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Wage Phillips Curve of a Large Emerging Economy: Role of Structural Heterogeneity
Get PDFThe paper finds the role of dynamic structural heterogeneity in establishing the empirical existence and convexity of the wage Phillips curve for large emerging economies. Using Indian state-level data, we find a negative and convex relationship between earnings growth and unemployment after controlling for structural labour market factors that vary over time and across states. The fixed effects regression model suggests that a higher speed of formalization makes the wage-Phillips curve flatter, controlling for changes in the composition of labour supply and skilling
The Application of Financial Ratios and Panel Data Analysis in Assessing Firm Performance and Socio-Economic Dynamics
Get PDFThis paper examines the application of financial ratios and panel data analysis in evaluating firm performance and socio-economic dynamics. Through a systematic review of recent literature, we highlight how financial ratios—such as liquidity, profitability, and leverage metrics—serve as critical diagnostic tools for assessing corporate health, particularly in crisis contexts. Meanwhile, panel data analysis enhances longitudinal insights, enabling researchers to identify causal relationships and long-term trends across industries and economies. Our synthesis reveals methodological gaps, including the underutilization of hybrid approaches that integrate ratio analysis with advanced econometric techniques. By bridging these analytical approaches, researchers can generate more robust insights for financial decision-making and policy formulation
The approach for Abu Dhabi’s solar energy: Centralised or Decentralised
Get PDFThis paper evaluates the economic viability of decentralised solar systems in Abu Dhabi. By analysing levelised cost of electricity (LCOE), net present value (NPV), and internal rate of return (IRR) across customer groups, it finds that while rooftop solar generation is not yet cost-effective for heavily subsidised sectors, it remains viable for industrial and commercial users. The study suggests that subsidy reform could significantly improve the financial appeal of decentralised systems, aligning with Abu Dhabi’s decarbonisation targets under the UAE Energy Strategy 2050
Peer Interactions in Teams and their Spill-over Effect: Evidence from a Natural Field Experiment
Get PDFTeam-based collaboration is integral to education, work, and daily life, fostering ability-driven peer effects through discussions, social comparisons, and knowledge sharing. Despite extensive evidence of peer effects in specific contexts, their broader impacts on comparable but different activities remain underexplored. Our study addresses this gap using a novel dataset from Mongolia that combines a natural field experiment in classrooms, university entrance examination scores, and grade point averages in the university. First-year undergraduate students were randomly paired to collaboratively complete weekly assignments throughout a course. Low-ability students (based on their entrance exam scores) paired with high-ability peers significantly improved their academic performance not only in the specific course but also in other concurrent courses, showing strong spillover effects. The magnitude of the spill-over relative to the direct effect was 0.723. These pairings had no adverse effects on high-ability students. The findings highlight the Pareto efficiency of peer interactions in groups with large ability differences and offer insights into improving productivity and learning through ability-based spillovers
Bridging Sustainability and Inclusion: Financial Access in the Environmental, Social, and Governance Landscape
Get PDFThis paper explores the correlation between financial inclusion and the Environment, Social, and Governance (ESG) aspects of sustainable development for a big panel of 103 developing nations over 12 years. Financial inclusion as a measure is taken through the Account Age variable capturing adults having access to formal financial institutions as a percentage. The analysis revolves around the three main ESG pillars each through panel data regressions complemented by instrumental variable (IV) approaches in addressing endogeneity concerns. In the Environment (E) dimension, we find conventional agricultural forms (e.g., extensive agricultural land areas and agriculture value added) as having a negative effect on financial inclusion, but the environmental modernization proxies—renewable energy utilization, food production, climate resilience, and areas under protection—exhibit positive and significant correlations. In the Social (S) dimension, development indicator variables like spending on education, internet penetration, life years at birth, sanitation, and gender equity emerge as strong predictors of higher financial inclusion, and labor market participation is found to have a negative effect, possibly due to the dynamics of employment in the informal sector. The Governance (G) analysis shows positive correlation with controlling corruption and innovation production (applications for patents) as arguments for increased financial access improving institutional transparency and economic ingenuity and a negative correlation with regulatory quality as a concern for capacity gaps in rapidly digitizing economies. Through the means of ESG-matched environmental instruments, this paper presents a unique cross-dimensional approach to sustainable finance and shows through counterfactual analysis under both average and counterfactual distributions that policies supporting financial inclusion can be a path to multiple benefits on the environmental sustainability, social equity, and governance effectiveness axes—key requirements for the success of the Sustainable Development Goals (SDGs) in the Global South
Liquidity constraints and risk sharing in rural Ethiopia
Get PDFThis study examines the degree of consumption smoothing achieved through lending via formal institutions and social networks in rural Ethiopia. Lending through social networks and the formal sector coexist currently in rural sub-Saharan Africa. The expansion of formal sector lending is expected to ease liquidity constraints in rural areas and may even complement or crowd out traditional network lending. Using panel data for the period from 1994 to 2009 in rural Ethiopia, I found that idiosyncratic shocks were partially alleviated through lending via both social networks and formal lending institutions. However, non-borrower households in financially less constrained villages experienced severe risks. Also, formal sector lending did not alleviate aggregate rainfall shocks during this survey period, implying that formal sector lending does not complement social network lending
Симметричная модель экономического равновесия: диалог с искусственным интеллектом
Get PDFThe book Symmetric Model of Economic Equilibrium: Dialogue with Artificial Intelligence is a unique experiment that blends economic theory with cutting-edge technology. It consists of a record of dialogues between the author and the artificial intelligence system Grok 3, with the central theme being the exploration of the Symmetric Model of Economic Equilibrium. This model introduces a novel perspective on the economy as a self-regulating system, where micro- and macro-levels are interconnected through cyclical flows and feedback loops, ensuring its integrity and adaptability.The book includes chat sessions in which the AI evaluates the model’s mathematical rigor, economic logic, and practical significance. It examines the model’s advantages over traditional approaches and its potential applications in economic policy and the development of analytical tools. The dialogue underscores the value of an interdisciplinary approach, integrating economic theory, dialectics, second-order cybernetics, and the capabilities of artificial intelligence. It illustrates how engaging with AI can enhance the understanding of complex economic processes and provide fresh momentum for further research in this field.
