Pub Date : 2020-01-01DOI: 10.20472/iac.2018.935.003
Hazar Altinbaş
This paper examines co-movements and interrelationships among 6 emerging and 5 developed stock market returns between period 2001- 2017. First, principal components are extracted from returns. Results show that, for the period analyzed, there is no strong global stock market integration and there isn't any change in patterns of correlations of returns except short-term disturbances in global financial crisis time. Second, partial least squares regression models are used for predicting each stock market returns with other stock markets' current and all markets' up to three month lagged returns. Results identify divergence between developed and emerging markets and greater number of latent transmission channels among former ones. Findings indicate a strong integrity among global stock markets is not yet appeared and considered together with previous studies, today's international market structure can be attributed to last two decades of 20th century. China stock market has a disparate position than all other stock markets and deserves further interest.
{"title":"EXAMINING TIME-VARYING INTEGRITY AND INTERRELATIONSHIPS AMONG GLOBAL STOCK MARKETS","authors":"Hazar Altinbaş","doi":"10.20472/iac.2018.935.003","DOIUrl":"https://doi.org/10.20472/iac.2018.935.003","url":null,"abstract":"This paper examines co-movements and interrelationships among 6 emerging and 5 developed stock market returns between period 2001- 2017. First, principal components are extracted from returns. Results show that, for the period analyzed, there is no strong global stock market integration and there isn't any change in patterns of correlations of returns except short-term disturbances in global financial crisis time. Second, partial least squares regression models are used for predicting each stock market returns with other stock markets' current and all markets' up to three month lagged returns. Results identify divergence between developed and emerging markets and greater number of latent transmission channels among former ones. Findings indicate a strong integrity among global stock markets is not yet appeared and considered together with previous studies, today's international market structure can be attributed to last two decades of 20th century. China stock market has a disparate position than all other stock markets and deserves further interest.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599506","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 : 2020-01-01DOI: 10.20472/es.2020.9.1.006
A. Grześkowiak
The purpose of this paper is to examine differences in earnings in Poland with respect to the level of soft skills. The study is based on data from a nationwide survey on human capital carried out in 2014. Eight types of soft skills are taken into consideration: entrepreneurship and showing initiative, resistance to stress, cooperation in a group, communicativeness, ability to resolve conflicts, coordination of the work of other employees, creativity and continuous learning of new things. Distributions of earnings corresponding to groups of individuals declaring low, medium and high soft skills are compared by statistical methods, namely by kernel estimation, one-way ANOVA on ranks and relative distributions. The analysis leads to the conclusion that earnings distributions vary substantially with regard to the level of soft skills. The biggest differences concern such skills as entrepreneurship and showing initiative, coordination of the work of other employees and creativity. This paper contributes to the knowledge about the associations between soft skills level and earnings.
{"title":"SOFT SKILLS AND EARNINGS: EVIDENCE FROM A NATIONWIDE SURVEY IN POLAND","authors":"A. Grześkowiak","doi":"10.20472/es.2020.9.1.006","DOIUrl":"https://doi.org/10.20472/es.2020.9.1.006","url":null,"abstract":"The purpose of this paper is to examine differences in earnings in Poland with respect to the level of soft skills. The study is based on data from a nationwide survey on human capital carried out in 2014. Eight types of soft skills are taken into consideration: entrepreneurship and showing initiative, resistance to stress, cooperation in a group, communicativeness, ability to resolve conflicts, coordination of the work of other employees, creativity and continuous learning of new things. Distributions of earnings corresponding to groups of individuals declaring low, medium and high soft skills are compared by statistical methods, namely by kernel estimation, one-way ANOVA on ranks and relative distributions. The analysis leads to the conclusion that earnings distributions vary substantially with regard to the level of soft skills. The biggest differences concern such skills as entrepreneurship and showing initiative, coordination of the work of other employees and creativity. This paper contributes to the knowledge about the associations between soft skills level and earnings.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599145","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 : 2020-01-01DOI: 10.20472/es.2020.9.2.005
D. Santos, P. Gama
: Which firms are more likely to time the market? This paper uses a relative transaction price approach, focusing on 37997 own stock transactions from Euronext Lisbon listed firms, ranging from 2005 to 2015, to estimate the relationship between the market timing ability of firms and a set of firm specific characteristics. Results show that smaller, more efficient but less valuable companies are more likely to be successful to time the market. Furthermore, we show that a shifting event such as a country bailout can lead to an increased performance from firms when trading own stock. Additionally, we find proof that OTC trading can be linked to lower market timing capabilities. At last, and due to the considerable weight of the financial sector within our sample, we estimated isolated results, which prove that the higher the relative performance of a firm when compared to its share value, the higher the capabilities of a financial sector firm to time the market when repurchasing own stock. earnings for relative valuation, quick ratio for liquidity and finally the total shareholder’s equity for overall financial health. use the Shapiro –Wilk W test for normality to the different RTP’s samples. This is done since, a priori, we do not know the distribution pattern of the relative transaction prices. The Shapiro–Wilk test is a test of normality in frequentist statistics. Published in 1965 by Samuel Sanford Shapiro and Martin Wilk it is commonly used to test series follows or not a normal distribution. stands stands for looking relative transaction Heteroskedasticity and robust standard are used. and * show statistical significance at a level of 1, 5 and 10% respectively.
