Pub Date : 2017-08-05DOI: 10.1108/JPBAFM-03-2018-008
Gao Liu
Although most empirical studies find that competitive bidding can reduce the interest cost, the municipal bond primary market is dominated by negotiating offerings. The purpose of this paper is to investigate this dilemma by empirically testing two hypotheses: self-selection bias and decision inertia hypotheses.,Logistic regressions and Heckman procedures are used to examine data from the California municipal bond primary market.,The paper finds that while information asymmetry does affect the selection of underwriting approach, self-selection bias cannot explain the cost difference between the two sale approaches. On the other hand, decision inertia has the highest explanatory power in the selection of sale approaches.,This paper provides a new explanation for the “competitive sale dilemma” from the perspective of decision inertia. The authors document that state and local governments show a greater propensity of adhering to previous choices, particularly in a context in which the outcome is uncertain or actors have little knowledge in comparing the outcome of the alternatives.
{"title":"Self-Selection Bias or Decision Inertia? Explaining the Municipal Bond ‘Competitive Sale Dilemma’","authors":"Gao Liu","doi":"10.1108/JPBAFM-03-2018-008","DOIUrl":"https://doi.org/10.1108/JPBAFM-03-2018-008","url":null,"abstract":"Although most empirical studies find that competitive bidding can reduce the interest cost, the municipal bond primary market is dominated by negotiating offerings. The purpose of this paper is to investigate this dilemma by empirically testing two hypotheses: self-selection bias and decision inertia hypotheses.,Logistic regressions and Heckman procedures are used to examine data from the California municipal bond primary market.,The paper finds that while information asymmetry does affect the selection of underwriting approach, self-selection bias cannot explain the cost difference between the two sale approaches. On the other hand, decision inertia has the highest explanatory power in the selection of sale approaches.,This paper provides a new explanation for the “competitive sale dilemma” from the perspective of decision inertia. The authors document that state and local governments show a greater propensity of adhering to previous choices, particularly in a context in which the outcome is uncertain or actors have little knowledge in comparing the outcome of the alternatives.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"61 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130372781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In September 2016, the European Commission presented legislative proposals to replace the European Regulatory Framework for Electronic Communications (RFEC) with a new European Electronic Communications Code. Among the many stated objectives was to stimulate more rapid investment in fast and ultra-fast broadband. One can argue that the RFEC was put in place in 2002, at a time when networks were not yet liberalised or privatised, and when investment needs of existing copper networks were fairly consistent and predictable. As a consequence, the RFEC put great emphasis on achieving competition, relatively little on achieving investment. This reflects to some extent a preference for optimisation of static efficiency over dynamic efficiency, which was perhaps in order given that the former is far easier to analyse than the latter. In this paper, we review the regulatory instruments that provided in the European Code, and consider based on the economic literature, publicly available statistics, and our own analysis the degree to which the Action Lines in the proposed European Code are likely (individually or collectively) to contribute to increased investment in fast broadband in practice. Our assessment is that the proposed enhancements to broadband policy in the proposed European Code are broadly in the right direction, and collectively are likely to offer network operators a more profitable and predictable business case for investment in high speed broadband. Notwithstanding our observations that the case for FTTP/FTTP can often be significantly overblown, we would still say that this is a welcome or overdue change. The risks implied by insufficient specification of these provisions in the European Code, and the lack of clarity as regards technological neutrality, are however significant. We would hope that these provisions can be sharpened in the course of the legislative process.
