Muhammad Fahad Khan, Muhammad Imran Khan, Kamran Abbas Naqvi
The trade economy is dependent upon the institutional quality of the country. It affects the ease of doing business in the economy. It is plausible to think that, how institutional quality can affect the trading performance of Pakistan. Small & medium enterprises (SMEs) are playing the role of the backbone of the trade sector in Pakistan. Contribution SMEs can be significantly improved, by improving the supporting macroeconomic indicators. This paper studies the short-run and the long-run association between SME trade growth and cost of production, relative prices, and Institutional quality in Pakistan. It also examines the Environmental Kuznets curve (EKC) hypothesis, between SME trade growth and institutional quality in Pakistan. This study utilizes secondary data, which is taken from multiple secondary sources, including the SMEDA, Pakistan Economic Survey, and world development indicators. The biannual data is assembled up for 38 observations from (2000 to 2019). This study uses Auto Regressive Distributive Lag (ARDL) bound testing method to examine the short run and long run connections between SMEs’ trade growth and macro-economic variables, like; relative prices, Cost of production. Gross Domestic Product, exchange rate, and institutional quality. These variables are selected from the available literature. The study finds that the short-run response of SMEs trade is not significant, but it significantly responds to macro-economic indicators in long run. The institutional quality has a non-linear relationship with SMEs trade growth. This indicates that the pollution heaven hypothesis holds valid even for the case of institutional quality and SMEs trading performance. The study focuses on the optimality of institutional quality for the optimal performance level of SMEs in Pakistan.
{"title":"Impact of Institutional Quality on Trade Performance of Small and Medium Enterprises in Pakistan","authors":"Muhammad Fahad Khan, Muhammad Imran Khan, Kamran Abbas Naqvi","doi":"10.55603/jes.v1i1.a3","DOIUrl":"https://doi.org/10.55603/jes.v1i1.a3","url":null,"abstract":"The trade economy is dependent upon the institutional quality of the country. It affects the ease of doing business in the economy. It is plausible to think that, how institutional quality can affect the trading performance of Pakistan. Small & medium enterprises (SMEs) are playing the role of the backbone of the trade sector in Pakistan. Contribution SMEs can be significantly improved, by improving the supporting macroeconomic indicators. This paper studies the short-run and the long-run association between SME trade growth and cost of production, relative prices, and Institutional quality in Pakistan. It also examines the Environmental Kuznets curve (EKC) hypothesis, between SME trade growth and institutional quality in Pakistan. This study utilizes secondary data, which is taken from multiple secondary sources, including the SMEDA, Pakistan Economic Survey, and world development indicators. The biannual data is assembled up for 38 observations from (2000 to 2019). This study uses Auto Regressive Distributive Lag (ARDL) bound testing method to examine the short run and long run connections between SMEs’ trade growth and macro-economic variables, like; relative prices, Cost of production. Gross Domestic Product, exchange rate, and institutional quality. These variables are selected from the available literature. The study finds that the short-run response of SMEs trade is not significant, but it significantly responds to macro-economic indicators in long run. The institutional quality has a non-linear relationship with SMEs trade growth. This indicates that the pollution heaven hypothesis holds valid even for the case of institutional quality and SMEs trading performance. The study focuses on the optimality of institutional quality for the optimal performance level of SMEs in Pakistan.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"13 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86473294","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}
Reproduction is an important aspect of a women's life, unfortunately in Pakistan fertility rates are quite high in comparison to other developing countries as well as in comparison to the other South Asian countries. Different studies have suggested that women empowerment can help reduce fertility rates. The present study has attempted to analyze the role of women empowerment along with other socioeconomic indicators on three different dimensions of the fertility behavior i.e. number of children born (current fertility status), ideal number of children and birth intervals (future fertility status. Data of Demographic and Health Survey (PDHS) 2012-13 has been used. The analysis consists of two levels, at level one a descriptive analysis is carried out. As three different aspects of fertility are the count data. Therefore at the next stage models will be estimated by using poison regression technique and Incidence Rate Ratios (IRR) are reported. It has been found that women’s being empowered in financial matters, seeking health care and in household decision making are helpful in reducing fertility. Furthermore, participation in job by women, living in urban areas, having secondary or higher education, access to awareness created by the media, married at higher age are also significant factors in reducing fertility. However, women facing incidence of miscarriage or death of a child tends to increase the fertility. Study had found that wealth of the household, education of husband and having sons have very limited role on the fertility behavior.
