the determinants of housing tenure choice in ibadan nigeria this paper estimates housing tenure choice models for the ibadan housing market in nigeria the empirical analysis based on a logit regression model reveals that the key determi i nants of the probability of home ownership are income the investment motive for home ownership number of children in the house gender of the head of household stage in family life cycle length of stay in the city and access to land on the basis of ethnic qualification access to institutional sources of housing finance is selective and as such has not been effective in enhancing home ownership across the city

how robust is the kearney foreign policy globalisation index we argue that the kearney foreign policy kfp index of globalisation is constructed by making some problematic assumptions about the measurement normalisation and weighting of the variables included in the index we propose alternative measurement normalisation and weighting rules and using these rules recalculate the ranking of the fifty countries using the original kfp data specifically we use in various combinations i variables adjusted for geographical characteristics of countries ii statistically optimal weights obtained by principal components analysis iii a normalisation rule that treats different years of observations separately we find that the country rankings change significantly when adjusted variables are used indicating that the original kfp index is partially measuring geographical differences between countries

user cost changes unemployment and home ownership evidence from spain this paper develops a macroeconomic model that permits analysis of the relationship between unemployment and home ownership rates using aggregate data at the provincial level within spain besides other influential variables such as the changes of the relative user costs of owning and renting or household life cycle attributes the model constructed permits the authors to question the evidence of oswald nickell and layard and partially of green and hendershott that home ownership leads to higher unemployment the results point out that taking into account the simultaneity determination issue and reducing the omitted variable bias a higher unemployment discourages home ownership

can multinational enterprises light up developing countries evidences from the access to electricity in sub saharan africa summary this paper examines the role that multinational enterprises mnes and foreign direct investments fdi can have in enhancing the access to electricity for local communities in developing countries based on the quality of home and host institutions access to electricity is a marker for development but it is far from being universal in developing countries the shortage of electricity is mainly the consequence of inability of governments in planning financing and developing necessary electricity infrastructure in this context investments from other actors can be essential particularly we focus on the role of fdi and mnes we claim that when mnes invest in developing countries they are incentivized to solve the lack of electricity infrastructure mainly for two reasons to guarantee their business activities and to gain legitimacy with their local stakeholders in addition we argue that mnes and fdi from institutionally underdeveloped countries will be more prone to develop infrastructure for the provision of electricity to local population as generally they suffer from a negative stereotype for this study we rely on 1 547 observations composed of pairs of 83 home countries and 15 host countries in sub saharan africa observed from 2005 to 2011 due to the nature of the database we adopt panel data techniques i e system gmm and corrected least square dummy variable estimators we find that fdi promotes access to electricity in developing countries with weak institutions and this is more likely true when fdi come from institutionally underdeveloped countries these results are far from obvious as they controvert common idea among institutional scholars that a regulatory authority is essential in the provision of infrastructure in conclusion with this paper we partially rehabilitate the image of mnes investing in developing countries by demonstrating that under certain conditions they could contribute to energy poverty alleviation of local population

pollution and economic growth evidence from central and eastern european countries abstract we investigate the relationships between pollution and growth in eleven central and eastern european cee countries aggregate results robust to different estimators and control variables reveal an increasing nonlinear link between gdp and co2 for the group of cee countries however at a disaggregated country level the relationship between gdp and co2 is characterized by much diversity among cee countries namely n shaped inverted n u shaped inverted u monotonic or no statistical link thus despite an aggregated upward trend some cee countries managed to secure both higher gdp and lower co2 emissions from a policy perspective eu policymakers could pay more attention to these countries and amend the current unique environmental policy to account for country heterogeneities in order to support economic growth without damaging the environment

globesity the effects of globalization on obesity and caloric intake abstract we examine the effect of globalization in its economic and social dimensions on obesity and caloric intake namely the so called globesity hypothesis our results suggest a robust association between globalization and both obesity and caloric intake a one standard deviation increase in globalization is associated with a 23 8 percent increase in obese population and a 4 3 percent rise in calorie intake the effect remains statistically significant even after using an instrumental variable strategy to correct for some possible reverse causality and ommited variable bias a lagged structure and corrections for panel standard errors however we find that the primary driver of the globesity phenomenon is the social rather than the economic dimension of globalization and specifically the effect of changes in information flows and social proximity on obesity a one standard deviation increase in social globalization increased the percentage of obese population by 13 7 percent