{"title":"HOW DO DIFFERENT FIRMS PERFORM WHILE TRADING OWN STOCK? A GRANULAR ANALYSIS ON SPECIFIC CHARACTERISTICS AND MARKET CONDITIONS","authors":"D. Santos, P. Gama","doi":"10.20472/es.2020.9.2.005","DOIUrl":"https://doi.org/10.20472/es.2020.9.2.005","url":null,"abstract":": Which firms are more likely to time the market? This paper uses a relative transaction price approach, focusing on 37997 own stock transactions from Euronext Lisbon listed firms, ranging from 2005 to 2015, to estimate the relationship between the market timing ability of firms and a set of firm specific characteristics. Results show that smaller, more efficient but less valuable companies are more likely to be successful to time the market. Furthermore, we show that a shifting event such as a country bailout can lead to an increased performance from firms when trading own stock. Additionally, we find proof that OTC trading can be linked to lower market timing capabilities. At last, and due to the considerable weight of the financial sector within our sample, we estimated isolated results, which prove that the higher the relative performance of a firm when compared to its share value, the higher the capabilities of a financial sector firm to time the market when repurchasing own stock. earnings for relative valuation, quick ratio for liquidity and finally the total shareholder’s equity for overall financial health. use the Shapiro –Wilk W test for normality to the different RTP’s samples. This is done since, a priori, we do not know the distribution pattern of the relative transaction prices. The Shapiro–Wilk test is a test of normality in frequentist statistics. Published in 1965 by Samuel Sanford Shapiro and Martin Wilk it is commonly used to test series follows or not a normal distribution. stands stands for looking relative transaction Heteroskedasticity and robust standard are used. and * show statistical significance at a level of 1, 5 and 10% respectively.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"41 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599154","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 : 2020-01-01DOI: 10.20472/es.2020.9.2.008
I. Uvarova, D. Atstāja, V. Korpa
: Recently the circular economy has got a lot of attention within discussions of policy makers, academics and practitioners. The circular economy proposes the treatment of environmental and climate change problems, simultaneously promising benefits for the business. The circular economy promotes the reduction of the consumption and reuse or recycling of the resources that in various aspects contradicts traditional business models that stream to linear growth of sales of their products. Yet the circular economy concept has been more discussed regarding its global scale, but there is a lack of scientific discussions about the approaches of the adoption of circular economy principles on the business level. This paper conceptualises multi-level dimensions of the circular economy and highlights challenges related to the perception of the circular economy principles in the micro business level. The conducted research shows that rural SMEs of six EU countries have rarely heard about the circular economy and even less about circular business models. While rural SMEs are more familiar with the bio and green economies forming good base for developing circular business models, they are reluctant towards introducing new business models. This paper aims to assess the level of the advancement in introduction of the circular business models among rural SMEs of EU countries. This article emphasizes the circular economy as an inseparable part of the business models of rural SMEs and rural economies of EU countries. This study has a policy implication as we suggest that the government should play an important role in promotion of circular business models in rural SMEs. The existing public support system is fragmented, and in most cases just incidentally encourage rural SMEs to adopt new circular business models. Also, the circular economy on a local level, especially in rural areas, has an important role in ensuring social wellbeing of local inhabitants. The methodological approach and research results presented in the paper can be used further developing EU support system and priorities beyond 2020. driven competitiveness and growth of rural SMEs — INNOGROW” funded by the European Union under the Interreg Europe programme. The preparation of this article has been funded by the research project “Management of Circular Business Models and Projects within Economy of Latvia” funded by BA School of Business and Finance, Latvia. Many thanks for the opportunity to publish this research to Latvian Council of Science (Latvia), a research project “Quadruple Helix Concept (QHC) as base of the next generation PPP model” (no. lzp-2020/1-0062). More detailed results of this research will be reflected in the PhD Thesis of Inga Uvarova.