{"title":"Impact of Women Empowerment on Fertility Preferences in Pakistan","authors":"Naeem Akram","doi":"10.55603/jes.v1i1.a2","DOIUrl":"https://doi.org/10.55603/jes.v1i1.a2","url":null,"abstract":"Reproduction is an important aspect of a women's life, unfortunately in Pakistan fertility rates are quite high in comparison to other developing countries as well as in comparison to the other South Asian countries. Different studies have suggested that women empowerment can help reduce fertility rates. The present study has attempted to analyze the role of women empowerment along with other socioeconomic indicators on three different dimensions of the fertility behavior i.e. number of children born (current fertility status), ideal number of children and birth intervals (future fertility status. Data of Demographic and Health Survey (PDHS) 2012-13 has been used. The analysis consists of two levels, at level one a descriptive analysis is carried out. As three different aspects of fertility are the count data. Therefore at the next stage models will be estimated by using poison regression technique and Incidence Rate Ratios (IRR) are reported. It has been found that women’s being empowered in financial matters, seeking health care and in household decision making are helpful in reducing fertility. Furthermore, participation in job by women, living in urban areas, having secondary or higher education, access to awareness created by the media, married at higher age are also significant factors in reducing fertility. However, women facing incidence of miscarriage or death of a child tends to increase the fertility. Study had found that wealth of the household, education of husband and having sons have very limited role on the fertility behavior.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"24 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2022-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78171048","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.008
Jiří Rotschedl
The paper focuses on the topic of intertemporal discounting of individuals according to age groups. Using the sample of examined individuals, it aims to verify the hypothesis that the patience of individuals decreases with their increasing age. The study included a total of 599 individuals with an average age of 38.3 years (min. 16 and max. 82 years) who answered classical questions focused on time discounting and impulsive behaviour. In total, four possible scenarios were analysed: a small reward (CZK 100) with a delay of 1 day, a small reward with a delay of 1 month, a large reward (CZK 100,000) with a delay of 1 day and a large reward with a delay of 1 month. The delayed reward was always increased by 10% (i.e., CZK 110 or CZK 110,000). The basic hypothesis was that with increasing age, the subjective discount rate increases i.e., patience decreases. The above-mentioned 4 scenarios were evaluated for the hypotheses, while only three of the four scenarios were confirmed for all hypotheses. The results in the examined individuals suggest that with increasing age, there is a decrease in patience and at the same time a decrease in impulsive behaviour. These findings may have an overlap in consumption or savings in relation to the aging population.
{"title":"Study of Intertemporal Discounting According to Age Groups","authors":"Jiří Rotschedl","doi":"10.52950/es.2021.10.2.008","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.008","url":null,"abstract":"The paper focuses on the topic of intertemporal discounting of individuals according to age groups. Using the sample of examined individuals, it aims to verify the hypothesis that the patience of individuals decreases with their increasing age. The study included a total of 599 individuals with an average age of 38.3 years (min. 16 and max. 82 years) who answered classical questions focused on time discounting and impulsive behaviour. In total, four possible scenarios were analysed: a small reward (CZK 100) with a delay of 1 day, a small reward with a delay of 1 month, a large reward (CZK 100,000) with a delay of 1 day and a large reward with a delay of 1 month. The delayed reward was always increased by 10% (i.e., CZK 110 or CZK 110,000). The basic hypothesis was that with increasing age, the subjective discount rate increases i.e., patience decreases. The above-mentioned 4 scenarios were evaluated for the hypotheses, while only three of the four scenarios were confirmed for all hypotheses. The results in the examined individuals suggest that with increasing age, there is a decrease in patience and at the same time a decrease in impulsive behaviour. These findings may have an overlap in consumption or savings in relation to the aging population.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43545127","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.001
Ondřej Bednář
I have employed the Bayesian Structural Time Series model to assess the recent interest rate hike by the Czech Central Bank and its causal impact on the Koruna exchange rate. By forecasting exchange rate time series in the absence of the intervention we can subtract the observed values from the prediction and estimate the causal effect. The results show that the impact was little and time limited in one model specification and none in the second version. It implies that the Czech Central Bank possesses the ability to diverge significantly from the Eurozone benchmark interest rate at least in the short term. It also shows that the interest rate hike will not be able to curb global inflation forces on the domestic price level.
