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Why negative rates are not a solution for Japan or the Eurozone
Full text linkAbstract. Since the Global Financial Crisis in 2008-09 four major central banks have implemented Quantitative Easing (QE) programs. However, the types of QE implemented by the Federal Reserve and the Bank of England on the one hand and the Bank of Japan (BoJ) and the European Central Bank on the other have been very different. In the case of the Fed and the Bank of England, the QE operations were consistent with an expansion of deposits in the banking system, a reduction of leverage in the non-bank private sector, and the gradual normalization of growth, interest rates and inflation. By contrast, the QE operations of the Bank of Japan and the ECB have not been consistent with an expansion of deposits in the banking system or a reduction of leverage in the non-bank private sector, and hence they have failed to promote the gradual normalization of growth, interest rates and inflation.Keywords. Central bank; Quantitative Easing; Monetary policy; Currency boards, Japan.JEL. E40; E42; E52
Reconciling the Nash and Kalai-Smorodinsky cooperative solutions: Generalized maximands of CES form
Full text linkAbstract. This paper suggests variations to the baseline Nash cooperative solution that take into account the Kalai-Smorodinsky critique. One the one hand, a CES form of the maximand is proven to accommodate both the generalized two-person Nash and the Kalai-Smorodinsky - as other proportional - solutions as special cases. As an alternative, a Stone-Geary formulation is forwarded, weighing both the distances to the threat and to the ideal point, along with the corresponding CES generalization. Interpretations of the implied equilibrium solutions – generalizable to n-person cooperative games – are provided, arising as equations balancing geometric averages of measures of attitude towards (large) risk(s) of the players.Keywords. Two-person cooperative games, Cooperative games maximands, Opportunism, Pessimism.JEL. C71, H56, D74, J51, J52, D39
Corporate social responsibility (CSR): Evaluating/auditing corporate social responsibility (CSR) practices
Full text linkAbstract. The concepts of corporate social responsibility and social audit have been developed to a great extent in the last century. Analysis reveals a mature and sophisticated philosophical framework developed over the decades to enhance the relationship between the laborers, the state and the local government. Furthermore, there exists a framework to audit the economic and social activities of the business and a concern and focus in both the private sector and the public sector towards sustainable practices and a culture of ethical leadership. An audit criterion is developed and an examination of 3 top fortune companies reveals valuable insights into social audit and corporate social responsibility as well as the current best practices and benchmarks in the literature.Keywords. Corporate responsibility, Social audit, Apple, Amazon, Mckesson.JEL. M14
Global strategic innovations in the energy sector
Full text linkAbstract. The energy sector is undergoing a rapid transformation and there are many observable signs as to the rapid development of the industry. Many governments around the world have begun to invest in legislation to incorporate sustainable energy and technologies. Hence, they are able to tap the potential of new technological innovation and energy systems. This paper examines energy innovations globally with a particular focus on Saudi Arabia, Malaysia, Indonesia and China.Keywords. Global strategy, Innovations, Energy sector.JEL. Q4, M16
Mechanism of institutional transition, political instability and expansion of local power through civil wars: A model and comparative history
Full text linkAbstract. In this study, in order to examine the turning point of institutional change, we analyzed civil wars from four aspects. Theoretical, simulation, empirical analysis, and case studies. By endogenizing political, economic, and military factors in the model, we have clarified the mechanisms by which civil wars occur. The robustness of the model is evident from simulation analysis and real-life cases. We showed that the weaker the initial challenger to the government, the greater the contribution of cooperation from the population and a third force to the challenger in the process of civil war, and thus the challenger cannot create a new autocratic government with a single group after winning the civil war. The challenger also has the advantage of prolonging the civil war. For the challenger, the probability of winning the civil war increases with the proximity of the challenger's political ideology to the population, and the probability of the challenger winning the civil war is also higher when the government loses the maintenance of the population's property and public goods and the stability of the price level. The decrease in the value of public and private goods of the population due to the hyperinflation described will lower the utility of both urban and rural residents.Keywords. Comparative institutions; Institutional change; Civil-war; History of Chinese and Japanese political economies; Syria; Myanmar.JEL. P16; P26; P51
Determinants of poverty among urban households in Afghanistan: Case study of Mazar-e-Sharif
Full text linkAbstract. This paper appraised urban poverty determinants in Afghanistan consider-ing Mazar-e-Sharif as a case study. The data was collected from 326 households using a multi stage sampling approach. The logit model was applied to estimate the influencing factors on poverty status among targeted households. The findings reveal that age of household head, remittances, number of male employed and number of female employed are negatively correlated with poverty status. While, household size and number of illiterate households member have positive impact on poverty in the study area. Thus, current research suggests government to invest more on education sector in order to increase the literacy among different social segments to finally reduce poverty through supply of literate manpower to the market “Policy implication”.Keywords. Urban poverty; Logit model; Afghanistan.JEL. I3; I32; I38