{"title":"CHALLENGES OF THE INTRODUCTION OF CIRCULAR BUSINESS MODELS WITHIN RURAL SMES OF EU","authors":"I. Uvarova, D. Atstāja, V. Korpa","doi":"10.20472/es.2020.9.2.008","DOIUrl":"https://doi.org/10.20472/es.2020.9.2.008","url":null,"abstract":": Recently the circular economy has got a lot of attention within discussions of policy makers, academics and practitioners. The circular economy proposes the treatment of environmental and climate change problems, simultaneously promising benefits for the business. The circular economy promotes the reduction of the consumption and reuse or recycling of the resources that in various aspects contradicts traditional business models that stream to linear growth of sales of their products. Yet the circular economy concept has been more discussed regarding its global scale, but there is a lack of scientific discussions about the approaches of the adoption of circular economy principles on the business level. This paper conceptualises multi-level dimensions of the circular economy and highlights challenges related to the perception of the circular economy principles in the micro business level. The conducted research shows that rural SMEs of six EU countries have rarely heard about the circular economy and even less about circular business models. While rural SMEs are more familiar with the bio and green economies forming good base for developing circular business models, they are reluctant towards introducing new business models. This paper aims to assess the level of the advancement in introduction of the circular business models among rural SMEs of EU countries. This article emphasizes the circular economy as an inseparable part of the business models of rural SMEs and rural economies of EU countries. This study has a policy implication as we suggest that the government should play an important role in promotion of circular business models in rural SMEs. The existing public support system is fragmented, and in most cases just incidentally encourage rural SMEs to adopt new circular business models. Also, the circular economy on a local level, especially in rural areas, has an important role in ensuring social wellbeing of local inhabitants. The methodological approach and research results presented in the paper can be used further developing EU support system and priorities beyond 2020. driven competitiveness and growth of rural SMEs — INNOGROW” funded by the European Union under the Interreg Europe programme. The preparation of this article has been funded by the research project “Management of Circular Business Models and Projects within Economy of Latvia” funded by BA School of Business and Finance, Latvia. Many thanks for the opportunity to publish this research to Latvian Council of Science (Latvia), a research project “Quadruple Helix Concept (QHC) as base of the next generation PPP model” (no. lzp-2020/1-0062). More detailed results of this research will be reflected in the PhD Thesis of Inga Uvarova.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599191","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 : 2019-12-20DOI: 10.20472/es.2019.8.2.001
T. Borgersen
This paper analyses indirect effects of social housing policy (SHP) in a segmented housing market. A two segment-housing ladder, where equity determines up trading, shows how SHP-measures targeting either housing supply or housing demand impact market developments and individual housing careers. When addressing market developments the paper considers house prices and housing supply. Analysing housing careers we highlights the ability of households indirectly exposed to SHP to trade up a housing ladder. The segmented housing market model contains both multipliers, along the lines of the Balanced Budget Multiplier of Haavelmo (1945), and non-neutral price effects across segments. These features allow some novel results when discussing indirect effects of SHP. Relating SHP to up-trading and a housing ladder where households simultaneously act as buyers and sellers, we first of all show the effect of SHP on the supply of used homes, an important part of housing supply. Second, this framework makes us able to position crowding-out across market segments. Both features are novel in the SHP-discussion. The paper also shows how SHP might create negative indirect effects on the up-trading ability of households that do not benefit from SHP measures.
