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Theodore Ahlers & Harinder S. Kohli (eds.), Africa Reset: A New Way Forward
Get PDFAbstract. The African continent for long has been an enigma for development economists, with several countries witnessing coexistence of rich natural resource base, pockets of underdevelopment and political instability. With the Sustainable Development Goals (SDGs) as a target, it is now imperative that the African countries, particularly the nations facing development challenges,need to contemplate and adopt a long-term action plan. However, the existing literature suggests that addressing the concerns of African countries requires both structural and regulatory reforms. Given the proliferation of regional trade agreements (RTAs) in the world today, along with deepening of de-globalizing forces, the practical concern for the African countries is to increasingly participate in Global Value Chains (GVCs) and International Production Networks (IPNs), enhance value-addition within the domestic economy, promote equality in opportunitiesand create employment for the growing young population therein. In a sense Africa is at a juncture, where Asia stood several decades back. The volume edited by Ahlers and Kohli, an attempt to analyze the reform and consequently the growth path in Africa, is therefore a timely contribution to the existing literature..Keywords. Political economy, Economic thought, Politics, Economic system.JEL. B10, L66, Q18
The dynamic interrelationship between interest rate and macroeconomic policy objectives: Case of the United Kingdom
Get PDFAbstract. The objective of this study is to provide empirical evidence on the short- and long-run relationships between the short-term interest rate, London interbank offered rate (LIBOR) and macroeconomic policy objectives, such as price stability, economic growth, and stability of the exchange rate market. For this purpose, we deploy quarterly frequency data from the United Kingdom between 2000 and 2015 and adopt a multiple regression model. Furthermore, this study uses the Johansen, Stock-Watson cointegration test and the Granger Causality test in order to examine the dynamic short- and long-run relationships among LIBOR, the consumer price index as a proxy of price stability, the real gross domestic product as a proxy of economic growth, and the exchange rate as a proxy of exchange rate market stability. The results showed that all variables have the same order of integration and long-run equilibrium relationships exist between them. The results show evidence of long-run equilibrium relationship between the variables with strong evidence of unidirectional granger causality flow from GDP, CPI and exchange rates to LIBOR. The recommendations proposed in this study have important policy implications for the U.K. government. It is therefore recommended that policy makers and government authorities together with the Bank of England develop and pursue sensible fiscal and monetary policies that would aim at stabilizing both the micro- and macroeconomic indicators such as the inflation rate, interest rate, exchange rate, and money supply, to enhance the growth of the economy, especially for the period after the BREXIT decision.Keywords. Macroeconomics, Interest rate, Monetary policy, London interbank offered rate, United Kingdom.JEL. E43, E51, E58
Building peace through education: Case of India and Pakistan conflict
Get PDFAbstract. The paper utilises unique conflict data set from literature to capture different aspects of India and Pakistan conflict and analyses the role of education in peace building between the two countries. Education not only directly eases hostilities but it also puts a positive effect on economic growth rates and democratic values in both countries that in return further reduce tensions in dyadic conflict proxies.Keywords. Education, Conflict transformation, Peace, South Asia.JEL. A20, H52, H75
Evaluation of Papua provincial assets: Case study on non utilized and non optimized assets of integrated economic development zone (KAPET) of biak
Get PDFAbstract. This paper evaluates Papua provincial assets which are not utilized or not optimally utilized in Integrated Economic Development Zone (KAPET) of Biak. Through a case study analysis, direct observation, direct interview and literature studies conducted in this research, we found that the KAPET of Biak assets which also are the Papua provincial government’s assets have not been consistently well maintained and protected. Several assets were unutilized and were abandoned. Considering the great potentials of KAPET-Biak area which has cultural richness, rich resources area, strategic position in the middle of world economic growth triangle and on the hub of the global route for trading in pacific region. It would be better to develop the KAPET-Biak and its assets for further zonal developmental concept in this more global world. The provincial government and all stake holders can also develop and utilize several assets to be the part of research and educational center (LIPTEK Lab and office).Keywords. Provincial assets, KAPET of Biak, direct observation, zonal developmental concept, research and educational center.JEL. D91, J24, J28, O14, Z22
Searching for a development paradigm in Ghana: Can the ‘Beijing Consensus’ provide an Anchor?
