EconomiA最新文献

This paper attempts to analyze the long run association between savings and growth; and investigates the causality issue in Indian context for the period 1950–51 to 2011–12. Firstly, the study identifies the structural break in the year 1980 by employing Bi-Perron test with unknown time. Further, it examines the association and the direction of causality between savings and real economic activity. The empirical evidence of the study suggests that savings boost the real activity both in the pre and post break period in the long run, while economic growth causes saving in the short run in the pre break period. Thus, the present study brings evidence in favour of the neoclassical exogenous and the post-neoclassical endogenous growth models and suggest that both the incentive-based measures and the productivity-based measures would be useful to generate higher savings and reinforce the acceleration of income and growth.

Edith Penrose’s The theory of the growth of the firm has offered key ingredients to an evolutionary approach to the growth of the firm. The entrepreneur enlivened by Edith Penrose in that book is revisited here, considering the role played by institutions in his decision-making. It is argued that her view of the entrepreneur rests greatly in the task of successfully linking two intertwined institutional sets, one internal and the other external to the firm. As a result, the entrepreneur must deal with instrumental and ceremonial elements of both institutional sets in order to re-channel pecuniary gains. The evolutionary approach of Veblenian institutionalism offers an apt definition of institutions to the case in point and is thus used here to expand Penrose’s case account of Hercules Powder Company.

It is often argued that intraday returns can be used to construct covariance estimates that are more accurate than those based on daily returns. However, it is still unclear whether high frequency data provide more precise covariance estimates in markets more contaminated from microstructure noise such as higher bid-ask spreads and lower liquidity. We address this question by investigating the benefits of using high frequency data in the Brazilian equities market to construct optimal minimum variance portfolios. We implement alternative realized covariance estimators based on intraday returns sampled at alternative frequencies and obtain their dynamic versions using a multivariate GARCH framework. Our evidence based on a high-dimensional data set suggests that realized covariance estimators performed significantly better from an economic point of view in comparison to standard estimators based on low-frequency (close-to-close) data as they delivered less risky portfolios.

Despite being an empirical fact that structural change is an inseparable companion of the growth process, it appears as if growth theorists have relegated it to a secondary role. One of the reasons for this apparent neglect is undoubtedly the difficulty of dealing with the issues of sectoral dynamics and structural change within the framework of analytical models. A second reason derives from the fact that for a long time the analysis of growth, from a theoretical perspective, has focused predominantly on aspects of supply and technical progress, leaving the analysis of demand and consumption evolution, crucial for the understanding of structural change, aside. The present paper provides an overview of some of the main works in modern growth theory and appraises the introduction of the subject of structural change into the analysis of economic growth. The exposition elucidates the sources and effects of the process of structural change and surveys some of the recent literature from different schools of thought that integrates structural change into their analysis, commenting on their main features and contributions.

The objective of this study was to analyze empirically the effects of exports segmented into technological levels on the economic growth of Brazilian microregions during the period 2000–2010 in light of the Crespo-Cuaresma and Wörz’s (2005) model. The hypothesis is that exports increase economic growth due to the productivity differential existing between the exporting and non exporting sectors and the positive externality generated by the exporting in the non exporting sector. Theoretically, the higher technology the exported goods have, the stronger these effects are. By classifying the exports into technological levels and estimating the empirical model using the spatial data panel technique, with fixed effect, the two central hypotheses in the Crespo-Cuaresma and Wörz’s (2005) model were validated, with a productivity differential in all exporting segments, and also with a subsequent effect of externalities on the economic dynamism. This effect might go beyond territorial limits mainly when the goods exported belong to the low and mid-low technology industry. Also, a differentiated effect was observed regarding the external insertion in the economic growth of the regions with high exports vs. those with low participation in the international trade. In the former, the most intense indirect effect is mainly related to products with higher aggregated value, while in the latter more effects are seen mainly linked to the exportation of non-industrial products.

This paper investigated the linkages between banking sector depth, trade openness, and economic growth using a panel data set covering the ASEAN regional forum countries for the period 1961–2012. Using our multivariate framework, we first found that all the variables were integrated of order one and were cointegrated. Our panel-data estimation procedures offered more robust estimates than previous studies by utilizing variations between countries as well as variations over time. The results of this study indicated a general long-run equilibrium relationship among trade openness, banking sector depth and economic growth as well as a short-run relationship between these variables. Policy recommendations include those that will promote greater banking sector development as well as increased trade openness.

This paper analyzes the impact of infrastructure investments in the reduction of poverty in Brazil, controlled through other determinants such as economic growth, income inequality, average schooling years, unemployment rate and state budgets from 1995 to 2011. A model for a dynamic panel data, estimated by the generalized method of moments (GMM) in two steps as developed by Arellano-Bond (1991) and Blundell-Bond (1998) found among other conclusions, a significant inverse relation between public investment in infrastructure and poverty. The Granger causality test for panel data proposed by Hurlin and Venet (2001, 2004) and Hurlin (2004, 2005) reinforced results validation.

Remittances in the world represent one of major international financial resources, which sometimes they exceed the flows of foreign direct investment (FDI). For centuries, there have been heated debates on the sources of economic growth in developing economies and also why some countries reflect strong economic growth comparing to others.

This study aims to observe the impacts of remittances on economic growth, using panel data set of six high remittances receiving countries, Albania, Bulgaria, Macedonia, Moldova, Romania and Bosnia Herzegovina during the period 1999–2013. These countries have experienced a major increase in remittance inflows, and at this time accounts for the bulk of total remittance receipts, compared with other regions. Most countries, remittances represent the largest source of foreign exchange earnings and represent more than 10 percent of GDP.

In other words, the econometric analysis will be based on those six remittance receiving countries. The paper is then to review the empirical literature devoted to the impact of remittances on economic growth, in order, to identify empirically if there are significant relationships between remittances and growth in these countries. The results suggest that remittances have a positive impact on growth and that this impact increases at higher levels of remittances relative to GDP.

This article investigates the effects of physical activity on earnings in the Brazilian labor market, analyzing workers aged between 30 and 50 years. To that end, quantile regression was applied to analyze microdata from the 2008 National Household Sample Survey (PNAD). The results showed that workers who engage in regular physical exercise exhibit better social and economic conditions compared to sedentary individuals. Sedentary lifestyles are typically more common among female employees than their male counterparts and this is reflected in earnings in the labor market. The impact of physical activity on wages varied from 15.0 to 31.0% and was greater among the highest quantiles. The lowest salaries were recorded among non-white sedentary women.

It has been widely assumed in the literature that public sector organization operates in a different way compared to private sector organization. This paper intends to contribute to develop further this issue by investigating whether the relationship between worker efforts differs significantly both in the public and in the private sector. By drawing on data from the Monthly Employment Survey (PME), Brazil 2003–2012, and proxies for worker effort (unpaid overtime work and absences), it was observed, initially, significant differences between worker’s profiles depending on the sector they are employed. In turn, the estimation results of the dynamic panel models confirm that the level of worker effort alters according to their switches from one sector to another in the labor market. Briefly, public sector workers do not tend to do unpaid overtime work comparable to those in private sector, and they are more likely to be absent at work.