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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 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. 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)
  • Economies, Vol. 2, Pages 193-217: Can Courts Make Federalism Work? A
           Game Theory Approach to Court-Induced Compliance and Defection in Federal

    • Authors: Gemma Sala
      Pages: 193 - 217
      Abstract: Few studies on federalism analyze the role of courts as safeguards of the federal arrangement, and those that do tend to be too optimistic about what courts can do. This article analyzes the effect of judicial review on the interaction between the central and a regional government in a federation in order to understand the conditions under which courts may or may not enforce compliance with federalism. It argues that politicians of either level of government anticipate the likelihood of a judicial challenge and an eventual veto, and it finds distinct equilibria in the interaction between central and regional governments (imposition, auto-limitation, negotiation and litigation). Only under auto-limitation do courts effectively prevent transgressions to the federal arrangement. In all other scenarios, defection may take place despite the presence of courts. These findings show that as the court’s jurisprudence becomes more solid and defined, the chances for governments to successfully exceed their powers increase. Not only do transgressions take place despite the presence of the court, but because of it.
      PubDate: 2014-12-02
      DOI: 10.3390/economies2040193
      Issue No: Vol. 2, No. 4 (2014)
  • Economies, Vol. 2, Pages 218-219: Urban Economy

    • Authors: Peter Kresl
      Pages: 218 - 219
      Abstract: In a call for papers, for the special issue to be devoted to “Urban Economy” late in 2015, that the Economies editors issued recently, I noted the increased attention that has been given to urban economies during the past quarter century. This is concomitant with the increased importance and role in policy that cities have attained. This is, in part, due to the diminished capacity of national and sub-national governments to find the funds needed for urban projects and services, and in part to the understanding that cities are the key to the economies and societies of most if not all nations.[...]
      PubDate: 2014-12-17
      DOI: 10.3390/economies2040218
      Issue No: Vol. 2, No. 4 (2014)
  • Economies, Vol. 2, Pages 147-170: Household Debt and Consumption
           Inequality: The Spanish Case

    • Pages: 147 - 170
      Abstract: The aim of this paper is twofold. On the one hand, we attempt to find out whether Spanish households took part in a process of substituting loans for wages during the period before the beginning of the current economic crisis. On the other hand, we try to identify the consequences of such process in the evolution of income and consumption inequalities. The theoretical framework to deal with the above mentioned issues is provided by a review of the economic literature on the determinants of consumer behaviour, namely, on consumption, saving and debt. The empirical study consists of a descriptive analysis, which is focused on two fields. First, we analyze the evolution of consumer credit (both, in aggregate and by income groups) and the savings rates. Second, we compare the values and temporal evolution of income and consumption inequalities. The period under study ranges from 2000 to 2008. Our analysis provides some empirical evidence that supports the hypothesis that financial conditions led to significant effects on the distribution of consumption. This influence is especially significant in the case of consumption inequalities. These inequalities were lower than income inequalities and were kept “artificially” low and stable during the whole period.
      PubDate: 2014-07-21
      DOI: 10.3390/economies2030147
      Issue No: Vol. 2, No. 3 (2014)
  • Economies, Vol. 2, Pages 171-192: Social Context and the Spread of HIV: An
           Evolutionary Game-Theoretic Investigation on the Impacts of Social Stigma
           on Epidemic Outcomes

