Economics Commons^™

Economic Impacts Of Investment Facilitation, Edward J. Balistreri, Zoryana Olekseyuk

Yeutter Institute International Trade Policy Review

After the successful adoption of the Trade Facilitation Agreement (TFA) in 2014, investment facilitation is gaining importance as the next policy priority for a plurilateral agreement under the World Trade Organization (WTO). In fact, more than 110 WTO Members aim to conclude the negotiations on the Investment Facilitation for Development (IFD) Agreement by mid-2023 after only three years of formal negotiations. Investment facilitation refers to actions taken by governments designed to attract foreign investment and maximize the effectiveness and efficiency of its administration through all stages of the investment cycle. The IFD agreement focuses on allowing investment to flow efficiently …

Optimal Contest Design When Policing Damaging Behavior, Scott M. Gilpatric, Ye Hong

Economics Faculty Publications and Presentations

Abstract

Learning From Zambia's Economic Policy Reversals, Alan Whitworth

Southern African Journal of Policy and Development

The economic policies of Zambia’s first independent government, the United National Independence Party (UNIP), had disastrous results - turning Zambia from a middle-income into a least developed country. Following a difficult adjustment period, the Movement for Multiparty Democracy’s reversal of many UNIP policies led to over a decade of rapid growth and falling poverty. Despite their apparent success, policies such as privatisation were unpopular and the Patriotic Front administration from 2011 reverted to many of UNIP’s policies. This led once again to low growth and Zambia defaulting on its debt. As the United Party for National Development administration seeks to …

Overreaction At The Time Of Regulatory Policy Adjustment: Evidence From The A-Share Market In China, Jian Huang

Fordham Dissertations and Theses

The stock market is a significant place for capital allocation where paternalistic securities regulation is a necessary choice to hedge against risks in a growth-oriented capital market and enhance efficiency of capital market. However, paternalistic regulation can also lead to behavioral failure and amplify market failure, thus resulting in a decline in market efficiency. This dissertation attempts to empirically reveal that it is one of the objectives of securities regulation to increase the stock direct financing ratio (DFR), but policy adjustments can cause increased market volatility, and a stock market with increased volatility may exhibit overreactions, a phenomenon …

Revisit The Moving Average Technical Trading Rule For The Nasdaq Composite Index, Louie Ren, Peter Ren, Jeffrey Yi-Lin Forrest

Pennsylvania Economic Review

We check the regression model assumptions via residual analysis using one dummy variable for Buy and Sell Days. Since the returns of the NASDAQ composite index is not stationary, it is inappropriate to use the Student T-test on Buy and Sell Days to analyze the efficiency of the market via moving average technical trading rules. As such, the Buy-Sell Days from the moving average trading rules have no predictability on daily NASDAQ index returns. This refutes the results of at least two studies on the NASDAQ Composite Index.

An Empirical Research On The Financial Distress Risk In The Garden And Construction Industry, Jianlin Guan

Dissertations and Theses Collection (Open Access)

In recent years, the garden and construction industry has faced significant financial distressdue to the downward pressure on the macro economy. This financial distress not onlyposesrisks to the financial stability and management of enterprises but also has far-reachingimpactson society.

This paper utilizes various analytical methods such as case analysis, empirical analysis, andevent analysis to derive the following conclusions:(1)The participation of garden constructionindustry enterprises in public-private partnership (PPP) projects leads to increased financial distress.(2)The higher the debt ratio of the local government where listed gardenandconstruction enterprises are located, the greater the financial distress theyexperience.(3)Enterprises in the garden and construction industry, whose …

Exchange Rate Pass-Through To Domestic Prices, Jui-Chi Huang

Pennsylvania Economic Review

By using Generalized Least Squares and Least Squares Dummy Variable techniques, we use the aggregate 98 U.S. 4-digit Standard Industrial Classification manufacturing data over 43 years (1976 – 2019) to investigate the connection between exchange rate shocks and domestic prices. Our panel data analyses reveal that the exchange rate shocks passed to the U.S. domestic prices through imported inputs and import penetration

