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Consumption Subsidies Revisited
Full text linkThe Japanese government launched the “GO TO Travel” campaign in late July, 2020 amid the COVID-19 pandemic to rescue beleaguered tourism industries by subsidizing travel expenses by 35%. The Cabinet Office, responsible for compiling national account statistics in Japan, determined that these subsidies should be treated as individual final consumption expenditures of the general government. This treatment implies that defrayal of these subsidies by the government was regarded as “consumption subsidies,” by using the term proposed by Jean-Claude Roman in 1985. However, the SNA in its 1993 version and in its 2008 version did not incorporate this concept. So, the Cabinet Office’s treatment is against the present SNA’s recommendations, though she changed the treatment by the end of November 2021. However, it may be worth reconsidering the concept and its treatment. In this paper, the author will review the discussion to clarify the key points involved
Guyana in 2025: The Confluence of a Possible Dénouement of Its Centuries-Long Territorial Dispute and Its Newfound Oil Wealth
Full text linkIn recent years Guyana has been featured in the news disproportionally. This paper begins with a short overview of the country’s vital statistics, followed by a brief review of Guyana’s political and economic pre- and post-independence history, incorporating a synopsis of its longstanding territorial dispute with its neighbor, Venezuela. The paper highlights Guyana’s recent recognition as a potentially large oil-producing nation, whose economy since 2020 has recorded the highest growth rate in the world. In 2023, real Gross Domestic Product (GDP) increased by 33%. With the government committed to deploying the country’s newfound wealth towards modernizing the economy and increasing living standards for all its citizens, Guyana’s vulnerability to the “Dutch disease” and the “resource curse” are discussed along with the technical support provided by the International Monetary Fund and the World Bank who are assisting with the country’s development program
Historical Development of Taxation From Ancient Times to Modern Day: Implications for the Future
Full text linkThis study examines the history of taxation, specifically how taxation was used over the centuries by major world civilizations. This study provides a comprehensive review of past and more recent studies, spanning the full length of tax history using a quasi-empirical approach, thereby offering a unique contribution to the academic literature. Theoretical foundations include Adam Smith’s Canons of Taxation, benefit theory, ability theory, and tax assignment theory. Implications are drawn for the future of taxation. Findings suggest that various forms of taxation played a critical role in amassing resources necessary to build and sustain world empires and republics. Implications are that this will continue. Excessive taxation was included as a factor in the downfall of some empires. World history might have taken a notably different direction without the revenues accumulated via taxation. Results will interest tax policy makers, academic tax researchers, law professors, and others concerned with the historicity of taxation. Results can also be used by accounting and legal educators
Environmental Impact of Foreign Direct Investment: The Role of Economic Complexity in Sub-Saharan Africa
No full textThis study investigates the short-run and long-run effects of foreign direct investment (FDI), corruption, and economic complexity on the environment in twenty-five sub-Saharan African (SSA) countries from 1996 to 2018. Using a dynamic panel data model, the results provide broad support for the pollution haven hypothesis and the existence of the environmental Kuznets curve in SSA. Our results indicate that the economic complexity index (ECI) is associated with rising environmental degradation. Low-quality FDI weakens environmental standards, and corruption facilitates the shift of polluting industrial activities from advanced countries to developing countries with less strict environmental rules. The paper finds that corruption, low quality FDI, and higher ECI tend to exacerbate environmental degradation in SSA. By considering the ECI, this studies contributes to the literature, analyzing the relationship between these key variables and the environment for some of the most vulnerable African countries that are said to be greatly impacted by climate change
Cash is King: Speed of Adjustment in Latin American Firms’ Cash Holdings During the COVID-19 Pandemic
No full textThis study investigates the speed of cash holdings adjustments in Latin American firms during the tumultuous COVID-19 pandemic. By examining firm-specific details, industry characteristics, and the overarching economic climate, we uncover the intriguing patterns of cash reserve management. Our results show that Latin American firms displayed a swift agility to adjust their cash reserves, with an adjustment speed of 54.9%, compared with the average speed of 31% observed in firms in the developed world. Moreover, during the pandemic’s peak in 2020 and 2021, this speed surged to 62.5%. However, we observe that multinational corporations in the region lagged, showing slower cash adjustment speeds than firms with only local operations during the COVID-19 pandemic
