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The Second Law as a Cause of the Evolution
Get PDFAbstract. It is a common belief that in any environment where life is possible, life will generated. Here it suggested that the cause for a spontaneous generation of complex systems is probability driven processes. Based on equilibrium thermodynamics, it argued that in low occupation number statistical systems, the second law of thermodynamics yields an increase of thermal entropy and a canonic energy distribution. However, in high occupation number statistical systems, the same law for the same reasons yields an increase of information and a Benford's law/power-law energy distribution. It is therefore, plausible, that eventually the heat death is not necessarily the end of the universe.Keywords. Information theory, Thermodynamics, Entropy, Evolution.JEL. C62
Factors affecting the rate of unemployment in GCC countries
Get PDFAbstract. The objective of this study is to investigate which variables have a significant effect on unemployment rate in gulf countries using a panel data technique. Four variables were employed to determine their relationship to unemployment rate. The result confirms that two variables play an essential role to determinant unemployment rate in the GCC countries. Government's expenditure as a percentage of GDP play an important role in decreasing unemployment rate since they have the power to shape policies. Governments in the GCC countries should create policies that encourage their citizens to get knowledge and enhance their ability through creating a social program to be ready working anywhere. Since the education is a part of government expenditure and most of GCC countries start concentrating in this factor because most of studies discover that there is a negative relationship between education and unemployment. Moreover, the estimated model provides that GDP per capita plays an essential role to determine unemployment rate in GCC countries. Therefore, I can conclude that Okun's law is occur in the case of GCC countries. Also, in case of GCC countries Structural unemployment is occurred which caused by forces other than the business cycle. It occurs when an underlying shift in the economy makes it difficult for some groups to find jobs.Keywords. Unemployment rate, GDP per capita, Okun's law, GCC countries. JEL. C12, E01, E24, E31
Economics of WTO plus: No to conflict and Yes to regionalism
Get PDFAbstract. The paper makes a case for effective regionalism in South Asia by developing such conflict mitigation strategies between India and Pakistan that exploit their proximity to global trade. The welfare enhancing measures for nation states become more startling when they not only invest in institutional development but also become an active part of the global village with regionalism as a viable means to achieve this objective.Keywords. Trade, Institutions, Education, Regionalism, Conflict mitigation.JEL. F10, F15, F16
18. International symposium on econometrics operation research and statistics
Get PDFAbstract. “XVIII. International Symposium on Econometrics Operations Research and Statistics” hosted by Karadeniz Technical University, Faculty of Economics and Administrative Sciences, Department of Econometrics was held in Trabzon between 5th and 7th of October, 2017. The symposium is convened once a year and organized by different universities in different cities every year. Trabzon, which is the most important center in the history and socio-cultural aspects of the Eastern Black Sea Region, hosted the international symposium this year. The symposium did not have a special theme but it aimed to create an atmosphere for academics, professionals and young researchers in the field of econometrics, operations research and statistics. It can be said that the goal was realized because there was an immense interest to the symposium and more than 300 papers were presented during the symposium with parallel sessions. The contents of the symposium papers consisted of new method applications and current economic developments.Keywords. Econometrics, Operations research, Statistics, Turkey.JEL. B23, C44, C15, O53
Fiscal policy and the Ricardian equivalence: Empirical evidence from Morocco
Get PDFAbstract. This paper empirically investigates the validity of the Ricardian equivalence hypothesis in Morocco, based on recent data (1980-2016) that encompasses interesting episodes of demand-oriented expansionary government policy during the second half of the 2000s, followed by significant restrictive fiscal measures starting from 2012. We use the SVAR methodology, which enables us to make the difference between the dynamics of savings and the budget deficit by separating them into two types of shocks. Our results suggest that the equivalence is verified in the Moroccan macroeconomic framework. The paper concludes that national savings offset up to 76% of fiscal deficit shocks.Keywords. Fiscal deficit, National savings, Ricardian equivalence, SVAR model.JEL. H31, E21, E62
Patterns and Micro-Drivers of International Emigration in Nigeria
Get PDFAbstract. The study attempts to unfold the determinants of international migration from Nigeria to other countries by using 2009 Nigeria Migration Survey data by World Bank (2011). It also employs econometric techniques of linear probability and binary probit models. The findings indicates that individual and household characteristics as well as economic and geographical factors play significant roles in making Nigerians to migrate abroad. The individual characteristics are gender (if male), age, marital status and education years, while household size is the only significant factor under household characteristics. The amount of remittance is the only significant economic determinant. The statistically significant geographical factors include locality (if urban) and geopolitical zones (if south-east, south-south, south-west and Lagos). Second, the same factors are the determinants of international migration to OECD and African countries, albeit they are stronger in influencing migration to African countries than to OECD countries. However, amount of remittance has positive effect on international migration to OECD countries but it is negative on international migration to African countries. Thus, the policy implication is that any international migration policy should target the above determinants of international migration in order to contain it.Keywords. International migration, Remittances, Probit model, Policy implications.JEL. F22, F24, C31, F42
The Effect of Corruption on Foreign Direct Investment: A Panel Data Study
