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Comparison of Macroeconomic Performance of Selected Asian Countries. An Econometric Analysis of China Economic Growth and Policy Implications
Hasret Benar Balcioglu,Kivan? Vural
Theoretical and Applied Economics , 2009,
Abstract: This paper compares the key macroeconomics indicators for the selected countries: China, Malaysia, Indonesia, Korea, Rep. and India and also makes an econometric analysis for China for the period 1961-2007. These countries are chosen on the basis of comparability of data and time without measurement errors. This study also investigates six hypotheses considering the impact of several key macroeconomic variables such as domestic saving rate, domestic investment rate, and volatility of savings, volatility of inflation, growth rate of exports and growth rate of real GNP. By using suitable statistical and econometric tests, this paper finds that prevailing performance of China depends on its superior rates of domestic saving and exports. Policies are also suggested from the differentials between the economic performances of China and other chosen Asian countries.
Furrukh Bashir,Shahbaz Nawaz,Rahat Ullah,Muhammad Ramzan Arshad
Australian Journal of Business and Management Research , 2011,
Abstract: Education is always considered as the major determinant for the development of any economy. Enrollment at various levels also shows that how much education is common within the citizens of the country. Considering the importance of enrollment, the current study examines the influence of some macroeconomic variables on various levels i.e. primary, secondary, higher, college, professional and university enrollment in Pakistan. Time series data has been gathered on consumer price index, government revenue, employed labor force, government expenditure, and health expenditure for the period from 1972 to 2010. For long run estimates, Johansen Co integration test is used and short run estimates are taken through error correction model. The results of the study exhibit positive association of employed labor force, government expenditure and health expenditure with primary, secondary, higher, college, professional and university enrollment in Pakistan. On the other side, consumer price index and government revenue have been found to be inversely influencing enrollment at various levels. Short run results are also much favorable for the economy and reveals convergence towards long run equilibrium due to any disturbances in the short run period. At the end study gives some policy implications that government should decrease consumer price index and tax rate and to increase government expenditure in terms of education and health for higher enrollment rates in Pakistan.
Econometric Analysis of Food Crops’ Response to Climate Variability and Macroeconomic Policies’ Reforms in Nigeria (1978-2009)  [cached]
Onoja, Anthony O.,Ajie, E. N.
Asian Journal of Agriculture and Rural Development , 2012,
Abstract: This study investigated the extent to which climate variability (proxied by rainfall variability) and macroeconomic policies influenced food crop output in Nigeria. It used time series data obtained from Central Bank of Nigeria and National Bureau of Statistics (1978-2009). Four functional forms of OLS models were tried. The Cobb-Douglas function was finally adopted based on standard econometric model selection criteria and diagnosis. Chow test was used to test the hypotheses of the study. It was found that rainfall variability influenced crop output negatively. Climatic factor, loans guaranteed by Agricultural Credit Guarantee Scheme Fund and lending rate were all statistically significant drivers of crop output in the economy at p<0.05, p<0.01 and p<0.05 respectively. Their elasticities were respectively 4.01%, 0.52% and 0.98%. No structural difference between the economic reform era and the preceding era s regression coefficients was found. Programmes to stem corruption and loan diversion; subsidization of agricultural credit and climate change adaptation capacity building programmes were recommended to bring about sustainable food security in the country.
O retorno de Keynes
Carvalho, Fernando Cardim de;
Novos Estudos - CEBRAP , 2009, DOI: 10.1590/S0101-33002009000100006
Abstract: one of the first casualties of the current economic crisis was orthodox macroeconomic theory, particularly the strand known as new classical economics, developed in the last two to three decades. the deep and quick collapse of world financial markets in 2007, and the recession initiated in 2008, with no end in sight, allowed a vigorous critical reexamination of orthodox theories and the revival of the economics of keynes in the process. this paper presents the fundamental propositions that define keynes's approach.
Statistical – Econometric Analysis of the Correlations between the Social Security Budget and the Main Macroeconomic Aggregates in Romania
Emilia ?I?AN,Cristina BOBOC,Simona GHI??,Daniela TODOSE
Theoretical and Applied Economics , 2011,
Abstract: This paper analyses the correlation between social security budget and the main macroeconomic indicators (like GDP, monthly average gross earnings, unemployment) in Romania during the period 2000 – 2009. Romania faces a more severe economic recession than originally anticipated. Although the implementation of anti-crisis program was able to lead to normalization of financial conditions, the contraction of economic activity is higher than initial projections. Because of the great policy debate in Romania about the impact of the reduction of pensions and salaries and increases of taxations on the reduction of budget deficit, we have explained in our paper the basic sides of the balanced budget debate. There are three basic sides to the balanced budget debate. The traditionalists argue for a reduction of the budget deficit since it harms the economy. Another group holds the Ricardian view of government debt in believing that there is no real harm done to the economy by the national debt. A third group claims one way or another that the budget deficit is not an adequate measure of fiscal policy. We will argue which of these views is most reasonable, based on a study case. The study is based on official data published by the National Institute of Statistics, with the specification that they are transformed into real values in order to assure the data comparability. The methodology used is the correlation analysis, the factorial analysis and the regression analysis, in order to evaluate the impact of some macroeconomic policies on the budget deficit. Three hypotheses on macroeconomic policies are discussed in the paper and their influences on the budget deficit. The main problem in Romania was that the macroeconomic policies didn't give enough attention to budget deficit in order to keep it under control. This is the main cause of the actual unfavourable economical situation in Romania, with a huge budget deficit, with a decrease in economic activity, with increases of inflation and unemployment. Among the variables used in the study we mention: total incomes, total expenditure, budgetary deficit, unemployment rate, monthly average net earnings, average number of pensioners and social allowance recipients, monthly average pension of pensioners and social allowance recipients, economically active population, monthly average inflation rate. By analysing the correlation between all the studied variables we observe that there is a strong correlation between monthly average pension and monthly average net earnings. Increases in the level of earnings will determine
