Wang (2018) elucidates the relationship between NDC pension and fertility in a two-period OLG model of a small open economy with an imperfect labor market. What if the analysis is conducted in a closed economy? This study demonstrates an economic comparison between a closed and open economy with NDC pension scheme and unemployment due to efficiency wage by building up a similar model in a closed economy and compares the welfare between two scenarios. The results show that the small open economy displays much higher welfare compared to the closed one, no matter whether the NDC account rate is endogenous or exogenous.
{"title":"Comparison Between a Closed and an Open Economy with NDC Pension Scheme and Imperfect Labor Market","authors":"Leran Wang","doi":"10.2139/ssrn.3794540","DOIUrl":"https://doi.org/10.2139/ssrn.3794540","url":null,"abstract":"Wang (2018) elucidates the relationship between NDC pension and fertility in a two-period OLG model of a small open economy with an imperfect labor market. What if the analysis is conducted in a closed economy? This study demonstrates an economic comparison between a closed and open economy with NDC pension scheme and unemployment due to efficiency wage by building up a similar model in a closed economy and compares the welfare between two scenarios. The results show that the small open economy displays much higher welfare compared to the closed one, no matter whether the NDC account rate is endogenous or exogenous.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122288618","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 report focuses on the voluntary and complementary pension Fund (hereafter: the Fund) for Members of the European Parliament (MEPs) and specifically whether the guarantee that was given by the EuropeanParliament (EP) to uphold all rights of members of the Fund (theguarantee) can be legally upheld in the light of EU Law and national applicable Law.
{"title":"The Legal Status of the Guarantees for the MEP Pension Fund","authors":"H. V. Meerten","doi":"10.2139/ssrn.3739504","DOIUrl":"https://doi.org/10.2139/ssrn.3739504","url":null,"abstract":"This report focuses on the voluntary and complementary pension Fund (hereafter: the Fund) for Members of the European Parliament (MEPs) and specifically whether the guarantee that was given by the EuropeanParliament (EP) to uphold all rights of members of the Fund (theguarantee) can be legally upheld in the light of EU Law and national applicable Law.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125669458","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}
Pub Date : 2020-11-04DOI: 10.18601/17941113.n18.06
Julián Andrés Buriticá-Mejía
Spanish abstract: El modelo pensional colombiano se caracteriza por ser intergeneracional, ra¬zón por la cual se ha visto afectado por tres grandes problemas estructurales: inequidad, baja cobertura e insostenibilidad financiera. Frente a este panora¬ma, el Estado ha reaccionado con medidas de tipo normativo que han aliviado algunos de estos problemas; sin embargo, estas regulaciones prudenciales han impactado la finalidad inherente a un fondo de inversión, es decir, la generación de riqueza para garantizar el consumo intertemporal de la población colombia¬na en edad de retiro. En consecuencia, los fondos de pensiones en Colombia requieren que, bajo el marco de las diferentes regulaciones, se estudien nuevas alternativas de estructuración de sus portafolios que les permitan un eficiente manejo de los recursos de retiro para su población. En este sentido, se creó una frontera y un portafolio eficientes mediante la aplicación de Support Vector Machine sobre el modelo Black-Litterman para los fondos de pensiones obligatorios colombianos, con el fin de comprobar la utili¬dad de los algoritmos de aprendizaje en los diferentes ámbitos financieros. Los resultados muestran que es posible su aplicabilidad al modelo de estructuración de portafolios Black-Litterman mediante mejoras a la matriz de las distribucio¬nes a priori, puntualmente con el uso de Support Vector Regression, que generó portafolios mejor diversificados frente al modelo media varianza de Markowitz, y que son adaptables a los fondos de pensiones obligatorios colombianos.
