Economics Commons^™

Import Substitution Industrialization In Africa: Guinea's Experience, Mamadou Saliou Diallo

Markets, Globalization & Development Review

Import substitution industrialization (ISI) is such a template that many countries lagging behind in terms of development considered as an essential phase. The process of adopting ISI by these countries, however, displays contrasts in many aspects. The more apparent cases of differences in ISI adoption emanate from the East-Asian and Sub-Saharan African (SSA) models. These two regions are both latecomers in that industrial revolution, compared to Latin American countries being pioneers, was a chronologically later undertaking. Despite constraining factors, the East-Asian model thrives to become a successful experience. Meanwhile, SSA and Latin American countries still strive to achieve this ambition. …

Ethics, Social Responsibility, Sustainable Developmental Goals, Economic Development Strategies: Need Is Stronger Than Ever, Nikhilesh Dholakia, Zeynep Ozdamar Ertekin, Delphine Godefroit-Winkel

Markets, Globalization & Development Review

No abstract provided.

Essays On Housing Choices, Neighborhood Quality, And Urban Blight, Samuel Saltmarsh

Dissertations - ALL

This dissertation contains two chapters related to housing choices of low-income families, neighborhood quality, and the remediation of urban blight. The first chapter examines the effectiveness of Detroit's 2014–2022 residential demolition program in addressing neighborhood blight and vacancy in a shrinking city context. Using a stylized model of durable housing with downward price frictions, I combine parcel-level data on vacancies, blight, and demolitions to estimate the causal effects of demolition exposure on vacancy rates for non-demolished, single-family homes. Employing a difference-in-differences design, I find that the program as a whole did not reduce vacancies, and instead slightly increased them by …

Tracing The Literature On Central Bank Communication: A Bibliometric Review, Kanupriya Madan, Amlendu Dubey

Bulletin of Monetary Economics and Banking

This paper examines past and current research trends in central bank communication, as well as the thematic evolution and dominant themes in the field, through a bibliometric analysis of research works published in Scopus-indexed journals from 2006 to 2023. The study aims to map the intellectual structure of the field, identify key themes, and highlight influential work. Our key findings are as follows. First, the literature is classified into four primary domains: types of central bank communication, macroeconomic effects, communication channels, and analytical methodologies. Second, the main findings include the importance of formal communication, such as minutes of monetary policy …

Performance Of Digital Economic Indicators During The Covid-19 Pandemic: Payment System Case Of Indonesia, Darjana Darjana, Yanti Rusmawati

Bulletin of Monetary Economics and Banking

We explore the performance of digital payment system instruments during both the pre-COVID-19 period and during the pandemic. We focus on four main digital economic indicators in Indonesia; namely, electronic money, Automated Teller Machine (ATM), digital banking, and Real Time Gross Settlement (RTGS) transactions. Using monthly data covering the period 2013:01 to 2023:04 obtained from Bank Indonesia, we employ the Difference-in-Differences method to assess the impact of the pandemic on digital economic indicators. The results show that during the pandemic, generally, the transaction value of electronic money, digital banking and RTGS are continuously upward trending, while the number of electronic …

Navigating Resistance To Change In A Vuca World: Evidence From Turkey On The Role Of Paternalistic Leadership And Psychological Resources, Hürcan Tarhan

Arab Economic and Business Journal

Resistance to organizational change is a significant obstacle to achieving the advantages of transformation, especially in today’s volatile, uncertain, complex, and ambiguous business environment (VUCA). While paternalistic leadership is relevant in cultures like Turkey, there is still limited research on how it affects resistance to change. This study examines whether paternalistic leadership, characterized by authority, benevolence, and moral integrity, reduces employee resistance to change, and how organization-based self-esteem (OBSE), workplace spirituality (WS), and leaders’ psychological capital (PSYCAP) moderate this relationship. Survey data from 468 employees in the financial sector were analyzed using structural equation modelling (SEM). Findings indicate that paternalistic …

The 2025 Pakistan Floods: Investigating The Human, Agricultural, And Economic Collapse, Abdullah Khan

MSJ Capstone Projects

This project examines the 2025 Pakistan floods as a multidimensional climate disaster that triggered severe human, agricultural, and economic consequences. Moving beyond event-based reporting, the study examines how climate change, weak governance, poor infrastructure planning, and delayed institutional responses intensified the scale of destruction. Using investigative journalism methods, the project combines field reporting from flood-affected areas, in-depth interviews with displaced communities, local activists, and experts, and analysis of official data and policy documents. The findings reveal widespread displacement, loss of livelihoods, food insecurity, and long-term social vulnerability, particularly among marginalized rural populations. Agricultural collapse emerged as a central concern, threatening …

