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This paper examined the volatility models for exchange rate return, including Random Walk model, AR model, GARCH model and extensive GARCH model, with Normal and Student-t distribution assumption as well as nonparametric specification test of these models. We fit these models to Bangladesh foreign exchange rate index from January 1999 to December 31, 2012. The return series of Bangladesh foreign exchange rate are leptokurtic, significant skewness, deviation from normality as well as the returns series are volatility clustering as well. We found that student t distribution into GARCH model improves the better performance to forecast the volatility for Bangladesh foreign exchange market. The traditional likelihood comparison showed that the importance of GARCH model in modeling of Bangladesh foreign market, but the modern nonparametric specification test found that RW, AR and the model with GARCH effect are still grossly mis-specified. All these imply that there is still a long way before we reach the adequate specification for Bangladesh exchange rate dynamics.

This study aims at evaluating the technical efficiency (TE) of healthcare systems in the Arab region and exploring the key factors that affect the efficiency performance.

The study applies a two-stage Data Envelopment Analysis (DEA) approach to a sample of 20 Arab countries. In the first stage, a DEA model is used to calculate the TE scores of the examined healthcare systems in 2019 and 2010, following both the output and input orientations of efficiency. In the second stage, a censored Tobit model is estimated to investigate the determinants of healthcare efficiency.

DEA results of 2019 indicate that achievable efficiency gains of the Arab countries range from 0.4% to 16% under the output and input orientations, respectively. Six countries are efficient under both orientations. Although the average efficiency scores of the Arab countries have deteriorated between 2010 and 2019, Djibouti and Sudan had the greatest efficiency improvements between the two years. Bahrain, Mauritania, Morocco and Qatar proved to be efficient in 2010 and 2019 under the two orientations of efficiency and according to the two DEA specifications followed. The Tobit model reveals that corruption and government health expenditure tend to have an adverse impact on healthcare efficiency.

The author evaluates healthcare efficiency and healthcare's efficiency determinants in the Arab countries. Regardless Arab countries' diversity, these countries are facing common health challenges, including diminishing role of governments in healthcare financing; increased out-of-pocket healthcare spending; poor healthcare outputs and prevalence of health inequities resulting from weak governance institutions. Comparing the efficiency of healthcare systems between 2010 and 2019 gives insights on the potential impact of the Arab spring uprisings on healthcare efficiency. Moreover, examining the determinants of healthcare efficiency allows for better understanding of how to improve the efficiency of healthcare systems in the region.

This paper aims to explain real exchange rate fluctuations by means of a model including both standard fundamentals and two alternative measures of inflation expectations for five inflation targeting countries (the UK, Canada, Australia, New Zealand and Sweden) over the period January 1993–July 2019.

Both a benchmark linear autoregressive distributed lag (ARDL) model and a nonlinear autoregressive distributed lag (NARDL) specification are considered.

The results suggest that the nonlinear framework is more appropriate to capture the behaviour of real exchange rates given the presence of asymmetries both in the long and short run. In particular, the speed of adjustment towards the purchasing power parity (PPP) implied long-run equilibrium is three times faster in a nonlinear framework, which provides much stronger evidence in support of PPP. Moreover, inflation expectations play an important role, with survey-based ones having a more sizable effect than market-based ones.

The focus on linearities and the estimation of a NARDL model, which is shown to outperform the linear ARDL model both within sample and out of sample, is an important contribution to the existing literature which has rarely applied this type of framework; the choice of an appropriate econometric method also makes the policy implications of the analysis more reliable; in particular, monetary authorities should aim to achieve a high degree of credibility to manage them and thus currency fluctuations effectively; the inflation targeting framework might be especially appropriate for this purpose.

Based on the hypothesis of the environmental Kuznets curve (EKC), the purpose of this study is to investigate the relationship between environmental pollutants (as measured by CO₂ emissions) and GDP for India, over the period 1980–2012. The presence of an inverted “U” shape relationship is examined while controlling for factors such as the degree of trade openness, foreign direct investment, oil prices, the legal system and industrialization.

To verify whether the EKC follows a linear, quadratic or polynomial form, autoregressive distributed lag (ARDL) bounds testing approach for cointegration with structural breaks is adopted. The annual time series data for carbon emissions (CO₂), economic growth (GDP), industrial development (industrialization), foreign direct investment and trade openness have been obtained from World Development Indicators online database. Crude oil price (international price index) for the period is collected from the International Monetary Fund. Data for total petroleum consumption are collected from the US Energy Information Agency. Data for economic freedom variables are from the Fraser Institute's Economic Freedom Index's online database.

The findings support the existence of inverted U-shaped EKC in the short-run, but not in the long-run. A linear monotonic relationship has also been estimated in select model specifications. Additionally, trade openness has been estimated to reduce emissions in models, which incorporate FDI. Else, where significant, its impact on carbon emissions is adverse. A rise in fuel price leads to reduction in carbon emissions across model specifications. Further, the lower size of government degrades the environment both in the long-run and short-run.

