Abstract. The traditional methods of poverty measurement include material or objective indicators such as income, expenditure, calorie intake, education or living standards. However, this study is aimed to identify whether people perceive poverty through these factors or not. The definitions of poverty given by study respondents have proven that although, poverty can be defined through objective indicators but its scope is not limited to them rather it includes various other indicators including no children or parents, lack of self-efforts, person’s laziness, sense of understanding things and mental stress. Through interviewing household heads, some coping strategies have been identified which are employed during economically difficult events. Apart from increasing income sources and reducing expenditure, the coping strategies also include living in joint family system, social networking and borrowing in form of general provident fund as the selected sample was from government sector, they utilize their funds at times of need which give rise to a self-perpetuating poverty. The people’s perceptions related to poverty determine the nature and extent to which society is encountering hardships and prevalence of poverty in it. Keywords. Poverty, Perceptions, Coping strategies. JEL. I32.
{"title":"People’s definition and escape from poverty trap","authors":"Maham Fatima, R. Khan","doi":"10.1453/JEPE.V5I2.1641","DOIUrl":"https://doi.org/10.1453/JEPE.V5I2.1641","url":null,"abstract":"Abstract. The traditional methods of poverty measurement include material or objective indicators such as income, expenditure, calorie intake, education or living standards. However, this study is aimed to identify whether people perceive poverty through these factors or not. The definitions of poverty given by study respondents have proven that although, poverty can be defined through objective indicators but its scope is not limited to them rather it includes various other indicators including no children or parents, lack of self-efforts, person’s laziness, sense of understanding things and mental stress. Through interviewing household heads, some coping strategies have been identified which are employed during economically difficult events. Apart from increasing income sources and reducing expenditure, the coping strategies also include living in joint family system, social networking and borrowing in form of general provident fund as the selected sample was from government sector, they utilize their funds at times of need which give rise to a self-perpetuating poverty. The people’s perceptions related to poverty determine the nature and extent to which society is encountering hardships and prevalence of poverty in it. Keywords. Poverty, Perceptions, Coping strategies. JEL. I32.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"17 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":"127846613","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 aims to develop a standard method for measuring the rent of an individual enterprise from its financial statement data and to analyze the relationship between rents of companies and their political and R&D expenditures. This method will allow for the decomposition of various causes that yield rents by regression analyses. This study set the equation of the first-order condition of profit maximization as a function of the capital amount, satisfying both short-term and long-term optimal conditions, and obtained the mark-up rate that can realize the production level in monopolistic equilibrium as a competitive equilibrium. The average rents for 29 industries in Japan were calculated using a linear algebraic method from 30 years’ time-series financial statement data. Moreover, this study also managed to substitute production factors for pseudo-production factors applicable to global companies whose breakdown of manufacturing and sales costs are usually not disclosed. These rents are regressed by political and R&D expenditures of each industry. In several models, political expenditure has a significant relationship with rent, although R&D expenditure does not. Keywords. Rent, Political expenditure, Financial statement, R&D expenditure, Japanese industries. JEL. D72, P16, D22, C61, M41.
{"title":"Examining the relationship between rent and political expenditure: Using rent information obtained from financial statements","authors":"Mihoko Shimamoto","doi":"10.1453/JEPE.V5I2.1689","DOIUrl":"https://doi.org/10.1453/JEPE.V5I2.1689","url":null,"abstract":"Abstract. This study aims to develop a standard method for measuring the rent of an individual enterprise from its financial statement data and to analyze the relationship between rents of companies and their political and R&D expenditures. This method will allow for the decomposition of various causes that yield rents by regression analyses. This study set the equation of the first-order condition of profit maximization as a function of the capital amount, satisfying both short-term and long-term optimal conditions, and obtained the mark-up rate that can realize the production level in monopolistic equilibrium as a competitive equilibrium. The average rents for 29 industries in Japan were calculated using a linear algebraic method from 30 years’ time-series financial statement data. Moreover, this study also managed to substitute production factors for pseudo-production factors applicable to global companies whose breakdown of manufacturing and sales costs are usually not disclosed. These rents are regressed by political and R&D expenditures of each industry. In several models, political expenditure has a significant relationship with rent, although R&D expenditure does not. Keywords. Rent, Political expenditure, Financial statement, R&D expenditure, Japanese industries. JEL. D72, P16, D22, C61, M41.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"7 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":"114460325","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}
{"title":"Shahid Javed Burki, South Asia in the New World Order: The Role of Regional Cooperation","authors":"M. Moni","doi":"10.1453/jepe.v5i2.1676","DOIUrl":"https://doi.org/10.1453/jepe.v5i2.1676","url":null,"abstract":"","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"1 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":"133257974","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. Researchers have a long-standing interest in understanding the causes and consequences of inequality. One approach to analyzing inequality is to compare average economic choices from a classical theoretical framework. Another approach considers the impact of the formation of society, through statutes and institutions, on average economic outcomes. Curtis Jr uses applied econometrics, applied labor economics, applied theory and empirical data to provide results that we cannot reject the existence of a negatively bounded correlation between the duration of time from zero wage labor constraints and the magnitude of unexplained differences in wealth. Furthermore, Curtis Jr promotes a concept of entrepreneurial education in economics. Keywords. Economics education. JEL. A20, I20.