concentration diversification and earnings instability some evidence on developing countries exports of manufactures and primary products policies aimed at diversification of the commodity composition of exports continue to be advocated as a means of reducing instability in ldcs export earnings the usual assumptions are that earnings from manufactures are more stable than earnings from primary products and that diversification will reduce the covariances between earnings from different pairs of products it is suggested here that for several reasons these assumptions may not be valid evidence is then presented which indicates that across a sample of countries diversification has taken place but has not been accompanied by relatively greater stability in manufactures and favourable changes in covariances

portfolio optimisation and the design of latin american export diversification policies this article applies portfolio optimisation analysis to assess the risk and return characteristics of commodity export structures of selected countries in latin america the analysis is conducted both for the export structure of traditionally exported commodities and for the non traditional agricultural commodities that are being promoted as part of recent export diversification efforts in these countries the results show that portfolio optimisation analysis can provide a valuable tool for the improvement of the risk return properties of various export structures

future orientation promotes climate concern and mitigation abstract climate change entails uncertainties in the timing and scale of future impacts imposing challenges to decision making with intertemporal trade offs when making intertemporal trade offs future impacts are often considered distant and discounted in present decision making and policy design the future however is not only temporally distant but also perceived in culturally and psychologically different ways based on national statistics and individual level survey data statistical analyses show that both national and individual differences in future orientation affect climate perception and mitigation at the national level countries with languages that grammatically highlight the future are associated with higher climate concern lower carbon emissions and energy use and more progress in climate mitigation individual level evidence suggests that future orientation helps the public understand complicated climate issues make more personal mitigation but not necessarily collective action or policy support the findings indicate the important role that subjective future orientation plays in climate perception and decision making both behavioral intervention and climate communication can be designed based on future orientation to better address climate change

commodity price instability and economic goal attainment in developing countries abstract this paper reviews the theoretical and empirical micro and macro foundations for the frequent claims that instabilities in international commodity markets have deleterious effects on goal attainment in primary commodity exporting developing countries this review leads to the conclusion that the available evidence does not support these claims the paper concludes with speculation on why such claims are so strong despite the lack of supporting evidence perhaps it is because of measurement problems and perhaps because of small but articulate groups with vested interests in overstating the problem

what does export diversification do for growth an econometric analysis it is frequently suggested that export diversification contributes to an acceleration of growth in developing countries horizontal export diversification into completely new export sectors may generate positive externalities on the rest of the economy as export oriented sectors gain from dynamic learning activities due to contacts with foreign purchasers and exposure to international competition vertical diversification out of primary into manufactured exports is also associated with growth since primary export sectors generally do not exhibit strong spillovers yet there have been remarkably few empirical investigations into the link between export diversification and growth this paper attempts to examine the hypothesis that export diversification is linked to economic growth via externalities of learning by doing and learning by exporting fostered by competition in world markets the diversification led growth hypothesis is tested by estimating an augmented cobb douglas production function on the bas

an analysis on economic opportunity although economic opportunity is considered as a latent variable it can serve as another factor in promoting growth and development through the construction of an economic opportunity index this article identifies the extensity and intensity channels through which economic opportunity is created data on 24 variables for 184 world economies for the period 2000 to 2010 are collected for the empirical analysis the methodology involves the use of principal component analysis in constructing three indices for the parametric and nonparametric regression analyses the country sample is divided into oecd and non oecd economies so as to examine their different performances extensity seems to be the more important channel to all economies but for non oecd economies a higher performance in intensity can enrich the effect of extensity on economic opportunity

neighborhood externality risk and the homeownership status of properties in contrast to corporate and institutional investors single owner occupiers cannot adequately diversify housing investment risk consequently homeownership should be relatively less likely in places with higher housing investment risk using the american housing survey it is documented that neighborhood externality risk a major component of housing investment risk substantially reduces the probability that a housing unit is owner occupied even when controlling for housing type and numerous location and household specific characteristics the effects are quantitatively meaningful and change in change estimates suggest that the effects are causal

the determinants of smsa homeownership rates abstract aggregate smsa data are used to explain homeownership rates it finds that income house values the size and age distribution of households and the rate of population change in an smsa were significant determinants of the tenure decision on an smsa wide basis in 1970 over 56 of the variance in smsa homeownership rates could be explained by these variables

foreign direct investment and total factor productivity growth new macro evidence although the role of foreign direct investment fdi in facilitating technology transfer is well known in the literature empirical evidence regarding the effect of fdi on growth is mixed the contradictory results in the literature may be due to the failure to account for endogeneity and for the abortive capacity of the hosting countries using panel data for 49 countries over the period 1974 2008 and the existence of investment promotion agencies in the receiving countries as an instrument our results show that increased fdi stock leads to higher productivity growth we also find a significant positive effect on the interaction between fdi stock and distance to the technological frontier suggesting that the ability of technologically backward countries in absorbing technologies developed at the frontiers increases as more fdi stock is accumulated

