{"title":"MEASURING MONGOLIA’S GAINS FROM TRADE AND INCREASED INTEGRATION IN THE WORLD ECONOMY","authors":"Enkhmaa Battogtvor, Craig R. Parsons","doi":"10.1142/s2194565919500210","DOIUrl":"https://doi.org/10.1142/s2194565919500210","url":null,"abstract":"Following the gains from variety literature (Broda and Weinstein, 2006), we estimate the welfare impact of the dramatic increase in imported varieties growth in Mongolia and find it to be considera...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"89 1","pages":"1950021"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75643356","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":"FIFTY YEARS OF LITERATURE ON EXPORT ASSISTANCE PROGRAMMES: A BIBLIOMETRIC ANALYSIS","authors":"Joana Ribeiro, Rosa Forte","doi":"10.1142/s2194565919500209","DOIUrl":"https://doi.org/10.1142/s2194565919500209","url":null,"abstract":"Literature on export assistance programmes (EAPs) was first published over half a century ago and has focused on many topics, such as the impact of EAPs on firms’ performance, their usefulness and ...","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"24 1","pages":"1950020"},"PeriodicalIF":0.7,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83257979","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":"THE ENDOGENEITY OF BUSINESS CYCLE SYNCHRONISATION IN SOUTHERN AFRICAN DEVELOPMENT COMMUNITY","authors":"N. Nzimande, H. Ngalawa","doi":"10.1142/S2194565919500106","DOIUrl":"https://doi.org/10.1142/S2194565919500106","url":null,"abstract":"This paper investigates the endogeneity hypothesis of optimal currency area (OCA) criterion, that is, business cycles synchronisation, in a panel of Southern African Development Community (SADC) member countries, for the period 1994–2016. Using a Generalised Method of Moments (GMM), the study finds that, amongst other factors, trade induces business cycles comovement. This finding lends support to the endogeneity hypothesis of OCA theory.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"40 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80808767","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":"HEDGING EFFECTIVENESS OF CROSS-LISTED NIFTY INDEX FUTURES","authors":"K. K. Kumar, S. Bose","doi":"10.1142/S2194565919500118","DOIUrl":"https://doi.org/10.1142/S2194565919500118","url":null,"abstract":"This paper investigates the hedging effectiveness of cross-listed Nifty Index futures and compares the performance of constant and dynamic optimal hedging strategies. We use daily data of Nifty index traded on the National Stock Exchange (NSE), India and cross-listed Nifty futures traded on the Singapore Stock Exchange (SGX) for a period of six years from July 15, 2010 to July 15, 2016. Various competing forms of Multivariate Generalised Autoregressive Conditional Heteroscedasticity (MGARCH) models, such as Constant Conditional Correlation (CCC) and Dynamic Conditional Correlation (DCC), have been employed to capture the time-varying volatility. The results clearly depict that dynamic hedge ratios outperform traditional constant hedge ratios with the DCC–GARCH model being the most efficient with maximum variance reduction from the unhedged portfolio.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"3 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89459438","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":"THE IMPACT OF THE CHINESE TEXTILE IMPORTS ON EMPLOYMENT AND VALUE ADDED IN THE TEXTILE INDUSTRY OF THE SOUTH AFRICAN ECONOMY","authors":"Lumengo Bonga‐Bonga, M. Biyase","doi":"10.1142/S2194565919500088","DOIUrl":"https://doi.org/10.1142/S2194565919500088","url":null,"abstract":"With the increased trade linkage between China and African economies, this paper endeavours to assess the dynamic impacts of Chinese textile imports on employment and value added in the South African textile industry. This paper makes use of the structural vector autoregressive (SVAR) methodology with sign restriction. Moreover, based on this methodology, this paper conducts a counterfactual analysis to uncover what would have happened to employment and value added trends in the South African textile industry in the absence of trade with China. The results of the empirical analysis show that total employment responds negatively to shocks to import from China. Moreover, the results of the counterfactual analysis show that the South African economy could perform better without textile imports from China.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"38 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73493718","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":"PERFORMANCE OF INDIAN CEMENT INDUSTRY: DRIVERS, MODELS AND EMPIRICS","authors":"Bipasha Maity, V. Suresh, Mehir Baidya","doi":"10.1142/S219456591950009X","DOIUrl":"https://doi.org/10.1142/S219456591950009X","url":null,"abstract":"A firm’s performance depends on efficient management of economic resources. Performance is usually a function of firm-specific economic factors and macroeconomic factors. In other words, an efficient allocation, management and manipulation of these factors is required to enhance profitability. This study attempts to identify some factors to understand how and to what extent these factors influence the profitability of the Indian cement industry. Seven hypotheses were framed. Panel data of 146 firms were gathered over a period of 22 years, spanning from 1996 to 2017. Thereafter, a Fixed Effect Regression (FER) model was fitted to the data. Results suggested that both firm-specific (e.g. size of firm; age of firm; fixed asset turnover) and macroeconomic variables (e.g. GDP; inflation; export intensity) made a significant impact on profitability of this industry. The findings of this study should assist managers as well as policy makers to frame sustainable policies of this mature industry. This research fulfills a need for a study that shows the degree of contribution of firm-specific and macroeconomic factors to profitability of the Indian cement industry.