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Economics : Journal for Economic Theory and Analysis
Number of Followers: 2  

  This is an Open Access Journal Open Access journal
ISSN (Print) 2303-5005 - ISSN (Online) 2303-5013
Published by Sciendo Homepage  [476 journals]
  • Retraction note

    • PubDate: Sat, 17 Jul 2021 00:00:00 GMT
       
  • RETRACTED: Income Shocks and Child Mortality Rates: Evidence from
           Fluctuations in Oil Prices

    • Abstract: Previous studies show that children in lower socioeconomic status families reveal higher rates of mortality. We complement the income-mortality literature by establishing a causal link between income and child mortality. Our instrument for income is based on time-series global shocks to oil prices combined with the cross-sectional share of employment in manufacturing across US states as their exposure to oil price changes. Using the universe of death records between the years 1975-2004, we find the OLS results of income-child-mortality relationships are under-biased. The 2SLS-IV results suggest that a $1,000 increase in income per capita at the state level reduces child mortality and infant mortality by 0.87 and 0.53 fewer incidences per 1,000 population of age-specific children.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Income Inequalities in EU Countries: Gini Indicator Analysis

    • Abstract: Franklin Delano Roosevelt said that “the test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” According to the World Economic Forum (2021), income disparity is at the top of global risks in the coming years. The development of income inequality is a growing concern worldwide, particularly since the Great Recession. This study is based on available data on the Gini coefficient of equivalized disposable income from 2005 to 2019 for the 27 European Union countries. We found that the indicator’s value demonstrates a reasonably even distribution of income (not exceeding 40%) in all European Union countries, except Bulgaria. We used the FORECAST ETS function (Excel for Microsoft 365) that is based on the AAA version of the Exponential Smoothing (ETS) algorithm to conduct our analysis. We grouped the EU 27 countries to investigate income equality behavior. According to the interval’s median of the sample’s standard deviation, we selected Italy, Spain, Germany, Slovakia, Hungary, Bulgaria for further investigation. We conclude the absence of general trends in the inequality of income distribution in society due to the financial crisis factors. The research presents exploratory insights into income inequality in the European Union.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Transport Infrastructure Quality and Logistics Performance in Exports

    • Abstract: The quality of transport infrastructure and the efficiency of logistics services enhance economic development. This study measures the effects of transport-freight common modals and logistics performance on the exports of goods in 29 developing economies based on micro fixed-effects panel data for the period 2012–2018. The endogenous model proved a positive relationship with countries’ outward orientation, highlighting the importance of transport infrastructure and logistics resources. The results revealed that the quality of roads and ports contribute significantly to higher exports in developing economies. However, the quality of airport infrastructure and logistics show a harmful effect. Notably, the logistics services level is a detrimental factor impacting the export of goods in developing economies. These results may adversely impact the potential contributions of other transport assets based on intermodal transport functionality and global market participation. Therefore, governments should prioritize formulating innovative policies and integration strategies with the private sector to improve the performance of logistics providers and fully utilize current transportation assets, particularly airports. These plans will facilitate higher exports, yield better development, and improve economic competitiveness while expanding export product diversification opportunities.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Aligning Corporate Social Responsibility with the United Nations’
           Sustainability Goals: Trickier than it Seems'

    • Abstract: This article explores the profound mismatch between the United Nations 2030 Agenda for Sustainable Development and fundamentals for Corporate Social Responsibility (CSR). The common survival of human life, society, and the global order as we know it, and the need for companies to make profit is not easy. The intractability of the problem is often underestimated in public as well as scientific debate. This article discusses the problem and possible ways to cope with it through ‘social entrepreneurship’ illustrated here by a study of nine firms in Sweden. The study draws on an amalgamation of Schumpeterian theory about “creative destruction” and the concept of “Emerging Davids vs. Greening Goliaths.”
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • The Transition of Son Preference: Evidence from Southeast Asian Countries

