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Journal Cover Turkish Economic Review
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  This is an Open Access Journal Open Access journal
   ISSN (Online) 2149-0414
   Published by KSP Journals Homepage  [6 journals]
  • The Distributions in Nature and Entropy Principle

    • Authors: Oded KAFRI
      Pages: 542 - 550
      Abstract: Abstract. The derivation of the maximum entropy distribution of particles in boxes yields two kinds of distributions: a "bell-like" distribution and a long-tail distribution. The first one is obtained when the ratio between particles and boxes is low, and the second one - when the ratio is high. The obtained long tail distribution yields correctly the empirical Zipf law, Pareto's 20:80 rule and Benford's law. Therefore, it is concluded that the long tail and the "bell-like" distributions are outcomes of the tendency of statistical systems to maximize entropy.Keywords. Maximum Entropy, Long tail distribution, 20:80 Pareto's rule, Zipf Law, Benford's law, Bell-like distribution.JEL. C62.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Mathematical Analysis of Income Per Capita in the United Kingdom

    • Authors: Ron W. NIELSEN
      Pages: 551 - 561
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • A Multifaceted Panel Data Gravity Model Analysis of Peru’s Foreign

    • Authors: Xu WANG, Ryan P. BADMAN
      Pages: 562 - 577
      Abstract: Abstract. Peru’s abundant natural resources and friendly trade policies have made the country a major economic player in both South America and the global community. Consequently, exports are playing an increasingly important role in Peru’s national economy. Indeed, growing from 13.1% as of 1994, exports now contribute approximately 21% of the GDP of Peru as of 2015.Given Peru’s growing global influence, the time is ripe for a thorough analysis of the most important factors governing its export performance. Thus, within the framework of the augmented gravity model of trade, this paper examines Peru’s export performance and attempts to identify the dominant economic factors that should be further developed to increase the value of exports. The analysis was conducted from three different aspects: (1) general economic parameters’ effect on Peru’s export value, (2) more specific analysis into a major specific trade good, copper, and (3) the impact that regional trade agreements have had on Peru’s export performance. Our panel data analysis results for each dataset revealed interesting economic trends and were consistent with the theoretical expectations of the gravity model: namely positive coefficients for economic size and negative coefficients for distance. This report’s results can be a reference for the proper direction of Peruvian economic policy so as to enhance economic growth in a sustainable direction.Keywords. Gravity model, Fixed effect, Random effect, Instrumental variables GMM regression, Exports, Copper, Panel data, Peru, Regional trade agreements.JEL. F10, F12, F40, F41.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Investment and Economic Growth: An Empirical Analysis for Tanzania

    • Authors: Manamba EPAPHRA, John MASSAWE
      Pages: 578 - 609
      Abstract: Abstract. This paper analyzes the causal effect between domestic private investment, public investment, foreign direct investment and economic growth in Tanzania during the 1970-2014 period. The modified neo-classical growth model is used to estimate the effect of investment on economic growth. Also, the economic growth models based on Phetsavong & Ichihashi (2012), and Le & Suruga (2005) are used to estimate the crowding out effect of public investment on domestic private investment on one hand and foreign direct investment on the other hand. In the same way, the crowding out effect of foreign direct investment on domestic private investment is estimated. A correlation test is applied to check the correlation among independent variables, and the results show that there is very low correlation suggesting that multicollinearity is not a serious problem. Moreover, the diagnostic tests including RESET regression errors specification test, Breusch-Godfrey serial correlation LM test, Jacque-Bera-normality test and white heteroskedasticity test reveal that the model has no signs of misspecification and that, the residuals are serially uncorrelated, normally distributed and homoskedastic. Broadly, the empirical results show that the domestic private investment and foreign direct investment play an important role in economic growth in Tanzania. Besides, a revealed negative, albeit weak, association between public and private investment suggests that the positive effect of domestic private investment on economic growth becomes smaller when public investment-to-GDP ratio exceeds 8-10 percent. Similarly, foreign direct investment tends to marginally reduce the impact of domestic private investment on growth. These results suggest that public investment and foreign direct investment need to be considered carefully in order to avoid a reduced positive impact of domestic private investment on growth. Domestic saving may be promoted to encourage domestic investment for economic growth.Keywords. Public investment, Domestic private investment, FDI, Crowding out effect, Economic growth.JEL. F21, F43, O40, O47.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Turning Human Waste into Renewable Energy: Opportunities and Policy
           Options for India

    • Authors: Sacchidananda MUKHERJEE, Debashis CHAKRABORTY
      Pages: 610 - 628
      Abstract: Abstract. With rise in population and the ongoing urbanisation drive, the urge to ensure energy security both for the rural and urban areas has emerged as a major challenge in India. The demand for energy has increased in all spheres of life, e.g., for cooking, cultivation, production purposes, transportation, and so on. Although through various government initiatives, adoption of liquefied petroleum gas (LPG) for cooking has increased, given the vast population, use of biofuels is expected to continue for poorer households. Generation of biogas from cattle waste in India has intensified through policies, but the same from human waste is still in a nascent stage. The present study explores the possibilities of recovering energy and nutrients from human wasteby discussing the present system of human waste collection, treatment and disposal in India, followed by the reasons behind the failures of the past initiatives (e.g., Ganga Action Plan, GAP). It further focuses on a few alternative systems and their technical feasibility. It is concluded that various ongoing policies, viz., National Mission for Clean Ganga (NMCG), ‘Swachh Bharat Mission’ (SBM)- should be coordinated for integrating collection and treatment of human waste for generation of renewable energy.Keywords. Human waste management, Urban wastewater management, Renewable energy, Resource recovery, Biogas generation, Public health management, Government policy, Technology adoption, Energy policy, India.JEL. I18, Q40, Q48.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Appropriate Exchange Rate Regime for Economic Structure of Pakistan

