Search results

The purpose of this review is to summarize existing literature on the causes and impacts of the magnitude of the COVID-19 pandemic on people and businesses, and to propose a conceptual framework for the global economic recovery. The study used existing most recent empirical literature from available for exploring of the magnitude causes and effects of the COVID-19 pandemic on the people and business and summarized the way of the world economic system. The review study uncovered that people and businesses are suffering from vulnerability scenarios that have causes and effects on current macroeconomic and microeconomic indicators. In addition, microeconomic indicators have affected in the categories of unemployed who are soaring, lowering incomes, increasing health spending, household spending, low productivity, mental stress, decreased consumption, social imbalance, collapsing commodity prices and so on. Nevertheless, macroeconomic indicators have affected in the categories of the global financial crisis, supply and demand, capital market volatility, disruption of fiscal policy, monetary policy, aviation industry, international tourism and hospitality, world trade, and high unemployment. The present study concluded that all government and non-government agencies have to play a major and mature role not only in developing of right policies and laws but also in ensuring practices and coordination as well as increase public and business awareness accordingly. The study summarized strategic and policy guideline for the recovery of the global economy by strengthening the health care system, commodity market volatility fix-up, financial market restructuring, resumption of manufacturing and economic activity, special care for micro-, small- and medium-scale enterprises, mitigate the unemployment problem, recovery package for tourism, hospitality and aviation sector, strengthening the global supply chain network, impacts on global immigration and remittance issues and develop sustainable development framework accordingly for recovery of the world economy.

Legal minimum wage rates for young workers were introduced in The Netherlands in 1974. After substantial increases during the 1970s, youth minimum wages were lowered in the 1980s, in response to the large increase of youth unemployment. Analyses the employment effects of lowering youth minimum wages. Looks at macro and micro evidence. At the macro level, does not find convincing evidence of negative effects of youth minimum wages on youth employment. Constructs a micro model in which an individual′s labour market state can be affected by the sign of potential earnings minus the relevant minimum wage. The model is estimated with data from 1984 and 1987. Finds significant minimum wage elasticities of employment and unemployment, with expected signs.

The purpose of this study is to compare two theories that relate the proportion of diversified firms in the economy and the implied discount for diversified firms: the first is a real-options model predicting a positive relationship between the discount and management’s choice to operate a diversified firm; the second is based on catering theory, in which a negative relationship is predicted, as management is attentive to investor preference concerning diversified firms.

This study proposes a new aggregate measure of the diversification discount. The authors’ measure allows for decomposition of the discount into firm-level mispricing, industry-level mispricing and long-run fundamental value components.

Results support a catering theory of diversification. The discount appears to be the result of firm-level mispricing. Thus, providing an explanation for why, in light of the observed discount, a large number of diversified firms persist.

To the authors’ knowledge, this is the first study to provide evidence that firm-level mispricing may drive the observed diversification discount.

The authors propose a framework to estimate the probability of being poor in a dynamic setting based on a large information set that includes individual characteristics and macro-economic variables. The joint inclusion of personal characteristics along with contextual factors allows separation of idiosyncratic shocks from aggregate shocks affecting poverty. The authors combine data from different cross-sectional surveys and fit a dynamic logistic hierarchical model within a Bayesian framework using standard Markov chain Monte Carlo techniques. The authors’ approach is exemplified by estimating household poverty status in Kyrgyz Republic as a function of time, regions, country, regional level variables and household level socio-demographic characteristics.

The distribution dynamics of incomes across Indian states are examined using the entire income distribution. Unlike standard regression approaches, this approach allows us to identify specific distributional characteristics such as polarisation and stratification. The period between 1965 and 1997 exhibits the formation of two convergence clubs: one at 50% and another at 125% of the national average income. Income disparities across the states declined over the sixties and then increased from the seventies to the nineties. Conditioning exercises reveal that the formation of the convergence clubs is associated with the disparate distribution of macro-economic factors such as capital expenditure and fiscal deficits. In particular, capital expenditure, fiscal deficits and education expenditures are found to be associated with the formation of the upper convergence club.

The purpose of the paper is to report on a novel approach to assessing long‐term policy and technology impacts. This approach combines a qualitative forecast with a tri‐level quantitative projection to provide a broadly socio‐economic analysis. It is aimed at forecasting problems, such as impact assessment for future policy formulation in the light of socio‐economic, technological and market developments.

The paper is based on a variety of research methods including scenario planning, and techniques taken from analysis of stochastic processes to identify and correlate behaviour, combined with the concepts meso‐economics, in order to produce more robust tri‐level quantitative estimations, driven by qualitative analysis.

The paper finds that it is possible to join micro‐economic behaviour to macro‐economic, using meso‐economics to attack what was previously seen as a difficult gap between the two. It also finds that quantitative forecasting, based on socio‐economic behaviour using the qualitative assessment from a scenario – i.e. from stories about the future – can form a basis for quantitative forecasting. Different scenarios may be linked to corresponding quantitative economic estimations using key indicator parameters at each economic level, those which are the most relevant to the scenarios, and so exploit statistical techniques across the three levels in a balanced fashion.

This paper summarises a novel approach, taking a fresh look at forecasting economic impacts assessments by shaping the quantitative form with a qualitative tool, while introducing the linking powers of meso‐economics. General economic theories in widespread use today seem to be weak when dealing with the non‐deterministic nature of real markets and economies and especially in linking micro‐economic parameters to macro‐economic. The approach attempts to resolve this dilemma. An example is presented of its use in a recent study.

The Middle East and North Africa (MENA) region is, at the same time, a major source and a major recipient of remittances, which could have significant implications on the economic and social developments of the region. The purpose of this paper is to analyse the socio-economic effects of the large remittance inflows in 12 remittance-dependent MENA countries.

This study uses the vector autoregressive model and Granger causality test on the entire set of labour-exporting MENA countries, and covers the period 1991-2015. It also exploits nine (dependent) variables that represent the economic developments, external balance, employment, and the potential uses of remittances in these countries.

The study shows a positive and significant impact running from remittances to gross domestic product and household expenditures. On the other hand, the authors found that an increase in inflation or a decline in economic conditions result in a considerable increase in remittance inflows, proving the counter-cyclical nature of these transfers.

In addition of examining an understudied region, the paper provided many interesting concepts regarding the form of association between remittances and receiving countries’ economic conditions, and the relationship dynamics between remittances on one hand and several macro-economic and social variables on the other.