    • Abstract: This paper explores the existence of son preference and gender-based fertility behavior among Southeast Asian mothers. Using census data of ten countries (Cambodia, China, India, Indonesia, Malaysia, Myanmar, Nepal, Philippines, Thailand, and Vietnam) over the years 1970-2014 and a sample of over 18 million observation, I show that having a first-born girl is associated with 0.16 more children in the household, equivalent to 7.2 percent rise from the mean. The marginal effects are quite robust across various specifications and subsamples. The effects are larger for countries with lower human development index and individuals with lower education. A birth cohort analysis show that the effects are significantly smaller for later cohorts implying that son preference fertility behavior has diminished over time.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Understanding the Effect of a Soft Drinks Industry Levy on Consumer
           Well-Being in the UK: First Estimates

    • Abstract: This paper is a first attempt to provide a quantitative evaluation of consumer well-being resulting from the UK Soft Drinks Industry Levy introduced in April 2018. Using a model setup that encompasses both a normal case and a Giffen case for sugary drinks consumption, a computational exercise is performed to quantify the welfare social loss for a variety of household incomes. The model demonstrates that the introduction of a soft drinks levy results in a non-trivial welfare loss, particularly in terms of monetary value and weight effect. We also find that the wealthiest individuals in society are affected positively by this levy, whilst the poorest segment of the population are adversely affected, especially in the presence of a binding nutritional constraint.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Adaptability of Securitization Model to Conditions of Volatile Financial
           Structure

    • Abstract: The Great Financial Crisis of 2008 exposed certain weaknesses in the field of investment banking and the necessity to adapt certain innovative solutions to the newly created economic and financial environment. The process of securitization is a financial innovation, which some financial analysts consider one of the causes of the Great Financial Crisis. Although it is often linked to the emergence of the Great Financial Crisis, the advantages of the securitization model, together with a level of adaptability and enhanced process control throughout all procedural levels, significantly outweigh its perceived shortcomings.The financial system of the Republic of Srpska continues to be characterized by the growth of nonperforming loans in bank assets, mainly caused by increased systemic risk due to the current COVID-19 pandemic and declining economic activity in the country, but also by a well-developed financial system infrastructure, which is necessary in order to allow the application of the securitization model to significantly contribute to increasing financial stability in the conditions of volatile financial structure. The model of securitization of nonperforming loans and its application in the process of bank restructuring can be the mainstay of the stabilization of the financial system. The aim of the research is to demonstrate that the application of the adapted securitization model of nonperforming assets of banks and its application in the process of bank restructuring in the conditions of unstable financial structure may contribute to financial stability and control of increase of a systemic risk.Securitization increases the supply of quality financial instruments, the number of participants in the process of transformation of financial assets and develops a more resilient financial market. The results include emergence of additional funding sources for financial institutions, generation of nonperforming assets’ problems, with additional liquidity and diversification for many of their clients.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Tourism Economy. Mountain Tourism: Quantitative Analysis of Winter
           Destinations in Romania

    • Abstract: The continuous development of mountain tourism derives from the multiple positive points that the mountain has in satisfying the particularly diverse tourist needs. The strong point is represented by the extremely valuable and complex tourist potential, as well as the variety of natural and anthropic resources. The complementarity of these resources makes the arrangement and development of winter resorts with a useful and attractive profile called ski areas to be more and more common in mountainous areas. The purpose of this paper is to analyze winter destinations in order to conclude whether Romania can create a competitive advantage based on this type of tourism, both at European and global level. We used statistical data for all Romanian resort for sky destination, respectively the total number of practicable kilometers, total number of cableway installations and the accommodation capacity. For the quantitative analysis we used the SPSS 23.0 statistical software and applied the following statistical methods: Person correlations, chi square test and Student’s t test for paired samples. The research results, obtained with statistical methodology, support and highlight the significant differences between the Romanian mountain resorts for winter activities.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • Does Railway Lines Investments Matter for Economic Growth'

    • Abstract: The $20.81 trillion U.S. economy relies on a vast infrastructure network to thrive; however, empirical studies that examined that impact of infrastructure on economic growth in the U.S. are limited. This study’s principal objective was to examine the effect of railway lines on economic growth using annual data from 1980 to 2016 and cointegration analysis. The results showed a positive and significant impact of railway lines on economic growth in the long-run and short-run. The impulse response analysis indicates that shocks to railway lines initially cause GDP growth rates to increase and decrease continuously. The variance decomposition analysis also suggests that overtime, railway lines contribute largely to the variations in economic growth followed by inflation and population. This study’s outcome has important implications not only for the U.S. economy but also for developing and emerging countries. The results suggest that railway lines investments matter for economic growth in the U.S.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • A New Intuition into Tourism-Inclusive Growth Nexus in Turkey and Nigeria
           (1995 – 2018)

