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  • Articles  (103)
  • Hindawi  (103)
  • 2010-2014  (103)
  • 2014  (103)
  • Economics  (103)
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  • Articles  (103)
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  • 2010-2014  (103)
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  • 1
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    A Complex Dynamical Analysis of the Indian Stock Market (2014)
    Hindawi
    Details
    Publication Date: 2014-12-15
    Description: This paper seeks to analyze the dynamical structure of the Indian stock market by considering two major Indian stock market indices, namely, BSE Sensex and CNX Nifty. The recurrence quantification analysis (RQA) is applied on the daily closing data of the two series during the period from January 2, 2002, to October 10, 2013. A Rolling Window of 100 and step size 21 are applied in order to see how both the series behave over time. The analysis based on three RQA measures, namely, % determinism (DET), laminarity (LAM), and trapping time (TT), provides conclusive evidence that the Indian equity market is chaotic in nature. Evidences for phase transition in the Indian equity market around the time of financial crisis are also found.
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    Topics: Economics
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  • 2
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    Contribution of Co-Skewness and Co-Kurtosis of the Higher Moment CAPM for Finding the Technical Efficiency (2014)
    Hindawi
    Details
    Publication Date: 2014-01-17
    Description: The objective of this paper is to present the technical efficiency of individual companies and their respective groups of Bangladesh stock market (i.e., Dhaka Stock Exchange, DSE) by using two risk factors (co-skewness and co-kurtosis) as the additional input variables in the Stochastic Frontier Analysis (SFA). The co-skewness and co-kurtosis are derived from the Higher Moment Capital Asset Pricing Model (H-CAPM). To investigate the contribution of these two factors, two types of technical efficiency are derived: (1) technical efficiency with considering co-skewness and co-kurtosis (WSK) and (2) technical efficiency without considering co-skewness and co-kurtosis (WOSK). By comparing these two types of technical efficiency, it is noticed that the technical efficiency of WSK is higher than the technical efficiency of WOSK for the individual companies and their respective groups. As per available literature in the context Bangladesh stock market, no study has been conducted thus far to measure technical efficiency of companies and their respective groups by using the risk factors which are derived from the H-CAPM. In this research, the link between H-CAPM and SFA is established for measuring technical efficiency and it is believed that the findings of this study may be applied to other emerging stock markets.
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  • 3
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    Exchange Rate Movement and Foreign Direct Investment in Asean Economies (2014)
    Hindawi
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    Publication Date: 2014-03-31
    Description: The inflows of foreign direct investment (FDI) are important for a country's economic development, but the world market for FDI has become more competitive. This paper empirically analyses the exchange rate movements and foreign direct investment (FDI) relationship using annual data on ASEAN economies, that is, Malaysia, the Philippines, Thailand, and Singapore. By employing ARDL bounds test approach, the empirical results show the existence of significant long-run cointegration between exchange rate and FDI for the case of Singapore, Malaysia, and the Philippines with all countries recording negative coefficient implying that the appreciation of Singapore dollar, Malaysian ringgit, and the Philippine peso has a positive impact on FDI inflows. Using the ECM based ARDL approach for causality test, both Singapore and the Philippines show long-run bidirectional causality between exchange rate and FDI whereas long-run unidirectional causality running from the exchange rate to FDI in Malaysia. Furthermore, this study also found that short-run unidirectional causality running from the exchange rate to FDI exists in Singapore.
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  • 4
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    Bioeconomics of Commercial Marine Fisheries of Bay of Bengal: Status and Direction (2014)
    Hindawi
    Details
    Publication Date: 2014-04-04
    Description: The fishery of the Bay of Bengal (BOB) is assumed to be suffering from the overexploitation. This paper aims to assess the sustainability of current level of fishing effort as well as possible changes driven by anthropogenic and climate driven factors. Therefore, the commercial marine fishery of BOB for the period of 1985/86 to 2007/08 is analyzed by applying Gordon-Schaefer Surplus Production Model on time series of total catch and standardized effort. Static reference points such as open-access equilibrium, maximum economic yield, and maximum sustainable yield are established. Assumptions about potential climatic and anthropogenic effects on r (intrinsic growth rate) and K (carrying capacity) of BOB fishery have been made under three different reference equilibriums. The results showed that the fishery is not biologically overexploited; however, it is predicted to be passing a critical situation, in terms of achieving reference points in the near future. But, on the other hand, economic overfishing started several years before. Higher fishing effort, and inadequate institutional and legal framework have been the major bottlenecks for the proper management of BOB fisheries and these may leads fishery more vulnerable against changing marine realm. Thus, the present study calls for policy intervention to rescue the stock from the existing high fishing pressure that would lead to depletion.
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  • 5
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    Working the Night Shift: The Impact of Compensating Wages and Local Economic Conditions on Shift Choice (2014)
    Hindawi
    Details
    Publication Date: 2014-10-10
    Description: The theory of compensating differentials asserts that night shift workers should receive compensating wage differentials due to undesirable work conditions. In weak local economies, workers may have difficulty finding jobs; thus, these workers might be more likely to accept night shift work and be less concerned with the size of the compensating differential for night shifts. Using CPS data from 2001, this paper employs maximum likelihood estimation of an endogenous switching regression model to analyze wages of day and night shift workers and shift choice. The findings indicate the presence of selection bias, thus emphasizing the importance of correcting for self-selection into night shifts. The average of the estimated wage differentials for night shift work is negative for the overall sample, with differentials varying by worker characteristics. The shift differential is found to be a statistically significant predictor of shift choice, indicating that shift premiums play an important role in motivating individuals to select night shift work. Using two measures of local economic conditions and a new method of analyzing interaction effects in the context of an endogenous switching regression model, this paper finds limited evidence that weak local economic conditions lessen the impact of compensating differentials on shift choice.
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  • 6
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    Are Eurozone Fixed Income Markets Integrated? An Analysis Based on Wavelet Multiple Correlation and Cross Correlation (2014)
    Hindawi
    Details
    Publication Date: 2014-08-29
    Description: This paper investigates the synchronization of fixed income markets within Eurozone countries using the new wavelet based methodology. Conventional wavelet methods that use multivariate set of variables to calculate pairwise correlation and cross correlation lead to spurious correlation due to possible relationships with other variables, amplification of type-1 errors, and results, in the form of large set of erroneous graphs. Given these disadvantages of conventional wavelet based pairwise correlation and cross-correlation method, we avoid these limitations by using wavelet multiple correlation and multiple cross correlations to analyze the relationships in Eurozone fixed income markets. Our results based on this methodology indicate that Eurozone fixed income markets are highly integrated and this integration grows with timescales, and hence there is almost no scope for independent monetary policy and bond diversification in these countries.
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  • 7
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    Rural Credit and Farms Efficiency: Modelling Farmers Credit Allocation Decisions, Evidences from Benin (2014)
    Hindawi
    Details
    Publication Date: 2014-08-29
    Description: This paper analyses farmers’ credit allocation behaviors and their effects on technical efficiency. Data were collected from 476 farmers using the multistage sampling procedure. The stochastic frontier truncated-normal with conditional mean model is used to assess allocation schemes effects on technical efficiency. Tobit model reveals the impact of farmers’ sociodemographic characteristics on efficiency scores. Results reveal that farm revenue (about 2,262,566 Fcfa on average) is positively correlated with land acreage, quantity of labour, and costs of fertilizers and insecticides. Farmers’ behaviors respond to six schemes which are categorized in two allocations contexts: out-farm and in-farm allocations. The model shows that only scheme (e) positively impacts technical efficiency. This scheme refers to the decision to invest credit to purchase better quality of pesticides, herbicides, fertilizers, and so forth. The positive effect of the scheme (c) may be significant under conditions of farmers’ education level improvement. Then, scheme (e) is a better investment for all farmers, but effect of credit allocation to buy agricultural materials is positive only for educated farmers. Efficiency scores are reduced by household size and gender of the household head. Therefore a household with more than 10 members and a woman as head is likely to not be technically efficient.
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  • 8
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    Effect of Physician Gender on Demand for Pap Tests (2014)
    Hindawi
    Details
    Publication Date: 2014-09-19
    Description: People’s demand for preventive medical care is one type of investment in health. The aim of this paper is to examine women’s demand for secondary prevention in Taiwan, focusing on the role a physician’s gender plays in women’s inclination to undergo Pap tests. Our estimation results show that regional ratio of female doctors has a positive and significant effect on utilization of Pap tests for the full sample and for women aged below 30. In addition, doctor’s gender matters only in utilization of Pap tests not in other types of preventive healthcare services in Taiwan. We suggest that the government may consider liberalizing medical laws to make it legal for trained female nurses or nurse practitioners to perform Pap tests in order to encourage the utilization of Pap tests, especially in rural and mountain areas. The government may also consider subsidizing the use of cervical cancer vaccines to help females prevent cervical cancer.
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  • 9
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    The Effect of Exchange Rate Movements on Trade Balance: A Chronological Theoretical Review (2014)
    Hindawi
    Details
    Publication Date: 2014-08-25
    Description: This paper evaluates the current state of the literature concerning the effects of exchange rate movements on trade balance. Thus, this paper is a review article and provides a survey of the alternative theories that focus on the effect of exchange rate changes on the trade balance. It systemizes the literature into four distinct reviews and approaches following the chronological order. The paper presents the (a) Standard Theory of International Trade, (b) Elasticity Approach, (c) Keynesian Absorption Approach, and (d) Monetary Approach. The study shows that higher attention should be given for the most plausible dynamic theory in this field, known as the J-Curve.
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  • 10
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    Investigating the Existence of Chaos in Inflation Data in relation to Chaotic Foreign Exchange Rate (2014)
    Hindawi
    Details
    Publication Date: 2014-10-22
    Description: Foreign exchange (ForEx) rates are amongst the most important economic indices in the international monetary markets. ForEx rate represents the value of one currency in another and it fluctuates over time. It is related to indicators like inflation, interest rate, gross domestic product, and so forth. In a series of works, we investigated and confirmed the chaotic property of ForEx rates by finding positive largest Lyapunov exponent (LLE). As inflation influences ForEx, in this work we would like to address the specific question, Is inflation data also chaotic? We collected data for time period of 2000 to 2013 and tested for nonlinearity in data by surrogate method. Calculating LLE, we find existence of chaos in inflation data for some countries.
