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  • Maurya, Amit Kumar;

    The paper is a comment on "Transparency, Complementarity and Holdout" by Roy Chowdhury and Sengupta(2012). They analyse a model of multilateral bargaining under the assumption of common discount factor. We show a strong drawback of employing such an assumption.

  • Pihnastyi, Oleh; Ivanovska, Olha;

    The problem of designing a system for optimal operational control of random deviations in the productivity of technological equipment is considered. The synthesized control ensures the synchronization of the productivity of the technological equipment of the production line and asymptotic stability of the given planned state of the flow parameters of the production line for the steady and transient mode of operation.

  • Kostakis, Ioannis; Lolos, Sarantis; Doulgeraki, Charikleia;

    This paper brings empirical evidence on the relationship between cultural heritage assets and economic growth. The case of Greece over the period 1998-2016 is taken as an example. Regional growth is approached through the formulation of a neoclassical growth model augmented with cultural heritage factors. Using panel methods of estimation, the empirical results reveal a positive impact of cultural heritage on regional growth, thus supporting a culture-led growth hypothesis for the Greek economy. In addition, a significant influence of other growth drivers such as physical and human capital, fertility and unemployment on regional growth is evidenced. Our results leave ample room for smart, inclusive and sustainable national, regional and EU policies to operate for the promotion of economic growth.

  • Asongu, Simplice; Meniago, Christelle; Salahodjaev, Raufhon;

    This study investigates: (i) the effect of foreign direct investment (FDI) on total factor productivity (TFP) and economic growth dynamics, and (ii) the relevance of value added from three economic sectors in modulating the established effect of FDI on TFP and economic growth dynamics. The geographical and temporal scopes are respectively 25 Sub-Saharan African countries and the period 1980–2014. The empirical evidence is based on non-interactive and interactive Generalised Method of Moments. The following main findings are established. First, FDI has a positive effect on GDP growth, GDP per capita and welfare real TFP. Second, the effect of FDI is negative on real GDP and TFP, while the impact is insignificant on real TFP growth and welfare TFP. Third, values added to the three economic sectors largely modulate FDI to produce negative net effects on TFP and growth dynamics. Policy implications are discussed with particular emphasis on the need to complement added value across various economic sectors in order to leverage on the benefits of FDI in TFP and economic growth. To the best of knowledge, this is the first study to assess how value added from various economic sectors affect the relevance of FDI on macroeconomic outcomes.

  • Kohnert, Dirk;

