Economics Commons^™

Attracting International Private Finance For African Infrastructure☆, Paul Collier

Journal of African Trade

Africa's trade is impeded by poor infrastructure. Inadequate transport infrastructure raises costs analogous to trade barriers, while inadequate power discourages investment. Yet Africa's infrastructure needs greatly exceed its capacity to finance them. There is therefore a need, and an opportunity, for substantial foreign private finance. However, to date, while private finance routinely finances infrastructure elsewhere in the world, in Africa it has been very limited. This article sets out the chain of impediments to scaling up private finance and suggests ways of addressing them.

The African Economic Partnership Agreements With The Eu: Reflections Inspired By The Case Of The East African Community☆, Jaime De Melo, Julie Regolo

Journal of African Trade

This paper appraises the likely effects of the Economic Partnership Agreement (EPA) between the East African Community (EAC) and the European Union (EU). Customs data are used to estimate the revenue and welfare effects of an EPA with and without an exception list. Revenue and welfare effects are rather small. The paper then discusses the benefits that would have occurred had the EAC-EU protocol on rules of origin been simplified and made more compatible with the multilateral trading system. An inclusion of services would have also helped achieve the objective of increased competitiveness in goods trade, while the time table …

Editorial, Augustin K. Fosu

Journal of African Trade

No abstract provided.

On The Accuracy Of Trade And Gdp Statistics In Africa: Errors Of Commission And Omission, Morten Jerven

Journal of African Trade

African trade statistics suffer from errors of commission and omission. A quarter-century ago, Alexander Yeats (1990) compared receipts of importers and exporters and concluded that the data could not be used to determine the magnitude, direction, or composition of trade. The only fact to be safely deduced from the evidence was that the statistics were plagued by widespread smuggling and/or underreporting. More than two decades later, despite improvement in external economic conditions, trade statistics continue to be lacking in quality.

Does Trade Reduce Poverty? A View From Africa☆, Maëlan Le Goff, Raju Jan Singh

Journal of African Trade

Although trade liberalization is being actively promoted as a key component in development strategies, theoretically, the impact of trade openness on poverty reduction is ambiguous. On the one hand, a more liberalized trade regime is argued to change relative factor prices in favor of the more abundant factor. If poverty and relative low income stem from abundance of labor, greater trade openness should lead to higher labor prices and a decrease in poverty. However, should the re-allocation of factors be hampered, the expected benefits from freer trade may not materialize. The theoretical ambiguity on the effects of openness regarding the …

The Industrialisation Challenge For Africa: Towards A Commodities Based Industrialisation Path, Mike Morris, Judith Fessehaie

Journal of African Trade

Since the turn of the millennium many African economies have been reintegrated into the world economy on a positive note and experienced substantial economic growth. This growth has primarily been concentrated in commodity exports. The central question facing African economies is how to use economic growth to foster industrialisation and thereby facilitate general development. This paper discusses the extent to which developing backward and forward linkages to the commodity sectors can contribute to its industrialisation project, in light of the past de-industrialisation process and recent trends in global commodity markets. It then reviews the theoretical criticism to resource-based industrialisation and …

Further Loose Notes And Papers, Anwar Shaikh Phd

Archives of Anwar Shaikh

This collection includes,

• Shaikh, A. (September 5, 2006). Glossary of economic terms and mathematical notation [Manuscript with handwritten annotations]. Unpublished manuscript glossary, including a handwritten instruction to reorganize entries according to revised notation.

• Shaikh, A. (May 7, 2014). Classical theory of price matrix algebra [Unpublished manuscript]. Typed paper developing the classical price system using matrix-algebraic methods.

• Shaikh, A., PhD. (n.d.). Reference note [Handwritten note]. Unpublished manuscript reference note.

• Shaikh, A., PhD. (n.d.). Employment, duration, wages, and related economic equations [Handwritten notes]. Unpublished manuscript notes written on the reverse of a Mathcad 15 installation guide.

