This study aims to examine the effect of the crude oil price crash of 2014 on corruption decentralisation. In a corrupt state, a significant decrease in the state revenue might lead to concentration of power in the hands of the political elite who try to maintain their income, or to a weakening of the elite’s control as the bureaucrats compete for bribes.
Crude oil price crash provides a rare opportunity to test the effect of reduced state revenue on corruption decentralisation. This study constructs a measure for corruption decentralisation and analyses how it is affected by state income in 18 resource-rich and corrupt states.
The empirical model suggests that there is a positive relationship between corruption decentralisation and state oil and gas revenue, implying that as the revenue decreases, political elite in the exporting countries manage to maintain their control over the bureaucrats.
The results are important for academics as well as for policymakers, as they allow adjustment of anti-corruption efforts based on the level of corruption decentralisation.
– This paper aims to discuss visitor behaviour and net present value (NPV) of the only theme park in Turkmenistan – Turkmenbashi World of Fairytales.
This paper aims to discuss visitor behaviour and net present value (NPV) of the only theme park in Turkmenistan – Turkmenbashi World of Fairytales.
Visitor behaviour, in terms of allocating time and expenditure to different parts of the theme park, is analysed using time and cost blocks. The data from a questionnaire answered by 317 visitors are employed in the descriptive analysis of visitor behaviour. The data on visitor behaviour are also incorporated into an estimation of the theme park’s net present value, as well as its sensitivity and scenario analyses.
The results show that the park is mostly visited by young people, at the time before noon or after 4 p.m. A majority of the visitors do not spend a significant amount in the theme park. Hence, achieving positive NPV may require improved revenue growth.
Turkmenbashi World of Fairytales is one of few publicly owned theme parks in the world. This provides a unique opportunity to test if positive NPV plays any role in construction of a public theme park.