{"title":"Implementing Structural Reforms in Abenomics: How to Reduce the Cost of Doing Business in Japan","authors":"J. Haidar, T. Hoshi","doi":"10.2139/ssrn.2462735","DOIUrl":"https://doi.org/10.2139/ssrn.2462735","url":null,"abstract":"Improving the environment for business is an important part of the growth strategy of Abenomics. As the goal for this effort, the Abe Administration aims to improve Japan’s rank in the World Bank Doing Business Ranking to one of the top three among OECD. This paper clarifies what it takes for Japan to achieve the goal. By looking at details of the World Bank Doing Business ranking, we identify various reforms that Japan could implement to improve the ranking. Then, we classify the reforms into six groups depending on whether the reform requires legal changes and on political resistance that the reform is likely to face. By just doing the reforms that do not require legal changes and are not likely to face strong political opposition, Japan can improve the ranking to 13th. To be in the top 3, Japan would need to implement all the reforms that are not likely to face strong political resistance. The conclusions, however, are based on the assumption that the conditions in the other countries do not change, which is unrealistic. Thus, Japan would need to carry out all the reforms including those with high political resistance to be among the top three.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115164743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Towards Full Employment Through Applied Algebra and Counter-Intuitive Behavior","authors":"Egmont Kakarot-Handtke","doi":"10.2139/ssrn.2456184","DOIUrl":"https://doi.org/10.2139/ssrn.2456184","url":null,"abstract":"It is common knowledge that neither Walrasians nor Keynesians nor Marxians nor Institutionialists nor Austrians nor Sraffaians came to grips with profit. The reason is a defective formal basis. In the present paper the formal foundations are first renewed. When the profit theory is false the rest of an approach is questionable. What is reexamined next because of its vital practical implications is the theory of employment. One remarkable result is that the popular recipe to eliminate unemployment, viz. downward wage rate flexibility, is self-defeating because it does not take the objective systemic properties of the monetary economy into account.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133562729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"European Equity Market Contagion: An Empirical Application to Ireland's Sovereign Debt Crisis","authors":"S. Corbet, C. Twomey","doi":"10.2139/ssrn.2455326","DOIUrl":"https://doi.org/10.2139/ssrn.2455326","url":null,"abstract":"This paper examines the time-varying conditional correlations of daily European equity market returns during the Irish sovereign debt crisis. A dynamic conditional correlation (DCC) multivariate GARCH model is used to estimate to what extent the collapse of Irish equity markets and subsequent troika intervention in Ireland spilled over upon European equity markets during this crisis. During the Irish financial crisis from 2007 to 2010, strong contagion effects are uncovered between Irish equity markets and the investigated European equity markets. The contagion effects are found to ease dramatically in the period after troika intervention in Irish finances. This result supports the use of bailouts and external financial intervention as a mechanism to mitigate and absorb contagion associated with state-specific financial crises and if possible, should be considered as a primary response function in future cases of sovereign debt crisis.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"55 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128264072","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Monetary Policy and Central Banking: The Relevance of the Financial Revolution Today","authors":"C. Larkin","doi":"10.2139/ssrn.2588446","DOIUrl":"https://doi.org/10.2139/ssrn.2588446","url":null,"abstract":"The aim of this article is to provide a discussion interface for historians and those that are in the present world of economics. The Global Financial Crisis set in motion a series of debates on the nature and scope of monetary policy. The role of monetary policy and the central bank since the 1980s has been clear – price stability, interest rate stability, political independence and the effective management of financial crises (mostly manifested as short term liquidity crises). Central banks recently have rediscovered that they are not managers or accountants but actors in a political power play. This manifests itself in the creation of money, the manipulation of interest rates, the changing of exchange rates, the reappraisal of the lender-borrower relationship and the assignment of economic rents to those in a position to be deemed worthy. As a wing of the State central banks are a creature of the executive, despite the need to present distance from the political fray, central bankers are members of a hyper elite where only presidents, prime ministers and finance ministers are invited guests. Financial innovation, whether generated through innovation, circumnavigation of regulations or outright deregulation causes revolutions in central banking practice. While finance remains sedate and the State is not under any form of duress central banking becomes technocratic, waiting and assumed superfluous but as a crisis breaks and the ability of the State to achieve its objectives or its survival is placed in doubt the central bank takes on an active role achieve what no other wing of the State can – create money and with redefine and defend the State.