    • Authors: William Ferguson, Trang Nguyen
      Pages: 171 - 192
      Abstract: We provide a theoretical foundation for analyzing how social stigma and adopted behavioral traits affect the transmission of HIV across a population. We combine an evolutionary game-theoretic model—based on a relationship signaling stage game—with the SIR (susceptible-infected-recovered) model of disease transmission. Our evolutionary model specifies how two types of social stigma—that which accompanies an HIV+ condition and that which follows associating with an HIV+ partner—influence behavioral propensities to honestly report one’s condition (or not) and to unconditionally accept relationships (or not). With respect to reporting an HIV+ condition, we find that condition stigma impedes the fitness of honest reporting, whereas association stigma impedes the relative fitness of concealing an HIV+ condition; and both propensities can coexist in a polymorphic equilibrium. By linking our model to the SIR model, we find that condition stigma unambiguously enhances disease transmission by discouraging both honest reporting and a society’s acceptance of AIDS education, whereas association stigma has an ambiguous impact: on one hand it can impede HIV transmission by discouraging concealing behavior and unconditional relationship acceptance, but it also compromises a society’s acceptance of AIDS education. Our relatively simple evolutionary/SIR model offers a foundation for numerous theoretical extensions—such as applications to social network theory—as well as foundation for many testable empirical hypotheses.
      PubDate: 2014-08-25
      DOI: 10.3390/economies2030171
      Issue No: Vol. 2, No. 3 (2014)
  • Economies, Vol. 2, Pages 95-108: Union Bargaining in an Oligopoly Market
           with Cournot-Bertrand Competition: Welfare and Policy Implications

    • Authors: Elizabeth Schroeder, Victor Tremblay
      Pages: 95 - 108
      Abstract: We investigate the welfare effect of union activity in a relatively new oligopoly model, the Cournot-Bertrand model, where one firm competes in output (a la Cournot) and the other firm competes in price (a la Bertrand). The Nash equilibrium prices, outputs, and profits are quite diverse in this model, with the competitive advantage going to the Cournot-type competitor. A comparison of the results from the Cournot-Bertrand model with those found in the traditional Cournot and Bertrand models reveals that firms and the union have a different preference ordering over labor market bargaining. These differences help explain why the empirical evidence does not support any one model of union bargaining. We also examine the welfare and policy implications of union activity in a Cournot-Bertrand setting.
      PubDate: 2014-03-25
      DOI: 10.3390/economies2020095
      Issue No: Vol. 2, No. 2 (2014)
  • Economies, Vol. 2, Pages 109-123: The Formation of New Monetary Policies:
           Decisions of Central Banks on the Great Recession

    • Pages: 109 - 123
      Abstract: The effect that the Great Recession had on monetary policies has led to the profound reorientation of central banks’ actions from 2007 to 2013. The purpose of this work is to analyze the monetary policies applied by the main central banks, mainly the European Central Bank, the Federal Reserve System of USA and the Bank of Japan, in order to raise thoughts on the guidelines that central banks should follow in the future. In the first section the bases of monetary policy before the crisis are described; in the second we explain the change in the orientation of the role of central banks during the crisis; and finally, we synthesize the bases on which the economic debate is taking place on the orientation of future monetary policies. We conclude that, in so far as the inoperativeness of transmission mechanisms still persists, monetary policies will remain in a process of change.
      PubDate: 2014-05-21
      DOI: 10.3390/economies2020109
      Issue No: Vol. 2, No. 2 (2014)
  • Economies, Vol. 2, Pages 124-146: Access to Media and HIV Knowledge in

    • Authors: Smriti Agarwal, Pedro de Araujo
      Pages: 124 - 146
      Abstract: This paper aims to better understand the relationship between HIV knowledge and media exposure in India. We use a two-stage hurdle model to estimate the effect of media sources such as newspapers, radios and television on AIDS-related knowledge among Indian men and women using demographic health survey data. Overall, access to newspapers, radio, or television increases the likelihood of better HIV knowledge in both males and females by an order between 2% and 12%. These findings, albeit quantitatively small, suggest, even if indirectly, possible problems faced by AIDS campaigns and government programs in combating the HIV epidemic in India.
      PubDate: 2014-06-18
      DOI: 10.3390/economies2020124
      Issue No: Vol. 2, No. 2 (2014)
  • Economies, Vol. 2, Pages 20-44: A Game-Theoretic History of the Cuban
           Missile Crisis