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  • 11
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    Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success (2014)
    Hindawi
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    Publication Date: 2014-09-10
    Description: This study assesses the effects of fiscal policy on economic growth in a sample of 96 countries from 1990 to 2010. Ordinary Least Squares (OLS) and Extreme Bound Analysis are mainly estimated in order to investigate whether public investments, human capital, and political stability affect growth controlling for initial output and human capital levels. Furthermore, in this empirical research four subsets of independent variables were used: (a) demographic factors, (b) political determinants, (c) region variables, and (d) variables regarding macroeconomic policy. Empirical results suggest that there is an important difference in the impact of public and private sector investments on the growth of per capita income. Moreover, political indicators such as corruption control, rule of law, and government effectiveness have a high impact on economic growth. Demographic factors, including fertility rate and mortality growth, as well as several macroeconomic variables, like inflation rate index and government consumption, were estimated to be statistically significant factors of economic performance. Fiscal volatility may also be a new possible channel of macroeconomic instability that leads to lower growth. Policy implications of the findings are discussed in detail.
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  • 12
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    Exchange Rates and Monetary Fundamentals: What Do We Learn from Linear and Nonlinear Regressions? (2014)
    Hindawi
    Details
    Publication Date: 2014-09-10
    Description: This paper revisits the association between exchange rates and monetary fundamentals with the focus on both linear and nonlinear approaches. With the monthly data of Euro/US dollar and Japanese yen/US dollar, our linear analysis demonstrates the monetary model is a long-run description of exchange rate movements, and our nonlinear modelling suggests the error correction model describes the short-run adjustment of deviations of exchange rates, and monetary fundamentals are capable of explaining exchange rate dynamics under an unrestricted framework.
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  • 13
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    Analysis of Economic Efficiency and Farm Size: A Case Study of Wheat Farmers in Nakuru District, Kenya (2014)
    Hindawi
    Details
    Publication Date: 2014-10-17
    Description: The primary objective of this study is to examine the effect of farm size on economic efficiency among wheat producers and to suggest ways to improve wheat production in the country. Specifically, the study attempts to estimate the levels of technical, allocative, and economic efficiencies among the sampled 130 large and small scale wheat producers in Nakuru District. The social-economic factors that influence economic efficiency in wheat production have also been determined. Results indicate that the mean technical, allocative, and economic efficiency indices of small scale wheat farmers are 85%, 96%, and 84%, respectively. The corresponding figures for the large scale farmers are 91%, 94%, and 88%, respectively. The number of years of school a farmer has had in formal education, distance to extension advice, and the size of the farm have strong influence on the efficiency levels. The relatively high levels of technical efficiency among the small scale farmers defy the notion that wheat can only be efficiently produced by the large scale farmers.
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  • 14
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    Determinants of Household Savings in India: An Empirical Analysis Using ARDL Approach (2014)
    Hindawi
    Details
    Publication Date: 2014-07-17
    Description: Indian economy witnessed significant transformations in the postreform period both in terms of change in policy paradigm adopting greater market orientation and overall macroeconomic performance with development of a broad-based financial market and increasing global integration. Guided by the fact that domestic savings play a critical role in augmenting capital accumulation and contributing to achieve and sustain high economic growth, an attempt to review and reassess the role of various factors influencing domestic savings under the changed environment is quite relevant for sustaining the growth momentum. In this backdrop, the present study empirically analyzed the role of various determinants of household savings in India with the latest available data. It employed ARDL approach for this purpose due to its suitability for estimating an equation with a mix of stationary and nonstationary variables of order (1) and address potential endogeneity problems. The estimated results revealed that GDP, dependency ratio, interest rate, and inflation have statistically significant influence on household savings in India, both in the long run and short run. As regards policy implications, we suggest that ensuring price stability and avoiding any disruption to the growth process will be useful for augmenting savings and sustaining the savings-growth spiral in India.
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  • 15
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    Predictable Dynamics in the Small Stock Premium (2014)
    Hindawi
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    Publication Date: 2014-02-21
    Description: We start this paper by providing a detailed study of how the mean monthly return on the Small-Minus-Big (SMB) Fama-French factor is affected by the January effect and the stock market return during the preceding month and preceding calendar year. We then proceed to building a predictive model for the monthly SMB factor return that incorporates the January effect and the dependence on both the market return during the preceding month and preceding calendar year. Our findings suggest that a positive small stock premium appears mainly during the years following the years with a negative return on the market as the result of a delayed and stronger reaction of small stocks to good news and a stronger January effect. We also argue that the January effect constitutes a much lesser part of the size effect than it was previously supposed.
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  • 16
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    Segmented Labor Markets and the Distributive Cycle: A Roadmap towards Inclusive Growth (2014)
    Hindawi
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    Publication Date: 2014-05-01
    Description: The paper builds on the Goodwin (1967) model which describes the distributive cycle of capitalist economies whereby mass unemployment is generated periodically through the conflict about income distribution between capital and labor. We add to this model a segmented labor market structure with fluid, latent, and stagnant components. The model exhibits a unique balanced growth path which depends on the speeds with which workers are pushed into or out of the labor market segments. We investigate the stability properties of this growth path with segmented labor markets and find that, though there is a stabilizing inflation barrier term in the wage Phillips curve, the interaction with the latent and stagnant portions of the labor market generates potentially (slowly) destabilizing forces if policy measures are absent that regulate these labor markets. We then introduce an activating labor market policy, where government in addition acts as employer of last resort thereby eliminating the stagnant portion of the labor market, whilst erecting benefit systems that partially sustain the incomes of workers that have to leave the floating/latent labor market of the private sector of the economy. We show that such policies guarantee the macrostability of the economy’s balanced growth path.
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  • 17
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    The Government Subsidy Strategy Choice for Firm’s R&D: Input Subsidy or Product Subsidy? (2014)
    Hindawi
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    Publication Date: 2014-04-16
    Description: To encourage enterprises to conduct technology innovation, the government needs to formulate appropriate subsidies policy. This paper compares two R&D subsidy policies in a supplier-manufacturer supply chain, in which the manufacturer conducts R&D activity for quality improvement. By means of game theory, we investigate the optimal decisions of the players under the two R&D subsidy policies, that is, input subsidy policy and product subsidy policy. Finally, we compare the profits and welfare to explore the better R&D subsidy policy and provide decision support for government to formulate subsidy policy. The results show that under input subsidy policy the optimal production output, quality improvement, profits, government subsidies, and social welfare are all lower than those of product subsidy policy. Therefore, the government should use product subsidy strategy to encourage enterprise R&D activities.
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  • 18
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    An Empirical Analysis of Unpaid Leave in Taiwan (2014)
    Hindawi
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    Publication Date: 2014-11-13
    Description: This paper investigates the factors influencing unpaid leave or furlough in Taiwan. The data used is from the First Social Image Survey in 2009, which focused on work situation, cross-strait relations, interpersonal trust, institutional trust, and other related issues. The sample ages are from 19 to 89. The method used is probit modelling for examining the influences on unpaid leave. The main empirical results find that older workers, people with highest educational attainment, widows and widowers, middle class workers, and workers living in eastern areas are less likely to take unpaid leave from the labour market. In particular, male Mainlander workers are more likely to take unpaid leave. Moreover, female workers with highest educational attainment, widowed, and of middle class are less likely to take unpaid leave. Finally, workers with high earnings are less likely to take unpaid leave, but female workers with high family income and female workers who are divorced or separated have a higher probability of unpaid leave.
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  • 19
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    The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices (2014)
    Hindawi
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    Publication Date: 2014-12-25
    Description: We study the effect of monetary policy shocks on commodity prices. While most of the literature has found that expansionary shocks have a positive effect on aggregate price indices, we study the effect on individual prices of a sample of four commodities. This set of commodity prices is essential to understand the dynamics of the balance of payments in Colombia. The analysis is based on structural VAR models; we identify monetary policy shocks following Kim (1999, 2003) upon quarterly data for commodity prices and their fundamentals for the period from 1980q1 to 2010q3. Our results show that commodity prices overshoot their long run equilibrium in response to a contractionary shock in the US monetary policy and, in contrast with literature, the response of the individual prices considered is stronger than what has been found in aggregate indices. Additionally, it is found that the monetary policy explains a substantial share of the fluctuations in prices.
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  • 20
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    Phillips and Wage Curves: Empirical Evidence from Bosnia and Herzegovina (2014)
    Hindawi
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    Publication Date: 2014-09-01
    Description: This study is an empirical examination of the existence and characteristics of the Phillips curve and the wage curve in Bosnia and Herzegovina. The findings indicate that there is no evidence of the existence of the short-term Phillips curve. Instead, the data suggests that in the short-term an increase in inflation leads to an increase in unemployment. The estimated wage curves indicate that only increases in real payment increase employment. The conclusion of this study is that increases in inflation might have a negative short-term impact on the level of employment in Bosnia and Herzegovina.
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  • 21
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    The Effectiveness and Sustainability of the Sterilization Policy in China (2014)
    Hindawi
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    Publication Date: 2014-08-21
    Description: The aim of this paper is to examine the sterilization policy in China. First, several indices are used to measure the status of China’s markets and to determine effectiveness and sustainability of the sterilization policy and the possible impacts it may have induced. Second, within a microeconomic framework, we incorporate the housing price variable into the target loss function of the monetary authority to explore its financial capabilities and evaluate the effectiveness and sustainability of China’s sterilization policy. The empirical results show that Chinese monetary authorities sterilize almost all of the effects of international capital inflows and increase foreign exchange reserves on the monetary base. That is, increased capital mobility does not sabotage the independence of the Chinese monetary policy. Nevertheless, analyses of the sustainability of sterilization policy indicate that the sustainability of the monetary sterilization policy has been seriously challenged since March 2008, which suggests that Chinese monetary authority has endured tremendous pressure for unsustainable sterilization.
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  • 22
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    The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis (2014)
    Hindawi
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    Publication Date: 2014-08-06
    Description: This study aims to determine the long-run impact of physical and human capital on GDP by using the panel data set of 13 developed and 11 developing countries over the period 1970–2010. Gross fixed capital formation is used as physical capital indicator while education expenditures and life expectancy at birth are used as human capital indicators. Panel DOLS and FMOLS panel cointegrated regression models are exploited to detect the magnitude and sign of the cointegration relationship and compare the effect of these physical and human capital variables according to these two different country groups. As a consequence of panels DOLS and FMOLS models, the impact of physical capital and education expenditures on GDP in the developed countries is determined as higher than the impact in the developing countries. On the other hand, the impact of life expectancy at birth on GDP is determined as higher in the developing countries.