    ABSTRACT & RÉSUMÉ & ZUSAMMENFASSUNG : Dark clouds over the EU-Africa Summit 2021 in view of Brexit and Corona ---- Every three years, the AU-EU summit reunites African and EU leaders to outline the future direction of cooperation. The 6th summit had been to reaffirm and renew the partnership between the two blocks already in October 2020, but it was pushed back to the first quarter of 2021 or even later due to COVID-19 crisis. Besides, Brussels had to deal with its own post-Brexit situation and its repercussions on EU-Africa relations, excluding the UK. African states, for their part, wanted to renegotiate the EU-Africa partnership and to balance it with new promising Post-Brexit visions of the British premier Johnson about increased economic ties with the African Angloshere. China and other global players compete with the EU and its member states in the new scramble for African resources. Given that Africa is increasingly courted by other partners it could be inclined to successively limit its relations with the EU and see it as a mere provider of aid and security against Islamic terrorism. This trend was reinforced by the fact that the new EU-Africa strategy still hasn't been approved by EU member states. And a timely replacement of the Cotonou Agreement, which expires in November 2021, is open to question. ___________________________________________________________________________ RÉSUMÉ : Tous les trois ans, le sommet UA-UE réunit les dirigeants africains et européens pour définir l'orientation future de la coopération. Le 6e sommet devait réaffirmer et renouveler le partenariat entre les deux blocs déjà en octobre 2020, mais il a été repoussé au premier trimestre 2021, ou même plus tard, en raison de la crise du COVID-19. En outre, Bruxelles a dû faire face à sa propre situation post-Brexit, compte tenu l'exclusion du Royaume-Uni, et à ses répercussions sur les relations UE-Afrique. Les États africains, pour leur part, souhaitaient renégocier le partenariat UE-Afrique, et l'équilibrer avec les nouvelles visions post-Brexit prometteuses du Premier ministre britannique Johnson sur le renforcement des liens économiques avec l'Anglosphère africaine. La Chine et d'autres acteurs mondiaux sont en concurrence avec l'UE et ses États membre dans la nouvelle ruée vers les ressources africaines. Étant donné que l'Afrique est de plus en plus courtisée par d'autres partenaires, elle pourrait être encline à limiter successivement ses relations avec l'UE et à la considérer comme un simple fournisseur d'aide et de sécurité contre le terrorisme islamique. Cette tendance a été renforcée par le fait que la nouvelle stratégie UE-Afrique n'a toujours pas été approuvée par les États membres de l'UE. Et un remplacement opportun de l'accord de Cotonou, qui expire en novembre 2021, est sujet à caution. _____________________________________________________________________ ZUSAMMENFASSUNG : Alle drei Jahre bringt der AU-EU Gipfel afrikanische und EU-Staats- und Regierungschefs zusammen, um die künftige Richtung der Zusammenarbeit zu skizzieren. Der 6. Gipfel hatte sich zum Ziel gesetzt, die Partnerschaft zwischen den beiden Blöcken bereits im Oktober 2020 zu bekräftigen und zu erneuern, er wurde jedoch aufgrund der COVID-19-Krise auf das erste Quartal 2021 verschoben. Davon unabhängig mußte sich Brüssel erst einmal über seine eigene Situation nach dem Brexit und dessen Auswirkungen auf die Beziehungen zwischen der EU und Afrika klar werden. Die afrikanischen Staaten ihrerseits wollen die Partnerschaft zwischen der EU und Afrika neu verhandeln und sie mit den vielversprechenden Visionen des britischen Premierministers Boris Johnson über verstärkte wirtschaftliche Beziehungen zur afrikanischen Anglosphäre in Einklang bringen. Zudem konkurrieren China und andere Global Player mit der EU und ihren Mitgliedstaaten im Kampf um afrikanische Ressourcen. Angesichts der Tatsache, daß Afrika zunehmend von anderen Partnern umworben wird, könnten seine Führer dazu neigen, ihre Beziehungen zur EU sukzessive einzuschränken und die EU auf ihre Funktion als Anbieter von Hilfe und Sicherheit gegen den islamischen Terrorismus zu begrenzen. Dieser Trend wird noch dadurch verstärkt, daß eine gemeinsame EU-Afrika-Strategie von den EU-Mitgliedstaaten noch nicht einmal verabschiedet wurde. Selbst der rechtzeitige Ersatz des Cotonou-Abkommens, das im November 2021 ausläuft, ist fraglich.

  • Yoo, Sunbin; Hong, Sungwan; Park, Yeongkyung; Okuyama, Akihiro; +3 Authors

    While various policy instruments have attempted to raise environmental concerns in the past decades, it is unclear if these concerns are revealed in the consumer choices of our daily life. In this study, we investigate whether environmental concerns drive the choices of modes of transport through the bike-sharing example in Tokyo and Shanghai. We conducted a survey questionnaire to define three types of environmental concerns and quantitatively estimated their effects on bike-sharing choices using the latent class model, considering individual heterogeneity. The results show that environmental concerns affect bike-sharing choices differently for different people. While the fear of natural disasters and/or an indifference towards the environment would be dominant factors in commuting, the willingness to preserve a natural environment shows substantial correlations to bike-sharing when respondents return from weekend shopping. These differences indicate that relevant policies should be effectively implemented to interact with such environmental concerns.