Given the existence of the pollution haven hypothesis, wherein more trade and foreign direct investments cause environmental degradation, the paper proposes formulation of appropriate regulatory mechanisms that are environmentally friendly. Additionally, India's new economic policies, favoring liberalization, privatization and globalization, reinforces the need to strengthen environmental regulations.

Incorporation of economic freedom as measured by the “Size of Government” in the EKC model is unique. “Size of Government” deserves a special mention. The rationale for including this explanatory variable is to understand whether countries with lower government size are more polluting. After all, theory does suggest that goods and services, which have higher social cost vis-à-vis private cost, shall be overproduced in economies that adopt more market-friendly policies, necessitating government intervention. In the study, size of government is measured as per the definition and methodology adopted by Fraser Institute's Economic Freedom of the World Index.

The purpose of this paper is to analyze the business models that 3D printer manufacturers apply to commercialize their technologies. The authors investigate these business models and analyze whether there are business model patterns. The paper describes the gestalt of the business model patterns and discusses differences and similarities.

The authors review the literatures on business models and 3D printing technology. The authors apply a componential business model approach and carry out an in-depth analysis of the business models of 48 3D printer manufacturers in Europe and North America. The authors develop a framework focusing on value proposition, value creation and value capture components. Cluster analysis is used to identify business model patterns.

The results indicate that there are two distinct business model patterns in the industry. The authors termed these patterns the “low-cost online business model” and the “technology expert business model.” The results demonstrate that there is a relationship between business model and technology. The identified patterns are independent of age, company size and country of origin.

The empirical results complement and extend existing literature on business models. The authors contribute to the discussion on business models in the context of novel technology. The technology seems to influence the gestalt of the business model. The sample is limited to European and North American companies and the analysis is based on secondary data.

This is the first empirical study on the business models of 3D printer manufacturers. The authors apply an original mixed-methods approach and develop a framework that can function as a starting point for future research. 3D printer manufacturers can use the identified business model patterns as blueprints to reduce the risk of failure or as a starting point for business model innovation.

This paper aims to study the determinants of private investment in Egypt while accounting for uncertainty associated with financing decisions of the firm using time series analysis over the period 1982-2015. The analysis is based on Tobin’s (1969) Q-theory of investment. The variables used in the empirical model are investment rate, average q index, prices of capital goods, internal finance and external finance.

This research is concerned with the model specification of a dynamic Average Q model. In that respect, the current research describes the data, presents the empirical methodology and estimates the Average Q model of investment and obtains the results. The empirical procedures and results of studying the average Q model. It includes testing for the unit root in the time series, vector error correction model (VECM) and cointegration long run analysis, and finally estimations of the model under uncertainty and empirical results.

Stochastic shocks to the determinants of private investment in Egypt have their impact on investment rate. The representation of impulse response in VECM shows that a one standard deviation shock to the value of the firm has a positive impact on investment rate. Stochastic shocks to both internal finance and external finance have slightly positive response from investment rate. Also, a stochastic shock to investment rate has a positive yet declining response from itself. However, a stochastic shock to prices of capital goods has a negative impact on investment rate. The representation of variance decomposition in VECM shows that investment rate is positively affected yet at a declining rate by a one standard deviation shock in both internal and external finance during the period 1982-2015. Also, a stochastic shock in the value of the firm or in the prices of capital goods has a slightly positive impact on investment rate.

Investment and capital accumulation are the main vehicles for economic growth and development. There have been fluctuations in Egypt’s investment rates since mid-1970s due to variations in saving rates. Thus, it is important to present some policy implications that could potentially assist the enhancement of the Egyptian economy. In that respect, the estimated results of the empirical model show that changes in the prices of capital goods in Egypt are significant factors that have negative impact on investment rate. Prices of imported capital goods in Egypt are affected by foreign exchange market conditions in the form of significant changes in the pound exchange rate. Thus, foreign exchange market reforms, as adopted recently in the Egyptian economy and improvements in trade balance, are important steps to alleviate obstacles that hinder investment. Regarding the source of finance, the estimated results showed that changes in both internal and external finance have a positive impact on investment rate. In this case, it is the firm’s decision to choose the method of financing its investment depending on factors such as its market value, institutional size and capacity and the opportunity cost of the funds used in financing the required investment.

Over the past decades, the global solar photovoltaic (PV) market has experienced an unprecedented development associated with a substantial decline in solar PV module prices. A body of literature has attempted to identify and evaluate the different sources of price variation. However, the impact of international trade on the price of solar PV modules has not yet been empirically examined. This paper contributes to filling this gap in the literature by providing a comprehensive empirical examination on the relationship between international trade and solar PV module prices.

