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Artificial nighttime lights and the “real” well-being of nations: ‘Measuring economic growth from outer space’ and welfare from right here on Earth
Get PDFAbstract. GDP remains too much of an imprecise measure of the standard of living. There is a need for either substitutes or complements. Nighttime lights are a reasonable indicator of the extent, scale, and intensity of socio-economic activities, but a poor measure of national welfare. However, if nighttime lights are understood to constitute externalities, then their effects can be used to adjust measured growth for welfare. From that angle, nighttime lights appear to exert sub-optimal positive externalities in developing countries, and supra-optimal negative externality in developed countries. This means that even if we assume equal growth rates in developing and developed countries, welfare is enhanced by increasing nighttime lights in developing countries and reduced by increasing nighttime lights in developed countries.Keywords. Artificial lights and economic growth, Nighttime lights and growth, Growth and welfare, Nighttime lights and real well-being (welfare).JEL. H23, O15, D62, I12, O47, I31, R13, Q52
Measurement and assessment of the evolution of technology with a simple biological model
Get PDFAbstract. A simple model of the development of technology is presented. This model, in a broad analogy with evolutionary ecology of parasites, within a theoretical framework of Generalized Darwinism, can explain vital characteristics of technological advances and technological evolution. In particular, the evolution of technology is modelled here in terms of morphological changes between a host technology and a main subsystem of technology. The coefficient of evolutionary growth of this simple model here indicates the grade and type of the evolution of technology. This coefficient is quantified in real cases study using historical data of farm tractor, freight locomotive and electricity generation technology in steam-powered plants and internal-combustion plants. The approach of measurement and assessment of technological evolution proposed here seems to be appropriate in grasping the dynamics of technological evolution to predict which technologies are likeliest to evolve rapidly.Keywords. Measurement of technology, Technometrics, Technological evolution, Technological change, Technological forecasting, Technology assessment, Technological progress, Innovation, Technology studies, Public decision making.JEL. O30, O31, O32, O33, O38
Is there a long-run association between globalization and productivity: The case of Turkey
Get PDFAbstract. This study examines short and long-run association between globalization and productivity by using a time series sample of Turkey covering the years from 1970 to 2014. Firstly, I check the stationarity status of the series and following that I conduct a cointegration analysis among series in the framework of ARDL boundary test technique. After that, both short-run and long-run coefficients are gathered by using error corrected form of ARDL Model. In addition to that, I provide the results for diagnostic check of the model. Eventually, a causality test is applied to see if there is a causal relationship between the series. According to the findings, globalization and productivity series are cointegrated and it is found that there is a long-run significant positive impact of globalization on productivity while this figure is negative for short-run. Moreover the test results for causality test imply that there exists just one unidirectional causality running from globalization to productivity.Keywords. Globalization, Productivity, Co-integration, Stationarity, ARDL Model.JEL. C32, F61, O47
An empirical analysis of Diaspora bonds
Get PDFAbstract. This study is the first to investigate theoretically and empirically the determinants of Diaspora Bonds for eight developing countries (Bangladesh, Ethiopia, Ghana, India, Lebanon, Pakistan, the Philippines, and Sri-Lanka) and one developed country - Israel for the period 1951 and 2008. Empirical results are consistent with the predictions of the theoretical model. The most robust variables are the closeness indicator and the sovereign rating, both on the demand-side. The spread is not significant, suggesting Diaspora Bonds differ from normal investments. Good governance and wars are also important demand-side determinants of Diaspora Bonds. Among the supply-side factors; FDI, ODA, foreign exchange, inflation, external debt and remittances significantly determine the issue of Diaspora Bonds. Most importantly, this study is able to make predictions of the most promising candidate countries in issuing Diaspora Bonds in the future.Keywords. Diaspora Bonds, Supply-side, Demand-side.JEL. F21, F24, F34, F35, G38, H62, H63
Exchange rate fluctuations and the trade balance between China and Australia: An empirical study
Get PDFAbstract. This paper uses Johansen cointegration test and a vector error correction model (VEC) to analyze the relationship between the trade balance and real bilateral exchange rate among Australia and China during 1990 to 2016. This paper suggest that the fluctuations of the real exchange rate will have impacts for China and Australia in the short run, but will have little or no impacts in the long run. This is inconsistent with the findings of previous studies suggesting that there has a J-Curve effect in the long run. As to what factors in the long run have cushioned the impacts of exchange rate fluctuations on the trade relations between Australia and China, we still need to continue exploring in the future.Keywords. Bilateral real exchange rate, Trade balance, Imports, Exports, China, Australia, VEC, J-Curve, Free trade agreement, Price level, Fluctuations.JEL. F10, F14, F15
The relationship between Bitcoin, gold and foreign exchange returns: The case of Turkey
