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Revisiting the debt-growth nexus: Evidence from India 重新审视债务增长关系:来自印度的证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2131151s
Pratibha Saini, K. Muniyoor
{"title":"Revisiting the debt-growth nexus: Evidence from India","authors":"Pratibha Saini, K. Muniyoor","doi":"10.2298/eka2131151s","DOIUrl":"https://doi.org/10.2298/eka2131151s","url":null,"abstract":"The main purpose of this study is to examine the debt-growth nexus in India over the period 1984-2019 using Bayer-Hanck and Autoregressive Distributed Lag (ARDL) cointegration techniques. The findings of both techniques suggest the existence of a negative relationship between public debt and economic growth in the long run. The results also confirm the significant negative relationship between foreign exchange reserves and economic growth. Interestingly, the test results confirm the unidirectional causality running from public debt to economic growth in the case of India. From a policy perspective, reducing public debt is imperative to achieve long-term sustainable growth. Efforts should be made to circumvent the burden of burgeoning interest liabilities by generating a primary surplus, which will facilitate debt servicing and timely repayment of debt.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476696","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}
引用次数: 1
An industrial organisation model for the Vietnamese food retail market 越南食品零售市场的产业组织模式
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2129061t
Chi Ngo Thanh
{"title":"An industrial organisation model for the Vietnamese food retail market","authors":"Chi Ngo Thanh","doi":"10.2298/eka2129061t","DOIUrl":"https://doi.org/10.2298/eka2129061t","url":null,"abstract":"Using the case of Vietnam, this paper proposes an industrial organisation model of the food distribution system in developing countries. Since most work in this field has adopted an empirical approach, this paper will instead focus on a theoretical model based on the theory of imperfect competition applied in agricultural economics. We introduce two distribution channels of product differentiation linked vertically by demand, and study the quantity flow from small producers to consumers by means of a Nash equilibrium. We show that there is a Nash equilibrium of the food distribution system and market power, with effects on both farmers and consumers. The paper discusses the implications of these results and proposes policies to intervene in the market and mitigate its power to improve the wealth of both farmers and consumers. The competitive market model of the food distribution system presented in this paper is also important in analysing the policy implications of a food market with imperfect competition in developing countries.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476817","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}
引用次数: 0
Labour market returns to health capital during childhood: Evidence from Medicaid introduction 儿童时期劳动力市场对健康资本的回报:来自医疗补助引入的证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2129099n
H. Noghanibehambari
{"title":"Labour market returns to health capital during childhood: Evidence from Medicaid introduction","authors":"H. Noghanibehambari","doi":"10.2298/eka2129099n","DOIUrl":"https://doi.org/10.2298/eka2129099n","url":null,"abstract":"Health capital development during childhood can affect later-life outcomes. This paper examines the long-term effects of the introduction of Medicaid during the 1960s as one of the earliest attempts in US history to provide publicly financed health insurance for the poor. Using a large panel dataset and a difference-in-differences- in-differences identification strategy, I show that exposure to Medicaid during ages 0-5 has sizable and significant effects on economic and non-economic outcomes throughout ages 25-55, including income, employment, education, disability, and wealth. Exposure to Medicaid among fully eligible cohorts is associated with roughly 0.4 percentage higher wage income, equivalent to an increase of $145 above the mean of annual wages. It also implies a minimum of 7.8% externality of the programme in labour market wages.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476871","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}
引用次数: 0
‘Soft’ support infrastructure and the performance of small and medium-sized enterprises in European countries “软”支持基础设施和中小型企业在欧洲国家的表现
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2130067c
Bojan Ćudić, Iwona Skrodzka
{"title":"‘Soft’ support infrastructure and the performance of small and medium-sized enterprises in European countries","authors":"Bojan Ćudić, Iwona Skrodzka","doi":"10.2298/eka2130067c","DOIUrl":"https://doi.org/10.2298/eka2130067c","url":null,"abstract":"The purpose of this paper is to examine the relationship between ?soft? support infrastructure (SSI) and the performance of small and medium enterprises (SMEs). The study encompasses European countries? economic activity and SMEs? output in 2015 and 2018. The focus of the research is SMEs in the European Union member states and the Western Balkan countries. The analysis was conducted using partial least squares structural equation modelling (PLS-SEM). This method enabled the examination of links between variables that are not directly observable. The results show that countries investing in SSI have better SME performance. Based on the statistical analysis, among other things, the authors identify the Human Development Index and the use of information and communication technology at the company level as the two most significant factors that impact on SMEs? performance.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"27 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476931","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}
