Abstract. The purpose of this paper is to provide an analysis of the discipline of political economy, international political economy and their respective historical developments. The paper will then focus on globalization and evaluate the strength and weaknesses of the policy to globalize. Further analysis will be conducted to show the importance of the topic of globalization as it relates to public finance. Rosen & Gayer ( 2014 ), Sackery, Schneider & Knoedler ( 2016 ), Marlin-Bennett ( 2017 ), Ravenhill ( 2008 ) and Weingast & Witman ( 2006 ) will provide insights into the development of the discipline and its modus operendi. The historical development of the discipline will be provided for by Ingram ( 1915 ) and the aforementioned authors will also provide insights into the weakness and strengths of the policy to globalize. Garett & Mitchell ( 2001 ) and Kumar ( 2006 ) will provide additional insights into the importance of globalization as it pertains to public finance. Keywords. Political economy, International political economy, Globalization, Public finance. JEL. F50.
{"title":"Analysis of Political Economy, International Political Economy, Globalization and its Importance to Public Finance.","authors":"Muhammad Mustafa Rashid","doi":"10.1453/JEPE.V5I4.1814","DOIUrl":"https://doi.org/10.1453/JEPE.V5I4.1814","url":null,"abstract":"Abstract. The purpose of this paper is to provide an analysis of the discipline of political economy, international political economy and their respective historical developments. The paper will then focus on globalization and evaluate the strength and weaknesses of the policy to globalize. Further analysis will be conducted to show the importance of the topic of globalization as it relates to public finance. Rosen & Gayer ( 2014 ), Sackery, Schneider & Knoedler ( 2016 ), Marlin-Bennett ( 2017 ), Ravenhill ( 2008 ) and Weingast & Witman ( 2006 ) will provide insights into the development of the discipline and its modus operendi. The historical development of the discipline will be provided for by Ingram ( 1915 ) and the aforementioned authors will also provide insights into the weakness and strengths of the policy to globalize. Garett & Mitchell ( 2001 ) and Kumar ( 2006 ) will provide additional insights into the importance of globalization as it pertains to public finance. Keywords. Political economy, International political economy, Globalization, Public finance. JEL. F50.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124044148","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}
Abstract. The paper suggests that economic booms in business cycles can be constructed by taking into account a multidimensional 360 degree approach to economic development by utilizing complexity theorem explained by the theory of gravity waves phenomenon. Keywords. Business cycles, Complexity theorem. JEL. F44.
{"title":"Between gravity waves and business cycles: How to avoid global recessions","authors":"D. Mamoon","doi":"10.1453/JEPE.V5I4.1603","DOIUrl":"https://doi.org/10.1453/JEPE.V5I4.1603","url":null,"abstract":"Abstract. The paper suggests that economic booms in business cycles can be constructed by taking into account a multidimensional 360 degree approach to economic development by utilizing complexity theorem explained by the theory of gravity waves phenomenon. Keywords. Business cycles, Complexity theorem. JEL. F44.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114474920","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 investigates the effectiveness of foreign exchange intervention of central banks of Canada and Switzerland. We examine the effectiveness of Canada and Switzerland interventions policies on Canadian dollar against US dollar and Swiss franc against US dollar exchange rates volatility over the 1980-2014 period. A behavioral exchange rate equation is estimated with instrumental variables methodology. The main results indicate that interventions generally reduce exchange rates volatility. However, the Swiss National Bank seems to be more efficient by stabilizing the Swiss franc than the Bank of Canada, whose interventions, despite its effectiveness, remains weak.
{"title":"An empirical test for the effectiveness of central bank interventions in foreign exchange markets: An application to the Canadian and Swiss Central Banks","authors":"Kwami Edem Abbuy","doi":"10.1453/JEPE.V5I4.1761","DOIUrl":"https://doi.org/10.1453/JEPE.V5I4.1761","url":null,"abstract":"This paper investigates the effectiveness of foreign exchange intervention of central banks of Canada and Switzerland. We examine the effectiveness of Canada and Switzerland interventions policies on Canadian dollar against US dollar and Swiss franc against US dollar exchange rates volatility over the 1980-2014 period. A behavioral exchange rate equation is estimated with instrumental variables methodology. The main results indicate that interventions generally reduce exchange rates volatility. However, the Swiss National Bank seems to be more efficient by stabilizing the Swiss franc than the Bank of Canada, whose interventions, despite its effectiveness, remains weak.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127409680","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}
Abstract. GDP growth dependence on various factors of the country during (1980-2013) 34 years has been estimated. Ordinary Least Squares Technique of regression is applied here. The results are indicative of incidence of devaluation in the Yuan taking real effective and nominal exchange rate. Further, incidence of systematic impact of capital formation on GDP growth is greater than that of the international trade and domestic household consumption expenditure. That signifies the importance of domestic economy in contrast to the general belief of external sector dependence of the Chinese growth. Keywords. Currency devaluation, GDP growth, Regression. JEL. F13, F43, O47, E21.
