Pub Date : 2023-09-10DOI: 10.1080/02692171.2023.2254246
Isaac Koomson, Abdallah Abdul-Mumuni, David Kofi Ampah, Anthony Fiifi Afful
In developing countries with less advanced financial systems, the accumulation of durable assets remains key to enhancing household welfare. Despite this, studies that explore the link between asset accumulation and health outcomes have largely focused on financial assets. We contribute to the literature by examining the effect of durable asset accumulation on healthcare utilisation and spending using data from a comprehensive and nationally representative survey data in Ghana. Our preferred endogeneity-corrected estimates indicate that a standard deviation increase in asset accumulation is associated with 1.741 and 0.598 standard deviations improvement in healthcare utilisation and spending, respectively. These findings are robust to alternative approaches to addressing endogeneity and different ways of conceptualising asset accumulation. Heterogeneities in findings for gender, location, and for decomposed health expenditures are also explored. We identify education and entrepreneurship as important channels through which asset accumulation influences healthcare utilisation and spending, respectively, and recognise the need for flexible policies that enhance households’ accumulation of durable assets, especially in developing countries.
{"title":"The link between households’ durable asset accumulation and healthcare utilisation and spending","authors":"Isaac Koomson, Abdallah Abdul-Mumuni, David Kofi Ampah, Anthony Fiifi Afful","doi":"10.1080/02692171.2023.2254246","DOIUrl":"https://doi.org/10.1080/02692171.2023.2254246","url":null,"abstract":"In developing countries with less advanced financial systems, the accumulation of durable assets remains key to enhancing household welfare. Despite this, studies that explore the link between asset accumulation and health outcomes have largely focused on financial assets. We contribute to the literature by examining the effect of durable asset accumulation on healthcare utilisation and spending using data from a comprehensive and nationally representative survey data in Ghana. Our preferred endogeneity-corrected estimates indicate that a standard deviation increase in asset accumulation is associated with 1.741 and 0.598 standard deviations improvement in healthcare utilisation and spending, respectively. These findings are robust to alternative approaches to addressing endogeneity and different ways of conceptualising asset accumulation. Heterogeneities in findings for gender, location, and for decomposed health expenditures are also explored. We identify education and entrepreneurship as important channels through which asset accumulation influences healthcare utilisation and spending, respectively, and recognise the need for flexible policies that enhance households’ accumulation of durable assets, especially in developing countries.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136072121","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 : 2023-09-04DOI: 10.1080/02692171.2023.2254716
Parimal Ghosh, Maniklal Adhikary
{"title":"Dynamicity and nonlinearity in the association between different facets of financial development and macroeconomic volatility: evidence from the World Economy","authors":"Parimal Ghosh, Maniklal Adhikary","doi":"10.1080/02692171.2023.2254716","DOIUrl":"https://doi.org/10.1080/02692171.2023.2254716","url":null,"abstract":"","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43447204","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 : 2023-08-22DOI: 10.1080/02692171.2023.2241214
Edited by Jonathan Michie, Suzanne Schneider
Published in International Review of Applied Economics (Vol. 37, No. 4, 2023)
发表于《国际应用经济学评论》2023年第37卷第4期
{"title":"Call for papers: for a special issue of the International Review of Applied Economics on ‘risk, uncertainty, and democracy’","authors":"Edited by Jonathan Michie, Suzanne Schneider","doi":"10.1080/02692171.2023.2241214","DOIUrl":"https://doi.org/10.1080/02692171.2023.2241214","url":null,"abstract":"Published in International Review of Applied Economics (Vol. 37, No. 4, 2023)","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138526486","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 : 2023-08-14DOI: 10.1080/02692171.2023.2240272
D. Tobin
Edith Penrose’s analysis of the investments of the international oil companies (IOCs) stemmed from her interest in the economics of the large international firm and its implications for developing economies. Her approach highlights the endogenous factors shaping the growth of the large firm and cautions against viewing it as a neutral technocracy where investment automatically responds to price incentives. Drawing on Penrose’s concept of a captive market in oil products, this research develops Penrose’s ideas around motive, profit, self-financing and the international firm to explain why the IOC’s institutional environment still favours investment in fossil fuels. The study collected country and firm level data on investment and production in downstream petrochemical refining. The data show a connection between the captive market and the strategies of the large oil firms in expanding refining capacity as a strategic hedge against regulatory policies to limit climate change. This locks society into a carbon intensive infrastructure, reduces the motivation for investment and adds to global CO2 emissions. The findings indicate that the oil companies need to take greater risks on green investments with their retained earnings. Governments need to direct this investment towards socially useful purposes using coordinated regulatory pressure. ARTICLE HISTORY Received 1 October 2022 Accepted 15 June 2023