    • Abstract: This paper examines the symmetric and asymmetric causal relationships between tourism and inclusive growth in Turkey and Nigeria over the period 1995Q1-2018Q4. The study employs a bootstrap simulation method with leverage adjustments to achieve the objective of the study. The method is used to see whether positive or negative tourism shocks cause inclusive growth and whether positive or negative inclusive growth shocks cause tourism activity. The results show no evidence of asymmetric causality between tourism and inclusive growth, while there is evidence of symmetric causality running from tourism to inclusive growth in Turkey. On the other hand, there is neither symmetric nor asymmetric causal relationship between tourism and inclusive growth in Nigeria. In sum, both neutrality and tourism-led growth hypothesis hold in Turkey, while Nigeria gives credence to neutrality hypothesis. The recommendations coming from the findings are that the tourism sector in both countries, Nigeria in particular, should be repositioned for better performance and effectiveness in stimulating inclusive growth. Rather than focusing on pro-poor and micro-based tourism policies that favour selected communities and localities, tourism should be included in development plans nationally, in order to ensure wider participation and more encompassing trickle-down effects on the citizenry. Furthermore, both countries should implement policies that will stimulate their tourism sectors for a larger and more significant contribution to real GDP.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU
           Countries

    • Abstract: The Global financial crisis of 2008-2009 severely impacted the developed economies of the world. It occurred at a time when most countries had started gaining economic growth, stability, and vibrance. Each country experienced a jolt to its economy, causing financial fragility, shocks, tragedy, and struggle. Attempts have been made to understand the root causes, economic instability, and the lessons learned from the great recession. Given the current situation of the COVID-19 pandemic, this research paper seeks to examine the global recession, its effect on the economy and finances. Our research is based on the qualitative analysis of comparing the impact of the global financial crisis and strategic recovery recession plans of the top five GDP countries in the European Union-particularly Germany, the UK, France, Spain, and Italy to draw some similarities between a recession and COVID-19 pandemic in terms of the economy. The findings indicate that the great recession had a devastating impact on the entire economy, and the world can learn valuable lessons. It notes that out of the selected five EU countries, Germany was the first to recover and bounce back by 2011, but Italy and Spain were severely hit and took longer to recover only partially. The recession recovery strategies demonstrate some similarities in economic and employment measures and differences concerning tax reforms and financial support packages initiated by all five countries. There needs to be a mechanism in which each country must prepare for untimely recessions. Thus, a developmental model has been created to enable countries to be more prepared when faced with recessions in the future years.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • The Economic Influence on Consumers Buying Behavior in Islamic Countries:
           Evidence from the COVID-19 Economic Crisis

    • Abstract: The Covid-19 pandemic has ushered in a new age in the world. We are still grappling with the implications in various areas of our everyday lives. The impulsive buying habits of consumers, the supply chain, and the whole industry are not exceptions. Consumers and supply chains were both unprepared during the early stages of the novel coronavirus pandemic. The procurement of utilitarian products was referred to as panic buying. The study examined using exploratory studies on several individuals in the eight selected Islamic countries who have been panic buying in coronavirus-affected areas and have faced regional constraints. The data apply on exploratory factor analysis (EFA) in eight selected Islamic countries, three hundred sample finally selected, and a good number of volunteers supported in this study. The results have shown that a drastic financial effect on the economy where purchasing power and remittance inflow declined, inflation goes up and precaution for lockdown, whereas impulsive buying goods tendency increased due to misinformation, and panic buying immensely impact in the economy. The decision-making process has shifted, preventing financial burdening, rising saving patterns, and unwelcoming unhealthy consumption. Moreover, visible psychological distress, depression, anxiety, and post-traumatic stress. These studies concluded with a policy recommendation providing the results.
      PubDate: Fri, 04 Jun 2021 00:00:00 GMT
       