引用次数: 0
Drivers of life insurance consumption - an empirical analysis of Western Balkan countries 寿险消费的驱动因素——西巴尔干国家的实证分析
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2131033g
Perseta Grabova, Gentiana Sharku
{"title":"Drivers of life insurance consumption - an empirical analysis of Western Balkan countries","authors":"Perseta Grabova, Gentiana Sharku","doi":"10.2298/eka2131033g","DOIUrl":"https://doi.org/10.2298/eka2131033g","url":null,"abstract":"Life insurance in the Western Balkan Countries is underdeveloped, but it has huge potential for development in the future. The scope of this article is to examine whether and how economic, socio- demographic, and institutional factors determine the demand for life insurance in the Western Balkans, using life insurance density and life insurance penetration as indicators of life insurance demand during 2006-2019. In order to conduct a crosscountry analysis we use panel data regression models and a feasible generalised least squares regression model. The analysis reveals that the most significant factors are income per capita and changes in the urban population. The article contributes to the existing literature by identifying the variables that affect demand for life insurance in the Western Balkans and by providing evidence for insurance operators, authorities, and governments of the respective countries to find ways to further develop the insurance market.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476574","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}
引用次数: 1
The effects of EU R&I funding on SME innovation and business performance in new EU member states: Firm-level evidence 欧盟研发资助对欧盟新成员国中小企业创新和经营绩效的影响:企业层面的证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/EKA2128007C
Nevenka Čučković, V. Vučković
{"title":"The effects of EU R&I funding on SME innovation and business performance in new EU member states: Firm-level evidence","authors":"Nevenka Čučković, V. Vučković","doi":"10.2298/EKA2128007C","DOIUrl":"https://doi.org/10.2298/EKA2128007C","url":null,"abstract":"SMEs are the most dynamic and vibrant part of the enterprise sector in terms of start-ups and new jobs, and a significant share of the EU?s total innovation activities take place within them. This paper uses the Community Innovation Survey (CIS) 2014 and eCORDA data to analyse whether SME participation in EU research and innovation (R&I) funding programmes has increased their innovation activities and business performance. To achieve this, we empirically test whether SMEs that received EU funds recorded an improvement in their innovation and economic performance. This is measured by research and development (R&D) expenditure, product innovation, turnover, and employment. The paper focusses particularly on new EU member countries and among them to those from Central and Eastern Europe (CEE). It explores the theoretical and methodological backgrounds that guided us in these analyses and performs treatment effect analysis at firm level, using CIS CDROM data that we received on request from Eurostat. The obtained results indicate that EU R&I funding is beneficial to the innovation activities of SME recipients, and to their overall business performance. It also assists new EU member states in the process of ?catching up? to the growth levels of more established EU economies.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476605","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}
引用次数: 5
Revisiting the role of exchange rate volatility in Turkey’s exports: Evidence from the structural VAR approach 重新审视汇率波动在土耳其出口中的作用:来自结构性VAR方法的证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2131127b
Özge Barış-Tüzemen, Samet Tüzemen
{"title":"Revisiting the role of exchange rate volatility in Turkey’s exports: Evidence from the structural VAR approach","authors":"Özge Barış-Tüzemen, Samet Tüzemen","doi":"10.2298/eka2131127b","DOIUrl":"https://doi.org/10.2298/eka2131127b","url":null,"abstract":"The exchange rate is both an important economic variable when determining a country?s export volume and an indicator of its international competitiveness. This paper re-investigates the impact of real exchange rate volatility on Turkey?s exports using the structural vector autoregression method and monthly data from 2003:01 to 2019:12. Empirical evidence shows that real exchange rate and exchange rate volatility do not affect exports in Turkey. On the other hand, external income has had a slight effect on Turkey?s exports in the post-global-crisis period. The findings show that other factors which effect macroeconomic indicators in the Turkish economy should also be considered.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476648","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}
引用次数: 1
An analysis of the performance of the agro-food industry in the domestic and international markets of Côte d’Ivoire 对农业食品工业在国内和国际市场Côte科特迪瓦的表现的分析