English abstract: The Colombian pension model is characterized by being intergenerational, reason why it has been affected by three major structural problems: inequality, low coverage and financial unsustainability, to which the Colombian government has reacted with regulatory measures that have somewhat relieved these problems. However, these prudential regulations have a negative effect on the inherent purpose of the investment fund, which is the generation of wealth to guarantee the intertemporal consumption of the Colombian elderly population. Therefore, the pension funds in Colombia requires that under the framework of the stablished regulations, new alternatives for structuring their portfolios be studied that allow them into better and more efficient management of retirement resources for Colombian people. In this sense, an efficient portfolio and frontier were built through a Support Vector Machine and the Black Litterman model to the Colombian Mandatory Pension Funds, with the aim to test the applicability of machine learning in financial fields. Results show that its applicability to the Black-Litterman portfolio structuring model is suitable through the improvement to the a priori distribution matrix, specifically with the use of Support Vector Regression, the model generated better diversified portfolios in comparison to the Markowitz model and shows to be adaptable to the Colombian Mandat
摘要:本文分析了哥伦比亚养老金模式的特点是代际差异，并受到三个主要结构性问题的影响:不平等、覆盖面低和财政不可持续性。在这种情况下，国家采取了监管措施，缓解了其中一些问题;然而，这些审慎监管影响了投资基金的内在目的，即创造财富，以确保哥伦比亚退休年龄人口的跨期消费。因此，哥伦比亚的养恤基金要求在不同条例的框架内，研究结构其投资组合的新办法，使它们能够有效地管理其人口的退休资源。在这个意义上，我们通过在Black-Litterman模型上应用支持向量机为哥伦比亚强制性养老基金创建了一个有效的边界和投资组合，以验证学习算法在不同金融领域的使用。调查结果表明,这是可能的结构模型的适用性公文包Black-Litterman通过改善矩阵distribucio¬学院乍一看,及时使用支持向量Regression,对面最好了公文包多样化模型半Markowitz的实际开支之外,哥伦比亚适应性是强制性养恤基金。英文摘要:哥伦比亚养恤金模式的特点是代际的，这就是为什么它受到三个主要结构性问题的影响:不平等、覆盖率低和财务不可持续性，哥伦比亚政府对此采取了监管措施，这些措施在一定程度上缓解了这些问题。然而，这些审慎监管对投资基金的内在目的，即创造财富以保证哥伦比亚老年人的跨期消费，产生了负面影响。因此，哥伦比亚的养恤基金要求在《稳定条例》框架内，研究构建其投资组合的新办法，使它们能够更好、更有效地管理哥伦比亚人民的退休资源。在这方面，通过支持向量机和哥伦比亚强制性养恤基金的Black Litterman模型建立了一个有效的投资组合和边界，目的是测试机器学习在金融领域的适用性。结果显示,its applicability to the Black-Litterman组合源于model is至关through the改进to the事先distribution matrix、特别是with the use of Support Regression向量,the model generated better diversified的Markowitz model and》比较适应节目to be to the派的养老金基金。
{"title":"Modelo Black-Litterman con Support Vector Regression: una alternativa para los fondos de pensiones obligatorios colombianos (Black-Litterman Model With Support Vector Regression: An Alternative for Colombian Pension Funds)","authors":"Julián Andrés Buriticá-Mejía","doi":"10.18601/17941113.n18.06","DOIUrl":"https://doi.org/10.18601/17941113.n18.06","url":null,"abstract":"<b>Spanish abstract:</b> El modelo pensional colombiano se caracteriza por ser intergeneracional, ra¬zón por la cual se ha visto afectado por tres grandes problemas estructurales: inequidad, baja cobertura e insostenibilidad financiera. Frente a este panora¬ma, el Estado ha reaccionado con medidas de tipo normativo que han aliviado algunos de estos problemas; sin embargo, estas regulaciones prudenciales han impactado la finalidad inherente a un fondo de inversión, es decir, la generación de riqueza para garantizar el consumo intertemporal de la población colombia¬na en edad de retiro. En consecuencia, los fondos de pensiones en Colombia requieren que, bajo el marco de las diferentes regulaciones, se estudien nuevas alternativas de estructuración de sus portafolios que les permitan un eficiente manejo de los recursos de retiro para su población. En este sentido, se creó una frontera y un portafolio eficientes mediante la aplicación de Support Vector Machine sobre el modelo Black-Litterman para los fondos de pensiones obligatorios colombianos, con el fin de comprobar la utili¬dad de los algoritmos de aprendizaje en los diferentes ámbitos financieros. Los resultados muestran que es posible su aplicabilidad al modelo de estructuración de portafolios Black-Litterman mediante mejoras a la matriz de las distribucio¬nes a priori, puntualmente con el uso de Support Vector Regression, que generó portafolios mejor diversificados frente al modelo media varianza de Markowitz, y que son adaptables a los fondos de pensiones obligatorios colombianos. <br><br><b>English abstract:</b> The Colombian pension model is characterized by being intergenerational, reason why it has been affected by three major structural problems: inequality, low coverage and financial unsustainability, to which the Colombian government has reacted with regulatory measures that have somewhat relieved these problems. However, these