The author uses a sample of 15 countries over the period 2006–2015 and proposes a linear dynamic panel data model based on a new specification, including a number of relevant factors influencing solar PV module prices.

The empirical analysis reveals that an increase in imports of solar PV cells and modules is associated with a decline in solar PV module prices. This finding suggests that international trade could lead to further price reductions, thus fostering the deployment of solar PV technology. The study reveals several other important findings. Market and technological development are key factors explaining the decline in solar PV module prices. Moreover, government policies such as public budget for R&D in PV and feed-in tariff for solar PV are effective in reducing the price of solar PV modules.

This paper examines the influence of international trade, government policies, market development and technological development on solar PV module prices. The results may be of interest to both academic research and policy analysis.

Among the many factors fueling the inflationary tendencies in an economy such as monetary shocks, structural shocks, demand shocks, external shocks and demographic changes, the issue of inflation (INF) has also been found to be related to fiscal policy decisions of the government. The purpose of this study is to investigate the inflationary tendencies in India particularly from the fiscal point of view. The study also examines the influence of other potential determinants such as output growth rate, interest rate, trade-openness (TO) and oil price inflation (OPI).

To examine the dynamic nature of association between fiscal deficit and inflation, the study applies the Toda-Yamamoto (1995) test and Breitung and Candelon (2006) test to investigate the nature of causality in time and frequency domain frameworks. In addition, to scrutinize the possibility of a long-run association, that too from an asymmetric point of view, the study applies a Non-linear Autoregressive Distributed lag model (NARDL) given by Shin et al. (2014). Finally, non-linear cumulative dynamic multipliers are used to trace the traverse between disequilibrium position of short-run and subsequent long-run equilibrium of the system.

The authors found a unidirectional causality from fiscal deficit to inflation in case of time domain analysis and no feedback causality is reported. However, in case of frequency domain design, causality from fiscal deficit to inflation is found at low frequencies only, i.e. no short-run causality is established and hence dynamic nature of the relationship between the two variables is vindicated. Using NARDL model, the results document the existence of an asymmetric long-run direct association between fiscal deficit and inflation. However, an increase in deficit is found to be more inflationary and a decrease affects the inflation with a lower magnitude. The asymmetric impact of fiscal deficit on inflation can be explained through the existence of liquidity constraints, consumption-investment downward inflexibility and the downward price stickiness. Contractionary monetary policy action is found to be more effective than an expansionary one, signifying the asymmetric influence of monetary policy actions on the inflation of India. Similarly, in a supply-constrained economy with downward price rigidity, the authors found an asymmetric impact of output growth and output decline on inflation. As regard to the trade-openness, although an asymmetry is reported, the signs refute the validation of Romer (1993) hypothesis. Finally, the impact of oil price inflation on the inflationary pressures is according to theory but the coefficients are devoid of statistical significance.

These results indicate some important policy recommendations. Fiscal consolidation strategy should be executed in an appreciable manner to achieve the sound fiscal health and lower INF. The disciplined fiscal strategy would also be imperative for an effective monetary policy. Monetary authorities should possess noticeable credibility to manage the macroeconomic system and policy stances should be implemented according to requirements of the economy. Growth in output should be encouraged to have two-fold benefits to the economy – reducing INF on the one hand and fiscal deficits on the other.

The study contributes to the existing literature in the following ways. First, taking note of dynamic nature of the relationship between these two variables, the study examined the deficit INF nexus in a dynamic and asymmetric framework. The novelty of the study is ensured by the very nature of it is the first study in case of India to identify the fiscal INF in an asymmetric configuration. The authors applied a NARDL model, given by Shin et al. (2014) to examine the existence of any cointegrating relationship in an asymmetric paradigm. Second, the nature of causality between fiscal deficit and INF has been examined in a time domain and FD framework to portray precisely the casual interactions between these two variables in the short-run and long run. The study will, therefore, enrich the existing literature along the asymmetric lines.

Disasters and armed conflict often co-occur, but does that imply that disasters trigger or fuel conflict? In the small but growing body of literature attempting to answer this question, divergent findings indicate the complex and contextual nature of a potential answer to this question. The purpose of this study is to contribute a robust cross-country analysis of the co-occurrence of disaster and conflict, with a particular focus on the potential role played by disaster.

Grounded in a theoretical model of disaster–conflict co-occurrence, this study merges data from 163 countries between 1990 and 2017 on armed conflict, disasters and relevant control variables (low human development, weak democratic institutions, natural resource dependence and large population size/density).

The main results of this study show that, despite a sharp increase in the co-occurrence of disasters and armed conflict over time, disasters do not appear to have a direct statistically significant relation with the occurrence of armed conflict. This result contributes to the understanding of disasters and conflicts as indirectly related via co-creation mechanisms and other factors.

This study is a novel contribution, as it provides a fresh analysis with updated data and includes different control variables that allow for a significant contribution to the field.