The Determinants Of Poverty In Pennsylvania Counties, Angelique Alcantara

Pennsylvania Economic Review

This study examines the determinants of poverty in Pennsylvania counties. Economic and demographic characteristics are evaluated in their relation to the poverty rate, using panel data from 2000 to 2019 for the 67 Pennsylvania counties. Data was collected from the U.S. Census Bureau. In accordance with the Hausman (1978) specification test, a two-way fixed effects model is estimated to account for unobserved county-specific and time-specific heterogeneity. Wald (1939) tests are used to determine joint significance for both demographic and economic variable groups. Results indicate that employment in manufacturing and in construction are negatively related to the poverty rate. Employment in …

The Relationship Between Economic Policy Uncertainty And Stock Market Volatility, Jadesola Alatishe, M Halim Dalgin, Necati Tekatli

Pennsylvania Economic Review

This paper studies the relationship between the economic policy uncertainty and the stock market volatility. On a daily basis, stock prices react to news about what governments around the world plan to do or have done. As economic policy uncertainty is expected to be priced in the stock market, the relationship between economic policy uncertainty and financial markets can reveal investors' assessments of how policy risks impact economic activity into the future, conveniently summarized in present value terms. In this paper, we hope to unravel how an uncertain economic policy climate affects the stock market dynamics. Our results indicate that …

It Doesn’T Pay To Be Purple: An Empirical Test Of Pork Barrel Spending And Congressional Delegation Homogeneity, M. Garrett Roth, Zachary Klingensmith

Pennsylvania Economic Review

This paper presents empirical evidence that pork barrel spending, as a best proxy for targeted spending through legislative coalition formation, is significantly affected by the party homogeneity among congresspersons of a given state. Moreover, the magnitude of homogeneity, when measured as uniform or non-uniform, carries larger magnitude than a state delegation’s congruence in either chamber with the current majority party. The result suggests that coalition value is a major motivator of U.S. congressional budgeting.

Impact Of Central Bank Of Nigeria Interventions To Agriculture: Evidence From Anchor Borrowers Programme, Sani A. Oshishepo

Bullion

In an effort to boost agricultural production and non -oil export in the face of unpredictable crude oil earnings and it resultant effect on the revenue profile of Nigeria, the Central Bank of Nigeria (CBN) in line with its developmental function, established the Anchor Borrowers Programme. This paper assesses, the impact, state participation and season positions from inception of the programme. Destock review and indebt interview as well data generated were employed to assess the impact of the programme, Issues surrounding, the distribution model, risks mitigation and challenges of the scheme were also examined. The paper concluded that there is …

Heterogeneity In The Persistence Of Health: Evidence From A Monthly Micro Panel, Stephen Hoskins, David W. Joohnston, Johannes S. Kunz, Michael A. Shields, Kevin E. Staub

ROSA Journal Articles and Publications

Despite being widely used in health economics, dynamic models of health and healthcare typ ically assume that the persistence in these outcomes is the same for every individual. This paper explores individual-level heterogeneity in the persistence of health outcomes. Using simple re gression methods that do not place any restriction on the distribution of the heterogeneity in persistence, the paper documents substantial heterogeneity in health, medical expenditures, and healthcare use. We show that neglecting this heterogeneity leads to estimates that overstate the average persistence and can bias the coefficients of covariates. We find that between 75% and 87% of individuals …

The Macrodynamics Of Indian Rupee Swap Yields, Tanweer Akram, Khawaja Mamun

WCBT Working Papers

This paper econometrically models the dynamics of Indian rupee (INR) swap yields based on key macroeconomic factors using the autoregressive distributive lag (ARDL) approach. It examines whether the short-term interest rate has a decisive influence on long-term INR swap yields after controlling for other factors, such as core inflation, the growth of industrial production, the logarithm of the equity price index, and the logarithm of the INR exchange rate. The estimated models show that the short-term interest rate has an important influence on the swap yields. This implies that the Reserve Bank of India (RBI) can sway borrowing and lending …

Annual Growth Of 6.5-8% Until 2028: How?, Jesus Felipe

Angelo King Institute for Economic and Business Studies (AKI)

THE KEY outcomes of President Bongbong Marcos’ Philippine Development Plan 2023–2028—to increase income per capita, reduce poverty, and create employment—rest on a necessary condition: to attain a 6.5-8% annual growth rate through 2023 to 2028. If achieved, the Philippines would resemble its East Asian neighbors, which attained similarly high growth rates decades ago. This is much needed given the still low wages and per capita income of the country. Yet, this “target” poses several questions.