Get PDFAbstract. Since independence, Ghana has implemented many development paradigms, from big-push state-led industrialization to neoliberal market-oriented policies. However, the goal of industrialization has eluded the country. In recent years, new home-grown policy initiatives are beginning to replace neoliberal prescribed policies of Western donors and financial institutions. This study explores these new innovations focusing on the One District One factory initiative. We make the case that the policy is an innovative thinking on industrialisation and may reflect a realignment of Ghana’s development paradigm with the Beijing Consensus after many years of being taunted as a success story of IMF-World Bank neoliberal reform programmes.Keywords. Neoliberalism, Development, Beijing consensus, Washington Consensus, industrialisation.JEL. O29, O25, O10, F59
Crisis, institutional innovation and change management: Thoughts from the Greek case
Get PDFAbstract. This article explores how the current global crisis and restructuring of global capitalism is related to innovation, in broad terms, and change management. The aim is to understand this relation by first presenting a synopsis of the approaches to the crisis of the Greek socioeconomic system, second focusing on the concept of innovation in institutional terms, and third examining the change management mechanisms that seem useful for the articulation of public economic policy in Stra.Tech.Man terms (synthesis of Strategy-Technology-Management). We suggest that to overcome actual structural crises -such as the Greek socioeconomic crisis- the implementation and valorization of well balanced and effectively implemented sets of institutional innovations is crucial, provided that integrated public policy change management mechanisms are in place.Keywords. Globalization restructuring, Greek crisis, Structural socioeconomic crisis, Institutional innovation, Public policy reform, Change management, Stra.Tech.Man analysis.JEL. O10, B52, O31
The contribution of participation banks on the development of the mixed banking system: case of the Turkish Republic
Get PDFAbstract. In this paper, we examine the impact of participation banks on the development of the hybrid banking system in the Turkish Republic, through an empirical study of independent variables that represent the development of participation banks such as allocated funds, raised funds and net profits, and the development of the mixed banking system that is represented by total assets and this is during the period of December 2011 to July 2018, it’s about 80 observations. First, we will start with the unit root test such as ADF, PP and KPSS tests to verify the stationarity of all variables, then we will apply the Johansen cointegration test for the long-term relationship to verify if there is a long-term co-integration relationship between the dependent variable and the independent ones. The results showed that all variables are stationary at the same level (2nd difference), so they are integrated in the same order (I1), while the Johansen test found that there are three long-term cointegration relationships between the variables involved. So, we concluded that participation banks contribute in the long term to the development of the mixed banking system of the Turkish Republic.Keywords. Participation banks, Mixed banking system, Turkey, Unit root test, Cointegration test.JEL. D39, E49, F69, F69, G21
Prospects for a currency board in the Arab Republic of Egypt
Get PDFAbstract. The National Bank of Egypt (NBE) was introduced in 1898. It acted as both a central and commercial bank for Egypt, and for Sudan for some time. The burgeoning Egyptian economy was thought to eventually necessitate a central bank, so in 1961, some of the assets of the NBE were taken to form the Central Bank of Egypt (CBE). Ever since, the CBE has been Egypt’s monetary authority. Its activity has come under scrutiny over the years due to its inability to cope with economic challenges, most notably inflation. This paper examines the prospects for introducing a currency board in Egypt. It compares this possibility to the existing monetary infrastructure in place and determines whether a currency board is a suitable path to take.Keywords. National Bank of Egypt (NBE), Central Bank of Egypt (CBE), Inflation, Currency board.JEL. E58, N15, O23
Jamaica’s currency board, 1920-1961, and a comparison with its central bank
Get PDFAbstract. We describe the history of Jamaica’s currency board system, which existed from 1920 to 1961; test how orthodox the currency board was; and compare some features of the currency board and the Jamaican economy during the currency board period to the Bank of Jamaica and to the Jamaican economy under central banking.Keywords. Jamaica, Currency board, Central bank.JEL. E52, N16
Multiple jobs holding and management of lecturers in Cameroonian state universities
Get PDFAbstract. This article is a continuation of our previous works on the determinants of multiple jobs of lecturers in Cameroonian State universities. It lays particular emphasis on human resource management used in these universities. The methodology makes use of the logit analysis on survey data. The results obtained show that contrary to the theoretical and empirical literature, time constraint in the main job does not appear to be an important explanatory factor for the multiple jobs phenomenon. However, gender, the universities’ location, salary earned from secondary jobs and the holding of an administrative position in a university play a major role in explaining the phenomenon. This paper thus presents a certain interest linked to the specificity of these jobs (lack of monitoring, opportunism in behaviors, social pressures related to them) on the one hand, and the coaching of the human resource used on the other. Governmental incentive measures are proposed to limit this dual employment phenomenon which tends to deteriorate the quality of lectures provided.Keywords. Moonlighting, State University, Odds ratios, Logit model, Monitoring and Coaching tools, Cameroon.JEL. J50, J24, J31, J81, C35