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Article
Publication date: 18 November 2021

Timotej Jagric, Stefan Otto Grbenic and Vita Jagric

With high public debts and suffering economies after the COVID-19 pandemic, governments will look for ways to promote recovery. Literature substantially reports on the…

Abstract

Purpose

With high public debts and suffering economies after the COVID-19 pandemic, governments will look for ways to promote recovery. Literature substantially reports on the favorable macroeconomic impact of the healthcare sector.

Design/methodology/approach

The authors use data on 19 European countries. Over 30 variables are analyzed to find factors that foster or suppress the economic impact of the healthcare sector. The economic impact is thereby expressed through five types of total multipliers, acting as dependent variables. The authors estimate multiple econometric models.

Findings

The results indicate factors that intensify or reduce the economic impact of the healthcare sector as they cause the value of one or more economic multipliers to augment or to diminish. Positive effects are expected from the growth of public funds' share in total healthcare expenditure leading to a higher output, income and value-added multipliers. The import multiplier diminishes when expenditure on healthcare as percent of GDP rises. On the other hand, rising expenditure on pharmaceuticals in the share of healthcare expenditure lowers the output multiplier. Rising GDP per capita and higher healthcare systems' technical efficiency cause the employment multiplier to lower.

Originality/value

Policymakers can strengthen the economic impact of the healthcare sector on the national economy. This could be achieved by stimulating factors, being identified in our study. Strengthening the economic impact of the healthcare sector is especially welcomed when fostering economic recovery is needed.

Details

International Journal of Health Governance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2059-4631

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Article
Publication date: 15 July 2021

Salendu Salendu

This study aims to examine the effect of trade liberalization on welfare, directly or indirectly, through the productivity of the agricultural sector and the productivity…

Abstract

Purpose

This study aims to examine the effect of trade liberalization on welfare, directly or indirectly, through the productivity of the agricultural sector and the productivity of the industrial sector, which affects economic growth and the welfare of the community.

Design/methodology/approach

This study is explanatory as it looks at causal relationships between one variable with another (causality relationship). The data used in this study are secondary data from various sources, such as the International Financial Statistics (IFS) from the International Monetary Fund (IMF), World Bank, Bank Indonesia reports, Central Bureau of Statistics and several other sources. All data used in this study is annual data for each research variable from 1986 to 2016.

Findings

Based on the results of the analysis, there is a significant direct and negative influence of the agricultural sector productivity on economic growth, a significant direct and negative influence of the industrial sector productivity on economic growth.

Originality/value

Considering the diverse effects of trade liberalization both on economic growth and people's welfare in developing countries, the researcher was interested in knowing how trade liberalization affects Indonesia. This study tries to observe and analyze those relations.

Details

Benchmarking: An International Journal, vol. 28 no. 7
Type: Research Article
ISSN: 1463-5771

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Article
Publication date: 26 June 2019

Soumya Guha Deb, Sibanjan Mishra and Pradip Banerjee

The purpose of this paper is to examine the causal relationship between economic development and financial sector development for 28 countries at different stages of their…

Abstract

Purpose

The purpose of this paper is to examine the causal relationship between economic development and financial sector development for 28 countries at different stages of their development. The authors specifically focus on the nature of causality during economic boom and tranquil cycles.

Design/methodology/approach

The study uses quarterly time series panels of 17 developed and 11 emerging countries, during 1993Q1-2014Q4 with each having three sub-panels – full sample, a period of the economic uptrend (UP), and period of the economic downtrend. The authors use a univariate analysis for initial screening followed by panel unit root test, panel co-integration and causality test proposed by Toda–Yamamoto to examine the causal relationship.

Findings

The principal results suggest that for developed economies, there is a causal flow from financial sector to real sector in line with the “supply-leading” hypothesis, whereas for emerging economies, it is from real sector to financial sector, in line with the “demand-following” hypothesis. This overall relationship is strong for both emerging and developed economies during economic boom or UP cycles, but becomes weak during economic downturns or tranquil periods.

Originality/value

This study is different from previous studies on this issue and contributes to the existing literature in a number of ways. First, the focus of this paper revolves around identification of differential patterns in causal flows between real and financial sectors for different economies, across different economic cycles. Second, to present a robust representation of financial sector, the authors consider both banking sector and stock market parameters as the proxy for financial sector development. Third, the authors address the “stock-flow problem” in the measurement of financial variables a typical criticism of some of the previous studies. Finally, the authors use a rich sample size comprising of about 2,500 quarterly observations for each variable, with about 1,500 observations from developed and 1,000 from emerging economies.