{"title":"The Causal Impact of the Rapid Czech Interest Rate Hike on the Czech Exchange Rate Assessed by the Bayesian Structural Time Series Model","authors":"Ondřej Bednář","doi":"10.52950/es.2021.10.2.001","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.001","url":null,"abstract":"I have employed the Bayesian Structural Time Series model to assess the recent interest rate hike by the Czech Central Bank and its causal impact on the Koruna exchange rate. By forecasting exchange rate time series in the absence of the intervention we can subtract the observed values from the prediction and estimate the causal effect. The results show that the impact was little and time limited in one model specification and none in the second version. It implies that the Czech Central Bank possesses the ability to diverge significantly from the Eurozone benchmark interest rate at least in the short term. It also shows that the interest rate hike will not be able to curb global inflation forces on the domestic price level.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41447502","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.002
Andrea Čečrdlová
The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.
{"title":"Comparison of the Approach of the Czech National Bank and the European Central Bank to the Effects of the Global Financial Crisis","authors":"Andrea Čečrdlová","doi":"10.52950/es.2021.10.2.002","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.002","url":null,"abstract":"The latest global crisis, which fully erupted in 2008, can have a significant impact on central banks credibility in the long run. During the last crisis, monetary authorities encountered zero interest rate levels and, as a result, started to use non-standard monetary policy instruments. The Czech National Bank decided to use a less standard instrument in November 2013, when it started to intervene on the foreign exchange market in order to keep the Czech currency at level 27 CZK / EUR. However, the European Central Bank also adopted a non-standard instrument, when chose a path of quantitative easing in 2015 in order to support the euro area economy by purchasing financial assets. The question remains whether the approach of Czech National Bank or the approach of European Central Bank in the crisis and post-crisis period was a more appropriate alternative. With the passage of time from the global financial crisis, it is already possible to compare the approaches of these two central banks and at least partially assess what approach was more appropriate under the given conditions. When comparing the central banks approaches to the crisis, the Czech National Bank was better, both in terms of the rate of interest rate cuts and the resulting inflation with regard to the choice of a non-standard monetary policy instrument. The recent financial crisis has revealed the application of moral hazard in practice, both on behalf of the European Central Bank and the Czech National Bank, which may have a significant impact on their credibility and independence in the coming years.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42514458","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.009
D. Tříska
In Tříska (2017) have been suggested ways how legal scholarship (LS) may contribute to the development of economics - economic theory (ET). The objective of the present article is to corroborate a reverse know how transfer, i.e. from ET to LS. Its method is thus primarily derived from how micro-economics approaches the institution of a homo economicus. The articles objective is to show under what conditions can this economic method be expanded and generalized so as to open ways for its application upon neighboring disciplines of societal studies. The outcome of this endeavor– for want of a better term - is presented under the label of a General Theory of Choice and Behavior (GTCB). Moreover, it is argued that – under the umbrella of GTCB – the disciplines can establish their genuine scientific underpinning and hence also absorb a formalized analytical tool-kit. For concreteness, this conclusion is illustrated for legal scholarship, namely its concept a contract to be strictly taken in the economics sense of a collective choice. On the highest level of generalization, the article should be understood as a response to the seminal Elinor Ostrom’s call for an agreement amongst societal scholars upon universally acceptable analytical building blocks.