National Debt And The Misleading Family Metaphor: A Message To The Economic Managers And Journalists, Jesus Felipe

Angelo King Institute for Economic and Business Studies (AKI)

A recent article in the prestigious British newspaper, The Guardian (“Bad economics at the BBC enabled Tory austerity and its aftermath — and it knows as much,” James Meadway, January 31, 2023), claimed that bad economics by the British Broadcasting Co. (BBC), the reputable British television company, enabled Tory austerity and its aftermath. A BBC internal review noted that too many journalists don’t get “basic economics,” with a negative effect on U.K. politics. The review refers to taxation, public spending, government borrowing, and debt output. Poor information is particularly serious when it comes to reporting on the central political issue …

The Administration’S Objective To Reduce The Fiscal Deficit To 3% Of Gdp By 2028: Why And How?, Jesus Felipe

Angelo King Institute for Economic and Business Studies (AKI)

A few weeks ago, the author attended a presentation on the Philippine economy and prospects for 2023. A discussant from the Department of Finance indicated that the Administration aims at reducing the fiscal deficit from 8.6 percent of gross domestic product in 2021 (the result of the COVID pandemic) to 3 percent by 2028. She referred to this reduction as “solid fiscal management” that “will promote long-term growth". This article argues that this is a dubious target because the government cannot control the deficit. Moreover, claiming that this reduction will promote long-term growth is poor economics. So is the idea …

Electronic Money And Economic Growth: What Implications For E-Naira Policy Adoption In Nigeria?, Jonathan Oniore, Obukohwo Oba Efayena

Bullion

This study examines the potential economic implications of the e-Naira policy in Nigeria. Employing the autoregressive distributed lagged model in evaluating quarterly data from 2009 to 2020, the study found that there is a long-run relationship between electronic transactions and economic growth. This implies that in the long-run, adopting the e-Naira policy will significantly impact economic growth. The study suggests that there is urgent need to adopt both technological and monetary apparatus fo ensure the e-Naira policy efficacy in Nigeria.

Fiscal Decentralization And Economic Performance In Selected Developing Federal Econom, Samuel Onyeka Okonkwo, Walter Okwudili Ugwuoke Phd

Bullion

Extant literatures on fiscal decentralization in most developing countries show more concerns on revenue allocation principle/sharing. Contrary to extant studies, this paper undertakes analysis of fiscal decentralization and economic performance in five emerging federal economies. The curiosity is to ascertain if poor economic performance in most emerging economies could be attributed to ill - structured fiscal decentralization. This objective was addressed using Panel Vector Autoregressive technique and impulse response function. The results showed that all the measures of fiscal decentralization such as revenue measure denoted as (FDC1), spending measure denoted as (FDC2) and revenue — spending measure or Simultaneity measure …

A Conceptual Framework On Tax Knowledge And Tax Compliance Intention: The Moderating Effect Of Patriotism In Nigeria, Mansur A. Saidu Dr., Ladan Shagari Shamsudeen Phd

Bullion

Realizing more tax revenues is a sign of an increase in the tax compliance intention of taxpayers within a given nation. This emanates from the taxpayers' level of readiness and willingness as a result of their accumulated tax knowledge and patriotism. But due to people's behavioral and social limitations, non-tax compliance intention is becoming eminent, leading to a lot of tax gaps and revenue losses on the part of the government to finance its expenditures for the betterment of a country. Not much could be achieved after several research efforts were recently put in place. The Income Tax Evasion Theory …