inequality and development evidence from semiparametric estimation with panel data abstract evidences from nonparametric and semiparametric unbalanced panel data models with fixed effects show that kuznet s inverted u relationship is confirmed when economic development reaches a threshold the model tests justify semiparametric specification the integrated net contribution of control variables to inequality reduction is significant

does globalization affect growth evidence from a new index of globalization the study develops an index of globalization covering its three main dimensions economic integration social integration and political integration using panel data for 123 countries in 1970 2000 it is analysed empirically whether the overall index of globalization as well as sub indexes constructed to measure the single dimensions affect economic growth as the results show globalization indeed promotes growth the dimensions most robustly related with growth refer to actual economic flows and restrictions in developed countries although less robustly information flows also promote growth whereas political integration has no effect

deepening or lessening the effects of tourism on regional inequality abstract in recent years the spatial dimension of inequality has attracted considerable policy interest since regional disparities in economic activity incomes and social indicators often an outcome of ethnic conflicts and a breeding ground for separatist tendencies taking the cross sectional dependence and heterogeneity into account this study examines the impact of tourism on regional inequality from 1995 to 2012 within 113 countries of the world using satellite night light based inequality proxies the results confirm a significant long run equilibrium relationship among the variables across the panels particularly the results from panel fully modified ordinary least squares fmols show that tourism has a negative long run effect on regional inequality suggesting that promoting the development of tourism is an effective tool to achieve more balanced regional development furthermore the results from dumitrescu hurlin granger causality test indicate a unidirectional causality from tourism development to regional inequality these findings complement existing researches and deliver helpful implications for policymakers

commodity concentration and export earnings instability a shift from cross section to time series analysis conventionally commodity concentration has been regarded as a major factor contributing to the short term instability in earnings experienced by developing countries the repeated and unexpected lack of correspondence between the conventional view and results of empirical studies has generated attempts to identify the limitations of the customary analytical framework this paper attempts to derive a more satisfactory alternative framework application of this alternative approach to export data for a sample of developing countries produces results which in contrast to the evidence of previous studies indicate the widespread existence of a statistically significant positive relationship between concentration and export instability

product diversification and stability of employment and sales first evidence from german manufacturing firms we use a unique rich newly built data set for german manufacturing enterprises to investigate the relationship between product diversification and the stability of sales and employment we find that contrary to portfolio theoretic considerations more diversified firms exhibit a higher variability of sales and employment however the effects are negligibly small from an economics point of view

impacts of tangible and intangible elements of aid for trade on the globalisation of developing countries the aid for trade initiative was launched by the wto in 2005 to help developing countries build their supply side capacity and trade related infrastructure to improve their capacity in the global market this study investigates the impacts of both the tangible and intangible elements of this initiative on the economic social and political globalisation of recipient countries intangible elements of aid for trade aid for trade policy and regulation may be considered as the software of aid for trade while tangible elements aid for economic infrastructure and building productive capacity are the hardware countries that receive aid for trade can use both types of elements to succeed in globalisation this research hypothesises that the tangible elements of aid for trade have a singular effect on the overall level of globalisation since they are expected to only increase the level of economic globalisation moreover we expect that the intangible elements of aid for trade will have multiple effects on the overall level of globalisation as they have an impact on not only economic aspects but also social and political aspects of it using the dataset of aid for trade from 2002 to 2015 we find that the intangible elements of aid for trade have increased the recipients level of overall globalisation

co2 emissions in australia economic and non economic drivers in the long run abstractaustralia has sustained a relatively high economic growth rate since the 1980s compared to other developed countries per capita co2 emissions tend to be highest amongst oecd countries creating new challenges to cut back emissions towards international standards this research explores the long run dynamics of co2 emissions economic and population growth along with the effects of globalization tested as contributing factors we find economic growth is not emission intensive in australia while energy consumption is emissions intensive second in an environment of increasing population our findings suggest australia needs to be energy efficient at the household level creating appropriate infrastructure for sustainable population growth high population growth and open migration policy can be detrimental in reducing co2 emissions finally we establish globalized environment has been conducive in combating emissions in this respect we establish the beneficial effect of economic globalization

