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Article
Publication date: 1 April 1984

David E. Hojman

Several Phillips curve models are presented and estimated with Chilean annual data for 1963–1982. Because of unreliable unemployment statistics, the real wage level is…

Abstract

Several Phillips curve models are presented and estimated with Chilean annual data for 1963–1982. Because of unreliable unemployment statistics, the real wage level is used to represent labour market disequilibrium. The Cortázar‐Marshall inflation index, alternative to the official one, and four different earnings variables are used. Equilibrium levels of earnings and equilibrium differentials are obtained. Market forces, expected inflation, structural change after 1973, and exogenous elements represented by a trend are all statistically significant; government‐determined minimum wage rates and union membership are not. There is no evidence of partial adjustment, and all equilibrium differentials increased during the period.

Details

Journal of Economic Studies, vol. 11 no. 4
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 24 June 2021

Mahmoud Shahin

Through portfolio diversification, the author identifies the risk sharing deposit contract in a three-period model that maximizes the ex ante expected utility of depositors.

Abstract

Purpose

Through portfolio diversification, the author identifies the risk sharing deposit contract in a three-period model that maximizes the ex ante expected utility of depositors.

Design/methodology/approach

In this paper, the author extends the study by Allen and Gale (1998) by adding a long-term riskless investment opportunity to the original portfolio of a short-term liquid asset and a long-term risky illiquid asset.

Findings

Unlike Allen and Gale, there are no information-based bank runs in equilibrium. In addition, the model can improve consumers' welfare over the Allen and Gale model. The author also shows that the bank will choose to liquidate the cheaper investments, in terms of the gain-loss ratios for the two types of existing long-term assets, when there is liquidity shortage in some cases. Such a policy reduces the liquidation cost and enables the bank to meet the outstanding liability to depositors without large liquidation losses.

Originality/value

The author believe that the reader would be interested in this article because it is relevant to real world where depositors rush to withdraw their deposits from a bank if there is negative information about future prospect of the bank asset portfolio and bank investment. Economists and financial analysts need to determine the suitable mechanism to improve the stability of the bank and the depositor welfare.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

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Book part
Publication date: 13 May 2019

Madhabendra Sinha, Anjan Ray Chaudhury and Partha Pratim Sengupta

During the last few decades, there have been significant divergences in the flows of foreign direct investment (FDI) as per decisions taken by multinational companies…

Abstract

During the last few decades, there have been significant divergences in the flows of foreign direct investment (FDI) as per decisions taken by multinational companies (MNCs), and many of the developing nations in the Asia and Pacific region are most remarkable in this regard (UNCTAD, 2015). Apart from various economic factors, some sociopolitical issues have also been identified as influencing the FDI decisions. This study investigates the comovements of the standard measures of terrorist activities and MNCs’ decision on FDI in selected developing countries in the Asia and Pacific region by employing Generalized Method of Moment (GMM) estimation technique on constructing a balanced panel for 1990–2016. Results summarize that FDI inflows are negatively influenced by terrorist activities in the developing economies of the Asia and Pacific region.

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The Impact of Global Terrorism on Economic and Political Development
Type: Book
ISBN: 978-1-78769-919-9

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Book part
Publication date: 13 May 2019

Ezebuilo R. Ukwueze, Henry T. Asogwa, Oliver E. Ogbonna and Chisom Emecheta

Nigeria has been ravaged by terrorist activities which has made the country unsafe for Nigerians and foreign investors. The motivation of this study arises from the dearth…

Abstract

Nigeria has been ravaged by terrorist activities which has made the country unsafe for Nigerians and foreign investors. The motivation of this study arises from the dearth of research applying quantitative empirics to the determinants of terrorism in a specific country. To achieve this goal, vector autoregressive (VAR) model was applied using data from Global Terrorism Database (GTD), International Country Risk Guide (ICRG) data, Stockholm International Peace Research Institute (SIPRI) data, and Transparency International. Stata 13 software was used for estimation. The results show that ethnic violence, absence of good governance, presence of corruption, and rises in military expenditure are part of the causes of terrorism in Nigeria. It is, therefore, recommended that internal security should be maintained to minimize the occurrence of ethnic violence and ethnoreligious biases (sentiments) in the discussion of issues concerning Nigeria. Also, politicians should stop the proliferation of arms, as this will cease the violent reactions before and after elections. Finding lasting solutions to corruption using constitutional means will improve the quality of governance, which will improve the welfare state of the people and reduce restiveness.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
ISBN: 978-1-78769-919-9

Keywords

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Book part
Publication date: 15 February 2021

Fernando Barreiro-Pereira

This chapter analyses some internal territorial and economic conflicts in Spain among its autonomous communities. The Basque country has a very favourable tax system from…

