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Analysis of political economy, international political economy, globalization and its importance to public finance
Get PDFAbstract. The purpose of this paper is to provide an analysis of the discipline of political economy, international political economy and their respective historical developments. The paper will then focus on globalization and evaluate the strength and weaknesses of the policy to globalize. Further analysis will be conducted to show the importance of the topic of globalization as it relates to public finance. Rosen & Gayer (2014), Sackery, Schneider & Knoedler (2016), Marlin-Bennett (2017), Ravenhill (2008) and Weingast & Witman (2006) will provide insights into the development of the discipline and its modus operendi. The historical development of the discipline will be provided for by Ingram (1915) and the aforementioned authors will also provide insights into the weakness and strengths of the policy to globalize. Garett & Mitchell (2001) and Kumar (2006) will provide additional insights into the importance of globalization as it pertains to public finance.Keywords. Political economy, International political economy, Globalization, Public finance.JEL. F50
Lumping together democracy and dictatorship: Has macro dynamics of poverty remained steady in Pakistan
Get PDFAbstract. In this study we check the relationship between macroeconomics variables with poverty. We select head count ratio proxy of poverty as dependent variable and GDP, unemployment rate, literacy rate, rural population and worker remittances as independent variables. For the analysis of the data we take time series data from 1978-2011 and established the long run and short run relationship between dependent and independent variables. First of all we check the normality of the data by descriptive statistics, further we check the stationarity of the data by applying ADF test. For long run relationship between dependent and independent variables we applied FMOLS techniques and relationship in short run checked by EMC methods. Results of the data shows, macroeconomic variables especially literacy rate and rural population have been major factors that affect poverty levels in Pakistan. GDP has a negative and insignificant impact on poverty. Literacy rate is positivly and significantly related with poverty. Worker remittances have negative and significant impact on poverty, while rural population has negative and significant impact on poverty. Unemployment has positive and insignificant impact on poverty in Pakistan.Keywords. Poverty, Macro economy, Capability.JEL. E20, E22, E29
British imperialism and portfolio choice in the currency boards of Palestine, East Africa, and West Africa
Get PDFAbstract. Did British colonial policy primarily benefit Britain, or its colonies? Wadan Narsey, in British Imperialism and the Makings of Colonial Currency Systems (2016),claims that Britain established currency boards to help itself at the expense of the colonies. Examining the history of several currency boards and their assets for select years, Narsey finds that under British influence, they held lower-yielding, shorter-maturity British assets than they need have done, costing colonial governments revenue. We explore this idea by analyzing full annual data on the securities and assets of the currency boards of Palestine, East Africa, and West Africa. An accompanying spreadsheet workbook shows the details of the analysis.Keywords. British colonialism, British imperialism, Palestine Currency Board, East African Currency Board, West African Currency Board.JEL. E10, E13, E40
What are the characteristics of revolution and evolution?