  • Emran, M.; Ferreira, Francisco; Jiang, Yajing; Sun, Yan;

    This paper extends the Becker-Tomes model of intergenerational educational mobility to a rural economy characterized by farm-nonfarm occupational dualism and provide a comparative analysis of rural China and rural India. The model provides a micro-foundation for the widely used linear-in-levels estimating equation. Returns to education for parents and productivity of financial investment in children's education determine relative mobility, as measured by the slope, while the intercept depends, among other factors, on the degree of persistence in nonfarm occupations. Unlike many existing studies based on coresident samples, the estimates do not suffer from truncation bias. The sons in rural India faced lower educational mobility compared with the sons in rural China in the 1970s to 1990s. To understand the role of genetic inheritance, Altonji et al. (2005) sensitivity analysis is combined with the evidence on intergenerational correlation in cognitive ability in economics and behavioral genetics literature. The observed persistence can be due solely to genetic correlations in China, but not in India. Fathers' nonfarm occupation and education were complementary in determining a sons' schooling in India, but separable in China. There is evidence of emerging complementarity for the younger cohorts in rural China. Structural change in favor of the nonfarm sector contributed to educational inequality in rural India. Evidence from supplementary data on economic mechanisms suggests that the model provides plausible explanations for the contrasting roles of occupational dualism in intergenerational educational mobility in rural India and rural China.

  • Chen, Lipeng; Yu, Yang; Addis, Amsalu K.; Guo, Xiao;

    Education is a fundamental factor to enhance a country’s comprehensive national strength and international competitiveness. Recently, several governments have been attracting investments in educational sectors in contemplation of meliorating a country’s overall strength. This study empirically assesses and compares the educational efficiency of 29 major countries across the world using panel data for 2010–2016 by employing data envelopment analysis (DEA) and the super-slacks-based measure (super-SBM) model at the static level combined with the Malmquist index (MI) to investigate educational efficiency at the dynamic level. The results indicate, inter alia, huge average education efficiency differences existed among the studied countries, the highest being Japan (3.2845) and lowest Norway (0.4137), there are differences in the bias of technological progress among the studied countries during the sample period and technological progress directly affects the sustainability of educational efficiency, the growth rate of total factor productivity (TFP) index has been reduced in 2010–2013 but increased in 2014–2016 and techno-logical progress has been the dominant factor influencing the rise of the education TFP index. Based on the results, this study identifies the merits and drawbacks of education efficiency across the sample countries and presents relevant recommendations to promote investment in the education sector and human capital.

  • Sinha, Avik;

    This paper investigates the causal associations between Information and communication technology (ICT) exports, internet usage, economic growth, and CO2 emission. We use two modes of ICT exports, namely ICT goods exports, and ICT services exports. Similarly, two modes have been used for internet usage, namely number of broadband connections per 100 people, and number of internet users per 100 people. By studying 28 OECD countries for 1991-2015 and employing an error-correction model for detecting Granger causality, we find a series of short-run causal associations among the four variables. The long-run causal association results show that the economic growth is likely to converge to the long-run equilibrium path in keeping with the changes in the other three variables. Our main finding is that the group of developing countries should foster an environment, which will not only boost the ICT service exports, but also will make the penetration of broadband connections in a better way.

  • Hu, Arthur; Hu, Xingwei; Tong, Hui;

    The embrace of globalization and protectionism among economies has ebbed and flowed over the past few decades. These fluctuations call for quantitative analytics to help countries improve their trade policies. Changing attitudes about globalization also imply that the best trade policies may vary over time and be country-specific. We argue that the imports and exports of all economies constitute a counterbalanced network where conflict and cooperation are two sides of the same coin. Quantitative competitiveness is then formulated for each country using a network counterbalance equilibrium. A country could improve its relative strength in the network by embracing globalization, protectionism, trade collaboration, or conflict. This paper presents the necessary conditions for globalization and trade wars, evaluates their side effects, derives national bargaining powers, identifies appropriate targets for conflict or collaboration, and recommends fair resolutions for trade conflicts. Data and events from the past twenty years support these conditions.