The book is aimed at economists, AI researchers, and anyone interested in innovative directions for the advancement of economic science
Too hard to decarbonize: Insights from a decision support tool for the Greek maritime operations
Get PDFThe Greek maritime sector, one of the largest in the world, faces multiple economic, environmental and development challenges, requiring careful long-term investment decisions. In this paper we present the application of a free, open-source Investment Decision Support tool we have developed, the MaritimeGCH, applied for the Greek fleet. We quantify the effect of two main interventions for a cost-effective carbon abatement, under the recent EU environmental regulations: the implementation of mature on-ship emission reduction technologies and transition scenarios to cleaner fuels. While significant emissions are achievable, even ambitious interventions fall short of fully decarbonizing the sector by 2050. This suggests that a more unified set of policy solutions are needed to achieve the national commitments
How the Liberation Day Announcement is Shaping the Global Trade Order : Recent Developments in Financial Stability, Macroprudential Arrangements, and Shadow Banking
Get PDFOn the 20th December 2023, the Financial Stability Board published revised policy recommendations to address structural vulnerabilities from liquidity mismatch in open ended funds (OEFs). Main points which were highlighted in relation to new recommendations include the following:
- Revised FSB recommendations and IOSCO Guidance on Anti Dilution Liquidity Management Tools (LMTs), which are aimed at achieving significant strengthening of liquidity management by open ended funds (OEFs), compared to current practices.
Despite Basel III’s efforts to address capital and liquidity requirements, will the risks linked to regulatory arbitrage increase as a result of Basel III’s more stringent capital and liquidity rules?
Apart from Basel III reforms which are geared toward greater facilitation of financial stability on a macroprudential basis, further efforts and initiatives aimed at mitigating systemic risks, hence fostering financial stability, have been promulgated through the establishment of the De Larosiere Group, the ESRB, and a working group comprising of “international standard setters and authorities responsible for the translation of G20 commitments into standards.”
This paper aims to investigate the impact of Basel III on shadow banking and its facilitation of regulatory arbitrage as well as consider the response of various jurisdictions and standard setting bodies to aims and initiatives aimed at improving their macroprudential frameworks
Industrial Enterprises in Cameroon are preparing for the Fourth Industrial Revolution (4ir) – What are the Requirements, Opportunities, and Challenges?
Get PDFDisruptive technologies are revolutionizing end-to-end steps in
production in most sectors across the economy. The fourth Industrial
Revolution (4ir), such as the Internet of Things and artificial
intelligence, will revolutionize traditional value creation models.
This paper investigates the nature and impact of 4IR technologies
on Cameroon’s manufacturing sector, using survey data from 100 manufacturing companies and business entities. As shown in Figure 2, most respondents (28%) feel that Industry 4.0 will substantially
impact their manufacturing and production systems. Twenty-one percent of manufacturers think that the fourth industrial revolution
will have an overall impact on their business, while 16% believe
that IT systems and networks are the only areas that will benefit from
Industry 4.0. Regarding plans, only 10 percent of respondents say they plan to adopt Industry 4.0 in the next twelve months, while 4% say it would take 13 to 24 months to establish the necessary infrastructure. However, 10% of respondents had no plans to apply Industry 4.0, while the rest (34%) wanted to digitalize their enterprises in the next 3-5 years. The findings from this study show that companies that adopt 4IR technologies are agile, competitive, and more productive. Companies in Cameroon’s industrial sector should invest in 4IR technologies, train their employees, and incorporate 4IR technologies into their manufacturing practices