Journal of Economics Bibliography
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Jamaica’s currency board, 1920-1961, and a comparison with its central bank
Get PDFAbstract. We describe the history of Jamaica’s currency board system, which existed from 1920 to 1961; test how orthodox the currency board was; and compare some features of the currency board and the Jamaican economy during the currency board period to the Bank of Jamaica and to the Jamaican economy under central banking.Keywords. Jamaica, Currency board, Central bank.JEL. E52, N16
The impact of gender and social capital on entrepreneurial intentions in university students: Evidence from Turkey
Get PDFAbstract. Understanding the antecedents of the intention to become an entrepreneur is crucial in the development of effective entrepreneurship education and training programs. Despite the growing number of conceptual and empirical studies, the insights on the psychological factors that drive or discourage the engagement into entrepreneurial acts among university students are still limited. The current study aims to address this gap in the literature, by exploring the direct relationships between the impact of personal attitude (PA), perceived behavioral control (PBC) and subjective norms (SN) constructs of the theory of planned behavior (TPB) on entrepreneurial intention (EI). The study further investigates the existence of a potential difference with respect to gender and social capital on EI. For data collection, the entrepreneurial intention scale of Linan and Chen (2009) was used and questionnaires collected from a sample of 113 university students were analyzed through multiple regression analyses. Findings indicate that the impact of SN on EIare negative whereas PA and PBC have strong and positive associations with the intention to become an entrepreneur. Furthermore, the results of the independent t-tests show do not indicate a meaningful difference with respect to gender and social capital and entrepreneurial intention, whereas differences between departments and taking or not taking an entrepreneurship course are found to be significantly associated with EI. For theory, these findings imply that both the scale of Linan and Chen (2009) and the model of TPB are useful in predicting entrepreneurial intention for this sample. For practice, the results highlight the important role of education in choosing entrepreneurship as a career at undergraduate level whereas gender difference or having an entrepreneur in the family or close third parties is not reported to affect this decision.Keywords. Entrepreneurial intention, Theory of Planned Behavior (TPB), Gender, Social Capital, Entrepreneurship Education.JEL. L26, M13, I23, I25
SOE’s vs private enterprises and the efficient management of credit risk in CEMAC
Get PDFAbstract. State owned-enterprises (SOEs) influence on CEMAC banking sector has grown considerably, with the potential of affecting both the banks and the private sector. This study aims to determine the influence of borrower’s nature on the improvement of credit risk in CEMAC Sub-region. The methodology used in the study consists of Data Envelopment Analysis and Tobit model. A panel dataset of the CEMAC countries from 2004 to 2014 is constructed from COBAC yearly reports, WDI and The Fraser Institute. The main findings from this research suggest that there is a negative and significant link between the tendency of CEMAC economies of using more private firms than SOEs investments and banking sector efficiency. The negative relationship is explained through weak CEMAC institutions. This study, unlike others studies on banking performances, do not neglect the risk’s particular effect. Indeed, the study even determined the risk-efficiency as the efficiency of the bank in producing healthy loans.Keywords. Bank efficiency; Credit Risk; Public enterprises; Private enterprises.JEL. G28, G14, J16, L33
Microfoundations of a monetary policy, Poole's rule
Get PDFAbstract. The monetary policy framework of many countries has been developed under an Inflation Targeting Framework, which is a fixed central bank interest rate. The well-known Taylor's Rule is the rule of monetary policy applied in empirical evidence for the mode of transmission mechanisms of the Central Bank. Microfoundations in Log-linear terms are consistent in line with Kranz (2015), however countries such as: China, Nigeria, Bolivia, Yemen, Suriname, among others, are in a different framework, control of the money supply (the IMF defines as Monetary Objective Aggregate). The MacCallum's Rule proposed in the 1980s would be more appropriate to describe the transmission mechanisms of monetary policy in this type of policy. But in the present investigation it is based on a monetary policy rule different from the conventional ones. Thanks to the contribution of William Poole in 1970, our Policy Rule explains that the money supply reacts to the behavior of five (5) variables: product gap, interest rate gap, observed interest rate, product expectations and inflation; for what we call this instrument the Poole's Rule. Through a Dynamic Stochastic General Equilibrium Model (DSGE) we check if said rule is appropriate for economies under a different Inflation Targeting Framework.Keywords. Poole's Rule, Taylor's Rule, MacCallum's Rule, Dynamic Stochastic General Equilibrium Model (DSGE), Bayesian Estimation.JEL. E51, E60, E61
Technical efficiency: A study of smallholder rice farmers in Kilombero district, Tanzania
Get PDFAbstract. Smallholder farmers form the vast majority of rice producers in Tanzania. Nonetheless, smallholder production is known to exhibit inefficiency in production. This study sought to analyze the determinants of technical efficiency of production of smallholder rice farmers in Tanzania using the stochastic frontier method while ensuring theoretical consistency through monotonicity and quasi concavity checks. Results show that empowerment of the woman, gender, primary occupation, group membership of household head and fertilizer use by the household affect technical efficiency of production.Keywords. Technical efficiency (TE), TE scores, Monotonicity, Determinants, Tanzania.JEL. D61, G14, H21
Analyzing the factors affecting the use of digital signature system with the technology acceptance model
Get PDFAbstract. Digital signature is a mechanism that is becoming widespread in the world thanks to its efficiency in electronic environments. The main purpose of the research is to reveal the variables that affect the perception and behaviors of the users using the digital signature system with technology acceptance models to determine the degree of impact of each variable and conceptualize these variables under a structural model. In this regard, 463 questionnaires collected from academic and administrative personnel working at Ataturk and Gümüşhane universities were analyzed. According to analysis results, anxiety has a negative impact on perceived usefulness. It has been obtained that perceived usefulness has a positive effect on attitude, and perceived ease of use does not have a significant effect on attitude. In addition, in the adoption of digital signature technology, it has been seen that personnel actual use is affected by intention to use with a rate of 88.1%.Keywords. Digital signature, Technology acceptance model, Theory of planned behavior, Structural equation model.JEL. C38, M10, M15, M19
Recent US-China tariff war: Opportunities for Indian pharmaceutical exports?
