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Study of institutional characteristics of social capital
Get PDFAbstract. The article presents a methodology for determining the quality of the norms of the institutions of social capital in the organizations. The author’s model of multiple linear regression as an instrument for classifying and adjusting the qualitative level of the norms of the institutions of social capital is used. A regression model representing the environment of the institutions of social capital and the basis for reducing transactional costs is worked out. Appropriate calculations are presented. The notion of the index of the institutions of social capital in the organization is introduced into the scientific turn. The presented methodology will be useful for research in the field of quality management as a consulting service. Keywords. Institutions of social capital, Elements of social capital, Norms of the institutions of social capital, Quality management, Multiple linear regression.JEL. С01, C38, D23, D24, D91, O35, P31, P32
Land, property and wealth owners, as a comparison of public policy and government history, the economic history of 'intergenerational immigrant / migrant populations'
Get PDFAbstract. This study presents one of the first national studies that combines the migration and race of the economic experiences of free blacks, with an extended analysis of antebellum wealth inequality. In doing so, I analyze economic asymmetry among early blacks and whites in the United States of America. For the data analysis, I used information from the Integrated Public Use Microdata Sample (IPUMS). I present results of informative property ownership and wealth ratios. This study finds that economic differences among ethnic groups, as measured by differences between early blacks and whites, are intertwined with asymmetrical freedoms. Keywords. Economic geograpy, Economic history, Urban economics.JEL. B10, B15, B20
Expectations versus reality of Pakistan China FTA
Get PDFAbstract. Pakistan-China FTA was implemented with lot of fanfare and was expected to improve Pakistani export potential and business competitiveness. However, the successive governments failed to improve local competitiveness through effective regulation resulting in (a) missed opportunity to exploit the FTA to the benefit of Pakistan and (b) a trade balance favouring only China. Keywords. International trade.JEL. F13, F40, F50
Nature and Scope of Open Government Data (OGD) in Oman
Get PDFAbstract. With the transition of governments to e-governments, the latest measure of ensuring transparency and accountability is through providing more and more access to government data which was hitherto reserved in “silos”. This is the process entailed in "Open Governments" and the data thus opened freely is called "Open Government Data" (OGD). The transition of traditional governments to e-governments has been amply covered in extant literature. However, Open Government is regarded as the final culmination of e-government in a bid to restore public accountability and promote transparency in government besides forging government-citizen ties. In this paper, the nature and scope of OGD of Oman is being investigated. Also, the facilitating and hindering factors in tapping OGD are being discussed in the paper. The paper concludes with directions for further research and academic-cum-practitioner implications. The originality of the paper lies in the fact that the nature and scope of OGD has not been investigated in detail as far as Oman is concerned-the present study seeks to plug this gap.Keywords. Open government data, Open data, Oman.JEL. H10, H50, H55
Post conflict reconstruction efforts in tribal areas of Pakistan through informal education
Get PDFAbstract. The paper is a first effort of its kind to discuss the issue of post conflict reconstruction efforts in the tribal belt of Pakistan by focusing on soft skills and peaceful behavior of locals on account of informal means of delivering education. The paper explains why informal education in comparison to formal schooling isa preferred strategy to change the behaviors of locals towards subtle national integration in short time span. The paper presents the learning initiatives and possible outcomes with help of academic literature that focuses on post conflict reconstruction efforts in regions like Africa and Asia.Keywords. Education, Informal educaton.JEL. A11, A14, A20
Optimal Asset Allocation of a Pension Fund: Does The Fear of Regret Matter?
Get PDFAbstract. In this paper, which presents a simplified behavioral finance model, we incorporate regret into the decision-making process of a pension fund and derive the optimal asset allocation of a final-wealth-maximizing pension fund in the accumulation and decumulation phases. We find that the optimal allocation must be congruent in both phases if and only if the pension fund is upside regret averse. In particular, our results suggest that allocation to risky assets must increase through time in the accumulation and decumulation phases so that the pension fund can realize gains from any upsides in the risky asset market, thereby maximizing final wealth and limiting the feeling of regret ex-post. Although decisions in both phases are congruent, we find that the optimal asset allocation generally depends on wealth levels. This evidence implies that separate management of the accumulation and decumulation phases of a pension fund decreases available wealth levels and is not an optimal strategy.Keywords. Financial Markets. Asset allocation. Log-logistic. Modified utility. Mortality. Pension fund. Regret aversion.JEL. G23, G11, C61
New Economics Books
Get PDFA wide ranged Editor Selection of economic books published within the last 3 months by the publishers (for now; Cambridge University Press, Edward Elgar, Elsevier, MIT Press, Palgrave MacMillan, Springer, Wiley, and World Scientific) which are reached out “the consensus of no copyright infringement exists” could be found under this title. Afterwards, JEL will continue to publish the economic books published within the last 3 months as listing them in its quarter edition. This is expected to enable the journal readers to follow the related literature and be aware of the new books. The list will continue to expand as accepting the books of new co-operated publishers and personal applications. The list order is organized according to book titles’ alphabetic priority
Factors affecting the services sector growth in Pakistan: A time varying parametric approach
Get PDFAbstract. This empirical study followed time varying parametric approach (Kalman Filter) to find out relevant determinants of Pakistan’s services sector’s growth. To our best of knowledge, no author has made such study that could collect a number of variables from existing empirical literature and capture the impact of structural changes on relevant determinants of services sector growth in Pakistan while employing Kalman Filtering approach. Current study bridges this gap. Annual data was taken from World Development Indicators (2014) during period 1976-2014. Main findings of the study are that rolling regression estimates of explanatory variables justify the use of Kalman filtering approach. The state space Results show that foreign direct investment and gross national expenditures are positive and significant determinants of services sector growth while inflation, domestic credit to private sector, gross fixed capital formation, and remittances received and trade openness have negative impact on services sector growth. One step ahead graph inflation, domestic credit to private sector, foreign direct investment, gross national expenditures, gross fixed capital formation, remittances received and trade openness indicate that model estimated was stable as critical bounds(dotted line) in graph 2 are not crossed by central line. Based on empirical findings, it is recommended the concerned authorities to augment gross national expenditures and foreign direct investment to achieve long run services sector growth for better economic growth in country.Keywords. Services sector, Kalman filter, Rolling regression, Inflation, Foreign direct investment.JEL. F21, F40, N57, O13
The Response of Industrial Production to the Price of Oil: New Evidence for Thailand
Get PDFAbstract. This paper examines the oil price-industrial production nexus in Thailand by using multivariate cointegration test. In addition, Granger causality is also used to examine the impact of oil price uncertainty on industrial production growth. The main focus of this paper is on one sector of the economy, i.e., manufacturing sector. Monthly data from 1993 to 2015 are utilized. Empirical results reveal that there is a long-run relationship between industrial production and real oil price and other variables. Industrial production adjusts rapidly to shocks to lending rate, price level and oil price. Furthermore, there exists long-run causality running from lending rate, price level and oil price to industrial production. However, industrial production growth does not respond to oil price shock and oil price uncertainty. Asymmetric and nonlinear relationship between oil price shock and industrial output growth is not found. These findings give some policy implications.Keywords. Industrial production, Oil price shock, Oil price volatility, Cointegration, Causality.JEL. C22, Q43