{"title":"Captive markets and climate change: revisiting Edith Penrose’s analysis of the international oil firms in the era of climate change","authors":"D. Tobin","doi":"10.1080/02692171.2023.2240272","DOIUrl":"https://doi.org/10.1080/02692171.2023.2240272","url":null,"abstract":"Edith Penrose’s analysis of the investments of the international oil companies (IOCs) stemmed from her interest in the economics of the large international firm and its implications for developing economies. Her approach highlights the endogenous factors shaping the growth of the large firm and cautions against viewing it as a neutral technocracy where investment automatically responds to price incentives. Drawing on Penrose’s concept of a captive market in oil products, this research develops Penrose’s ideas around motive, profit, self-financing and the international firm to explain why the IOC’s institutional environment still favours investment in fossil fuels. The study collected country and firm level data on investment and production in downstream petrochemical refining. The data show a connection between the captive market and the strategies of the large oil firms in expanding refining capacity as a strategic hedge against regulatory policies to limit climate change. This locks society into a carbon intensive infrastructure, reduces the motivation for investment and adds to global CO2 emissions. The findings indicate that the oil companies need to take greater risks on green investments with their retained earnings. Governments need to direct this investment towards socially useful purposes using coordinated regulatory pressure. ARTICLE HISTORY Received 1 October 2022 Accepted 15 June 2023","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47660831","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 : 2023-08-13DOI: 10.1080/02692171.2023.2242016
J. Kay
{"title":"The story of flight","authors":"J. Kay","doi":"10.1080/02692171.2023.2242016","DOIUrl":"https://doi.org/10.1080/02692171.2023.2242016","url":null,"abstract":"","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48456323","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 : 2023-08-12DOI: 10.1080/02692171.2023.2240269
Gonçalo Amado
ABSTRACT Explaining the Eurozone crisis requires explaining the origins of the external imbalances until then. The paper divides the literature arguments into three ”fundamental causes”, not mutually exclusive: a competitiveness problem, North-South flows, and excess of public and/or private spending. Within each of these causes, we find divergences between authors in the literature and identify a set of variables correlated with the accumulation of external imbalances before the crisis. These variables help to create clusters of Eurozone countries and separate core countries from the periphery. We then develop an original argument, that the convergence of nominal long-term interest rates in the periphery cluster countries, relative to the core cluster countries, between 1996 and 2007, was the trigger for the three ”fundamental causes” mentioned. We find Granger-causality between this convergence and subsequent (after four quarters) annual variations in the quarterly current account balance.
{"title":"Revisiting the debate on the Eurozone crisis: causes, clustering periphery and core, and the role of interest rate convergence","authors":"Gonçalo Amado","doi":"10.1080/02692171.2023.2240269","DOIUrl":"https://doi.org/10.1080/02692171.2023.2240269","url":null,"abstract":"ABSTRACT Explaining the Eurozone crisis requires explaining the origins of the external imbalances until then. The paper divides the literature arguments into three ”fundamental causes”, not mutually exclusive: a competitiveness problem, North-South flows, and excess of public and/or private spending. Within each of these causes, we find divergences between authors in the literature and identify a set of variables correlated with the accumulation of external imbalances before the crisis. These variables help to create clusters of Eurozone countries and separate core countries from the periphery. We then develop an original argument, that the convergence of nominal long-term interest rates in the periphery cluster countries, relative to the core cluster countries, between 1996 and 2007, was the trigger for the three ”fundamental causes” mentioned. We find Granger-causality between this convergence and subsequent (after four quarters) annual variations in the quarterly current account balance.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45806393","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 : 2023-07-31DOI: 10.1080/02692171.2023.2240257
Thanos Poulakis, P. Tsaliki
ABSTRACT The article examines the long-run behaviour of real exchange rates based on the premises of classical political economy. Specifically, it investigates the dynamics between real exchange rates and real unit labour costs of tradable commodities for 18 developed and developing economies. The analysis is carried out by applying recent methods of panel data, while the short- and long-run dynamics are estimated based on the cross-sectional autoregressive distributed lag model. Our findings confirm the presence of short- and long-run effects of real unit labour costs on real exchange rates. Consequently, new and more effective foreign exchange rate policies may be designed.