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2129037c
N. Coulibaly, Siaka Kone, Djolo Djina Jean, Kama Berte, Yapo Yapi Magloire
{"title":"An analysis of the performance of the agro-food industry in the domestic and international markets of Côte d’Ivoire","authors":"N. Coulibaly, Siaka Kone, Djolo Djina Jean, Kama Berte, Yapo Yapi Magloire","doi":"10.2298/eka2129037c","DOIUrl":"https://doi.org/10.2298/eka2129037c","url":null,"abstract":"Since its independence in 1960, C?te d?Ivoire has opted for an industrial policy that has given rise to two major types of agrofood industry. The first is small-scale units owned by nationals and the second is agro-food industries owned by large international firms that mainly export their products. This strategy has led to commodity specialisation that deteriorates the terms of trade. Thus, despite a significant industrial sector, the country suffers from deteriorating trade terms due to an overly extroverted economy, the corollary of which is over-indebtedness. This paper compares the performance of domestic and international markets of C?te d?Ivoire to identify the type of agro-food industry that should be promoted for development. The ripple effects in domestic and international markets are estimated and compared using the Leontief model and data from the C?te d?Ivoire Input-Output Table of 2018. We show that the cocoa and coffee processing branch of the agro-food industry is commercially outward-oriented, the oilseed industry is commercially mixed or dual-oriented, and the other branches are commercially inward-oriented. The ripple effects of the domestic market are almost four times higher than those of the external market. The high rate of population growth, galloping urbanization and the social nature of food are key determinants of the findings. We conclude that the domestic market better stimulates the development of the agro-food industry. We therefore recommend a strategy of orienting products towards domestic and West African markets, which could lead the country to sustainable economic development more rapidly.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476806","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}
引用次数: 0
Bank competition and risk-taking in the European Union: Evidence of a non-linear relationship 欧盟银行竞争与风险承担:非线性关系的证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/eka2130035c
Bogdan Căpraru, Iulian Ihnatov, Nicoleta-Livia Pintilie
{"title":"Bank competition and risk-taking in the European Union: Evidence of a non-linear relationship","authors":"Bogdan Căpraru, Iulian Ihnatov, Nicoleta-Livia Pintilie","doi":"10.2298/eka2130035c","DOIUrl":"https://doi.org/10.2298/eka2130035c","url":null,"abstract":"This paper assesses the impact of bank specialisation and business models on the relationship between competition and risk. We tested the non-linear relationship between bank competition and risk on an extensive sample of 5,119 European banks active during 2000-2018, using system GMM. The results confirmed the nonlinear relationship between competition and risk-taking. Cooperatives are better protected against liquidity risks and are more stable. Well-diversified banking entities take more risks than their counterparts, whereas larger institutions have a lower risk appetite and a higher exposure to liquidity shocks. Future regulations should consider different risk strategies to make them more efficient and to generate the expected outcomes. The most recent regulatory developments have reduced the risk appetite of large financial institutions. Lastly, it is critical that regulators monitor M&A activity and ensure the optimal competition level.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476918","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}
引用次数: 1
Are fiscal deficits inflationary in Nigeria? New evidence from bounds testing to cointegration with structural breaks 尼日利亚的财政赤字是通货膨胀吗?从边界检验到结构断裂协整的新证据
Economic Annals Pub Date : 2021-01-01 DOI: 10.2298/EKA2128123F
Ismail Fasanya, A. Fajobi, A. Adetokunbo
{"title":"Are fiscal deficits inflationary in Nigeria? New evidence from bounds testing to cointegration with structural breaks","authors":"Ismail Fasanya, A. Fajobi, A. Adetokunbo","doi":"10.2298/EKA2128123F","DOIUrl":"https://doi.org/10.2298/EKA2128123F","url":null,"abstract":"In this paper, we model the relationship between fiscal deficit and inflation for Nigeria using annual data from 1980 to 2016. We employ the linear ARDL approach and account for structural breaks using the Bai and Perron (2003) test that allows for multiple structural changes in regression models. The paper finds that the fiscal deficit is a major determinant of inflation along with other macroeconomic factors considered in the study. However, we observe that it may be necessary to pretest for structural breaks when modelling the relationship between the fiscal deficit and the price level, as it performs better than when structural events are not considered. The results imply that a fiscal management process that does not encourage increased revenue and reduce fiscal deficits will further worsen the level of inflation in the country.","PeriodicalId":35023,"journal":{"name":"Economic Annals","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68476743","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}
引用次数: 4
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