Get PDFAbstract. This conceptual paper describes some characteristics of revolution and evolution. Revolution here is an historical process that generates a rapid and structural change in society. Instead, evolution is a progressive growth and change, generating a transition from simple to complex systems. Overall, then, this study suggests that revolution and evolution are a result of human activity in society originated to satisfy specific needs and/or to cope with and adapt in the presence of environmental threats and changing contexts. Keywords. Radical change, Rebellion, Coup d’état, Insurrection, Struggle, Internal wars, Growth, Social progress, Advancement, Development.JEL. B50, B59, I00, I10, I30
African emerging economies: The leading economies of Africa in the 21st Century
Get PDFAbstract. In the last couple of decades, some African countries have achieved a significant economic improvement even though it is overshadowed by the severe poverty and conflicts in the continent. In fact, some of these countries, such as South Africa, Nigeria, and Egypt are recognized as emerging economies by many international organizations. However, there are many other economies in the continent which achieved an equivalent economic improvement recently. The objective of this study is to assess the progress of all African countries and identify the African Emerging Economies. An index with various measurements which are commonly employed by similar studies is used. Considering, the absence of the topic from the literature, this study may attract further works. The results show that at least there are 15 African economies, including the three biggest ones, which recorded a remarkable progress in the last couple of decades. These countries can be recognized as African Emerging Economies. All of these countries are also categorized as either global emerging or frontier economies by various rating agencies.Keywords. African emerging, Emerging economies, Frontier economies.JEL. O10, O55, F02
Non-oil trade of Turkey and Russia in the Middle East: Trends and potential
Get PDFAbstract. Over the last years Turkey has rediscovered trade opportunities with Middle Eastern countries, enjoying a trade surplus with most of them. As one of the big players in the region, Russia has also experienced remarkable trade relationship with Middle Eastern countries. The purpose of this paper is to analyze the competitiveness and trade pattern of Turkey and Russia in non-oil commodities vis-à-vis Middle Eastern countries using both Revealed Comparative Advantage (RCA) index and Trade Complementarity (TC) index. The paper also aims to examine their role and position as trading actors in the region and lays downs future cooperation opportunities based on main empirical findings.Keywords. Turkey, Russia, Middle East, Revealed Comparative Advantage, Trade Complementarity Index, Non-oil trade.JEL. F13, F14, L60
Four novels on the theory of economic growth
Get PDFAbstract. The aim of these notes is to assist the students of the Business Administration Department of the University of People, U.S.A. to understand critically some major aspects of the theory of economic growth.Keywords. Economic growth, Economic models, Quantitative economic applications.JEL. E10, E11, E13, E14, E19
The economics and philosophy of globalization
Get PDFAbstract. The economics and philosophy of Globalization are generally not discussed together. This paper assesses the claims of economic prosperity through economic integration in the backdrop of cultural, political and social value system implications of Globalization. This debate becomes important when we see a major part of developing world still struggling with impoverishment while cheerleaders of Globalization already claim a success story out of increased integration of developed and developing economies post 1980s.Keywords. Globalization, Macroeconomic policy, Economic integration, Postmodernism.JEL. F15, F36, F60
Energy and economic factors affecting carbon dioxide emissions in Sudan: An empirical econometric analysis (1969-2015)
Get PDFAbstract. The objective of this study is to investigate some energy and economic growth factors in explaining the behaviour of CO2 emissions in Sudan over the period 1969-2015 using annual time series data. The OLS estimated model shows that there is significant effect of total energy use per capita, oil consumption, GDP per capita GDPP, trade openness and foreign direct investment on CO2 emissions in Sudan. The estimated model indicates a positively signed and statistically significant coefficient of relationship between the squared GDP per capita and CO2 emissions in Sudan, thus contradicting the EKC hypothesis claim. The Johansen cointegration test results show existence of a long run equilibrium relationship between CO2 emissions, energy use and economic growth factors. Consistent with the OLS estimates, the ARDL model results show nonexistence of an EKC as well as showing that energy use per capita and oil consumption as the main deriving factors behind CO2 emissions in Sudan in both the short run and long run. The ARDL model also indicates that CO2 emissions adjust to a steady state equilibrium position by a factor of 66%. Granger causality test shows existence of bidirectional relationship running from GDPP value and the squared GDPP to CO2 emissions with no sign of feedback effects. Oil and FDI are found to be Granger causing CO2 emissions, indicating pollution haven. The study recommends that energy efficiency measures in terms of proper pricing of oil derivatives, expansion of production and use of liquefied petroleum gas (LPG) and restrictions in production and use of fuel woods and charcoal with sustainability pricing of these forest products should be adopted within the country intended nationally determined contribution. These measures are needed because it is unlikely for a low income country like Sudan to reduce energy use per capita which is already low and energy use per unit of output needed for foresting economic growth. Impacts of FDI need to be assessed and environmentally regulated.Keywords. Energy use, GDP Per Capita, trade openness, CO2 emissions, Cointegration, ARDL, Granger Causality, Sudan.JEL. C13 C32 Q43 Q56