Journal of Economics Bibliography
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CPEC the innovation primary of Pakistan’s future
Get PDFAbstract. Currently government of Pakistan is planning to implement post infrastructure CPEC projects. This paper gives a comprehensive guideline to implement CPEC projects especially that relate to Special Economic Zones through developing local industrial clusters while also developing human capital by investing in technical training of populations that reside in peripheries of these Economic Zones. This way Pakistan can become part of Chinese value chain much like Vietnam and new era of local innovation takes place.Keywords. Innovation, CPEC, Pakistan.JEL. O31, O32, Q55
An Analysis of the Impact of RMB Depreciation on Hong Kong
Get PDFAbstract. Hong Kong is one of the main economies operating a currency board system today. With its currency fixed to the U.S. dollar, the system has functioned successfully since it was restarted in 1983. The last time it faced severe challenges was during the East Asian financial crisis of 1997-98. However, with the comparatively large depreciation of renminbi (RMB, and sometimes referred to as Yuan) during the past two years, a rising question is how Hong Kong might be affected by a possible future crisis originating from China. In this paper, we examine the impact of RMB depreciation on Hong Kong, with a focus on three sectors of Hong Kong’s economy: foreign direct investment, external trade, and tourism.Keywords. RMB, China, Hong Kong, Asian financial crisis, FDI, Trade, Tourism, Retail sales.JEL. E39, O53
Causal linkages among money growth, inflation and interest rates in Ghana
Get PDFAbstract. This study instigates the causal linkages among money growth, inflation and interest rate in Ghana. The essence of ensuring price stability, a considerable increase in money growth that enhances economic growth and development and favorable rate of interest that encourage domestic business and foreign direct investment cannot be over emphasized. The data was extracted from two main sources. The main variable under study were money supply, interest rate and inflation rate. Other variables that affect inflation rate such as exchange rate, real gross domestic product were controlled for. Data on money supply, interest rate and exchange rate were extracted from world development indicator (WDI) whereas data on inflation and the GDP growth were extracted from annual report of the Central Bank. The data comprises of missed order of cointegration. That is I (0) and I(1). So bounds test of cointegration proposed by Pesaran, Shin & Smith (2001) was used. It was found out that money growth has both short run and long run relationship with inflation and all the other variables are insignificant in influencing inflation. The Granger causality test was conducted to help find the causality among the variables of interest. The null hypothesis that inflation rate does not does not Granger cause money growth was rejected at 5% which implies that there is a uni-directional causality between inflation and money growth. It was recommended that, in an attempt of reducing inflation both in the long run and short run, increase in money supply should be reasonable.Keywords. Money growth, Inflation, Interest rate.JEL. B26, D53, E44, G10, G34
Tom Barnes, Making Cars in the New India: Industry, Precarity and Informality
Get PDFAbstract. With the ongoing process of industrial tariff reforms across the globe, several developing countries in recent period are eying manufacturing sector consolidation, propelled by multiple motives. On one hand, joining the ever-expanding international production networks (IPNs) and global value chains (GVCs) has come up as a major motivation. On the other hand, particularly for the densely populated nations, employment creation and skill formation in the local labour market emerged as an important policy objective. In both set of options, attracting foreign multinational corporations (MNCs) to invest at ‘home’ emerged as a crucial strategy. The MNCs can be attracted on one hand through a ‘positive’ approach, e.g., reforms in ease of doing business, presence of a vibrant production cluster, availability of key raw materials,efficiency of in and outbound logistics, trade agreements with other countries and export opportunities and so on.The ‘negative’ approach may involve a weaker environmental regulatory framework (Pollution Haven Hypothesis), compromise on labour standard etc.Keywords. Industry, Precarity, Informality, Car industry, India.JEL. F34, F43, F63, C01
Invest in infrastructure or health: Curious case of a generous poor
Get PDFAbstract. The paper coins the term ‘The Generous Poor’ that has been fundamental in preserving democratic values within Pakistan in a hope that institutions of national governance take note of their issues where preserving life through better health facilitation has been the foundation.Keywords. The Generous Poor, Health, Poverty.JEL. I30, K32, N30
Assessment of agrarian sustainability at various levels: The case of Bulgaria