Exploring Pathways To Resolve Structural Contradictions In Service Consumption Empowered By Digital-Intelligent Technologies, Yue Yang, Desheng Wu

Bulletin of Chinese Academy of Sciences (Chinese Version)

Service consumption serves as a crucial engine for high-quality economic development. In China, service consumption is experiencing a stage of “simultaneous growth in quantity and quality”, yet it faces structural contradictions such as supply-demand imbalance, urban-rural disparities, information asymmetry, and regulatory lag. Focusing on how technology enables the reconstruction of full-chain service consumption scenarios, the study systematically analyzes core bottlenecks, explores technology-driven paths and institutional innovation strategies, and provides policy references for addressing the structural contradictions in service consumption.

Kutukan Sumber Daya Atau Katalis Kesejahteraan: Bagaimana Dampak Hilirisasi Nikel Terhadap Kemiskinan Di Sulawesi?, Muhammad Syafiq Zufarulhaq, Ashintya Damayati

Jurnal Kebijakan Ekonomi

This study evaluates the impact of nickel downstreaming on poverty levels in Sulawesi by examining the effectiveness of smelter development and the raw ore export ban policy as resource-based industrialization strategies. The primary contribution of this research lies in its identification strategy, which employs a staggered Difference-in-Differences approach with two-way fixed effects using panel data from 54 regencies/municipalities over the period 2010–2023. The baseline regression results show that the average effect of smelters is not statistically significant in reducing poverty. On the other hand, the raw mineral export ban policy is found to significantly reduce poverty. However, there is no …

Lessons Learned: Andreas Verykios And Kostas Tsatsaronis, Mercedes Cardona

Journal of Financial Crises

Andreas Verykios was appointed in 2018 to lead the board of directors of the General Council of the Hellenic Financial Stability Fund (HFSF), an independent special purpose vehicle created to stabilize the Greek banking sector in the wake of the country’s debt crisis. The Greek economy was badly affected by the Global Financial Crisis (GFC) and the Sovereign Debt Crisis, when the government was found to have underreported its fiscal deficits and public debt. This led to a downgrade and eventual default of its sovereign bonds, requiring assistance from the European Commission. From 2010 through 2018, the commission implemented three …

Lessons Learned: Paul Tucker, Salil Gupta

Journal of Financial Crises

After joining the Bank of England (BoE) in 1980, Sir Paul Tucker held a number of positions of increasing responsibility including serving as a member of several key committees. Tucker played a crucial role in the BoE’s response to the Global Financial Crisis (GFC) as director for markets, through March 2009, then as deputy governor of the bank until November 2013. Post-crisis, he has been instrumental in constructing the international regulatory framework on financial stability. From 2016 to 2021, Tucker also chaired the Systemic Risk Council.

Currently, Tucker is a research fellow at Harvard Kennedy School, Mossavar-Rahmani Center for Business …

Lessons Learned: Ewald Nowotny, Maryanne Chute Lynch, Rosalind Z. Wiggins

Journal of Financial Crises

Ewald Nowotny was appointed governor of the National Bank of Austria in September 2008 at the start of the Global Financial Crisis (GFC), having previously served as a vice president of the European Investment Bank in Luxembourg, the house bank of the European Union. Nowotny participated in the implementation of the multilateral stabilization framework known as the Vienna Initiative, which helped restore stability in the financial markets of Central, Eastern, and Southeastern Europe during the GFC. Working with the Austrian Central Bank, the European Commission, and the International Monetary Fund (IMF), he steered the Austrian economy away from recession. During …

Lessons Learned: Pedro Machado, Mercedes Cardona

Journal of Financial Crises

Pedro Machado began his career as a legal adviser to the European Central Bank in the years leading up the Global Financial Crisis (GFC), then joined the Bank of Portugal (BOP) in 2006, where he has held several positions. He was chief of staff to Portugal’s minister of state and finance in 2011, during the European Sovereign Debt Crisis, when the government negotiated a bailout with the International Monetary Fund (IMF) and European Union. He returned to the BOP, as deputy director of the prudential supervision department, while the program was being implemented. The EUR 78 billion bailout was largely …

