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Inequality and the Equalization Fund in Brazil: Redefining Strategies 巴西的不平等与均衡基金：重新定义战略
International Journal of Economics and Finance Pub Date : 2024-04-22 DOI: 10.5539/ijef.v16n6p31
Ricardo da Costa Nunes, André Nunes, Celso Vila Nova de Souza Junior, Alexandre Nascimento de Almeida
{"title":"Inequality and the Equalization Fund in Brazil: Redefining Strategies","authors":"Ricardo da Costa Nunes, André Nunes, Celso Vila Nova de Souza Junior, Alexandre Nascimento de Almeida","doi":"10.5539/ijef.v16n6p31","DOIUrl":"https://doi.org/10.5539/ijef.v16n6p31","url":null,"abstract":"This article examines Brazilian states’ per capita income convergence from 1990 to 2020. A reduction in state inequalities was observed, attributed to the redistribution of resources through the State Participation Fund (FPE) and Constitutional Funds and the Municipal Participation Fund and transfers for health and education, benefiting federative entities with lower per capita incomes. However, a significant volume of resources aimed at income redistribution was characterized by overlapping actions, whose results were not evaluated in isolation. Moreover, while historically, less economically advantaged states strive to reach the national average, more economically advantaged states tend to maintain or enhance their relative positions. Barro’s analysis (2001) suggests that equalization funds, by benefiting entities with lower GDP per capita, discourage governors from promoting the state’s economic development, as this would imply a loss of FPE resources. This situation would be a government failure commonly pointed out by authors of the Public Choice School. In light of this, this study proposes a revision of the FPE distribution criteria, reducing the emphasis on the inverse of per capita income and including variables such as population, collection effort, and state size, aiming to promote a more effective and equitable convergence of per capita income in the Brazilian federation.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"13 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140674447","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
Prospects of Post-Conflict Foreign Direct Investments in Ukraine Through the Lens of Dunning’s Eclectic Paradigm 从邓宁的折衷范式看冲突后外国直接投资在乌克兰的前景
International Journal of Economics and Finance Pub Date : 2024-04-22 DOI: 10.5539/ijef.v16n6p43
Vivian Nasrulddin
{"title":"Prospects of Post-Conflict Foreign Direct Investments in Ukraine Through the Lens of Dunning’s Eclectic Paradigm","authors":"Vivian Nasrulddin","doi":"10.5539/ijef.v16n6p43","DOIUrl":"https://doi.org/10.5539/ijef.v16n6p43","url":null,"abstract":"This research aims to highlight post-conflict prospects for Ukraine in the domain of FDIs by taking the OLI framework of Dunning. This research explores the role of the FDI as the most important economic pillar for economic consolidation in a globalized world. The case studies of war-torn countries and the role of the FDIs in their post-war recovery have been evaluated. It has been analyzed that through fundamental economic reforms and restricting to win the investors’ confidence, Ukraine can strategize its ownership, location, and internalization advantage as the country possesses relatively higher significance for global food security, logistics, and international trade. Most importantly prospects are higher for international investors to invest their capital in one of the largest European markets in banking. The NATO membership and EU membership will be the most significant driver of the FDIs for Ukraine.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"22 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140674288","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
Nonlinear Dynamic Impact of Electricity Consumption on Economic Growth in Odisha: A Disaggregated Causality Analysis 奥迪沙邦电力消费对经济增长的非线性动态影响：分类因果关系分析
International Journal of Economics and Finance Pub Date : 2024-04-15 DOI: 10.5539/ijef.v16n6p13
Upendra Nath Behera, A. Mohanty
{"title":"Nonlinear Dynamic Impact of Electricity Consumption on Economic Growth in Odisha: A Disaggregated Causality Analysis","authors":"Upendra Nath Behera, A. Mohanty","doi":"10.5539/ijef.v16n6p13","DOIUrl":"https://doi.org/10.5539/ijef.v16n6p13","url":null,"abstract":"The paper examines the causal link between electricity consumption and Odisha’s economic growth using linear and nonlinear causality tests in annual data from 1981 to 2020. The study uses both linear and non-linear causality on aggregate and sectoral data. Based on the empirical analysis, the study finds that electricity consumption strongly granger causes state’s economic growth. Further, sectoral-level analysis shows that electricity consumption exhibits a strong causal relationship with the primary, secondary, and tertiary sectors. This finding is consistent for both linear and non-linear granger causality tests. Moreover, the estimation of long-run elasticity reveals that both secondary and tertiary sectors have greater than unity elasticity whereas the primary sector has less than unity elasticity. The rolling elasticity shows that elasticity is increasing over time and across the sectors, barring the tertiary sector. More mechanized activities in the primary sector will increase the consumption of electricity and more value addition to the economic growth of the state. The policy intervention would be to reduce electricity losses (leakages) as well as increase the production of electricity to increase economic growth. Considering the greater role of electricity in the state’s economic progress, intervention from both the state government and the Odisha Electricity Regulatory Commission, the regulatory body of the state, is very much essential.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"58 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140700551","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