{"title":"Dynamic linkages between real exchange rates and real unit labour costs: evidence from 18 economies","authors":"Thanos Poulakis, P. Tsaliki","doi":"10.1080/02692171.2023.2240257","DOIUrl":"https://doi.org/10.1080/02692171.2023.2240257","url":null,"abstract":"ABSTRACT The article examines the long-run behaviour of real exchange rates based on the premises of classical political economy. Specifically, it investigates the dynamics between real exchange rates and real unit labour costs of tradable commodities for 18 developed and developing economies. The analysis is carried out by applying recent methods of panel data, while the short- and long-run dynamics are estimated based on the cross-sectional autoregressive distributed lag model. Our findings confirm the presence of short- and long-run effects of real unit labour costs on real exchange rates. Consequently, new and more effective foreign exchange rate policies may be designed.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48904860","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 : 2023-07-28DOI: 10.1080/02692171.2023.2240255
M. Tassinari
ABSTRACT Productivity, equity and sustainability are regarded as ‘essential components’ in the human development paradigm. They reflect structural aspects of an economic system and create the material conditions for widespread human development and wellbeing. Nevertheless, the consistency among these principles is significantly questioned in the economic literature, depicting a potential ‘trilemma’ for contemporary human development. This paper analyses the ability of different economies to consistently advance productivity, equity, and sustainability. A new composite indicator – the Human Development Structural Consistency (HDSC) index – is introduced to measure the integrated performance in productivity, equity and sustainability of 66 economies from 2006 to 2019. The analysis shows a general progressive improvement in the ability of economies to advance the three structural components of human development consistently, although the three measures continue to appear incompatible with each other, whereby the process of economic growth is still associated with rising environmental degradation and a weak contrast to inequalities. This paper discusses the possible policy solutions to this ‘trilemma’, such as the structural changes necessary to ensure that improvements in productivity are accompanied by rising equity, sustainability, and effective human wellbeing.
{"title":"Productivity, equity, and sustainability: A trilemma for contemporary human development?","authors":"M. Tassinari","doi":"10.1080/02692171.2023.2240255","DOIUrl":"https://doi.org/10.1080/02692171.2023.2240255","url":null,"abstract":"ABSTRACT Productivity, equity and sustainability are regarded as ‘essential components’ in the human development paradigm. They reflect structural aspects of an economic system and create the material conditions for widespread human development and wellbeing. Nevertheless, the consistency among these principles is significantly questioned in the economic literature, depicting a potential ‘trilemma’ for contemporary human development. This paper analyses the ability of different economies to consistently advance productivity, equity, and sustainability. A new composite indicator – the Human Development Structural Consistency (HDSC) index – is introduced to measure the integrated performance in productivity, equity and sustainability of 66 economies from 2006 to 2019. The analysis shows a general progressive improvement in the ability of economies to advance the three structural components of human development consistently, although the three measures continue to appear incompatible with each other, whereby the process of economic growth is still associated with rising environmental degradation and a weak contrast to inequalities. This paper discusses the possible policy solutions to this ‘trilemma’, such as the structural changes necessary to ensure that improvements in productivity are accompanied by rising equity, sustainability, and effective human wellbeing.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42343336","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 : 2023-07-26DOI: 10.1080/02692171.2023.2240270
Young jo Song, Myoung-Hwan Kim
ABSTRACT Corporate excess savings, or gross savings in excess of fixed capital formation, can affect the real economy through the financial decisions of individual firms. Based on an unbalanced panel of more than 2,000 Korean listed companies from 2003 to 2021, this study analyses how excess savings are used in individual firms’ financial activities and their consequent impact on aggregate demand at the macroeconomic level. Excess savings are most often used for debt repayment. Considering heterogeneity, the excess savings of large firms are mainly related to M&A, while the excess savings of small firms are relatively more disbursed to cash holdings for the precautionary motive. Since 2010, the extent of its use in M&A has become stronger; M&A in large firms appears to crowd out fixed capital formation for a certain period of time. When this analysis is applied at the industry level, it is also consistent with the results of individual firms.
