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The analysis of bubbles and crashes on financial markets for emerging economies: Evidenced From BRICS
Get PDFAbstract. The study was conducted to analyze the bubbles, and crashes on the financial market in emerging economies; (BRICS) stock prices were employed to detect the existence of the bursting bubble. The Right-tailed Augment Dickey-Fuller Unit Root Test used to complete the study of analyzing bubbles and crashes. The study consists of four primary tests; ADF, RADF, SADF, and GSADF Moreover, the study used the first three criteria. The survey covered the period from 2000 to 2016, to absorb the nuclear currently financial crisis in the BRICS and analyze its impacts. Also, this period coincides with both economic reforms in some countries like China and early indications of an impending US crisis. The findings in all countries rejected the null hypothesis of no bursting bubbles in the stock market in favor of the alternative theory. The findings suggest that such an explosive behavior may be attributable to differences in stock prices of traded goods. The result has economic policy importance and implications on the economy. Keywords. BRICS, Emerging economies, Financial bubble and crashes, Right-tailed ADF, Stock price.JEL. F60, G70, O15
Economic theory of everything and its price dynamics
Get PDFAbstract. This is a short note that brings back Joseph Schumpeter work to the fore front in help define Economic theory of everything by suggesting his reference to endogenous growth modeling and its overtime evolution to this day may help explain and predict economic phenomenon through adding technical progress to production models as variable with monetizing time as additional input cost.Keywords. New economics, Endogenous growth models. JEL. F43, F63, I25
Technology case study: Virtual lifestyles and sustainable economic development
Get PDFAbstract. The paper analyses the opportunity cyber space and virtual technologies provide for improvement of lifestyles of rural and urban poor in developing countries. The paper floats the term ‘virtual tourism’ that suggests that developing countries can connect with each other and the developed world through world wide web and provide opportunities of cultural, economic and social exchange between populations through development and facilitation of locally developed virtual applications and technologies that has partly created the social media outlets like face book and Twitter and commerce spaces like Amazon and Ali Baba.Keywords. Information technology, Sustainable development, Virtual tourism.JEL. F63, Q10, Q56
Climate change and profit efficiency in Punjab, Pakistan: Evidence from household-level panel data
Get PDFAbstract. This study seeks to examine, both theoretically and empirically, the impact of climate change on farm Profit efficiency in Rural Punjab Pakistan. Current study explores the climate change impact by using Stochastic Profit Frontier Model at farm level with panel data. The outcomes of this study are indicative of a strong impact of climate change on the agriculture of Punjab, Pakistan. Increase in long run normal precipitation and temperature have significant effect on farm profit that fluctuates in direction as well as magnitude across quarters. The incidence of weather shocks and socioeconomic characteristics of the farming households are important factors of profit efficiency at farm level. The quasi fixed inputs are positively and significantly related to farm profits while input prices contribute negatively to farm profitability. The average profit efficiency score turned out to be 0.72, suggesting that the average farm, by improving their efficiency can increase the profit up to 28 percent. The findings of present study are evocative of huge impact of climate change on the rain-fed areas of Punjab since these are water scarce areas depending on rain fall for cropping. Arguably, it is vital for the better performance of the agriculture sector to combat the impact of climate change more effectively through implementation of adaptation strategies.Keywords. Agriculture, Farm production, Climate change, Profit efficiency, Stochastic profit frontier model and farm level panel data.JEL. C23, D01, Q12
Evolution of the economics of science in the Twenty Century
Get PDFAbstract. A new discipline analyses the role of science in society: the economics of scientific research. The purpose of this paper is to investigate the origins, nature, evolution and structure of the economics of scientific research. The paper suggests that one of the first scholars that has tried to systematize this discipline is Paul Freedman with the book “The principles of scientific research” published in London in 1949 by Pergamon Press. In addition, the study here also endeavours to show whenever possible the evolution of this discipline through central topics from emerging research fields.Keywords. Science, Scientific research, History of science, Evolution of Science, Research policy, Research laboratory, R&D management.JEL. B20, D80, L30
China’s monetary policy since 1948
Get PDFAbstract. China’s monetary policy has evolved from obscurity into spotlight due to its torrid economic expansion in recent times, as well as its exchange rate regime that has been under constant scrutiny of its trading partners. While China’s economy is centrally-planned, it is veering more towards a market-based system with goals of stability and growth. With this in mind, this paper is an introspection of China’s monetary policy since the establishment of the People’s Bank of China (PBC) to the present. Additionally, this paper surveys empirical literature on the effectiveness of policy tools undertaken by the PBC. Recommendations are made to Chinese monetary authority on how to navigate the turbulent waves of economic fluctuations with a managed exchange rate, within its borders and beyond.Keywords. Community tourism, Households, Island, Logistic regression, Income, Traditional trades.JEL. I13, I20, I30
An introduction to the methods of inquiry in social sciences
Get PDFAbstract. The purpose of this paper is an introduction to methods for conducting inquiries in social sciences. A method of inquiry is an organized and systematic scientific approaches used by scholars for controlled investigations and experiments to efficiently solve theoretical and practical problems, generating discoveries and/or science advances. The paper here presents, briefly, the development of models of inquiry in the philosophy of science. After that, it introduces general methods of inquiry (deduction, induction, abduction and hypothetical-deductive approaches) and specific models of scientific inquiry in social sciences, such as multiple working hypotheses. In general, modern scientific research is multifaceted and requires different approaches for generating new concepts, new hypothesis and theories. Different methods of inquiry directed to solve problems in science can be complementary approaches that foster knowledge creation within and between research fields.Keywords. Methods of inquiry, Philosophy of science, Models of inquiry, Scientific research, Conduct of inquiry.JEL. A20, A29, B40, B49
Politics case study: Even popular politics doesn’t come cheap
Get PDFAbstract. The case study suggests that popular politics in Pakistan should develop a culture where electoral and electorate should focus on policies and not the personalities as is the standard practice parliamentary governance structure as against presidential form of it.Keywords. Electoral Politics.JEL. A10
A note on computing the standard errors of estimate of composite index
Get PDFAbstract. This short note proposes working out of the standard errors of estimate of composite indices when they are constructed by using intrinsically derived weights. It illustrates the proposed method, using the jackknife re-sampling technique, by an example that relates to crime of different types in Uttar Pradesh (India). Improvements are suggested through bootstrapping. Keywords. Composite index, Standard error of estimate, Jackknife resampling, Crime data, Uttar Pradesh, India.JEL. C43, C61, C71
Gender economics and Islam: Case of Marital Law in Pakistan
Get PDFAbstract.The paper discusses the evolution of Muslim identity in subcontinent India to provide guidelines for dealing with this identity in streamlining such national and international governance strategies that accommodate and facilitate local anthropology for building up a tolerant global society.Keywords. Islamic Anthropology, Islamic Identity.JEL. D72, K00, K10