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1
Bernanke, Ben S. "The Macroeconomics of the Great Depression: A Comparative Approach." Journal of Money, Credit and Banking 27, no. 1 (February 1995): 1. http://dx.doi.org/10.2307/2077848.
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Stockhammer, Engelbert, and Karsten Kohler. "Learning from distant cousins? Post-Keynesian Economics, Comparative Political Economy, and the Growth Models approach." Review of Keynesian Economics 10, no. 2 (April 29, 2022): 184–203. http://dx.doi.org/10.4337/roke.2022.02.03.
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Since the global financial crisis there has been growing interest in Post-Keynesian macroeconomic theory by political economists. In particular, the recent Growth Models approach in Comparative Political Economy (CPE) draws heavily on Kaleckian macroeconomics of demand regimes. This paper, firstly, traces the disintegration of nineteenth-century political economy and highlights that many streams within heterodox economics are a continuation of the political economy project, as are the sub-fields of CPE and International Political Economy in the social sciences. Secondly, the paper gives an overview of the Growth Models approach and its relation to Post-Keynesian Economics (PKE). It clarifies different strategies of identifying growth models empirically, namely GDP growth decomposition versus analysing growth drivers, and it highlights changes in growth models since the global financial crisis. Finally, it identifies opportunities and challenges that emerge from a continued engagement of PKE with political economy and with CPE in particular.
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ANDERSEN, THOMAS BARNEBECK, and NIKOLAJ MALCHOW-MØLLER. "THE MACROECONOMICS OF A DELAYED RECOVERY FROM THE GLOBAL FINANCIAL CRISIS: A COMPARATIVE APPROACH." Singapore Economic Review 62, no. 05 (December 2017): 1179–94. http://dx.doi.org/10.1142/s0217590815501088.
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This paper compares Denmark's growth performance to that of the other 18 non-Eurozone OECD economies during 2008–2013. Denmark is the only country with a fixed exchange-rate regime; all the other 18 countries have flexible exchange rates, mostly as part of an inflation-targeting (IT) framework. At the same time, Denmark is the worst growth performer of all. Our analysis indicates that the lack of monetary policy independence is central to understanding the meager Danish performance. Monetary easing during 2008–2009 is an important predictor of economic growth during 2008–2013, and Denmark, having outsourced monetary policy to the ECB, did not pursue monetary easing as aggressively as most other countries. In fact, the Danish Central Bank was forced to raise its policy interest rate in 2008Q4 in order to defend the euro-peg. Overall, the Danish experience serves as a reminder that fixed exchange rates can be quite taxing on economic growth in the aftermath of a huge negative shock.
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Tanimoto, Masayuki. "A Comparative Historical Approach to the Structure of Livelihood1600-2000: Household/Market/Public Finance." Impact 2021, no. 3 (March 29, 2021): 64–66. http://dx.doi.org/10.21820/23987073.2021.3.64.
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When studying history, in order to understand our present situation and how human structures have changed over time, it is necessary to delve into granular details. Historical economic studies looking at the period spanning the early modern era to the current day tend to focus on macroeconomics. However, a majority of people were not supported by the welfare state but rather inhabited small communities where necessities were conducted on a local level, and there is a lack of research on the exact nature of these public goods. Professor Masayuki Tanimoto, University of Tokyo, Japan, is collaborating with a large, interdisciplinary team of economic historians to understand how everyday life has been sustained in the centuries since the 1600s, with a particular focus on the 20th century. Tanimoto is employing a comparative historical approach, which involves comparing the historical facts and data within a common recognition framework, in the same level for the same period in order to identify differences, similarities and universal logic. The team's current research project is comparing Japan and Germany (Prussia pre-unification). The idea is that Japan will be used as a benchmark and will be compared with China and Europe with a view to relativising the previously Eurocentric cognitive framework by comparisons with the differing development process of Asia.
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Vives, Xavier. "Complementarities and Games: New Developments." Journal of Economic Literature 43, no. 2 (May 1, 2005): 437–79. http://dx.doi.org/10.1257/0022051054661558.
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The theory of monotone comparative statics and supermodular games is presented as the appropriate tool to model complementarities. The approach, which has not yet been fully incorporated into the standard toolbox of researchers, makes the analysis intuitive and simple, helps in deriving new results and in casting new light on old ones. The paper takes stock of recent contributions and develops applications to industrial organization (oligopoly, R&D, and dynamics), finance (currency and banking crisis) and macroeconomics (adjustment and menu costs). Particular attention is devoted to Markov games and to games of incomplete information (including global games).
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Wieland, Volker, Tobias Cwik, Gernot J. Müller, Sebastian Schmidt, and Maik Wolters. "A new comparative approach to macroeconomic modeling and policy analysis." Journal of Economic Behavior & Organization 83, no. 3 (August 2012): 523–41. http://dx.doi.org/10.1016/j.jebo.2012.01.006.
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Shkarupa, Olena. "Review on a monograph: “Marketing and Management of Green Investment: Theoretical Foundations, Current Challenges, and Development Prospects”." SocioEconomic Challenges 4, no. 2 (2020): 108–9. http://dx.doi.org/10.21272/sec.4(2).108-109.2020.
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Author: Tetyana Pimonenko, ORCID: https://orcid.org/0000-0001-6442-3684 Dr. Sc., Department of Marketing, Sumy State University, Ukraine Reviewer: Olena Shkarupa, ORCID: https://orcid.org/0000-0002-8990-0886 Dr. Sc., Department of Economics, Entrepreneurship and Business Administration, Sumy State University, Ukraine DOI: https://doi.org/10.21272/sec.4(2).108-109.2020 Download: Views: Downloads: 42 7 Abstract The author generalized the theoretical and methodological foundations of macroeconomic stability. The considered monograph analyzes the main scientific and methodological approaches to the interpretation of the concepts of stability, financial stability, and macroeconomic stability. The author interprets the concept of macroeconomic stability in terms of two aspects: first, the balance between the level and growth of key macroeconomic indicators; secondly, it is a process of prevention, elimination of threats to economic growth to meet the growing needs of economic entities in conditions of limited resources and increase the influence of systemically important banks on the financial system functioning. The monograph develops the classification of approaches to understanding the essence of macroeconomic stability, which allowed to distinguish dynamic, equilibrium, functional, efficient, resource, structural-equilibrium, elementary approaches, to describe their essence, advantages, disadvantages, and limitations in application. The methodological basis of the research was the following tools: TOPSIS method, comparative and cluster analysis, principal components method, Arellano-Bond method, Fishburne method; generalized method of moments (GMM), Spearman’s rank correlation method, regression, and statistical analysis. The monograph “Macroeconomic Stability of the National Economy” will be useful for students, teachers, graduate students, and researchers. The monograph proposes methodological principles for assessing macroeconomic stability, which is based on five main indicators of public economic policy (GDP growth rate, unemployment, inflation, external debt, the state budget deficit/surplus). This allows a comprehensive approach to the analysis of achieving the goals of the macroeconomic stability of the national economy. The author has developed a method of assessing the level of social progress in the growth of the national economy, which takes into account the impact of qualitative and quantitative indicators of society and justifies the mutual influence of macroeconomic stability and social progress. Keywords: macroeconomics, stability, national economy.
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Kireyev, Alexei. "Comparative Macroeconomic Dynamics in the Arab World: A Panel Var Approach." IMF Working Papers 00, no. 54 (2000): 1. http://dx.doi.org/10.5089/9781451847505.001.
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Abbas, Shujaat, and Abdul Waheed. "Trade competitiveness of Pakistan: evidence from the revealed comparative advantage approach." Competitiveness Review: An International Business Journal 27, no. 5 (October 16, 2017): 462–75. http://dx.doi.org/10.1108/cr-12-2015-0092.