{"title":"Corporate excess savings: what does it have to do with M&A activities, cash holdings and debt repayments in Korea?","authors":"Young jo Song, Myoung-Hwan Kim","doi":"10.1080/02692171.2023.2240270","DOIUrl":"https://doi.org/10.1080/02692171.2023.2240270","url":null,"abstract":"ABSTRACT Corporate excess savings, or gross savings in excess of fixed capital formation, can affect the real economy through the financial decisions of individual firms. Based on an unbalanced panel of more than 2,000 Korean listed companies from 2003 to 2021, this study analyses how excess savings are used in individual firms’ financial activities and their consequent impact on aggregate demand at the macroeconomic level. Excess savings are most often used for debt repayment. Considering heterogeneity, the excess savings of large firms are mainly related to M&A, while the excess savings of small firms are relatively more disbursed to cash holdings for the precautionary motive. Since 2010, the extent of its use in M&A has become stronger; M&A in large firms appears to crowd out fixed capital formation for a certain period of time. When this analysis is applied at the industry level, it is also consistent with the results of individual firms.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43472770","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 : 2023-07-24DOI: 10.1080/02692171.2023.2240262
Peng Yang, Weizeng Sun
ABSTRACT Employing annual reports (2007–2019) of Chinese A-share listed firms, we develop a firm-level digital technology application index using text analysis to investigate the impact of digital technology on an enterprise’s green innovation. The results indicate that, first, the application of digital technology significantly increases the level of green innovation of enterprises and will continue to have a positive impact over the next three years. Second, we demonstrate three mechanisms by which digital technology influences green innovation: namely, alleviating financial constraints, empowering the upgrading of human capital structure, and promoting R&D (research and development) cooperation. Third, we find that enterprises can only promote green innovation by integrating digital technology into their production, operation, and management processes. Furthermore, the positive impact of digital technology on green innovation was predominantly observed in businesses located in regions with a high level of environmental protection awareness and with limited environmental governance capacity.
{"title":"How does digital technology facilitate the green innovation of enterprises? Evidence from China","authors":"Peng Yang, Weizeng Sun","doi":"10.1080/02692171.2023.2240262","DOIUrl":"https://doi.org/10.1080/02692171.2023.2240262","url":null,"abstract":"ABSTRACT Employing annual reports (2007–2019) of Chinese A-share listed firms, we develop a firm-level digital technology application index using text analysis to investigate the impact of digital technology on an enterprise’s green innovation. The results indicate that, first, the application of digital technology significantly increases the level of green innovation of enterprises and will continue to have a positive impact over the next three years. Second, we demonstrate three mechanisms by which digital technology influences green innovation: namely, alleviating financial constraints, empowering the upgrading of human capital structure, and promoting R&D (research and development) cooperation. Third, we find that enterprises can only promote green innovation by integrating digital technology into their production, operation, and management processes. Furthermore, the positive impact of digital technology on green innovation was predominantly observed in businesses located in regions with a high level of environmental protection awareness and with limited environmental governance capacity.","PeriodicalId":51618,"journal":{"name":"International Review of Applied Economics","volume":null,"pages":null},"PeriodicalIF":2.2,"publicationDate":"2023-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43554732","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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