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122732599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Chartering the Dimensions of Islamic Finance with Specific Reference to the Proliferation of Sukuk","authors":"Irshad Hameed","doi":"10.2139/ssrn.2484198","DOIUrl":"https://doi.org/10.2139/ssrn.2484198","url":null,"abstract":"An exploration of the raison d'etre of Islamic Finance and the justification afforded to demonstrate its validity. Additionally the paper delves into the phenomenon that is Sukuk and examines its modus operandi from a Shariah compliance standpoint.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128114427","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Grażyna Baldowska, R. Leszczyński, Barbara Myszkowska
{"title":"Convergence and Differentiation Processes in Local Markets and Structural Changes (Comparison of 16 Markets in Poland)","authors":"Grażyna Baldowska, R. Leszczyński, Barbara Myszkowska","doi":"10.2139/SSRN.2646499","DOIUrl":"https://doi.org/10.2139/SSRN.2646499","url":null,"abstract":"The housing market (primary, secondary or rental) is very often analyzed as a whole, big market in a selected country. Our analysis focuses on the fundamental determinants of this market in 16 biggest cities in Poland, which are the capital cities of the 16 voivodeships. We also clustered the cities to show groups of cities which’s housing market behaves in a similar fashion. We confirm that the situation on housing market is driven by fundamental factors and the best way for a further econometric analysis is to divide the whole market into two groups of cities with a number of inhabitants below and over 400 thousand people.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"73 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123210518","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Global Population Dynamics Drive the Phases of the Great Divergence and Convergence","authors":"Andrey Korotayev, J. Shaende, J. Goldstone","doi":"10.2139/ssrn.2389005","DOIUrl":"https://doi.org/10.2139/ssrn.2389005","url":null,"abstract":"The 19th century saw the explosive growth of a gap in per capita income between the First and Third World that has become known as the Great Divergence. In the twentieth century, the Great Divergence continued until the early 1970s, then in the late 1980s it was replaced by the Great Convergence as the majority of the Third World countries reached economic growth rates significantly higher than those in most First World countries. We show here that the dynamics in the GDP per capita gap between the First and Third World corresponds to the growth rate curve of the world population. We demonstrate that this is not coincidental, but reflects a close coupling between phases of global demographic transition and phases of the Great Divergence and Great Convergence. This obviously implies that the demographic component plays an important role in these processes.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"29 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126352417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Government Revenues of Orissa: An Analysis","authors":"T. Das","doi":"10.1504/IJICBM.2014.057956","DOIUrl":"https://doi.org/10.1504/IJICBM.2014.057956","url":null,"abstract":"Macroeconomic stability is an indispensable precondition for growth. Like most of the states of India the fiscal situation of Orissa deteriorated in the early 1980s and 1990s. The enactment of the Fiscal Responsibility and Budget Management (FRBM) Act in 2005 helped the Government of Orissa to reduce deficits and generate surplus. However, these surpluses were maintained till 2008-2009. The planners should now identify the avenues of revenue to sustain this surplus over the years.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114639552","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Perspective ale Ţintirii Inflaţiei (Perspectives of the Inflation Targeting)","authors":"Ramona Dumitriu, R. Stefanescu","doi":"10.2139/ssrn.2378065","DOIUrl":"https://doi.org/10.2139/ssrn.2378065","url":null,"abstract":"Romanian Abstract: Această lucrare abordează câteva din provocările recente ale ţintirii inflaţiei. Circumstanţele sunt diferite pentru ţările in curs de dezvoltare faţă de cele dezvoltate. In multe dintre ţările in curs de dezvoltare băncile centrale au adoptat ţintirea inflaţiei mai mult sau mai puţin formal, pentru a câstiga aprecierea instituţiilor financiare internaţionale. Cele mai multe dintre aceste bănci centrale au anunţat aplicarea unei forme flexibile a ţintirii inflaţiei, care ar putea masca inconsistenţa in timp a politicii monetare. Vulnerabilitatea sistemelor financiare din aceste ţări poate afecta credibilitatea ţintirii inflaţiei. In noile circumstanţe ale crizei globale o formă relaxată a ţintirii cursurilor valutare ar putea fi, pentru multe dintre ţările in curs de dezvoltare, mai adecvată decât ţintirea inflaţiei. Pentru cele mai multe dintre ţările dezvoltate