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Purpose Pakistan’s natural endowment of labour and land is suitable for labour-intensive agriculture and manufacturing sector. This study aims to investigate international trade competitiveness of Pakistan in 14 major industries of agriculture and manufacturing sector, accounting more than 85 per cent of total export receipts. Design/methodology/approach The competitiveness of Pakistan in selected industries of agriculture and manufacturing sectors from 2003 to 2014 is investigated using the revealed comparative advantage (RCA) index, introduced by Balassa (1965) on HS data collected from the United Nations Commodity Trade database. The obtained indices in this study are then subjected to panel regression analysis to investigate the effect of domestic productivity growth and real exchange rate on international trade competitiveness of major industries. Findings The results show that the agriculture sector of Pakistan has higher comparative advantage in raw cotton, cereals, raw leather and fruits. The raw cotton shows the highest competitiveness of 54.46 which is followed by cereals (17.13), leather (9.83) and fruits (1.97). The RCA of the manufacturing sector shows that textile (54.85), carpets (10.72), sports goods (2.18) and beverages (1.47) have higher competitiveness. The RCA, in relatively capital-intensive industries, shows a high disadvantage. The trend analysis shows distorted competitiveness in labour-intensive, textile, carpet and footwear industries. The results of panel regression analysis show that the domestic productivity growth and real exchange rate depreciation have a significant positive impact on the international competitiveness of selected industries. The study urges Pakistan to make its macroeconomic environment investment-friendly and encourage investment in deteriorating labour-intensive industries. Practical implications Globalisation has significantly increased international competition, and Pakistan is losing its competitiveness in labour-intensive industries owing to lack of domestic value addition and development efforts. The major problem with the productivity of these industries is the lack of proper infrastructure, acute energy crisis, lack of domestic and foreign investment and overvaluation of real exchange rate. The domestic investors are shifting their capital either to other domestic sectors and/or other investment-friendly countries. Policymakers in Pakistan should address the problems of these important labour-intensive industries. The government needs to understand macroeconomic uncertainties and make investment-friendly policies to encourage domestic and foreign investment. The future studies should perform in-depth research to identify both microeconomic and macroeconomic variables responsible for deterioration in competitiveness of major labour-intensive industries in the agriculture and manufacturing sectors of Pakistan. Originality/value This study is a comprehensive examination into the nature and pattern of international competitiveness of Pakistan in 14 important industries of the agriculture and manufacturing sector which has seldom been investigated empirically. The obtained indices in this study are also subjected to panel regression analysis to explore the effect of domestic productivity growth and real exchange rate depreciation on the international competitiveness of Pakistan.
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Roszko-Wójtowicz, Elżbieta, and Maria M. Grzelak. "Macroeconomic stability and the level of competitiveness in EU member states: a comparative dynamic approach." Oeconomia Copernicana 11, no. 4 (December 30, 2020): 657–88. http://dx.doi.org/10.24136/oc.2020.027.
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Research background: The choice of the issue of international competitive-ness of economies as the research problem addressed in this paper has been mainly dictated by the changes observed in the nature of the development of EU economies and the need to assess the competitiveness of the Polish economy. It is time to evaluate and learn from the largest enlargement in the history of the EU which took place in May 2004. An assessment of changes in the state of EU economies, including the Polish economy, is in the centre of research interest of many scientists. National competitiveness is the subject of a great deal of research and economic studies. Integration and globalisation processes in the world economy are the main reasons for the popularity of this topic. The efficient use of sources and factors determining the competitiveness of economies, sectors and enterprises is associated with prosperity over the long term. One of the methods based on the observation of selected basic indicators of economic competitiveness is the method of analysis called the macroeconomic stabilisation pentagon. The method illustrates the extent to which the government achieves five macroeconomic objectives. It is very difficult, if not impossible, to meet all these objectives at the same time. The difficulty of meeting all these goals concurrently is due to the fact that they are more or less competitive rather than complementary. The proposed assessment of competitiveness based on the developed model of macroeconomic stabilisation pentagon is a unique approach in terms of discussion of country?s competitiveness. This approach significantly distinguishes the current study in comparison with standard international reports on competitiveness such as the Global Competitiveness Index or the EU Regional Competitiveness Index.
Purpose of the article: The main aim of the paper is to assess the competitiveness of EU economies in the years 2005?2018, based on a selected set of diagnostic variables referring to the concept of macroeconomic stabilisation pentagon. The paper also formulates a detailed list of four research hypotheses.
Methods: In order to characterise the competitiveness of the European Union economies, including the EU?15 and EU?13 groups, as well as the Visegrad group, six diagnostic variables affecting the economic situation of individual EU countries were analysed. The variables for analysis were chosen so as to reliably describe the competitive position of a given country, at the same time referring in a substantive sense to the concept of macroeconomic stabilisation pentagon. The linear ordering of objects was made using the reference Hellwig method. The selected method enabled the development of competitiveness rankings of EU Member States in the years 2005, 2009, and 2018.
Findings & Value added: The comparative analysis of the main macroeconomic indicators conducted in the paper forms the basis for assessing the cur-rent state of the EU economy in relation to other countries. In the paper, the authors depart from the standard elaboration of ?magic pentagon.? Instead, they apply the variables used in the macroeconomic stabilisation pentagon analysis to develop competitiveness rankings of EU Member States. The con-ducted empirical study has confirmed that the 15th anniversary of EU member-ship had a decidedly positive impact on the level of economic development of the EU?13 countries.
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Cimpoeru, Smaranda. "What Triggers Poverty of Young Nationals and Young Migrants? A Comparative Macroeconomic Approach." Journal of Social and Economic Statistics 9, no. 2 (December 1, 2020): 13–29. http://dx.doi.org/10.2478/jses-2020-0010.
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Abstract Identifying the macro-economic determinants of poverty is a key concern for developing poverty reduction policies. Since young people and young migrants in particular are more exposed to poverty, establishing the factors that trigger poverty among these social categories has even more relevance. A preliminary analysis shows that significant differences exist between at-risk-of poverty or social exclusion rate of young migrants and young nationals across European countries. For a more thorough study of the reasons behind these differences in poverty rates between young migrants and young nationals, two panel data regression models are estimated on a cross-section of 23 countries over the period 2010 – 2018 (one model for young migrants, the other for young nationals). Results confirm the main theories in the specialty literature: unemployment and inequality (measured by the Gini index) are the main triggers of poverty or social exclusion both for young nationals and young migrants. However, the income is significant for reducing poverty only for young nationals, but not for the young migrants. This result reinforces the necessity of better integration policies for young migrants in richer Member States.
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Lutf, Lutfullah, and Hafizullah Omarkhil. "Impact of Macroeconomic Factors on Banking Profitabilty." International Finance and Banking 5, no. 1 (June 22, 2018): 44. http://dx.doi.org/10.5296/ifb.v5i1.13080.
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This study comparatively focuses on the impact of macroeconomic determinants and the internal indicators on bank performance. It comparatively evaluates the differential effects of macroeconomic variables and bank specific variables. Thus, considering five-five banks from each system, a comparative performance investigation between conventional & Islamic banks is the aim of this paper. To determine the short-run and long-run impact of these factors, co-integration & general to specific approach are adopted. This study also considers bank specific and macroeconomic variables in two separate models (Return on Assets and Return on Equity). Our objective is to find whether or not Islamic banks are performing well in the country as compared to their conventional counterparts. The results indicate that in the long run, Gross Domestic Product, and inflation, is positively related to performance, while Interest rate has no effect on the performance of banking sector in Pakistan. Similarly, bank size, capital adequacy, expenses, interest income and non-interest income are the bank related factors that significantly influence the performance of financial sector.
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Kaloudis, Andreas, and Dimitrios Tsolis. "Capital Structure and Speed of Adjustment in U.S. Firms. Α Comparative Study in Microeconomic and Macroeconomic Conditions-A Quantile Regression Approach." International Business Research 12, no. 10 (September 26, 2019): 98. http://dx.doi.org/10.5539/ibr.v12n10p98.