energy consumption in china and underlying factors in a changing landscape empirical evidence since the reform period abstract in recent decades the phenomenal growth in the chinese economy has created increasing energy consumption this is the first study analysing energy consumption in china considering economic social and political dimensions of globalisation along with the effects from trade and financial sectors the time period covers the full trajectory since the start of economic reform until recent times in this respect we use the konjunkturforschungsstelle kof globalisation index to explore the dynamic link between economic growth financial development trade and various dimensions of globalisation and energy consumption modern time series econometric techniques are used in establishing stationarity long run dynamics and causality of the series the findings suggest that globalisation decreases energy consumption in the short run but increases it in the long run however the effect of financial development on energy consumption in china is opposite to the globalisation effect on energy consumption granger causality reveals a feedback effect between economic globalisation and financial development globalisation in china can only reduce energy consumption if china develops its financial sector to a greater extent in future china should invest in its financial sector and low carbon energy alternatives to achieve sustainable development prevention of energy shortfalls and cleaner environment would assist in bridging the gap both from social and political aspects to ensure china benefits significantly with high economic growth in this asian century

what do we know about economic growth or why don t we know very much summary the last 10 years has seen an explosion in cross country econometric studies of growth driven by two factors new mathematical models of the growth process that lend themselves to econometric testing and new data sets that make such testing possible this paper looks at a selective review of these studies it concludes that the results are disappointing in that no model has proven robust to trial by repeated regression the paper suggests some reasons for this including that the tested models tend to be ahistorical and over simple in terms of their causal accounts it concludes with possible lessons for econometric work in this area 2000 elsevier science ltd all rights reserved

the role of globalization in energy consumption a quantile cointegrating regression approach abstract this paper examines the quantile behavior of the relationship between the nuances of globalization and energy consumption while incorporating capital and economic growth in case of top two most globalized countries netherlands and ireland by employing the recently developed quantile autoregressive distributed lag qardl model of cho et al 2015 the model is estimated using quarterly data over the period 1970q1 2015q4 the results indicate that the relationship is quantile dependent which may reveal misleading results in studies using traditional analyses that address the averages the wald test confirms our findings by rejecting the null hypothesis of parameter constancy for both the netherlands and ireland the changes in energy consumption are more responsive to past levels and past changes in globalization than the adjustment provided by the error correction method ecm interestingly the findings indicate that globalization is positively correlated with energy consumption in the long term for the two countries furthermore globalization shares a robust long term relationship with energy consumption energy consumption is strongly related to globalization in the long term however the short term effects of globalization on energy demand are limited for those countries important policy implications are then suggested based on the empirical results

china s urban housing reform price rent ratio and market equilibrium china s urban housing marketisation hinges on a sensible ratio of housing price to rent this research derives a rational level for such a ratio and examines its distortions under the chinese system it shows that the prevailing housing price to rent ratios are significantly higher than the rational level for both subsidised and free market housing unique chinese housing market equilibria are analysed and policy recommendations on commercialising chinese urban housing are suggested

long range growth economic development in the global network of air links we study the impact of international long distance flights on the global spatial allocation of economic activity to identify causal effects we exploit variation due to regulatory and technological constraints which give rise to a discontinuity in connectedness between cities at a distance of 6000 miles we show that these air links have a positive effect on local economic activity as captured by satellite measured night lights to shed light on how air links shape economic outcomes we first present evidence of positive externalities in the global network of air links connections induce further connections we then find that air links increase business links showing that the movement of people fosters the movement of capital in particular this is driven mostly by capital flowing from high income to middle income but not low income countries taken together our results suggest that increasing interconnectedness generates economic activity at the local level by inducing links between businesses but also gives rise to increased spatial inequality locally and potentially globally

the impact of patent protection on us pharmaceutical exports to developing countries this article provides evidence that patent protection can have a positive effect on trade by analysing the impact of the implementation of intellectual property rights ipr in developing countries on the us exports of pharmaceutical products following intense lobbying efforts from the us pharmaceutical industry to have the trade related aspects of intellectual property rights trips agreement included in the creation of the world trade organization wto a gravity model using panel data from 1995 to 2010 suggests that the implementation of minimum standards of patent protection has increased us exports of pharmaceuticals to 108 nonadvanced countries

does government ideology influence deregulation of product markets empirical evidence from oecd countries this paper examines how government ideology has influenced deregulation of product markets in oecd countries i analyze a dataset of non manufacturing regulation indicators covering energy transport and communication industries in 21 oecd countries over the 1980 2003 period and employ two different indices of government ideology the results suggest that government ideology has had a strong influence on the deregulation process market oriented governments promoted the deregulation of the energy transport and communication industries this finding identifies remarkable differences between leftist and rightwing governments concerning the role of government in the economy and basic elements of political order

