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Journal of Economics and Political Economy
Number of Followers: 7  

  This is an Open Access Journal Open Access journal
ISSN (Online) 2148-8347
Published by KSP Journals Homepage  [6 journals]
  • Analysis of the “Dutch Disease” effect and public financial management
           in Mongolian economy

    • Authors: Hiroyuki TAGUCHI, Bulgankhuu GANZORIG
      Pages: 132 - 145
      Abstract: Abstract. This paper aims to diagnose Mongolian economy on whether the economy has suffered from the Dutch Disease by applying a vector auto-regression model for the period from 1993 to 2016 under the current market-based regime including resource-booming times. From the outcomes of a VAR model estimation, it was found that there is a great possibility that Mongolian economy has been suffering from the Dutch Disease through the resource movement effect and the spending effect such that the boom in the mining sector has crowded out manufacturing activities; and that the boom in the mining sector has not contributed to, or even deteriorated the capital accumulation effect that alleviates the Dutch Disease. The strategic policy implications for the current Mongolian public financial management are that the part of the existing resource fund should be used for public investment to facilitate capital accumulation, specifically, for the projects on education, health and economic infrastructure to promote industrial diversification.Keywords. Dutch Disease, Public financial management, Mongolian economy; Vector auto-regression, Public investment.JEL. F43, L60, O53.

      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1656
      Issue No: Vol. 5, No. 2 (2018)
       
  • Bounds test cointegration approach to examine factors contributing to
           declining maternal mortality ratio in Sudan (1969-2015)

    • Authors: Elwasila S.E. MOHAMED
      Pages: 146 - 159
      Abstract: Abstract. Unlike other studies in the field of maternal health, the objective of this study is to examine the contribution of some socioeconomic, demographic and health care factors to the declining trend of maternal mortality ratio MMR in Sudan over the period 1969-2015. The study employs econometric techniques including the OLS, cointegration methods of Johansen and autoregressive distributed lag ARDL bounds tests and Granger causality analysis. The OLS shows that economic growth measured by GDP has significant bad affect on MRR but it has more significant good effect when measured by GDP per capita GDPP. Declining fertility rates lead to declines in MMR. Health expenditure has no effect on MMR. The ARDL bounds test shows existence of a long-run equilibrium relationship between MMR and its explanatory variables. In both the short run and long run, declines in MMR are explained by GDPP and fertility but badly affected by GDP. In contrast, health care factors have no effects on MMR. Granger causality test shows a unidirectional relationship running from economic growth measured by GDP and GDPP to MMR with no sign of feedback effect. Bidirectional relationships between MMR and fertility rate, MMR and health expenditure, as well as between MMR and the number of physicians per 100,000 people have been established. The study recommends that the government should ensure stable and inclusive economic growth. There is a need to increase resources to maternal and reproductive health with emphasis on the number of physicians per 100,000 people in order to move forward to the SDGs.Keywords. Maternal mortality, GDP, Fertility, Health care, Cointegration, ARDL, Sudan.JEL. C13, C32, C51, H51, I15.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1642
      Issue No: Vol. 5, No. 2 (2018)
       
  • Governance over economics: Making globalisation good for the poor

    • Authors: Dawood MAMOON
      Pages: 160 - 193
      Abstract: Abstract. The paper employs different definitions of inequality/ equality and investigates how globalisation is associated with these welfare measures. The nations’ proximity to post modernism development culture through international cooperation may enable countries to strengthen their social, economic, legal and political institutions. We find that adopting well developed institutional governance practices as matter of greater integration with modern 21st century governance culture creates thriving middle classes in developing countries enabling a downward pressure on inequality of incomes and wages. In contrast, integration of goods and services with world markets puts upward pressure on the wages of skilled in contrast with the unskilled causing industrial wage inequalities in both developed and developing countries. The paper recommends in line with the recent literature on pre mature de industrialisation phenomenon that countries may protect their local industries to provide jobs to locals and thus enable the gains of trade to be more equally distributed among the populations. This can be done by choosing the second best option towards global integration and that is to promote regionalism within geographical clusters.Keywords. Globalisation, Governance, Middle Class, Inequality.JEL. F60, G30, G38.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1699
      Issue No: Vol. 5, No. 2 (2018)
       