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The major perspective of this paper is to provide more evidence regarding how “quickly”, in different macroeconomic states, firms adjust their capital structure to their leverage targets. This study extends the empirical research on the topic of capital structure by focusing on a quantile regression model to investigate the behavior of firm-specific and macroeconomic factors across all quantiles of distribution of leverage (book leverage and market leverage). Therefore, depending on a partial adjustment model, we find that the adjustment speed fluctuated in different stages of book versus market leverage. Furthermore, while macroeconomic states change, we detect clear differentiations of the contribution and the effects of the firm-specific and the macroeconomic variables between market leverage and book leverage debt ratios. Consequently, we deduce that across different macroeconomic states the nature and maturity of borrowing influence the persistence and endurance of the relation between determinants and borrowing.
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Remeikienė, Rita, Ligita Gasparėnienė, and Alius Sadeckas. "The determinants of the competitiveness of Lithuanian export: macroeconomic approach." Business: Theory and Practice 20 (March 26, 2019): 170–78. http://dx.doi.org/10.3846/btp.2019.16.
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The development of an appropriate export promotion strategy in any country calls for consideration of such country-level determinants as macroeconomic indicators and cultural elements. Small economies, like Lithuania, must have a clear understanding of which macroeconomic factors most significantly contribute to the competitiveness of their exports. This article is aimed at assessment of the competitiveness of Lithuanian export in the macroeconomic context.
The main purpose of the research is to assess the determinants of the competitiveness of Lithuanian export in the macroeconomic context. For accomplishment of the defined purpose, the following objectives were raised: 1) to review the general determinants of export competitiveness; 2) to develop the methodology for assessment of the country’s export competitiveness in the macroeconomic context; 3) to empirically assess the impact of macroeconomic determinants on the competitiveness of Lithuanian export over the period 2007–2015. The research methods include comparative and systematic literature analysis, correlation and regression analysis.
It has been found that GDP (gross domestic product) per capita and general state’s revenue from taxes and social contributions explain the trends of Lithuanian export by 99.1 percent. A very strong correlation has been estimated between Lithuanian export and terms of financing for exporting enterprises, a negative medium-strong correlation has been estimated between the country’s export and its general tax level, while a positive medium-strong correlation has been captured between the country’s export and its minimum wages.
Novelty. The results lead to the conclusion that the competitiveness of Lithuanian export is mainly affected by the state’s tax policy, terms of financing for exporting enterprises and social wage strategies. By improving the above-mentioned areas, the country could occupy stronger competitive positions in international markets.
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YANOVSKA, Vіktorіia, and Anna KYRYCHENKO. "TRANSPORT SERVICES MARKET BENCHMARKING: UKRAINE – EU COMPARATIVE ANALYSIS." Economy of Ukraine 2020, no. 12 (December 11, 2020): 3–20. http://dx.doi.org/10.15407/economyukr.2020.12.003.
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In the crisis and post-crisis periods, in conditions of uncertainty and risk of new socio-economic normal, the problem of finding opportunities for economic growth and directions of strategic development of transport enterprises, in particular road transport, is especially relevant. The aim of the study is to provide an empirical, analytical and conceptual basis for the development strategy of road transport companies taking into account the modal features of freight transport in the European Union, as well as informing the scientific community and the public about quantitative and qualitative parameters of the European transport market, patterns of change in macroeconomic indicators. Achieving this goal requires an analysis of the general parameters of the EU freight market compared to similar indicators of the transport system of Ukraine. The study proposed and used a methodological approach that involves the use of relative and specific indicators (market share, network density, average transport distance), includes grouping (if necessary, two-iteration) of countries depending on the value of indicators and focuses on their comparison in Ukraine and EU countries. According to the results of benchmarking, a number of prognostic conclusions and substantiated assumptions about the prospects of further development of the freight market of Ukraine, which, taking into account the global socio-economic context, outline general trends and detail the directions of internal and external transformations of road transport enterprises. The proposed approach can become more meaningful through a combination of macroeconomic scenarios. Substantiation of probable scenarios and determination of directions of necessary changes will allow motor transport enterprises to realize economic potential more effectively, to make optimal use of competitive advantages, to increase cost, to become more flexible and at the same time more resilient in the conditions of new crises and risks.
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Asongu, Simplice, and Ndemaze Asongu. "The comparative exploration of mobile money services in inclusive development." International Journal of Social Economics 45, no. 1 (January 8, 2018): 124–39. http://dx.doi.org/10.1108/ijse-08-2016-0221.
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Purpose The purpose of this paper is to respond to some challenges in the transition to sustainable development goals by examining the correlations between mobile and inclusive development (quality of growth, poverty and inequality) in 93 developing countries for the year 2011. Design/methodology/approach Mobile money service entails: “mobile used to pay bills” and “mobile used to receive/send money.” Interactive ordinary least squares are employed. Findings The following findings are established. First, increasing use of the mobile phones to pay bills is positively linked to “quality of growth” in lower-middle-income countries and negatively correlated with inequality in Latin American countries. Second, growing use of mobile phones to send/receive money is negatively associated with poverty in Asia and Pacific and Central and Eastern Europe. Originality/value Macroeconomic data on mobile money service are scarce. No study to the best of our knowledge has used this macroeconomic mobile money service data before.
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Biela, Adam. "The Natural Experiment Approach in Analysis of War Crowds vs. Agoral Gathering Impact on Macroeconomic Changes." Journal for Perspectives of Economic Political and Social Integration 27, no. 1 (March 21, 2022): 7–27. http://dx.doi.org/10.18290/pepsi-2021-0001.
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In this study natural experiment approach will be employed in an analysis of two social forces: war crowds vs. agoral gatherings and their impact on macroeconomic changes. The paper presents empirical and historical evidence that the European countries which reached their state independence as a result of agoral gatherings (Poland, Hungary, Czech Republic, Slovakia, Bulgaria, East Germany, Romania, Lithuania, Latvia, Estonia, and Albania) obtained much higher indicators both in GDP and in GDP per capita in the decade 2009–2018 than the countries involved in the Yugoslavian war crowds (Croatia, Bosnia & Hercegovina, Serbia, North Macedonia, Kosovo, and Slovenia). For the purposes of our analysis, EUROSTAT data was used as containing macroeconomic indicators of the entire populations of the European countries, which are of interest to us in a distant perspective, at least eight years from the events that are the subject of our comparative analyses, as the primary independent variable. The results of a comparative analysis of these two indicators are presented and an attempt to interpret them is made from the point of view of behavioral economics. This interpretation takes into account the theories of crowd psychology and the theory of agoral gathering processes, as well as the psychosocial and economic importance of coupon privatization in the economic activation of citizens in the countries undergoing systemic transformation after the collapse of their totalitarian systems.
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Gružauskas, Valentas, Andrius Kriščiūnas, Dalia Čalnerytė, and Valentinas Navickas. "Analytical Method for Correction Coefficient Determination for Applying Comparative Method for Real Estate Valuation." Real Estate Management and Valuation 28, no. 2 (June 1, 2020): 52–62. http://dx.doi.org/10.1515/remav-2020-0015.
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AbstractReal estate valuation uses 3 main approaches: income, cost and comparative. When applying the comparative method, correction coefficients based on similar real estate transactions are determined. In practice, the coefficients and similar real estate objects are usually determined by using qualitative approach based on the valuators’ experience. The paper provides an analytical method for the determination of correction coefficient, which limits subjectivity when using the comparative method for valuation. The provided analytical approach also integrates macroeconomic indicators in the calculation process. It also addresses issues when available historical real estate transaction data is limited. A machine learning approach was applied to determine the average price of real estate in the region, with the possibility of using this information to obtain correction coefficients where historical data was unavailable. Alternative research usually focuses on final price estimation of the selected real estate object; however, the valuation standard of Tegova released in 2018 does not allow for applying analytically based approaches for individual real estate object evaluation; these approaches can be used only as a supportive tool for valuators.
