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Bank credit to the private sector: VECM approach for Albania
Get PDFAbstract. This study evaluates the determinants of bank credit to the private sector in Albania from 2000 to 2017 using a Vector Error Correction Model which includes both demand and supply-side factors. We perform Augmented Dickey Fuller Test, Phillips-Perron test and Johansen cointegration test to ensure the stationarity and long-run relation between explanatory variables. The results show that credit to the private sector is positively related to economic growth. A higher lending rate will decrease the bank credit to the private sector. Further, the decrease of non-performing loans and domestic government debt will increase the funds available for the private sector. The negative sign of error correction term and the diagnostic tests for autocorrelation, normality and ARCH effects ensure that our model is properly defined.Keywords. Bank credit , Vector error eorrection, Albania.JEL. C32, C53, E44, G21
Pak-Japan comparative study of consumption tax (value added tax) and its effects on economic growth rate and gross savings
Get PDFAbstract. The purpose of this research attempt is to statistically observe the causal impact of consumption tax (value added tax) on GDP/economic growth and gross savings in Pakistan as well as in Japan and their comparative analysis for the period defined (1989 to 2015). Furthermore, to explore if the increase in value-added tax is either contributing to rising growth rate or increasing gross savings using time series secondary data. It is found through running regression that tax on goods and services (value added tax) maintains significant and healthy/positive association with gross domestic product growth rate and gross saving in Japan and Pakistan also. An increase in value-added tax contributes more to gross savings in Japan and Pakistan than the economic growth rate. The policymakers in Japan and Pakistan need to design policies to increase value-added tax rates to increase gross savings that could be utilized to increase physical and human capital investment to increase more production to achieve sustained economic growth. Also, this study guides Japan and Pakistan policymakers to restrict the export of the primary product to avoid value-added tax loss.Keywords. Consumption tax, VAT, Economic growth, GDP growth, Gross savings.JEL. H22, E21, O47
Dynamic capabilities and entrepreneurial management: A review of selected works of David J. Teece
Get PDFAbstract. Dynamic capabilities framework which is the combination of internal processes, resource utilization and structural transformations that have to be strategically formulated and managed for gaining sustained competitive advantage in rapidly changing environments became largely influential not only in strategic management field but had a significant impact on several areas of management (Di Stefano, et al., 2010, Barreto, 2010). After the introduction of the dynamic capabilities approach, the contributions from the initiator of the approach David J. Teece and several other important strategy and management scholars gave way to the development of a new capabilities theory of the “innovative” firm as well the evolution of the fresh domain of entrepreneurial management. The current review aims to analyze the antecedents of dynamic capabilities and the development of this new theory through the works of David J. Teece and acknowledge his crucial contribution to fields of management, strategy, and entrepreneurship.Keywords. Dynamic capabilities, Entrepreneurial management, Competitive advantage.JEL. L22, L25, L26, M10, M21
Technological host-parasites co-evolution
Get PDFAbctract. The fundamental problem in the field of technology studies is how technology evolves and sustains economic change in human society. This study confronts the problem here by proposing the theory of technological host-parasites coevolution, an approach that may be useful for bringing a new perspective to explain and generalize, whenever possible, the evolution of technology in human societies. Technological host-parasites coevolution is a mutual symbiotic relationship between a host technology and associated technologies directed to satisfy needs and/or to solve problems of human beings. To explore the potential of adopting a theory of technological host-parasites coevolution and to predict which technologies are likeliest to evolve rapidly, this study implements an empirical test based on historical data on the evolution of four example technologies (aircraft, tractor, locomotive and bicycle technology) to substantiate the theoretical framework. Empirical evidence is broadly consistent with the theoretical expectation that host technologies with many associated parasitic technologies advance rapidly, whereas host technologies with fewer parasitic technologies improve slowly. This study begins the process of clarifying and generalizing, as far as possible, the role of long-run coevolution between technologies in complex systems of technology. The proposed theoretical framework also lays a foundation for the development of more sophisticated concepts to explain technological and economic change in human society. The evolution of technology plays an important role in economic and social change of human society. However, little is known about how technologies evolve and sustain human progress, despite being a crucial process in socio-ecological systems for millennia. This study proposes, for the first time to our knowledge, a concept of technological host-parasites coevolution that may be useful for bringing a new perspective to explain the evolution of technology. Statistical results suggest that host technologies with many associated parasitic technologies have a higher rate of evolution than technologies with fewer associated parasitic systems and sub-systems. The mutual symbiotic relationship between a host and parasitic technologies seems to be an invariant property driving the evolution of technology in human society.Keywords. Evolution of technology, Technological parasitism, Technological host-parasites coevolution, Technological interaction, Technological evolution, Coevolution, Nature of technology, Technological change, Host technology, Technological innovation.JEL. B50, B52, O31, O32, O33, O39