Abstract

This chapter analyses some internal territorial and economic conflicts in Spain among its autonomous communities. The Basque country has a very favourable tax system from 1878, which historically is stipulated in the Spanish constitution as a special case. This generates an asymmetry with respect to the other 18 Spanish communities including Catalonia, which would like to have a fiscal regime similar to that of the Basque country. After the Spanish state has built the fiscal balances for all autonomous communities, the Catalans argue that Spain steals them and they demand independence for Catalonia, which would affect the political and economic stability of the European Union. Specifically, this chapter attempts to describe a way to resolve territorial conflicts that have been exacerbated by the results of the fiscal balances in a context of fiscal decentralisation, since capital stock balances are not considered in the fiscal balances or in the inter-regional balance of payments. In this chapter, a production function approach, where the public capital production factor is separated into internal and imported capital stock, is used to calculate how the capital stock of the transportation infrastructure actually used can affect the labour productivity in each province or region. This study takes into account the direct effects of the capital stock of the road transport infrastructure of a region and the indirect effects that it receives from the use of infrastructures in other regions. Both types of public capital have been calculated by a network analysis, which allows us to calculate the stock of public capital effectively used in commercial activities, across 47 Spanish provinces during the period 1980–2007. The author estimates the spillover effects using spatial panel data techniques including spatial auto-correlation models with auto-regressive disturbances. In terms of labour productivity, the results indicate that the stock of imported capital is highly significant in all estimates while internal capital is not significant for all Spanish provinces, which classifies the Spanish provinces into users and used. This indicates that capital stock balances should be considered in some way into the inter-regional compensation fund to balance local fiscal balances, minimising some conflicts among regions.

Details

New Frontiers in Conflict Management and Peace Economics: With a Focus on Human Security
Type: Book
ISBN: 978-1-83982-426-5

Keywords

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Book part
Publication date: 13 May 2019

Koushik Das

In this chapter, the relationship between terrorism and military expenditure and between terrorism and foreign capital inflow has been studied empirically with Indian…

Abstract

In this chapter, the relationship between terrorism and military expenditure and between terrorism and foreign capital inflow has been studied empirically with Indian data. We considered an index for terrorism based on the number of terrorism incidents, the number of deaths and the number of injuries. Data are collected from the period of 1977–1978 to 2016–2017 on the incidence of terrorism, obtained from the data released by Government of India in July 2016. Augmented Dicky–Fuller (ADF) test is used for unit root and stationarity checks. Johansen co-integration test is performed for testing the presence of co-integrating relationship between Index of terrorism and military expenditure and also between FDI flow and index of terrorism. As a result, a co-integrating relationship is also found between terrorism and military expenditure but not between terrorism and foreign capital inflow. Vector error correction model (VECM) is used to study both the short-run and the long-run relationships between the variables.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
ISBN: 978-1-78769-919-9

Keywords

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Book part
Publication date: 4 July 2019

Yulia I. Dubova

The purpose of the work is to study the process of development of “conflict-free” socio-economic system from the positions of the theory of conflicts and the theory of systems.

Abstract

Purpose

The purpose of the work is to study the process of development of “conflict-free” socio-economic system from the positions of the theory of conflicts and the theory of systems.

Methodology

The object of the research is development of systems according to the optimistic scenario from the positions of the theory of systems and development of “conflict-free” socio-economic system from the positions of the theory of conflicts. The methods include comparative analysis, dynamic modeling of systems, and formalization. The authors compare treatment of phenomena and processes that emerge during development of system from the positions of the theory of systems and the theory of conflicts and compare the model of development of “conflict-free” socio-economic system from the positions of the theory of conflicts and the theory of systems.

Conclusions

As a result of the research, due to founding on the theory of systems, the theory of economic conflicts receives meta-scientific conceptual and methodological substantiation, which ensures its advantages as compared to the existing theory of economic cycles and the existing theory of economic crises: complex consideration of economic and social effects of conflict, correct description of phases of conflict, and more precise classification of causes of conflicts.

Originality/value

Due to these advantages, the theory of economic conflicts may help to describe, model, and forecast the processes of development of modern socio-economic systems, as well as to classify them via differentiating “conflict” and “non-conflict” systems.

