Pub Date : 2018-09-01DOI: 10.5709/ce.1897-9254.494
A. Phiri
The purpose of this study is to examine whether we can identify a Phillips curve fit for the Kingdom of Eswatini as a low middle income Sub-Saharan Africa monarchy using data collected between 1991 and 2016. In our approach we rely on the recently introduced nonlinear autoregressive distributive lag (N-ARDL) model to a variety of Phillips curve specifications. For robustness sake, we further employ three filters (one-sided HP, two-sided HP, and Corbae-Oularis filters) to extract the gap variables necessary for empirical analysis. Our findings point to a linear, short-run traditional Phillips curve whereas we find strong support for concave shaped unemployment-gap and output–gap based Phillips curve specifications. Given the specific form of concavity discovered in the Phillips curves, the low inflation rate experienced over the last couple of decades can be attributed to a worsening labour and goods markets. Moreover, our evidence further cautions Swazi policymakers of ‘overheating’ of the economy during economic booms in which stabilization tools are required to implemented in such instances.
{"title":"Pursuing the Phillips Curve in an African Monarchy: A Swazi Case Study","authors":"A. Phiri","doi":"10.5709/ce.1897-9254.494","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.494","url":null,"abstract":"The purpose of this study is to examine whether we can identify a Phillips curve fit for the Kingdom of Eswatini as a low middle income Sub-Saharan Africa monarchy using data collected between 1991 and 2016. In our approach we rely on the recently introduced nonlinear autoregressive distributive lag (N-ARDL) model to a variety of Phillips curve specifications. For robustness sake, we further employ three filters (one-sided HP, two-sided HP, and Corbae-Oularis filters) to extract the gap variables necessary for empirical analysis. Our findings point to a linear, short-run traditional Phillips curve whereas we find strong support for concave shaped unemployment-gap and output–gap based Phillips curve specifications. Given the specific form of concavity discovered in the Phillips curves, the low inflation rate experienced over the last couple of decades can be attributed to a worsening labour and goods markets. Moreover, our evidence further cautions Swazi policymakers of ‘overheating’ of the economy during economic booms in which stabilization tools are required to implemented in such instances.","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"51 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84187109","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 : 2018-03-01DOI: 10.5709/ce.1897-9254.303
B. N. Iyke, Sin‐Yu Ho
Inflation and inflation uncertainty are critical factors influencing the functioning of markets and thus the efficient flow of economic activities. In this study, we investigated the effects of inflation and inflation uncertainty on growth in Ghana. Unlike the majority of the previous studies, we distinguished the short-run effects of inflation and inflation uncertainty on growth from the long-run effects. Also, unlike the previous studies, we examined whether increases in inflation uncertainty have the same effects on growth as decreases in it. By applying linear and nonlinear specifications to a data set covering the period 1963 to 2015, we found that inflation has both short and long-run negative effects on growth. Inflation uncertainty has a differential short-run effect and a negative long-run effect on growth. Increases in inflation uncertainty hurt growth, while decreases may reverse this pattern, albeit slowly. Both inflation and inflation uncertainty are critical determinants of growth in the country. To promote growth, policymakers should continue to pursue a low inflation target while ensuring minimal inflation uncertainty.
{"title":"Inflation, Inflation Uncertainty, and Growth: Evidence from Ghana","authors":"B. N. Iyke, Sin‐Yu Ho","doi":"10.5709/ce.1897-9254.303","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.303","url":null,"abstract":"Inflation and inflation uncertainty are critical factors influencing the functioning of markets and thus the efficient flow of economic activities. In this study, we investigated the effects of inflation and inflation uncertainty on growth in Ghana. Unlike the majority of the previous studies, we distinguished the short-run effects of inflation and inflation uncertainty on growth from the long-run effects. Also, unlike the previous studies, we examined whether increases in inflation uncertainty have the same effects on growth as decreases in it. By applying linear and nonlinear specifications to a data set covering the period 1963 to 2015, we found that inflation has both short and long-run negative effects on growth. Inflation uncertainty has a differential short-run effect and a negative long-run effect on growth. Increases in inflation uncertainty hurt growth, while decreases may reverse this pattern, albeit slowly. Both inflation and inflation uncertainty are critical determinants of growth in the country. To promote growth, policymakers should continue to pursue a low inflation target while ensuring minimal inflation uncertainty.","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"47 1","pages":""},"PeriodicalIF":2.1,"publicationDate":"2018-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80858114","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 : 2018-01-01DOI: 10.5709/CE.1897-9254.293
Arturo Orea Rocha, Carmelo García Pérez, F. Romero, María Núñez
{"title":"The Business Model and its Core Elements. Proposal of Definition and Table of Core Elements","authors":"Arturo Orea Rocha, Carmelo García Pérez, F. Romero, María Núñez","doi":"10.5709/CE.1897-9254.293","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.293","url":null,"abstract":"","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"1 1","pages":"497-517"},"PeriodicalIF":2.1,"publicationDate":"2018-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89869863","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 : 2017-12-31DOI: 10.5709/CE.1897-9254.259
L. B. Orlandi
Despite extensive research into their identity, women entrepreneurs still struggle to identify themselves as entrepreneurs and encounter role models. This study shows that one explanation for this struggle is misalignment in the discourses on women entrepreneurs’ identity. Misalignments and fragmentations in discourses on identity prevent women entrepreneurs from finding discursive material with which to lay solid foundations for the social construction of their identity. By comparing and contrasting the academic discourse with the discourse from interviews with women entrepreneurs between 2012 and 2017, this study provides evidence that the discourses on women entrepreneurs’ identity are misaligned. This misalignment may depend on the tendency in academia to address gaps in the literature and devote less attention to revisiting, in new empirical contexts, issues that have been considered in prior studies. This study also highlights several issues that are framed in widely divergent ways in the two discourses. The presence of several such misalignments helps explain current difficulties that women encounter in identifying themselves as entrepreneurs.