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Bórawski, Piotr, Aneta Bełdycka-Bórawska, Andrzej Parzonko, Tomasz Rokicki, and Lisa Holden. "Changes in the comparative advantage of Polish dairy products." Agricultural Economics (Zemědělská ekonomika) 68, No. 12 (December 21, 2022): 464–75. http://dx.doi.org/10.17221/322/2022-agricecon.
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Competitiveness is one of the key concepts in economic sciences, andit is defined as the ability of businesses to compete in the market. The aim of this study was to assess the competitiveness of dairy products in Poland. The competitiveness was evaluated in a macroeconomic approach by analysing the exports, imports, and the trade balance. The results were processed and presented with the use of tabular, graphic, and descriptive methods. After Poland joined the European Union (EU) in 2004, one of the key goals was to improve the quality, storage, and applicability of dairy products, and to promote trade in milk and dairy products. The Polish dairy industry reported a positive balance in the foreign trade of milk and dairy products, which contributed to positive values in the competitiveness indicators of dairy products. The values of the export specialisation index (SI), export revealed comparative advantage (XRCA), relative import penetration index (MRCA), foreign trade coverage ratio (CRK), and the Grubel-Lloyd intra-industry trade index (IITk) were positive, which attests to the competitiveness of Polish dairy products. We proved that the COVID-19 pandemic had an impact on the competitiveness of dairy enterprises in Poland.
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Rustamov, E. "Economic Development Stages of Azerbaijan Republic." World Economy and International Relations, no. 3 (2010): 82–95. http://dx.doi.org/10.20542/0131-2227-2010-3-82-95.
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In the present article, the experience of market economy construction and macroeconomic management problem solving at different stages of Azerbaijan's development is considered. To assess effectiveness of the economic policy pursued, a comparative approach is used. Key economy characteristics are compared with typical or average criteria applied to groups of countries with economies resembling Azerbaijan in a certain way.
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Suharev, Oleg. "Institutionalism: on the rise or declining?" Obshchestvo i ekonomika, no. 11 (2021): 18. http://dx.doi.org/10.31857/s023620070017484-9.
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The article examines the state of the modern institutional direction of analysis in economic science. The aim is to identify the main methodological problems of this trend of thought from the point of view of the formation of such a scientific direction as "institutional macroeconomics". The method of comparative review analysis of the most advanced sources that laid the basis for the methodology and implements it in institutional research shows the fundamental reasons for the limited possibilities of institutionalism in the formation of the transmission mechanism of economic policy. In this regard, the large volume of scientific research of the institutional school, reflecting, among other things, the scientific fashion and the need to take into account institutions as factors of development, nevertheless, does not speak in favor of the flourishing and significant success of this line of analysis; at the very least, there are inherent difficulties in the development of this trend in economics. The main directions of research of the institutional school associated with overcoming methodological limitations, in particular, the expansion of ideas about institutional efficiency, which cannot be reduced solely to saving on transaction costs, have been identified. Methodological disputes, enthusiasm for holism and rhetoric in relation to the necessary consistency, on the contrary, lead institutionalism away from solving even those methodological problems that lend themselves to solution. The article shows the key positions on the development of institutional macroeconomics, including through the concept of institutional inflation, reduced to the contribution of institutions to price dynamics. The high level of institutional diversity and institutional complexity make it very difficult to truly assess this contribution. At the same time, denying the influence of institutions on prices, especially in connection with the inherent inaccuracies of the model approach, also becomes an unreasonable technique, as well as criticizing model options that demonstrate the directions of scientific research on this issue. A condition is obtained that connects the change in the costs of functioning of institutions with the function that determines the dynamics of prices for the greatest effect of the functioning of the institutional system, determined by the difference between the total benefits and costs.
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Nekhaychuk, Dmytriy, and Alina Zhuchik. "The Comparative Analysis of the Territory Financial Potential Assessment Methods." Vestnik Volgogradskogo gosudarstvennogo universiteta. Serija 3. Ekonomika. Ekologija, no. 2 (July 2019): 133–42. http://dx.doi.org/10.15688/jvolsu3.2019.2.12.
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The article provides the analysis of scientific works on the issues of the territory financial potential assessment methods. According to this analysis there are several fundamentally different approaches to determining the territory financial potential. It is proved that the financial potential of the region is becoming increasingly important today, because in the near future it will determine the state of the economy of the region, the state, as well as occupy one of the main places among state priorities, will affect the financial regional and state policy. The importance of assessing the territory financial potential is also due to the fact that knowing its real state, it becomes possible to effectively and efficiently use all kinds of resources necessary for the region development. The main methodological approaches of assessing the financial potential of the territory are considered: the statistical approach, the comparative approach, evaluation with the use of macroeconomic indicators, the analysis with the use of special indicators, the regression analysis. The main essence of each approach is revealed. The author concludes that despite their diversity, every approach is characterized by certain shortcomings. The bulk of scientists’ efforts is focused on calculating the so-called used financial potential, that is, the potential that can actually be implemented in the territory in the near future. At the same time, a significant share of financial potential is an unrealized potential, which requires specific and additional methods of evaluation. Another important drawback is that scientists ignore the existence of the shadow sector, which actually distorts the reality. That is, the methodology for assessing the territory financial potential, despite diverse tools, is not perfect today and requires rethinking in order to approach the economic realities and improve the quality of results.
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Vučinić, Milena. "Financial Stability – Comparative Analysis: Montenegro, Serbia and the Netherlands." Journal of Central Banking Theory and Practice 4, no. 1 (January 1, 2015): 63–93. http://dx.doi.org/10.1515/jcbtp-2015-0005.
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Abstract The global financial crisis has had far-reaching effects on financial systems and economies all over the world, thus putting the importance of safeguarding financial stability in the focus of interest of the global economy. This paper presents the importance of safeguarding financial stability and building a strong financial system with developed early identification and successful management of risks, i.e. a system resilient to shocks and capable of overcoming them. The paper focus is on the issue of financial stability of Montenegro, given through comparative analysis of the financial stability safeguarding frameworks in the Netherlands and the Republic of Serbia. The paper aims to present the regulatory institutional framework for safeguarding financial stability, and the measures that the countries take in order to achieve stability of their macroeconomic environment and financial system. The comparison of the characteristics and the approach to safeguarding the banking sector is particularly emphasised due to its major influence on the financial system stability.
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Chepurnyi, Oleh, and Anatolii Deriuha. "An integrated approach to assessing the level of financial security of the region." ЕКОНОМІКА І РЕГІОН Науковий вісник, no. 4(75) (December 27, 2019): 27–34. http://dx.doi.org/10.26906/eir.2019.4(75).1812.
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The article is devoted to defining the concept of "financial security of the region"; the main indicators characterizing the financial security of Poltava region in the conditions of instability and economic crisis in the country; determination of financial security of Poltava region with integrated approach. The issue of ensuring the financial security of the region is quite urgent, due to the fact that current Ukrainian realities are characterized by macroeconomic, financial and political instability. The purpose of the work is to deep the theoretical foundations, consolidate the methodological approach and practical recommendations for improving the level of financial security of Poltava region. Objective: to research the essence of financial security of the region and to give its meaningful description; to characterize the integrated approach for determination of the level of financial security of the region; to analyze the financial security of Poltava region with an integrated approach. In the course of the research the following methods were used: theoretical generalization, comparative analysis, economic-statistical and graphical.
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Basu, Moumita, and Ranjanendra Narayan Nag. "Policy shocks, current account and the macroeconomy in a developing country." Journal of Economic Studies 46, no. 3 (August 2, 2019): 710–26. http://dx.doi.org/10.1108/jes-08-2017-0220.
