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A financial option perspective on OPEC strategy
Get PDFAbstract. The article examines the use of discretionary production by key OPEC members to protect the long-term value of their reserves. Although interpretations vary on its behaviour and market power, the organisation sees its role as promoting the security of supply through stabilising markets while protecting market share and ensuring a fair return to capital. Given the new and perennial challenges facing its members, there are diverse views on how these policy objectives may be promoted. Using option theory, we argue that the market stabilisation policy of OPEC in effect, provides free risk management to the global market and conflicts fundamentally with its long-term objective of protecting market share through discouraging high-cost marginal producers. Abandoning this policy, the returns to marginal producers, adjusted for risk, would be reduced. As implications of our research, rather than creating a social good through mitigating price risk, OPEC should allow markets to be volatile and even consider using its discretionary buffer in a pro-cyclic manner, to protect the long-term value of its reserves.Keywords. OPEC, Risk Management, Shale Petroleum.JEL. Q02, Q43, Q48, Q58
User acceptance of cloud based hospital information system
Get PDFAbstract. In this study, it is aimed to determine the factors that affect system use of the IT specialists. Accordingly, it is aimed to analyze,through web-based survey and Technology Acceptance Model, the factors that influence the cloudbasedsystem usage of the 150 IT specialists, who work for state hospitals, The results related to the structural model developed fromTechnology Acceptance Modelhave been analyzed with AMOS - Analyis of Moment Structures programme and the accordance of the statistical results have been analyzed by using Structural Equation Modelling method on model.According to analysis results, the effects of the factors related to the IT specialists’ perceived usefulness and perceived ease of use on the applicability of this technology with their advantages and disadvantages havealso been discussed, thanks to the data gathered from the users. The Structural model has been confirmed with the statistical results and confirmed hypotheses have been evaluated separately. Suggestions have been offered to the researchers about making prevalent of the cloud based Hospital Information System as a software service, required substructure, its components and applicability. Standards and legal status has also been examined.Keywords. Cloud computing, Technology acceptance model, Cloud basedhospital information system, Structural equation model.JEL. J24, O15, M12, M51, M55
An analysis on the housing price channel: The case of BRICT
Get PDFAbstract. The asset prices channel, as one of the transmission channels of monetary policy, refers to the process of changing aggregate demand level by affecting the asset prices of a change in the central bank's monetary policy decisions. There are 3 basic components of the asset price channels: stock price channel, housing price channel and exchange rate channel. In this study, the operation of the housing price channel is investigated by applying Panel VAR analysis. For this purpose, the data between 2009Q1-2017Q4 period for BRICT countries are analyzed and tested. The findings show that the housing price channel is operating in these countries. The study consists of three parts. In the first part, the operation of the housing price channel is explained. In the second part, the literature research and in the third section, the empirical analysis are emphasized.Keywords. Monetary transmission mechanism, Asset price channel, Stock price channel, Housing price channel.JEL. O18, R21, R30, R31
International trade policies: An evolutionary perspective
Get PDFAbctract. Cross-border trade has had a long history. It has enriched the lives of trading partners since the rise of ancient civilizations although it was the cause of some conflicts and even wars among trading partners; and between empires, colonies, and nation-states. It has increased cooperation due to harmony of interest between buyers and sellers, but occasionally has intensified rivalry, power-playing, destructive hegemonic impulses and cut- throat competition among neighbors. However, the fact that it has grown steadily through the centuries indicates that its impact on trading partners, near or distant, has been more positive than negative. One indicator of its growth, particularly in recent centuries and decades, is its size as a percentage of total world output. For example, exports, which constituted less than 5% of world GDP until the 1870s, grew to over 17% of world GDP by 1998, according to the World Bank, OECD, and WTO. This paper explores the rise of trade and changes in trade policies from the time of ancient civilizations to the present. It also examines some old and some recent trade disputes/wars. It adds to the literature by providing an overview of the foreign trade environment as well as trade patterns from different perspectives, particularly the perspectives of high versus low wage countries, the North versus the South.Keywords. Free trade, Mercantilism, Protectionism, Balance of trade, Tariffs, WTO, Trade war.JEL. F10, F11, F13
Andrew W. Lo, Adaptive Markets: Financial Evolution at the Speed of Thought
Get PDFAbstract. In 1973, Burton Malkiel published A Random Walk Down Wall Street, unquestionably the best-selling book in financial economics written for the popular press. Prior to its publication, it was common among the general public and financial market practitioners to advocate trading strategies that generated super-normal returns for various asset classes. Malkiel synthesized the prevailing academic research that indicated stock returns followed a random-walk, a statistical process that indicates information and events are random, and it is random information announcements behind stock return variation. Keywords. Financial economics, Adaptive markets, Stock market.JEL. B26, C58, D53, G00, G12
Dialectical prerequisites on Geopolitics and Geo-economics in Globalization’s Restructuration Era
Get PDFAbstract. In the current restructuring phase of globalization, the geopolitical analysis, combined with the derived concept of geoeconomics, seems to acquire a new, growing interest. Specifically, the scientific discipline of geopolitics synthesizes the different socioeconomic analytical tools, having as final goal to propose and implement a proper strategy (geostrategy) by focusing on increasing national power and broadening the control of a geographic territory. In this context, this article explores how the contemporary geopolitical and geoeconomic analysis can valorize a composite evolutionary-dialectical method to enhance their understanding. To this end, substantial points of analytical enrichment to geopolitics and geoeconomics seem to emerge in the globalization’s restructuration era.Keywords. Geopolitics and geoeconomics, Global crisis and restructuring, Geostrategy, Dialectics, Structural-evolutionary crisis.JEL. B52, F69, F59
Theories of the evolution of technology based on processes of competitive substitution and multi-mode interaction between technologies
Get PDFAbstract. Evolution of technology is a stepwise advancement of a complex system of artifact, driven by interaction with sub-systems and other systems, considering technical choices, technical requirements and science advances, which generate new and/or improved products or processes for use or consumption to satisfy increasing needs and/or to solve complex problems of people in society. This study explains evolution of technology with two different approaches: theories based on processes of competitive substitution of a new technology for the old one and theories considering a multi-mode interaction between technologies, such as the theory of technological parasitism. These theories described here can encourage further theoretical and empirical exploration in the terra incognita of the evolution of technology to explain economic and social change in human society.Keywords. Evolution of technology, Technological evolution, Technological change, Technological progress, Technological advances, Technological parasitism.JEL. F34, F43, F63, C01
A simple model explaining the interaction between special interest spending and voter choices
Get PDFAbstract. This research develops a model of eligible voters rationally maximizing their stochastic utility functions in their decisions with respect to casting ballots in elections that result in voting decision being largely determined by social and psychological factors heterogeneously maleable by political expenditures. The wealthiest agents utilize their overwhelming financial resources to promote only candidates cooperating with their special interests to attract public attention, which exerts social pressure on voters to cast ballots only for those politicians who represent those agents. The model, which enables exacting computation of the benefits to politicians, special interest groups, and voters from their political actions, is shown to supply insightful explanations for the 2016 U.S. Presidential polling results for the four leading candidates. Voters were effectively swayed by large political expenditures to select from the two candidates who represented the agents providing the financial backing to market their special interests.Keywords. Special interests, Voter utility, Elections, Political marketing.JEL. D71, D72, F50