{"title":"SOCIAL HOUSING POLICY IN A SEGMENTED HOUSING MARKET: INDIRECT EFFECTS ON MARKETS AND ON INDIVIDUALS","authors":"T. Borgersen","doi":"10.20472/es.2019.8.2.001","DOIUrl":"https://doi.org/10.20472/es.2019.8.2.001","url":null,"abstract":"This paper analyses indirect effects of social housing policy (SHP) in a segmented housing market. A two segment-housing ladder, where equity determines up trading, shows how SHP-measures targeting either housing supply or housing demand impact market developments and individual housing careers. When addressing market developments the paper considers house prices and housing supply. Analysing housing careers we highlights the ability of households indirectly exposed to SHP to trade up a housing ladder. The segmented housing market model contains both multipliers, along the lines of the Balanced Budget Multiplier of Haavelmo (1945), and non-neutral price effects across segments. These features allow some novel results when discussing indirect effects of SHP. Relating SHP to up-trading and a housing ladder where households simultaneously act as buyers and sellers, we first of all show the effect of SHP on the supply of used homes, an important part of housing supply. Second, this framework makes us able to position crowding-out across market segments. Both features are novel in the SHP-discussion. The paper also shows how SHP might create negative indirect effects on the up-trading ability of households that do not benefit from SHP measures.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2019-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49447193","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 : 2019-12-20DOI: 10.20472/es.2019.8.2.009
Silvia Szilagyiova
This paper explores the existence of different forms and underpinning reasons of exploitation at households level. The empirical analysis, based on data from the British Household Panel Survey (BHPS) collected for the purpose of understanding the social and economic change in Britain, aims to identify underpinning factors of mixed conclusions from empirical evidence on the existence of exploitation of payday loan users. This paper goes beyond traditional economic explanation and focuses on factors defining conditional relative advantage exploitation leading to voluntary exploitation. The results suggest that due to an ?act in desperation?, current regulations on payday loan lending are powerless and cannot prevent households being voluntary exploited. In addition, results show that increased household financial burden and additional borrowing increase the likelihood of households to take a gamble in order to provide basic needs. The results provide more insight into why current policy regulations fail to tackle the problem of payday loan lending.
{"title":"EXPLOITATION OF PAYDAY LOAN USERS: FACT OR FICTION?","authors":"Silvia Szilagyiova","doi":"10.20472/es.2019.8.2.009","DOIUrl":"https://doi.org/10.20472/es.2019.8.2.009","url":null,"abstract":"This paper explores the existence of different forms and underpinning reasons of exploitation at households level. The empirical analysis, based on data from the British Household Panel Survey (BHPS) collected for the purpose of understanding the social and economic change in Britain, aims to identify underpinning factors of mixed conclusions from empirical evidence on the existence of exploitation of payday loan users. This paper goes beyond traditional economic explanation and focuses on factors defining conditional relative advantage exploitation leading to voluntary exploitation. The results suggest that due to an ?act in desperation?, current regulations on payday loan lending are powerless and cannot prevent households being voluntary exploited. In addition, results show that increased household financial burden and additional borrowing increase the likelihood of households to take a gamble in order to provide basic needs. The results provide more insight into why current policy regulations fail to tackle the problem of payday loan lending.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2019-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44809744","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 : 2019-06-20DOI: 10.20472/ES.2019.8.1.009
Martha Rodríguez-Villalobos, Antonio Julián-Arias, Alejandro Cruz-Montaño
One of the benefits that the signing of the North American Free Trade Agreement (NAFTA) would bring to the country was the reduction of large differences in wages as a result of the increase in productivity. The present study measures the effect of demographic, labor, and sector variables on Mexico?s wage inequality during the period 1988 to 2017, as well as the impact that the incorporation to NAFTA has had. Through a fixed effects model, it was found that the increase in the proportion of people working in the service and agricultural sectors increased the wage gap, as well as the people who occupy managerial positions, since they obtained a relative salary higher than the average. Despite the expected results of NAFTA, this economic trade integration increased the wage differential in Mexico and these levels are invariant over time, giving way to proposals to change the minimum wage.
{"title":"EFFECT OF NAFTA ON MEXICO´S WAGE INEQUALITY","authors":"Martha Rodríguez-Villalobos, Antonio Julián-Arias, Alejandro Cruz-Montaño","doi":"10.20472/ES.2019.8.1.009","DOIUrl":"https://doi.org/10.20472/ES.2019.8.1.009","url":null,"abstract":"One of the benefits that the signing of the North American Free Trade Agreement (NAFTA) would bring to the country was the reduction of large differences in wages as a result of the increase in productivity. The present study measures the effect of demographic, labor, and sector variables on Mexico?s wage inequality during the period 1988 to 2017, as well as the impact that the incorporation to NAFTA has had. Through a fixed effects model, it was found that the increase in the proportion of people working in the service and agricultural sectors increased the wage gap, as well as the people who occupy managerial positions, since they obtained a relative salary higher than the average. Despite the expected results of NAFTA, this economic trade integration increased the wage differential in Mexico and these levels are invariant over time, giving way to proposals to change the minimum wage.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":" ","pages":""},"PeriodicalIF":2.4,"publicationDate":"2019-06-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49603817","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 : 2019-01-01DOI: 10.20472/EFC.2018.009.014
Klara Cermakova-Kaderabkova, E. Jašová
The objective of our analysis is to associate V4 Member States indicators with the selected institutional factors of the labour market. In addition, it aims at extending the Sekhon?s standard model for inflation with institutional factors. For the purposes of estimating the NAIRU in V4 countries, we intend to use the Kalman filter method with a higher than common smoothing coefficient. The model?s data will produce a specific period in which the institutional factors actually have a negative effect or positive effect onto the unemployment rate in individual countries. Finally, the analysis of the character and intensity of the impact of institutional factors onto the unemployment rate in individual V4 countries should indicate space for a wider application of institutional characters by economic policymakers. They should be warned about the threat of overusing the institutional factors having a negative effect onto the development of both structural and cyclical unemployment.
