Digital Commons Network^™

Spillover Effects Of Capital Controls: A Critical Review And New Agenda For The Future Directions, Biswajit Panigrahi, K.P Prabheesh

Bulletin of Monetary Economics and Banking

This study tries to undertake a critical review of the spillover effects of capital controls and their welfare implications. We provide a synthesis of the literature on both the theoretical and empirical literature on the spillover effects of capital controls. Furthermore, the role of similar economies (geographical region, and economic characteristics), direction-specific capital controls, global financial crisis (GFC), asset-specific capital controls and the compositional effect of capital flows are discussed to explore the degree and extent of spillover effects of capital controls policy. Similarly, the welfare implications of capital controls depend on the policy motive behind the imposition of capital …

Cost Of Capital And Climate Risk In The Indonesian Bonds Market, Maulana Harris Harris Muhajir

Bulletin of Monetary Economics and Banking

This study analyzes the impact of climate risk, cost of capital, and macroeconomic variables on the Indonesian bond market, focusing on non-ESG aware and ESG-aware bonds. Using a regression analysis, we found that the cost of capital has a significant negative effect on bond yields, highlighting the importance of policymakers focusing on initiatives that can lower the cost of capital for investors. Inflation rate was also found to have a significant positive effect on non-ESG aware bonds, which is a unique feature of the Indonesian bond market. We found that ESG-aware bond yields were negatively significant, indicating that investors are …

Rebung Garden : Blooming Dreams, Hasni Binti Mohd Hanafi, Azman Bin Jantan

International Journal of Management, Finance and Accounting

Rebung Garden, a family business established in 2019, has grown into a thriving enterprise dedicated to cultivating and selling rose plants. The garden's expertise lies in not only growing exquisite roses but also providing comprehensive plant care solutions using organic practices. In order to address the challenge of limited rose availability during the Covid-19 pandemic, Rebung Garden started cultivating their own-root roses, ensuring a steady supply and maintaining quality and variety. However, the garden faces additional challenges such as low brand awareness and operating within limited space.

Does Inflation Targeting Anchor Inflation Expectations In India? Evidences From Surveys Of Household And Professional Forecasters, Irfan Ali Kc

Bulletin of Monetary Economics and Banking

This study examines whether inflation targeting (IT) anchors household and professional forecasters expectations in India. It investigates whether food and non-food inflation affect anchoring inflation expectations differently. Primarily, the results indicate significant decreases in the level and variability of expectations. Further, it provides evidence of successful anchoring for professional forecasters' and household expectations. However, it also found food inflation assist anchoring of expectations, while the non-food inflation doesn't. The results suggest the central bank to emphasize more on non-food inflation for better anchoring prospects. Additionally, the study identifies food inflation as the primary contributor to headline inflation variability.

Digitalization And Economies Of Oic Countries, Mohsin Ali, Urooj Anwar, Mudeer Ahmed Khattak, Muhammad Umar Islam

Bulletin of Monetary Economics and Banking

This paper studies the impact of digitalization on the Organization of Islamic countries (OIC) economies. The study is conducted to see whether digitalization is playing its role in enhancing economic growth. We employ a panel dataset consisting of twenty-one years from 2000 to 2020 for 57 OIC countries. We use the system generalized method of moments (GMM) estimator. The results indicate that digitalization positively impacts the economies of OIC countries. As for policy implication, this study recommends governments of OIC member countries to invest in digital infrastructure in order to foster economic growth.

The Impact Of Social Media On Customer Behavior – Evidence From Lebanon, Nada Jabbour Al Maalouf, Jean Elia, Chadia Sawaya, Fawzy Boutros

Arab Economic and Business Journal

Purpose: This study investigates the impact of social media advertising on customer behavior; specifically its impact on customer decision-making through social proof, customer perceptions of brands, and customer loyalty. No studies tackled this topic in Lebanon and this gap was the main motive behind this study.

Method: A quantitative deductive method was employed and a questionnaire was sent to Lebanese customers to achieve the objective of the study. The final sample obtained is 147.