prudential regulations have a negative effect on the inherent purpose of the investment fund, which is the generation of wealth to guarantee the intertemporal consumption of the Colombian elderly population. Therefore, the pension funds in Colombia requires that under the framework of the stablished regulations, new alternatives for structuring their portfolios be studied that allow them into better and more efficient management of retirement resources for Colombian people. In this sense, an efficient portfolio and frontier were built through a Support Vector Machine and the Black Litterman model to the Colombian Mandatory Pension Funds, with the aim to test the applicability of machine learning in financial fields. Results show that its applicability to the Black-Litterman portfolio structuring model is suitable through the improvement to the a priori distribution matrix, specifically with the use of Support Vector Regression, the model generated better diversified portfolios in comparison to the Markowitz model and shows to be adaptable to the Colombian Mandat","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122015951","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}
Pub Date : 2020-10-27DOI: 10.9734/ajeba/2020/v18i430289
naftaly mose
This study examines the link between government expenditure and regional economic growth, over the period 2013 to 2017. Gross County Product per capita growth is used as indicator of regional economic growth. This study used Error Correction Model and Engle and Granger framework two step procedure to investigate the long-run and short-run equilibrium relationship between expenditure and regional growth. The analysis reveals that expenditure and regional growth are cointegrated and, hence a long-run equilibrium relationship exist between them. Non-devolved expenditure is found to be significant in determining regional growth and growth significantly affect non-devolved in short-run. Further, short-run uni-directional causality was detected between capital, recurrent expenditures and growth. This study argues that expansionary government expenditure accelerates regional economic growth in long-run. The absence of a long-run causality moving from growth to components of expenditure implies that economic growth macroeconomic policies can be implemented without adversely affecting the size of government expenditure.
{"title":"Government Expenditure and Regional Economic Growth: The Direction of Causality","authors":"naftaly mose","doi":"10.9734/ajeba/2020/v18i430289","DOIUrl":"https://doi.org/10.9734/ajeba/2020/v18i430289","url":null,"abstract":"This study examines the link between government expenditure and regional economic growth, over the period 2013 to 2017. Gross County Product per capita growth is used as indicator of regional economic growth. This study used Error Correction Model and Engle and Granger framework two step procedure to investigate the long-run and short-run equilibrium relationship between expenditure and regional growth. The analysis reveals that expenditure and regional growth are cointegrated and, hence a long-run equilibrium relationship exist between them. Non-devolved expenditure is found to be significant in determining regional growth and growth significantly affect non-devolved in short-run. Further, short-run uni-directional causality was detected between capital, recurrent expenditures and growth. This study argues that expansionary government expenditure accelerates regional economic growth in long-run. The absence of a long-run causality moving from growth to components of expenditure implies that economic growth macroeconomic policies can be implemented without adversely affecting the size of government expenditure.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115399710","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}
One of the main goals of public health insurance expansions is to increase access to health care services, but doing so may require providers to move to previously underserved areas. Whether and to what extent any such relocation occurs remains an open question. I study how providers choose their practice locations in response to Medicaid expansions for one of the most common forms of primary care, dental care services. I find that expansions of adult Medicaid dental benefits between 2006-2013 increased dentist counts per capita in poor counties relative to non-poor counties by 12 percent, or 2.6 dentists per 100,000 population. The increase was larger in counties where the expansions generated greater financial incentives for dentists.