Designing The Future: The Influence Of Lloyd J. Reynolds On American Product Innovation, Bander Qadan

University Honors Theses

This research inquiry will explore how critical advances in American design products and consumerism can be traced back to the late Lloyd J. Reynolds and the silent yet powerful influence he has had on a generation of students, such as the innovative pioneer, Steve Jobs. Lloyd J. Reynolds was a renowned calligrapher and teacher at Reed College. The inquiry is structured chronologically, leading to Apple's 2022 valuation of about two trillion dollars. Four significant areas will be examined to trace this trajectory. Firstly, the paper examines the effects of calligraphy/typography on Lloyd J. Reynolds. Secondly, it delves into Steve Jobs’ …

Energy And Economic Growth Nexus: A Long-Run Relationship In Indonesia, Kelvan Darrian, Patricia Scholastica, Yohanes B. Kadarusman, Dandy Rafitrandi

Economics and Finance in Indonesia

Energy plays an important role in economic growth in which it affects total factor productivity (TFP). Energy conservation efforts to address global climate change may adversely affect economic growth, particularly in the long run. This study analyses the short- and long-run relationship between energy consumption (both non-renewable (NREC) and renewable (REC)) and economic growth in Indonesia within the period of 1985 to 2019. Using the vector-error correction model (VECM), the paper discovered a short-run unidirectional causality from NREC and REC to economic growth. Economic growth in Indonesia is dependent on energy consumption. The finding proves the growth hypothesis in the …

Social Capital And Conflict In The Post-Suharto Regime In Indonesia, Andar Ristabet Hesda, Rus'an Nasrudin

Economics and Finance in Indonesia

This study explores the relationship between social capital and conflict in the post Suharto regime in Indonesia. We employed a combination of cross-section datasets from the Social and Cultural Module of the 2009 National Socio- Economic Survey (SUSENAS) and the media-based conflict data from National Violence Monitoring System (NVMS) of 2010–2014 in Indonesia. Using Binomial Negative Regression, our empirical analysis shows that the past social capital stocks negatively correlate with future conflict intensity. This pattern applies to most conflict types. This result indicates that the social capital stock in 2009 is more likely to be the starting point determining the …

Household Demand For Food Prepared At Home And Food Away From Home In Indonesia, Ratih Damayanti, Chaikal Nuryakin, Pyan Amin Muchtar

Economics and Finance in Indonesia

This study aims to analyze the demand for food among Indonesian households, consisting of foods prepared at home (FPAH) and food away from home (FAFH). Utilizing longitudinal data from the National Socioeconomic Survey 2011-2013, combined with the Village Potential Statistics, the study estimates the demand with the Linear Approximated Almost Ideal Demand System (LA/AIDS). The results show that both FPAH and FAFH are normal goods, but FAFH is more elastic than FPAH. Additionally, in terms of income elasticity, we found that households show stronger responses in consumption on FAFH, compared to FPAH. We also present heterogeneity analysis on different types …

A Mathematical Approach To The Money Multiplier Analysis On Indonesian 1997–1998 Monetary Crisis, Albertus Prabu Siagian

Economics and Finance in Indonesia

In crisis moments, massive liquidity supports, extensive cash withdrawal, and large reserve hoarding can all lead to the change in monetary base, currency ratio, and reserve ratio respectively. In turn, all these disruptions could cause money supply to change. This research aims to find out which factor (among the change in monetary base, currency ratio, and reserve ratio) became the main causal factor of increasing money supply in Indonesia during 1997–1998 crisis. The method follows mathematical equation models used by Friedman & Schwartz (1963) and Stauffer (2006) in analyzing Great Depression in the US. This research has found that the …

Sociodemographic Effects On Financial Inclusion: Implications From Online Transaction In Developing-8 Countries, Dyah Titis Kusuma Wardani, Navi'ah Khusniati, Susilo Nur Aji Cokro Darsono

