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Assessing Fiscal Policy Cyclicality and Sustainability: A Fiscal Reaction Function for Kenya
Get PDFAbstract. This study sought to determine whether fiscal policy for Kenya is on a sustainable path by estimating a fiscal reaction function. A fiscal reaction function is a rule derived from an inter-temporal government budget constraint which reveals the response of government to accumulating public debt. It also sought to establish whether fiscal policy responds to business cycles by determining its cyclical nature. The study used annual time series data spanning 1970 to 2013 and multivariate analysis was based on VAR and VECM model. The empirical analysis reveals that, firstly fiscal behavior is incoherent with inter-temporal budget constraint and the moderation is low. This implies that if fiscal adjustment is not done, debt is likely to accumulate. Secondly, election cycles expenditures threaten Kenya’s long run fiscal sustainability. Finally, fiscal policy is a-cyclical meaning that stabilization objective is not considered while conducting the fiscal policy. The study recommends that fiscal rules, independent fiscal committee and comprehensive fiscal regulations laws should be enacted to correct these biases.Keywords. Fiscal policy, Sustainability, Fiscal reaction.JEL. E62, H30, Q56
Zhaoguang Hu, Xinyanh Han, & Quan Wern, Integrated Resource Strategic Planning and Power Demand-Side Management
Get PDFAbstract. The edited volume presents an engaging cartography of Indian economy following two decades of liberalization on the backdrop of globalization and problem of sustainability - two defining moments of post-reforms reorganization of the economy. A wide variety of sector-specific and economy-wide studies in the collection, examine the central tenets of market-centric reforms representing globalization. The research works dealing with micro- and macro-aspects of development help us form an idea of important issues, emerging debates, dominant institutions and changes required for attainment/restoration of efficiency. Most of these writings indicate the limitations of current developmental logic in their specific settings. These studies also propose measures to tackle the problems faced while presuming growth-sustainability disconnect to be temporary in nature. A number of studies introduced new analytical categories and empirical frameworks to capture current reality in better and more meaningful ways. A third strand of writings portrays conflict between the project of globalization and issue of sustainability as a distinguishing characteristic of global capitalism although the present policy framework accord highest priority to capitalist expansion. This conflict however, has put the Indian state in a perpetual act of balancing the growth objective of global capital and welfare objective meant for those experiencing exclusion in the development process..Keywords. Low-carbon electricity, Demand side management, Integrated resource strategic planning, Efficiency power plant, Renewable energy, Ddemand response, Sustainable development, CO2 emissions in China.JEL. P28, Q01, Q20, Q28, Q30, Q40, Q50
Causality Relationship between Money, Income, Price and Exchange Rates in a Small Open Economy: the Case of Hong Kong
Get PDFAbstract. This paper investigates the direction of causation among income, price, exchange rates and money supply in Hong Kong. We use the Granger(1969, 1980) causality concept to find the existence of such a relationship. The paper presents the results of two separate bivariate analyses: on involving money and income, and the other involving money and exchange rates. A notable result to come out of the paper is that there is no causality relationship between them.Keywords. Causality, Money, Income, Price, Exchange rates.JEL. C01, C10
Vani K Borooah & Colin Knox, The Economics of Schooling in a Divided Society: The Case for Shared Education
Get PDFAbstract. Our identity is defined by the stories we tell about the past and the stories that we suppress. Segregation in schooling by religion at an early age inculcates a narrative of identity that excludes the other. That is not helpful for either peace or prosperity. This book discusses one aspect of the peace process in a conflict society, Northern Ireland, which is attempting to break the circle of violence. The authors examine the potential benefits of integrated education.Keywords. Majoritarian Democracy; School Quality; Ulster.JEL. D72; I2; P16
Hasan Gürak, Economic Growth and Development: Theories, Criticisms and an Alternative Growth Model
Get PDFAbstract. The book that consists of 240 pages including the bibliography and contains the following sections and chapters; The Foreword: This contains a few brief remarks regarding the philosophy of science and philosophy of economics. The remarks are, in principle, both relevant and appropriate in terms of the “general principles” with regard to science, the science of economics, the nature of science as well as the duties of a scientist. The author’s remarks underline that “neoclassical economics” which is widely acknowledged as the school that economics seems to represent, is, in fact, a more “ideological model” than a true scientific and realistic basis for economics and, in fact, favors the “dominant classes” in the society.Keywords. Economic growth, Economic development, Alternative growth models.JEL. F40, F43, O10, O20
16th International Symposium on Econometrics, Operations Research and Statistics
Get PDFConference Note
An incentive compatible model for eliciting firms’ production function in a development process
Get PDFDevelopment plans with projects are usually designed by developing countries including African countries as a major tool for carrying out their development activities. Yet in their market oriented economies the governments have problems of allocating their scarce resources in the tender process. Thus, an incentive model is formulated for more efficient resource allocation and within this framework; decisions taken could be evaluated based on the outcomes.Keywords. Resource allocation, Tender process, Incentive compatible, Production technology, development plan, Public goods.JEL. D24, D61, H41, H57, O31, P11