Findings: The findings revealed a positive correlation between social media usage, customer decision-making, customer attitudes and perceptions toward brands, and customer loyalty. The study's findings …

Firm-Level Political Risk And The Cash Flow Sensitivity Of Cash, Hui Liang James, Hongxia Wang, Nilakshi Borah

Finance and Economics

We examine the impact of firm-level political risk on the cash flow sensitivity of cash. Using a large sample of U.S. firms from 2003 to 2018, we find that the cash flow sensitivity of cash decreases in political uncertainty and the impact of political risk is asymmetric to cash flow types (positive versus negative). Intensified political uncertainty induces positive/negative cash flow firms to reduce savings out of cash flows to finance investment opportunities/terminate unprofitable projects to retrieve cash. The results are robust to various model specifications, alternative variable definitions, and the control for non-political risks. In addition, we show that …

Covid-19 And Labor Shortage In France: Exploring The Contribution Of Tunisian Migrant Workers In Bridging The Labor Shortage, Sana Gasmi

Theses and Dissertations

This thesis employed a qualitative approach, combining both desk research and in-depth interviews with 11 participants: nine Tunisian migrant workers and two Tunisian migrant experts. The thesis examined labor shortage in France during the pandemic and the extent to which Tunisian migrant workers managed to bridge the labor shortage relying on the Segmented Labor market theory which was originally developed by Piore (1979), and the two concepts: System Effects and Systemic Resilience. Findings indicate that the COVID-19 pandemic unveiled several weaknesses in the French labor market system including the acute labor shortage. Faced by labor shortage, France turned to migrant …

Interviews In Global Catholic Studies: Matthew Eggemeier And Peter Fritz, Mathew N. Schmalz, Matthew Eggemeier, Peter Joseph Fritz

Journal of Global Catholicism

No abstract provided.

The Missionary And The Pea: An Anthropological Study Of The French Mep Economy, Michel Chambon

Journal of Global Catholicism

This paper discusses how the French missionaries of the Missions Etrangères de Paris (MEP) are linking humans and material objects to support their religious agenda. Revisiting the long history of this organization in Hong Kong and Thailand, but also its distinct recruitment and assignment policies, I highlight how these Catholic missionaries rely on their French cultural background to interconnect people and goods. While theological principles and political pragmatism shape their functioning, I argue that their economy is distinctively rooted in the French notion of terroir –the taste of place— an embodied relation to land that acts as a cultural mechanism …

From Canonical Law To Offshore Finance: Confessing To Priests And Bankers In Luxembourg, Samuel Weeks

Journal of Global Catholicism

In this article, I address two recurring tendencies that I heard during a recent period of research on banking secrecy in Luxembourg. First, my banker interviewees frequently mentioned personal transgressions for why many of their clients hide assets “offshore.” The wrongdoings my interlocutors cited included not only clients’ tax evasion, bankruptcy, and avoidance of liability – but also divorce, adultery, and the existence of out-of-wedlock children. Second, with a similar frequency, my interviewees drew parallels between the secrecy laws covering bankers and those afforded to other professionals in the country. Article 458 of Luxembourg’s Penal Code, dating from the nineteenth …

Assessing Energy Mutual Funds: Performance, Risks, And Managerial Skills, Davinder K. Malhotra, Srinivas Nippani

School of Business Faculty Papers

This study investigates the risk-adjusted performance of energy equity mutual funds across a 23-year period, employing the Cumulative Wealth Index (CWI) to gauge their long-term performance relative to benchmark indices. Despite inherent volatility due to the energy sector’s cyclical nature, these funds consistently outperformed benchmarks based on monthly returns, showcasing resilience amid market fluctuations. However, challenges emerged during the COVID-19 pandemic, with notable improvements post-vaccination. Utilizing a multi-factor model, the research highlights the interconnectivity of energy equity mutual funds with broader market movements and systemic factors. Despite their primary focus on the energy sector, these funds exhibit sensitivity to larger …

Justice, Inclusion, And Incentives, Ghislain Herman Demeze-Jouatsa, Roland Pongou, Jean-Baptiste Tondji