Get PDFAbstract. Foreign direct investment (FDI) has become an important factor of development in low income countries. At the same time, corruption continues to be one of the greatest obstacles to economic and social development in these countries. However, in East Africa, the study of the nature of corruption as well as its relationship with FDI is scanty in socio-economic literature. In addition, the existing literature provides controversial results. Motivated by these issues, this paper examines the effects of corruption on FDI inflows by incorporating an econometric method based on panel data from 5 East African countries over the 1996-2015 period. The paper contributes to the existing literature by modeling the relationship between corruption and FDI inflows using two measures of corruption, namely corruption perception index (CPI) and control of corruption (CC). Equally important, both economic factors such as GDP per capita, GDP growth, inflation and degree of openness, and quality of institutions or governance indicators such as voice and accountability, political stability and absence of violence, government effectiveness and rule of law are considered in the analysis. Data were obtained from Transparency International, World Bank Development Indicators, Worldwide Governance Indicators and United Nations Conference on Trade and Development. Analytically the paper uses fixed effects (FE) as the preferable model. The results show that the corruption level in the host country has an adverse effect on FDI inflows when eliminating GDP per capita in the regression. Nonetheless, the results show that the GDP per capita as a proxy for market size and country’s quality of institutions are more important than the level of corruption in encouraging FDI inflows into the country. The key implication of these results is that improvement in the quality of institutions and control of corruption may be an important strategy for increase FDI inflows. The key implication of these results is that an increase in the real GDP per capita, improvement in the quality of institutions as well as control of corruption may be an important strategy for increase FDI inflows.Keywords. Corruption, Foreign direct investment, Quality of institutions.JEL. C23, F21, F23, E02, O16
Theoretical bases on the nature of goodwill
Get PDFAbstract. Goodwill has been for over a decade a subject of debates and discussions trying to define the concept: its definition, its nature, its recognition. Indeed, the state of research witnesses to the abundant studies using different methodologies. Through this article we will try to make an overview to discuss the concept, its composition and classification. Beginning with a historical overview describing the appearance and theories related to goodwill, this article will be an overview that attempts to bring opinions and definitions given by researchers and then analyze the factors that determine the motivations of the managers of an acquiring company to pay more to the acquired firm the goodwill. In all these definitions, we present a critical opinion to obtain a theoretical and understandable basis for goodwill. Keywords. Goodwill; Theory of goodwill; Intangible; Residue; Super profit; Managers; Agency theory; Overpayment; Performance.JEL. G32, O34, G34, N80, O32, O38, M41, M48, H11
Assessing Multi-aspects and Integral Sustainability of Bulgarian Farms
Get PDFAbstract. The issue of assessment sustainability of agricultural farms as a whole and of different type is among the most topical for researchers, farmers, investors, administrators, politicians, interests groups and public at large. Despite that practically there are no assessments on sustainability level of Bulgarian farms in conditions of European Union Common Agricultural Policy implementation. This article applies a holistic framework and assesses sustainability of Bulgarian farms as a whole and of different juridical type, size, production specialization, and ecological and geographical location. Initially the method of the study is outlined, and overall characteristics of surveyed holdings presented. After that an assessment is made of integral, governance, economic, social, environmental sustainability of farms in general and of different type and location. Next, structure of farms with different sustainability levels is analyzed. Finally, factors for improving sustainability of Bulgarian farms are identified, and directions for further research and amelioration of farm management and public intervention in the sector suggested.Our study has found out that overall sustainability of Bulgarian farms is at a good level, with superior levels for environmental and social sustainability, and inferior level for governance and economic sustainability. There are great variations in sustainability levels of farms of different type and location as well as in shares of holdings with unlike level of sustainability. Factors which stimulate to the greatest extent the actions of Bulgarian farms for improving individual aspects of sustainability are Access to Advisory Services, Professional Training of Manager and Hired Labor, Personal Conviction and Satisfaction, Positive Experience of Other Farms, Available Innovations, Financial Capability, Private Contracts and Agreements, and Registration and Certification of Products, Services, etc. National and European mechanisms of regulation and support, which affect to the greatest extent economic sustainability of Bulgarian farms are: Direct Area Based Payments, National Tops Ups for Products, Livestock, etc., Modernization of Agricultural Holdings, Green Payments, Support to Semi-market Farms.Keywords. Farm sustainability, Governance, Ecological aspects, Factors of sustainability, EU CAP impact, Bulgaria.JEL. Q10, Q56, R33
Multinational Corporations and Nation-States: Managing Shared- and Conflicts of Interest
Get PDFAbstract. Satisfactory and mutually beneficial relationships between multinational corporations and individual nation-states are sustainable as long as their perceived shared interests exceed any conflicts of interest. However, when events, or actions intentionally taken by either side or dictated by circumstances, alter an acceptable balance between the shared- and conflicts of interest, a good business relationship can deteriorate fast to the detriment of one or both sides. Thus, shared-interests cannot be assumed to continue over the long-range without consistent efforts by both sides to maintain them and, in the meantime, keep conflicts of interest within a tolerable level. This paper explores the factors that contribute to sustaining shared interests and containing conflicts of interest between multinational corporations and nation-states in order to avoid a deteriorations or possible disruption of an otherwise mutually beneficial relationship. Of the questions to be addressed are: what strategies and actions can help in strengthening the shared interests, and what actions and policy changes contribute to an increase in the conflicts of interest between nation-states and multinational corporations?Keywords. Multinational corporations, Joint interests, Conflict of interest, Host countries, Transfer prices, Profit shifting, Transfer-pricing, Earning stripping.JEL. F23, G18, G38