{"title":"TOWARDS THE CONSTRIBUTION OF ECONOMICS TO THE DEVELOPMENT OF ITS SCIENTIFIC NEIGHBORS. The case of a legal scholarship","authors":"D. Tříska","doi":"10.52950/es.2021.10.2.009","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.009","url":null,"abstract":"In Tříska (2017) have been suggested ways how legal scholarship (LS) may contribute to the development of economics - economic theory (ET). The objective of the present article is to corroborate a reverse know how transfer, i.e. from ET to LS. Its method is thus primarily derived from how micro-economics approaches the institution of a homo economicus.\u0000The articles objective is to show under what conditions can this economic method be expanded and generalized so as to open ways for its application upon neighboring disciplines of societal studies. The outcome of this endeavor– for want of a better term - is presented under the label of a General Theory of Choice and Behavior (GTCB). \u0000Moreover, it is argued that – under the umbrella of GTCB – the disciplines can establish their genuine scientific underpinning and hence also absorb a formalized analytical tool-kit. For concreteness, this conclusion is illustrated for legal scholarship, namely its concept a contract to be strictly taken in the economics sense of a collective choice.\u0000On the highest level of generalization, the article should be understood as a response to the seminal Elinor Ostrom’s call for an agreement amongst societal scholars upon universally acceptable analytical building blocks. \u0000","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48569267","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.005
Lucie Kureková
In the research of migration, we can encounter the application of multidisciplinary approaches with the use of knowledge from existing theories, which implies the need for statistical reporting. It is not always easy to determine who a migrant is, and studies exploring migration can be dividing up according to many criteria. Contemporary literature contains a whole score of studies dealing with migration, its determinants and impacts on the economy, etc. However, there are very few studies dealing primarily with regional (i.e. internal) migration in comparison to the number of studies analyzing international migration. The goal of this study is to point out problems in reporting migration and to propose a strategy to analyze migration based on multilevel research of migration while making this strategy applicable to internal migration.
{"title":"Multilevel research of migration with a focus on internal migration","authors":"Lucie Kureková","doi":"10.52950/es.2021.10.2.005","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.005","url":null,"abstract":"In the research of migration, we can encounter the application of multidisciplinary approaches with the use of knowledge from existing theories, which implies the need for statistical reporting. It is not always easy to determine who a migrant is, and studies exploring migration can be dividing up according to many criteria. Contemporary literature contains a whole score of studies dealing with migration, its determinants and impacts on the economy, etc. However, there are very few studies dealing primarily with regional (i.e. internal) migration in comparison to the number of studies analyzing international migration. The goal of this study is to point out problems in reporting migration and to propose a strategy to analyze migration based on multilevel research of migration while making this strategy applicable to internal migration.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43298334","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.004
E. Jašová
In this paper we analyze the effect of minimum wage change on selected labour market indicators such as duration of employment, hours worked, unemployment by education or profession or long-term unemployment. Our research is based on Eurostat and OECD data for V4 countries. The hypothesis discussed is whether the effect of minimum wage increase is positive or negative and we discuss the issue of economic regulation more generally. The output values of the regressions coefficients of all the V4 countries showed that the effects are more positive than negative. Mapping the overall intensity of effects of the minimum wage on selected indicator of the labour market in the Czech Republic and Hungary indicated a low sensitivity. The effects were very weak in Slovakia and Poland. The results of the analysis complied with the results of the domestic and international research in 13 cases and the results were different in 6 cases. Slightly more often they confirmed more positive effects of the minimum wage on selected indicators of the labour market than negative effects.