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  • 23
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    Econometric Analysis of Landscape Preferences in Canterbury, New Zealand (2014)
    Hindawi
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    Publication Date: 2014-08-18
    Description: The landscape of rural Canterbury, New Zealand, has evolved from tussock grasslands to one of the most productive dairying areas in the world. While these changes represent a boon for Canterbury’s economy, the visual impact of land-use change has been dramatic. In this paper, we evaluate which changes to the Canterbury landscape have been most pronounced, how people react to those changes, which aspects of the rural landscape are of greatest importance to both urban and rural residents of Canterbury, and whether cost-effective means of mitigating visual changes to the landscape exist. We find that the majority of Cantabrians hold unfavourable views of recent changes to the landscape—particularly with regard to dairying—a finding that is consistent across both urban and rural survey respondents. Using a visual assessment study with cross-classified random effect, we find that dairy cows, irrigators, and silage bales significantly reduce viewers’ subjective evaluations of landscapes while shelterbelts dramatically increase their subjective evaluations. Moreover, native New Zealand shelterbelts are preferred to exotic shelterbelts, but both are preferred to having no shelterbelts, suggesting that the negative visual impacts of dairy farming may be ameliorated by intensified tree planting.
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  • 24
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    Theocharis Problem Reconsidered in Differentiated Oligopoly (2014)
    Hindawi
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    Publication Date: 2014-08-18
    Description: Oligopolies with product differentiation are examined with both quantity-adjusting and price-adjusting firms. Conditions are given for the positivity of the equilibrium outputs as well as for that of the equilibrium prices. The stability of the positive equilibria is then investigated; the positivity and stability conditions are also compared. The dependence of these conditions on the number of firms, their qualifications and the degree of relation between the goods is discussed. The analysis is given by assuming both discrete- and continuous-time scales.
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  • 25
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    Effect of Physician Gender on Demand for Pap Tests (2014)
    Hindawi
    Details
    Publication Date: 2014
    Description: People’s demand for preventive medical care is one type of investment in health. The aim of this paper is to examine women’s demand for secondary prevention in Taiwan, focusing on the role a physician’s gender plays in women’s inclination to undergo Pap tests. Our estimation results show that regional ratio of female doctors has a positive and significant effect on utilization of Pap tests for the full sample and for women aged below 30. In addition, doctor’s gender matters only in utilization of Pap tests not in other types of preventive healthcare services in Taiwan. We suggest that the government may consider liberalizing medical laws to make it legal for trained female nurses or nurse practitioners to perform Pap tests in order to encourage the utilization of Pap tests, especially in rural and mountain areas. The government may also consider subsidizing the use of cervical cancer vaccines to help females prevent cervical cancer.
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    Phillips and Wage Curves: Empirical Evidence from Bosnia and Herzegovina (2014)
    Hindawi
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    Publication Date: 2014
    Description: This study is an empirical examination of the existence and characteristics of the Phillips curve and the wage curve in Bosnia and Herzegovina. The findings indicate that there is no evidence of the existence of the short-term Phillips curve. Instead, the data suggests that in the short-term an increase in inflation leads to an increase in unemployment. The estimated wage curves indicate that only increases in real payment increase employment. The conclusion of this study is that increases in inflation might have a negative short-term impact on the level of employment in Bosnia and Herzegovina.
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    Are Eurozone Fixed Income Markets Integrated? An Analysis Based on Wavelet Multiple Correlation and Cross Correlation (2014)
    Hindawi
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    Publication Date: 2014
    Description: This paper investigates the synchronization of fixed income markets within Eurozone countries using the new wavelet based methodology. Conventional wavelet methods that use multivariate set of variables to calculate pairwise correlation and cross correlation lead to spurious correlation due to possible relationships with other variables, amplification of type-1 errors, and results, in the form of large set of erroneous graphs. Given these disadvantages of conventional wavelet based pairwise correlation and cross-correlation method, we avoid these limitations by using wavelet multiple correlation and multiple cross correlations to analyze the relationships in Eurozone fixed income markets. Our results based on this methodology indicate that Eurozone fixed income markets are highly integrated and this integration grows with timescales, and hence there is almost no scope for independent monetary policy and bond diversification in these countries.
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    Rural Credit and Farms Efficiency: Modelling Farmers Credit Allocation Decisions, Evidences from Benin (2014)
    Hindawi
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    Publication Date: 2014
    Description: This paper analyses farmers’ credit allocation behaviors and their effects on technical efficiency. Data were collected from 476 farmers using the multistage sampling procedure. The stochastic frontier truncated-normal with conditional mean model is used to assess allocation schemes effects on technical efficiency. Tobit model reveals the impact of farmers’ sociodemographic characteristics on efficiency scores. Results reveal that farm revenue (about 2,262,566 Fcfa on average) is positively correlated with land acreage, quantity of labour, and costs of fertilizers and insecticides. Farmers’ behaviors respond to six schemes which are categorized in two allocations contexts: out-farm and in-farm allocations. The model shows that only scheme (e) positively impacts technical efficiency. This scheme refers to the decision to invest credit to purchase better quality of pesticides, herbicides, fertilizers, and so forth. The positive effect of the scheme (c) may be significant under conditions of farmers’ education level improvement. Then, scheme (e) is a better investment for all farmers, but effect of credit allocation to buy agricultural materials is positive only for educated farmers. Efficiency scores are reduced by household size and gender of the household head. Therefore a household with more than 10 members and a woman as head is likely to not be technically efficient.
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    Exchange Rates and Monetary Fundamentals: What Do We Learn from Linear and Nonlinear Regressions? (2014)
    Hindawi
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    Publication Date: 2014
    Description: This paper revisits the association between exchange rates and monetary fundamentals with the focus on both linear and nonlinear approaches. With the monthly data of Euro/US dollar and Japanese yen/US dollar, our linear analysis demonstrates the monetary model is a long-run description of exchange rate movements, and our nonlinear modelling suggests the error correction model describes the short-run adjustment of deviations of exchange rates, and monetary fundamentals are capable of explaining exchange rate dynamics under an unrestricted framework.
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    The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices (2014)
    Hindawi
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    Publication Date: 2014
    Description: We study the effect of monetary policy shocks on commodity prices. While most of the literature has found that expansionary shocks have a positive effect on aggregate price indices, we study the effect on individual prices of a sample of four commodities. This set of commodity prices is essential to understand the dynamics of the balance of payments in Colombia. The analysis is based on structural VAR models; we identify monetary policy shocks following Kim (1999, 2003) upon quarterly data for commodity prices and their fundamentals for the period from 1980q1 to 2010q3. Our results show that commodity prices overshoot their long run equilibrium in response to a contractionary shock in the US monetary policy and, in contrast with literature, the response of the individual prices considered is stronger than what has been found in aggregate indices. Additionally, it is found that the monetary policy explains a substantial share of the fluctuations in prices.
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    Technical Efficiency and Technical Change in Canadian Manufacturing Industries (2014)
    Hindawi
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    Publication Date: 2014
    Description: This study applies the “true fixed effects” panel stochastic frontier methodology to the Canadian KLEMS data set to estimate technical change and technical efficiency in the Canadian manufacturing sector. To account for the endogeneity of capital inputs as well as the possible problems related to omitted variables, a two-stage residual inclusion method is pursued. The first stage is estimated using the dynamic panel GMM method. The results show that Canadian manufacturing industries experienced significant declines in technical efficiencies during the last ten years. This suggests that the observed slowdown in TFP growth during the recent past is partly due to declining technical efficiency.
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    A Complex Dynamical Analysis of the Indian Stock Market (2014)
    Hindawi
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    Publication Date: 2014
    Description: This paper seeks to analyze the dynamical structure of the Indian stock market by considering two major Indian stock market indices, namely, BSE Sensex and CNX Nifty. The recurrence quantification analysis (RQA) is applied on the daily closing data of the two series during the period from January 2, 2002, to October 10, 2013. A Rolling Window of 100 and step size 21 are applied in order to see how both the series behave over time. The analysis based on three RQA measures, namely, % determinism (DET), laminarity (LAM), and trapping time (TT), provides conclusive evidence that the Indian equity market is chaotic in nature. Evidences for phase transition in the Indian equity market around the time of financial crisis are also found.
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    Investigating the Existence of Chaos in Inflation Data in relation to Chaotic Foreign Exchange Rate (2014)
    Hindawi
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    Publication Date: 2014
    Description: Foreign exchange (ForEx) rates are amongst the most important economic indices in the international monetary markets. ForEx rate represents the value of one currency in another and it fluctuates over time. It is related to indicators like inflation, interest rate, gross domestic product, and so forth. In a series of works, we investigated and confirmed the chaotic property of ForEx rates by finding positive largest Lyapunov exponent (LLE). As inflation influences ForEx, in this work we would like to address the specific question, Is inflation data also chaotic? We collected data for time period of 2000 to 2013 and tested for nonlinearity in data by surrogate method. Calculating LLE, we find existence of chaos in inflation data for some countries.
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    Analysis of Economic Efficiency and Farm Size: A Case Study of Wheat Farmers in Nakuru District, Kenya (2014)
    Hindawi
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    Publication Date: 2014
    Description: The primary objective of this study is to examine the effect of farm size on economic efficiency among wheat producers and to suggest ways to improve wheat production in the country. Specifically, the study attempts to estimate the levels of technical, allocative, and economic efficiencies among the sampled 130 large and small scale wheat producers in Nakuru District. The social-economic factors that influence economic efficiency in wheat production have also been determined. Results indicate that the mean technical, allocative, and economic efficiency indices of small scale wheat farmers are 85%, 96%, and 84%, respectively. The corresponding figures for the large scale farmers are 91%, 94%, and 88%, respectively. The number of years of school a farmer has had in formal education, distance to extension advice, and the size of the farm have strong influence on the efficiency levels. The relatively high levels of technical efficiency among the small scale farmers defy the notion that wheat can only be efficiently produced by the large scale farmers.
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    Working the Night Shift: The Impact of Compensating Wages and Local Economic Conditions on Shift Choice (2014)
    Hindawi
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    Publication Date: 2014
    Description: The theory of compensating differentials asserts that night shift workers should receive compensating wage differentials due to undesirable work conditions. In weak local economies, workers may have difficulty finding jobs; thus, these workers might be more likely to accept night shift work and be less concerned with the size of the compensating differential for night shifts. Using CPS data from 2001, this paper employs maximum likelihood estimation of an endogenous switching regression model to analyze wages of day and night shift workers and shift choice. The findings indicate the presence of selection bias, thus emphasizing the importance of correcting for self-selection into night shifts. The average of the estimated wage differentials for night shift work is negative for the overall sample, with differentials varying by worker characteristics. The shift differential is found to be a statistically significant predictor of shift choice, indicating that shift premiums play an important role in motivating individuals to select night shift work. Using two measures of local economic conditions and a new method of analyzing interaction effects in the context of an endogenous switching regression model, this paper finds limited evidence that weak local economic conditions lessen the impact of compensating differentials on shift choice.
