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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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}
Pub Date : 2019-01-01DOI: 10.20472/ES.2019.8.1.007
Ursula-Christiane Ouaïmon, Yabin Zhang
This paper examines the relationship between women’s participation in the labor market and economic development in ECCAS and ECOWAS over the period 2006-2015 by using dynamic panel data model. The analysis is run from two different perspectives – on one hand, the relationship is investigated for a sample of 24 countries; and on the other hand – the evidence is disaggregated and the relationship is re-examined with two regional blocs (ECCAS, ECOWAS). The OLS, fixed effects model, instrumental IV and the generalized method of moments (GMM) estimator developed by Arellano and Bond (1991) are employed to evaluate and account for dynamic effects. The main results show that there is a U-shaped relationship between female labor force participation and the economic development for the encompassing 24 countries. The findings are important for ECCAS and ECOWAS countries policy makers to undertake effective policies that can boost female labor force participation and enhance economic growth in their countries.
{"title":"WOMEN’S PARTICIPATION IN THE LABOR MARKET AND ECONOMIC DEVELOPMENT: EVIDENCE FROM ECCAS AND ECOWAS COUNTRIES","authors":"Ursula-Christiane Ouaïmon, Yabin Zhang","doi":"10.20472/ES.2019.8.1.007","DOIUrl":"https://doi.org/10.20472/ES.2019.8.1.007","url":null,"abstract":"This paper examines the relationship between women’s participation in the labor market and economic development in ECCAS and ECOWAS over the period 2006-2015 by using dynamic panel data model. The analysis is run from two different perspectives – on one hand, the relationship is investigated for a sample of 24 countries; and on the other hand – the evidence is disaggregated and the relationship is re-examined with two regional blocs (ECCAS, ECOWAS). The OLS, fixed effects model, instrumental IV and the generalized method of moments (GMM) estimator developed by Arellano and Bond (1991) are employed to evaluate and account for dynamic effects. The main results show that there is a U-shaped relationship between female labor force participation and the economic development for the encompassing 24 countries. The findings are important for ECCAS and ECOWAS countries policy makers to undertake effective policies that can boost female labor force participation and enhance economic growth in their countries.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67598976","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.2019.8.2.010
V. Varahrami, Arghavan Novin Vajari
This paper surveys relation between government budget, foreign direct investment (FDI) and public capital efficiency role in the infrastructure sector for attracting FDI. To achieve this goal, dynamic optimization methods are used for extracting the growth path of public consumption expenditure of government within a neoclassical growth model framework. The results suggest that FDI has a direct and positive effect on the optimal growth rate of public consumption expenditure. In fact, if the government invests more in the infrastructure sector and it is more efficient to attract FDI, the optimal growth rate of public consumption will be higher in long run respect to short run. The equation for the growth rate of public consumption is derived and estimated on the basis of data during the period 1971 - 2014 in Iran.
{"title":"FDI, GOVERNMENT BUDGET AND EFFICIENCY OF PUBLIC INFRASTRUCTURE CAPITAL","authors":"V. Varahrami, Arghavan Novin Vajari","doi":"10.20472/es.2019.8.2.010","DOIUrl":"https://doi.org/10.20472/es.2019.8.2.010","url":null,"abstract":"This paper surveys relation between government budget, foreign direct investment (FDI) and public capital efficiency role in the infrastructure sector for attracting FDI. To achieve this goal, dynamic optimization methods are used for extracting the growth path of public consumption expenditure of government within a neoclassical growth model framework. The results suggest that FDI has a direct and positive effect on the optimal growth rate of public consumption expenditure. In fact, if the government invests more in the infrastructure sector and it is more efficient to attract FDI, the optimal growth rate of public consumption will be higher in long run respect to short run. The equation for the growth rate of public consumption is derived and estimated on the basis of data during the period 1971 - 2014 in Iran.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67599009","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.2019.8.1.005
A. Jadoon, Y. Guang
This main goal of this study is to check the exchange rate fluctuations and its impact on trade balance in Pakistan. The annual time series data from 1971 to 2016 is used to check the short run and long run relationship between Exchange rate fluctuations trade balance of Pakistan. We employed the autoregressive distributed lag approach and results reveal that Exchange rate has positive and significant relationship with balance of trade in long run and short run. Devaluation of Pakistani rupees against USD, would increase the exports and ultimately trade balance will enhance. The inflation and money supply has negative and significant relationship with balance of trade in long run in Pakistan. The excess of money supply will increase inflation which reduces the exports and consequently, balance of trade would decrease. This study has a policy implications for government as well as local and foreign investors. The government should also play an important role to make such strategies which can increase the balance of trade in Pakistan and can boost the economic growth of Pakistan indirectly.
{"title":"THE EFFECT OF EXCHANGE RATE FLUCTUATIONS ON TRADE BALANCE OF PAKISTAN","authors":"A. Jadoon, Y. Guang","doi":"10.20472/ES.2019.8.1.005","DOIUrl":"https://doi.org/10.20472/ES.2019.8.1.005","url":null,"abstract":"This main goal of this study is to check the exchange rate fluctuations and its impact on trade balance in Pakistan. The annual time series data from 1971 to 2016 is used to check the short run and long run relationship between Exchange rate fluctuations trade balance of Pakistan. We employed the autoregressive distributed lag approach and results reveal that Exchange rate has positive and significant relationship with balance of trade in long run and short run. Devaluation of Pakistani rupees against USD, would increase the exports and ultimately trade balance will enhance. The inflation and money supply has negative and significant relationship with balance of trade in long run in Pakistan. The excess of money supply will increase inflation which reduces the exports and consequently, balance of trade would decrease. This study has a policy implications for government as well as local and foreign investors. The government should also play an important role to make such strategies which can increase the balance of trade in Pakistan and can boost the economic growth of Pakistan indirectly.","PeriodicalId":42415,"journal":{"name":"International Journal of Economic Sciences","volume":null,"pages":null},"PeriodicalIF":2.4,"publicationDate":"2019-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67598917","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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