• Shaikh, …

Securitize Me: Stimulating Renewable Energy Financing By Embracing The Capital Markets, Andrew C. Fink

The University of New Hampshire Law Review

The current system of financing renewable energy projects is broken and inadequate, especially when compared to the framework for participating in oil and gas ventures. The solution lies in borrowing accepted energy business practices and adapting them to solar and wind energy projects. This Article focuses on the current issues facing renewable energy project financing in the United States, analyzes failed attempts to stimulate growth, and presents the securitization of renewable energy assets as a solution. Drawing on current legal structure and debates from the corporate sphere, this Article also discusses specific securitization techniques that can help to democratize and …

The Cost-Of-Carry Model And Volatility : An Analysis Of Gold Futures Contracts Pricing, Edward M. Riley Iii

Honors Theses

The theoretical price of gold futures relies on the term structure of interest rates, the days to settlement, and the spot price of gold. However, when comparing the theoretical gold futures price and the observed price in the market, there is often a difference. The difference implies that the theoretical pricing model is incomplete. Though limited in explaining much of what causes a difference between the actual and theoretical futures prices, factors such as rise in the credit spread of interest rates and changes in the price of commodities are statistically significant and positively correlated determinants of the difference between …

Macroeconomic Surprise, Forecast Uncertainty, And Stock Prices, Alphonce M. Mshomba

Honors Theses

This paper evaluates the effect of surprises in economic data on stock prices. “Surprises in economic data” refer to the difference between the forecast and initial release actual values relative to the sample forecast error. The analysis addresses three questions. Do surprises in economic data affect stock prices? If there is an effect, is the magnitude of that effect symmetrical for positive and negative surprises? If surprises affect stock prices, how does market forecast uncertainty affect the magnitude of the effect on stock prices?

Application Of Carhart Four-Factor Model To The Aaii-Generated Portfolios, Teo Lagvilava

Honors Theses

American Association of Individual Investors (AAII) provides stock screens that follow the investment strategies of some of the most well-known investors. This paper uses Carhart’s Four Factor Model and adjusts returns for transactions costs to see whether these portfolios generate abnormal returns. I find that number of portfolios with excess returns significantly decreases under the restrictions of the four factor model and transaction costs assumptions. In addition, I find that a momentum is a statistically significant factor in explaining the returns of these portfolios. The results of this study suggest that markets are inefficient in the weakest form.

Double Bubbles In Assets Markets With Multiple Generations, Cary Deck, David Porter, Vernon L. Smith

ESI Publications

We construct an asset market in a finite horizon overlapping-generations environment. Subjects are tested for comprehension of their fundamental value exchange environment and then reminded during each of 25 periods of the environment's declining new value. We observe price bubbles forming when new generations enter the market with additional liquidity and bursting as old generations exit the market and withdrawing cash. The entry and exit of traders in the market creates an M shaped double bubble price path over the life of the traded asset. This finding is significant in documenting that bubbles can reoccur within one extended trading horizon …

A Study On Regional Circular Economy System And Its Construction, Operation And Suggestion For Shanghai, Di Wu

Dissertations, Master's Theses and Master's Reports - Open

The characteristics of the traditional linear economic model are high consumption, high emission and low efficiency. Economic development is still largely at the expense of the environment and requires a natural resource investment. This can realize rapid economic development but resource depletion and environmental pollution become increasingly serious. In the 1990's a new economic model, circular economics, began to enter our vision. The circular economy maximizes production and minimizes the impact of economic activities on the ecological environment through organizing the activities through the closed-loop feedback cycle of "resources - production - renewable resource". Circular economy is a better way …

Can China Use Alternative Energies Instead Of Coal To Provide More Electricity By 2030?, Yan Wu

Dissertations, Master's Theses and Master's Reports - Open

Following the rapid growth of China's economy, energy consumption, especially electricity consumption of China, has made a huge increase in the past 30 years. Since China has been using coal as the major energy source to produce electricity during these years, environmental problems have become more and more serious. The research question for this paper is: "Can China use alternative energies instead of coal to produce more electricity in 2030?" Hydro power, nuclear power, natural gas, wind power and solar power are considered as the possible and most popular alternative energies for the current situation of China. To answer the …

The Domestic Natural Gas Shortage In China, Ting Guo

Dissertations, Master's Theses and Master's Reports - Open

This thesis analyzes the domestic shortage in the Chinese natural gas market. Both the domestic supply and demand of natural gas are growing fast in China. However, the supply cannot catch up with the demand. Under the present pricing mechanism, the Chinese natural gas market cannot get the equilibrium by itself. Expensive imports are inadequate to fill the increasing gap between the domestic demand and supply. Therefore, the shortage problem occurs. Since the energy gap can result in the arrested development of economics, the shortage problem need to be solved. This thesis gives three suggestions to solve the problem: the …