    • Authors: Muhammad Naveed TAHIR, Faran ALI, Dawood MAMOON
      Pages: 629 - 641
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Relationship between Tax Regulations and Direct Foreign Capital: Case of
           Balkan Countries

    • Authors: Nuri BALTACI, Muhammet ŞAHİN
      Pages: 642 - 651
      Abstract: Abstract. Balkan countries draw attention of many countries and investors after eastern bloc countries spread to free market economy. Moreover, these countries need to attract foreign capital as a development instrumental in order to adapt to the market system. They, for the purpose of attracting foreign capital inflow to their own countries, utilize tax advantages with many other applications. In this study, the relationship between foreign capital and tax in 11 Balkan Countries is examined. Annual data for the period of 2006-2014 was used in this study. System GMM (Dynamic Panel Data) was preferred as a model in this study. According to the findings through the analyses, a negative relationship is observed between indirect taxes and foreign direct capital investments for the sample countries while a positive relationship is found between total tax obligations, obtained from profit based, and foreign direct capital investments.Keywords. FDI, Tax rates, Panel data.JEL. F21, H25, C23.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • Financial and Econometric Study of the Sustainability and Evaluation of
           Scenarios of Reforms for the Civil Regime of Moroccan

    • Authors: Latifa AITOUTOUHEN, Faris HAMZA
      Pages: 652 - 667
      Abstract: Abstract. The decline in the demographic ratio corollary to the maturity of the regime and in particular its generosity raise the question of the medium-and long-term financial sustainability of the civil pension scheme of the Moroccan pension fund. This article studies the financial sustainability of civil regimes and evaluates the options for reforms envisaged by the government mainly parametric reform. In this framework, an actuarial and financial model based on demographic assumptions and macroeconomic parameters is constructed and used to analyze the financial sustainability of the status quo regime and the projected regime and also to test the parametric reform. We also use econometric tests such as non-stationarity, causality and cointegration between technical recipes and technical expenditures to empirically evaluate the sustainability of civil scheme of pensions. This paper concludes that the parametric reform of our civil pay-as-you-go system is unsustainable. It would therefore be in favor of other remedial measures and reform strategies to improve and enhance the financial sustainability of the fund, such as the model based on the addition of a funded pillar, and unification of all funds in a single integrated system.Keywords. PAYG, Financial sustainability, Econometric tests, Model actuarial, Parametric reform, Civil pension scheme of the Moroccan pension fund.JEL. C12, C13, C58, C53, J1, G22, F65.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • The Determinants of the Financing Decision: A panel Data Study of Listed
           Firm in Malaysian Stock Exchange (2005-2016)

    • Authors: Sofiane DELFOUF
      Pages: 668 - 676
      Abstract: Abstract. The purpose of this study is to investigate the impactofsome determinants on financingdecision,which effect the firm’s market value,since the primary objective of the financial management in the firms is to maximize its value in the financial market. Thus, before making any financial decision, we should know its influence on the value of the firm.To achieve the purpose mentioned above, the Malaysian companies which are listed in Malaysia stock exchange were selected, over the period 2005-2016. In this study, the data was collected using Thomson Reuter’s financial DataStream, to retrieve global financial data. This data collected was sorted, cleaned and organized using stata.14. Through appropriate statistical tools, which included descriptive statistics and the regression model.Keywords. Corporate finance, Financing decision,Financial structure, Leverage, Firm’s market value.JEL. G32, G33.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
  • The Egyptian Electricity Market: Designing a Prudent Peak Load Pricing

    • Authors: Dina Mohamed YOUSRI
      Pages: 677 - 682
      Abstract: Abstract. Electricity prices in Egypt have been set significantly lower than the real economic cost of its production and supply. These subsidies encourage the waste of energy and increase the fluctuation in demand, triggering a huge need of additional power generation capacity in Egypt. This dialectical paper addresses this problem by first theoretically analyzing the Egyptian electricity market and then discussing a possible peak load pricing system. According to the results, especially low income households will shift their demand from the peak period to the off peak period. A properly implemented peak load pricing system could reduce the need for power capacity expansion by significant 2000-3000 MW, accompanied by additional savings in the network transmission capacity.Keywords. Energy, Electricity, Peak load pricing, Peak demand, Off-peak demand.JEL. L51, L94, Q40.
      PubDate: 2016-12-18
      Issue No: Vol. 3, No. 4 (2016)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762
Fax: +00 44 (0)131 4513327
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