Assessing the Viability of the East African Community as a Monetary Union 评估东非共同体作为货币联盟的可行性
International Journal of Economics and Finance Pub Date : 2024-04-05 DOI: 10.5539/ijef.v16n5p54
Aberra Senbeta, Subhadra Ganguli
{"title":"Assessing the Viability of the East African Community as a Monetary Union","authors":"Aberra Senbeta, Subhadra Ganguli","doi":"10.5539/ijef.v16n5p54","DOIUrl":"https://doi.org/10.5539/ijef.v16n5p54","url":null,"abstract":"The objective of this paper is to evaluate the feasibility of the East African Community (EAC) in establishing a successful monetary union. Despite its strong interest and progress, the East African Community (EAC) faces substantial challenges in pursuing a single-currency monetary union. A careful examination of trade data and evaluation of the convergence criteria supports a cautious move toward forming a monetary union rather than its formation for political expediency. The compliance of EAC countries in achieving the target levels of the convergence criteria is, at best, mixed. Mainly, achieving low inflation rates, maintaining lower budget deficit-to-GDP and debt-to-GDP ratios, and building robust foreign reserves were weak. Despite the divergence among member countries in attaining a low and stable inflation rate, overall strong co-movement in inflation rates and the ability to maintain an average inflation rate near the target of eight percent is encouraging. External factors, such as rising financing costs, de-globalization efforts, and geopolitical tensions, complicate the establishment of a monetary union and create uncertainty about its potential benefits. In addition to these new developments, weak trade complementarity, inadequate cross-border infrastructure, expansive non-tariff barriers, and different degrees of compliance with convergence make a speedy move towards monetary union risky. Addressing these observed potential problems before monetary union via harmonization of investment and economic policies, creating robust institutions that foster trust and regional cooperation will mitigate economic and political rivalry and aid in forming an effective monetary union.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"13 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140739896","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
A Note on the Nonlinearities of Brazilian Monetary Policy 关于巴西货币政策非线性的说明
International Journal of Economics and Finance Pub Date : 2024-03-25 DOI: 10.5539/ijef.v16n5p20
F. Mansilla, Elano Ferreira Arruda, Roberto Tatiwa Ferreira
{"title":"A Note on the Nonlinearities of Brazilian Monetary Policy","authors":"F. Mansilla, Elano Ferreira Arruda, Roberto Tatiwa Ferreira","doi":"10.5539/ijef.v16n5p20","DOIUrl":"https://doi.org/10.5539/ijef.v16n5p20","url":null,"abstract":"This note analyzes the occurrence of asymmetry in Brazilian monetary policy considering distinct inflation levels. For this purpose, we use data with monthly frequency between 2003 and 2021 and a nonlinear Taylor rule. The results indicate that under the low inflation scenario, the impact of the deviation of inflation expectations to the target is statistically insignificant, revealing a preference by the monetary authority for price stability. Besides, there is a smoothing process in the conduction of Brazilian monetary policy, and the economic activity and the exchange rate are not statistically significant in the central bank reaction function during the period studied.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":" 13","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140385129","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
Analysing the Effectiveness of Monetary Transmission Mechanism in Mozambique: A VAR Model Approach 分析莫桑比克货币传导机制的有效性：VAR 模型方法
International Journal of Economics and Finance Pub Date : 2024-03-25 DOI: 10.5539/ijef.v16n5p1
Khalilahmad Mussa Bahadur
{"title":"Analysing the Effectiveness of Monetary Transmission Mechanism in Mozambique: A VAR Model Approach","authors":"Khalilahmad Mussa Bahadur","doi":"10.5539/ijef.v16n5p1","DOIUrl":"https://doi.org/10.5539/ijef.v16n5p1","url":null,"abstract":"This study analyses the effectiveness of monetary transmission mechanism in Mozambique spanning from January 2008 to December 2022, employing a Vector Autoregressive (VAR) model. The analysis focuses on Gross Domestic Product (GDP) and inflation, exploring how these variables respond to changes in monetary policy. The study’s findings underscore a negligible impact of monetary transmission channel variables on GDP. In terms of inflation, the study identifies the existence of interest rate, money, and exchange channel, while credit channel exhibit negligible effect. Variance decomposition and impulse response analysis confirm the transitory nature of monetary shocks on GDP and the comparatively stronger influence on inflation.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"114 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140381490","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
Examining the Impact of Baumol’s Cost Disease in Brazilian Municipal Education: A Decade Analysis (2009-2019) 考察鲍莫尔成本病在巴西市政教育中的影响：十年分析（2009-2019 年）
International Journal of Economics and Finance Pub Date : 2024-03-12 DOI: 10.5539/ijef.v16n4p78
Ricardo da Costa Nunes, André Nunes
