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A theoretical investigation on real sector reflection of the change in monetary policy decisions
Get PDFAbctract. The aim of this study was to make evaluations on monetary policy transmission channels. A change in monetary policy is reflected on the economy not only through a single channel but also through the functioning of more than one transmission channels together. In this study, the conceptual framework of monetary policy transmission channel was examined through various aspects of the interest channel, credit channel, exchange rate channel, asset price channel and expectation channel, that are among the transmission types, and the reflections of the these transmission channels on the real sector were evaluated.Keywords. Monetary policy, Monetary transmission channels, Interest rate channel, Credit channels, Asset price channel, Exchange channel, Expectations channel.JEL. E40, E50, E60
Technological Parasitism
Get PDFAbstract. Technological parasitism is a new theory to explain the evolution of technology in society. In this context, this study proposes a model to analyze the interaction between a host technology (system) and a parasitic technology (subsystem) to explain evolutionary pathways of technologies as complex systems. The coefficient of evolutionary growth of the model here indicates the typology of evolution of parasitic technology in relation to host technology: i.e., underdevelopment, growth and development. This approach is illustrated with realistic examples using empirical data of product and process technologies. Overall, then, the theory of technological parasitism can be useful for bringing a new perspective to explain and generalize the evolution of technology and predict which innovations are likely to evolve rapidly in society.Keywords. Measurement of technology, Technometrics, Technological evolution, Technological change, Coevolution, Nature of technology, Host technology, Parasitic technology, Technological parasitism, Technological innovation, Technological forecasting, Technology assessment, Technological progress.JEL. O32, O33
Determinants and cost of production of dates in Pakistan: An analytical study
Get PDFAbctract. Present study is an attempt to analyse the production determinants and the cost of production of dates using causal approach of Ordinary Least Squares Methods using secondary data. The costs associated with the agriculture production are computed from labour costs, expenses incurring on the pesticides and fertilizers and the cost of seeds and amount of rent when the piece of land is acquired on contract basis. Provision of credit facility to the farmers and growers can play a major role in softening the constraints of the farmers and motivate them to enhance production of dates. Moreover, technical and technological advancement and adoption of the cost saving technology by farmers can also help farmers improve quality and per acre yield of their production. The findings of the study suggest that the employment in agriculture sector is the most important factor affecting production of dates followed by mechanization and technological advancement and third is the credit to the farmers. All coefficients have significance of less than 0.05 with substantially large generalizability power.Keywords. Production, Technology, Credit, Dates, Finance, Growers, Labour, Costs, Fertilizers, Pesticides, Seeds.JEL. D24, J08, Q16, H81
Searching for the credibility of monetary policy in Turkey: Evidence from structural VAR analysis
Get PDFAbstract. A relationship between the macro shocks and the long-term inflation expectations leads to questioning the credibility of a central bank. This paper investigates the credibility of the Central Bank of Turkey by analyzing the anchoring effect of the long-term inflation expectations by using the uncertainty indicator. We conduct the analysis with the structural VAR method using survey-based inflation expectations data as well as economic uncertainty index data developed for the Turkish economy. Our results provided evidence in favor of the existing de-anchoring process and imply that the monetary policy is not fully credible in Turkey during the period under investigation.Keywords. Inflation expectations, Structural VAR, Credibility, Anchoring, The Turkish economy, Uncertainty.JEL. E52, E58
Causal linkages among money growth, inflation and interest rates in Ghana
Get PDFAbstract. This study instigates the causal linkages among money growth, inflation and interest rate in Ghana. The essence of ensuring price stability, a considerable increase in money growth that enhances economic growth and development and favorable rate of interest that encourage domestic business and foreign direct investment cannot be over emphasized. The data was extracted from two main sources. The main variable under study were money supply, interest rate and inflation rate. Other variables that affect inflation rate such as exchange rate, real gross domestic product were controlled for. Data on money supply, interest rate and exchange rate were extracted from world development indicator (WDI) whereas data on inflation and the GDP growth were extracted from annual report of the Central Bank. The data comprises of missed order of cointegration. That is I (0) and I(1). So bounds test of cointegration proposed by Pesaran, Shin & Smith (2001) was used. It was found out that money growth has both short run and long run relationship with inflation and all the other variables are insignificant in influencing inflation. The Granger causality test was conducted to help find the causality among the variables of interest. The null hypothesis that inflation rate does not does not Granger cause money growth was rejected at 5% which implies that there is a uni-directional causality between inflation and money growth. It was recommended that, in an attempt of reducing inflation both in the long run and short run, increase in money supply should be reasonable.Keywords. Money growth, Inflation, Interest rate.JEL. B26, D53, E44, G10, G34
China’s enterprises in Africa: Market entry strategies, implications for capacity building, and corporate social responsibility
Get PDFAbstract. The quest for Africa’s natural resources can be traced when the Portuguese set foot on African soil some 600 years. This was followed by Western Europeans and now China. Africa is endowed with huge reserves of mineral and natural resources. These have been the constant attraction to foreign countries seeking to control these natural resources and trading. Globalization further made the new scramble for Africa eminent. New plays including China are developing and employing new strategies on how to enter and control these new markets. Chinese enterprises employ the One Belt, One Road (OBOR) and the Belt and Road Initiative (BRI) market entry strategies to penetrate the African Market. This has alarmed the West.Keywords. China’s enterprises, Corporate social responsibility, Africa, Markets, natural resources, Export-import bank, London inter-bank offered rates, Entry strategies, One belt, One road (OBOR), Belt and road initiative (BRI), UN, West, EU, ILO.JEL. C32, C53, E44, G21
‘We are (the) Middle Class’ The new Turkish middle class: identification, behaviors and expectations
Get PDFAbstract. This article aims to identify and characterise the Turkish middle class. Our objective is to improve its description by implementing a clustering method combining an economic and a sociological approach. Using the Income and Living Conditions Survey (2014), we first identify the middle-class on the basis of an income interval. We then use information about employment and education to characterise the heterogeneity of this middle-income class. The distinctive behaviors and aspirations of four middle class groups are explored in depth by using the results of original qualitative field research carried out among middle class households from two contrasting regions.Keywords. Social stratification, Income distribution, Middle class, Turkey, Clustering methods.JEL. O15, D13, E25