  • Examining the relationship between rent and political expenditure: Using
           rent information obtained from financial statements

    • Authors: Mihoko SHIMAMOTO
      Pages: 194 - 208
      Abstract: Abstract. This study aims to develop a standard method for measuring the rent of an individual enterprise from its financial statement data and to analyze the relationship between rents of companies and their political and R&D expenditures. This method will allow for the decomposition of various causes that yield rents by regression analyses. This study set the equation of the first-order condition of profit maximization as a function of the capital amount, satisfying both short-term and long-term optimal conditions, and obtained the mark-up rate that can realize the production level in monopolistic equilibrium as a competitive equilibrium. The average rents for 29 industries in Japan were calculated using a linear algebraic method from 30 years’ time-series financial statement data. Moreover, this study also managed to substitute production factors for pseudo-production factors applicable to global companies whose breakdown of manufacturing and sales costs are usually not disclosed. These rents are regressed by political and R&D expenditures of each industry. In several models, political expenditure has a significant relationship with rent, although R&D expenditure does not.Keywords. Rent, Political expenditure, Financial statement, R&D expenditure, Japanese industries.JEL. D72, P16, D22, C61, M41.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1689
      Issue No: Vol. 5, No. 2 (2018)
       
  • Artificial nighttime lights and the “real” well-being of nations:
           ‘Measuring economic growth from outer space’ and welfare from right
           here on Earth

    • Authors: Voxi Heinrich AMAVILAH
      Pages: 209 - 218
      Abstract: Abstract. GDP remains too much of an imprecise measure of the standard of living. There is a need for either substitutes or complements. Nighttime lights are a reasonable indicator of the extent, scale, and intensity of socio-economic activities, but a poor measure of national welfare. However, if nighttime lights are understood to constitute externalities, then their effects can be used to adjust measured growth for welfare. From that angle, nighttime lights appear to exert sub-optimal positive externalities in developing countries, and supra-optimal negative externality in developed countries. This means that even if we assume equal growth rates in developing and developed countries, welfare is enhanced by increasing nighttime lights in developing countries and reduced by increasing nighttime lights in developed countries.Keywords. Artificial lights and economic growth, Nighttime lights and growth, Growth and welfare, Nighttime lights and real well-being (welfare).JEL. H23, O15, D62, I12, O47, I31, R13, Q52.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1637
      Issue No: Vol. 5, No. 2 (2018)
       
  • People’s definition and escape from poverty trap

    • Authors: Maham FATIMA, Raza Ali KHAN
      Pages: 219 - 233
      Abstract: Abstract. The traditional methods of poverty measurement include material or objective indicators such as income, expenditure, calorie intake, education or living standards. However, this study is aimed to identify whether people perceive poverty through these factors or not. The definitions of poverty given by study respondents have proven that although, poverty can be defined through objective indicators but its scope is not limited to them rather it includes various other indicators including no children or parents, lack of self-efforts, person’s laziness, sense of understanding things and mental stress. Through interviewing household heads, some coping strategies have been identified which are employed during economically difficult events. Apart from increasing income sources and reducing expenditure, the coping strategies also include living in joint family system, social networking and borrowing in form of general provident fund as the selected sample was from government sector, they utilize their funds at times of need which give rise to a self-perpetuating poverty. The people’s perceptions related to poverty determine the nature and extent to which society is encountering hardships and prevalence of poverty in it.Keywords. Poverty, Perceptions, Coping strategies.JEL. I32.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1641
      Issue No: Vol. 5, No. 2 (2018)
       
  • Substitution elasticities in an energy-augmented CES production function:
           An empirical analysis for Turkey