{"title":"Ambiguous effects of minimum wage tool of labour markets regulation – key study of V4 countries","authors":"E. Jašová","doi":"10.52950/es.2021.10.2.004","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.004","url":null,"abstract":"In this paper we analyze the effect of minimum wage change on selected labour market indicators such as duration of employment, hours worked, unemployment by education or profession or long-term unemployment. Our research is based on Eurostat and OECD data for V4 countries. The hypothesis discussed is whether the effect of minimum wage increase is positive or negative and we discuss the issue of economic regulation more generally. The output values of the regressions coefficients of all the V4 countries showed that the effects are more positive than negative. Mapping the overall intensity of effects of the minimum wage on selected indicator of the labour market in the Czech Republic and Hungary indicated a low sensitivity. The effects were very weak in Slovakia and Poland. The results of the analysis complied with the results of the domestic and international research in 13 cases and the results were different in 6 cases. Slightly more often they confirmed more positive effects of the minimum wage on selected indicators of the labour market than negative effects.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41776176","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.007
Pavel Potužák
The theory of interest of Irving Fisher was designed to explain positive, zero, and negative interest rate. One of the intertemporal equilibria with the zero interest is an economy with a given supply of hardtacks for shipwrecked sailors. Hardtacks can be fully saved for the future, but their stock cannot be enlarged by production. Fisher presented several streams of consumption of hardtacks over time. This paper shows that the Fisherian paths are not consistent with the dynamic optimization model. Different trajectories of the optimum consumption are calculated and sketched. Their shape depends on the value of the subjective discount rate, the intertemporal elasticity of substitution in consumption, and the lifetime horizon of the shipwrecked sailors. None of them resemble the original Fisher examples.
{"title":"The Optimum Allocation of Consumption of the Fisherian Shipwrecked Sailors","authors":"Pavel Potužák","doi":"10.52950/es.2021.10.2.007","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.007","url":null,"abstract":"The theory of interest of Irving Fisher was designed to explain positive, zero, and negative interest rate. One of the intertemporal equilibria with the zero interest is an economy with a given supply of hardtacks for shipwrecked sailors. Hardtacks can be fully saved for the future, but their stock cannot be enlarged by production. Fisher presented several streams of consumption of hardtacks over time. This paper shows that the Fisherian paths are not consistent with the dynamic optimization model. Different trajectories of the optimum consumption are calculated and sketched. Their shape depends on the value of the subjective discount rate, the intertemporal elasticity of substitution in consumption, and the lifetime horizon of the shipwrecked sailors. None of them resemble the original Fisher examples. \u0000","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41489932","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 : 2021-12-20DOI: 10.52950/es.2021.10.2.006
P. Maleček
Impact of demographic structure on labor market and macroeconomic aggregates might be pronounced in some countries. Despite this fact, only a handful of approaches dealing with quantifications such effects have been derived so far. The aim of this paper is therefore to fill this methodological gap and to introduce methodological approaches for capturing changes in demographic structure, with many applications in growth accounting and labor market decompositions. Firstly, a novel additive decomposition will be presented, as an alternative to traditional models using fixed population weights. This will be followed by the presentation of a multiplicative decomposition, which can be applied to all kinds of growth accounting exercises based on multiplicative identities.
{"title":"EFFECTS OF DEMOGRAPHIC STRUCTURE IN GROWTH ACCOUNTING AND LABOUR MARKET DECOMPOSITIONS","authors":"P. Maleček","doi":"10.52950/es.2021.10.2.006","DOIUrl":"https://doi.org/10.52950/es.2021.10.2.006","url":null,"abstract":"Impact of demographic structure on labor market and macroeconomic aggregates might be pronounced in some countries. Despite this fact, only a handful of approaches dealing with quantifications such effects have been derived so far. The aim of this paper is therefore to fill this methodological gap and to introduce methodological approaches for capturing changes in demographic structure, with many applications in growth accounting and labor market decompositions. Firstly, a novel additive decomposition will be presented, as an alternative to traditional models using fixed population weights. This will be followed by the presentation of a multiplicative decomposition, which can be applied to all kinds of growth accounting exercises based on multiplicative identities.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42283184","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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