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"22 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90261337","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":"THE EFFICACY OF GREEK GOVERNMENT ECONOMIC TOOLS: 1995–2016","authors":"Michael J. Mack, J. Leightner","doi":"10.1142/S219456591950012X","DOIUrl":"https://doi.org/10.1142/S219456591950012X","url":null,"abstract":"We use a statistical technique that solves the omitted variables problem of regression analysis to estimate the changes in gross domestic product (GDP), unemployment, and inflation of a one-unit change in government spending, exports, and interest rate for Greece using quarterly data from 1995 to 2016. Our primary findings are (1) driving the Greek economy using domestic demand creates a much more stable economy than trying to drive the Greek economy using exports and (2) cutting government spending and exports damage GDP more than equal increases help GDP. Both of these conclusions imply that IMF austerity and IMF support of exporting over domestic demand are counter-productive. Our results are not opposed to naturally occurring globalization, they are contrary to artificially encouraging trade as coerced by the IMF.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"44 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89893649","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":"DEINDUSTRIALIZATION OF SUB-SAHARAN AFRICA","authors":"Don P. Clark","doi":"10.1142/S2194565919500015","DOIUrl":"https://doi.org/10.1142/S2194565919500015","url":null,"abstract":"Sub-Saharan African (SSA) countries as a group have been deindustrializing for more than three decades. Logistic growth functions of the share of manufacturing value added in Gross Domestic Product (GDP) provide estimates of the rate at which the manufacturing sector has diffused into each SSA economy. Deindustrializers (industrializers) have negative (positive) manufacturing sector diffusion rates. Sixteen SSA countries experienced significant deindustrialization. Factors associated with deindustrialization trends are identified. Countries with low real per capita incomes and those unable to diversify their manufacturing base, expand production for export, or export sophisticated products more frequently experienced deindustrialization. These countries also had relatively low gross capital formation and educational expenditure shares of GDP. Starting with a small manufacturing base does not appear to constrain the industrialization process. Excessive reliance on minerals production did not encourage deindustrialization. Policies are identified that will help countries avoid deindustrialization.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"36 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84329691","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":"STOCK MARKET REACTION TO BREXIT ANNOUNCEMENTS: EVIDENCE FROM A NATURAL EXPERIMENT","authors":"Júlio Lobão, S. Santos","doi":"10.1142/s2194565919500180","DOIUrl":"https://doi.org/10.1142/s2194565919500180","url":null,"abstract":"Using four Brexit-related announcements as a source of exogenous information shocks, we investigate the semi-strong form of efficiency in seven major European stock markets. Our results suggest that only the announcement of the Brexit referendum result produced statistically significant negative cumulative abnormal returns in the markets of the sample. However, with the exception of the Irish stock market, the effects ceased to be significant in a period of five trading sessions after the event. We also document an increase in trading activity, though statistically insignificant, in the day of the referendum and in the following days. Overall, our results are in line with the semi-strong form of market efficiency.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"26 3 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83546206","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":"GOVERNANCE EFFICIENCY, ECONOMIC SECURITY AND FEDERALISATION. THE EUROPEAN UNION AT CROSSROADS — IS IT TIME FOR CONSOLIDATION?","authors":"Augustin Ignatov","doi":"10.1142/S2194565919500039","DOIUrl":"https://doi.org/10.1142/S2194565919500039","url":null,"abstract":"The European Union (EU) has certainly reduced its influence in the global economic affairs. Despite the fact that it unites 28 nations, including the former great powers such as the United Kingdom, Germany, France and Italy, the political and economic power of the community has considerably decreased starting with the second half of 2000s. The present research is undertaken with the aim of increasing the readers’ awareness regarding the necessity of enforcing the EU economic security through consolidating the authority of the supranational bodies in relation with national representatives. The objectives to be reached in this regard include assessing how much the governance efficiency alternations among the EU member countries influence the efficiency of the single market in a globalised society. It was found that several processes determined the decline of Europe’s strength including raising globalisation and increasing competition, economic weaknesses of the EU which worsened during the crisis, stagnation of the integration process, feeble leadership and lack of resoluteness, especially in the most developed EU nations, declining adherence to “core” values, migration crisis, little political commitment to protecting EU’s citizens’ interests, and countries’ individualism in promoting key initiatives.","PeriodicalId":44015,"journal":{"name":"Global Economy Journal","volume":"40 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2019-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78972690","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}