{"title":"Incentives for Investment in Fast Broadband: How Much Can Be Expected from the Proposed European Code?","authors":"J. S. Marcus, V. Bocarova, G. Petropoulos","doi":"10.2139/ssrn.3007395","DOIUrl":"https://doi.org/10.2139/ssrn.3007395","url":null,"abstract":"In September 2016, the European Commission presented legislative proposals to replace the European Regulatory Framework for Electronic Communications (RFEC) with a new European Electronic Communications Code. Among the many stated objectives was to stimulate more rapid investment in fast and ultra-fast broadband. One can argue that the RFEC was put in place in 2002, at a time when networks were not yet liberalised or privatised, and when investment needs of existing copper networks were fairly consistent and predictable. As a consequence, the RFEC put great emphasis on achieving competition, relatively little on achieving investment. This reflects to some extent a preference for optimisation of static efficiency over dynamic efficiency, which was perhaps in order given that the former is far easier to analyse than the latter. In this paper, we review the regulatory instruments that provided in the European Code, and consider based on the economic literature, publicly available statistics, and our own analysis the degree to which the Action Lines in the proposed European Code are likely (individually or collectively) to contribute to increased investment in fast broadband in practice. Our assessment is that the proposed enhancements to broadband policy in the proposed European Code are broadly in the right direction, and collectively are likely to offer network operators a more profitable and predictable business case for investment in high speed broadband. Notwithstanding our observations that the case for FTTP/FTTP can often be significantly overblown, we would still say that this is a welcome or overdue change. The risks implied by insufficient specification of these provisions in the European Code, and the lack of clarity as regards technological neutrality, are however significant. We would hope that these provisions can be sharpened in the course of the legislative process.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134240884","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The 2014 EU procurement directives contain a greatly expanded set of provisions relating to socially responsible public procurement (SRPP). From the application of higher thresholds and ability to limit competition for certain contracts through to the use of social award criteria and contract performance clauses, there are numerous possibilities for contracting authorities to take considerations related to labour law compliance, trading conditions and social inclusion into account. At the same time, the EU has expanded its international commitments in the field of public procurement through the revision of the WTO Government Procurement Agreement (GPA), the Comprehensive Economic and Trade Agreement (CETA) with Canada, and through the establishment of Deep and Comprehensive Free Trade Areas (DCFTAs) with Ukraine, Moldova and Georgia. This paper looks at the extent to which SRPP provisions have been incorporated in these agreements, finding that in a number of areas such as reservation of contracts for disabled and disadvantaged workers, treatment of abnormally low tenders and use of third party certifications, they offer a less supportive framework than the EU directives for SRPP.
{"title":"Socially Responsible Public Procurement Under EU Law and International Agreements: The GPA, CETA and the EU-Ukraine Deep and Comprehensive Free Trade Area","authors":"A. Semple","doi":"10.2139/SSRN.2970964","DOIUrl":"https://doi.org/10.2139/SSRN.2970964","url":null,"abstract":"The 2014 EU procurement directives contain a greatly expanded set of provisions relating to socially responsible public procurement (SRPP). From the application of higher thresholds and ability to limit competition for certain contracts through to the use of social award criteria and contract performance clauses, there are numerous possibilities for contracting authorities to take considerations related to labour law compliance, trading conditions and social inclusion into account. At the same time, the EU has expanded its international commitments in the field of public procurement through the revision of the WTO Government Procurement Agreement (GPA), the Comprehensive Economic and Trade Agreement (CETA) with Canada, and through the establishment of Deep and Comprehensive Free Trade Areas (DCFTAs) with Ukraine, Moldova and Georgia. This paper looks at the extent to which SRPP provisions have been incorporated in these agreements, finding that in a number of areas such as reservation of contracts for disabled and disadvantaged workers, treatment of abnormally low tenders and use of third party certifications, they offer a less supportive framework than the EU directives for SRPP.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123526677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In the urban economics, the distribution of people and real estate prices depends on the location of the central business district. As distance from the city center increases, both prices and population density diminish, for travel costs increase in terms of time and money. As manufacturing gradually leaves the cities, the importance of consumer amenities as attractors of population to the urban areas increases. The role of the business center is being taken over by the consumer center. This paper identies the location of the consumer center of St. Petersburg - the second largest city in Russia and its former capital. For this purpose using data from open sources on the Internet regarding the location of dierent types of urban amenities, the indices of their spatial density are computed. Using weights based on coefficients of spatial variation and surveys, the individual indices are aggregated to two general centrality indices. Their unique maxima correspond to the city center of St. Petersburg, which is located on Nevsky prospekt, between Fontanka river and Liteinyi prospekt.