Details

Studies in Economics and Finance, vol. 36 no. 3
Type: Research Article
ISSN: 1086-7376

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Book part
Publication date: 15 December 2015

Christine Sinapi and Edwin Juno-Delgado

European performing arts companies, intrinsically fragile, have been severely hit by the economic crisis. Within the global search for new economic models in the sector, a…

Abstract

European performing arts companies, intrinsically fragile, have been severely hit by the economic crisis. Within the global search for new economic models in the sector, a growing number of initiatives have been taken in the form of establishing collective and participatory firms. Their forms vary from simple interorganization resource pooling to proper registration of a cooperative. Our research aims to understand the motivations of project initiators for collectively organizing their business. We test the influence of instrumental versus ideologically driven motives as well as the influence of the socio-economic context on the decisions of performing arts entrepreneurs (artists, producers, or directors) to establish participatory firms. We relate these results to the success or failure of collective firms and to the degree of cooperation. We use a qualitative method based on semi-directive interviews conducted in 21 performing arts collective organizations, over two years and in six European countries. Interviews were integrally transcripted and processed using qualitative data analysis software (QSR NVivo 10) in order to realize axial coding. We found that while the context, instrumental logic, and ideologically driven motives influence the decision to establish collective organizations in performing arts, it is the ideological dimensions that are predominant and constitute a necessary condition for the success of a participatory organization. We observe that the more collective organizations are ideologically motivated, the more they are likely to be successful in the long run (success being assimilated to economic sustainability). We also find that the greater the importance of the ideological motive, the more integrated the cooperation. Eventually, these results provide significant information regarding the form of collective firms in performing arts. We observe the emergence of new forms of cooperatives that comprise cooperatives of production and projects or companies, establishing participatory and democratic governance, and pooling resources and financial risk while preserving the artistic freedom of artists. We view these emerging types of cooperatives as a promising avenue both for the sector itself and for the development of the cooperative movement beyond its traditional sectors. The findings suggest that public incentives, as they are currently set up, may miss their objective of promoting shared practices in the arts or even be counterproductive; thus, it would be to their advantage to be modified in light of the above results. We also defend the interest of trans-border cooperative organizations inspired by the cooperatives of production and their governance models and organizations. Despite a number of studies highlighting cooperation in the cultural sector, research on cooperatives in this sector remains embryonic. This paper contributes to this literature. We argue that applied research in this sector can be of contributive value to the literature on cooperatives and participatory firms.

Details

Advances in the Economic Analysis of Participatory & Labor-Managed Firms
Type: Book
ISBN: 978-1-78560-379-2

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Book part
Publication date: 11 July 2007

Angela Joya

This paper examines the transformation of Syrian political economy from 1970 until 2005. I argue that Syria has undergone two important phases of political and economic

Abstract

This paper examines the transformation of Syrian political economy from 1970 until 2005. I argue that Syria has undergone two important phases of political and economic transformation, from building a centralized state and economy in the early 1970s to embarking on the path of market economy in the early 1990s. With the logic of competitiveness guiding the direction of economic development, the socio-economic changes of the mid-1980s and after have corresponded with an important process of class and state formation. After a brief discussion of the current transition in Syria, the following sections of the paper attempt to provide a critical study of the different strategies for economic development. Section two examines the process of state and economic centralization of the 1970s and 1980s and highlights the contradictions of this period. Section three assesses the impact of economic liberalization through a study of competitiveness in the economic policies of the 1990s and 2000. The final section examines the economic and political impasse that Syria has been faced with. In conclusion, I argue that the current path of market economy as the strategy for capital accumulation has not resolved the socio-economic problems that Syria has faced in the last two decades. This strategy will continue to face contestation by marginalized groups such as factions of the Baath Party, landless peasants, workers and small producers as Syria becomes even more integrated into the regional and global economy.

Details

Transitions in Latin America and in Poland and Syria
Type: Book
ISBN: 978-1-84950-469-0

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Abstract

Details

Modelling the Riskiness in Country Risk Ratings
Type: Book
ISBN: 978-0-44451-837-8

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Article
Publication date: 8 October 2018

Zaini Achmad

This paper aims to analyze the superior economic sector by looking at its contribution to the gross regional domestic product (GRDP) of East Kalimantan Province, the…

Abstract

Purpose

This paper aims to analyze the superior economic sector by looking at its contribution to the gross regional domestic product (GRDP) of East Kalimantan Province, the economic base, the multiplier effect and the strength of inter-sectoral linkages.

Design/methodology/approach

This study was designed through two research approaches, namely, quantitative and qualitative method. This is intended to complement the results of the phenomenon under study and to strengthen the analysis. Secondary data were analyzed by the level of contribution of the economic sectors to the GRDP, and the base sector was determined through the location quotient approach. The two methods of calculation helped to reveal the dominant economic sectors in East Kalimantan Province. The Input Output (IO) Table in 2016 was made up dated from the 2009 IO Table to be used as a basis for building Social Accounting Matrix data or known as the East Kalimantan Regional Socio-Economic Balance System (SEBS) (a matrix of 49 × 49 sectors) in 2017 by using the RAS method. To be consistent, these SEBS data are then aggregated so all commodities are combined into economic sectors used to determine the leading sector on the East Kalimantan Province SEBS in 2016 (a matrix of 41 × 41 sectors).

