Journal of Economics Bibliography
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Capital structure in U.S., a quantile regression approach with macroeconomic impacts
Get PDFAbstract. The major perspective of this paper is to provide more evidence into the empirical determinants of capital structure adjustment in different macroeconomics states by focusing and discussing the relative importance of firm-specific and macroeconomic characteristics from an alternative scope in U.S. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression method to investigate the behavior of firm-specific characteristics and macroeconomic variables across all quantiles of distribution of leverage (total debt, long-terms debt and short-terms debt). Thus, based on a partial adjustment model, we find that long-term and short-term debt ratios varying regarding their partial adjustment speeds; the short-term debt raises up while the long-term debt ratio slows down for same periods.Keywords. Capital structure, Quantile regression, Macroeconomy, Firm characteristics, Econometry, Total debt, U.S., Panel data, Hausman test, Fixed effects model, Unbalanced sample. JEL. B22, B40, E60
When is trade good for the poor? Evidence from recent literature
Get PDFAbstract. The paper reviews recent literature that tries to find the relationship of trade with economic growth, poverty and inequality. The analysis suggests that trade may be good for the poor but if it leads to inequality especially in industrial wages, it may be detrimental to sustainable economic development. A valid strategy to make trade good for growth and the poor is to invest in education at all levels. A gender sensitive education policy may go a long way in sowing the seeds of better economic management.Keywords. Trade, Poverty, Inequality. JEL. F63, I25
The impact of financial distress risk on equity returns: A case study of non-financial firms of Pakistan Stock Exchange
Get PDFAbstract. This study aims to investigate the relationship of financial distress risk and the equity returns of financially distressed firms listed on Pakistan Stock Exchange (PSX). Several studies have suggested that firm distress risk factor could be behind the book-to-market and size effects. Fama and French three factor Model (1993) is used for examining the relationship among equity returns, financial distress risk, size and book-to-market equity ratio. Non-financial firms listed on PSX are taken from the time-period of 2010-2016. Ohlson’s O-Score (1980) “bankruptcy prediction model” is used for the prediction of financial distress risk and forecasted the distress risk firms listed on PSX. The panel (unbalanced) data is used to get the empirical findings and showed that the financial distress risk and book-to-market equity effect are statistically insignificant to explain the stock returns of distress firms due to the inefficiency of market. However, size effect is significant in explaining the stock returns of distress firms. The study also reveals that it is important to predict financial distress risk with a better predictor in order to avoid the uncertainties in PSX.Keywords. Financial distress risk, Equity returns, Book-to-market effect, Size, Pakistan Stock Exchange.JEL. G30, G32
New Zealand’s early monetary history and the colonial bank of issue, 1840-1856
Get PDFAbstract. This paper explores New Zealand’s early monetary history, examining its colonization and the events leading up to the establishment of the Colonial Bank of Issue, an early currency board. It describes the operations of the bank during its six-year stint as the colony’s sole note issuer. An accompanying spreadsheet workbook contains the statistics of the Colonial Bank of Issue.Keywords. New Zealand, Colonial Bank of Issue, Currency board, George Grey.JEL. E59, N17
New Economics Journals
No full textThis list is consisted of the journals that entered to EconBib Index created by KSP. The list is updated with the each volume of JEB and incorporated the new added journals to EconBib. Please visit the official EconBib website www.econbib.org to see the contents of each journal. The journals, which may want to enter to the list and be indexed by EconBib, may find the conditions in EconBib website. “The register form” in the website should be submitted to the stated e-mail address. All journals within EconBib are updated automotically when new volumes of JEB are published. Detailed information about EconBib can be found in its website www.econbib.org
What are the most important factors that influence the changes in London Real Estate Prices? How to quantify them?
Get PDFAbstract. In recent years, real estate industry has captured government and public attention around the world. The factors influencing the prices of real estate are diversified and complex. However, due to the limitations and one-sidedness of their respective views, they did not provide enough theoretical basis for the fluctuation of house price and its influential factors. The purpose of this paper is to build a housing price model to make the scientific and objective analysis of London's real estate market trends from the year 1996 to 2016 and proposes some countermeasures to reasonably control house prices. Specifically, the paper analyzes eight factors which affect the house prices from two aspects: housing supply and demand and find out the factor which is of vital importance to the increase of housing price per square meter. The problem of a high level of multicollinearity between them is solved by using principal components analysis.Keywords. Real estate market, Real estate price.JEL. L85, R30, R33
Do financial inclusion drive boom-bust cycles in Africa?