{"title":"Finding the Consumer Center of St. Petersburg?","authors":"K. Kholodilin, I. Krylova, Darya Kryutchenko","doi":"10.2139/ssrn.2992507","DOIUrl":"https://doi.org/10.2139/ssrn.2992507","url":null,"abstract":"In the urban economics, the distribution of people and real estate prices depends on the location of the central business district. As distance from the city center increases, both prices and population density diminish, for travel costs increase in terms of time and money. As manufacturing gradually leaves the cities, the importance of consumer amenities as attractors of population to the urban areas increases. The role of the business center is being taken over by the consumer center. This paper identies the location of the consumer center of St. Petersburg - the second largest city in Russia and its former capital. For this purpose using data from open sources on the Internet regarding the location of dierent types of urban amenities, the indices of their spatial density are computed. Using weights based on coefficients of spatial variation and surveys, the individual indices are aggregated to two general centrality indices. Their unique maxima correspond to the city center of St. Petersburg, which is located on Nevsky prospekt, between Fontanka river and Liteinyi prospekt.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127066835","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper reviews the current condition of the New Jersey horse racing industry by reviewing 60 years worth of the annual reports of the New Jersey Racing Commission.
本文通过回顾新泽西州赛马委员会60年来的年度报告，对新泽西州赛马产业的现状进行了回顾。
{"title":"New Jersey Horse Racing by the Numbers","authors":"Bennett Liebman","doi":"10.2139/SSRN.2991211","DOIUrl":"https://doi.org/10.2139/SSRN.2991211","url":null,"abstract":"The paper reviews the current condition of the New Jersey horse racing industry by reviewing 60 years worth of the annual reports of the New Jersey Racing Commission.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121112240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Neoliberalism is theorized by Marxist Polymath David Harvey as a set of political economic practices—predicated upon the teological restoration of economic elite class power through policies of financial deregulation, capital liberalization, and privatization—entailing the intellectual de-legitimization of Keynesian economics, the axiomatization of neoclassical ontological and epistemological precepts regarding the primacy of the self-regulating market, and the retrenchment of the embedded welfare state (Harvey 2005). Neoliberalism has failed dramatically in its purported goal of reviving global capital accumulation since its inception in the late 20th century. Rather, its main substantive economic achievement has been to redistribute, rather than to generate, wealth and income (Stiglitz 2016). Furthermore, within academia, the neoliberal political-economic meta-structure is considered to have eroded the Western socio-cultural ethos writ large, thus irrevocably producing a combustible political environment in which an emergent proto-fascist insurgency—reified currently throughout the contemporary Western polity by the likes of Donald Trump and Marine Le Pen—may unfold (Hedges 2015). These conditions were effectuated by a myriad mechanisms, however, most prominently by those which fall under the prescript of ‘accumulation by dispossession’. This pertains to the continuation and proliferation of capital accumulation practices which Marx had deemed as ‘primitive’ or ‘primal’ during the emergence of the capitalist mode of production. Broadly, these entail the commodification and privatization of land; transmutation of various forms of property rights (common, collective, state etc.) into exclusive property rights (and the subsequent extraction of rents in the case of patents and intellectual property rights); erasure of many common property rights (ex. state pensions, paid vacations, and access to education and health care); commodification of labor power and suppression of indigenous forms of production and consumerism; imperial procedures of appropriation of assets; liquidation of exchange and taxation; and usury, the national debt and the use of the credit system as a means for accumulation by dispossession (Marx 1887). The neoliberal state assumes the central role of both supporting and promulgating these practices, by way of its possessing a monopoly over violence and definitions of legality (Piketty 2014). The purpose of this paper lies in the task of further elucidating these mechanisms within the context of the contemporary Western political crisis.