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Purpose This is a theoretical paper in the field of international macroeconomics. The purpose of this paper is to focus on a dynamic interaction between current account imbalance and unemployment in response to some policy-induced shocks for a small open economy under a flexible exchange rate. Design/methodology/approach The paper uses a two-sector framework: one sector is traded and another is the non-traded sector that is subject to an effective demand constraint. The current account imbalance arises due to the discrepancy between production of traded goods, household consumption of traded goods and government purchases of importables. The authors keep the asset structure simple by considering only domestic currency and foreign bonds that are imperfect substitutes. The paper considers a standard methodology of dynamic adjustment process involving change in foreign exchange reserves and exchange rate under perfect foresight. The saddle path properties of the equilibrium are also examined. Findings The results of comparative static exercises depend on a set of structural features of a developing country, which include asset substitutability, wage price rigidity and sectoral asymmetries. The paper shows that expansionary monetary policy, balanced budget fiscal expansion and financial liberalization have an ambiguous effect on the current account balance, foreign exchange reserves, non-traded sector and the level of employment. Originality/value The existence of Keynesian unemployment with fixed prices is the key ingredient of this paper. The paper introduces the problem of effective demand to analyze the dynamics of current account balance and exchange rate, which, in turn, determine the sectoral composition of output and level of employment.
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Pradhan, Krishanu. "Assessment of India’s Fiscal and External Sector Vulnerability: A Balance Sheet Approach." Margin: The Journal of Applied Economic Research 12, no. 3 (July 11, 2018): 308–32. http://dx.doi.org/10.1177/0973801018768988.
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The article is an attempt to assess India’s fiscal and external sector vulnerability in the context of the deterioration in major macroeconomic indicators in recent years. The balance sheet approach (BSA) developed mainly by the International Monetary Fund (IMF) is applied to analyse episodes of major fiscal, financial and external payment crises in developing countries between the late 1990s to early 2000. The present work assesses the vulnerability in India’s fiscal and external sectors by descriptive and comparative analyses of relevant indicators and developing a composite vulnerability index (CVI) consisting of the indicators under study. Fiscal or external sector vulnerability can also be assessed by how easily or smoothly a government or a nation can finance its budgetary deficit or rollover of debt or the external sector funding needs. The method of financing and management of debt-related liabilities become important in this context. This may get reflected in currency composition, maturity pattern and ownership pattern of liabilities. The CVI score and favourable currency composition, maturity pattern and ownership pattern of liabilities largely helped India reduce both fiscal and external sector liabilities significantly in recent years. JEL Classification: E60, F34, H63
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Erfanian, Sahar, Yewang Zhou, Amar Razzaq, Azhar Abbas, Asif Ali Safeer, and Teng Li. "Predicting Bitcoin (BTC) Price in the Context of Economic Theories: A Machine Learning Approach." Entropy 24, no. 10 (October 18, 2022): 1487. http://dx.doi.org/10.3390/e24101487.
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Bitcoin (BTC)—the first cryptocurrency—is a decentralized network used to make private, anonymous, peer-to-peer transactions worldwide, yet there are numerous issues in its pricing due to its arbitrary nature, thus limiting its use due to skepticism among businesses and households. However, there is a vast scope of machine learning approaches to predict future prices precisely. One of the major problems with previous research on BTC price predictions is that they are primarily empirical research lacking sufficient analytical support to back up the claims. Therefore, this study aims to solve the BTC price prediction problem in the context of both macroeconomic and microeconomic theories by applying new machine learning methods. Previous work, however, shows mixed evidence of the superiority of machine learning over statistical analysis and vice versa, so more research is needed. This paper applies comparative approaches, including ordinary least squares (OLS), Ensemble learning, support vector regression (SVR), and multilayer perceptron (MLP), to investigate whether the macroeconomic, microeconomic, technical, and blockchain indicators based on economic theories predict the BTC price or not. The findings point out that some technical indicators are significant short-run BTC price predictors, thus confirming the validity of technical analysis. Moreover, macroeconomic and blockchain indicators are found to be significant long-term predictors, implying that supply, demand, and cost-based pricing theories are the underlying theories of BTC price prediction. Likewise, SVR is found to be superior to other machine learning and traditional models. This research’s innovation is looking at BTC price prediction through theoretical aspects. The overall findings show that SVR is superior to other machine learning models and traditional models. This paper has several contributions. It can contribute to international finance to be used as a reference for setting asset pricing and improved investment decision-making. It also contributes to the economics of BTC price prediction by introducing its theoretical background. Moreover, as the authors still doubt whether machine learning can beat the traditional methods in BTC price prediction, this research contributes to machine learning configuration and helping developers use it as a benchmark.
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Schade, Wolfgang, and Werner Rothengatter. "Improving Assessment of Transport Policies by Dynamic Cost-Benefit Analysis." Transportation Research Record: Journal of the Transportation Research Board 1839, no. 1 (January 2003): 107–14. http://dx.doi.org/10.3141/1839-11.
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In the history of cost-benefit analysis (CBA), macroeconomic and micro-economic foundations have been developed. The latter has dominated in transport CBA during the last decades. The most widely used CBA approach can be characterized as comparative static and based on separate partial modeling. However, when it comes to significant indirect effects in the economic, social, and environmental systems connected with the transport system, alternative approaches to the microeconomic approach become inevitable. A system dynamics platform was developed that allows for a dynamic CBA integrating the most important indirect effect of transport policies. The approach was tested with large infrastructure programs and transport policy packages. Results of the dynamic approach reveal that the choice of the most favorable policy can change over time and depend on the time horizon defined for the analysis. In particular the dynamic approach allows for a clear allocation of costs and benefits to periods of time, which might be valuable information for policy acceptance and implementation. This research is integrated within a stream of European Commission projects on integrated and dynamic assessment, starting with the Assessment of Transport Strategies project (ASTRA) and extended by the projects Transport Infrastructure and Policy: A Macroeconomic Analysis for the European Union (TIPMAC) and Integrated Appraisal of Spatial Economic and Network Effects of Transport Investments and Policies (IASON). IASON focuses on analysis of indirect, second-round, or induced benefits and costs that occur through feedback effects between the transport sector and other economic sectors.
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Kostoska, Olivera, Viktor Stojkoski, and Ljupco Kocarev. "On the Structure of the World Economy: An Absorbing Markov Chain Approach." Entropy 22, no. 4 (April 23, 2020): 482. http://dx.doi.org/10.3390/e22040482.
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The expansion of global production networks has raised many important questions about the interdependence among countries and how future changes in the world economy are likely to affect the countries’ positioning in global value chains. We are approaching the structure and lengths of value chains from a completely different perspective than has been available so far. By assigning a random endogenous variable to a network linkage representing the number of intermediate sales/purchases before absorption (final use or value added), the discrete-time absorbing Markov chains proposed here shed new light on the world input/output networks. The variance of this variable can help assess the risk when shaping the chain length and optimize the level of production. Contrary to what might be expected simply on the basis of comparative advantage, the results reveal that both the input and output chains exhibit the same quasi-stationary product distribution. Put differently, the expected proportion of time spent in a state before absorption is invariant to changes of the network type. Finally, the several global metrics proposed here, including the probability distribution of global value added/final output, provide guidance for policy makers when estimating the resilience of world trading system and forecasting the macroeconomic developments.
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Moszyński, Michał. "Ordoliberalism and the macroeconomic policy in the face of the euro crisis." Equilibrium 10, no. 4 (December 31, 2015): 41. http://dx.doi.org/10.12775/equil.2015.034.
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The global economic crisis and the crisis in the euro zone exposed the deep differences of opinion between German economists and scientists from Anglo-Saxon countries. The German approach conceptually differs in the views on the strategies and tools of anti-crisis policy, especially fiscal stimulus in the Keynesian-style, quantitative easing monetary policy of the ECB, the question of financial assistance to Greece and restructuring its debt. The other areas of difference are the approach to the rules in macroeconomic policy, fiscal consolidation, and interpretation of current account surplus. Given the size and performance of the German economy it is important to understand the reasons for these opposites, which constitute the research goal of this article. Considerations are based on the thesis that ordoliberal thought still has a strong impact on the practice of macroeconomic policy in Germany and also at the European level. The analysis is built on the short overview of ideological foundations of the German social market economy and its most important postulates, which then will be applied for interpretation of intellectual distinctions between economists from Germany and other countries in the theoretical and practical dimensions of the economic policy observed in Europe. The methodology includes the critical literature studies and the comparative analysis of macroeconomic policy through the prism of economic thought.