{"title":"Advanced Studies in Economics","authors":"J. Curtis","doi":"10.1453/jepe.v5i2.1681","DOIUrl":"https://doi.org/10.1453/jepe.v5i2.1681","url":null,"abstract":"Abstract. Researchers have a long-standing interest in understanding the causes and consequences of inequality. One approach to analyzing inequality is to compare average economic choices from a classical theoretical framework. Another approach considers the impact of the formation of society, through statutes and institutions, on average economic outcomes. Curtis Jr uses applied econometrics, applied labor economics, applied theory and empirical data to provide results that we cannot reject the existence of a negatively bounded correlation between the duration of time from zero wage labor constraints and the magnitude of unexplained differences in wealth. Furthermore, Curtis Jr promotes a concept of entrepreneurial education in economics. Keywords. Economics education. JEL. A20, I20.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"5 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":"130407136","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 estimates a production function for Turkey taking capital, labor and energy as input factors. The production function estimated is of the CES form with Hicks-neutral technology and constant returns to scale. A nonlinear least squares regression is employed on a dataset for the entire Turkish economy covering a time period of 27 years. The production function parameters provide insights into the elasticity of substitution of capital, labor and energy in Turkey. In particular, it is found that the elasticity of substitution between the capital-labor bundle and energy is, slightly higher than values found in other studies for various countries. This finding shows the relative ease of substitutability of capital-labor with energy for one another in Turkey and provides new insight on a critical parameter for future energy-economy modeling studies related to Turkey and other similar countries with no elasticity estimate. It is thought that the high substitutability for the case of Turkey may be related to the flexibility of its rapidly growing economy with investment needs that can easily be adapted to market conditions. Keywords. Substitution elasticities, CES, Energy economics. JEL. D22, E23, Q40.
{"title":"Substitution elasticities in an energy-augmented CES production function: An empirical analysis for Turkey","authors":"Merve Kucuk, Gürkan Kumbaroglu, K. Sarıca","doi":"10.1453/jepe.v5i2.1691","DOIUrl":"https://doi.org/10.1453/jepe.v5i2.1691","url":null,"abstract":"Abstract. This study estimates a production function for Turkey taking capital, labor and energy as input factors. The production function estimated is of the CES form with Hicks-neutral technology and constant returns to scale. A nonlinear least squares regression is employed on a dataset for the entire Turkish economy covering a time period of 27 years. The production function parameters provide insights into the elasticity of substitution of capital, labor and energy in Turkey. In particular, it is found that the elasticity of substitution between the capital-labor bundle and energy is, slightly higher than values found in other studies for various countries. This finding shows the relative ease of substitutability of capital-labor with energy for one another in Turkey and provides new insight on a critical parameter for future energy-economy modeling studies related to Turkey and other similar countries with no elasticity estimate. It is thought that the high substitutability for the case of Turkey may be related to the flexibility of its rapidly growing economy with investment needs that can easily be adapted to market conditions. Keywords. Substitution elasticities, CES, Energy economics. JEL. D22, E23, Q40.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"6 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":"127655620","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 aims to diagnose Mongolian economy on whether the economy has suffered from the Dutch Disease by applying a vector auto-regression model for the period from 1993 to 2016 under the current market-based regime including resource-booming times. From the outcomes of a VAR model estimation, it was found that there is a great possibility that Mongolian economy has been suffering from the Dutch Disease through the resource movement effect and the spending effect such that the boom in the mining sector has crowded out manufacturing activities; and that the boom in the mining sector has not contributed to, or even deteriorated the capital accumulation effect that alleviates the Dutch Disease. The strategic policy implications for the current Mongolian public financial management are that the part of the existing resource fund should be used for public investment to facilitate capital accumulation, specifically, for the projects on education, health and economic infrastructure to promote industrial diversification. Keywords. Dutch Disease, Public financial management, Mongolian economy; Vector auto-regression, Public investment. JEL. F43, L60, O53.