马克思主义通才大卫·哈维将新自由主义理论化为一套政治经济实践——通过金融放松管制、资本自由化和私有化等政策，在理论上恢复经济精英阶级的权力——这涉及到凯恩斯主义经济学在思想上的非合法化，以及新古典主义本体论和认识论上关于自我调节市场的首要地位的公理化。以及根深蒂固的福利国家的紧缩(Harvey 2005)。新自由主义自20世纪后期创立以来，其所谓的恢复全球资本积累的目标已经严重失败。相反，其主要的实质性经济成就是重新分配，而不是创造财富和收入(Stiglitz 2016)。此外，在学术界，新自由主义的政治经济元结构被认为已经侵蚀了西方社会文化精神，因此不可逆转地产生了一个可燃的政治环境，在这个环境中，一种新兴的原始法西斯叛乱——目前由唐纳德·特朗普(Donald Trump)和马琳·勒庞(Marine Le pen)等人在当代西方政体中体现出来——可能会展开(Hedges 2015)。这些条件是由无数机制实现的，然而，最突出的是那些属于“剥夺积累”的规定。这与资本积累实践的延续和扩散有关，马克思在资本主义生产方式出现期间将其视为“原始的”或“原始的”。从广义上讲，这包括土地的商品化和私有化;将各种形式的产权(公共的、集体的、国家的等)转化为专有的产权(以及随后在专利和知识产权的情况下抽取租金);取消许多共同财产权利(如国家养老金、带薪假期以及获得教育和医疗保健的权利);劳动力商品化和对本土生产形式和消费主义的压制;帝国的资产征用程序;外汇和税收清算;高利贷、国债和利用信用体系作为剥夺积累的手段(马克思1887)。新自由主义国家通过其对暴力和合法性定义的垄断，承担了支持和颁布这些实践的核心角色(Piketty 2014)。本文的目的在于在当代西方政治危机的背景下进一步阐明这些机制。
{"title":"‘Neoliberalism’ and Political Crisis: A Postulate of the Causal Dialectics Behind the Unfolding Trumpian Crisis","authors":"A. Lodhi","doi":"10.2139/ssrn.3003662","DOIUrl":"https://doi.org/10.2139/ssrn.3003662","url":null,"abstract":"Neoliberalism is theorized by Marxist Polymath David Harvey as a set of political economic practices—predicated upon the teological restoration of economic elite class power through policies of financial deregulation, capital liberalization, and privatization—entailing the intellectual de-legitimization of Keynesian economics, the axiomatization of neoclassical ontological and epistemological precepts regarding the primacy of the self-regulating market, and the retrenchment of the embedded welfare state (Harvey 2005). Neoliberalism has failed dramatically in its purported goal of reviving global capital accumulation since its inception in the late 20th century. Rather, its main substantive economic achievement has been to redistribute, rather than to generate, wealth and income (Stiglitz 2016). Furthermore, within academia, the neoliberal political-economic meta-structure is considered to have eroded the Western socio-cultural ethos writ large, thus irrevocably producing a combustible political environment in which an emergent proto-fascist insurgency—reified currently throughout the contemporary Western polity by the likes of Donald Trump and Marine Le Pen—may unfold (Hedges 2015). These conditions were effectuated by a myriad mechanisms, however, most prominently by those which fall under the prescript of ‘accumulation by dispossession’. This pertains to the continuation and proliferation of capital accumulation practices which Marx had deemed as ‘primitive’ or ‘primal’ during the emergence of the capitalist mode of production. Broadly, these entail the commodification and privatization of land; transmutation of various forms of property rights (common, collective, state etc.) into exclusive property rights (and the subsequent extraction of rents in the case of patents and intellectual property rights); erasure of many common property rights (ex. state pensions, paid vacations, and access to education and health care); commodification of labor power and suppression of indigenous forms of production and consumerism; imperial procedures of appropriation of assets; liquidation of exchange and taxation; and usury, the national debt and the use of the credit system as a means for accumulation by dispossession (Marx 1887). The neoliberal state assumes the central role of both supporting and promulgating these practices, by way of its possessing a monopoly over violence and definitions of legality (Piketty 2014). The purpose of this paper lies in the task of further elucidating these mechanisms within the context of the contemporary Western political crisis.