  • A Case Study of Ethno Village in Slovenia and Bosnia and Herzegovina

    • Abstract: Background: The world tourism industry is subject to big changes. A number of tourists traveling steadily grows, resulting in turnover and income. The destinations, that tourists are attracted, to are numerous, and there are also newcomers who arrive to a certain destination for the first time. Nowadays, even some very distant places are on the travellers’ bucket lists. What is more, tourists are looking for authenticity, in terms of which the concept of ethno village proves to be such an example.Purpose: The purpose of this paper is to investigate how this kind of tourism is regulated in Slovenia and Bosnia and Herzegovina. The emphasis will be on the study of specific ethno villages.Methods: Regarding the article, desk analysis will be done. The data were gathered from the world web, from the World Tourism Organisation’s data and from the data gathered from Slovenian and Bosnian national statistical office as well. The Excel was used for the analyses. Two examples of an ethno village are also described.Results: The ethno village as a part of rural tourism offers great opportunities for new work posts but capacities should be used to a greater extent and the problem of seasonality should also be overcome. All the key aims of rural development must be defined by the following strategy: the development of sustainable and efficient agricultural sector, the living standard of the population who lives from agriculture, creation of social and economic conditions in the rural regions; all of it within the National strategy of the rural development.Conclusions: Tourism industry is being developing as a part of modern touristic migration. There are more and more visitors coming overseas or coming from more remote places. They stay for a short period of time and they have different expectations as before.
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
  • Foreign Direct Investments and Real Estate. Practice and Models for a
           Sustainable Territorial Development. The Lombardia Experience.

    • Abstract: This article analyzes practices of attraction of foreign investments, studying their perspective of territorial competitiveness. The analysis of investment attraction practices is assessed for the impact on the territory, from a territorial enhancement perspective. The perspective of corporate and property management and its complementarity with the needs of territorial competitiveness in a global competitive scenario is analyzed. The methodology follows what has been proposed by the literature for the implementation of corporate strategies, adapting methods and models to the context.
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
  • Factors Affecting Precision Agriculture Adoption: A Systematic Litterature
           Review

    • Abstract: The aim of this paper is to present the main advances in the adoption of precision agriculture technologies. While we are witnessing the emergence of a literature dedicated to the adoption of new technologies, this theme still suffers from a lack of consensus on its conceptualization. Based on the prisma statement method (Preferred Reporting Items for Systematic Reviews and Meta-Analyzes), the objective is to carry out a review of the systemic literature in order to identify the main factors of adoption of the technologies of precision agriculture over the past ten years. The results show that individual factors are the most empirically identified as determining factors in the adoption of precision agriculture technologies. That said, the farmer is at the center of the adoption decision. Perceived utility is the factor most identified in the literature as the determinant of adoption.
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
  • A Downside to the Brain Gain Story

    • Abstract: We consider how the possibility of international migration affects an individual’s educational choices in their home country. Educational choice dictates skill, and the paper refers to the highly educated, highly skilled as “professionals”; others are “non-professionals.” Without the opportunity to emigrate abroad people choose their educational investment (and hence their skill level) as we might expect. To this normal choice the higher status given professionals is also accounted for. Consider now how the opportunity for international migration to a higher paying job affects both professionals and non-professionals. Despite the higher status a professional enjoys, once an individual takes the possibility of migration to a different country into consideration, he may well decide to choose education leading to non-professional employment. A result of this paper is that if there are low chances of obtaining professional jobs in the host country, individuals may well choose an educational track leading to a low occupational profession in order to increase their chances of obtaining a job in the host country after migration. Thus, all home country students may choose the non-professional education track. Those who might have otherwise pursued higher, professional education may forgo that schooling. The theory developed here explains the forsaken schooling phenomenon. This phenomenon shows that low-skilled and skilled home country workers are willing to accept low-skilled positions in host countries. This leads to the forgoing of professional schooling in the home country since it is not optimal for the worker in the home country to choose a high skilled education since, they will be overqualified in the host country. This will have a long run affect. As time goes on, therefore, people who consider migrating abroad will have either lower years of schooling, or generally have not completed professional schools (technical-vocational or tertiary).
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
  • Analysis of Okun’s Regularity: The Case of Bosnia and Herzegovina