{"title":"Analysis of the “Dutch Disease” effect and public financial management in Mongolian economy","authors":"Hiroyuki Taguchi, Bulgankhuu Ganzorig","doi":"10.1453/JEPE.V5I2.1656","DOIUrl":"https://doi.org/10.1453/JEPE.V5I2.1656","url":null,"abstract":"Abstract. This paper aims to diagnose Mongolian economy on whether the economy has suffered from the Dutch Disease by applying a vector auto-regression model for the period from 1993 to 2016 under the current market-based regime including resource-booming times. From the outcomes of a VAR model estimation, it was found that there is a great possibility that Mongolian economy has been suffering from the Dutch Disease through the resource movement effect and the spending effect such that the boom in the mining sector has crowded out manufacturing activities; and that the boom in the mining sector has not contributed to, or even deteriorated the capital accumulation effect that alleviates the Dutch Disease. The strategic policy implications for the current Mongolian public financial management are that the part of the existing resource fund should be used for public investment to facilitate capital accumulation, specifically, for the projects on education, health and economic infrastructure to promote industrial diversification. Keywords. Dutch Disease, Public financial management, Mongolian economy; Vector auto-regression, Public investment. JEL. F43, L60, O53.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"109 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":"124863769","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 article intends to analyse economic changes between advance and less-developed countries and the issues of catching up. Our approach would be to analyse the evolution of developing countries (less-developed) in the world economy in a historical perspective. The important question for 21st century is whether the regions in Asia, Africa and Latin America would be able to catch or not? To answer this we need an understanding of both economics and history, which seems to be critical for a fuller picture on this issue. There have been on-going discussions about a sharp contrast in the international distribution of wealth between the rich (industrialised) and poor (primary producing) countries and it has been emphasised that the benefit of technical progress in the advanced economies would trickle down to the poor countries. The study finds that during the last three decades, there have been huge economic changes taking place globally and structural changes and patterns of trade have also taken place both in advance and developing countries. However, some developing countries have achieved faster growth rates than the advanced economies, particularly China, India, Indonesia and Turkey. However, they constitute a small numbers among the developing countries, but accounts large number of its population. The study concludes that most poor countries have not been able to converge, while largely the two largest ones, namely China and India have experienced rapid growth rates and economic changes in recent decades. Keywords. Global inequality, Catching-up, International trade. JEL. P45, O47.
{"title":"Imperialism and global inequality: A critical analysis","authors":"Kalim Siddiqui","doi":"10.1453/JEPE.V5I2.1638","DOIUrl":"https://doi.org/10.1453/JEPE.V5I2.1638","url":null,"abstract":"Abstract. The article intends to analyse economic changes between advance and less-developed countries and the issues of catching up. Our approach would be to analyse the evolution of developing countries (less-developed) in the world economy in a historical perspective. The important question for 21st century is whether the regions in Asia, Africa and Latin America would be able to catch or not? To answer this we need an understanding of both economics and history, which seems to be critical for a fuller picture on this issue. There have been on-going discussions about a sharp contrast in the international distribution of wealth between the rich (industrialised) and poor (primary producing) countries and it has been emphasised that the benefit of technical progress in the advanced economies would trickle down to the poor countries. The study finds that during the last three decades, there have been huge economic changes taking place globally and structural changes and patterns of trade have also taken place both in advance and developing countries. However, some developing countries have achieved faster growth rates than the advanced economies, particularly China, India, Indonesia and Turkey. However, they constitute a small numbers among the developing countries, but accounts large number of its population. The study concludes that most poor countries have not been able to converge, while largely the two largest ones, namely China and India have experienced rapid growth rates and economic changes in recent decades. Keywords. Global inequality, Catching-up, International trade. JEL. P45, O47.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"32 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":"124932500","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 study is the first to investigate theoretically and empirically the determinants of Diaspora Bonds for eight developing countries (Bangladesh, Ethiopia, Ghana, India, Lebanon, Pakistan, the Philippines, and Sri-Lanka) and one developed country - Israel for the period 1951 and 2008. Empirical results are consistent with the predictions of the theoretical model. The most robust variables are the closeness indicator and the sovereign rating, both on the demand-side. The spread is not significant, suggesting Diaspora Bonds differ from normal investments. Good governance and wars are also important demand-side determinants of Diaspora Bonds. Among the supply-side factors; FDI, ODA, foreign exchange, inflation, external debt and remittances significantly determine the issue of Diaspora Bonds. Most importantly, this study is able to make predictions of the most promising candidate countries in issuing Diaspora Bonds in the future.