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-06-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134041205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A. Andreotti, G. Anselmi, T. Eichhorn, C. Hoffmann, Marina Micheli
Report from the EU H2020 Research Project Ps2Share: Participation, Privacy, and Power in the Sharing Economy
欧盟H2020研究项目Ps2Share:共享经济中的参与、隐私和权力报告
{"title":"Participation in the Sharing Economy","authors":"A. Andreotti, G. Anselmi, T. Eichhorn, C. Hoffmann, Marina Micheli","doi":"10.2139/ssrn.2961745","DOIUrl":"https://doi.org/10.2139/ssrn.2961745","url":null,"abstract":"Report from the EU H2020 Research Project Ps2Share: Participation, Privacy, and Power in the Sharing Economy","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124081244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
As part of their regional integration measures, the members of the Association of Southeast Asian Nations (ASEAN) entered a commitment to remove non-tariff barriers and harmonize non-tariff measures by 2015. Despite this, non-tariff measures have steadily increased in the region. This paper examines the non-tariff measure incidence in ASEAN within the context of the structural changes which occurred in the region during the 1990s. The 1990s was a period of tariff liberalization and outward-oriented policies. These marked the transition of these countries from agricultural to increasingly manufacturing countries. The importance of production network-related trade for ASEAN countries makes the rising incidence of non-tariff measures even more noteworthy. On one hand, non-tariff measures can signal the quality of products of processes, thus stimulating demand. On the other hand, non-tariff measures can act as disguised protectionist measures. Are the ASEAN non-tariff measures motivated by a desire to protect industries which are adversely affected by recent structural changes? Or are these non- tariff measures promoting and enhancing these countries’ participation in production networks? Using a qualitative approach, this paper examines the trends in the imposition of non- tariff measures vis-à-vis the characteristics of the ASEAN Members. The trends in this region provide evidence for both scenarios. That the rising incidence of non-tariff measures coincided with increased participation in production networks supports the argument that these measures promote trade by signaling quality. However, the incidence of non-tariff measures in declining industries suggest that protectionist motives may be at play. These results imply that the idea that non-tariff measures need to be harmonized and even eliminated to promote trade needs to be reexamined.