Central Bank Crisis Interventions: A Review Of The Recent Literature On Potential Costs, Patrick Aldridge, David A. Cimon, Rishi Vala

Journal of Financial Crises

Central banks may engage in large-scale lending and asset purchases to stabilize financial markets and implement monetary policy during crises. The ability of these actions to restore financial market functioning is well documented; however, they come with costs. We provide a literature review of the costs associated with these post-Global Financial Crisis central bank actions, without commenting on the net benefits they provide. We find support for the premise that crisis actions may negatively impact market liquidity, distort asset prices, increase rent-seeking and inefficient uses of the liquidity provided by the central bank, create international spillovers, and create distortions in …

The Conditional Nature Of The Value Premium: Interaction And Cross-Sectional Evidence Across Market Regimes, Samuel L. Klein

Honors Thesis

This thesis examines why value-based investment strategies generate strong returns in some environments yet weaken or collapse in others. Regressions test whether the performance of the book-to-market ratio depends on the investor’s perception of financial health as defined by F-Score and accruals. Across additive regressions, interaction models, cross-sectionals, and heatmap visualizations, a consistent mechanism emerges. The book-to-market effect is strongest when financial information is neither highly reliable nor severely distressed. In these “moderate-quality” environments, investors struggle to fully distinguish the transitory components of earnings from their persistent counterparts. This makes valuation ratios particularly influential. Accrual intensity and financial strength jointly …

Marketcrafters: The 100-Year Struggle To Shape The American Economy, Jay Nathan

Journal of Global Awareness

No abstract provided.

Economic Development And Its Transformation In Happiness: A Perspective Of Sustainable Development Goals Of Nepal, Dhruba Bhattarai, Bishnu Bhattarai

Journal of Global Awareness

The present paper attempts to explore the relationship between GDP Per Capita Income based economic measurements of people’s well-being in the form of happiness. The overall development of a country’s economy must be translated into people’s well-being and happiness, which the study focuses on using the relevant data. The secondary data of the Human Development Index, Gross Domestic Product, Per Capita Income, and Happiness Index for the last 20 years have been collected and analyzed. To assess the psychological aspects of the happiness concept, the relevant happiness indicators such as life expectancy, educational attainment, and index of economic freedom have …

Effects Of External Debt On Inflation In The West African Monetary Zone (Wamz), Collins Anosike

Journal of Global Awareness

This research examined the effect of external public debt on inflation in the West African Monetary Zone (WAMZ) using annual data from 1960 to 2022. The study selected the six member countries of WAMZ, namely: Gambia, Guinea, Nigeria, Sierra Leone, Liberia, and Ghana, to examine their economic well-being, growth performance, external debt, and inflation over a 63-year period. This study is unique because it examines three periods, namely: pre-WAMZ (1960 to 2000); during WAMZ (2001 to 2022); and the entire period (1960 to 2022), extends previous studies by using updated data, and then shows the long-run positive effect of external …

Notes From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

Letter From The Editor, Jay Nathan

Journal of Global Awareness

No abstract provided.

The Pedagogy Of Financial Leverage: Using A "Hook" To Improve Learning

Journal of Economics and Finance Education

The past few years have seen the emergence of a distinct literature concerned with the pedagogy of finance. One area of particular interest is the effective teaching of the concept of financial leverage. This paper presents an overview of some considerations pertaining to the initial presentation of financial leverage to the undergraduate business student. The paper begins by providing a review of the most common teaching approaches as evidenced by prominent introductory finance textbooks. Next, an alternative streamlined initial presentation is discussed which can serve as an effective “hook” when the concept of financial leverage is presented.

Student Success In Business Statistics

Journal of Economics and Finance Education

Many universities require Business Statistics for undergraduate business majors. For students with weak quantitative and critical thinking skills, these courses present a significant challenge that must be met before beginning academic work in their major field. Pearson and partial correlation coefficients are calculated to identify three factors from an initial model of seven that are found to be significantly related to student performance in business statistics courses: class attendance, previous performance in algebra and differential calculus, and overall GPA. Awareness of these factors can provide a basis for improving student performance in Business Statistics.