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    An Empirical Analysis of Unpaid Leave in Taiwan (2014)
    Hindawi
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    Publication Date: 2014
    Description: This paper investigates the factors influencing unpaid leave or furlough in Taiwan. The data used is from the First Social Image Survey in 2009, which focused on work situation, cross-strait relations, interpersonal trust, institutional trust, and other related issues. The sample ages are from 19 to 89. The method used is probit modelling for examining the influences on unpaid leave. The main empirical results find that older workers, people with highest educational attainment, widows and widowers, middle class workers, and workers living in eastern areas are less likely to take unpaid leave from the labour market. In particular, male Mainlander workers are more likely to take unpaid leave. Moreover, female workers with highest educational attainment, widowed, and of middle class are less likely to take unpaid leave. Finally, workers with high earnings are less likely to take unpaid leave, but female workers with high family income and female workers who are divorced or separated have a higher probability of unpaid leave.
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    Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success (2014)
    Hindawi
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    Publication Date: 2014
    Description: This study assesses the effects of fiscal policy on economic growth in a sample of 96 countries from 1990 to 2010. Ordinary Least Squares (OLS) and Extreme Bound Analysis are mainly estimated in order to investigate whether public investments, human capital, and political stability affect growth controlling for initial output and human capital levels. Furthermore, in this empirical research four subsets of independent variables were used: (a) demographic factors, (b) political determinants, (c) region variables, and (d) variables regarding macroeconomic policy. Empirical results suggest that there is an important difference in the impact of public and private sector investments on the growth of per capita income. Moreover, political indicators such as corruption control, rule of law, and government effectiveness have a high impact on economic growth. Demographic factors, including fertility rate and mortality growth, as well as several macroeconomic variables, like inflation rate index and government consumption, were estimated to be statistically significant factors of economic performance. Fiscal volatility may also be a new possible channel of macroeconomic instability that leads to lower growth. Policy implications of the findings are discussed in detail.
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    The Effect of Exchange Rate Movements on Trade Balance: A Chronological Theoretical Review (2014)
    Hindawi
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    Publication Date: 2014
    Description: This paper evaluates the current state of the literature concerning the effects of exchange rate movements on trade balance. Thus, this paper is a review article and provides a survey of the alternative theories that focus on the effect of exchange rate changes on the trade balance. It systemizes the literature into four distinct reviews and approaches following the chronological order. The paper presents the (a) Standard Theory of International Trade, (b) Elasticity Approach, (c) Keynesian Absorption Approach, and (d) Monetary Approach. The study shows that higher attention should be given for the most plausible dynamic theory in this field, known as the J-Curve.
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    Risk Management at the Macroeconomy Level and Development in Developing Countries (2014)
    Hindawi
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    Publication Date: 2014-05-20
    Description: This paper examines the impact of risk management at the macroeconomy level on economic development in developing countries. Based on data from the World Bank, we use a sample of sixty-three developing economies and find that selected indicators related to risk management at the macroeconomy level do have a statistically significant effect on economic development in these countries. We observe that high inflation rates do not seem to statistically affect economic development even though the coefficient estimate of this variable does have the anticipated negative sign. Regression results show that almost sixty percent of cross-developing country variations in purchasing power parity per capita gross national income can be explained by its linear dependency on the share of international reserves in the GDP and the Worldwide Governance Indicators average. Statistical results of such empirical examination will assist governments in developing countries identify risk management strategies at the macroeconomy level that may be used as powerful instruments for economic development.
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    The Remittances-Output Nexus: Empirical Evidence from Egypt (2014)
    Hindawi
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    Publication Date: 2014-05-23
    Description: This paper examines the long-run causal link between remittances and output in Egypt for the period 1977–2012. The long-run causal link is examined using the autoregressive distributed lag (ARDL) bounds test for cointegration, along with a vector error-correction model to estimate the short- and long-run parameters of equilibrium dynamics. Results show that remittances and GDP are cointegrated, with a statistically significant, positive causality running from remittances to output, while output is found not to be a long-run forcing factor of remittances in Egypt. The findings of this paper shed light on the importance of remittances for promoting economic growth in Egypt. Governmental policies that attract more remittance inflows, along with their efficient use, could promote economic growth in Egypt.
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    Domestic Investment, Foreign Direct Investment, and Economic Growth Nexus: A Case of Pakistan (2014)
    Hindawi
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    Publication Date: 2014-06-30
    Description: This study aims to find dynamic interaction between domestic investment, foreign direct investment, and economic growth in Pakistan for the period 1976–2010. Phillips and Perron (PP) test is used to assess unit root in the concerned data series. Johansen cointegration approach applied to examine the long run relationship and Toda-Yamamoto causality approach is exercised to evaluate causal linkages. Besides foreign direct investment inflow to Pakistan and domestic investments variables, this study also used GDP as a third variable in order to avoid misspecification problems in the model and also to know the interrelationship between the variables. The empirical findings of this study reveal the existence of long run relationship between domestic investments, foreign direct investment, and economic growth, further supported by Toda-Yamamoto causality, and bidirectional causality has been found between FDI and domestic investment implying that both domestic investment and FDI cause each other.
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    Optimal Penalties on Deviations from Budgetary Targets (2014)
    Hindawi
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    Publication Date: 2014-06-03
    Description: Beyond traditional arguments justifying the introduction of fiscal rules, this paper analyses their potential contribution to an indirect budgetary coordination between the member countries of a monetary union. Indeed, thanks to appropriate fiscal penalties, the noncooperative and decentralized equilibrium could get closer to the optimal equilibrium where the budgetary authorities cooperate. Our macroeconomic model shows that whatever penalty on the structural budgetary deficit would be optimal in case of asymmetric shocks. A moderate penalty on the excessive indebtedness level would be optimal in “normal times,” or in case of asymmetric shocks if openness to trade and price flexibility are sufficiently high, whereas the share of public consumption in GDP, taxations rates, and indebtedness levels is sufficiently weak in the monetary union. Besides, in case of symmetric shocks, a fiscal penalty would be useful to decrease the excessive budgetary activism, even if it doesn’t allow reaching the optimal and first-best equilibrium. Furthermore, the fiscal penalty should always be an increasing function of the share of public consumption in GDP and of taxation rates but a decreasing function of the strength of automatic stabilizers, of openness to trade, and of price flexibility in the member countries of the monetary union.
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    An Empirical Estimation of the Underground Economy in Ghana (2014)
    Hindawi
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    Publication Date: 2014-07-22
    Description: The main aim of this paper is to estimate the size of the underground economy in Ghana during the period 1983–2003. There is no agreement on the appropriate estimation approach to adopt to measure the size of the underground activities. To this end, we employ the well-applied currency demand approach in our measurement. Parameter estimates from the estimated currency demand equation are used in quantifying the ratio of “underground” to “measured” output/income for the Ghanaian economy. The estimated long-run average size of the underground economy to GDP for Ghana over the period is 40%. The underground economy is found to vary from a high of 54% in 1985 to a low of 25% in 1999. Estimates may represent lower bound estimates.
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    The Collaboration of SMEs through Clusters as Defense against Economic Crisis (2014)
    Hindawi
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    Publication Date: 2014-07-25
    Description: The aim of this paper is to present the realistic solution to the survival problem that SMEs have during the economic crisis. The role of SMEs is very important in the development of the regional and national economy of each country, particularly for small countries like Greece. On the other hand, universities also play a significant role in the national economy, since they provide Know-How and important research in the SMEs. Nevertheless, due to their small size and financial weakness, especially on the grounds of economic crisis, SMEs would not be able to cover on their own the cost of purchase of university research. The author of this working paper suggests the collaboration of SMEs in the form of clusters so as to be able to self-fund and absorb university Know-How at the same time.
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    Trade Negotiation Capacity and Health Carve-Outs in Trade Agreements (2014)
    Hindawi
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    Publication Date: 2014-07-24
    Description: There is a dearth of scholarship on the relationship between international trade and health status in countries. This paper contributes to filling this gap by proposing a formal analytical framework to study the link between the extent of health issues carved out from trade agreements by negotiating countries and their expenditure on public health. We also examine the role played by the nature of the political and fiscal regime prevalent in the country in the securing of the carve-outs. The model predicts that a higher level of carve-outs is more likely for countries that have relatively low levels of public health spending and which tend to be more politically free and fiscally liberal. We provide anecdotal evidence that supports our findings.
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    Relationship between Fiscal Subsidies and CO2 Emissions: Evidence from Cross-Country Empirical Estimates (2014)
    Hindawi
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    Publication Date: 2014-07-24
    Description: Countries disburse subsidies with various motivations, for example, to promote industrial development, facilitate innovation, support national champions, and ensure redistribution. The devolution of subsidies may however also encourage economic activities leading to climate change related concerns, reflected through higher greenhouse gases (GHGs) emissions, if such activities are conducted beyond sustainable point. Through a cross-country empirical analysis involving 131 countries over 1990–2010, the present analysis observes that higher proportional devolution of budgetary subsidies leads to higher CO2 emissions. The countries with higher CO2 emissions are also characterized by higher per capita GDP, greater share of manufacturing sector in their GDP, and higher level of urbanization. In addition, the empirical findings underline the importance of the type of government subsidy devolution on CO2 emission pattern. The analysis underlines the importance of limiting provision of subsidies both in developed and developing countries.
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    Regional Convergence in Greece (1995–2005): A Dynamic Panel Perspective (2014)
    Hindawi
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    Publication Date: 2014-06-26
    Description: This paper discusses the issue of regional convergence in Greece during the period 1995–2005. Following the theoretical concept of Barro and Salla-i-Martin, 1990 (- and -convergence concepts), several tests are conducted to test for conditional or unconditional convergence across Greek regions including GMM estimation of Barro regressions. The results indicate absence of convergence across NUTS II regions while there is evidence of convergence at prefectural level (NUTS III). The effect of agriculture industry and services sector is examined and services are found to have significant impact on growth and convergence. Finally, we examine the effect of the implementation of the European funding programs in some detail.
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    Bankruptcy Problem Allocations and the Core of Convex Games (2014)
    Hindawi
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    Publication Date: 2014-06-26
    Description: A well-known result related to bankruptcy problems establishes that a vector is a bankruptcy allocation if and only if it belongs to the core of the associated O’Neill’s bankruptcy game. In this paper we show that this game is precisely the unique TU-game based on convex functions that satisfies the previous result. In addition, given a bankruptcy problem, we show a way for constructing bankruptcy games such that the set of bankruptcy allocations is a subset of their core or their core is a subset of the set of bankruptcy allocations. Also, we show how these results can be applied for finding new bankruptcy solutions.