{"title":"Am I an Entrepreneur? Identity Struggle in the Contemporary Women Entrepreneurship Discourse","authors":"L. B. Orlandi","doi":"10.5709/CE.1897-9254.259","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.259","url":null,"abstract":"Despite extensive research into their identity, women entrepreneurs still struggle to identify themselves as entrepreneurs and encounter role models. This study shows that one explanation for this struggle is misalignment in the discourses on women entrepreneurs’ identity. Misalignments and fragmentations in discourses on identity prevent women entrepreneurs from finding discursive material with which to lay solid foundations for the social construction of their identity. By comparing and contrasting the academic discourse with the discourse from interviews with women entrepreneurs between 2012 and 2017, this study provides evidence that the discourses on women entrepreneurs’ identity are misaligned. This misalignment may depend on the tendency in academia to address gaps in the literature and devote less attention to revisiting, in new empirical contexts, issues that have been considered in prior studies. This study also highlights several issues that are framed in widely divergent ways in the two discourses. The presence of several such misalignments helps explain current difficulties that women encounter in identifying themselves as entrepreneurs.","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"34 1","pages":"487-498"},"PeriodicalIF":2.1,"publicationDate":"2017-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72559146","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 : 2017-06-30DOI: 10.5709/CE.1897-9254.237
Y. Loke
{"title":"Financial Vulnerability of Working Adults in Malaysia","authors":"Y. Loke","doi":"10.5709/CE.1897-9254.237","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.237","url":null,"abstract":"","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"106 1","pages":"205-218"},"PeriodicalIF":2.1,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83223245","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 : 2017-06-30DOI: 10.5709/CE.1897-9254.232
N. Abu
This study employs the autoregressive distributed lag (ARDL) bounds testing technique to examine whether Okun’s law exists in Nigeria during 1970-2014. In addition, this study considers the role of oil prices in the Nigerian economy. The empirical results indicate that a cointegrating or long term relationship exists between the unemployment rate, economic growth and oil prices. In addition, the results demonstrate that in Nigeria, in the long term, unemployment has a negative and significant effect on economic growth, and oil prices have a significant and positive effect on economic growth. The coefficient of unemployment (0.18%) for this study is far less than the result reported by Okun and other studies that focused on developed countries. This suggests that the Okun coefficient is not only unstable but varies for different countries, and does not remain constant for Nigeria. However, policymakers should take steps to reduce unemployment to enhance economic growth in Nigeria. O04,
{"title":"Does Okun’s Law Exist in Nigeria? Evidence from the ARDL Bounds Testing Approach","authors":"N. Abu","doi":"10.5709/CE.1897-9254.232","DOIUrl":"https://doi.org/10.5709/CE.1897-9254.232","url":null,"abstract":"This study employs the autoregressive distributed lag (ARDL) bounds testing technique to examine whether Okun’s law exists in Nigeria during 1970-2014. In addition, this study considers the role of oil prices in the Nigerian economy. The empirical results indicate that a cointegrating or long term relationship exists between the unemployment rate, economic growth and oil prices. In addition, the results demonstrate that in Nigeria, in the long term, unemployment has a negative and significant effect on economic growth, and oil prices have a significant and positive effect on economic growth. The coefficient of unemployment (0.18%) for this study is far less than the result reported by Okun and other studies that focused on developed countries. This suggests that the Okun coefficient is not only unstable but varies for different countries, and does not remain constant for Nigeria. However, policymakers should take steps to reduce unemployment to enhance economic growth in Nigeria. O04,","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"1 1","pages":"131-144"},"PeriodicalIF":2.1,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89501856","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":"Connectivity in the Technology Transfer Process among Local ASEAN Firms","authors":"Masatsugu Tsuji,Hiroki Idota,Yasushi Ueki,Hidenori Shigeno,Teruyuki Bunno","doi":"10.5709/ce.1897-9254.209","DOIUrl":"https://doi.org/10.5709/ce.1897-9254.209","url":null,"abstract":"","PeriodicalId":44824,"journal":{"name":"Contemporary Economics","volume":"125 21","pages":"193-204"},"PeriodicalIF":2.1,"publicationDate":"2016-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513930","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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