globalization and household saving is there a link abstractthis article proposes that globalization can affect household saving in the long run in a number of ways social interactions between different cultures can induce value changes which can result in shifts in consumption and saving behaviour international trade allows consumers to have easier access to status goods stimulating consumption and dampening saving extending from veblen s conspicuous consumption theory saving may also decrease when globalization leads to greater population mobility and fosters urbanization thus enhancing the importance of consumption as a way to display wealth in addition financial globalization reduces credit constraints and allows households to save less using cross country data from the united nations un the oecd and other sources this article finds evidence that household saving declines as globalization deepens especially in the social and cultural dimensions

a new data set measuring income inequality this article presents a new data set on inequality in the distribution of income the authors explain the criteria they applied in selecting data on gini coefficients and on individual quintile groups income shares comparison of the new data set with existing compilations reveals that the data assembled here represent an improvement in quality and a significant expansion in coverage although differences in the definition of the underlying data might still affect inter temporal and international comparability based on this new data set the authors do not find a systematic link between growth and changes in aggregate inequality they do find a strong positive relationship between growth and reduction of poverty

de globalization theories predictions and opportunities for international business research de globalization now a distinct possibility would induce a significant qualitative shift in strategies structures and behaviors observable in international business ib coming to terms with this qualitative shift would require ib research to develop a much deeper integration of politics the key driver of de globalization to support such integration this paper introduces two relevant theories of de globalization from political science liberalism and realism both predict de globalization under current conditions but lead to different expectations about the future world economy liberalism suggests a patchwork of economic linkages while realism predicts the emergence of economic blocs around major countries this paper discusses the resulting opportunities in three areas of ib research political strategies and roles of multinational enterprises mnes global value chains and the role of the national context for political strategies and roles there is a need to explore how regular business activities and deliberate political agency of mnes affect the political sustainability of globalization for value chains questions include their future reach and specialization changes in organizational forms and the impact of political considerations on location decisions research opportunities on national contexts relate to their ability to sustain globalization and their connection with economic and military power

do the personal characteristics of finance ministers affect changes in public debt using a unique dataset of the personal characteristics of national finance ministers in western europe 1980 2010 i show that a finance minister s experience affects the national debt to gdp ratio the increase in the debt to gdp ratio is smaller if the finance minister stays in office for an additional year this result is robust to the inclusion of the personal characteristics of prime ministers and a measure of political stability however the magnitude of the effect is sensitive to how finance ministers are selected in the econometric model when more than one minister holds office during a particular year the estimation of interaction terms further reveals that experience particularly matters in election years or in times of negative gdp growth because an experienced finance minister has the power to restrict the usual increase in the debt to gdp ratio in contrast a finance minister s educational background and ideological leaning have no significant impact on the debt to gdp ratio

globalization party positions and the median voter the authors argue that the effects of economic globalization on social democratic parties in western europe are conditional on the position of the median voter if the median is far enough to the right such parties will adopt business friendly policies because they are required to win office only when the median is relatively far to the left will globalization constrain social democratic parties forcing them to adopt policies further to the right in order to retain credibility it is on this basis the authors argue that empirical studies are misspecified unless they include an interaction between measures of globalization and the position of the median in addition to presenting formal theoretical arguments the article reports empirical findings from fifteen countries in the period from 1973 to 2002 that support the conclusion that the effects of globalization are indeed contingent on the median the authors find that the effects of globalization are significant for social democratic parties only in circumstances in which the median is relatively far to the left

portfolio models and planning for export diversification malawi tanzania and zimbabwe evidence is presented regarding strengths and limitations of portfolio approaches as applied to diversifying export earnings an empirical application using data from malawi tanzania and zimbabwe is used to demonstrate these strengths and limitations modifications of the typical portfolio approach to export diversification are presented these modifications help make the approach more plausible for use in developing countries the modified approach is shown to provide guidance to policymakers who seek simultaneously to increase export earnings and reduce their instability

human capital and economic development abstract this paper develops a general equilibrium model of fertility and human capital investment with young adult mortality because young adult mortality is negatively related to average young adult human capital human capital accumulation lowers mortality inducing demographic transition and industrial revolution data confirm that young adult mortality is related negatively to schooling and the rate of return to schooling and positively to fertility the data indicate a negative relationship between tfp growth and schooling accumulation the model fits the data on country populations per capita incomes human capital total fertility rates infant mortality life expectancy and conditional life expectancy

does diversity matter a fresh inquiry into the energy economy and environment nexus the article extends the literature on the nexus among economy environment and energy by incorporating an index of electricity generation diversity in production and emission functions the index i