    • Authors: Frank Zagare
      Pages: 20 - 44
      Abstract: This study surveys and evaluates previous attempts to use game theory to explain the strategic dynamic of the Cuban missile crisis, including, but not limited to, explanations developed in the style of Thomas Schelling, Nigel Howard and Steven Brams. All of the explanations were judged to be either incomplete or deficient in some way. Schelling’s explanation is both empirically and theoretically inconsistent with the consensus interpretation of the crisis; Howard’s with the contemporary understanding of rational strategic behavior; and Brams’ with the full sweep of the events that define the crisis. The broad outlines of a more general explanation that addresses all of the foundational questions associated with the crisis within the confines of a single, integrated, game-theoretic model with incomplete information are laid out.
      PubDate: 2014-01-22
      DOI: 10.3390/economies2010020
      Issue No: Vol. 2, No. 1 (2014)
  • Economies, Vol. 2, Pages 45-77: Measuring Voting Power in Convex Policy

    • Authors: Sascha Kurz
      Pages: 45 - 77
      Abstract: Classical power index analysis considers the individual’s ability to influence the aggregated group decision by changing its own vote, where all decisions and votes are assumed to be binary. In many practical applications we have more options than either “yes” or “no”. Here we generalize three important power indices to continuous convex policy spaces. This allows the analysis of a collection of economic problems like, e.g., tax rates or spending that otherwise would not be covered in binary models.
      PubDate: 2014-03-06
      DOI: 10.3390/economies2010045
      Issue No: Vol. 2, No. 1 (2014)
  • Economies, Vol. 2, Pages 78-94: Internet Education and Economic Growth:
           Evidence from Cross-Country Regressions

    • Authors: Lawrence Jin, Jang Jin
      Pages: 78 - 94
      Abstract: The effects of Internet education on economic growth are examined using a cross-section of 36 high-income countries. Internet usage rates are employed as a proxy for Internet education across countries. Regression results show that the frequent usage of the Internet has a positive and significant effect on economic growth. The estimated growth effect of Internet skills is also found to be greater than the growth effect of math and science skills. The results are, in general, robust across model specifications.
      PubDate: 2014-03-20
      DOI: 10.3390/economies2010078
      Issue No: Vol. 2, No. 1 (2014)
  • Economies, Vol. 2, Pages 1-19: Financial Markets, Banking and the Design
           of Monetary Policy: A Stable Baseline Scenario

    • Authors: Florian Hartmann, Peter Flaschel
      Pages: 1 - 19
      Abstract: A baseline integration of commercial banks into the disequilibrium framework with behavioral traders of Charpe et al. (2011, 2012) is presented. At the core of the analysis is the impact the banking sector exerts on the interaction of real and financial markets. Potentially destabilizing feedback channels in the presence of imperfect macroeconomic portfolio adjustment and heterogeneous expectations are investigated. Given the possible financial market instability, various policy instruments have to be applied in order to guarantee viable dynamics in the highly interconnected macroeconomy. Among those are open market operations reacting to the state-of-confidence in the economy and Tobin-type capital gain taxes. The need for policy intervention is even more striking, as the banking sector is modeled in a rather stability enhancing way, fulfilling its fundamental tasks of term transformation of savings and credit granting without engaging in investment activities itself.
      PubDate: 2013-12-30
      DOI: 10.3390/economies2010001
      Issue No: Vol. 2, No. 1 (2013)
  • Economies, Vol. 1, Pages 19-25: Effects of Fiscal Policy and Monetary
           Policy on the Stock Market in Poland