Advanced search in
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9,913 Research products
  • Maurya, Amit Kumar;

    The paper is a comment on "Transparency, Complementarity and Holdout" by Roy Chowdhury and Sengupta(2012). They analyse a model of multilateral bargaining under the assumption of common discount factor. We show a strong drawback of employing such an assumption.

  • Pihnastyi, Oleh; Ivanovska, Olha;

    The problem of designing a system for optimal operational control of random deviations in the productivity of technological equipment is considered. The synthesized control ensures the synchronization of the productivity of the technological equipment of the production line and asymptotic stability of the given planned state of the flow parameters of the production line for the steady and transient mode of operation.

  • Kostakis, Ioannis; Lolos, Sarantis; Doulgeraki, Charikleia;

    This paper brings empirical evidence on the relationship between cultural heritage assets and economic growth. The case of Greece over the period 1998-2016 is taken as an example. Regional growth is approached through the formulation of a neoclassical growth model augmented with cultural heritage factors. Using panel methods of estimation, the empirical results reveal a positive impact of cultural heritage on regional growth, thus supporting a culture-led growth hypothesis for the Greek economy. In addition, a significant influence of other growth drivers such as physical and human capital, fertility and unemployment on regional growth is evidenced. Our results leave ample room for smart, inclusive and sustainable national, regional and EU policies to operate for the promotion of economic growth.

  • Asongu, Simplice; Meniago, Christelle; Salahodjaev, Raufhon;

    This study investigates: (i) the effect of foreign direct investment (FDI) on total factor productivity (TFP) and economic growth dynamics, and (ii) the relevance of value added from three economic sectors in modulating the established effect of FDI on TFP and economic growth dynamics. The geographical and temporal scopes are respectively 25 Sub-Saharan African countries and the period 1980–2014. The empirical evidence is based on non-interactive and interactive Generalised Method of Moments. The following main findings are established. First, FDI has a positive effect on GDP growth, GDP per capita and welfare real TFP. Second, the effect of FDI is negative on real GDP and TFP, while the impact is insignificant on real TFP growth and welfare TFP. Third, values added to the three economic sectors largely modulate FDI to produce negative net effects on TFP and growth dynamics. Policy implications are discussed with particular emphasis on the need to complement added value across various economic sectors in order to leverage on the benefits of FDI in TFP and economic growth. To the best of knowledge, this is the first study to assess how value added from various economic sectors affect the relevance of FDI on macroeconomic outcomes.

  • Kohnert, Dirk;