spillover effects of economic globalization on co2 emissions a spatial panel approach abstract this paper investigates the spatial effects of economic globalization on co2 emissions in a panel of 83 countries over the period 1985 2013 we apply the spatial panel method to address the problems of spatial dependency and the spillover effect among neighboring countries first the estimation results verify the existence of the spatial correlations in co2 emissions across nations second we find that the indirect effect of economic globalization on co2 emissions is so significantly negative to overcome the positive direct effect which implies a negative and significant total effect so our results suggest that being surrounded by highly globalized countries has a positive effect on the environmental quality finally we also find strong evidence for the inverted u shaped ekc relationship between co2 emissions and income

revisiting the role of tourism and globalization in environmental degradation in china fresh insights from the quantile ardl approach abstract ascertaining sustainable development is a major issue across the globe and the economic growth pattern achieved is a predominant reason behind this the globalization led economic growth achieved by the emerging economies might not be ecologically sustainable as globalization might not have been utilized as a policy tool moreover a sound policy calls for considering the entire data spectrum for the analysis which is largely ignored in the literature this research contributes to the literature by proffering a policy framework for the emerging economies by analyzing the impact of globalization and tourism on environmental degradation by considering the chinese context as a sample following the quantile autoregressive distributed lag model the impact of economic growth globalization and tourism on greenhouse gas emissions carbon dioxide emissions and the ecological footprint in china over 1978q1 2017q4 are analyzed the results demonstrate that economic growth stimulates environmental degradation while the presence of environmental kuznets curve is also validated moreover tourism has been found to exert positive environmental externalities while globalization exerts negative environmental externalities based on the outcomes of the research a comprehensive policy framework has been suggested following which the chinese economy might be able to attain the objectives of sustainable development goals 7 8 and 13

a new look at the benefits of diversification lessons from central america recent trends of export diversification in central america may lower foreign exchange earnings instability there four countries costa rica el salvador honduras and guatemala are analysed across a twenty year period the paper uses united nations commodity trade statistics to explain why costa rica and honduras have enjoyed greater earnings stability in recent years despite the fact that honduras has not greatly diversified its export products and markets despite the growth of new agricultural and manufacturing goods traditional primary products still dominate the countries export portfolios specific products within each of the four broad product category groups contribute to the varied country outcomes summary statistics from the united nations panel data suggest newer agricultural exports have not stabilized guatemalan and salvadoran export earnings while honduras has enjoyed relatively stable banana export revenues and costa rica has benefited from the smooth flow of microelectronic product

currency of denomination and the measurement of export instability the widespread and unexpected absence of statistically significant relationships in analyses of the causes and consequences of export instability has generated attempts to refine measurement of variable sets recently it has been suggested that country rankings are sensitive to the choice of currency numeraire this article investigates the significance of the choice of numeraire for a sample of 66 developing countries the results suggest that the conventional approach of denominating export earnings in terms of us dollars is not seriously deficient and that the selection of an appropriate form of trend correction remains an important consideration

stages of growth in economic development abstract the paper analyses a two sector model of endogenous growth with two common features of economic development stages of sustained growth and underdevelopment traps the model also demonstrates the transitional issues of a temporary underdevelopment trap seemingly sustainable growth and a slowdown in productivity growth the temporary underdevelopment trap occurs when an economy exhibits a regime of extensive growth i e slowly declining growth in physical capital with no growth in human capital but thereafter starts a transition to sustained growth seemingly sustainable growth happens when an economy exhibits a regime of intensive growth i e both capitals grow initially but the growth of human capital subsequently ceases and the economy eventually finds itself in a zero growth trap the model also exhibits the possibility of a slowdown in productivity growth as a temporary phenomenon during the transition from the low growth stage to the high growth stage of an economy facing a new industrial revolution

a new look at the effects of export instability on investment and growth abstract this paper is concerned with the effects of export instability on investment and growth it is shown that past cross sectional empirical studies on the effects of export instability either in prices or in value terms used an incorrect measure of instability that does not properly take account of the share of exports in gdp using a new instability index and a broad set of conditioning variables it is shown that export instability was positively associated with investment but negatively associated with growth in a large sample of countries during the period from the early 1970s to the mid 1980s

is german domestic social policy politically controversial this paper investigates empirically the influence of government ideology on social policy using german data examining the funding and the benefits of social security and public healthcare policy my results suggest that policies implemented by governments dominated by left and rightwing parties were similar over the 1951 2007 period leftwing governments however spent more in the 1970s and rightwing governments did so after german reunification in 1990 since policy convergence encourages new parties to enter the political arena and party platforms on social policy matters are likely to undergo further changes in light of demographic change the observed pattern may thus be a transitory phenomenon

