    • Authors: Yosra Baaziz
      Pages: 55 - 71
      Abstract: Given limited research on monetary policy rules in emerging markets, this paper challenges the applicability of a nonlinear Taylor rule in characterizing the monetary policy behavior of the Brazilian Central Bank. It also investigates whether and how the process of setting interest rates has been developed in response to contingencies and special events. We extend the linear Taylor rule to a regime-switching framework, where the transition from one regime to another occurs in a smooth way, using a Logistic Smooth Transition Regression (LSTR) approach. In this sense, we empirically analyze the movement of the nominal short term interest rate of the Brazilian Central Bank using quarterly data, covering the period 1994.Q4–2012.Q2. We find that the nonlinear Taylor rule provides a better description of the Brazilian interest rate setting and is consistent with historical macroeconomic events. In particular, our results show that adopting a nonlinear specification, instead of the linear, leads to a costs reduction in terms of fit: 190 basis points in 1995 and 140 basis points in the mid-2002 presidential election campaign in Brazil. Moreover, the Brazilian monetary policy exhibits nonlinear patterns that better captures special events and may contain relevant information rendering it applicable to unusual conditions, i.e., a financial crisis, which require disconnection from the automatic pilot rule and use of judgement to make decision.
      PubDate: 2015-04-17
      DOI: 10.3390/economies3020055
      Issue No: Vol. 3, No. 2 (2015)
  • Economies, Vol. 3, Pages 72-99: How Offshoring Can Affect the
           Industries’ Skill Composition

    • Authors: Daniel Horgos, Lucia Tajoli
      Pages: 72 - 99
      Abstract: While most of the offshoring literature focuses on the effects on relative wages, other implications do not receive the necessary attention. This paper investigates the effects on the industries’ skill ratio. It summarizes the empirical literature, discusses theoretical findings, and provides empirical evidence for Germany. As results show, effects are mainly driven by the industry where offshoring takes place. If offshoring takes place in high-skill intensive industries, the high-skill labor ratio increases (vice versa if offshoring takes place in low-skill intensive industries). Results are in line with other empirical findings, however, they seem to contradict theoretical causalities. Thus, we additionally discuss possible explanations.
      PubDate: 2015-05-15
      DOI: 10.3390/economies3020072
      Issue No: Vol. 3, No. 2 (2015)
  • Economies, Vol. 3, Pages 100-127: Understanding Cultural Geography as a
           Pseudo-Diffusion Process: The Case of the Veneto Region

    • Authors: Guido Ferilli, Pier Sacco, Massimo Buscema, Giorgio Blessi
      Pages: 100 - 127
      Abstract: In this paper, we study the cultural geography of the Veneto Region on the basis of a pseudo-diffusion approach to the analysis of the inherent semantic spatial data. We find somewhat surprising results, and, in particular, that Venice, indisputably the Region’s cultural hub in terms of concentration of activities and facilities, global visibility and attraction of resources, plays a marginal role in determining the momentum of cultural initiative at the regional level as of 2007 data. The areas with the greater momentum are relatively marginal ones but characterized by a strong presence of design-oriented companies that are actively engaging in culture-driven innovation in a context of gradually horizontally-integrated clusters. Our findings call for a revision of the traditional policy approaches that identify centralities in terms of concentration of activities and facilities based on past dynamics, and to design policies accordingly. We argue in favour of a more forward-looking, evidence-based approach.
      PubDate: 2015-06-04
      DOI: 10.3390/economies3020100
      Issue No: Vol. 3, No. 2 (2015)
  • Economies, Vol. 3, Pages 1: Acknowledgement to Reviewers of Economies in

    • Authors: Economies Office
      Pages: 1 - 1
      Abstract: The editors of Economies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in 2014:[...]
      PubDate: 2015-01-09
      DOI: 10.3390/economies3010001
      Issue No: Vol. 3, No. 1 (2015)
  • Economies, Vol. 3, Pages 2-36: Does a Least-Preferred Candidate Win a
           Seat? A Comparison of Three Electoral Systems

    • Authors: Yoichi Hizen
      Pages: 2 - 36
      Abstract: In this paper, the differences between two variations of proportional representation (PR), open-list PR and closed-list PR, are analyzed in terms of their ability to accurately reflect voter preference. The single nontransferable vote (SNTV) is also included in the comparison as a benchmark. We construct a model of voting equilibria with a candidate who is least preferred by voters in the sense that replacing the least-preferred candidate in the set of winners with any loser is Pareto improving, and our focus is on whether the least-preferred candidate wins under each electoral system. We demonstrate that the least-preferred candidate never wins under the SNTV, but can win under open-list PR, although this is less likely than winning under closed-list PR.
      PubDate: 2015-01-28
      DOI: 10.3390/economies3010002
      Issue No: Vol. 3, No. 1 (2015)
  • Economies, Vol. 3, Pages 37-54: Competitiveness, Migration, and Mobility
           in the Global City: Insights from Sydney, Australia

    • Authors: Richard Hu
      Pages: 37 - 54
      Abstract: The global city thesis and the migration thesis concern two important dimensions of the impacts of contemporary globalization on cities. The two theses are intrinsically linked. The central question is how we should approach migration in the new context of the global city, and how we should articulate their interrelationships. To address this question, we construct an integrative analytical framework linking global city and migration, and empirically apply it to Sydney. We build a set of indexes to measure global competitiveness, global migration, and global mobility of communities across global Sydney. The findings reveal that global competitiveness—the defining capacity of Sydney as a global city—has very weak association with global migration that measures the stock of foreign born population, but has very strong association with global mobility that measures the people movement in recent years. These findings call for a redefinition of migration to incorporate people movement to better capture the interplay between global city and migration.
      PubDate: 2015-02-16
      DOI: 10.3390/economies3010037
      Issue No: Vol. 3, No. 1 (2015)
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