{"title":"Export-led or household consumption-led growth in China: An empirical analysis","authors":"N. Shaikh, Imtiaz Ahmed Pirzada, Erum Shaikh","doi":"10.1453/JEPE.V5I3.1742","DOIUrl":"https://doi.org/10.1453/JEPE.V5I3.1742","url":null,"abstract":"Abstract. GDP growth dependence on various factors of the country during (1980-2013) 34 years has been estimated. Ordinary Least Squares Technique of regression is applied here. The results are indicative of incidence of devaluation in the Yuan taking real effective and nominal exchange rate. Further, incidence of systematic impact of capital formation on GDP growth is greater than that of the international trade and domestic household consumption expenditure. That signifies the importance of domestic economy in contrast to the general belief of external sector dependence of the Chinese growth. Keywords. Currency devaluation, GDP growth, Regression. JEL. F13, F43, O47, E21.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122763600","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}
Abstract. This study aimed to look at the impact of economic globalization on African countries with special attention to Nigeria. It tried to answer the fundamental question underpinning globalization: Has globalization really increased poverty as against poverty reduction in Africa? The philosophy behind globalization envisages the growing interconnection of human activities, the imperatives of local, national and regional economic integration and interdependence as well as responding together to global problems. Dependency theory gave basis to the work in order to ventilate the subject of the study. Data for the study was collected from a secondary source. Descriptive statistics was used in analyzing the data. The Chi-square and the F-distribution done with the help of E-views showed that economic globalization has increased poverty as against poverty reduction in Nigeria. Consequently, the study recommended a way out: globalization properly understood, translates into human, economic and ecological solidarity. Keywords. Economic Globalization, Poverty, Reduction, Africa, Nigeria. JEL. F60, I30.
{"title":"Economic globalization and poverty reduction: A Nigerian perspective","authors":"Maria Chinecherem Uzonwanne","doi":"10.1453/JEPE.V5I3.1721","DOIUrl":"https://doi.org/10.1453/JEPE.V5I3.1721","url":null,"abstract":"Abstract. This study aimed to look at the impact of economic globalization on African countries with special attention to Nigeria. It tried to answer the fundamental question underpinning globalization: Has globalization really increased poverty as against poverty reduction in Africa? The philosophy behind globalization envisages the growing interconnection of human activities, the imperatives of local, national and regional economic integration and interdependence as well as responding together to global problems. Dependency theory gave basis to the work in order to ventilate the subject of the study. Data for the study was collected from a secondary source. Descriptive statistics was used in analyzing the data. The Chi-square and the F-distribution done with the help of E-views showed that economic globalization has increased poverty as against poverty reduction in Nigeria. Consequently, the study recommended a way out: globalization properly understood, translates into human, economic and ecological solidarity. Keywords. Economic Globalization, Poverty, Reduction, Africa, Nigeria. JEL. F60, I30.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"8 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134422787","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}
Abstract. This paper analyzes the international trade relations of the United States, Canada, and Mexico with the now defunct Trans-Pacific Partnership (TPP12) member countries currently and historically in order to provide insights for potential future effects provided United States decides to join the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP11) with the remaining original TPP countries. Using a gravity model estimation, we find that the existing free trade agreements (FTAs) between TPP12 countries (intra-TPP) and FTAs between TPP12 members and other countries (extra-TPP) have positively impacted trade in the 1980-2015 period. A revived TPP12 agreement promises to boost trade further. Keywords. International trade, Gravity model, Free trade agreements, Trans-Pacific partnership. JEL. F10.