export instability an alternative analysis of causes numerous studies into the causes of the export instability experienced by developing countries have failed to establish any significant relationships this paper suggests that the widely used technique of cross country regression analysis is inappropriate and that the typical explanatory variable set is inadequately specified accordingly analysis is shifted to a time series basis at the level of individual countries and explanatory variables are developed which correspond more closely to the supply and demand determinants of instability applying this alternative model to data for a sample of developing countries produces results which suggest that this approach has considerable explanatory power

globalization and climate change new empirical panel data evidence whether globalization is good or bad for the environment has been studied intensively in recent years however few studies have explicitly provided a general picture of globalization around the world or considered the rich dimensions of globalization outside of economic globalization by applying the new kof globalization index in a panel data sample of 166 countries over the 1990 2009 period our results suggest that on average overall carbon emissions rise with higher levels of economic social and political globalization although the effect varies by oecd and non oecd country group after decomposing the main contributors of carbon emissions our further data from the manufacturing and construction sector yield evidence consistent with a pollution haven effect in terms of climate change

international financial integration and economic growth abstract this paper uses new data and new econometric techniques to investigate the impact of international financial integration on economic growth and also to assess whether this relationship depends on the level of economic development financial development legal system development government corruption and macroeconomic policies using a wide array of measures of international financial integration for 57 countries and an assortment of statistical methodologies we are unable to reject the null hypothesis that international financial integration does not accelerate economic growth even when controlling for particular economic financial institutional and policy characteristics

is full banking integration desirable abstract we analyze the links between banking integration and economic development for a sample of oecd countries we measure banking integration considering indicators that merge not only openness but also connectedness with other banking systems we plug these indicators into income regressions also controlling for other relevant variables considered by the literature in contrast to previous initiatives this second stage explicitly takes into account the differing levels of economic development of the countries in our sample since the benefits of enhanced banking integration might not be generalizable to this end we implement quantile regression also considering the presence of endogenous regressors results show that bank connectedness is more important for economic development than bank openness but the combined effect i e banking integration overall is positive and significant the quantile regression models used in the second stage show that the effects are stronger for the poorest economies

cross sectional estimation of a simultaneous model of tenure choice and housing services demand abstract in this paper we analyze the demand for housing services integrating into a single analysis a systematic treatment of several important conceptual and empirical issues our three major objectives are to 1 evaluate the empirical importance of the simultaneity between the tenure choice and consumption level decisions 2 analyze the relationship between household type and housing demand and 3 present new estimates of the parameters of housing demand which are based on detailed microdata in the process we derive and estimate overall income and price demand elasticities which incorporate the impacts of income and price on both the tenure choice and consumption level decisions

theory and estimation in the economics of housing demand the main purpose of this paper is to review recent theoretical and empirical developments in the economics of housing demand in particular we ask what is known concerning the permanent income elasticity of housing demand vis a vis the current or measured income elasticity what is known concerning price elasticities what is the appropriate functional form for housing demand equations what is the role of demographic variables what is known concerning dynamic aspects of housing demand what appear to be the major sources of bias in existing estimates of demand equations

explaining the spatial variation in homeownership rates results for german regions lerbs o w and oberst c a explaining the spatial variation in homeownership rates results for german regions regional studies this paper employs cross sectional data on ninety six german regions to investigate the interregional variability of homeownership rates among the explanatory variables the analysis includes important regional housing market indicators as well as regional socio demographic composition urbanization and labour market performance an estimation strategy is chosen which accounts for different forms of spatial dependence between the regional units it is found that regional differences in the relative price of owning versus renting and the affordability of owner occupied housing play a key role in explaining why homeownership rates vary so substantially across the country the results indicate significant neighbourhood effects for several variables

openness domestic performance and growth abstract semiparametric estimation shows that growth is contingent on openness domestic performance and level of development economies with low degree of openness can adopt more open policies and stronger measures to achieve better domestic performance and hasten their growth

the structure of inequality and the politics of redistribution against the current consensus among comparative political economists we argue that inequality matters for redistributive politics in advanced capitalist societies but it is the structure of inequality not the level of inequality that matters our theory posits that middle income voters will be inclined to ally with low income voters and support redistributive policies when the distance between the middle and the poor is small relative to the distance between the middle and the rich we test this proposition with data from 15 to 18 advanced democracies and find that both redistribution and nonelderly social spending increase as the dispersion of earnings in the upper half of the distribution increases relative to the dispersion of earnings in the lower half of the distribution in addition we present survey evidence on preferences for redistribution among middle income voters that is consistent with our theory and regression results indicating that the left parties are more likely to participate in government when the structure of inequality is characterized by skew