Get PDFAbstract. The paper probes the roles of Financial Inclusion and human capital financing as catalysts for economic growth in Africa during the boom and burst periods. It adopts a battery of estimators like the Pooled OLS, Fixed Effect, Generalized Method of Moment and the Pairwise Granger Causality Tests for a panel of 57 African countries over the period stemming 2004-2015. The results show that financial inclusion has led to increased economic growth and stability in African while the impact of human capital still needs more commitments. The emanating policy antidotes are that there is urgent need for the CBs in Africa to intensify more efforts in banking the unbanked population and also, government should raise the percentage of budget allocation on education in other to improve on the level of human capital and achieve the very much needed sustained development in Africa.Keywords. Financial education, Financial inclusion, Financial literacy, Africa.JEL. D14, D18, G21, I28
2008 Global economic crisis: A commentary
Get PDFAbstract. The most common narrative about the causes of the 2008 crisis is centered on the housing market in the United States and the inability of many lenders to repay their loans. The so-called “deregulation” of the financial system that began in the 1980s in Great Britain and continued in the 1990s (Mankiw & Taylor, 2010) could be, however, considered as the starting point. By “deregulation” we mean a change in the institutional framework so that the rules and regulations concerning the operation of banks and other financial institutions are either abolished or become more flexible. In the era of the Thatcher government in the Great Britain, the banking system changed radically, as a series of restrictions on bank financing were abolished. Throughout the decade of 1990s, the restrictions became more flexible, allowing financial institutions to operate more freely, while the law Gramm-Leach-Blilay of 1999 (also known as “The Financial Services Modernization Act of 1999”) abolished the differences between commercial and estate banks, insurance and stock exchange companies.Keywords. 2008 Global Economic Crisis. JEL. A10
Energy and economic factors affecting carbon dioxide emissions in Sudan: An empirical econometric analysis (1969-2015)
Get PDFAbstract. The objective of this study is to investigate some energy and economic growth factors in explaining the behaviour of CO2 emissions in Sudan over the period 1969-2015 using annual time series data. The OLS estimated model shows that there is significant effect of total energy use per capita, oil consumption, GDP per capita GDPP, trade openness and foreign direct investment on CO2 emissions in Sudan. The estimated model indicates a positively signed and statistically significant coefficient of relationship between the squared GDP per capita and CO2 emissions in Sudan, thus contradicting the EKC hypothesis claim. The Johansen cointegration test results show existence of a long run equilibrium relationship between CO2 emissions, energy use and economic growth factors. Consistent with the OLS estimates, the ARDL model results show nonexistence of an EKC as well as showing that energy use per capita and oil consumption as the main deriving factors behind CO2 emissions in Sudan in both the short run and long run. The ARDL model also indicates that CO2 emissions adjust to a steady state equilibrium position by a factor of 66%. Granger causality test shows existence of bidirectional relationship running from GDPP value and the squared GDPP to CO2 emissions with no sign of feedback effects. Oil and FDI are found to be Granger causing CO2 emissions, indicating pollution haven. The study recommends that energy efficiency measures in terms of proper pricing of oil derivatives, expansion of production and use of liquefied petroleum gas (LPG) and restrictions in production and use of fuel woods and charcoal with sustainability pricing of these forest products should be adopted within the country intended nationally determined contribution. These measures are needed because it is unlikely for a low income country like Sudan to reduce energy use per capita which is already low and energy use per unit of output needed for foresting economic growth. Impacts of FDI need to be assessed and environmentally regulated.Keywords. Energy use, GDP Per Capita, trade openness, CO2 emissions, Cointegration, ARDL, Granger Causality, Sudan.JEL. C13 C32 Q43 Q56
Did early mathematics know about God: Harvard's Project 0
Get PDFAbstract. A long history of conflict as is in detail covered by Huntington (2007) between religious thought among different cultures have created disenfranchisement to the concept of divinity and it is seen to be in contrast to modernism and science. The paper rectifies this conflict by suggesting early reference to God was the very outcome of a scientific mind not restricted to any one culture.Keywords. Divinity, Cultural Exchange.JEL. L24, N70, N75