Get PDFAbstract. The goal of this study is to unpack sustainability in terms of understanding and evaluation using as a case Bulgarian agriculture. A hierarchical system for assessing agrarian sustainability in Bulgaria at national, regional, sub-sectoral, ecosystem and farm level is proposed. It includes 3 aspects (pillars), 17 principles, 35 criteria, and 46 indicators and reference values for evaluating sustainability as well as approach for their integration and interpretation. Assessment is made of agrarian sustainability in the country at various level using aggregate macro and farm level micro data. The assessment has found out that there is a considerable differentiation in the level of integral and aspects sustainability of different type of farms, ecosystems, subsectors and regions. Nevertheless, results on the integral agrarian sustainability based on macro aggregate and micro farm data are quite similar. The later indicates that both approaches are reliable and could be simultaneously used according to the level of analysis, needs of decision makers, and available data. Major factors encouraging improving economic sustainability are market demand and price; direct state subsidies; market competition; financial capability; participation in public support programs; possibility of benefitting immediately; possibility of benefitting in the near future; tax preferences; possibility of benefitting in the long term; and integration with buyers of farm products. Main factors encouraging the enhancement of social sustainability are personal convictions and satisfaction; social recognition of individual contribution; immediate benefits for other people and groups; regional community initiatives and pressure; access to advisory services; European Union policy; and existing regional problems and risks. Important factors encouraging environmental sustainability are problems and risks existing at the global scale; official regulations, standards, and norms; existing regional problems and risks; and European Union policies. Public policies and instruments that improve economic sustainability of Bulgarian agriculture include: direct area-based payments; national top-ups for products and livestock; modernization of agricultural holdings; green payments; support for semi-market farms. At the same time the impact of national and European policies on social and environmental sustainability is relatively weak.Keywords. Sustainability, Assessment, Economic, Social, ecological, Agriculture, Bulgaria.JEL. Q10, Q56, R33
Prospects for a currency board in the Arab Republic of Egypt
Get PDFAbstract. The National Bank of Egypt (NBE) was introduced in 1898. It acted as both a central and commercial bank for Egypt, and for Sudan for some time. The burgeoning Egyptian economy was thought to eventually necessitate a central bank, so in 1961, some of the assets of the NBE were taken to form the Central Bank of Egypt (CBE). Ever since, the CBE has been Egypt’s monetary authority. Its activity has come under scrutiny over the years due to its inability to cope with economic challenges, most notably inflation. This paper examines the prospects for introducing a currency board in Egypt. It compares this possibility to the existing monetary infrastructure in place and determines whether a currency board is a suitable path to take.Keywords. National Bank of Egypt (NBE), Central Bank of Egypt (CBE), Inflation, Currency board.JEL. E58, N15, O23
Lessons learnt for Rwanda from China’s poverty reduction strategies: Policy analysis review
Get PDFAbstract. The present study analyzed the possible lessons to learn in Rwanda from the China performance experiences in poverty reduction tragedies. Over the last 35 years, China has impressively made enormous treads in its fight averse to poverty as it has changed in one of the greatest vibrant economies in the global. The China success in poverty reduction is dedicated largely to different economic reforms which lead to economic growth, implementation of poverty lessening strategies, rural development programs and as well as open door policies. Recently, China has been serving as an economic role model for many developing countries including African states due to its substantial progress in fighting against poverty. In the same way, Rwanda is still struggling with a high rate of poverty even if there is a huge achievement but still there is a long journey to go. The growing cooperation between China and Rwanda are frequently elucidated by the country's call for its natural resources to be based on country development, China is an astonishing example which clearly indicates how a country can revolt from poverty within a decade and be a leading performer on the worldwide scene. From this perspective, there are some policy lessons that African countries including Rwanda can learn from the socio-economic transformation success of China. Even if Rwanda has been gradually facing the developmental restrictions which China did not, and given that the background for Rwandan country differs too much with China, it is worthwhile to draw important lessons from China's success story on how it escaped millions of its population from poverty.Keywords. Poverty reduction, Strategy, Policy, Rwanda, China.JEL. H50, H70, I38
Real level of public investment: How to manage the inflation?
Get PDFAbstract. When the government collects a supplementary indirect tax on an output, the price of that output increases by consequence. Then, using the resulting revenue for public investments will lead to an under consumption of the total revenue invested. This is due to an inflation that has been created by this mechanism. This paper investigates the determination of the net amount of investment projects taking into account the effect of inflation. We use the computable general equilibrium model to test our hypothesis. As result, we show that, some simulations are needed in order to reach the equilibrium.Keywords. Government spending, Inflation, Taxes, Investment, Computable general equilibrium.JEL. C68, E62, H50