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    Economics of Bioenergy (2014)
    Hindawi
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    Publication Date: 2014-01-01
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    Evaluation of the 2006–2008 Food Crisis on Household Welfare: The Case of the Sultanate of Oman (2014)
    Hindawi
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    Publication Date: 2014-02-17
    Description: The objective of this paper is to evaluate the impact of high food prices during the 2006–2008 food crisis period on the welfare of households in the Sultanate of Oman. The welfare impacts of price changes are estimated using the Hicksian compensating variation (CV) methodology. The compensating variation was estimated for 4 different income household groups as well as two location groups (urban-rural). Results suggest that all household groups suffered welfare losses due to the food crisis. On average, Omani households need to be compensated about 10.3% of their income for the price increase they experienced during the 2006–2008 period. Rural households are more affected than urban households with a required compensation of 12.4% and 9.87%, respectively. In all cases most of the impact is felt on the first round where no consumption adjustment is made; the second round effect is comparatively small compared to the first-order effect. Total compensation required to compensate all households amounts to O.R. 266 M, that is, a 1.14% of GDP, whereas a compensation targeted to the low-income quartile amounts only to O.R. 26.7 M representing 0.1% of GDP.
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    Resource Constrained Project Scheduling Subject to Due Dates: Preemption Permitted with Penalty (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: Extensive research works have been carried out in resource constrained project scheduling problem. However, scarce researches have studied the problems in which a setup cost must be incurred if activities are preempted. In this research, we investigate the resource constrained project scheduling problem to minimize the total project cost, considering earliness-tardiness and preemption penalties. A mixed integer programming formulation is proposed for the problem. The resulting problem is NP-hard. So, we try to obtain a satisfying solution using simulated annealing (SA) algorithm. The efficiency of the proposed algorithm is tested based on 150 randomly produced examples. Statistical comparison in terms of the computational times and objective function indicates that the proposed algorithm is efficient and effective.
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    Topics: Mathematics , Economics
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    Benchmarking in Data Envelopment Analysis: An Approach Based on Genetic Algorithms and Parallel Programming (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: Data Envelopment Analysis (DEA) is a nonparametric technique to estimate the current level of efficiency of a set of entities. DEA also provides information on how to remove inefficiency through the determination of benchmarking information. This paper is devoted to study DEA models based on closest efficient targets, which are related to the shortest projection to the production frontier and allow inefficient firms to find the easiest way to improve their performance. Usually, these models have been solved by means of unsatisfactory methods since all of them are related in some sense to a combinatorial NP-hard problem. In this paper, the problem is approached by genetic algorithms and parallel programming. In addition, to produce reasonable solutions, a particular metaheuristic is proposed and checked through some numerical instances.
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    Analysis of Economic Efficiency and Farm Size: A Case Study of Wheat Farmers in Nakuru District, Kenya (2014)
    Hindawi
    Details
    Publication Date: 2014-01-01
    Description: The primary objective of this study is to examine the effect of farm size on economic efficiency among wheat producers and to suggest ways to improve wheat production in the country. Specifically, the study attempts to estimate the levels of technical, allocative, and economic efficiencies among the sampled 130 large and small scale wheat producers in Nakuru District. The social-economic factors that influence economic efficiency in wheat production have also been determined. Results indicate that the mean technical, allocative, and economic efficiency indices of small scale wheat farmers are 85%, 96%, and 84%, respectively. The corresponding figures for the large scale farmers are 91%, 94%, and 88%, respectively. The number of years of school a farmer has had in formal education, distance to extension advice, and the size of the farm have strong influence on the efficiency levels. The relatively high levels of technical efficiency among the small scale farmers defy the notion that wheat can only be efficiently produced by the large scale farmers.
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    The Effect of Exchange Rate Movements on Trade Balance: A Chronological Theoretical Review (2014)
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    Publication Date: 2014-01-01
    Description: This paper evaluates the current state of the literature concerning the effects of exchange rate movements on trade balance. Thus, this paper is a review article and provides a survey of the alternative theories that focus on the effect of exchange rate changes on the trade balance. It systemizes the literature into four distinct reviews and approaches following the chronological order. The paper presents the (a) Standard Theory of International Trade, (b) Elasticity Approach, (c) Keynesian Absorption Approach, and (d) Monetary Approach. The study shows that higher attention should be given for the most plausible dynamic theory in this field, known as the J-Curve.
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    Regional Convergence in Greece (1995–2005): A Dynamic Panel Perspective (2014)
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    Publication Date: 2014-01-01
    Description: This paper discusses the issue of regional convergence in Greece during the period 1995–2005. Following the theoretical concept of Barro and Salla-i-Martin, 1990 (β- and σ-convergence concepts), several tests are conducted to test for conditional or unconditional convergence across Greek regions including GMM estimation of Barro regressions. The results indicate absence of convergence across NUTS II regions while there is evidence of convergence at prefectural level (NUTS III). The effect of agriculture industry and services sector is examined and services are found to have significant impact on growth and convergence. Finally, we examine the effect of the implementation of the European funding programs in some detail.
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    Theocharis Problem Reconsidered in Differentiated Oligopoly (2014)
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    Publication Date: 2014-01-01
    Description: Oligopolies with product differentiation are examined with both quantity-adjusting and price-adjusting firms. Conditions are given for the positivity of the equilibrium outputs as well as for that of the equilibrium prices. The stability of the positive equilibria is then investigated; the positivity and stability conditions are also compared. The dependence of these conditions on the number of firms, their qualifications and the degree of relation between the goods is discussed. The analysis is given by assuming both discrete- and continuous-time scales.
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    Investigating the Existence of Chaos in Inflation Data in relation to Chaotic Foreign Exchange Rate (2014)
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    Publication Date: 2014-01-01
    Description: Foreign exchange (ForEx) rates are amongst the most important economic indices in the international monetary markets. ForEx rate represents the value of one currency in another and it fluctuates over time. It is related to indicators like inflation, interest rate, gross domestic product, and so forth. In a series of works, we investigated and confirmed the chaotic property of ForEx rates by finding positive largest Lyapunov exponent (LLE). As inflation influences ForEx, in this work we would like to address the specific question, Is inflation data also chaotic? We collected data for time period of 2000 to 2013 and tested for nonlinearity in data by surrogate method. Calculating LLE, we find existence of chaos in inflation data for some countries.
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    Phillips and Wage Curves: Empirical Evidence from Bosnia and Herzegovina (2014)
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    Publication Date: 2014-01-01
    Description: This study is an empirical examination of the existence and characteristics of the Phillips curve and the wage curve in Bosnia and Herzegovina. The findings indicate that there is no evidence of the existence of the short-term Phillips curve. Instead, the data suggests that in the short-term an increase in inflation leads to an increase in unemployment. The estimated wage curves indicate that only increases in real payment increase employment. The conclusion of this study is that increases in inflation might have a negative short-term impact on the level of employment in Bosnia and Herzegovina.
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    Public Investments, Human Capital, and Political Stability: The Triptych of Economic Success (2014)
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    Publication Date: 2014-01-01
    Description: This study assesses the effects of fiscal policy on economic growth in a sample of 96 countries from 1990 to 2010. Ordinary Least Squares (OLS) and Extreme Bound Analysis are mainly estimated in order to investigate whether public investments, human capital, and political stability affect growth controlling for initial output and human capital levels. Furthermore, in this empirical research four subsets of independent variables were used: (a) demographic factors, (b) political determinants, (c) region variables, and (d) variables regarding macroeconomic policy. Empirical results suggest that there is an important difference in the impact of public and private sector investments on the growth of per capita income. Moreover, political indicators such as corruption control, rule of law, and government effectiveness have a high impact on economic growth. Demographic factors, including fertility rate and mortality growth, as well as several macroeconomic variables, like inflation rate index and government consumption, were estimated to be statistically significant factors of economic performance. Fiscal volatility may also be a new possible channel of macroeconomic instability that leads to lower growth. Policy implications of the findings are discussed in detail.
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    Exchange Rate Movement and Foreign Direct Investment in Asean Economies (2014)
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    Publication Date: 2014-01-01
    Description: The inflows of foreign direct investment (FDI) are important for a country's economic development, but the world market for FDI has become more competitive. This paper empirically analyses the exchange rate movements and foreign direct investment (FDI) relationship using annual data on ASEAN economies, that is, Malaysia, the Philippines, Thailand, and Singapore. By employing ARDL bounds test approach, the empirical results show the existence of significant long-run cointegration between exchange rate and FDI for the case of Singapore, Malaysia, and the Philippines with all countries recording negative coefficient implying that the appreciation of Singapore dollar, Malaysian ringgit, and the Philippine peso has a positive impact on FDI inflows. Using the ECM based ARDL approach for causality test, both Singapore and the Philippines show long-run bidirectional causality between exchange rate and FDI whereas long-run unidirectional causality running from the exchange rate to FDI in Malaysia. Furthermore, this study also found that short-run unidirectional causality running from the exchange rate to FDI exists in Singapore.
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    The Effect of Monetary Policy on Commodity Prices: Disentangling the Evidence for Individual Prices (2014)
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    Publication Date: 2014-01-01
    Description: We study the effect of monetary policy shocks on commodity prices. While most of the literature has found that expansionary shocks have a positive effect on aggregate price indices, we study the effect on individual prices of a sample of four commodities. This set of commodity prices is essential to understand the dynamics of the balance of payments in Colombia. The analysis is based on structural VAR models; we identify monetary policy shocks following Kim (1999, 2003) upon quarterly data for commodity prices and their fundamentals for the period from 1980q1 to 2010q3. Our results show that commodity prices overshoot their long run equilibrium in response to a contractionary shock in the US monetary policy and, in contrast with literature, the response of the individual prices considered is stronger than what has been found in aggregate indices. Additionally, it is found that the monetary policy explains a substantial share of the fluctuations in prices.
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    An Empirical Analysis of Unpaid Leave in Taiwan (2014)
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    Publication Date: 2014-01-01
    Description: This paper investigates the factors influencing unpaid leave or furlough in Taiwan. The data used is from the First Social Image Survey in 2009, which focused on work situation, cross-strait relations, interpersonal trust, institutional trust, and other related issues. The sample ages are from 19 to 89. The method used is probit modelling for examining the influences on unpaid leave. The main empirical results find that older workers, people with highest educational attainment, widows and widowers, middle class workers, and workers living in eastern areas are less likely to take unpaid leave from the labour market. In particular, male Mainlander workers are more likely to take unpaid leave. Moreover, female workers with highest educational attainment, widowed, and of middle class are less likely to take unpaid leave. Finally, workers with high earnings are less likely to take unpaid leave, but female workers with high family income and female workers who are divorced or separated have a higher probability of unpaid leave.