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Nicoleta, ONOFREI, and PAŞA, Adina Teodora. "PRIVATE CONSUMPTION IN THE EUROPEAN UNION: A COMPARATIVE STUDY." ECONOMY AND SOCIOLOGY 2019 NO. 1, no. 2021.1 (July 1, 2021): 52–62. http://dx.doi.org/10.36004/nier.es.2021.1-05.
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The aim of this paper is to study consumption of households from an economic and cultural perspective in the European Union with 28 Member States during the period 2010-2019. For this purpose, we compared the Eastern European countries, dominated by rapid economic growth and development with the Western European countries, which represent the most developed countries in the EU-28. From this perspective, we proposed a multidimensional analysis of consumption that includes macroeconomic indicators of households’ wealth, which strongly influence their consumption together with an overview on expenditure by consumption purpose. Moreover, we have also considered Hofstede’s cultural dimension theory based initially on four cultural dimensions (power distance, individualism versus collectivism, masculinity versus femininity, and uncertainty avoidance) to observe the impact national culture plays on households’ consumption in Eastern and Western European countries tracking the historical changes of these countries. Our methodological approach consisted in descriptive and inferential statistics based on the selected economic and cultural indicators. Pearson’s product-moment correlations were calculated to assess the correlations between the variables. Our analysis shows that the level of wealth is lower in Eastern European countries compared to Western Europe, which influences significantly the private consumption in these countries. Moreover, the systematic differences of national culture between Eastern and Western Europe influence strongly the private consumption of their population. Results of this paper indicate that in Eastern European countries the highest share of expenditure is allocated to primary needs such as food, non-alcoholic beverages, alcoholic beverages and cigarettes to the detriment of health, education, recreation and culture.
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Naegler, Tobias, Lisa Becker, Jens Buchgeister, Wolfgang Hauser, Heidi Hottenroth, Tobias Junne, Ulrike Lehr, et al. "Integrated Multidimensional Sustainability Assessment of Energy System Transformation Pathways." Sustainability 13, no. 9 (May 7, 2021): 5217. http://dx.doi.org/10.3390/su13095217.
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Sustainable development embraces a broad spectrum of social, economic and ecological aspects. Thus, a sustainable transformation process of energy systems is inevitably multidimensional and needs to go beyond climate impact and cost considerations. An approach for an integrated and interdisciplinary sustainability assessment of energy system transformation pathways is presented here. It first integrates energy system modeling with a multidimensional impact assessment that focuses on life cycle-based environmental and macroeconomic impacts. Then, stakeholders’ preferences with respect to defined sustainability indicators are inquired, which are finally integrated into a comparative scenario evaluation through a multi-criteria decision analysis (MCDA), all in one consistent assessment framework. As an illustrative example, this holistic approach is applied to the sustainability assessment of ten different transformation strategies for Germany. Applying multi-criteria decision analysis reveals that both ambitious (80%) and highly ambitious (95%) carbon reduction scenarios can achieve top sustainability ranks, depending on the underlying energy transformation pathways and respective scores in other sustainability dimensions. Furthermore, this research highlights an increasingly dominant contribution of energy systems’ upstream chains on total environmental impacts, reveals rather small differences in macroeconomic effects between different scenarios and identifies the transition among societal segments and climate impact minimization as the most important stakeholder preferences.
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Pant, Ramesh, Binod Ghimire, and Rewan Kumar Dahal. "Determinants of Mutual Fund Performance in Nepal." Nepal Journal of Multidisciplinary Research 5, no. 5 (December 31, 2022): 1–16. http://dx.doi.org/10.3126/njmr.v5i5.51798.
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This study examines how internal and macroeconomic factors influence mutual fund performance. This study includes an analysis of the impact of internal characteristics such as fund size, fund age, cash ratio, and expense ratio. The macroeconomic factors are the commercial bank rate, the inflation rate, and the stock index. Six mutual funds from the list of closed-end mutual funds were selected as a sample for descriptive and causal-comparative analysis to draw conclusions. Fund size, fund age, cash ratio, expense ratio, commercial bank rate, inflation rate, and Nepal Stock Exchange (NEPSE) index are predictor variables and risk-adjusted performance evaluation approach Sharpe's ratio as a dependent variable in this study. Findings show that mutual funds' performance in Nepal had not satisfactory except NIBL Pragati Fund (NIBLPF). Likewise, evidence suggests that fund age has a significant favorable impact on performance. In contrast, cash ratios, expense ratios, bank rates, inflation, and stock indexes have a significant negative impact on mutual fund performance in Nepal. In contrast, the factors determining fund size are contradictory, but the market index has no effect on Nepalese mutual fund performance. Hence, a fund's internal and macroeconomic forces are major determinants of its performance in Nepal.
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Gruszczyński, Marcin, and Paweł Majczak. "Leading indicators of sovereign debt and currency crises: Comparative analysis of 2001 and 2018 shocks in Argentina." Journal of Economics and Management 42 (2020): 20–47. http://dx.doi.org/10.22367/jem.2020.42.02.
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Aim/purpose – This paper investigates the accuracy of leading indicators in the case of the 2001 sovereign default crisis and the 2018 currency turmoil in Argentina.Design/methodology/approach – In this paper, we conducted early warning signals analysis based on a-priori selected variables. For each of the macroeconomic variables, we computed yearly changes and selected the threshold to minimise the noise-to-signal ratio, i.e. the ratio of percentage of false signals in ‘normal’ times to percentage of good signals in a two-year period preceding each of the crises.Findings – The predictive power of indicators differs significantly in various crisis epi-sodes. For the 2001 crisis, the decline in value of bank deposits was the best leading indicator based on the noise-to-signal ratio. For the 2018 currency crisis, the lowest noise-to-signal ratio was observed for the lending-deposit rate ratio.Research implications/limitations – The survey is limited mostly by the data availabil-ity and their quality.Originality/value/contribution – This paper gives a complex review of the major early warning indicators in the context of the most recent history of Argentina’s economy. It applies a set of classical leading indicators to two modern cases of financial crises. The paper proposes an original ‘knocking the window’ approach to the presentation of tradi-tional warning concepts in the context of current economic events.
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Tóth, Gergely. "Circular Economy and its Comparison with 14 Other Business Sustainability Movements." Resources 8, no. 4 (September 25, 2019): 159. http://dx.doi.org/10.3390/resources8040159.
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Circular economy is not the first, and probably not the last “movement” in the arena of sustainability macroeconomic and business solutions. In this article we produce a—not full—list of similar movements from the 1990s, publish a comparative table and propose a simple framework to decide the significant points of the life cycle of such a kind of movement. For significant points and statistics, we use simplified content analysis from normal and scientific research engines. Finally, we use this framework to make a forecast about time for the circular economy approach “to stay on the top” and conclude if these movements are “Much Ado about Nothing” or they help us on our way to a sustainable planetary, social and economic system.
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Moroz, Elena Nikolaevna. "Comparative analysis of the integration groupings of the EU and the EAEU." Международное право и международные организации / International Law and International Organizations, no. 2 (February 2022): 39–61. http://dx.doi.org/10.7256/2454-0633.2022.2.37348.