{"title":"ANALYSIS OF THE NEGATIVE AND POSITIVE IMPACT OF INSTITUTIONAL FACTORS ON UNEMPLOYMENT IN VISEGRAD COUNTRIES","authors":"Klara Cermakova-Kaderabkova, E. Jašová","doi":"10.20472/EFC.2018.009.014","DOIUrl":"https://doi.org/10.20472/EFC.2018.009.014","url":null,"abstract":"The objective of our analysis is to associate V4 Member States indicators with the selected institutional factors of the labour market. In addition, it aims at extending the Sekhon?s standard model for inflation with institutional factors. For the purposes of estimating the NAIRU in V4 countries, we intend to use the Kalman filter method with a higher than common smoothing coefficient. The model?s data will produce a specific period in which the institutional factors actually have a negative effect or positive effect onto the unemployment rate in individual countries. Finally, the analysis of the character and intensity of the impact of institutional factors onto the unemployment rate in individual V4 countries should indicate space for a wider application of institutional characters by economic policymakers. They should be warned about the threat of overusing the institutional factors having a negative effect onto the development of both structural and cyclical unemployment.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67598840","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 : 2019-01-01DOI: 10.20472/es.2019.8.2.006
Oumansour Nor-Eddine, Chkiriba Driss
This paper has the aim to study the impact of the external public debt on the economic growth in Morocco. The estimates cover the period 1988-2016. The econometric instrument used for estimating the model parameters is based on the "ARDL bound testing" method. The results confirm the high public debt has a negative and largely significant effect on the economic growth, for the short as well as for the long term. The effect is much more important in the short term than in the long term. The results corroborate most studies stating that the external debt has a negative impact on economic growth.
{"title":"EXTERNAL PUBLIC DEBT AND ECONOMIC GROWTH IN MOROCCO: ASSESSMENT AND IMPACTS","authors":"Oumansour Nor-Eddine, Chkiriba Driss","doi":"10.20472/es.2019.8.2.006","DOIUrl":"https://doi.org/10.20472/es.2019.8.2.006","url":null,"abstract":"This paper has the aim to study the impact of the external public debt on the economic growth in Morocco. The estimates cover the period 1988-2016. The econometric instrument used for estimating the model parameters is based on the \"ARDL bound testing\" method. The results confirm the high public debt has a negative and largely significant effect on the economic growth, for the short as well as for the long term. The effect is much more important in the short term than in the long term. The results corroborate most studies stating that the external debt has a negative impact on economic growth.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599176","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 : 2019-01-01DOI: 10.20472/IAC.2018.042.017
John F. R. Harter
This note will use the Hotelling?s line model with a non-uniform distribution of consumers. Instead, a linear, decreasing density is employed to represent a decreasing population density as distance from a metropolitan area is increased along some transportation artery. Entry is sequential, and the number of firms is assumed endogenous after an initial firm is located, making the entrants consider the possibility of later firms. Entrants into this market have neither maximum nor minimum differentiation. Earlier entrants generally locate closer to the population center with the possible exception of the equilibrium location closest to the densest point on the line. The differentiation increases as the firms are farther from the population center.
{"title":"ENDOGENOUS FIRM LOCATION WITH A DECREASING DENSITY OF CONSUMERS","authors":"John F. R. Harter","doi":"10.20472/IAC.2018.042.017","DOIUrl":"https://doi.org/10.20472/IAC.2018.042.017","url":null,"abstract":"This note will use the Hotelling?s line model with a non-uniform distribution of consumers. Instead, a linear, decreasing density is employed to represent a decreasing population density as distance from a metropolitan area is increased along some transportation artery. Entry is sequential, and the number of firms is assumed endogenous after an initial firm is located, making the entrants consider the possibility of later firms. Entrants into this market have neither maximum nor minimum differentiation. Earlier entrants generally locate closer to the population center with the possible exception of the equilibrium location closest to the densest point on the line. The differentiation increases as the firms are farther from the population center.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":"1 1","pages":""},"PeriodicalIF":2.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67598956","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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