Get PDFAbstract. The inception of World Trade Organization (WTO) in 1995 was expected to reduce trade barriers across member countries on one hand and facilitate growth though promotion of international trade in merchandise products and services on the other. The subsequent WTO-led reforms deepened the globalization wave. In recent times however, the world is witnessing a phase of ‘de-globalization’, with rise in trade barriers and inwardness. The recent increase in US tariffs on Chinese exports and countermeasures imposed by China are a case in point. In 2014 India has initiated the Make-in-India scheme for deepening industrialization and facilitating exports. The current paper evaluates the possible opportunities for expanding Indian pharmaceutical exports in the US market, given the increase in tariff against Chinese products with the help of select trade indices. The analysis portrays a modest opportunity for Indian pharmaceutical exports in the US market, based on their past performance. Only six products at HS 6-digit level, based on the six indicators, are found to be enjoying competitiveness in the US market. The paper concludes that facilitating R&D in pharma segment as well as expanding the coverage of mutual recognition of standards in US may be explored as possible steps for enhancing Indian exports.Keywords. India, US, Pharmaceutical trade, Trade indices, Trade policy, Make in India.JEL. F10, F13
Economic theory of everything and its price dynamics
Get PDFAbstract. This is a short note that brings back Joseph Schumpeter work to the fore front in help define Economic theory of everything by suggesting his reference to endogenous growth modeling and its overtime evolution to this day may help explain and predict economic phenomenon through adding technical progress to production models as variable with monetizing time as additional input cost.Keywords. New economics, Endogenous growth models. JEL. F43, F63, I25
New rules of the game in the economy on the basis of the moral concept of institutionalism
Get PDFAbstract. The article deals with the question of what person’s properties lie at the basis of liberal economic policy of free money and commodity exchange dominating at present and which of them will form a basis for the future centralized electronic distribution realized by means of activities of the specific economic regulator. The authors offer methods of implementation of economic policy specific to the countries whose citizens are oriented to group behaviour and have economic habits, customs and principles different from the western ones. Methods of transformation of inflation market economy into deflationary distribution one are considered, moral characteristics of each of the studied models of human economic activity are estimated. New institutions and economic instruments of ensuring internal economic energy of development and its intersubject and intercountry overflows replacing those of money ones are offered.Keywords. Institutions, Transformation, Economic policy, Inflation, Deflationary, Electronic distribution, Human economic.JEL. B25, B41, C15
Cointegration and causality analysis of globalization and exports for Turkey
Get PDFAbstract. As the degree of globalization of a country increases, the volume of external trade (i.e., exports and imports) of that country rises as well. In order to check the validity of this association, in this study I investigate cointegrating and causality relationship between globalization and exports in Turkey by using a time series sample containing period of 1970- 2014. In the analysis stage I firstly check if the series are stationarity or not and after that I perform ARDL boundary test to find out whether series of globalization and exports have a long run association. Following the cointegration test, I estimate both short and long run coefficients of the variables by utilizing an error corrected form of ARDL Model. Finally, I conduct a causality test to see the existence and direction of causality among variables. Empirical estimation results hint that series of globalization and exports are cointegrated and therefore they move together in long run. Also a long run but not a short run relationship between the series is identified. As to causality results, it is found that there is a unidirectional causality running from exports to globalization.Keywords. Globalization, Exports, Co-integration, Stationarity, ARDL Model.JEL. C32, O47, F62