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The scientific article is devoted to a comparative analysis of the effectiveness of integration associations of the European Union and the Eurasian Economic Union. The methodological basis of the research is an interdisciplinary approach, system analysis and comparative method. The purpose of the study is to identify the differences between the integration processes of the EU and the EAEU and compare their effectiveness. The author defines integration, examines in detail the features of integration processes in Europe and Eurasia, compares the economic indicators of selected integration associations. The study pays special attention to the historical prerequisites for the formation of the Eurasian Economic and European Unions, as well as the gradual construction of these integration groupings, taking into account the impact on modernity. The novelty of the research lies in the author's understanding of the effectiveness of integration processes in the EU and the EAEU based on the analysis of macroeconomic indicators, identifying the strengths and weaknesses of associations, their comparative analysis, as well as in developing proposals to eliminate the identified problems of Eurasian integration. The main conclusions of the study are: the EU remains an effective integration association, whose successful experience has become an example for the creation of the EAEU. However, now the EU has reached the ceiling of growth, which has not yet been broken. The effectiveness of the Eurasian integration processes remains low, and economic achievements should be expected from the EAEU, as a young structure, no earlier than in 10-20 years.
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Kuchyn, Sergiy. "Evaluation of the security of the scope of culture expert method." ED/2019/1, no. 1 (March 2019): 115–25. http://dx.doi.org/10.36742/2410-0919-2019-1-13.
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Introduction. Ensuring national security is an urgent task for modern Ukraine. The national culture and its infrastructure components are given special attention in developed countries. Achieving the pace of rapid development of the national economy is now an important scientific and practical task. Ensuring the security of the sphere of culture is one of the priority directions of state security policy. Methods. The following methods of scientific knowledge are used in the course of the research: analysis, synthesis, grouping, analytical method, forecast method, study of scientific and statistical sources, tabular method, expert method. Results. The article proposes an approach to assessing the level of security of the sphere of culture by the indices of macroeconomic and social and demographic security. The article has received a practical implementation of the approach to assessing the level of security of the sphere of culture by an expert method. The conducted research has allowed to reveal a state of safety of a sphere of culture. The weight coefficients of economic and social and demographic security indices are obtained. Discussion. The prospect of further exploration in this direction is to develop a method of the main components and comparative analysis to assess the level of national security and security of the sphere of culture. Keywords: macroeconomic, social and demographic, security, culture, expert method, algorithm, questionnaire.
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Chernysheva, A. M. "The economic policy of smaller countries if viewed through the development of the Russian Federation." National Interests: Priorities and Security 16, no. 7 (July 16, 2020): 1366–83. http://dx.doi.org/10.24891/ni.16.7.1366.
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Subject. The article determines what smaller countries pursue in their economic policy as the uncertainty of the world economy increases. Objectives. I study the economic development of the Russian Federation from perspectives of smaller countries and the efficiency of the common and diverse economic policy of smaller countries, which are closely related with the Russian economy, such as Belarus, Armenia, Georgia, Ukraine and Estonia. Methods. I evaluated how some macroeconomic indicators of countries under study changed over time. To verify the hypothesis, I analyzed documents in public domain, including statistical data on macroeconomic developments of countries, such as the Russian Federation, Belarus, Armenia, Georgia, Ukraine and Estonia. I also applied a systems approach, comparative and statistical methods of research on key macroeconomic indicators. Results. At the current phase of multipolarity and globalization, Russia’s economic development is proved to influence both smaller countries coming along with its development vector, and States that simply have common borders with Russia. Considering the single course of their development and their geopolitical position, smaller countries ensure their sustainable growth. Conclusions and Relevance. Those countries which have chosen the single course of the development and considered their geopolitical position have performed their economic policy in the most successful way.
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Tsigkou, Dimitra. "From Varieties of Capitalism to European Growth Models: towards a critical synthesis." Region & Periphery, no. 9 (July 29, 2020): 141. http://dx.doi.org/10.12681/rp.23788.
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The widespread belief that globalization would lead to the gradual convergence of advanced capitalist economies was challenged by the emergence of the Comparative Capitalism (CC) literature. Arguably the most influential approach within CC is the Varieties of Capitalism (VoC) model which argues that differences among advanced capitalist economies not only do not fade away but may be amplified due to the disparate comparative institutional advantages that various socioeconomic models may hold. VoC, nonetheless, was soon criticized -among others- for its binary ontological framework and heuristic shortcomings by the second generation CC. Contemporary writings within the third generation CC suggest a radical break from VoC as the focus should be, it is argued, on the demand, rather than the supply, side of the economy. This article posits that while the third generation CC has shifted attention to other institutional and policy fields, emphasizing essentially macroeconomic issues vis-à-vis economic policy reform, an epistemological rapprochement between the two main strands of CC could offer a more contextualized understanding of the different proposals put forward by the member states regarding the on-going Eurozone reform effort.
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Kamalia, Putri Ulfa, Norida Canda Sakti, and Riza Yonisa Kurniawan. "Comparative Study of Student Learning Outcomes in Online and Offline Learning during the Pandemic." IJORER : International Journal of Recent Educational Research 3, no. 6 (November 30, 2022): 662–71. http://dx.doi.org/10.46245/ijorer.v3i6.256.
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Learning is carried out offline starting April 2022 after the COVID-19 pandemic began to subside and the statistics on COVID-19 cases in the city of Surabaya showed a low risk status. Learning that was originally done online was changed back to being done offline. Therefore, this study aims to identify differences in student learning outcomes in online and offline learning. This research is a quasi-experimental research with comparative method and quantitative approach. Research data was collected on macroeconomic theory courses in the even semester of the 2020/2021 academic year for online learning and the 2021/2022 school year for offline learning. The study population was 18 students who were randomly selected from the economic education study program in 2020 and 2021. Processing and analysis of research data used an independent sample T-test. Based on the results of the independent sample t-test, the Sig (two-sided) value is 0.356 > 0.05. These results indicate that there is no significant difference in the average student learning outcomes between online and offline learning. Students' online learning has an average learning outcome of 85.8889, higher than offline learning of 81.3333. Therefore, learning activities are more flexible during the pandemic and can be done online or offline.
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Kouki, Ahmed. "Mandatory IFRS adoption, investor protection and earnings management." International Journal of Accounting & Information Management 26, no. 1 (March 5, 2018): 187–204. http://dx.doi.org/10.1108/ijaim-07-2017-0091.
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Purpose The purpose of this paper is to examine the effect of investor protection on earnings management before and after IFRS adoption. Design/methodology/approach A sample of 106 companies listed on Germany, France and Belgium stock markets for the pre-IFRS (2000-2004) and post-IFRS (2006-2011) periods was used. This research is based on a comparative study between the pre- and the post-IFRS periods. Findings The results showed that investor protection better explains earnings management after the transition to IFRS. The findings revealed that international standards and investor protection are significant in jointly explaining earnings management for the second reporting period. Originality/value The study gives rise to a score that is considered as a proxy of investor protection that regroups several macroeconomic indexes.
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Sattar, Zaidi. "A Dynamic Investment Model with Profit-Sharing in an Interest-Free Economy." American Journal of Islam and Society 8, no. 1 (March 1, 1991): 109–27. http://dx.doi.org/10.35632/ajis.v8i1.2647.
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The present paper is a contribution to the building blocks of an investmentmodel within the framework of an integrated macroeconomic model of anIslamic economy. Investment behavior in the model is guided by an Islamicethicalvalue system and profit-sharing financial contracts. The typical firm’sinvestment decision is believed to emerge from a dynamic inter-temporalmaximization exercise within an infinite time horizon. The method of Calculusof Variations is applied to arrive at the optimal investment and employmentcriteria for the firm. The result is then incorporated into a macroeconomicmodel to study the behavior of key endogenous variables like national incomeand the rate of profit-share. Comparative statics exercised within a generalequilibrium framework reveal the potency of monetary policy but the neutralityof fiscal policy with respect to output and employment.IntroductionThe past decade has witnessed a tremendous outpouring of interest aswell as effort in the formalization of economic models based on profit-sharingfinancial arrangements as an Islamic alternative to the conventional interestbasedeconomic system. Several macroeconomic models for interest-freeeconomies have been proposed (Anwar 1987; Habibi 1987; Metwally 1981& 1983). The rigor of an integrated approach to such macroeconomic modelhgdepends on the rigor of the component models, namely, the consumption,investment, monetary, and fiscal relationships. Economists have writtenextensively on different aspects of consumer behavior in Islamic societies.Kahf (1978) and Khan (1984), among others, have contributed to the conceptualand analytical formulation of the consumption function under ...