{"title":"Medicaid and Provider Supply","authors":"J. Huh","doi":"10.2139/ssrn.2853882","DOIUrl":"https://doi.org/10.2139/ssrn.2853882","url":null,"abstract":"One of the main goals of public health insurance expansions is to increase access to health care services, but doing so may require providers to move to previously underserved areas. Whether and to what extent any such relocation occurs remains an open question. I study how providers choose their practice locations in response to Medicaid expansions for one of the most common forms of primary care, dental care services. I find that expansions of adult Medicaid dental benefits between 2006-2013 increased dentist counts per capita in poor counties relative to non-poor counties by 12 percent, or 2.6 dentists per 100,000 population. The increase was larger in counties where the expansions generated greater financial incentives for dentists.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134282036","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 provides new evidence on the relation between CEO inside debt and firm risk‐taking by exploiting the change in the tax treatment of UK pensions following two pension amendments. The 2006 pension reform introduces the annual and lifetime allowance for UK pension schemes, significantly increasing income taxes associated with CEO inside debt. The 2011 allowance cut, which substantially reduces the annual allowance introduced in 2006, further increases income taxes on inside debt. We find that CEO inside debt, in the form of executive pensions declines after the 2006 reform while cash‐in‐lieu increases significantly. This effect is more severe after the 2011 allowance cut than the 2006 pension reform. UK firms appear to substitute away from pensions towards cash‐in‐lieu, where income taxes are less punishing. If the association between CEO inside debt and firm risk‐taking is causal, we should observe a change of risk‐taking after the decline of inside debt. Our results, which exploit the exogenous nature of the reforms, show that the decline of CEO pensions does not lead to any change in firm risk‐taking. This result suggests that no causal relationship exists between CEO inside debt and firm risk‐taking. Our results extend the inside debt literature, where empirical evidence is mainly documented in the US. Contrary to findings in the US, our evidence suggests that the use of CEO inside debt is motivated to minimise income tax rather than a tool to moderate firm risk.
{"title":"Inside Debt and Firm Risk‐Taking: Evidence from the UK Pension Reform","authors":"Hau Li, Jinsha Zhao","doi":"10.1111/jbfa.12492","DOIUrl":"https://doi.org/10.1111/jbfa.12492","url":null,"abstract":"This paper provides new evidence on the relation between CEO inside debt and firm risk‐taking by exploiting the change in the tax treatment of UK pensions following two pension amendments. The 2006 pension reform introduces the annual and lifetime allowance for UK pension schemes, significantly increasing income taxes associated with CEO inside debt. The 2011 allowance cut, which substantially reduces the annual allowance introduced in 2006, further increases income taxes on inside debt. We find that CEO inside debt, in the form of executive pensions declines after the 2006 reform while cash‐in‐lieu increases significantly. This effect is more severe after the 2011 allowance cut than the 2006 pension reform. UK firms appear to substitute away from pensions towards cash‐in‐lieu, where income taxes are less punishing. If the association between CEO inside debt and firm risk‐taking is causal, we should observe a change of risk‐taking after the decline of inside debt. Our results, which exploit the exogenous nature of the reforms, show that the decline of CEO pensions does not lead to any change in firm risk‐taking. This result suggests that no causal relationship exists between CEO inside debt and firm risk‐taking. Our results extend the inside debt literature, where empirical evidence is mainly documented in the US. Contrary to findings in the US, our evidence suggests that the use of CEO inside debt is motivated to minimise income tax rather than a tool to moderate firm risk.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115086675","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 objective of the proposal of a system of fiscal rules for Venezuela is twofold: to achieve the stabilization and sustainability of public finances, and to provide foundations for policies aimed at restoring the country’s basic macroeconomic balances and a sustained medium and long-term growth path. Before presenting such system, we offer an overview of the current state of the subject on fiscal rules and – being Venezuela an oil country – focus on their main aspects and restrictions in natural resource economies. To evaluate the proposed system of fiscal rules, we calibrate and simulate a tailored model for the Venezuelan case and perform the estimations in the context of likely short and medium-term macroeconomic scenarios. The results of the exercise allow us to infer its feasibility and convenience if the fiscal rules proposed are implemented after a process of fiscal consolidation and restoration of basic macroeconomic equilibria.
