{"title":"The relationships between economic growth, financial deepening, and information and communication technology: Empirical evidence from Lebanon","authors":"Salah Abosedra, Ali Fakih","doi":"10.17256/JER.2014.19.1.001","DOIUrl":"https://doi.org/10.17256/JER.2014.19.1.001","url":null,"abstract":"The impact of financial deepening and the use of information and communication technology (ICT) in Lebanon\"s economy is empirically investigated by estimating a Vector Error Correction Model (VECM) using data from 1993 to 2009. In the short-run, our empirical results show that neither financial deepening nor ICT seems to impact economic growth. However, there is a unidirectional causality running from economic growth to financial deepening implying that the `demand-following\" hypothesis, in which financial development is a by-product of growth, is supported in the case of Lebanon. In the long-run, economic growth is found to be strongly related to financial deepening and ICT levels. This suggests the absence of evidence for a dampening effect from either financial deepening or ICT developments on cyclical fluctuations in the shortrun, but strong effects in the long-run growth in Lebanon. A major implication of our results is that growth volatility reductions in Lebanon expected from developments of financial markets, or ICT will be slow to materialize.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"1 1","pages":"1-17"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89418766","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":"Convergence of CO2 emission levels: Evidence from African countries","authors":"S. Solarin","doi":"10.17256/JER.2014.19.1.004","DOIUrl":"https://doi.org/10.17256/JER.2014.19.1.004","url":null,"abstract":"This study investigates whether relative per capita CO2 emissions were converging in 39 African countries for the period 1960-2010.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"5 1","pages":"65-92"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82398942","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":"Social learning, herd behaviour and information cascades: A review of the recent developments in relation to their criticisms","authors":"M. Bowden","doi":"10.17256/JER.2013.18.3.001","DOIUrl":"https://doi.org/10.17256/JER.2013.18.3.001","url":null,"abstract":"The social learning literature shows that when agents learn from the actions of others (in addition to their own private information) herd behaviour can arise. In some cases this may take the form of agents entering into an information cascade. Social learning has the potential to provide insights into many areas involving choice including how people choose their political leaders, join public rallies, purchase stocks or potentially make the decision to engage in criminal activities. In the application of social learning it has been asserted that the underlying assumptions are unrealistic and the characteristics associated with social learning are not robust to a relaxation of these assumptions. This paper reviews the growing literature on social learning in relation to these claims.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"96 1","pages":"205-236"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75731254","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":"International trade and economic growth","authors":"Sangjoon Jun","doi":"10.17256/JER.2013.18.3.003","DOIUrl":"https://doi.org/10.17256/JER.2013.18.3.003","url":null,"abstract":"This paper examines the effects of international trade on Latin American countries\" economic growth, utilizing recent panel cointegration testing and estimation techniques. Annual panel data on 22 Latin American countries\" macroeconomic variables over the period 1960-2010 are employed in empirical analysis. Using various heterogeneous panel cointegration and panel causality tests, a reverse uni-directional relationship between trade and growth is found. We could not find evidence for the neoclassical export-led growth hypothesis for the Latin American economies over the sample period. We find evidence for a reverse causation running from output growth to trade. Some explanations and policy implications are provided for the empirical results.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"23 1","pages":"259-291"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77442562","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":"Revisiting the Long-Run Relationship between Wage Inequality and Minimum Wage","authors":"Jin‐Tae Hwang, Sung‐min Kim","doi":"10.17256/JER.2013.18.3.002","DOIUrl":"https://doi.org/10.17256/JER.2013.18.3.002","url":null,"abstract":"Unlike traditional economists, revisionists claim that non-market factors, such as the falling real minimum wage and unionization in the U.S. labor market, may increase wage inequality, in particular in the 1980s, rather than market factors, such as shifts in labor supply and demand. But even though they do not agree with the revisionists\" view, traditional economists have not yet shown explicitly that a falling real minimum wage is unrelated to wage inequality. In this paper, we demonstrate that, using dynamic models, the minimum wage may have a spurious relationship with wage inequality, and that shifts in relative labor supply and demand are still important factors determining wage inequality.