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Book part
Publication date: 13 May 2019

Debashis Mazumdar and Santanu Bisai

Several factors have influenced the pattern of regional development in India. Among these factors, the incidents of terrorist activities, and the resultant disturbance in…

Abstract

Several factors have influenced the pattern of regional development in India. Among these factors, the incidents of terrorist activities, and the resultant disturbance in law and order which have caused serious harm to socioeconomic and business environment are supposed to be crucial. In this chapter, an attempt has been made to find out the extent of damage in economic activities as well as in the process of implementation of regional development programmes caused particularly by the “Maoist Movements” in the “Red Corridors” in India. The emergence of the activists of Maoist groups in some of the poorest districts of West Bengal, Bihar, Jharkhand, Chhattisgarh, and Telangana has given rise to this Red Corridor. In particular, the study attempts to bring into glare how the proneness to Maoist disturbance can jeopardize the objective in terms of fostering rural development in the backward regions of India through the formation of self-help groups (SHGs). In this study, the sample districts have been chosen from the drought-prone and backward regions of West Bengal. Further, these sample districts have been divided into Maoist-prone and non-Maoist-prone areas. The results show that the growth of SHGs formed particularly by the poor women of these areas under the rural development and self-employment program of the government was severely affected by the terrorist activities, and there is a positive correlation between the incidences of defunct SHGs (DSHGs) and the left-wing extremism in Maoist-prone regions of West Bengal during that period.

Details

The Impact of Global Terrorism on Economic and Political Development
Type: Book
ISBN: 978-1-78769-919-9

Keywords

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Book part
Publication date: 4 July 2019

Aleksei V. Bogoviz, Karina A. Chernitsova, Andrey G. Nazarov, Andrei A. Bezhovets and Nataliia V. Polishchuk

The purpose of the research is to determine peculiarities of development of modern “conflict-free” and socio-economic systems before, during, and after the 2008 financial…

Abstract

Purpose

The purpose of the research is to determine peculiarities of development of modern “conflict-free” and socio-economic systems before, during, and after the 2008 financial crisis and to determine signs of “conflict-free” socio-economic system by the example of modern Turkey and Japan.

Methodology

The methodology of the research is based on the method of regression analysis, which is used for studying dependence of the indicators that characterize the peculiarities of the process and consequences of the 2008 global financial crisis in various socio-economic systems on the indicators that reflect observation of the principles of “conflict-free” development as of 2018.

Conclusions

Signs of “conflict-free” socio-economic systems could be formulated in the following way: high quality of institutes, high ecological effectiveness, moderate digital competitiveness, moderate innovational development, low balance of the federal budget, and moderate globalization.

Originality/value

It is substantiated that a universal formula for high-precision determination of signs of “conflict-free” socio-economic systems cannot be created, as these signs are manifested differently in each country. That’s why during evaluation of the level of “conflict-free” nature of a socio-economic system, it is necessary to take into account specifics of its functioning and development. The determined signs allowed showing that observing the principles of “conflict-free” development of socio-economic systems does not mean achievement of global leadership in the corresponding directions of economic activities (and this is accessible for all countries of the world), but requires original solutions and balancing the existing alternatives in each separate case.

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Book part
Publication date: 4 July 2019

Tatiana N. Litvinova

The purpose of the work is to study the essence of conflict as an economic category through the prism of the existing conceptual issues.

Abstract

Purpose

The purpose of the work is to study the essence of conflict as an economic category through the prism of the existing conceptual issues.

Methodology

The authors use the systemic approach for comprehensive, structured, and dynamic study of socio-economic systems. Within this approach, the method of classification is used, with the help of which the existing conceptual approaches to treatment of the essence of conflict as an economic category are determined and limited, and the method of comparative analysis, with the help of which the distinguished approaches are compared to each other. The information and analytical basis of the research is materials of the works of international authors on the issues of conceptual study of the essence of conflict as an economic category.

Conclusions

As a result of the research, it is determined that conflict – as an economic category – is described in detail by the concepts of the modern economic theory (e.g., the concept of state regulation of economy, the concept of innovations, and the concept of economic cycles) and is the object of a lot of research. At the same time, conflict – as an economic category – is studied fragmentarily within three alternative approaches – inter-subject, adaptive, and crisis, each of which focuses on a certain manifestation of conflict in economy: contradiction of interests of economic subjects with their interaction, lack of desire of economic subjects to adapt to changes, and failure in the socio-economic system. Within each of the above conceptual approaches to treatment of the essence of conflict as an economic category, reasons and consequences of conflicts are given, and specific managerial tools are offered.

Originality/value

Systemic study of conflict as an economic category, which unified all distinguished approaches, allowed determining conflict as a negative reaction of the economic system or its economic subjects to changes in economic reality, which is expressed at all levels of this system and is subject to management. The offered definition allows specifying the essence of the conflict of economic category and ensuring its systemic research.

Details

“Conflict-Free” Socio-Economic Systems
Type: Book
ISBN: 978-1-78769-994-6

Keywords

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