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Sonia Jaffe, Robert Minton, Casey Mulligan, & Kevin Murphy, Chicago Price Theory
Get PDFAbstract. The University of Chicago’s Economics Department is a leading program within the discipline, and its Graduate Microeconomics 301 is an important course in its graduate training. Chicago Price Theory extends the influence of the University’s microeconomics and provides the next generation of Chicago price theorists rudimentary examples and techniques that keep Chicago a formidable program in economics.Keywords. Microeconomics, Price Theory, Chicago Price Theory.JEL. C92, E20, J00, J01, J08
Evaluating the Fijian board of commissioners of currency
Get PDFAbstract. This paper describes the history of Fiji’s currency board, which existed from 1914 to 1973, and analyzes the extent of its orthodoxy through statistical analysis of its annual financial statements. An accompanying spreadsheet workbook contains all related data and analysis.Keywords. Fiji, Currency board, Devaluation, Orthodoxy.JEL. E59, N17
Impact of COVID 19 on international trade and China’s trade
Get PDFAbstract. As COVID-19 emerged from China and spread around the world like a pandemic, it was not just a health disease threat perhaps it could affect the world economically, politically, socially and educationally so, this research is conducted to find the impact of COVID-19 on international trade and China’s trade. To determine the effects of COVID-19 on global trade, a comprehensive analysis was conducted on forty-two countries using computable general equilibrium (CGE) model. These components comprise things such as industries, governments, importers and exporters, investors, and households. The results were obtained by using 2018 data from the Asian Development Bank and the International Monetary Fund.The impact of Covid-19 on GDP has been predicted under two scenarios. These are the short and long containment scenarios. Under the short containment scenario, global trade will be cut by about 905 billion US Dollars. Global trade will be cut by 2,095 billion US Dollars under the long containment scenario. From the simulation, growth in GDP will fall by 5.4 percent under the short containment scenario growth in GDP will fall by 3.7 percent in Asia and by 2.8 percent in the world, Asia is expected to contribute the most to the general decline in global output by a figure of 48 percent. Covid-19 will impact wage income most in the EU, UK, and the US. On a global scale, labor income will fall by 535 billion US Dollars under the short containment scenario. Labor income will fall by 1053 billion US Dollars under the long containment scenario. China is the core of export and import in Asia and COVID-19 could affect the Asia negatively so it could be concluded that COVID-19 could affect the China’s trade indirectly during the COVID-19.Keywords. COVID-19, International trade, China’s trade.JEL. F17, F14, F02
Utilizing microalgae as a local resource for fuels production in Papua province. A review: Strategies plans of biodiesel
Get PDFAbstract. Papua province has abundant of natural resources that can be utilized as sources of bio-renewable energy fuels. Specifically highly demand from industrial sector in this particular case electricity consumption has led to the production of biodiesel from plant as a replacement of diesel fuel. From many biodiesel sources that are exist, microalgae has been selected as the main source of biodiesel production due to the highly oil content of this plant. In addition, alternative fuel such as bioethanol is also considered to be produced from the solid waste of microalgae biomass because of its carbohydrate level. Therefore, through this study, it is expected in the future Papua Province will be able to support its industrial and transportation sectors by utilizing local sources as fuels.Keywords. Papua Province, Electricity, Microalgae, Biodiesel, Bioethanol.JEL. D91, J24, J28, O14, Z22
Oil price shock and macroecomomic aggregates: Empirical evidence from Nigeria using the structural vector autogregressive (SVAR) approach
Get PDFAbstract. The continual fluctuation in oil price has continued to be a source of concern for economists and policymakers, both in Nigeria and abroad, given its sudden implications on existing and future policy plans as well as on some macroeconomic indicators. The Nigerian economy is an oil-dependent one and has about 90% of its export earnings come from oil and so is highly vulnerable to the sudden changes in oil prices either positive or negative. This paper evaluates the relationship between this unanticipated changes in oil price and some selected macroeconomic aggregates in Nigeria using the structural vector autoregressive (SVAR) methodology while employing its impulse response functions, to further explore the impact of oil price shock on the Nigerian economy over different time period. The SVAR result shows that oil price shock has a negative impact on all of the selected macroeconomic indicators such as economic