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    Technical Efficiency and Technical Change in Canadian Manufacturing Industries (2014)
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    Publication Date: 2014-01-01
    Description: This study applies the “true fixed effects” panel stochastic frontier methodology to the Canadian KLEMS data set to estimate technical change and technical efficiency in the Canadian manufacturing sector. To account for the endogeneity of capital inputs as well as the possible problems related to omitted variables, a two-stage residual inclusion method is pursued. The first stage is estimated using the dynamic panel GMM method. The results show that Canadian manufacturing industries experienced significant declines in technical efficiencies during the last ten years. This suggests that the observed slowdown in TFP growth during the recent past is partly due to declining technical efficiency.
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    A Complex Dynamical Analysis of the Indian Stock Market (2014)
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    Publication Date: 2014-01-01
    Description: This paper seeks to analyze the dynamical structure of the Indian stock market by considering two major Indian stock market indices, namely, BSE Sensex and CNX Nifty. The recurrence quantification analysis (RQA) is applied on the daily closing data of the two series during the period from January 2, 2002, to October 10, 2013. A Rolling Window of 100 and step size 21 are applied in order to see how both the series behave over time. The analysis based on three RQA measures, namely, % determinism (DET), laminarity (LAM), and trapping time (TT), provides conclusive evidence that the Indian equity market is chaotic in nature. Evidences for phase transition in the Indian equity market around the time of financial crisis are also found.
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    Effect of Physician Gender on Demand for Pap Tests (2014)
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    Publication Date: 2014-01-01
    Description: People’s demand for preventive medical care is one type of investment in health. The aim of this paper is to examine women’s demand for secondary prevention in Taiwan, focusing on the role a physician’s gender plays in women’s inclination to undergo Pap tests. Our estimation results show that regional ratio of female doctors has a positive and significant effect on utilization of Pap tests for the full sample and for women aged below 30. In addition, doctor’s gender matters only in utilization of Pap tests not in other types of preventive healthcare services in Taiwan. We suggest that the government may consider liberalizing medical laws to make it legal for trained female nurses or nurse practitioners to perform Pap tests in order to encourage the utilization of Pap tests, especially in rural and mountain areas. The government may also consider subsidizing the use of cervical cancer vaccines to help females prevent cervical cancer.
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    Exchange Rates and Monetary Fundamentals: What Do We Learn from Linear and Nonlinear Regressions? (2014)
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    Publication Date: 2014-01-01
    Description: This paper revisits the association between exchange rates and monetary fundamentals with the focus on both linear and nonlinear approaches. With the monthly data of Euro/US dollar and Japanese yen/US dollar, our linear analysis demonstrates the monetary model is a long-run description of exchange rate movements, and our nonlinear modelling suggests the error correction model describes the short-run adjustment of deviations of exchange rates, and monetary fundamentals are capable of explaining exchange rate dynamics under an unrestricted framework.
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    Working the Night Shift: The Impact of Compensating Wages and Local Economic Conditions on Shift Choice (2014)
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    Publication Date: 2014-01-01
    Description: The theory of compensating differentials asserts that night shift workers should receive compensating wage differentials due to undesirable work conditions. In weak local economies, workers may have difficulty finding jobs; thus, these workers might be more likely to accept night shift work and be less concerned with the size of the compensating differential for night shifts. Using CPS data from 2001, this paper employs maximum likelihood estimation of an endogenous switching regression model to analyze wages of day and night shift workers and shift choice. The findings indicate the presence of selection bias, thus emphasizing the importance of correcting for self-selection into night shifts. The average of the estimated wage differentials for night shift work is negative for the overall sample, with differentials varying by worker characteristics. The shift differential is found to be a statistically significant predictor of shift choice, indicating that shift premiums play an important role in motivating individuals to select night shift work. Using two measures of local economic conditions and a new method of analyzing interaction effects in the context of an endogenous switching regression model, this paper finds limited evidence that weak local economic conditions lessen the impact of compensating differentials on shift choice.
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    The Effectiveness and Sustainability of the Sterilization Policy in China (2014)
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    Publication Date: 2014-01-01
    Description: The aim of this paper is to examine the sterilization policy in China. First, several indices are used to measure the status of China’s markets and to determine effectiveness and sustainability of the sterilization policy and the possible impacts it may have induced. Second, within a microeconomic framework, we incorporate the housing price variable into the target loss function of the monetary authority to explore its financial capabilities and evaluate the effectiveness and sustainability of China’s sterilization policy. The empirical results show that Chinese monetary authorities sterilize almost all of the effects of international capital inflows and increase foreign exchange reserves on the monetary base. That is, increased capital mobility does not sabotage the independence of the Chinese monetary policy. Nevertheless, analyses of the sustainability of sterilization policy indicate that the sustainability of the monetary sterilization policy has been seriously challenged since March 2008, which suggests that Chinese monetary authority has endured tremendous pressure for unsustainable sterilization.
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    Econometric Analysis of Landscape Preferences in Canterbury, New Zealand (2014)
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    Publication Date: 2014-01-01
    Description: The landscape of rural Canterbury, New Zealand, has evolved from tussock grasslands to one of the most productive dairying areas in the world. While these changes represent a boon for Canterbury’s economy, the visual impact of land-use change has been dramatic. In this paper, we evaluate which changes to the Canterbury landscape have been most pronounced, how people react to those changes, which aspects of the rural landscape are of greatest importance to both urban and rural residents of Canterbury, and whether cost-effective means of mitigating visual changes to the landscape exist. We find that the majority of Cantabrians hold unfavourable views of recent changes to the landscape—particularly with regard to dairying—a finding that is consistent across both urban and rural survey respondents. Using a visual assessment study with cross-classified random effect, we find that dairy cows, irrigators, and silage bales significantly reduce viewers’ subjective evaluations of landscapes while shelterbelts dramatically increase their subjective evaluations. Moreover, native New Zealand shelterbelts are preferred to exotic shelterbelts, but both are preferred to having no shelterbelts, suggesting that the negative visual impacts of dairy farming may be ameliorated by intensified tree planting.
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    The Long-Term Impact of Human Capital Investment on GDP: A Panel Cointegrated Regression Analysis (2014)
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    Publication Date: 2014-01-01
    Description: This study aims to determine the long-run impact of physical and human capital on GDP by using the panel data set of 13 developed and 11 developing countries over the period 1970–2010. Gross fixed capital formation is used as physical capital indicator while education expenditures and life expectancy at birth are used as human capital indicators. Panel DOLS and FMOLS panel cointegrated regression models are exploited to detect the magnitude and sign of the cointegration relationship and compare the effect of these physical and human capital variables according to these two different country groups. As a consequence of panels DOLS and FMOLS models, the impact of physical capital and education expenditures on GDP in the developed countries is determined as higher than the impact in the developing countries. On the other hand, the impact of life expectancy at birth on GDP is determined as higher in the developing countries.
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    Are Eurozone Fixed Income Markets Integrated? An Analysis Based on Wavelet Multiple Correlation and Cross Correlation (2014)
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    Publication Date: 2014-01-01
    Description: This paper investigates the synchronization of fixed income markets within Eurozone countries using the new wavelet based methodology. Conventional wavelet methods that use multivariate set of variables to calculate pairwise correlation and cross correlation lead to spurious correlation due to possible relationships with other variables, amplification of type-1 errors, and results, in the form of large set of erroneous graphs. Given these disadvantages of conventional wavelet based pairwise correlation and cross-correlation method, we avoid these limitations by using wavelet multiple correlation and multiple cross correlations to analyze the relationships in Eurozone fixed income markets. Our results based on this methodology indicate that Eurozone fixed income markets are highly integrated and this integration grows with timescales, and hence there is almost no scope for independent monetary policy and bond diversification in these countries.
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    A Mathematical Model for Optimizing Organizational Learning Capability (2014)
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    Publication Date: 2014-01-01
    Description: Learning capability is the basis of evolution in every organization. Since the simplification and development of learning level in any organization seems to be necessary, in this paper we represent a mathematical model to maximize organizational learning capability. The proposed mathematical model focuses on required cost, labor, and capital, for implementation of ten effective factors on learning capability in different parts of an organization so that they are effective in learning capability with least cost for organization. To measure the factors in different parts of an organization some metrics are introduced. Computational tests confirm the effectiveness of the model. The model is optimized by epsilon constraint while it is multiobjective one. The validation of the model is also reported to emphasize the validity and applicability of the proposed methodology.
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    Production Scheduling of Open Pit Mines Using Particle Swarm Optimization Algorithm (2014)
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    Publication Date: 2014-01-01
    Description: Determining an optimum long term production schedule is an important part of the planning process of any open pit mine; however, the associated optimization problem is demanding and hard to deal with, as it involves large datasets and multiple hard and soft constraints which makes it a large combinatorial optimization problem. In this paper a procedure has been proposed to apply a relatively new and computationally less expensive metaheuristic technique known as particle swarm optimization (PSO) algorithm to this computationally challenging problem of the open pit mines. The performance of different variants of the PSO algorithm has been studied and the results are presented.
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    Disaggregation of Statistical Livestock Data Using the Entropy Approach (2014)
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    Publication Date: 2014-01-01
    Description: A process of agricultural data disaggregation is developed to address the lack of updated disaggregated data concerning main livestock categories at subregional and county level in the Alentejo Region, southern Portugal. The model developed considers that the number of livestock units is a function of the agricultural and forest occupation, and data concerning the existing agricultural and forest occupation, as well as the conversion of livestock numbers into normal heads, are needed in order to find this relation. The weight of each livestock class is estimated using a dynamic process based on a generalized maximum entropy model and on a crossentropy minimization model, which comprises two stages. The model was applied to the county of Castelo de Vide and their results were validated in cross reference to real data from different sources.
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    Insensitive Bounds for the Stationary Distribution of a Single Server Retrial Queue with Server Subject to Active Breakdowns (2014)
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    Publication Date: 2014-01-01
    Description: The paper addresses monotonicity properties of the single server retrial queue with no waiting room and server subject to active breakdowns. The obtained results allow us to place in a prominent position the insensitive bounds for the stationary distribution of the embedded Markov chain related to the model in the study. Numerical illustrations are provided to support the results.