anii de ţintire, explicită sau implicită, a inflaţiei au coincis cu o perioadă de stabilitate a preţurilor. Totusi, recenta criză globală a revelat pericolul neglijării stabilităţii financiare. In plus, escaladarea somajului ar putea determina unele guverne din ţările dezvoltate să abandoneze principiile monetariste, care au asigurat un cadru favorabil ţintirii inflaţiei, in favoarea celor keynesiene.English Abstract: This paper explores some recent challenges for the inflation targeting. The circumstances are different for the emerging market countries and for the industrialized ones. In many emerging market countries the central banks adopted more or less formally the inflation targeting, in order to gain appreciation from the international financial institutions. Most of these central banks announced the applying of a flexible inflation targeting which could mask the time-inconsistent monetary policy. The vulnerability of the financial systems from emerging market countries undermines the inflation targeting credibility. In the new circumstances of the global crisis, a relaxed form of exchange rate targeting could be, for many of these countries, more adequate than the inflation targeting. For most of the industrialized countries the years of explicit or implicit inflation targeting coincided with a period of price stability. However, the recent global crisis revealed the danger of neglecting the financial stability. Moreover, the raise of unemployment could determine the governments of some industrialized countries to abandon the monetarist principles, which offered a favorable framework to inflation targeting, in the favor of Keynesian principles.","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-01-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127553573","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"한·러 비자면제협정 체결의 경제적 효과와 활용 방안 (The Economic Impact and Application Plan of the Visa-Free Regime between Korea and Russia)","authors":"Yeo-cheon Jeong, Soonchan Park, Boogyun Kang","doi":"10.2139/SSRN.2438481","DOIUrl":"https://doi.org/10.2139/SSRN.2438481","url":null,"abstract":"Korean Abstract: 한·러 일반여권 비자면제는 양국 정부 및 민간 차원에서 비공식적인 검토를 거치며 그 필요성이 꾸준히 제기되어 왔으며, 2010년 3월 제9차 한‧러 영사국장회의를 통해 공식적으로 논의되기 시작하였다. 특히 2012년 9월 APEC 정상회의에서 양국 정상이 비자면제협정 체결을 위한 협상을 시작하기로 합의하면서 추진력을 얻게 되었으며, 2013년 5월 제12차 영사국장회의에서 전반적인 협정 내용에 합의한 후, 2013년 10월 현재 적절한 계기의 서명을 위한 국내절차를 추진하는 중이다. 한·러 비자면제협정의 추진 배경에는 1990년 9월 30일 수교 이후 양국간 경제·외교 협력이 강화됨에 따라 상호 신뢰와 이해 증진을 위한 정무적 판단이 주된 요인으로 작용하였다. 한국의 대러 교역액은 2012년 기준 약 225억 달러를 기록해 1992년 1억 9,300만 달러 대비 약 117배 증가하였으며, 한·러 관계는 2008년 9월 정상회담을 통해 ‘전략적 협력 동반자 관계(strategic cooperative partnership)’로 발전하였다. 또한 2012년에 양국 상호 방문객 수가 약 28만 명에 이르는 등 인적교류도 꾸준히 확대되었다. 특히 한국은 그동안 러시아 경제가 크게 성장하면서 비자면제를 통한 양국간 인적교류 확대 시 러시아인의 한국 내 불법체류 가능성이 높지 않고, 러시아가 동북아 주변국과 비자면제협정을 체결한 사례가 없는 만큼, 중국·일본 등 주요국에 앞서 대러시아 인적·물적 교류 활성화를 통한 신뢰기반을 쌓을 수 있는 기회를 얻을 수 있다는 관점에서 러시아와 비자면제협정을 추진하고 있다. 그리고 러시아의 경우 경제발전과 주요 국제행사 유치에 따른 개방적인 국가 이미지 구축 및 관광서비스업 활성화 그리고 아태지역 국가들과의 협력 확대라는 전략적 틀 내에서 한국과 비자면제협정을 추진하고 있는 것으로 판단된다. 본 연구에서는 과거 한국이 체결한 64건의 비자면제협정 이후 나타난 외국인 출입국자 수 및 교역량 통계에 기초하여, 한·러 비자면제가 관광 및 사업 목적을 위한 한국인의 출국 및 외국인의 입국에 미치는 파급효과를 분석하였다. 또한 이에 근거하여 한국 관광산업에 미치는 영향, 상호 방문객 증가에 따른 무역촉진 효과 및 비자발급의 면제에 따른 개인의 비용절감효과를 추정하였다. English Abstract: Korea and Russia, for years, have had informal discussions in both government and private sectors on the need for an introduction of visa-free regime between two countries. And at the 9th bilateral consular affairs talks held in March 2010, two countries finally started an official dialogue to establish mutual visa-free travel. In particular, during the 2012 APEC summit, leaders from both countries agreed to open negotiations for mutual visa-waiver agreement (VWA), and then at the 12th bilateral consular affairs talks held in May 2013, the both sides reached agreement on general contents of the agreement. The political-economic judgement takes a main role in promoting Korea-Russia visa-waiver agreement. Since the establishment of diplomatic ties in 1990, Korea-Russia relationship has been steadily moving forward. At the 2008 summit, the two leaders agreed to upgrade bilateral ties from the status of a comprehensive partnership to that of a strategic cooperative partnership. And in 2012, Korea's trade volume with Russia amounted to 22.5 billion dollars, an increase of 117 times over 20 years. The number of mutual personal exchange between both countries also increased up to 280 thousand people in 2012. The purpose of this study is to analyze the background and economic impact of the Korea-Russia VWA, and come up with propositions for its efficient application plan. The study is consisted of five chapters. The first chapter introduces background and purpose of the study and previous research. Then, an overview on the background and contents of the agreement is presented in the second part. In the third chapter, the status and charateristics of visa-waiver agreements that are already in existence discussed. In the fourth chapter, the economic impacts of the Korea-Russia VWA are analyzed. In particular, this ","PeriodicalId":305946,"journal":{"name":"AARN: Economic Systems (Sub-Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-12-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128776991","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}