Findings

Based on the assessment by scoring of the criteria for determining the leading economic sectors in East Kalimantan, i.e. the contribution of the economic sector to GRDP, the economic base, the multiplier effect (income, production factor, and output) and the linkages between sectors, both backward and forward linkage, shows the ten leading sectors as follows: the trade; paper and printed goods; financial institutions and other financial services; fertilizer; chemical and other rubber products; hotel and restaurant; general government; fisheries; excavation; and mining without oil and gas.

Originality/value

Similar research has never been done before in East Kalimantan; this is one of the originalities of this present study. No previous study has comprehensively studied the mediating effects of tourist value perception on the determination of economic sector, especially in Kalimantan, Indonesia.

Details

Journal of Chinese Economic and Foreign Trade Studies, vol. 11 no. 3
Type: Research Article
ISSN: 1754-4408

Keywords

Content available
Article
Publication date: 26 September 2019

Claudia Susana Gómez López and Karla Susana Barrón Arreola

This paper aims to study the relationship between employment and tourism activities as well as economic variables for the 32 states of Mexico for the period 1999-2014.

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Abstract

Purpose

This paper aims to study the relationship between employment and tourism activities as well as economic variables for the 32 states of Mexico for the period 1999-2014.

Design/methodology/approach

To study the case of Mexico, the authors use panel data and cointegration panel data. They also use geographic information systems to observe changes over time between the variables, which is useful in the empirical evidence.

Findings

The main results obtained by the models are as following: domestic tourism is the variable with the greatest impact on the generation of direct employment in the tourism sector, a finding supported by both methodologies; economic growth (measured by state gross domestic product) also directly impacts the generation of employment; and the cointegration of the panels causes a long-term equilibrium among the states and some variables.

Research limitations/implications

The model used leaves out other variables that may influence the performance of the tourist activity. In addition, given the availability of official and homogeneous information, it only covers what has been documented up to 2014.

Social implications

The aim is to measure the impact of tourism on the variables at the state level, where the economic activities could be based on public policies, as well as the importance of tourism activities in generating employment. In this sense, the impact would be in channeling efforts to support the main economic activities and could serve as a starting point for the evaluation of programs to promote domestic tourism.

Originality/value

This paper reviews the relationship that exists between tourism activity and its effect on other variables, especially employment. It is the first time that these topics are studied for the Mexican economy.

Details

Journal of Tourism Analysis: Revista de Análisis Turístico, vol. 26 no. 2
Type: Research Article
ISSN: 2254-0644

Keywords

Content available
Article
Publication date: 16 July 2019

Rabia Khatun and Jagadish Prasad Bist

The purpose of this paper is to examine the relationship between financial development, openness in financial services trade and economic growth in BRICS countries for the…

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2891

Abstract

Purpose

The purpose of this paper is to examine the relationship between financial development, openness in financial services trade and economic growth in BRICS countries for the period 1990–2012.

Design/methodology/approach

An index for financial development has been constructed using principal component analysis technique by including banking sector development, stock market development, bond market development and insurance sector development. For the robustness of the result, the long-run cointegrating relationship amongst the variables has been analyzed.

Findings

Overall financial development has a positive and significant impact on economic growth. To take the full advantage of openness in financial services trade, countries need to put more emphasis on the development of their stock markets, bond markets and the insurance sector. The result shows that openness in financial services trade has a positive impact on economic growth when the stock market, bond market and insurance sector are included in the system.

Research limitations/implications

The policy implication of the findings is that policymakers should focus more on developing all four areas of finance to get the full benefit of the financial system on the process of economic growth.

Originality/value

The authors have constructed the better indicators of financial development in the case of BRICS economies. Most of the studies in BRICS economies have measured the development of the financial sector as either banking sector development or stock market development. However, the present study includes all four areas of finance (banking sector development, stock market development, insurance sector development and bond market development) into account.

Details

International Trade, Politics and Development, vol. 3 no. 2
Type: Research Article
ISSN: 2586-3932

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Article
Publication date: 1 January 1983

R.G.B. Fyffe

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of…

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9611

Abstract

This book is a policy proposal aimed at the democratic left. It is concerned with gradual but radical reform of the socio‐economic system. An integrated policy of industrial and economic democracy, which centres around the establishment of a new sector of employee‐controlled enterprises, is presented. The proposal would retain the mix‐ed economy, but transform it into a much better “mixture”, with increased employee‐power in all sectors. While there is much of enduring value in our liberal western way of life, gross inequalities of wealth and power persist in our society.

Details

International Journal of Sociology and Social Policy, vol. 3 no. 1/2
Type: Research Article
ISSN: 0144-333X

Keywords

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