Economics and Finance in Indonesia

The world has reached the industry 4.0, where technological developments have been widely applied to electronic payment, with no exception on Muslim countries. This study aims to investigate association between sociodemographic and financial inclusion in country D-8 in the probability of using online financial transactions. Using The Global Findex 2017 from D-8 Organization for Economic Cooperation included in OIC countries and the logistic regression, this study explores the effect of sociodemographic namely gender, education, income status and working status on online financial transactions users. Using control variables such as Gross Domestic Product (GDP), Inflation and Exchange reta, results show that, …

From Rastra To Bpnt: An Empirical Quantitative Evaluation Of Food Assistance Reform In Indonesia, Wahyuni Andriana Sofa

Economics and Finance in Indonesia

Since 2017, Indonesia has shifted from its Rastra program to BPNT, an e-voucher food-based initiative, due to issues with targeting and effectiveness in social assistance. This paper examines the impact of this transition on poverty alleviation and food security, using SUSENAS 2018 and propensity score matching. Findings indicate BPNT is less effective than Rastra in reducing households’ poverty risk and has led to decreased food access and nutrition. Impact variations are noted, which are found to be worse in households with less-educated heads, located in Java Island, and rural areas.

Realizing Innovation And Sustainability: A Case Study Of Macau Sar’S Smart City Development Capabilities, Yujia He, Felix Ter Chian Tan, Carmen Leong, Jingbo Huang, Don Rodney Junio

Patterson School of Diplomacy and International Commerce Faculty Publications

The emergence of digital technologies has transformed organizational innovation with important implications for a city, its economy and policymaking. Despite this, research on how capabilities underpin innovation through smart city initiatives is still lacking. To address this gap, we conduct an empirical investigation of smart city initiatives in Macau, a former Portuguese colony and now special administrative region (SAR) of China. The case study adopts a qualitative approach, using data collected through fieldwork observations and in-depth interviews with stakeholders, and analysis of secondary documents. The study develops a stage-based assessment of innovation capabilities related to the use of technologies in …

Economic Factors And Theories Of Decline And Reform In The Late Ottoman Empire C. 1789–1911, Peter S. Gomori

Dissertations, Theses, and Capstone Projects

Tribes of Turkish speaking people (“Turks”) migrated in the 11th century from the Central Asian Steppes to what we consider the Middle East. Over the next two centuries this community would expand north, west and south to form a vast empire: the Ottoman Empire. Possibly the peak of the size of this empire would probably occur during the 16^th century under the rule of the Sultan, Suleiman the Magnificent (1494- 1566) where the population of the Ottoman Empire was estimated to be up to 30 million. Yet there would be rivals. To the East was the Safavid Empire (today …

Essays On Structural Transformation And Inequality, Yaoqi Lin

Dissertations, Theses, and Capstone Projects

Chapter 1: In this chapter, I replace the Cobb–Douglas production function in Acemoglu and Guerrieri (2008) with a two-sector model using the CES production technology to analyze how the U.S. capital deepening process must cause unbalanced growth. The U.S. economy is classified into labor- and capital-intensive sectors. My model shows that due to the difference in the two sectors' elasticities of substitution between capital and labor, capital deepening leads to a growing concentration of labor in the labor-intensive sector, but a continuous reallocation of capital away from this sector. This causes sector outputs to increase at different rates. Combined with …

Essays On Tax Impacts On Corporate Finance, Corporate Governance And Regional Disparity, Mei Li

Dissertations, Theses, and Capstone Projects

This dissertation consists of three chapters that cover topics on tax impacts on corporate finance, regional disparity and corporate governance.

Chapter 1 - How Do Net Operating Loss Carryforwards Affect Tax Impact on Corporate Capital Structure? This paper examines the impact of net operating loss (NOL) carryforwards on the tax implications of corporate capital structure. Leveraging the Tax Cuts and Jobs Act of 2017 (TCJA), the largest tax reform in four decades, this paper investigates the effect of NOL carryforwards on firms' sensitivity to tax reforms. As NOL carryforwards have become increasingly significant since 2000, but not widely researched due …