a hierarchical model of housing choice the main objective of this paper is the construction of an expanded model of housing choice that includes not only tenure choice which has traditionally been the subject of analysis but also other housing characteristic choices in this model the probability of the household making a given tenure choice is estimated at the first level of a choice hierarchy the family s choices over dwelling size and quality are then estimated at succeeding levels of that hierarchy conditionally on the choices which precede them these conditional probabilities can be combined with the probability of tenure choice to produce eight joint probabilities of housing choice in addition for a particular household or group of households we can determine the effect of a change in any of the systems variables on the probability of the families making a given housing choice in the empirical section it is demonstrated that this model provides much greater insight than the conventional tenure choice study regarding the effects o

openness and inflation new empirical panel data evidence abstract the purpose of this paper is to test the hypothesis first documented by romer 1993 that inflation is lower in more open economies according to this hypothesis central banks have a smaller incentive to engineer surprise inflations in economies that are more open because the phillips curve is steeper in this paper the panel data technique has been employed to examine the aforementioned hypothesis concerning the developed and developing countries over the last two decades also comparing with other empirical studies this paper has estimated the relationship between economic globalization as one dimension of the new kof globalization index and inflation the paper s results cast substantial doubts on the conventional view that suggests a robust and negative relationship between trade openness and inflation the estimation result regarding the traditional measure of trade openness indicates a positive and significant association between trade openness and inflation which opposes the view of the romer 1993 hypothesis in contrast the estimation results regarding a new economic globalization index the kof index suggest that higher economic globalization will decrease inflation as supported by the romer 1993 hypothesis for both developed and developing countries during 1990 9 and 2000 9 thus it seems that the new economic globalization measure the kof index which is a broader comprehensive index is a better proxy for openness

revisiting the environmental kuznets curve in a global economy the present study deals with an empirical investigation between co2 emissions energy intensity economic growth and globalization using annual data over the period of 1970 2010 for turkish economy we applied unit root test and cointegration approach in the presence of structural breaks the direction of causality between the variables is investigated by applying the vecm granger causality approach our results confirmed the existence of cointegration between the series the empirical evidence reported that energy intensity and economic growth globalization increase condense co2 emissions the results also validated the presence of environmental kuznets curve ekc the causality analysis shows bidirectional causality between economic growth and co2 emissions this implies that economic growth can be boosted at the cost of environment

a time frequency analysis of trade openness and co2 emissions in france abstract the paper explores the comovement between trade openness and carbon dioxide co2 emissions in france over the period 1960 2013 by using the wavelet tool the investigation offers detailed information about this interaction for different sub periods of time and frequencies it also reveals the lead lag nexus between variables under cyclical and anti cyclical shocks the main findings reveal no comovement at high frequency between trade openness and gas emissions confirming the neutral hypothesis on short term the co2 emissions positively drive the trade openness at medium frequency hence on medium term the inexistence of strong environmental rules stimulate the international trade especially the exports obtained based on pollutant capacities curiously the trade openness positively runs the gas emissions at low frequency herein on long term the interaction between trade and co2 emissions is driven by the business cycle

income distribution and the process of development abstract this paper examines the evolution of the role of income distribution in the process of development it presents a unified model that encompasses the transition between distinct regimes that have characterized the relationship between income inequality and the process of development this unified modeling provides an intertemporal reconciliation for conflicting viewpoints about the effect of inequality on economic growth the classical approach which argues that inequality stimulates capital accumulation and economic growth and the modern approach which suggests in contrast that for sufficiently wealthy economies equality stimulates investment in human capital and economic growth

inter country distancing globalisation and the coronavirus pandemic originating in china the coronavirus has reached the world at different speeds and levels of strength this paper provides an initial understanding of some driving factors and their consequences since transmission requires people the human factor behind globalization is essential globalization a major force behind global wellbeing and equality is highly associated with this factor the analysis investigates the impact globalization has on the speed of initial transmission to a country and on the scale of initial infections in the context of other driving factors our cross country analysis finds that measures of globalization are positively related to the spread of the virus both in speed and scale however the study also finds that globalized countries are better equipped to keep fatality rates low the conclusion is not to reduce globalization to avoid pandemics but to better monitor the human factor at the outbreak and mobilize collaboration forces to curtail diseases