    • Authors: Merve KUCUK, Gurkan KUMBAROGLU, Kemal SARICA
      Pages: 234 - 249
      Abstract: Abstract. This study estimates a production function for Turkey taking capital, labor and energy as input factors. The production function estimated is of the CES form with Hicks-neutral technology and constant returns to scale. A nonlinear least squares regression is employed on a dataset for the entire Turkish economy covering a time period of 27 years. The production function parameters provide insights into the elasticity of substitution of capital, labor and energy in Turkey. In particular, it is found that the elasticity of substitution between the capital-labor bundle and energy is, slightly higher than values found in other studies for various countries. This finding shows the relative ease of substitutability of capital-labor with energy for one another in Turkey and provides new insight on a critical parameter for future energy-economy modeling studies related to Turkey and other similar countries with no elasticity estimate. It is thought that the high substitutability for the case of Turkey may be related to the flexibility of its rapidly growing economy with investment needs that can easily be adapted to market conditions.Keywords. Substitution elasticities, CES, Energy economics.JEL. D22, E23, Q40.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1691
      Issue No: Vol. 5, No. 2 (2018)
       
  • Study on the theoretical framework of monopoly capital school and its
           comparison with Minsky theory

    • Authors: Gendi WEN
      Pages: 250 - 265
      Abstract: Abstract. Global financial crisis which broke out in 2008 triggered the great recession of the global economy, making the non-mainstream Monopoly Capital School of economics rise to fame. The mainstream economics attributed the crisis to the different external shocks and policy errors. On the contrary, Monopoly Capital School focused on the process of capital accumulation under the stage of monopoly capitalism, and offered perspective on inherent instability defects of capitalism. Based on teasing out the theoretical framework of Monopoly Capital School, this paper analyzed the standpoints, views and methods of monopoly capitalism through comparing the theory with Minsky theory, not only contributing to the understanding the instability defects of capitalism, but also contributing to the thinking of the future direction of capitalism.Keywords. Monopoly capital, Capital accumulation, Economic surplus, Economic stagnation, Financialization.JEL. D42, L12.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1704
      Issue No: Vol. 5, No. 2 (2018)
       
  • Imperialism and global inequality: A critical analysis

    • Authors: Kalim SIDDIQUI
      Pages: 266 - 291
      Abstract: Abstract. The article intends to analyse economic changes between advance and less-developed countries and the issues of catching up. Our approach would be to analyse the evolution of developing countries (less-developed) in the world economy in a historical perspective. The important question for 21st century is whether the regions in Asia, Africa and Latin America would be able to catch or not' To answer this we need an understanding of both economics and history, which seems to be critical for a fuller picture on this issue. There have been on-going discussions about a sharp contrast in the international distribution of wealth between the rich (industrialised) and poor (primary producing) countries and it has been emphasised that the benefit of technical progress in the advanced economies would trickle down to the poor countries. The study finds that during the last three decades, there have been huge economic changes taking place globally and structural changes and patterns of trade have also taken place both in advance and developing countries. However, some developing countries have achieved faster growth rates than the advanced economies, particularly China, India, Indonesia and Turkey. However, they constitute a small numbers among the developing countries, but accounts large number of its population. The study concludes that most poor countries have not been able to converge, while largely the two largest ones, namely China and India have experienced rapid growth rates and economic changes in recent decades.Keywords. Global inequality, Catching-up, International trade.JEL. P45, O47.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1638
      Issue No: Vol. 5, No. 2 (2018)
       
  • Advanced studies in economics

    • Authors: James E. CURTIS Jr
      Pages: 292 - 311
      Abstract: Abstract. Researchers have a long-standing interest in understanding the causes and consequences of inequality. One approach to analyzing inequality is to compare average economic choices from a classical theoretical framework. Another approach considers the impact of the formation of society, through statutes and institutions, on average economic outcomes. Curtis Jr uses applied econometrics, applied labor economics, applied theory and empirical data to provide results that we cannot reject the existence of a negatively bounded correlation between the duration of time from zero wage labor constraints and the magnitude of unexplained differences in wealth. Furthermore, Curtis Jr promotes a concept of entrepreneurial education in economics.Keywords. Economics education.JEL. A20, I20.
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1681
      Issue No: Vol. 5, No. 2 (2018)
       
  • Shahid Javed Burki, South Asia in the New World Order: The Role of
           Regional Cooperation

    • Authors: Monir Hossain MONI
      Pages: 312 - 320
      Abstract: Books review
      PubDate: 2018-07-18
      DOI: 10.1453/jepe.v5i2.1676
      Issue No: Vol. 5, No. 2 (2018)
       
 
 
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