{"title":"International trade effects of a potentially revived Trans-Pacific partnership for North America","authors":"Baybars Karacaovali, Deveraux Talagi","doi":"10.1453/JEPE.V5I3.1729","DOIUrl":"https://doi.org/10.1453/JEPE.V5I3.1729","url":null,"abstract":"Abstract. This paper analyzes the international trade relations of the United States, Canada, and Mexico with the now defunct Trans-Pacific Partnership (TPP12) member countries currently and historically in order to provide insights for potential future effects provided United States decides to join the new Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP or TPP11) with the remaining original TPP countries. Using a gravity model estimation, we find that the existing free trade agreements (FTAs) between TPP12 countries (intra-TPP) and FTAs between TPP12 members and other countries (extra-TPP) have positively impacted trade in the 1980-2015 period. A revived TPP12 agreement promises to boost trade further. Keywords. International trade, Gravity model, Free trade agreements, Trans-Pacific partnership. JEL. F10.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114156847","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}
Abstract. This study examines critical elements of extending citizenship to entrepreneurial minority groups (Lebanese, Mandingos, Indians, Nigerians, and Westerners) and Liberian dual citizens in Liberia by analyzing survey, remittance, and naturalization data collected by Afrobarometer (Round 5and 6 Surveys), USD Explorer, 2015 Yearbook of Immigration Statistics, and TLC Africa from 2011 to 2015. This is accomplished by correlating associations between variables including Liberians’ gender in survey responses, attitudes of West African countries, Liberian naturalization in advanced countries, and Liberia’s remittances (inflow and outflow) to show the economic advantages of awarding citizenship to foreigners. The long run result reveals that attracting entrepreneurial groups increases investment in new domestic firms, which will likely lead to transformation in national industries, enhancement of citizens’ technical skills, creation of permanent employment, and improvement of citizens’ living standards, as well as increased democratization. Keywords. Immigrants, Entrepreneurial minority groups, Discrimination, Economic, Indigenous. JEL. J15, K37, L26.
{"title":"Naturalization: The case for constitutional reform to extend citizenship to immigrant in Liberia","authors":"Stephen H. Gobewole","doi":"10.1453/JEPE.V5I3.1713","DOIUrl":"https://doi.org/10.1453/JEPE.V5I3.1713","url":null,"abstract":"Abstract. This study examines critical elements of extending citizenship to entrepreneurial minority groups (Lebanese, Mandingos, Indians, Nigerians, and Westerners) and Liberian dual citizens in Liberia by analyzing survey, remittance, and naturalization data collected by Afrobarometer (Round 5and 6 Surveys), USD Explorer, 2015 Yearbook of Immigration Statistics, and TLC Africa from 2011 to 2015. This is accomplished by correlating associations between variables including Liberians’ gender in survey responses, attitudes of West African countries, Liberian naturalization in advanced countries, and Liberia’s remittances (inflow and outflow) to show the economic advantages of awarding citizenship to foreigners. The long run result reveals that attracting entrepreneurial groups increases investment in new domestic firms, which will likely lead to transformation in national industries, enhancement of citizens’ technical skills, creation of permanent employment, and improvement of citizens’ living standards, as well as increased democratization. Keywords. Immigrants, Entrepreneurial minority groups, Discrimination, Economic, Indigenous. JEL. J15, K37, L26.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"111 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117180909","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}
Abstract. The study inspects the effect of fiscal measures on private investment in Selected African countries between 1980-2016.The study adopts Panel Autoregressive Distributed Lag (PARDL) Bounds testing approach develop by Pesaran, Shin & Smith (2001) in estimating the relevant relationship. The results of the long run estimates show that show that interest on debt payment, government expenditure, expected inflation, exchange rate and government tax revenue, all have positive relation with private Iivestment among five selected African countries, suggesting that fiscal measures have crowd in effects on private investment in the long run. While, the results of the short run dynamics show that change in the previous one lagged periods of the variables negative impacts on private investment, whereas the lagged two of the variables shows positive impacts on private investment in the short run, suggesting that there is a crowd out fiscal measures crowd out private investment in among the five selected African countries. The study recommends that the policy makers need to ensure fiscal discipline, if private investment must survive in African. Keywords. Fiscal Measures, Private investment, Africa, Exchange rate. JEL. H30, E20, E65.