School of Economics and Finance Faculty Publications

How does justice affect individual incentives and efficiency in a political economy? We show that elementary principles of distributive justice guarantee the existence of a self-enforcing contract whereby agents non-cooperatively choose their inputs and derive utility from their pay. Chief among these principles is that your pay should not depend on your name, and a more productive individual should not earn less. We generalize our analysis to incorporate inclusivity, ensuring basic pay to unproductive agents, implemented through progressive taxation and redistribution. Our findings show that without redistribution, any self-enforcing agreement may be inefficient, but a minimal level of redistribution guarantees …

Terminology Related To Ocean And Coastal Economic Activity, Nicole Leboeuf, Ralph F. Rayner, Carl Gouldman, Zack Baize, Monica Grasso, Brittany Croll, Kate Quigley

Journal of Ocean and Coastal Economics

This communication paper considers the definition and usage of terms describing ocean and coastal economic activity and the provision of the ocean data, information and knowledge needed to support its evolution and development.

Skewness-Based Test Diagnosis Of Technical Inefficiency In Spatial Autoregressive Stochastic Frontier Models, Ming-Yu Deng, Levent Kutlu, Mingxi Wang

School of Economics and Finance Faculty Publications

In the Spatial Autoregressive (SAR) Stochastic Frontier (SF) model, the inefficiency term, which distinguishes it from the SAR model, can capture the effects of technical inefficiency. To determine whether inefficiency significantly exists in the cross-sectional SARSF model, this paper proposes a skewness-based test. This test does not rely on the normality assumption for the disturbances and allows inefficiency to follow an unknown one-sided distribution. We establish the asymptotic theory of the test statistic under spatial near-epoch dependent properties. Furthermore, we extend this test to the panel SARSF data model, accounting for both individual and time fixed-effects. Additionally, Monte Carlo simulations …

Post Covid-19 Recovery In Mountain West Metros, Zachary Walusek, Vanessa Booth, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet examines data on the economic effects of the COVID-19 pandemic and recession on Mountain West metros. The original report includes data on economic activity, labor market, and real estate trends.

Economic Effects Of Pandemic On Us And Indian Economies With Policy Actions In 2019-2023: A Comparative Analysis, Kishore Kukarni Dr., Amitabh S. Dutta

International Review of Business and Economics

COVID 19 pandemic that started in February/March 2019, with happenings in Yuwan, China spread like a wildfire all over the world. All countries faced one of the worst economic challenges in recent centuries if not ever in the history of the mankind. Early predications were so severe and devastating that some forecasters predicted a death-toll of 100 million all over the world, as the virus was not only spreading fast but also had no solution for its serious fatal effects. It was evident that the patients were dying before getting any effective treatments and many of them were elderly individuals. …

Research On Integration Of Innovation Chain, Industrial Chain, Fund Chain, And Talent Chain, Changhong Nie, Feijie Zhao, Chuan Li, Tong Chen

Bulletin of Chinese Academy of Sciences (Chinese Version)

Promoting the integrated development of innovation chain, industrial chain, capital chain, and talent chain is of great significance to the high-quality development of the economy, and its essence is to reduce the various barriers faced by the flow of innovation elements across organizational boundaries, improve the allocation efficiency, better stimulate the main role of enterprises in scientific and technological innovation, and enhance the overall efficiency of the national innovation system. This study analyzes “four chain” integration and puts forward the following suggestions. First, promote the systematic layout and systematic implementation of scientific and technological innovation policies. Second, explore the construction …

Promote High-Quality Development Of China-Sri Lanka Joint Center For Education And Research By Practicing New Development Philosophy, Jinglong Yao, Haitao Chen, Changsheng Zhang, Min Yang, Weiqiang Wang, Yuansong Wei, Gang Pan, Yawei Wang, Yao Luo, Hui Zhong, Zhenqiu Zhang

Bulletin of Chinese Academy of Sciences (Chinese Version)