    • Authors: Yu Hsing
      Pages: 19 - 25
      Abstract: The focus of this paper is to examine potential impacts of fiscal and monetary policies on stock market performance in Poland. Applying the GARCH model and based on a sample during 1999.Q2 to 2012.Q4, this paper finds that Poland’s stock market index is not affected by the ratio of government deficits or debt to GDP and is negatively influenced by the money market rate. The stock index and the ratio of M3 to GDP show a quadratic relationship with a critical value of 46.03%, suggesting that they have a positive relationship if the M3/GDP ratio is less than 46.03% and a negative relationship if the M3/GDP ratio is greater than 46.03%. Furthermore, Poland’s stock index is positively associated with industrial production and stock market performance in Germany and the U.S. and negatively affected by the nominal effective exchange rate and the inflation rate.
      PubDate: 2013-10-11
      DOI: 10.3390/economies1030019
      Issue No: Vol. 1, No. 3 (2013)
  • Economies, Vol. 1, Pages 26-48: Monetary Transfers in the U.S.: How
           Efficient Are Tax Rebates?

    • Authors: Diego Vacaflores
      Pages: 26 - 48
      Abstract: Recent debate on the effectiveness of tax rebates has concentrated on the degree to which they can affect economic activity, which depends on the methodology, the state of the economy, and the underlying assumptions. A better approach to assess the effectiveness of these monetary transfers is by comparing this method to alternative policies—like the traditional monetary injections through the financial intermediaries. A limited participation model calibrated to the U.S. economy is used to show that the higher the proportion of the monetary injection channeled through the consumers—instead of banks—leads to a less vigorous recovery of output but softens the detrimental effect on the utility of the representative household from the inherent inflationary pressure. This result is robust to the relative importance of the injection (utilization of resources) and alternative utility functions.
      PubDate: 2013-11-01
      DOI: 10.3390/economies1030026
      Issue No: Vol. 1, No. 3 (2013)
  • Economies, Vol. 1, Pages 49-64: The Changing Effectiveness of Monetary

    • Authors: Jonathan Leightner
      Pages: 49 - 64
      Abstract: In the wake of the 2008 financial crisis, many countries are hoping that massive increases in their money supplies will revive their economies. Evaluating the effectiveness of this strategy using traditional statistical methods would require the construction of an extremely complex economic model of the world that showed how each country’s situation affected all other countries. No matter how complex that model was, it would always be subject to the criticism that it had omitted important variables. Omitting important variables from traditional statistical methods ruins all estimates and statistics. This paper uses a relatively new statistical method that solves the omitted variables problem. This technique produces a separate slope estimate for each observation which makes it possible to see how the estimated relationship has changed over time due to omitted variables. I find that the effectiveness of monetary policy has fallen between the first quarter of 2003 and the fourth quarter of 2012 by 14%, 36%, 38%, 32%, 29% and 69% for Japan, the UK, the USA, the Euro area, Brazil, and the Russian Federation respectively. I hypothesize that monetary policy is suffering from diminishing returns because it cannot address the fundamental problem with the world’s economy today; that problem is a global glut of savings that is either sitting idle or funding speculative bubbles.
      PubDate: 2013-11-13
      DOI: 10.3390/economies1030049
      Issue No: Vol. 1, No. 3 (2013)
  • Economies, Vol. 1, Pages 14: Forthcoming Issue on Game Theory and
           Political Economy

    • Authors: William Ferguson
      Pages: 14 - 14
      Abstract: Game theory offers a rigorous set of concepts, relationships, and models that invite myriad applications to problems of political economy. Indeed, game theory can serve as a fundamental modeling technique that can bridge microfoundations of political and economic exchanges, with developmental processes and macro implications related to growth and distribution. Applications can range from localized interactions within workplaces, firms, political organizations, and community groups; to intermediate-level market, industry, community, or inter-organizational transactions; to encompassing national, regional, population, or global interactions. At any of these levels, game models can illustrate strategic responses of economic or political actors (individuals or organizations) to specifiable conditions concerning any or all of the following: prevailing social context—notably informal institutions (such as social norms) and formal institutions (such as mutually understood laws and regulations); available information (complete or not; accessible or strategically manipulated); agents’ motivations (material and/or social); and even levels of rationality—substantive (full cognition) or bounded (limited cognition). Applicable models may operate on the basis of given institutional context and preference orientations or may explore associated developmental processes, including adaptive social learning. Of particular interest are representations of one or more of the myriad social dilemmas (or collective-action problems) that inhabit political economy, associated exercises or distributions of power, and/or representations of potential resolutions to such dilemmas—perhaps with policy implications. Accordingly, this forthcoming issue of Economies seeks game-theoretic models based on classical, evolutionary, behavioral, or epistemic game theory that can be applied to one or more problems in political economy.
      PubDate: 2013-09-17
      DOI: 10.3390/economies1020014
      Issue No: Vol. 1, No. 2 (2013)
  • Economies, Vol. 1, Pages 15-18: Effects of Fiscal and Monetary Policy in
           the Great Recession