    ABSTRACT & RÉSUMÉ & ZUSAMMENFASSUNG : Dark clouds over the EU-Africa Summit 2021 in view of Brexit and Corona ---- Every three years, the AU-EU summit reunites African and EU leaders to outline the future direction of cooperation. The 6th summit had been to reaffirm and renew the partnership between the two blocks already in October 2020, but it was pushed back to the first quarter of 2021 or even later due to COVID-19 crisis. Besides, Brussels had to deal with its own post-Brexit situation and its repercussions on EU-Africa relations, excluding the UK. African states, for their part, wanted to renegotiate the EU-Africa partnership and to balance it with new promising Post-Brexit visions of the British premier Johnson about increased economic ties with the African Angloshere. China and other global players compete with the EU and its member states in the new scramble for African resources. Given that Africa is increasingly courted by other partners it could be inclined to successively limit its relations with the EU and see it as a mere provider of aid and security against Islamic terrorism. This trend was reinforced by the fact that the new EU-Africa strategy still hasn't been approved by EU member states. And a timely replacement of the Cotonou Agreement, which expires in November 2021, is open to question. ___________________________________________________________________________ RÉSUMÉ : Tous les trois ans, le sommet UA-UE réunit les dirigeants africains et européens pour définir l'orientation future de la coopération. Le 6e sommet devait réaffirmer et renouveler le partenariat entre les deux blocs déjà en octobre 2020, mais il a été repoussé au premier trimestre 2021, ou même plus tard, en raison de la crise du COVID-19. En outre, Bruxelles a dû faire face à sa propre situation post-Brexit, compte tenu l'exclusion du Royaume-Uni, et à ses répercussions sur les relations UE-Afrique. Les États africains, pour leur part, souhaitaient renégocier le partenariat UE-Afrique, et l'équilibrer avec les nouvelles visions post-Brexit prometteuses du Premier ministre britannique Johnson sur le renforcement des liens économiques avec l'Anglosphère africaine. La Chine et d'autres acteurs mondiaux sont en concurrence avec l'UE et ses États membre dans la nouvelle ruée vers les ressources africaines. Étant donné que l'Afrique est de plus en plus courtisée par d'autres partenaires, elle pourrait être encline à limiter successivement ses relations avec l'UE et à la considérer comme un simple fournisseur d'aide et de sécurité contre le terrorisme islamique. Cette tendance a été renforcée par le fait que la nouvelle stratégie UE-Afrique n'a toujours pas été approuvée par les États membres de l'UE. Et un remplacement opportun de l'accord de Cotonou, qui expire en novembre 2021, est sujet à caution. _____________________________________________________________________ ZUSAMMENFASSUNG : Alle drei Jahre bringt der AU-EU Gipfel afrikanische und EU-Staats- und Regierungschefs zusammen, um die künftige Richtung der Zusammenarbeit zu skizzieren. Der 6. Gipfel hatte sich zum Ziel gesetzt, die Partnerschaft zwischen den beiden Blöcken bereits im Oktober 2020 zu bekräftigen und zu erneuern, er wurde jedoch aufgrund der COVID-19-Krise auf das erste Quartal 2021 verschoben. Davon unabhängig mußte sich Brüssel erst einmal über seine eigene Situation nach dem Brexit und dessen Auswirkungen auf die Beziehungen zwischen der EU und Afrika klar werden. Die afrikanischen Staaten ihrerseits wollen die Partnerschaft zwischen der EU und Afrika neu verhandeln und sie mit den vielversprechenden Visionen des britischen Premierministers Boris Johnson über verstärkte wirtschaftliche Beziehungen zur afrikanischen Anglosphäre in Einklang bringen. Zudem konkurrieren China und andere Global Player mit der EU und ihren Mitgliedstaaten im Kampf um afrikanische Ressourcen. Angesichts der Tatsache, daß Afrika zunehmend von anderen Partnern umworben wird, könnten seine Führer dazu neigen, ihre Beziehungen zur EU sukzessive einzuschränken und die EU auf ihre Funktion als Anbieter von Hilfe und Sicherheit gegen den islamischen Terrorismus zu begrenzen. Dieser Trend wird noch dadurch verstärkt, daß eine gemeinsame EU-Afrika-Strategie von den EU-Mitgliedstaaten noch nicht einmal verabschiedet wurde. Selbst der rechtzeitige Ersatz des Cotonou-Abkommens, das im November 2021 ausläuft, ist fraglich.

  • Yoo, Sunbin; Hong, Sungwan; Park, Yeongkyung; Okuyama, Akihiro; +3 Authors

    While various policy instruments have attempted to raise environmental concerns in the past decades, it is unclear if these concerns are revealed in the consumer choices of our daily life. In this study, we investigate whether environmental concerns drive the choices of modes of transport through the bike-sharing example in Tokyo and Shanghai. We conducted a survey questionnaire to define three types of environmental concerns and quantitatively estimated their effects on bike-sharing choices using the latent class model, considering individual heterogeneity. The results show that environmental concerns affect bike-sharing choices differently for different people. While the fear of natural disasters and/or an indifference towards the environment would be dominant factors in commuting, the willingness to preserve a natural environment shows substantial correlations to bike-sharing when respondents return from weekend shopping. These differences indicate that relevant policies should be effectively implemented to interact with such environmental concerns.