Get PDFAbstract. This study focuses on the dollar, euro, gold, bitcoin and the impact of bubbles in financial investment instruments on bitcoin returns in the context of Turkey. The causal relationships (using the Toda-Yamamato causality test) between the returns of these financial instruments were also determined. In performing this assessment, the sup augmented Dickey-Fuller (SADF) and generalised SADF (GSADF) tests were employed to determine the existence of bubbles based on the period from 1 August 2018 to 23 March 2018. The volatility of bitcoin was tested by autoregressive conditional variant models. As aresult, it was shown that the observed bubbles in gold’s, the euro’s and the dollar’s returns reduced the volatility of bitcoin’s returns. Then, it was shown that the dollar’s, the euro’s and gold’s returns affected bitcoin’s returns.Keywords. Speculative bubbles, Bitcoin, Investment instruments, Autoregressive conditional heteroskedasticity models, Toda-Yamamato causality.JEL. G10, C58, E44
Restructuring rural financial market for agricultural growth in Nigeria
Get PDFAbstract. All developing economies require a sophisticated financial system, which incorporates both the financial institutions and financial market. These institutions and market exist to mediate between those who wish to save or lend and those who wish to borrow or invest. This basic rationale seems complex, since offering new types of financial instruments which can reduce transaction cost in the face of highly risky and challenging agricultural business coupled with the urgent quest for revitalization of agricultural sector for meaningful growth and development is needed. This paper searches the missing link between financial sector and agricultural growth in Nigeria between 1996Q1 and 2017Q4. The study adopts Autoregressive Distributed Lag (ARDL) Bounds testing approach developed by Pesaran, Shin and Smith (2001) in estimating the relevant relationship. The results of the long run estimates show that agricultural credit, money markets, capital markets, exchange rate have positive relationship with agricultural growth in Nigeria, while expected inflation has negative impact on agricultural growth in the long run. The results of the short run dynamics of (one lagged) of variables shows negative impacts on agricultural growth, whereas the lagged two of the variables shows positive impacts on agricultural growth in the short run. The study recommends that the policy makers need to restructure the financial sector to influence agricultural credit as mandate to rescue the agricultural sector from this unimpressive growth.Keywords. Financing, Agriculture, Exchange rate, Growth.JEL. L00, L16, F31
An introduction to the theories of national and regional economic development
Get PDFAbstract. This conceptual paper analyses the concept of development that is a process of progressive growth that generates a transition from simple to complex system. In economics, development is a multidimensional process that generates changes in economic, political, social and institutional structures to support an accelerated growth and improvementof nations for achieving and sustaining a comprehensive wellbeing of people in society. Some theories of economic development are briefly discussed, considering national and regional economic systems. Finally, some critical contradictions of the process of economic development in society are discussed to conclude this study.Keywords. Economic development, Economic growth, Human development, Development economics, Social progress.JEL. F63, O10, O20
Types of government and innovative performance of countries
Get PDFAbstract. The present study endeavours to explain the differences of technological performances among nations. In particular, the paper analyses the relation between type of government of nations, and their technological and socioeconomic performances. Results suggest that high levels of technological performance of nations seem to be associated with executive with parliamentary monarchy and monarchy, whereas nations with mixed executive tend to have lower innovative outputs. A possible reason is that, in general, some typologies of executive (e.g., Monarchy) support the political stability of countries with fruitful socioeconomic developmental paths over the long run. Overall, then, the structure of executives of nations may be one of contributing factors to explain dissimilar patterns of technological performances and economic growth of nations over time and space.Keywords. Technological performance, Innovative outputs, Leadership, Executive, Government, Technology, Socioeconomic performance, Political stability.JEL. O11, P16, P51
An exploratory study for advertisements on the content of sustainability
Get PDFAbstract. In this study, it was aimed at investigating the sustainability-themed advertisements of companies in depth. Thus, the contents of 52 printed or electronic advertisements in which there were items about sustainability, constituted the scope of the research. In the study, in-depth and critical document review technique which is one of the qualitative research methods was used. Moreover, quantitative analysis was conducted for the frequencies of data coded via quantitative research. In terms of data analysis, Nvivo 8 and SPSS 16.0 programs were used. In the end of the research, environmental, social and economic solution proposals were identified via nodes and tree-diagrams, and these solution proposals were compared with the type of the organization. In this regard, it was determined that profit organizations make more sustainability proposals than non-profit organizations. Furthermore, it was found that there was significant relation between type of the organization and sustainability dimensions of its advertisements.Keywords. Sustainability, Sustainability advertisement, Environmental sustainability, Social sustainability, Economic sustainability.JEL. M10, M14, Q56