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    Mathematical Analysis of Queue with Phase Service: An Overview (2014)
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    Publication Date: 2014-01-01
    Description: We discuss various aspects of phase service queueing models. A large number of models have been developed in the area of queueing theory incorporating the concept of phase service. These phase service queueing models have been investigated for resolving the congestion problems of many day-to-day as well as industrial scenarios. In this survey paper, an attempt has been made to review the work done by the prominent researchers on the phase service queues and their applications in several realistic queueing situations. The methodology used by several researchers for solving various phase service queueing models has also been described. We have classified the related literature based on modeling and methodological concepts. The main objective of present paper is to provide relevant information to the system analysts, managers, and industry people who are interested in using queueing theory to model congestion problems wherein the phase type services are prevalent.
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    A Hybrid Grey Relational Analysis and Nondominated Sorting Genetic Algorithm-II for Project Portfolio Selection (2014)
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    Publication Date: 2014-01-01
    Description: Project selection and formation of an optimal portfolio of selected projects are among the main challenges of project management. For this purpose, several factors and indicators are simultaneously examined considering the terms and conditions of the decision problem. Obviously, both qualitative and quantitative factors may influence the formation of a portfolio of projects. In this study, the projects were first ranked using grey relational analysis to form an optimal portfolio of projects and to create an expert system for the final project selection. Because of the fuzzy nature of the environmental risk of each project, the environmental risk was predicted and analyzed using the fuzzy inference system and failure mode and effect analysis based on fuzzy rules. Then, the rank and risk of each project were optimized using a two-objective zero-one mathematical programming model considering the practical constraints of the decision problem through the nondominated sorting genetic algorithm-II (NSGA-II). A case study was used to discuss the practical methodology for selecting a portfolio of projects.
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    An Optimization Model for Product Placement on Product Listing Pages (2014)
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    Publication Date: 2014-01-01
    Description: The design of product listing pages is a key component of Website design because it has significant influence on the sales volume on a Website. This study focuses on product placement in designing product listing pages. Product placement concerns how venders of online stores place their products over the product listing pages for maximization of profit. This problem is very similar to the offline shelf management problem. Since product information sources on a Web page are typically communicated through the text and image, visual stimuli such as color, shape, size, and spatial arrangement often have an effect on the visual attention of online shoppers and, in turn, influence their eventual purchase decisions. In view of the above, this study synthesizes the visual attention literature and theory of shelf-space allocation to develop a mathematical programming model with genetic algorithms for finding optimal solutions to the focused issue. The validity of the model is illustrated with example problems.
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    Selection of Vendor Based on Intuitionistic Fuzzy Analytical Hierarchy Process (2014)
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    Publication Date: 2014-01-01
    Description: Business environment is characterized by greater domestic and international competitive position in the global market. Vendors play a key role in achieving the so-called corporate competition. It is not easy however to identify good vendors because evaluation is based on multiple criteria. In practice, for VSP most of the input information about the criteria is not known precisely. Intuitionistic fuzzy set is an extension of the classical fuzzy set theory (FST), which is a suitable way to deal with impreciseness. In other words, the application of intuitionistic fuzzy sets instead of fuzzy sets means the introduction of another degree of freedom called nonmembership function into the set description. In this paper, we proposed a triangular intuitionistic fuzzy number based approach for the vendor selection problem using analytical hierarchy process. The crisp data of the vendors is represented in the form of triangular intuitionistic fuzzy numbers. By applying AHP which involves decomposition, pairwise comparison, and deriving priorities for the various levels of the hierarchy, an overall crisp priority is obtained for ranking the best vendor. A numerical example illustrates our method. Lastly a sensitivity analysis is performed to find the most critical criterion on the basis of which vendor is selected.
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    Algorithms for Location Problems Based on Angular Distances (2014)
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    Publication Date: 2014-01-01
    Description: This paper describes four mathematical models for the single-facility location problems based on four special distance metrics and algorithms for solving such problems. In this study, algorithms of solving Weber problems using four distance predicting functions (DPFs) are proposed in accordance with four strategies for manipulator control. A numerical example is presented in this proposal as an analytical proof of the optimality of their results.
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    Heuristic-Based Firefly Algorithm for Bound Constrained Nonlinear Binary Optimization (2014)
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    Publication Date: 2014-01-01
    Description: Firefly algorithm (FA) is a metaheuristic for global optimization. In this paper, we address the practical testing of a heuristic-based FA (HBFA) for computing optima of discrete nonlinear optimization problems, where the discrete variables are of binary type. An important issue in FA is the formulation of attractiveness of each firefly which in turn affects its movement in the search space. Dynamic updating schemes are proposed for two parameters, one from the attractiveness term and the other from the randomization term. Three simple heuristics capable of transforming real continuous variables into binary ones are analyzed. A new sigmoid “erf” function is proposed. In the context of FA, three different implementations to incorporate the heuristics for binary variables into the algorithm are proposed. Based on a set of benchmark problems, a comparison is carried out with other binary dealing metaheuristics. The results demonstrate that the proposed HBFA is efficient and outperforms binary versions of differential evolution (DE) and particle swarm optimization (PSO). The HBFA also compares very favorably with angle modulated version of DE and PSO. It is shown that the variant of HBFA based on the sigmoid “erf” function with “movements in continuous space” is the best, in terms of both computational requirements and accuracy.
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    Lot Size Decisions for Vendor-Buyer System with Quantity Discount, Partial Backorder, and Stochastic Demand (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: This paper presents production-inventory model for two-echelon system consisting of single vendor and single buyer. The proposed model contributes to the current inventory literature by incorporating quantity discount scheme into stochastic vendor-buyer model. Almost all vendor-buyer inventory models have discussed this scheme in single-echelon system and deterministic demand situation. Here, we assume that the demand of the buyer is normally distributed and the unmet demand is considered to be partially backordered. In addition, the lead time is variable and consists of production time and nonproductive time. The quantity discount is developed by using all-units quantity discounts. Finally, an iterative procedure is proposed to obtain all decision variables and numerical examples are provided to show the application of the proposed procedure.
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    Trade Negotiation Capacity and Health Carve-Outs in Trade Agreements (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: There is a dearth of scholarship on the relationship between international trade and health status in countries. This paper contributes to filling this gap by proposing a formal analytical framework to study the link between the extent of health issues carved out from trade agreements by negotiating countries and their expenditure on public health. We also examine the role played by the nature of the political and fiscal regime prevalent in the country in the securing of the carve-outs. The model predicts that a higher level of carve-outs is more likely for countries that have relatively low levels of public health spending and which tend to be more politically free and fiscally liberal. We provide anecdotal evidence that supports our findings.
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    Relationship between Fiscal Subsidies and CO2Emissions: Evidence from Cross-Country Empirical Estimates (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: Countries disburse subsidies with various motivations, for example, to promote industrial development, facilitate innovation, support national champions, and ensure redistribution. The devolution of subsidies may however also encourage economic activities leading to climate change related concerns, reflected through higher greenhouse gases (GHGs) emissions, if such activities are conducted beyond sustainable point. Through a cross-country empirical analysis involving 131 countries over 1990–2010, the present analysis observes that higher proportional devolution of budgetary subsidies leads to higher CO2emissions. The countries with higher CO2emissions are also characterized by higher per capita GDP, greater share of manufacturing sector in their GDP, and higher level of urbanization. In addition, the empirical findings underline the importance of the type of government subsidy devolution on CO2emission pattern. The analysis underlines the importance of limiting provision of subsidies both in developed and developing countries.
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    Domestic Investment, Foreign Direct Investment, and Economic Growth Nexus: A Case of Pakistan (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: This study aims to find dynamic interaction between domestic investment, foreign direct investment, and economic growth in Pakistan for the period 1976–2010. Phillips and Perron (PP) test is used to assess unit root in the concerned data series. Johansen cointegration approach applied to examine the long run relationship and Toda-Yamamoto causality approach is exercised to evaluate causal linkages. Besides foreign direct investment inflow to Pakistan and domestic investments variables, this study also used GDP as a third variable in order to avoid misspecification problems in the model and also to know the interrelationship between the variables. The empirical findings of this study reveal the existence of long run relationship between domestic investments, foreign direct investment, and economic growth, further supported by Toda-Yamamoto causality, and bidirectional causality has been found between FDI and domestic investment implying that both domestic investment and FDI cause each other.
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    Determinants of Household Savings in India: An Empirical Analysis Using ARDL Approach (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: Indian economy witnessed significant transformations in the postreform period both in terms of change in policy paradigm adopting greater market orientation and overall macroeconomic performance with development of a broad-based financial market and increasing global integration. Guided by the fact that domestic savings play a critical role in augmenting capital accumulation and contributing to achieve and sustain high economic growth, an attempt to review and reassess the role of various factors influencing domestic savings under the changed environment is quite relevant for sustaining the growth momentum. In this backdrop, the present study empirically analyzed the role of various determinants of household savings in India with the latest available data. It employed ARDL approach for this purpose due to its suitability for estimating an equation with a mix of stationary and nonstationary variables of order I(1) and address potential endogeneity problems. The estimated results revealed that GDP, dependency ratio, interest rate, and inflation have statistically significant influence on household savings in India, both in the long run and short run. As regards policy implications, we suggest that ensuring price stability and avoiding any disruption to the growth process will be useful for augmenting savings and sustaining the savings-growth spiral in India.
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    The Collaboration of SMEs through Clusters as Defense against Economic Crisis (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: The aim of this paper is to present the realistic solution to the survival problem that SMEs have during the economic crisis. The role of SMEs is very important in the development of the regional and national economy of each country, particularly for small countries like Greece. On the other hand, universities also play a significant role in the national economy, since they provide Know-How and important research in the SMEs. Nevertheless, due to their small size and financial weakness, especially on the grounds of economic crisis, SMEs would not be able to cover on their own the cost of purchase of university research. The author of this working paper suggests the collaboration of SMEs in the form of clusters so as to be able to self-fund and absorb university Know-How at the same time.
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    Segmented Labor Markets and the Distributive Cycle: A Roadmap towards Inclusive Growth (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: The paper builds on the Goodwin (1967) model which describes the distributive cycle of capitalist economies whereby mass unemployment is generated periodically through the conflict about income distribution between capital and labor. We add to this model a segmented labor market structure with fluid, latent, and stagnant components. The model exhibits a unique balanced growth path which depends on the speeds with which workers are pushed into or out of the labor market segments. We investigate the stability properties of this growth path with segmented labor markets and find that, though there is a stabilizing inflation barrier term in the wage Phillips curve, the interaction with the latent and stagnant portions of the labor market generates potentially (slowly) destabilizing forces if policy measures are absent that regulate these labor markets. We then introduce an activating labor market policy, where government in addition acts as employer of last resort thereby eliminating the stagnant portion of the labor market, whilst erecting benefit systems that partially sustain the incomes of workers that have to leave the floating/latent labor market of the private sector of the economy. We show that such policies guarantee the macrostability of the economy’s balanced growth path.