Under the guidance of the new development paradigm, the Chinese Academy of Sciences (CAS) has started a series of pioneering international cooperation in the Belt and Road countries with scientific and technological innovation, especially along the 21st Century Maritime Silk Road. CAS advanced the practical cooperation with the research institutions of the countries to improve their research and innovation capabilities. Taking the example of high-quality development, the China-Sri Lanka Joint Center for Education and Research (CSL-CER), satisfied the Sri Lanka’ s demands for science and education. This paper describes the progress and significance of achieved results by promoting high-quality development, …

Cas Helps Shuicheng Escape Poverty, Vitalize In Scientific Way, Qian Wang, Liuchun Yang, Zhenhong Wang, Yanjie Wen, Yinan Wu, Yong Xia

Bulletin of Chinese Academy of Sciences (Chinese Version)

Located in the Wumeng Mountain region of southern China, encompassed with vast range of stretching between Sichuan, Guizhou, and Yunnan Provinces, Shuicheng, Guizhou Province, has long been plagued by karst landscapes, rocky desertification along with the poverty that comes with it. It used to be a national key county for poverty alleviation and development, and by the end of 2016, its poverty incidence rate still was 18.9%. As the designated support organization of Shuicheng, the Chinese Academy of Sciences (CAS), during the battle against poverty, making use of the local ecological environment and resource, and its industrial foundation, promoted a …

Horizontal Economic Inequality And Mass Atrocity Risk: A Large-Sample Empirical Inquiry, Charles H. Anderton, Roxane A. Anderton

Genocide Studies and Prevention: An International Journal

Our research question is: Does inter-group horizontal economic inequality elevate state-perpetrated mass atrocity risk? Theoretical perspectives in genocide studies show how economic and other forms of discrimination against ethnic or religious groups can elevate the risk of government violence against them. Among the approximately five dozen large-sample empirical studies of mass atrocity risk, only a few consider the effects of economic discrimination. Moreover, no large-sample empirical studies, to the best of our knowledge, test hypotheses related to how inter-group horizontal economic inequalities (as distinct from vertical economic inequalities based on GINI coefficients or quantile income or wealth measures) affect mass …

Emotional Intelligence Impact On The Creativity Of Project Managers In Architecture Companies Favoring Sustainability, Nada Jabbour Al Maalouf, Jean Elia, Chadia Sawaya, Razan Al Baradhi

Arab Economic and Business Journal

The importance of Emotional Intelligence (EI) was discussed by several authors; however, the impact of EI on the creativity of project managers was not tackled. This gap in the literature was the main purpose of this study. To test the hypothesis which suggests that there is a positive correlation between EI and the creativity of project managers in architecture companies favoring sustainability, a quantitative research approach was employed. Architecture companies favoring sustainability were chosen as the target population because they represent a context where the relationship between Emotional Intelligence and creativity has practical significance, given the industry's focus on sustainability …

Earnings Dynamics And Firm-Level Shocks, Benjamin Friedrich, Lisa Laun, Costas Meghir, Luigi Pistaferri

Cowles Foundation Discussion Papers

We use matched employer-employee data from Sweden to study the role of the firm in affecting the stochastic properties of wages. Our model accounts for endogenous participation and mobility decisions. We find that firm-specific permanent productivity shocks transmit to individual wages, but the effect is mostly concentrated among the high-skilled workers. The pass-through of temporary shocks is smaller in magnitude and similar for high- and low-skilled workers. The updates to worker-firm specific match effects over the life of a firm-worker relationship are small. Substantial growth in earnings variance over the life cycle for high-skilled workers is driven by firms. In …

Essays On Cancer Patients, Quality Of Life, And Social Support: Evidence From Nepal, Muhammad Adnan Shahid

Economics ETDs

This dissertation is organized in five chapters. The first chapter provides a summary of the three research articles that are combined in this dissertation. It highlights the goals of each research paper, and outlines their contribution to the existing literature and the field of economics. Chapters 2 and 3 are based on a field study that I conducted on cancer and non-cancer patients in various cancer hospitals in Nepal. Chapter 4 uses data from field survey conducted by scholars of the Nepal Study Center, UNM, including me, in Sindhupalchok district of Nepal after the devastating earthquake of 2015. The final …