{"title":"Discipline, Stability, and Sustainability in Venezuelan Public Finance","authors":"M. A. Moreno, Santiago Sosa, Luis Zambrano Sequín","doi":"10.2139/ssrn.3698440","DOIUrl":"https://doi.org/10.2139/ssrn.3698440","url":null,"abstract":"The objective of the proposal of a system of fiscal rules for Venezuela is twofold: to achieve the stabilization and sustainability of public finances, and to provide foundations for policies aimed at restoring the country’s basic macroeconomic balances and a sustained medium and long-term growth path. Before presenting such system, we offer an overview of the current state of the subject on fiscal rules and – being Venezuela an oil country – focus on their main aspects and restrictions in natural resource economies. To evaluate the proposed system of fiscal rules, we calibrate and simulate a tailored model for the Venezuelan case and perform the estimations in the context of likely short and medium-term macroeconomic scenarios. The results of the exercise allow us to infer its feasibility and convenience if the fiscal rules proposed are implemented after a process of fiscal consolidation and restoration of basic macroeconomic equilibria.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124560855","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 highlights the concept, characteristics, and the importance of University education in the development and production of manpower for the socio-political and economic advancement of the nation. The paper also discusses the various challenges confronting the University education in Nigeria which range from lack of sound strategic plan, poor leadership, ineffective teaching and learning, poor researching activities, inadequate infrastructure facilities, poor funding, unfavorable internal and international outlook or reputation (staff, students, and research), academic corruption and fraud, low international ranking and lack of modern laboratories. The paper, therefore, recommended that government should increase the funding of the Universities education to enable the administrators of Universities in Nigeria to provide necessary infrastructural facilities needed by the Universities, more funds should also be allocated to the research program of the Universities to enable them to carry out researches while academic corruption and fraud should be fought to the grass root by the enactment of the signing of riot act of academic ethics.
{"title":"Nigerian Universities and their Sustainability: Challenges and Way Forward","authors":"N. J. Ogunode","doi":"10.2139/ssrn.3695789","DOIUrl":"https://doi.org/10.2139/ssrn.3695789","url":null,"abstract":"This paper highlights the concept, characteristics, and the importance of University education in the development and production of manpower for the socio-political and economic advancement of the nation. The paper also discusses the various challenges confronting the University education in Nigeria which range from lack of sound strategic plan, poor leadership, ineffective teaching and learning, poor researching activities, inadequate infrastructure facilities, poor funding, unfavorable internal and international outlook or reputation (staff, students, and research), academic corruption and fraud, low international ranking and lack of modern laboratories. The paper, therefore, recommended that government should increase the funding of the Universities education to enable the administrators of Universities in Nigeria to provide necessary infrastructural facilities needed by the Universities, more funds should also be allocated to the research program of the Universities to enable them to carry out researches while academic corruption and fraud should be fought to the grass root by the enactment of the signing of riot act of academic ethics.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129514299","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 research provides empirical evidence of impact of public expenditure for education on economic growth in Vietnam from 2000 to 2015. In addition, effect of human capital quality is also attacted into the research to examine its impact on economic growth. Specifically, for relating performance of government expenditure for education, we choose enrolment number of pre-primary school, enrolment number of primary school, enrolment number of lower secondary school, enrolment of upper secondary school, percentage of high school graduation as education’s performance. Moreover, we aslo estimate the impact of percentage of government expenditure of GDP for health on GDP growth. Firstly, we estimate the relationship of government capital and regular expenditure for education, its performance mentioned above and human capital quality (HDI as proxy). Secondly, we test the impact of all explanatories of model 1 including HDI plus percentage of government expenditure of GDP for health on GDP growth. Consequently, the first model shows that enrolment number of pre-primary school and regular government spending for education have positive relationship with HDI, whereas, capital spending for education shows negative relationship. For the second model, enrolment number of lower secondary school, enrolment number of primary school, capital expenditure of public budget for education, and HDI are related positively to GDP growth. On the other hand, enrolment number of pre-primary school, percentage of high school graduation, and regular spending for education move negatively way with GDP growth. Keywords : HDI, government expenditure, GDP growth, enrolment DOI: 10.7176/JESD/11-6-06 Publication date: March 31 st 2020