Reconsidering The Introduction To Interest Rate Theory

Journal of Economics and Finance Education

The various theories of interest rate determination presented in economics textbooks each spotlight a particular fundamental force behind the equilibrium rate. Unfortunately, each theory’s successful emphasis of one determinant of the interest rate comes at the cost of distorting some other aspect of its determination. This paper argues that the basic market analysis of debt securities (e.g., bonds and commercial paper) left out of most macroeconomic as well as money and banking textbooks provides a straightforward and practical perspective on interest rate determination that can help students navigate the established interest rate theories.

Professor And Student Performance In Online Versus Traditional Introductory Finance Courses

Journal of Economics and Finance Education

According to a study by Gibson (1998), over 90% of colleges and universities with enrollments of over 10,000 offer distance learning. Although distance learning is ubiquitous, important issues regarding faculty and student performance remain unresolved. The results of this study show that students in the online section of introductory finance significantly under-perform students in the traditional sections of this course. The data shows that a professor earns significantly lower student evaluations in an online introductory finance course compared to the traditional finance course. This research provides important information for students, professors and administrators as they assess online courses.

Introducing The Effective Marginal Tax Rate In Introductory Macroeconomics

Journal of Economics and Finance Education

Introductory macroeconomics textbooks rarely cover the topic of marginal tax rates in sufficient depth to make it meaningful to students. We offer a simple method of introducing the concept of effective marginal tax rate that is interactive and will engage students to analyze the importance of including state income tax and FICA taxes. Our exercise will help students to observe the behavior of the effective marginal tax rate as income level increases. We also introduce an international component to the topic by comparing effective marginal tax rates across a group of socially diverse countries.

Improving Information Literacy In Finance

Journal of Economics and Finance Education

This study assesses information literacy in undergraduate finance students through the administration of surveys at the beginning and end of an introductory course. It describes how that particular course was altered in order to infuse information literacy and documents the increase in student information literacy upon completing the course. There are several key findings. First, the results indicate that students tend not to utilize their available resources unless specifically required to do so. Second, students require ongoing reinforcement of information literacy skills else they may deteriorate over time. Finally, students find the acquisition and utilization of discipline-specific information difficult.

A Geometric Analysis Of Global Profit Maximization For A Two-Product Firm

Journal of Economics and Finance Education

This paper analyzes several fundamental issues that arise in verifying a global maximum for a seemingly simple economic problem, profit maximization for a two-product firm. A new gradient path geometrical method of verifying a global maximum is presented that is analogous to the use of phase diagrams to solve for the equilibrium of a first-order differential equation system in two variables. An important advantage of the geometrical approach is that it always verifies a global profit maximum when the profit function is concave and it also verifies a global maximum in many cases where the profit function is neither concave …

The Effect Of Instructional Technologies On The Finance Classroom

Journal of Economics and Finance Education

Using a survey technique, we evaluate the effect of PowerPoint, online lecture notes, financial calculators, and machine readable forms (MRF) on students’ assessment of the quality of instruction, perceived knowledge level, satisfaction, post-course interest in the subject, and average grade in introductory Finance courses. We also examine these opinions on a relative basis by comparing the responses of Finance majors versus non-Finance majors. The results suggest that certain technologies are received better than others and, further, that the perceived quality of instructional techniques is largely contingent on the student’s choice of major.

Textbook Treatment Of The Constant Growth Valuation Model: An Assessment Of Congruence With Reality

Journal of Economics and Finance Education

It would be difficult for any informed financial market observer to overlook the fact that market prices often exhibit substantial, and sometimes extreme, deviation from perceived ‘fundamental values.’ During some periods, this deviation appears to be more extreme than in others. Anecdotally, it seems that even staunch believers in investing according to fundamental information have strayed from that strategy in preference for riding the market's momentum. In this paper, we revisit models to approximate fundamental value, and compare these fundamental values to market values. We test for differences using CRSP and Compustat data from 1962 to 2002 for different industry …

Teaching In Public Choice Courses How Direct Democracy Can Influence Voting Behavior

Journal of Economics and Finance Education

This study seeks to expand the scope of that portion of Public Choice courses that involves voting behavior. The study broadens the interpretation of the “rational voter model” so as to include the potential effects of “direct democracy” on the voter participation rate. Direct democracy is assumed here to take three forms: statewide initiatives, statewide popular referenda, and statewide legislative referenda. This study presents the hypothesis that greater numbers of such initiatives and/or referenda may increase voter turnout because they may elevate the expected gross (and hence net) benefits of voting by empowering voters, despite any accompanying information costs that …