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    The Government Subsidy Strategy Choice for Firm’s R&D: Input Subsidy or Product Subsidy? (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: To encourage enterprises to conduct technology innovation, the government needs to formulate appropriate subsidies policy. This paper compares two R&D subsidy policies in a supplier-manufacturer supply chain, in which the manufacturer conducts R&D activity for quality improvement. By means of game theory, we investigate the optimal decisions of the players under the two R&D subsidy policies, that is, input subsidy policy and product subsidy policy. Finally, we compare the profits and welfare to explore the better R&D subsidy policy and provide decision support for government to formulate subsidy policy. The results show that under input subsidy policy the optimal production output, quality improvement, profits, government subsidies, and social welfare are all lower than those of product subsidy policy. Therefore, the government should use product subsidy strategy to encourage enterprise R&D activities.
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    An Empirical Estimation of the Underground Economy in Ghana (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: The main aim of this paper is to estimate the size of the underground economy in Ghana during the period 1983–2003. There is no agreement on the appropriate estimation approach to adopt to measure the size of the underground activities. To this end, we employ the well-applied currency demand approach in our measurement. Parameter estimates from the estimated currency demand equation are used in quantifying the ratio of “underground” to “measured” output/income for the Ghanaian economy. The estimated long-run average size of the underground economy to GDP for Ghana over the period is 40%. The underground economy is found to vary from a high of 54% in 1985 to a low of 25% in 1999. Estimates may represent lower bound estimates.
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    Bankruptcy Problem Allocations and the Core of Convex Games (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: A well-known result related to bankruptcy problems establishes that a vector is a bankruptcy allocation if and only if it belongs to the core of the associated O’Neill’s bankruptcy game. In this paper we show that this game is precisely the unique TU-game based on convex functions that satisfies the previous result. In addition, given a bankruptcy problem, we show a way for constructing bankruptcy games such that the set of bankruptcy allocations is a subset of their core or their core is a subset of the set of bankruptcy allocations. Also, we show how these results can be applied for finding new bankruptcy solutions.
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    Risk Management at the Macroeconomy Level and Development in Developing Countries (2014)
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    Publication Date: 2014-01-01
    Description: This paper examines the impact of risk management at the macroeconomy level on economic development in developing countries. Based on data from the World Bank, we use a sample of sixty-three developing economies and find that selected indicators related to risk management at the macroeconomy level do have a statistically significant effect on economic development in these countries. We observe that high inflation rates do not seem to statistically affect economic development even though the coefficient estimate of this variable does have the anticipated negative sign. Regression results show that almost sixty percent of cross-developing country variations in purchasing power parity per capita gross national income can be explained by its linear dependency on the share of international reserves in the GDP and the Worldwide Governance Indicators average. Statistical results of such empirical examination will assist governments in developing countries identify risk management strategies at the macroeconomy level that may be used as powerful instruments for economic development.
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    Bioeconomics of Commercial Marine Fisheries of Bay of Bengal: Status and Direction (2014)
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    Publication Date: 2014-01-01
    Description: The fishery of the Bay of Bengal (BOB) is assumed to be suffering from the overexploitation. This paper aims to assess the sustainability of current level of fishing effort as well as possible changes driven by anthropogenic and climate driven factors. Therefore, the commercial marine fishery of BOB for the period of 1985/86 to 2007/08 is analyzed by applying Gordon-Schaefer Surplus Production Model on time series of total catch and standardized effort. Static reference points such as open-access equilibrium, maximum economic yield, and maximum sustainable yield are established. Assumptions about potential climatic and anthropogenic effects on r (intrinsic growth rate) and K (carrying capacity) of BOB fishery have been made under three different reference equilibriums. The results showed that the fishery is not biologically overexploited; however, it is predicted to be passing a critical situation, in terms of achieving reference points in the near future. But, on the other hand, economic overfishing started several years before. Higher fishing effort, and inadequate institutional and legal framework have been the major bottlenecks for the proper management of BOB fisheries and these may leads fishery more vulnerable against changing marine realm. Thus, the present study calls for policy intervention to rescue the stock from the existing high fishing pressure that would lead to depletion.
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    Optimal Penalties on Deviations from Budgetary Targets (2014)
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    Publication Date: 2014-01-01
    Description: Beyond traditional arguments justifying the introduction of fiscal rules, this paper analyses their potential contribution to an indirect budgetary coordination between the member countries of a monetary union. Indeed, thanks to appropriate fiscal penalties, the noncooperative and decentralized equilibrium could get closer to the optimal equilibrium where the budgetary authorities cooperate. Our macroeconomic model shows that whatever penalty on the structural budgetary deficit would be optimal in case of asymmetric shocks. A moderate penalty on the excessive indebtedness level would be optimal in “normal times,” or in case of asymmetric shocks if openness to trade and price flexibility are sufficiently high, whereas the share of public consumption in GDP, taxations rates, and indebtedness levels is sufficiently weak in the monetary union. Besides, in case of symmetric shocks, a fiscal penalty would be useful to decrease the excessive budgetary activism, even if it doesn’t allow reaching the optimal and first-best equilibrium. Furthermore, the fiscal penalty should always be an increasing function of the share of public consumption in GDP and of taxation rates but a decreasing function of the strength of automatic stabilizers, of openness to trade, and of price flexibility in the member countries of the monetary union.
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    Contribution of Co-Skewness and Co-Kurtosis of the Higher Moment CAPM for Finding the Technical Efficiency (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: The objective of this paper is to present the technical efficiency of individual companies and their respective groups of Bangladesh stock market (i.e., Dhaka Stock Exchange, DSE) by using two risk factors (co-skewness and co-kurtosis) as the additional input variables in the Stochastic Frontier Analysis (SFA). The co-skewness and co-kurtosis are derived from the Higher Moment Capital Asset Pricing Model (H-CAPM). To investigate the contribution of these two factors, two types of technical efficiency are derived: (1) technical efficiency with considering co-skewness and co-kurtosis (WSK) and (2) technical efficiency without considering co-skewness and co-kurtosis (WOSK). By comparing these two types of technical efficiency, it is noticed that the technical efficiency of WSK is higher than the technical efficiency of WOSK for the individual companies and their respective groups. As per available literature in the context Bangladesh stock market, no study has been conducted thus far to measure technical efficiency of companies and their respective groups by using the risk factors which are derived from the H-CAPM. In this research, the link between H-CAPM and SFA is established for measuring technical efficiency and it is believed that the findings of this study may be applied to other emerging stock markets.
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    Evaluation of the 2006–2008 Food Crisis on Household Welfare: The Case of the Sultanate of Oman (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: The objective of this paper is to evaluate the impact of high food prices during the 2006–2008 food crisis period on the welfare of households in the Sultanate of Oman. The welfare impacts of price changes are estimated using the Hicksian compensating variation (CV) methodology. The compensating variation was estimated for 4 different income household groups as well as two location groups (urban-rural). Results suggest that all household groups suffered welfare losses due to the food crisis. On average, Omani households need to be compensated about 10.3% of their income for the price increase they experienced during the 2006–2008 period. Rural households are more affected than urban households with a required compensation of 12.4% and 9.87%, respectively. In all cases most of the impact is felt on the first round where no consumption adjustment is made; the second round effect is comparatively small compared to the first-order effect. Total compensation required to compensate all households amounts to O.R. 266 M, that is, a 1.14% of GDP, whereas a compensation targeted to the low-income quartile amounts only to O.R. 26.7 M representing 0.1% of GDP.
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    The Remittances-Output Nexus: Empirical Evidence from Egypt (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: This paper examines the long-run causal link between remittances and output in Egypt for the period 1977–2012. The long-run causal link is examined using the autoregressive distributed lag (ARDL) bounds test for cointegration, along with a vector error-correction model to estimate the short- and long-run parameters of equilibrium dynamics. Results show that remittances and GDP are cointegrated, with a statistically significant, positive causality running from remittances to output, while output is found not to be a long-run forcing factor of remittances in Egypt. The findings of this paper shed light on the importance of remittances for promoting economic growth in Egypt. Governmental policies that attract more remittance inflows, along with their efficient use, could promote economic growth in Egypt.
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    Predictable Dynamics in the Small Stock Premium (2014)
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    Publication Date: 2014-01-01
    Description: We start this paper by providing a detailed study of how the mean monthly return on the Small-Minus-Big (SMB) Fama-French factor is affected by the January effect and the stock market return during the preceding month and preceding calendar year. We then proceed to building a predictive model for the monthly SMB factor return that incorporates the January effect and the dependence on both the market return during the preceding month and preceding calendar year. Our findings suggest that a positive small stock premium appears mainly during the years following the years with a negative return on the market as the result of a delayed and stronger reaction of small stocks to good news and a stronger January effect. We also argue that the January effect constitutes a much lesser part of the size effect than it was previously supposed.
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    Rural Credit and Farms Efficiency: Modelling Farmers Credit Allocation Decisions, Evidences from Benin (2014)
    Hindawi
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    Publication Date: 2014-01-01
    Description: This paper analyses farmers’ credit allocation behaviors and their effects on technical efficiency. Data were collected from 476 farmers using the multistage sampling procedure. The stochastic frontier truncated-normal with conditional mean model is used to assess allocation schemes effects on technical efficiency. Tobit model reveals the impact of farmers’ sociodemographic characteristics on efficiency scores. Results reveal that farm revenue (about 2,262,566 Fcfa on average) is positively correlated with land acreage, quantity of labour, and costs of fertilizers and insecticides. Farmers’ behaviors respond to six schemes which are categorized in two allocations contexts: out-farm and in-farm allocations. The model shows that only scheme (e) positively impacts technical efficiency. This scheme refers to the decision to invest credit to purchase better quality of pesticides, herbicides, fertilizers, and so forth. The positive effect of the scheme (c) may be significant under conditions of farmers’ education level improvement. Then, scheme (e) is a better investment for all farmers, but effect of credit allocation to buy agricultural materials is positive only for educated farmers. Efficiency scores are reduced by household size and gender of the household head. Therefore a household with more than 10 members and a woman as head is likely to not be technically efficient.
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    On One Approach to TSP Structural Stability (2014)
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    Publication Date: 2014-01-01
    Description: In this paper we study an inverse approach to the traveling salesman reoptimization problem. Namely, we consider the case of the addition of a new vertex to the initial TSP data and fix the simple “adaptation” algorithm: the new vertex is inserted into an edge of the optimal tour. In the paper we consider the conditions describing the vertexes that can be inserted by this algorithm without loss of optimality, study the properties of stability areas, and address several model applications.
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