{"title":"Do fiscal measures stimulate private investment in Africa","authors":"O. Shobande, C. Olunkwa","doi":"10.1453/JEPE.V5I3.1720","DOIUrl":"https://doi.org/10.1453/JEPE.V5I3.1720","url":null,"abstract":"Abstract. The study inspects the effect of fiscal measures on private investment in Selected African countries between 1980-2016.The study adopts Panel Autoregressive Distributed Lag (PARDL) Bounds testing approach develop by Pesaran, Shin & Smith (2001) in estimating the relevant relationship. The results of the long run estimates show that show that interest on debt payment, government expenditure, expected inflation, exchange rate and government tax revenue, all have positive relation with private Iivestment among five selected African countries, suggesting that fiscal measures have crowd in effects on private investment in the long run. While, the results of the short run dynamics show that change in the previous one lagged periods of the variables negative impacts on private investment, whereas the lagged two of the variables shows positive impacts on private investment in the short run, suggesting that there is a crowd out fiscal measures crowd out private investment in among the five selected African countries. The study recommends that the policy makers need to ensure fiscal discipline, if private investment must survive in African. Keywords. Fiscal Measures, Private investment, Africa, Exchange rate. JEL. H30, E20, E65.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121970227","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}
Abstract. This study is a literary analysis with the purpose of verifying the dynamic relation of the Sao Paulo stock exchange index with some macroeconomic variables, between January 2014 and August 2017, when Brazil was going through a serious political crisis, in which the economic activity was affected and therefore the stock market. Thus, these relationships are evaluated by the Johansen Cointegration Test to precisely verify the long-term relationship between the Brazilian stock market and the other variables. And the results indicate a negative weight of inflation expectations, interest rates and public debt, while the exchange rate and economic activity positively affect the stock market index. Keywords. Stock price, Index of the Sao Paulo Stock Exchange, Johansen Cointegration Test. JEL. C13, E44, G12.
{"title":"The recent dynamics of the stock exchange in Brazil","authors":"Andrés Abdala, S. Guido","doi":"10.1453/JEPE.V5I3.1730","DOIUrl":"https://doi.org/10.1453/JEPE.V5I3.1730","url":null,"abstract":"Abstract. This study is a literary analysis with the purpose of verifying the dynamic relation of the Sao Paulo stock exchange index with some macroeconomic variables, between January 2014 and August 2017, when Brazil was going through a serious political crisis, in which the economic activity was affected and therefore the stock market. Thus, these relationships are evaluated by the Johansen Cointegration Test to precisely verify the long-term relationship between the Brazilian stock market and the other variables. And the results indicate a negative weight of inflation expectations, interest rates and public debt, while the exchange rate and economic activity positively affect the stock market index. Keywords. Stock price, Index of the Sao Paulo Stock Exchange, Johansen Cointegration Test. JEL. C13, E44, G12.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121330500","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}
Abstract. Global financial crisis which broke out in 2008 triggered the great recession of the global economy, making the non-mainstream Monopoly Capital School of economics rise to fame. The mainstream economics attributed the crisis to the different external shocks and policy errors. On the contrary, Monopoly Capital School focused on the process of capital accumulation under the stage of monopoly capitalism, and offered perspective on inherent instability defects of capitalism. Based on teasing out the theoretical framework of Monopoly Capital School, this paper analyzed the standpoints, views and methods of monopoly capitalism through comparing the theory with Minsky theory, not only contributing to the understanding the instability defects of capitalism, but also contributing to the thinking of the future direction of capitalism. Keywords. Monopoly capital, Capital accumulation, Economic surplus, Economic stagnation, Financialization. JEL. D42, L12.
{"title":"Study on the theoretical framework of monopoly capital school and its comparison with Minsky theory","authors":"Gendi Wen","doi":"10.1453/JEPE.V5I2.1704","DOIUrl":"https://doi.org/10.1453/JEPE.V5I2.1704","url":null,"abstract":"Abstract. Global financial crisis which broke out in 2008 triggered the great recession of the global economy, making the non-mainstream Monopoly Capital School of economics rise to fame. The mainstream economics attributed the crisis to the different external shocks and policy errors. On the contrary, Monopoly Capital School focused on the process of capital accumulation under the stage of monopoly capitalism, and offered perspective on inherent instability defects of capitalism. Based on teasing out the theoretical framework of Monopoly Capital School, this paper analyzed the standpoints, views and methods of monopoly capitalism through comparing the theory with Minsky theory, not only contributing to the understanding the instability defects of capitalism, but also contributing to the thinking of the future direction of capitalism. Keywords. Monopoly capital, Capital accumulation, Economic surplus, Economic stagnation, Financialization. JEL. D42, L12.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121565734","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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