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Ho, Tsung-wu. "Reintroducing Macroeconomics: A Critical Approach." Journal of Economic Issues 42, no. 4 (December 2008): 1167–69. http://dx.doi.org/10.1080/00213624.2008.11507210.
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BRESSER-PEREIRA, LUIZ CARLOS, and GILBERTO TADEU LIMA. "The irreducibility of macro to microeconomics: a methodological approach." Brazilian Journal of Political Economy 16, no. 2 (June 1996): 175–201. http://dx.doi.org/10.1590/0101-31571996-0956.
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ABSTRACT This paper criticizes the idea, widespread today, of the need to seek micro-foundations for macroeconomics. The authors argue that these two fields of economics, micro and macroeconomics, use different methodological approaches. Microeconomics deals with economic problems according to a logical-deductive methodology, while macroeconomics is more characterized by a historical-inductive approach. The attempt to reduce macroeconomics to microeconomics, or vice versa, brings only an impoverishment to science and economic debate, in which, ideally, there should be room for a great pluralism of ideas and theoretical currents.
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Howell, Chris. "Unions, Employers, and Central Banks: Macroeconomic Coordination and Institutional Change in Social Market Economies. Edited by Torben Iversen, Jonas Pontusson, and David Soskice. Cambridge, UK: Cambridge University Press, 2000. 339p. $64.95 cloth, $22.95 paper." American Political Science Review 95, no. 2 (June 2001): 499–501. http://dx.doi.org/10.1017/s0003055401612024.
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Comparative political economy has been transformed since the end of the 1970s. The explanatory value of class conflict, the power resources of social classes, and the social base of particular national models of political economy have been replaced by an emphasis upon the role of institutions in explaining both how contemporary political economies func- tion and their capacity to manage international economic integration. The fruits of this institutional turn have now emerged into a fully fledged new approach, as evidenced by the volume under review, by Continuity and Change in Contemporary Capitalism (edited by Herbert Kitschelt, Peter Lange, Gary Marks, and John D. Stephens, 1999), and by a forthcoming volume, Varieties of Capitalism, edited by Peter Hall and David Soskice. These three books overlap to a great degree in both theoretical approach and list of contributors.
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Zharikov, М. V. "Consensual Budgetary and Fiscal Policy of BRICS." Accounting. Analysis. Auditing 5, no. 6 (December 29, 2018): 28–36. http://dx.doi.org/10.26794/2408-9303-2018-5-6-28-36.
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The research is relevant as it defnes the optimal level of taxation for the BRCS members in the frames of consensual tax, budgetary and fscal policy in order to achieve the sustainable rate of economic growth, balanced development, moderate rates of inflation, high volume of production, balance of current account and low unemployment. The development of the BRICS countries as a new model of integration and inclusive development in the globalizing economy requires consensual macroeconomic policy. The author hypothesizes that consensual macroeconomic (tax and budgetary policy) may contribute to the harmonization of national economies of the BRICS members by parameters of an integration model proposed in the article. As a result of economic and mathematical modeling there were drafted the curves of the BRICS members’ budget revenue and expenditure. The author identifes the optimal weighted average tax rates to establish the balance. The graphic method is used to demonstrate the influence of tax, budgetary and fscal policy of the BRICS members on national economies and combined effect of its implementation. The practical importance of the research lies in identifying the optimal level of taxation which makes it possible to balance the BRICS members’ budgets. The calculation of the effectiveness of consensual tax, budgetary and fscal policy of the BRICS members is made on the basis of comparative analysis of the variants of fnancing the budget defcit by own means and the sources of hypothetical common debt market. The article proves that functioning of common market of debt fnance is optimal for the BRICS members on condition of using comparative advantage of China in providing credit resources to the members of the group. The theoretical signifcance of the results is the development of the methodology of harmonization of tax, budgetary and fscal policy of the BRICS members using gradual approach as opposite to“shock therapy” scenario.
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Talbi, Dorra, and Khemaies Bougatef. "The internal and external determinants of the intermediation margin of banks across MENA countries." EuroMed Journal of Business 13, no. 3 (September 3, 2018): 280–90. http://dx.doi.org/10.1108/emjb-02-2018-0013.
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Purpose The purpose of this paper is to conduct a comparative analysis of internal and external determinants of bank’s performance in Middle East and North Africa (MENA) countries. Design/methodology/approach The authors use a static unbalanced annual panel data of banks operating in eight countries pertaining to the MENA region (Tunisia, Bahrain, Egypt, Jordan, Qatar, Lebanon, Kingdom of Saudi Arabia and United Arab Emirates) over the period from 1999 to 2014. Findings The findings reveal that the determinants of intermediation margins in the MENA region differ across countries. Overall, banks interest margins are explained by both bank-specific variables and macroeconomic factors except for Saudi Arabia in which interest margins exclusively depend on bank-specific factors. Originality/value These findings contribute to the clarification and critical analysis of the current state of bank’s performance in some countries located in MENA region, which would have several crucial policy implications.
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Garcia, Maria Teresa Medeiros, and João Pedro Silva Martins Guerreiro. "Internal and external determinants of banks’ profitability." Journal of Economic Studies 43, no. 1 (January 11, 2016): 90–107. http://dx.doi.org/10.1108/jes-09-2014-0166.
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Purpose – The purpose of this paper is to analyze the profitability of 27 universal banks in Portugal over the period from 2002 to 2011. Design/methodology/approach – The paper conducts ordinary least squares estimations with fixed effects using three measures of profitability: the return on average assets, the return on average equity and the net interest margin. Several independent variables were included concerning both bank-specific and macroeconomic and industry-specific characteristics which have not been considered in previous studies. In addition, the sub-sample between 2008 and 2011 was considered for comparative analysis. Findings – The authors concluded that the independent variables selected, with few exceptions, behaved accordingly to what was expected. Originality/value – To the best of the author’s knowledge, this is the first attempt to examine determinants of banks’ profitability in Portugal, both internal and external, using time series data, which have not been considered in previous studies.
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Mason, Luke. "Labour law without labour law: The United Kingdom’s labour market response to COVID-19." Russian Journal of Labour & Law 12 (2022): 54–62. http://dx.doi.org/10.21638/spbu32.2022.105.
Full textAbstract:
The United Kingdom’s response to the COVID-19 crisis with respect to labour law and protecting workers and working relationships had several idiosyncratic aspects that distinguished it from ostensibly similar attempts to protect jobs during the pandemic. The UK approach was striking, in comparative terms, due to its lack of engagement with any process of social dialogue at the national, sectoral, and enterprise levels. The structures of worker representation of this type are so weak in the UK, due in part to a particular tradition of collective bargaining, that any such involvement would possibly not even have been feasible given the short time frame without the creation of new ad hoc infrastructure. While most other advanced economies made use of relatively familiar methods of labour law, alongside macroeconomic intervention and state support, the UK’s response was largely devoid of any traditional labour law content, and did not make use of labour law categories or methods, in particular the placing of obligations on the employer. this meant that the UK’s approach reflected a form of “labour market” regulation which aimed, unusually, at solidifying rather than deregulating the labour market. While this approach comes with many significant complexities and risks, it provides a potential model for future interventions which do not rely on sometimes tired or outdated labour law categories.
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DeJong, David N., Beth F. Ingram, and Charles H. Whiteman. "A Bayesian approach to dynamic macroeconomics." Journal of Econometrics 98, no. 2 (October 2000): 203–23. http://dx.doi.org/10.1016/s0304-4076(00)00019-1.
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