    • Abstract: Economic growth, or, more precisely, GDP growth rate (Y) is the key macroeconomic indicator. Positive tendencies of GDP growth (r) mostly impact the economic welfare of the national economy. Hence, output is analysed in combination with other macroeconomic aggregates and indicators: investments, inflation, unemployment, trade exchange and the like. In the context of researching the relation between GDP trends and unemployment rate, A.M. Okun was the first to notice regularity between these variables. Okun’s law shows the direction and strength of GDP changes under the influence of (un)employment and represents functional relation between the output market and labour market. This paper aims to prove that, to a certain extent, there exists Okun’s regularity in Bosnian and Herzegovinian economy for the period of 2000-2019. The results of linear regression analysis show that there is negative correlation (R=0,451) between variables Y (output) and X (unemployment). Determination coefficient R2 = 0,204 indicates that 20,4% variations in GDP is determined by the changes in unemployment. Coefficient β in linear regression equation is negative, amounting to -0,596, which means that a change in unemployment by 1 percentile point brings about an inverse change in GDP by approximately 0,6 units. Variable direction indicates that there exists Okun’s regularity, though with significantly weaker intensity among the variables. This proves the hypothesis that there is a negative functional relation between the output market and labour market in Bosnia and Herzegovina.
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
  • Creative Economy: A Literature Review on Relational Dimensions,
           Challanges, and Policy Implications

    • Abstract: In the development of the global economic system, the cumulative knowledge from past to present is of great importance. This knowledge produced by social life offers creative individuals and groups an opportunity to produce new meanings, values, contents and a source of inspiration. The influence of creative sectors in the urban life and socio-economic climate built by the industrial society created by the industrial revolution has started to increase in recent years. In the current industrial economic organization style, together with entrepreneurship, the creativity based on knowledge and technology have been added nowadays, to the land, labor and capital required for production. However, worldwide studies focus on the beneficial aspects of creative economies. There are not many studies in the literature on the past and future problems and development of the creative sector from a long-term historical perspective. In this context, it is necessary to reveal the relational ties of creative sectors with other fields; how they are positioned in national economies and how they will be analyzed. In this framework, the study aims to determine the position of the creative economy in the general economy by using the studies in the literature, to reveal the relational ties of the creative sectors with other actors, to identify the challenges in the sector, and to reveal the policy implications in creative industries. As a result of the study, it has been observed that the creative sectors are nested cellularly in all sectors of the general economy, from tourism to the automotive sector, from urban life to social networks, due to the internet, information communication technologies and digital applications. Since the outputs of the creative economy are based on the intellectual property rather than physical products, it has been determined that problems arise in the financing, accounting of services and contents introduced in this field, and measurement of the products at international standards. In addition, it has been observed that the time perception in creative sectors and the time perception of the industrial economic system differ from each other. Another important finding obtained as a result of the research is that creative economies create class differences in urban spaces and cause social segregation.
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
  • Valuing Women Entrepreneurship in the Informal Economy in Bangladesh

    • Abstract: The study aims to address issues related to valuing women entrepreneurship in the informal economy in Bangladesh. To achieve the above objective, both qualitative and quantitative methods have been used. The author reviewed several articles, research reports, and included face to face in-depth interviews of fifteen entrepreneurs. Moreover, the applied five-point Likert scale questionnaire responded 100 random entrepreneurs from the rural areas of Bangladesh to recognize the barriers in accessing financial institutions and figure out how financial inclusions can contribute more in the informal economy. The results of this study suggest that complicated loans process, high-interest rates, absence of a life skills program, lack of financial freedom for women and property rights, entrepreneurial paradox, absence of collaterals, financial institutions negligence, mismanagement of loans, lack of interactions with local successful entrepreneur and imbalance of family and professional promise are the major barriers in accessing financial institutions in Bangladesh. In addition, financial inclusions are required to bring about changes in their lives. The results of the study will help Bangladesh and other developing countries break down the barriers for women entrepreneurs and develop the business opportunities created by women. In this regard, future research will anticipate both urban and rural areas, with a larger sample and quantitative studies will be conducted.
      PubDate: Thu, 31 Dec 2020 00:00:00 GMT
       
 
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