{"title":"Examining the Impact of Baumol’s Cost Disease in Brazilian Municipal Education: A Decade Analysis (2009-2019)","authors":"Ricardo da Costa Nunes, André Nunes","doi":"10.5539/ijef.v16n4p78","DOIUrl":"https://doi.org/10.5539/ijef.v16n4p78","url":null,"abstract":"This paper examines the phenomenon known as Baumol’s cost disease within the Brazilian educational sector between 2009 and 2019, marked by substantial changes in teacher salaries and student-teacher ratios. Baumol’s cost disease describes the rise in salaries despite low productivity growth in sectors that do not benefit substantially from technological improvements. In education, salaries increased by establishing a national wage floor and decreasing student-teacher ratios. The study adapts Baumol’s model to the modern educational context, analysing the correlation between teacher remuneration and productivity and incorporating contemporary economic and policy dynamics. The findings indicate that, contrary to the theoretical expectation of a U-shaped curve for per capita educational spending, costs per student tend to decrease with the increase in municipal population size, with an exception observed in the largest cities. This paper contributes to the understanding of public spending on education in Brazil, highlighting the need for differentiated policy approaches to manage escalating costs in smaller municipalities and ensure equitable education quality across different municipal sizes.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"21 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140248983","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
The Transmission Mechanism of the European Central Bank Unconventional Monetary Policy: A Global Assessment 欧洲中央银行非常规货币政策的传导机制：全球评估
International Journal of Economics and Finance Pub Date : 2024-02-05 DOI: 10.5539/ijef.v16n3p50
Emmanuel Erem
{"title":"The Transmission Mechanism of the European Central Bank Unconventional Monetary Policy: A Global Assessment","authors":"Emmanuel Erem","doi":"10.5539/ijef.v16n3p50","DOIUrl":"https://doi.org/10.5539/ijef.v16n3p50","url":null,"abstract":"During, and after the 2008 financial crisis, most monetary authorities in advanced economies officially adopted Unconvenetional Monetary Policy (UMP); that involves the mass purchase of treasury and mortgage-backed securities. This policy is intended to serve the purpose of mitigating the effects of crises, especially when the interest rate has reached the so-called Zero Lower Bound (ZLB). This study attempts to examine the transmission mechanism/channels of the European Central Bank (ECB) UMP, including both domestic and international spillover effects by employing a Global Vector Autoregressive (GVAR) model. Generally, the ECB UMP effects show encouraging and positive responses from economies within the Euro Area region while international spillover effects are mixed, probably due to the diverse nature of the monetary policy regimes deployed in the different countries, especially the emerging economies.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"36 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139802679","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
Constructing a Financial Risk Early Warning Model for Chinese Public Hospitals Based on Machine Learning 基于机器学习构建中国公立医院财务风险预警模型
International Journal of Economics and Finance Pub Date : 2024-02-05 DOI: 10.5539/ijef.v16n3p64
Xi Zhao, Bing Lu
{"title":"Constructing a Financial Risk Early Warning Model for Chinese Public Hospitals Based on Machine Learning","authors":"Xi Zhao, Bing Lu","doi":"10.5539/ijef.v16n3p64","DOIUrl":"https://doi.org/10.5539/ijef.v16n3p64","url":null,"abstract":"In today’s increasingly complex healthcare environment, China’s public hospitals face enormous financial challenges. The high degree of uncertainty and suddenness of financial risks make public hospitals need more sophisticated and real-time financial risk early warning mechanisms. To address this challenge, machine learning algorithms are introduced as a powerful tool to construct more accurate and efficient financial risk early warning models.the purpose of this dissertation is to summarize the recent research progress in constructing financial risk early warning models for Chinese public hospitals based on machine learning algorithms. The establishment of financial risk early warning models can not only help hospital management better understand the financial situation, but also identify potential risks in advance, which can provide powerful support for timely adjustment of strategies and countermeasures.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"21 10","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139864368","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
The Transmission Mechanism of the European Central Bank Unconventional Monetary Policy: A Global Assessment 欧洲中央银行非常规货币政策的传导机制：全球评估
International Journal of Economics and Finance Pub Date : 2024-02-05 DOI: 10.5539/ijef.v16n3p50
Emmanuel Erem
{"title":"The Transmission Mechanism of the European Central Bank Unconventional Monetary Policy: A Global Assessment","authors":"Emmanuel Erem","doi":"10.5539/ijef.v16n3p50","DOIUrl":"https://doi.org/10.5539/ijef.v16n3p50","url":null,"abstract":"During, and after the 2008 financial crisis, most monetary authorities in advanced economies officially adopted Unconvenetional Monetary Policy (UMP); that involves the mass purchase of treasury and mortgage-backed securities. This policy is intended to serve the purpose of mitigating the effects of crises, especially when the interest rate has reached the so-called Zero Lower Bound (ZLB). This study attempts to examine the transmission mechanism/channels of the European Central Bank (ECB) UMP, including both domestic and international spillover effects by employing a Global Vector Autoregressive (GVAR) model. Generally, the ECB UMP effects show encouraging and positive responses from economies within the Euro Area region while international spillover effects are mixed, probably due to the diverse nature of the monetary policy regimes deployed in the different countries, especially the emerging economies.","PeriodicalId":508422,"journal":{"name":"International Journal of Economics and Finance","volume":"245 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139862360","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
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