  • Emran, M.; Ferreira, Francisco; Jiang, Yajing; Sun, Yan;

    This paper extends the Becker-Tomes model of intergenerational educational mobility to a rural economy characterized by farm-nonfarm occupational dualism and provide a comparative analysis of rural China and rural India. The model provides a micro-foundation for the widely used linear-in-levels estimating equation. Returns to education for parents and productivity of financial investment in children's education determine relative mobility, as measured by the slope, while the intercept depends, among other factors, on the degree of persistence in nonfarm occupations. Unlike many existing studies based on coresident samples, the estimates do not suffer from truncation bias. The sons in rural India faced lower educational mobility compared with the sons in rural China in the 1970s to 1990s. To understand the role of genetic inheritance, Altonji et al. (2005) sensitivity analysis is combined with the evidence on intergenerational correlation in cognitive ability in economics and behavioral genetics literature. The observed persistence can be due solely to genetic correlations in China, but not in India. Fathers' nonfarm occupation and education were complementary in determining a sons' schooling in India, but separable in China. There is evidence of emerging complementarity for the younger cohorts in rural China. Structural change in favor of the nonfarm sector contributed to educational inequality in rural India. Evidence from supplementary data on economic mechanisms suggests that the model provides plausible explanations for the contrasting roles of occupational dualism in intergenerational educational mobility in rural India and rural China.

  • Chen, Lipeng; Yu, Yang; Addis, Amsalu K.; Guo, Xiao;

    Education is a fundamental factor to enhance a country’s comprehensive national strength and international competitiveness. Recently, several governments have been attracting investments in educational sectors in contemplation of meliorating a country’s overall strength. This study empirically assesses and compares the educational efficiency of 29 major countries across the world using panel data for 2010–2016 by employing data envelopment analysis (DEA) and the super-slacks-based measure (super-SBM) model at the static level combined with the Malmquist index (MI) to investigate educational efficiency at the dynamic level. The results indicate, inter alia, huge average education efficiency differences existed among the studied countries, the highest being Japan (3.2845) and lowest Norway (0.4137), there are differences in the bias of technological progress among the studied countries during the sample period and technological progress directly affects the sustainability of educational efficiency, the growth rate of total factor productivity (TFP) index has been reduced in 2010–2013 but increased in 2014–2016 and techno-logical progress has been the dominant factor influencing the rise of the education TFP index. Based on the results, this study identifies the merits and drawbacks of education efficiency across the sample countries and presents relevant recommendations to promote investment in the education sector and human capital.

  • Sinha, Avik;

    This paper investigates the causal associations between Information and communication technology (ICT) exports, internet usage, economic growth, and CO2 emission. We use two modes of ICT exports, namely ICT goods exports, and ICT services exports. Similarly, two modes have been used for internet usage, namely number of broadband connections per 100 people, and number of internet users per 100 people. By studying 28 OECD countries for 1991-2015 and employing an error-correction model for detecting Granger causality, we find a series of short-run causal associations among the four variables. The long-run causal association results show that the economic growth is likely to converge to the long-run equilibrium path in keeping with the changes in the other three variables. Our main finding is that the group of developing countries should foster an environment, which will not only boost the ICT service exports, but also will make the penetration of broadband connections in a better way.

  • Hu, Arthur; Hu, Xingwei; Tong, Hui;

    The embrace of globalization and protectionism among economies has ebbed and flowed over the past few decades. These fluctuations call for quantitative analytics to help countries improve their trade policies. Changing attitudes about globalization also imply that the best trade policies may vary over time and be country-specific. We argue that the imports and exports of all economies constitute a counterbalanced network where conflict and cooperation are two sides of the same coin. Quantitative competitiveness is then formulated for each country using a network counterbalance equilibrium. A country could improve its relative strength in the network by embracing globalization, protectionism, trade collaboration, or conflict. This paper presents the necessary conditions for globalization and trade wars, evaluates their side effects, derives national bargaining powers, identifies appropriate targets for conflict or collaboration, and recommends fair resolutions for trade conflicts. Data and events from the past twenty years support these conditions.

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