growth, import, investment, inflation, and the exchange rate except export in the long term. Furthermore, the impulse response functions shows that the response of all selected macroeconomic indicators in this study to oil price shock were mixed but mostly negative over a time period of 12 months. The ADF unit root test confirmed that all series were stationary at I(1) only except inflation rate which was I(0) and I(1). The autocorrelation LM and White heteroscedasticity test confirms the non-rejection of the null hypothesis concluding that the residuals from the SVAR model were not serially correlated and homoscedastic. Based on the findings the study recommended the diversification of the economy to other key sectors such as agriculture and mining to help reduce the over-reliance on crude oil earnings also, measures should be taken to lower the cost of production for crude oil per barrel to minimize the impact of oil price shock on macroeconomic indicators.Keywords. Oil price shock, Macroeconomic indicators, SVAR Models, GDP, Impulse Response, Exchange rate, Inflation.JEL. C32, E30, F41
Interest-free window banking and finance in Ethiopia: Inception to expansion
Get PDFAbctract. Interest-Free Banking and Finance services are continuously growing throughout the world in terms of customer size and the number of countries introducing the services. Entitled differently in different corners of the globe, numerous models have been implemented. Full-Fledged Banking, Subsidiary Banking, and Window Banking models are the eminent types. One of the countries, where an only Window Model has been practiced, is Ethiopia. In the last decade, the banking regulation of the country has legitimatized the operations of only Window Models. Consequently, within 6 years (2013-2019), 10 conventional banks have rapidly introduced Window-Based IFB services. Most of these windows became very weak in financing but they could attract billions of Ethiopian Birr (ETB) within a short period. As a result, the Window-Based IFB sector of the country became exceedingly characterized by cost-free deposit accumulation under the cover of a manipulated term of Interest-Free Banking. However, the parliament has approved a regulation which permits the establishment of Full-Fledged IFB in 2019. Consequently, some banks are under formation. The aim of this study is, therefore, to assess the expansion of the Window Model and the performance of the banks in deposit accumulation and financing trade and investment. A descriptive analysis is used based on mainly the reports of the banks.Keywords. IFB, Window model, Ethiopia.JEL. G21, G28, G29
Development and underdevelopment from the perspective of evolutionary socioeconomics in the post-COVID-19 era
Get PDFAbstract. In economics, the problematics of development and underdevelopment is a field of conceptual controversies and constant “re-comprehension,” already since classical economists’ fundamental explorations. Nowadays, especially within the particularly pressing conditions caused by the global pandemic of COVID-19, it seems that this field of research and scientific knowledge must be profoundly re-fertilized in analytical and explanatory terms. The current crisis seems to function as a catalyst for various structural changes globally, leading to a necessary reorientation of the related thematics towards exploring the inner evolutionary “mechanisms” that will drive socio-economic development (and underdevelopment) in the future. This article aims to study the conceptual evolution of the notions of development and underdevelopment in the light of modern evolutionary economics, which we think could offer a foundational repositioning at the interpretative level in response to the new emerging conditions. More specifically, this article tries to respond to what development and underdevelopment mean over time, where analytical readjustments the evolutionary economics lead to nowadays, and whether it is possible to counter-propose a multilevel approach that enriches the theoretical background for an interdisciplinary and unifying understanding of the specific problematics at the dawn of the new global reality that appears in the post-COVID-19 era. At first, we look at essential development and underdevelopment concepts by critically exploring corresponding basic definitions throughout time. Next, we study the essential and associated elements of evolutionary economics, in the light of the problematics of development and underdevelopment of our days, intending to reach a synthesizing theoretical perspective. We counter-propose the multilevel “development web” approach and analysis as a useful repositioned perspective on addressing the developmental/underdevelopmental problem since the compartmentalization of social sciences between the “micro, meso and macro” approaches seems progressively inadequate and sterile.Keywords. Development, Underdevelopment, Evolutionary economics, Development web, Micro-meso-macro, Evolutionary microeconomics, Evolutionary mesoeconomics, Evolutionary macroeconomics.JEL. O40, B52