{"title":"An empirical analysis of Diaspora bonds","authors":"Þule Akkoyunlu, Max Stern","doi":"10.1453/JEPE.V5I1.1566","DOIUrl":"https://doi.org/10.1453/JEPE.V5I1.1566","url":null,"abstract":"This study is the first to investigate theoretically and empirically the determinants of Diaspora Bonds for eight developing countries (Bangladesh, Ethiopia, Ghana, India, Lebanon, Pakistan, the Philippines, and Sri-Lanka) and one developed country - Israel for the period 1951 and 2008. Empirical results are consistent with the predictions of the theoretical model. The most robust variables are the closeness indicator and the sovereign rating, both on the demand-side. The spread is not significant, suggesting Diaspora Bonds differ from normal investments. Good governance and wars are also important demand-side determinants of Diaspora Bonds. Among the supply-side factors; FDI, ODA, foreign exchange, inflation, external debt and remittances significantly determine the issue of Diaspora Bonds. Most importantly, this study is able to make predictions of the most promising candidate countries in issuing Diaspora Bonds in the future.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130294811","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 examines the housing sales in China from 2004 to 2015 utilizing an optimal dynamic general equilibrium theoretical framework combined with a macroeconomic model. The spatial panel econometric empirical results suggest that housing prices and economic growth have increased housing sales in China. However, since house is considered as a special commodity in China, and unemployment show negative impacts on housing sales. Keywords. Energy use, Housing values, Optimal dynamic general equilibrium, Spatial panel econometrics, China. JEL. Q41, R31, E10.
{"title":"What drives housing consumption in China? Based on a dynamic optimal general equilibrium model and spatial panel data analysis","authors":"Zhipeng Du, Wei Zhang, Yiming He","doi":"10.1453/JEPE.V5I1.1557","DOIUrl":"https://doi.org/10.1453/JEPE.V5I1.1557","url":null,"abstract":"Abstract. This paper examines the housing sales in China from 2004 to 2015 utilizing an optimal dynamic general equilibrium theoretical framework combined with a macroeconomic model. The spatial panel econometric empirical results suggest that housing prices and economic growth have increased housing sales in China. However, since house is considered as a special commodity in China, and unemployment show negative impacts on housing sales. Keywords. Energy use, Housing values, Optimal dynamic general equilibrium, Spatial panel econometrics, China. JEL. Q41, R31, E10.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132842148","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 empirically investigates the magnitude of general government expenditures and tax income revenues to the Greek output within a regime-switching framework during the period 2000:1 – 2016:3. This nonlinear methodology captures the fiscal effects across periods of high and low growth. In more deep analysis, we examine the relationship of expenditures and GDP over time, by adopting the GARCH(1,1)-DCC methodology. Our results show that the magnitude of general government expenditures is larger during periods of low growth or economic recession, as well as the magnitude of tax income revenues. Furthermore, during the “bailout” period (2010-2016) when the fiscal adjustment was strict, GDP seem to be even stronger negatively affected by the reduction of government expenditures. Keywords. Fiscal policy impact, regime switching, GARCH-DCC, Greek economy. JEL. E61, E62, H21.
{"title":"The fiscal policy impact to the Greek economy: Asymmetric evidence from a switching regime approach","authors":"D. Dimitriou, Anastasios P. Pappas","doi":"10.1453/JEPE.V5I1.1598","DOIUrl":"https://doi.org/10.1453/JEPE.V5I1.1598","url":null,"abstract":"Abstract. This paper empirically investigates the magnitude of general government expenditures and tax income revenues to the Greek output within a regime-switching framework during the period 2000:1 – 2016:3. This nonlinear methodology captures the fiscal effects across periods of high and low growth. In more deep analysis, we examine the relationship of expenditures and GDP over time, by adopting the GARCH(1,1)-DCC methodology. Our results show that the magnitude of general government expenditures is larger during periods of low growth or economic recession, as well as the magnitude of tax income revenues. Furthermore, during the “bailout” period (2010-2016) when the fiscal adjustment was strict, GDP seem to be even stronger negatively affected by the reduction of government expenditures. Keywords. Fiscal policy impact, regime switching, GARCH-DCC, Greek economy. JEL. E61, E62, H21.","PeriodicalId":432468,"journal":{"name":"Journal of Economics and Political Economy","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116649500","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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