Early Childhood Intervention For The Poor: Long Term Outcomes, Alison Andrew, Orazio Attanasio, Britta Augsburg, Lina Cardosa, Monimalika Day, Michele Giannola, Sally Grantham-Mcgregor, Pamela Jervis, Costas Meghir, Marta Rubio Codina

Discussion Papers

Early childhood interventions aim to promote skill acquisition and poverty reduction. While their short-term success is well established, research on longer-term effectiveness is scarce, particularly in LDCs. We present results of a randomized scalable intervention in India, that affected developmental outcomes in the short-term, including cognition (0.36 SD p=0.005), receptive language (0.26 SD p=0.03) and expressive language (0.21 SD p=0.03). After 4.5 years, when the children were on average 7.5 years old, IQ was no longer affected, but impacts persisted relative to the control group in numeracy (0.330 SD, p=0.007) and literacy (0.272 SD, p=0.064) driven by the most disadvantaged.

Misgivings In Measuring Happiness, Sudhanva Char

International Review of Business and Economics

According to a resolution of the UN General Assembly (Resolution 66/281), March 20^th is observed annually as International Day of Happiness. A nation’s overall success is measured by people’s happiness, the litmus test. The World Happiness Report (WHR) states there is consensus about measuring happiness, whereas, happiness is idiosyncratic and its connotation differs from culture to culture, language to language, and even person to person. Personal ‘space’ in all spheres matters, and so do democracy or dictatorship, all factors leading to mismeasures of happiness scores. And so, there are paradoxes in happiness rankings in WHR. Economists have yet to …

How Does Passive Investing Effect The Informational Efficiency Of Prices?, Brice Corgnet, Mark Desantis, Yan Peng, David Porter, Jason Shachat

ESI Working Papers

We investigate the causal effects of passive investing on informational efficiency and market quality metrics by developing a novel laboratory experiment that introduces Index trackers with exogenous passive investment flows. We find that, while improving liquidity, Index tracking hurts informational efficiency, confirming our main hypothesis. Furthermore, we observe violations of the law of one price, leading to widespread and persistent arbitrage opportunities. Additionally, our research uncovers that Active traders, particularly those with private information about asset values and high cognitive ability, reap benefits from the introduction of Index tracking.

Trade And Domestic Distortions: The Case Of Informality, Rafael Dix-Carneiro, Pinelopi K. Goldberg, Costas Meghir, Gabriel Ulyssea

Cowles Foundation Discussion Papers

We examine the effects of international trade in the presence of a set of domestic distortions giving rise to informality, a prevalent phenomenon in developing countries. In our quantitative model, the informal sector arises from burdensome taxes and regulations that are imperfectly enforced by the government. Consequently, smaller, less productive firms face fewer distortions than larger, more productive ones, potentially leading to substantial misallocation. We show that in settings with a large informal sector, the gains from trade are significantly amplified, as reductions in trade barriers imply a reallocation of resources from initially less distorted to more distorted firms. We …

Clean Investment Monitor: Q4 2022 — Q3 2023, Madison Dwyer, Zachary Billot, Annie Vong, Caitlin J. Saladino, William E. Brown Jr.

Environment

This fact sheet presents investment trends in clean manufacturing, energy and industry, and retail in the Mountain West states of Arizona, Colorado, Nevada, New Mexico, and Utah. This fact sheet examines data from the Q3 2023 update of the Clean Investment Monitor (CIM), a joint project of Rhodium Group and the MIT Center for Energy and Environmental Policy Research.

Fiscal Administration Versus Fiscal Policy: An Investigation Into The Determinants Of The Real Tax Revenues From Consumption Tax In Egypt, Nariman Zahran

Theses and Dissertations

This thesis highlights the importance of fiscal administration relative to fiscal policies. It presents a broad view of the developments in both fields and tests their effects on real revenues from consumption tax in Egypt from fiscal year 2002 till 2023. It initially explains the proxies used for fiscal administration: the size of the tax base and the collection lag. The major fiscal policy change in Egypt was shifting from sales tax to Value-Added Tax (VAT) during fiscal year 2016/17. The effects of fiscal administration and fiscal policy on real tax revenues will be assessed using the Autoregressive Distributed Lag …