    • Authors: Gonzalo Caballero
      Pages: 15 - 18
      Abstract: World economy is living a time of change, and the complexity of change has implied a new research agenda on the role of economic policy in society. The role, types and effects of economic policy have been major issues in economic science since its origins. Jean Tinbergen (1956) [1] established the basis for the traditional theory of economic policy in economics and he tried to show how economic knowledge could be organized to regulate and guide economic systems. Nevertheless, this traditional approach has been improved through several contributions, for example when Eggertsson (1997) [2] incorporated the existence of incomplete knowledge, endogenous politics and institutional change in the theory of economic policy.
      PubDate: 2013-09-24
      DOI: 10.3390/economies1020015
      Issue No: Vol. 1, No. 2 (2013)
  • Economies, Vol. 1, Pages 1-2: Economies and Sustainability

    • Authors: Shu-Kun Lin
      Pages: 1 - 2
      Abstract: The motivation for launching the journal Economies (ISSN 2227-7099) is my concern regarding human sustainability [1,2]. There are two major categories of economic systems: capitalism, or free market economy and socialism, or planned economy. The last 30 years have witnessed great social change in China, for example, indicating that the free market economy has prevailed and now dominates around the World.
      PubDate: 2013-01-15
      DOI: 10.3390/economies1010001
      Issue No: Vol. 1, No. 1 (2013)
  • Economies, Vol. 1, Pages 3-5: Economies: An Open Access Journal for the
           Field of Development Macroeconomics

    • Authors: Ralf Fendel
      Pages: 3 - 5
      Abstract: Economies (ISSN 2227-7099) is a new international, peer-reviewed open access journal for the academic fields of development economics and macroeconomics. While the latter seems to be clearly defined, development economics is not, because it is related to nearly all traditional economic sub-disciplines such as macroeconomics, international trade and finance, as well as microeconomics and public finance. Typically, academic field journals of development economics cover all those economic sub-disciplines. Economies instead focuses mainly on the macroeconomic perspective of economic development and it intends to publish academic research that is of strong macroeconomic policy relevance. In general, contributions in Economies should foster understanding of the macroeconomic process of economic development, with the process of development not exclusively being reserved to what we typically call developing countries. Also, the group of developed economies is still developing in the sense of improving their living standards further.
      PubDate: 2013-01-17
      DOI: 10.3390/economies1010003
      Issue No: Vol. 1, No. 1 (2013)
  • Economies, Vol. 1, Pages 6-13: A Note on Forecasting the Rate of Change of
           the Price of Oil: Asymmetric Loss and Forecast Rationality

    • Pages: 6 - 13
      Abstract: We study whether forecasts of the rate of change of the price of oil are rational. To this end, we consider a model that allows the shape of forecasters’ loss function to be studied. The shape of forecasters’ loss function may be consistent with a symmetric or an asymmetric loss function. We find that an asymmetric loss function often (but not always) makes forecasts look rational, and we also report that forecast rationality may have changed over time.
      PubDate: 2013-03-27
      DOI: 10.3390/economies1010006
      Issue No: Vol. 1, No. 1 (2013)
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