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"16 1","pages":"237-257"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86299780","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":"Cross-Border Bond Investment and Foreign Exchange Market Stability in Emerging Market Economies","authors":"Park, Daekeun","doi":"10.17256/JER.2013.18.3.004","DOIUrl":"https://doi.org/10.17256/JER.2013.18.3.004","url":null,"abstract":"This paper investigates if the surge in portfolio debt inflows experienced by some emerging market economies after the global financial crisis can pose a serious threat to the stability of their foreign exchange markets. A regression analysis with panel data reveals that portfolio debt outflows are capable of destabilizing foreign exchange markets when they are accompanied by portfolio equity outflows and other investment outflows. The possibility of large investment outflows to disrupt stability in foreign exchange markets and to give rise to currency crises in emerging market economies calls for the use of various forms of capital flow management measures to manage large capital inflows. The counter-factual analysis presented in this paper reveals that capital controls were more effective in reducing portfolio debt investment inflows than non-residency based capital flow management measures were. The same analysis demonstrates that the effects of capital flow management measures on portfolio debt inflows tend to diminish in the longer run. On the contrary, macro-prudential regulations introduced by emerging market economies were effective in managing the external debt of financial institutions in the long run as well as in the short run.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"115 1","pages":"293-319"},"PeriodicalIF":0.0,"publicationDate":"2013-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79351034","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":"Modelling the dependence of the UK stock market on the US stock market:: A need for multiple regimes","authors":"A. J. Khadaroo","doi":"10.17256/JER.2013.18.2.003","DOIUrl":"https://doi.org/10.17256/JER.2013.18.2.003","url":null,"abstract":"Through the use of regime-switching models, recent empirical research has essentially shown that the dynamics of stock returns depend on the state of one stock market. The present paper extends this analytical framework by allowing the dynamics of returns to depend on the joint-states of two different stock markets. Such an extension is natural given the globalisation of financial markets and the rapid transmission of news from one international stock market to another. In an application involving the S&P500, the FTSE100 and the NIKKEI225 over the period January 1984 - October 2003, UK stock returns are found to depend on the joint-states of the US and UK stock markets three months back. Moreover the contemporaneous dependence of UK stock returns on US stock returns increases with a rising US market and a falling UK market but decreases with a falling US market and a rising UK market. This is consistent with a `rapport de force\" effect whereby the relative strengths of the US and UK stock markets matter in determining the degree of contemporaneous dependence of the UK stock market on the US stock market.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"6 1","pages":"163-189"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83752344","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":"A note on the conventional wisdom in bargaining","authors":"Chongmin Kim","doi":"10.17256/JER.2013.18.2.004","DOIUrl":"https://doi.org/10.17256/JER.2013.18.2.004","url":null,"abstract":"We study a version of the Nash demand game, in which each player demands a portion of the pie of size 1 simultaneously and receives a share proportional to his demand if such an allocation is feasible or receives zero otherwise. The main purpose of this paper is to show how an equal split emerges as a convention in a bargaining situation, and explain why it has survival value. In this paper, the equal split in the Nash demand game emerges in the long run through imitation and mistakes.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"107 1","pages":"191-204"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79346211","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":"Can the Welfare state be enhanced with higher corporate tax in an era of trade liberalization","authors":"Hag-Soo Kim, Sang-yeob Lee, Chang-Min Lee","doi":"10.17256/JER.2013.18.2.002","DOIUrl":"https://doi.org/10.17256/JER.2013.18.2.002","url":null,"abstract":"We investigate globalization (trade liberalization)\"s linkages to corporate tax burdens (the share of corporate tax revenues in GDP) and social welfare expenditures and present three major findings. First, there is no significant evidence of tax competition on the corporate tax burden due to globalization. Instead, we find evidence that a positive or curvilinear relationship exists between globalization and corporate tax burdens. Second, there is a weak possibility that globalization deteriorates the welfare state; as the world economy becomes more integrated, we observe a decrease in the share of social welfare expenditures as a proportion of GDP. Finally, we provide a negative relationship between corporate tax burdens and the share of social welfare expenditures as a proportion of GDP. Conclusively, our finding could suggest two possible relationships among globalization, the corporate tax burden, and social welfare expenditures.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"73 1","pages":"147-162"},"PeriodicalIF":0.0,"publicationDate":"2013-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85947676","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":"Can Labor Market Imperfections Cause Overprovision of Public Inputs","authors":"Diego Martínez, Tomas Sjögren","doi":"10.17256/JER.2013.18.2.001","DOIUrl":"https://doi.org/10.17256/JER.2013.18.2.001","url":null,"abstract":"This paper concerns provision of productive public inputs in the presence of unemployment. It is shown that if the government is able to implement optimal taxes on labor income and profit income, respectively, then the public input will be underprovided. On the other hand, if the government is not able to implement an optimal tax on labor income, e.g. because the labor income tax is determined at another level in the public sector (e.g. the municipal or the state level), then overprovision may occur. We derive an equation which links overprovision of the public input to (i) the employment rate and to (ii) the deviation of the actual labor income tax from the optimal level.","PeriodicalId":90860,"journal":{"name":"International journal of economic research","volume":"116 1","pages":"135-146"},"PeriodicalIF":0.0,"publicationDate":"2013-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81731008","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}