Doctor-patient mutual trust, telemedicine quality, and satisfaction: The role of knowledge management
Get PDFAbstract. Distant medical care satisfaction demands high quality care result. Both quality and satisfaction rely heavily on collective operations on knowledge of and relations between patients and doctors. Thus, knowledge sharing and doctor-patient trust are among the two critical factors that may lead to medical care quality and satisfaction. However, existing literature discussed the abovementioned in a scant fashion and without considering the gap between knowledge of owners in this context (i.e., care offerers such as doctors and receivers like patients). This paper proposes a conceptual model for an integrative discussion of the relationships among knowledge sharing, trust, medical care quality and patient satisfaction, from a fresh perspective of knowledge gap. Theoretical and practical implications are expected to be rich because this conceotual piece offer discussions from a viewpoint that starts from the mnost fundamental factor – collective knowledge attribute in terms of its heterogeneous structure.Keywords. Knowledge sharing, Trust, Distant medical care, Quality, Satisfaction.JEL. D80, D83, D84, D85
Human capital earnings functions: The Portuguese case
Get PDFAbstract. It is the purpose of this research to present some estimates of human capital earnings functions for Portugal, using published data on mean earnings by age, education and sex. We provide estimates of the implicit rates of return to human capital - schooling and general O.J.T. Differential effects by sex are discussed. An application of the methodology is used to analyze returns differentials between different schooling categories. Research on the specification of the earnings-experience profiles is also performed.Keywords. Earnings functions, Returns to schooling, On-the-job training, Male-Female earnings/wage, Differentials, Earnings profiles.JEL. J31, J42, J24, J16
Invest in infrastructure or health: Curious case of a generous poor
Get PDFAbstract. The paper coins the term ‘The Generous Poor’ that has been fundamental in preserving democratic values within Pakistan in a hope that institutions of national governance take note of their issues where preserving life through better health facilitation has been the foundation.Keywords. The Generous Poor, Health, Poverty.JEL. I30, K32, N30
Government expenditures in Nigeria: Re-examination of Wagner’s law
Get PDFAbstract. Nigerian data covering 1981 to 2018 were applied to affirm Wagner’s law with respect to the five different models. The significance of this paper is to establish whether there exists a relationship between total government expenditures and the Nigerian economy. To accomplish the objective of this paper, data were sourced from the Central Bank of Nigeria statistical bulletin of various years. Several statistical and econometric tests were conducted. The results obtained revealed that there exists positive and statistical significance as well as a long-run relationship between the variables employed in the various models and that Wagner’s law was held to exist in the Nigerian economy in the timeframe of the study. It is therefore, recommended that the Nigerian government should improve her sources of income in order to satisfy the increasing demand of her people now and in the future.Keywords. Wagner’s law, Total government expenditures, Real GDP.JEL. H11, H50, C13, C22
Evolving economic growth via the human capital development paradigm: Evidence from the Francophone West-African economies
Get PDFAbstract. This research examined the impact of Human Capital Development (HCD) on economic growth among the ten French-Speaking West African Countries. In carrying out the empirical research, data were collected on human capital development and growth indices from countries in the sub region and panel data analysis was conducted. The period of analysis covered was between 1995 and 2017. Panel data analysis was used in capturing the relationship between human capital development and economic growth in the West Africa sub region. The endogeneity problem often associated with panel data analysis was accounted for through the use of the Generalized Method of Moments. From the Arellano-bond dynamic panel estimation, it revealed that secondary school levers (SSE6), those who enrolled for a minimum of four years at the tertiary school level (TSE4) and gross capital formation (GCF) were statistically significant in determining economic growth among the Francophone countries in West Africa. The Arellano-Bond dynamic panel results show the acceptance of the null hypotheses, which indicate that there is no significant relationship between economic growth and secondary school and tertiary school enrolment in Francophone West African sub region. From the result, emphasis should be devoted to vocational and functional technical education as well as Information and Communication Technology (ICT) and increase in government expenditure on health in the French-speaking West Africa sub region.Keywords. Human capital development, ICT, Economic growth, Generalized methods of moments, Variance inflation factor.JEL. F43, J24, O11