{"title":"Structural Change and Protection: Non-Tariff Measures in ASEAN","authors":"Gemelee Hirang","doi":"10.2139/ssrn.3066753","DOIUrl":"https://doi.org/10.2139/ssrn.3066753","url":null,"abstract":"As part of their regional integration measures, the members of the Association of Southeast Asian Nations (ASEAN) entered a commitment to remove non-tariff barriers and harmonize non-tariff measures by 2015. Despite this, non-tariff measures have steadily increased in the region. This paper examines the non-tariff measure incidence in ASEAN within the context of the structural changes which occurred in the region during the 1990s. The 1990s was a period of tariff liberalization and outward-oriented policies. These marked the transition of these countries from agricultural to increasingly manufacturing countries. The importance of production network-related trade for ASEAN countries makes the rising incidence of non-tariff measures even more noteworthy. On one hand, non-tariff measures can signal the quality of products of processes, thus stimulating demand. On the other hand, non-tariff measures can act as disguised protectionist measures. Are the ASEAN non-tariff measures motivated by a desire to protect industries which are adversely affected by recent structural changes? Or are these non- tariff measures promoting and enhancing these countries’ participation in production networks? Using a qualitative approach, this paper examines the trends in the imposition of non- tariff measures vis-à-vis the characteristics of the ASEAN Members. The trends in this region provide evidence for both scenarios. That the rising incidence of non-tariff measures coincided with increased participation in production networks supports the argument that these measures promote trade by signaling quality. However, the incidence of non-tariff measures in declining industries suggest that protectionist motives may be at play. These results imply that the idea that non-tariff measures need to be harmonized and even eliminated to promote trade needs to be reexamined.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"20 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132649462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper attempts to empirically analyse the potential effect of political institutions on the inward foreign direct investments (FDIs) in five developing nations from South Asia, namely, Pakistan, Nepal, India, Bangladesh and Sri Lanka. Making FDI implies committing resources for a long time in the host economy. Therefore, availability of stable political institutions is one of the essential foreign location requisites for the multinationals’ operations. Analysing annual aggregate data for years 1970 to 2009 through random effect panel estimation technique it is found that institutional indicators which count the most for foreign direct investors in SAARC nations are democratic accountability, absence of military and religious influences in politics, corruption-free and honest public office holders, and efficient bureaucracy. The results clearly indicate that changes in institutional variables do not make a significant positive impact on inward FDIs when aggregate measures of political institutional efficiency are employed. However, when these collective measures are disaggregated to a more clearly focused set of factors, their increased effectiveness significantly leads to additional FDI inflows. These results suggest that the findings are robust to alternative proxies of institutional strength, but sensitive to using catch-all composite measures of institutions
{"title":"Political Institutions and the Incidence of FDI in South Asia","authors":"M. Shah","doi":"10.22547/BER/9.1.2","DOIUrl":"https://doi.org/10.22547/BER/9.1.2","url":null,"abstract":"This paper attempts to empirically analyse the potential effect of political institutions on the inward foreign direct investments (FDIs) in five developing nations from South Asia, namely, Pakistan, Nepal, India, Bangladesh and Sri Lanka. Making FDI implies committing resources for a long time in the host economy. Therefore, availability of stable political institutions is one of the essential foreign location requisites for the multinationals’ operations. Analysing annual aggregate data for years 1970 to 2009 through random effect panel estimation technique it is found that institutional indicators which count the most for foreign direct investors in SAARC nations are democratic accountability, absence of military and religious influences in politics, corruption-free and honest public office holders, and efficient bureaucracy. The results clearly indicate that changes in institutional variables do not make a significant positive impact on inward FDIs when aggregate measures of political institutional efficiency are employed. However, when these collective measures are disaggregated to a more clearly focused set of factors, their increased effectiveness significantly leads to additional FDI inflows. These results suggest that the findings are robust to alternative proxies of institutional strength, but sensitive to using catch-all composite measures of institutions","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114795934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Islamic economics as a subject has deep historical roots. However, the present body of knowledge known as ‘Islamic economics’ originated in the second half of the last century. During the last four decades, a lot of literature has appeared. However, most of it can be accepted as ‘Islamic economic teachings’ and not ‘Islamic economics’ as a social science. Based on this literature a beginning can be made in developing Islamic economics as a social science. The paper presents a tentative proposal for doing this.
{"title":"Current State of Islamic Economics and Direction of Future Research","authors":"Muhammad Khan","doi":"10.2139/ssrn.2942109","DOIUrl":"https://doi.org/10.2139/ssrn.2942109","url":null,"abstract":"Islamic economics as a subject has deep historical roots. However, the present body of knowledge known as ‘Islamic economics’ originated in the second half of the last century. During the last four decades, a lot of literature has appeared. However, most of it can be accepted as ‘Islamic economic teachings’ and not ‘Islamic economics’ as a social science. Based on this literature a beginning can be made in developing Islamic economics as a social science. The paper presents a tentative proposal for doing this.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"105 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123547620","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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