Journal of Economics Bibliography
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The aggregate “portfolio”: Econometrics of economic rates of return with a Portuguese illustration
Get PDFAbstract. This research forwards estimation procedures – applications of weighted and generalized least squares techniques - designed to infer expected values, variances and covariances of rates of return in the presence of variously correlated sample observations but uncorrelated “sample waves” (strata of) and availability of already aggregate data – under which inference must rely on averages (means) of averages of averages... The same principles are extended to the method of order statistics, appropriate for univariate inference of a truncated distribution parameters. Simple tests of portfolio – market - efficiency based on correlations (or special rank correlations) between actual and estimated optimal shares are also proposed. Illustrative estimates for Portuguese economic sectors are provided – relying on yearly, semi-aggregate information for firms with 20 or more employees, covering the period 1996-2002: on the one hand, sector means, variances and covariances of economic returns to unitary (tangible and intangible asset) applications are presented and reduced by principal components. On the other, optimal (“unrestricted”) portfolios for nested subsets are reported, having been generated by a stepwise elimination procedure. Industries’ betas are approximated and market efficiency tested. Finally, parameter MOS estimates under (univariate) truncated normal assumptions are obtained.Keywords. Industry economic rates of return; Firm size; Optimal portfolio; Mean – Variance; CAPM; Market efficiency; Weighted least squares; “Weighted” SUR; Weighted method of order statistics; Weighted principal components; Dummy variables. Index numbers; Aggregation.JEL. G11; G12; G30. C39; C43; C51; C61. C24. L16; L25
A proven solution for Lebanon’s economic crisis: A currency board
Get PDFAbstract. Lebanon is currently facing a financial crisis marked by rising inflation rates and a black-market exchange rate that is significantly diverging day-by-day from the official exchange rate. In this paper, the author dives into Lebanon’s financial history and what actions undertaken by the government since the civil war have led to this crisis. After a thorough examination of the current economy, the author compares Lebanon’s present day financial crisis to the one faced by Bulgaria in the 1990s and concludes that the implementation of a currency board is a viable solution for restoring the strength of the Lebanese pound and ushering in financial stability.Keywords. Currency board, Lebanon, Bulgaria.JEL. E58; G01; L25
Eurodollar Futures and LIBOR
Get PDFThe Chicago Mercantile Exchange is a global derivatives market place. The CME group is an order driven exchange that facilitates the trading of forward, futures and options contract on numerous products within key asset classes such as agriculture/ energy/metals, equities, interest rates, and exchange rates. Hence a very popular US interest rate futures contract is the three-month Eurodollar futures traded on the CME.Keywords. Eurodollar; LIBOR; Interest rates; Financial crises.JEL. N10; N20; E40; E50; G21
Assessment of governance and overall efficiency of Bulgarian farms
Get PDFAbstract. This article incorporates the New Institutional and Transaction Costs Economics framework and suggests a practical approach for assessing the level and factors of governance and overall efficiency of Bulgarian farms. The evaluation is made on the basis of original micro-data collected by the managers of typical farms of different types and location. The "Nature of the problems in effective organization for major class farm transactions for securing needed factors of production and marketing of output" is used as an indicator for the comparative efficiency and adaptability (equal, lower, or greater to another farm/s or organisation/s depending on the extent of transacting difficulties) of individual farms. The study has found that the governance efficiency of farms is at a Good level but 60% of all farms in the county are with a Low efficiency and will likely cease to exist in near future. Major factors for inferior governance efficiency of Bulgarian farms are unsatisfactory efficiency in Supply of Necessary Labour, Innovations and Know-how, and Funding. There is a huge variation in the level and factors of governance efficiency of farms with different juridical types and sizes as well as in the share of farms with different levels of efficiency in each particular group. Furthermore, a strong correlation has been found between the level of governance efficiency and adaptability of farms, and diverse critical internal and external market, technological, institutional, personal, etc. factors that could feasibly increase the competitiveness of holdings. The study has proved that there is a big discrepancy between the new assessments of Governance efficiency with dominating traditional approaches for farm efficiency assessments based on factors' productivity. The study has also found that there was an improvement in the overall governance efficiency of Bulgarian farms compared to 2016. Nevertheless, the share of (good and high) efficient farms significantly declined during the same period. The suggested approach has to be further improved, and widely and periodically applied in economic analysis at various levels which require the systemic collection of a novel type of micro-data on farms governance and transaction costs..Keywords. Governance; Efficiency; Farm; Transaction costs; Factors, Bulgaria.JEL. D23; L22; M13; 017; Q13
Real options: Capital investment appraisal; estimating the market price of risk and application to the valuation of a new business
Get PDFAbstract. The risk-neutral valuation approach to evaluating an investment avoids the need to estimate risk-adjusted discount rates, but it does require the market price of risk parameters for all stochastic variables. When historical data is available on a particular variable, its market price of risk can be estimated using the capital asset pricing model.Keywords. Real options; Capital investment appraisal; Market price of risk; New business valuation; Internet companies; Amazon.JEL. G30; G31; G32; N00; N80; M10
Before entering the East African currency board: The case of Zanzibar (1908-1935)
Get PDFAbstract. We provide the first spreadsheet data series and legislative history of Zanzibar’s Board of Commissioners of Currency (1908-1935) and examine to what extent it operated as an orthodox currency board. The paper makes the annual balance sheets and monthly financial statements of the currency board available in machine-readable form for the first time, in a companion spreadsheet workbook and also offers a summary of legislation related to currency and banking for further analysis of the period.Keywords. Currency board, Zanzibar.JEL. N27
Germanys position in the world on globalization, technology and innovation
Get PDFAbstract. Germany is situated in Central Europe bordering the Baltic Sea and the North Sea. Germany is the sixth largest country in Europe. The capital of Germany after a vote from the lower house Bundestag in 1993 was moved from Bonn in the West to Berlin in the East. Germany houses the European Central Bank and according to recent statistics the GDP of Germany stood at 4.0T. Germany is a powerhouse when it comes to technology and innovation. Well-known brands include; BMW, Mercedes, SAP, Volkswagen, Audi, Siemens, Allianz, Adidas, Porsche, Deutsche and Bosch.Keywords. Germany; Globalization; Technology; Innovation.JEL. E58; G01; L25