Wagner's Law in Sri Lanka: An Econometric Analysis  [PDF]
Mayandy Kesavarajah
ISRN Economics , 2012, DOI: 10.5402/2012/573826
Abstract: This study examines whether there is empirical evidence that Wagner's law holds in the Sri Lankan economy using time series annual data over the period from 1960 to 2010 for Sri Lanka, applying cointegration and error correction modeling (ECM) techniques. In particular, this study keeps a special focus to examine the validity of six versions of Wagner's hypothesis, which support the existence of long-run relationship between public expenditure and economic growth. The empirical evidence of this study indicates that while there prevail is a short-run relationship between public expenditure and economic growth, the long-run results showed no strong evidence in support of the validity of the Wagner’s law for Sri Lankan economy. Granger causality analysis also confirms this result. Therefore, the findings of this study pave to broaden this study further for a deeper understanding about the relationship between public expenditure and economic growth by giving more attention on individual items of public expenditure and by including more macroeconomic variables in the econometric model using different methodology in future. 1. Introduction Fiscal policy is a fundamental instrument that can be used to lessen short-run fluctuations in output and employment. Meanwhile, in macroeconomic issues such as high unemployment, inadequate national savings, excessive budget deficits, and large public debt burdens, fiscal policy has been acknowledged to hold center stage in policy debate in both developed and developing economies. During the global economic recession of the 1930s, the government sectors of both developed and developing economies played a vital role in stimulating economic growth and development, as advocated by Keynes. In such situations every economy attempted to promote its economic growth through increasing government expenditures and reducing taxes. These empirical achievements and the Keynesian theoretical outpourings generated considerable interest among economists and policy makers to the issues of fiscal policy as a stabilising force. Public expenditure is a fundamental instrument that influences the sustainability of public finances via effects on fiscal balances and government debt. Moreover, public expenditure can also pursue other objectives, including output, employment, and redistribution, which can contribute to economic welfare. On the other hand, tax policy can also be used to achieve the fiscal policy goals of fair distribution of income and wealth, efficient resource allocation, economic stabilization, and so on, [1]. Taxes affect
Rise, fall and resurrection of chromosome territories: a historical perspective Part II. Fall and resurrection of chromosome territories during the 1950s to 1980s. Part III. Chromosome territories and the functional nuclear architecture: experiments and m  [cached]
T Cremer,C Cremer
European Journal of Histochemistry , 2006, DOI: 10.4081/995
Abstract: Part II of this historical review on the progress of nuclear architecture studies points out why the original hypothesis of chromosome territories from Carl Rabl and Theodor Boveri (described in part I) was abandoned during the 1950s and finally proven by compelling evidence forwarded by laser-uvmicrobeam studies and in situ hybridization experiments. Part II also includes a section on the development of advanced light microscopic techniques breaking the classical Abbe limit written for readers with little knowledge about the present state of the theory of light microscopic resolution. These developments have made it possible to perform 3D distance measurements between genes or other specifically stained, nuclear structures with high precision at the nanometer scale. Moreover, it has become possible to record full images from fluorescent structures and perform quantitative measurements of their shapes and volumes at a level of resolution that until recently could only be achieved by electron microscopy. In part III we review the development of experiments and models of nuclear architecture since the 1990s. Emphasis is laid on the still strongly conflicting views about the basic principles of higher order chromatin organization. A concluding section explains what needs to be done to resolve these conflicts and to come closer to the final goal of all studies of the nuclear architecture, namely to understand the implications of nuclear architecture for nuclear functions.
Validity of the economic thoughts of Keynes and Marx for the 21st century
Dragoljub Stojanov
Zbornik Radova Ekonomskog Fakulteta u Rijeci : ?asopis za Ekonomsku Teoriju i Praksu , 2007,
Abstract: This paper examines the validity of economic thoughts of Karl Marx and John Maynard Keynes for the present time. The paper compares Marx and Keynes, and aims to show that the difference in treatment of the major economic issues between them is not as significant as one may expect. Marx and Keynes held some ideas in common with neo-classical economists especially in the sphere of microeconomics, and they differ from neo-classical economists significantly in their approach to both: macroeconomic issues and their consequences for a society as a whole. They predicted wars in the future, and were speaking about a new, and global world! That is why those giants of economic thought deserve to be re-approached and reexamined, especially as the events of our age remind us of no small extent of the times when they had written
An Econometric Analysis of the Impact of Macroecomomic Variables on Stock Market Movement in Nigeria  [cached]
T.O. Asaolu,M.S. Ogunmuyiwa
Asian Journal of Business Management , 2011,
Abstract: This study investigates the impact of macroeconomic variables on Average Share Price (ASP) and goes further to determine whether changes in macroeconomic variables explain movements in stock prices in Nigeria. Various econometric analysis such as Augmented Dickey Fuller (ADF) test, Granger Causality test, Co-integration and Error Correction Method (ECM) were employed on time series data from 1986-2007 and the results revealed that a weak relationship exists between ASP and macroeconomic variables in Nigeria. The findings further point that ASP is not a leading indicator of macroeconomic performance in Nigeria, albeit, a long run relationship was found between ASP and macroeconomic variables for the period under review.
La economía de Keynes  [cached]
Cata?o José Félix
Cuadernos de Economía , 1998,
Abstract: Cartelier, Jean. L'economie de Keynes, De Boeck-Wesmael, Bruselas, 1955.
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