An Econometric Approach For Modeling Population Change In Doña Ana County, New Mexico, Diana Villavicencio

Open Access Theses & Dissertations

An econometric model using time series analysis techniques is used to model and forecast population changes in Doña Ana County, New Mexico. The model focuses on the interplay between economic and demographic variables. Individual, cointegrated equations are generated to account for the components of population change. Significant results were found in the components of population change - births, deaths, net domestic and net international migration. Birth and death equations prove easier to model because of stable changes from period to period in relation to the nation and income levels. Net migration equations were more difficult to model as economic conditions, …

Travel And Recreation: The Economics Of "We Like It Here!", Norma P. Nickerson

Institute for Tourism and Recreation Research Publications

Outlook for 2014 and Review of 2013.

The Yield Curve As A Leading Indicator Across Countries And Time: The European Case, Tuan M. Nguyen

Honors Theses and Capstones

With the increasing demand for a better understanding about the relationship between yield curve and economic activities, this paper analyzes the data sets of seven countries in the European Union: Germany, France, Belgium, Spain, the United Kingdom, Sweden and Poland using quantitative analytical method. Based on previous literature, the expected hypothesis is: there is a strong relationship between the yield curve and the chance of an incoming economic contraction. The inverted yield curve, or the negative yield curve spread is considered as the tool to forecast the incoming contraction. Having been used as a rule of thumb for future reference …

The Windy City: Property Value Impacts Of Wind Turbines In An Urban Setting, Corey Lang, James J. Opaluch

Environmental and Natural Resource Economics Faculty Publications

This paper examines the impact of wind turbines on house values in Rhode Island. In contrast to wind farms surrounded by sparse development, in Rhode Island single turbines have been built in relatively high population dense areas. As a result, we observe 48,554 single-family, owner-occupied transactions within five miles of a turbine site, including 3,254 within one mile, which is far more than most related studies. We estimate hedonic difference-in-differences models that allow for impacts of wind turbines by proximity, viewshed, and contrast with surrounding development. Across a wide variety of specifications, the results suggest that wind turbines have no …

Five Facts About Value-Added Exports And Implications For Macroeconomics And Trade Research, Robert C. Johnson

Dartmouth Scholarship

Due to the rise of global supply chains, gross exports do not accurately measure the amount of value added exchanged between countries. I highlight five facts about differences between gross and value-added exports. These differences are large and growing over time, currently around 25 percent, and manufacturing trade looks more important, relative to services, in gross than value-added terms. These differences are also heterogenous across countries and bilateral partners, and changing unevenly across countries and partners over time. Taking these differences into account enables researchers to obtain better quantitative answers to important macroeconomic and trade questions. I discuss how the …

The 1997 Asian Financial Crisis And Foreign Direct Investment (Fdi) Inflows To Asean Member Countries, 1995-2005, Rosalina Palanca-Tan

Economics Department Faculty Publications

In the late 1990s, ASEAN countries started to find it more and more difficult to lure foreign investors. While ASEAN was capturing about 8% of foreign direct investments (FDI) until the mid-1990s, this share dropped to only about 3% from the late 1990s until mid-2000s. This paper traced the trends and patterns of FDI flows to ASEAN during the years 1995-2005, a period that included the Asian financial crisis that started in July 1997, the years immediately preceding the crisis and the recovery years. The study examined the effects of the crisis on FDI inflows to ASEAN countries and their …

Extent Of Bgsu Student Food Insecurity And Community Resource Use, Kathryn Koller

Honors Projects

This research examines student food insecurity at Bowling Green State University (BGSU) and available resources in Bowling Green, Ohio. Seven classes from BGSU’s main campus were randomly chosen to complete a survey regarding participant background information, details concerning food attainment, food security level, and use of community resources to allow for food acquisition. These classes included undergraduate classes and ranged from 15 to 272 students per class. Less than one quarter of student participants had food insecurity (19%), and food insecurity was significantly associated with financial dependence (P=0.04). There was a significant relationship between not utilizing community food resources and …

Mass Incarceration And Employment, Steven Raphael

Employment Research Newsletter

No abstract provided.