{"title":"Public Expenditure for Education and Economic Growth in Vietnam","authors":"B. Dao","doi":"10.7176/jesd/11-6-06","DOIUrl":"https://doi.org/10.7176/jesd/11-6-06","url":null,"abstract":"This research provides empirical evidence of impact of public expenditure for education on economic growth in Vietnam from 2000 to 2015. In addition, effect of human capital quality is also attacted into the research to examine its impact on economic growth. Specifically, for relating performance of government expenditure for education, we choose enrolment number of pre-primary school, enrolment number of primary school, enrolment number of lower secondary school, enrolment of upper secondary school, percentage of high school graduation as education’s performance. Moreover, we aslo estimate the impact of percentage of government expenditure of GDP for health on GDP growth. Firstly, we estimate the relationship of government capital and regular expenditure for education, its performance mentioned above and human capital quality (HDI as proxy). Secondly, we test the impact of all explanatories of model 1 including HDI plus percentage of government expenditure of GDP for health on GDP growth. Consequently, the first model shows that enrolment number of pre-primary school and regular government spending for education have positive relationship with HDI, whereas, capital spending for education shows negative relationship. For the second model, enrolment number of lower secondary school, enrolment number of primary school, capital expenditure of public budget for education, and HDI are related positively to GDP growth. On the other hand, enrolment number of pre-primary school, percentage of high school graduation, and regular spending for education move negatively way with GDP growth. Keywords : HDI, government expenditure, GDP growth, enrolment DOI: 10.7176/JESD/11-6-06 Publication date: March 31 st 2020","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132700271","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}
Two common characteristics of populism are anti-elitism and favoring popular will over expertise. The recent successes of populists are often attributed to the common people, the majority of voters, being left behind by mainstream parties. This paper shows that the two characteristics of populism are responses to the common people being left behind. We develop a model that highlights two forces behind electoral success: numbers and knowledge. Numbers give the common people an electoral advantage, knowledge the elite. We show that electoral competition may lead parties to cater to the elites interest, creating a left-behind majority. Next, we identify conditions under which a left-behind majority encourages entry by a party offering an anti-elite platform. Finally, we identify conditions under which parties follow the opinion of the common people when that group would benefit from parties relying on experts.
{"title":"Left Behind Voters, Anti-Elitism and Popular Will","authors":"Benoît S. Y. Crutzen, D. Sisak, O. Swank","doi":"10.2139/ssrn.3688799","DOIUrl":"https://doi.org/10.2139/ssrn.3688799","url":null,"abstract":"Two common characteristics of populism are anti-elitism and favoring popular will over expertise. The recent successes of populists are often attributed to the common people, the majority of voters, being left behind by mainstream parties. This paper shows that the two characteristics of populism are responses to the common people being left behind. We develop a model that highlights two forces behind electoral success: numbers and knowledge. Numbers give the common people an electoral advantage, knowledge the elite. We show that electoral competition may lead parties to cater to the elites interest, creating a left-behind majority. Next, we identify conditions under which a left-behind majority encourages entry by a party offering an anti-elite platform. Finally, we identify conditions under which parties follow the opinion of the common people when that group would benefit from parties relying on experts.","PeriodicalId":360236,"journal":{"name":"Political Economy: Government Expenditures & Related Policies eJournal","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129375037","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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