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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 10: Sustainable Development and Corporate Social
           Responsibility in Sub-Saharan Africa: Evidence from Industries in Cameroon
           

    • Authors: Oyewole Oginni, Adewale Omojowo
      First page: 10
      Abstract: Present technological innovations and social organizations continue to impose risks and limitations on the efficient performance of the biosphere. Human activities have increasingly short-lived sustainable natural endowments, to the extent that, the multiplier effects have ripples beyond the traditional benefits of economic production and consumption. Therefore, this study addressed practical concerns on how industries in Sub-Saharan Africa promote sustainable development in their corporate social responsibility models, using industries in Cameroon as a case study; it examined economic, social, and environmental components of sustainable development and corporate social responsibility (CSR). Our sample consists of 335 business enterprises from the last Censure Survey of Enterprises in Cameroon. The study adopted a systematic analysis through the Adjusted Residual Test, and the Phi and Cramer’s V tests. Findings revealed that industries in Cameroon prioritize environmental and social dimensions over economic dimensions. However, a few large enterprises implement a broad CSR that promotes sustainable business practices, whereas smaller ones do not; industries in Cameroon implement environmental dimensions of CSR as a safe buffer and a social dimension as philanthropy. Hence, there is no concrete evidence that industries promote sustainable development via CSR in Cameroon. The implementation of a sustainable business model is a precondition for promoting sustainable development via CSR. Industries should realize the concrete value in implementing a sustainable business model that helps to adjust to the complex and increasingly changing business environment.
      PubDate: 2016-05-18
      DOI: 10.3390/economies4020010
      Issue No: Vol. 4, No. 2 (2016)
       
  • Economies, Vol. 4, Pages 11: Annual City Festivals as Tools for
           Sustainable Competitiveness: The World Port Days Rotterdam

    • Authors: Erwin van Tuijl, Leo van den Berg
      First page: 11
      Abstract: Many cities organize annual local festivals for the positive effects on urban development, although success is far from straightforward. This article reviews a case study of the World Port Days in Rotterdam in order to demonstrate how annual city festivals can contribute to sustainable competitiveness, despite limitations as well. We show how this maritime event—that is jointly organized by the business community, the Port Authority and the City Government—offers benefits for citizens as well as for firms. Our empirical results unveil that the business value of the event includes generation of societal support, image improvement, labor market development and networking, while the value for society refers to education, leisure and to a certain degree to social inclusion. The direct value of the event for business in terms of sales and recruitment is limited, while the long-term effects of educational function deserve further attention. Finally, we provide policy lessons that, when properly contextualized, other cities may help to use annual local festivals as tools for sustainable competitiveness.
      PubDate: 2016-05-23
      DOI: 10.3390/economies4020011
      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
           2015

    • 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)
       
 
 
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