Transnational Marriage: Modern Imaginings, Relational Realignments, And Persistent Inequalities, Coralynn V. Davis

Faculty Journal Articles

In the context of shifting cultural anchors as well as unstable global economic conditions, new practices of intimacy and sexuality may become tactics in an individual’s negotiation of conflicting desires and potentials. This article offers reflection on the interface between global forces, powerful transcultural narratives, and state policies, on the one hand, and local, even individual, constructions and tactics in regard to sexuality, marriage, migration, and work, on the other. The article focuses on the life trajectory of Gudiya, an ambitious young Hindu woman who started out life with little social capital and few economic resources in a dusty corner …

New Operations Over Interval Valued Intuitionistic Hesitant Fuzzy Set, Florentin Smarandache, Said Broumi

Branch Mathematics and Statistics Faculty and Staff Publications

Hesitancy is the most common problem in decision making, for which hesitant fuzzy set can be considered as a useful tool allowing several possible degrees of membership of an element to a set. Recently, another suitable means were defined by Zhiming Zhang [1], called interval valued intuitionistic hesitant fuzzy sets, dealing with uncertainty and vagueness, and which is more powerful than the hesitant fuzzy sets. In this paper, four new operations are introduced on interval-valued intuitionistic hesitant fuzzy sets and several important properties are also studied.

Intermediate Inputs And External Economies, Haiwen Zhou

Economics Faculty Publications

Is the degree of external economies (at the industry level) higher than the degree of internal increasing returns (at the firm level)? If so, what is the exact source of this difference? In the general equilibrium model in which firms producing final goods choose the degree of specialization of their technologies, external economies arise from the usage of intermediate inputs and the existence of internal increasing returns. It is frequently assumed that increasing returns are absent at the firm level while present at the industry level. In this model, the existence of increasing returns at the firm level is necessary …

International Trade With Increasing Returns In The Transportation Sector, Haiwen Zhou

Economics Faculty Publications

In this general equilibrium framework, the transportation sector is modeled as a distinct sector with increasing returns. A more advanced technology has a higher fixed cost but a lower marginal cost of production. Even with both manufacturing firms and transportation firms engaged in oligopolistic competition and optimally choosing their technologies, the model is tractable and results are derived analytically. Technology adoptions in the manufacturing sector and transportation sector are reinforcing, and multiple equilibria may exist. Firms choose more advanced technologies and the prices decrease when the size of the population is larger.

Quantitative Easing's Effect On Shadow Banking: Have Federal Reserve Purchases Caused A Collateral Shortage In The Repurchase Agreement Market?, Amanda A. Schaible

Scripps Senior Theses

Since the start of the financial crisis in 2008, the Federal Reserve has been engaging in quantitative easing. Quantitative easing is a form of open market operation in which the Federal Reserve buys long-term U.S. government and other securities, versus traditional open market operations that occur through the short-term Treasury bill market. At the same time, the shadow bank system, which is a system of financial intermediaries that perform unregulated credit intermediation outside of traditional banks, has contracted significantly. Some argue that this contraction is due to a collateral crunch induced by quantitative easing in the shadow bank system—a crunch …

Correlation Between Crime, Oxytocin, And Generosity, Alexa R. Clark

Scripps Senior Theses

This thesis examines the relationship between the type of crime of which an inmate is convicted, the change in oxytocin level, and the level of generosity of that inmate. The level of generosity is measured using a behavioral economics task called the Ultimatum Game. Studies of oxytocin have demonstrated that it is connected to generosity so it is illuminating to study it in conjunction with the generosity measure obtained in the Ultimatum Game. The results of the experiment indicate that there is no correlation between the type of crime of which an inmate is convicted and his generosity level.

Diplomacy & Negotiation, Liefke M. Cox

Master of Liberal Studies Theses

Over the course of history when women have been involved in the diplomatic, political, social, and economic structure of a country it has been found they are one of the key ingredients to building an effective and stable democracy. Investing in women strengthens the back bone of any society. Top CEO’s, such as Tupperware’s Rick Goings and Warren Buffett, have also publically supported this assumption. I argue that women in different societies have traits that have been instilled in them culturally which in turn translate directly to their ability to handle diplomatic situations and business negotiations. Societies, however intentionally or …