U.S. Investor Sentiment and Financial Contagion in the Americas: Lessons From the U.S. Financial Crisis
No full textThis study investigates the influence of U.S. investor sentiment on financial contagion across the Americas during the 2008–2009 global financial crisis. Using a DCC-GARCH model, we analyze daily stock returns from Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, and the U.S., incorporating the VIX along with individual and institutional sentiment measures. Results indicate that investor sentiment, particularly during periods of crisis, significantly increases correlations across markets, pointing to sentiment-driven spillovers. Institutional investor sentiment emerges as a strong predictor of market returns, and the findings ultimately highlight the critical role of institutional investors in amplifying financial contagion across borders
From Stereotypes to Understanding: How College Courses Can Shape Undergraduates’ Views on Franchising
No full textThis study aims to assess changes in undergraduate students' perceptions of franchising after completing courses in franchising. The first objective is to examine whether significant differences exist between pre- and post-test results, measuring shifts in franchising perceptions stimulated by the curriculum. The second objective focuses on determining if a viable set of franchising perception constructs can be identified through exploratory factor analysis. This step is crucial for ensuring the constructs are reliable and valid, providing a solid foundation for further analysis. Lastly, using regression, are these constructs related to common franchise myths? Findings suggest a change in student franchise perceptions after completing an introductory course focused on the franchise business model. The data also reveals that there are specific constructs associated with franchise perceptions and that these constructs interrelate and influence student perceptions of common franchise myths. The findings of this study provide valuable insights into the effectiveness of franchise courses, inform curriculum development, and enhance our understanding of how perceptions of franchising are shaped through structured educational interventions
Female Entrepreneurship in Sub-Saharan Africa: A Systematic Literature Review
No full textThis systematic literature review involving 34 articles investigates the impact of sociocultural, educational, economic, and policy-related factors on women's entrepreneurial ventures in Sub-Saharan Africa. It evaluates the effectiveness of current support mechanisms for female entrepreneurs. It highlights persistent issues, including limited access to finance, educational resources, and business networks, while noting emerging opportunities and successful initiatives. Despite progress, targeted policies and further research are necessary to address existing gaps and leverage new opportunities. This work offers multiple contributions, including an explanatory model, practical and policy recommendations, and an agenda for future research
Economic Focus and Innovative Technology
No full textThis paper examines economic thinking toward innovative technology, building a stronger military, responding to sustainability and environmental impact, and meeting the needs of businesses. This research determined that innovative technologies and military strengthening are the primary positive implications for the future economy. Implications were identified within these four economic focus areas to allow for a comprehensive analysis. The most significant challenges were found in achieving environmental sustainability and meeting the needs of businesses. Exploring how these implications could affect economic growth is integrated into the context of expanding implications. Recommendations for policy and business emphasize the analysis of identified implications
The Three B’s of Branding: Navigating Multicultural Markets
No full textThis paper explores the intrinsic relationship between branding and culture, emphasizing the imperative of cultural sensitivity in brand strategy. It expands on the Brand Evolution Process (BEP), a comprehensive framework comprising three phases, enriched by insights from our Cultural Branding Model (CBM). Incorporating cultural research, sensitivity training, segmentation, adaptation, inclusive messaging, collaboration with cultural experts, and continuous monitoring, the BEP/CBM provides a structured approach to navigating cultural landscapes. This study illuminates the interplay between brands and culture through a dual approach of conceptual analysis and qualitative research. By embracing cultural relevance, marketers can enhance brand resonance and foster meaningful connections