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Results in Journal World Journal of Applied Economics: 39

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World Journal of Applied Economics, Volume 6, pp 99-121; doi:10.22440/wjae.6.2.1

Abstract:
In today's world, it is increasingly important to conduct economic and financial analyzes of enterprises in all sectors to determine strengths, identify weaknesses and adopt strategies that allow them to be at the highest competitive level. In particular, the food sector plays an essential role in the economy of any country, representing a significant contribution to gross domestic product, total employment, and disposable income of households. In this work, we adopt a methodology for measuring efficiency based on the multidirectional efficiency analysis and other mathematical techniques (the calculation of the normal distribution intersection coefficient (NC value), analysis of clusters and principal components, and model fitting) in order to examine the factors that influence the performance of Portuguese enterprises in the food, beverages and tobacco industry for the period of 2006-2013. The results show a characterization of the financial structure of the sector and diagnosis through indexes that identify the strategic positioning of the enterprises in terms of efficiency scores. In addition, we also show that an analysis of the variables that must be approached differently to obtain better results regarding economic performance. Although there is an increase in credit with the acquisition of long-term debts, there is no evidence that this implies the ability of enterprises to grow faster, which affects profitability.
World Journal of Applied Economics, Volume 6, pp 123-138; doi:10.22440/wjae.6.2.2

Abstract:
This paper brings fresh empirical evidence on the relationship between tourism and economic growth for five South European countries over the period 2000Q1-2018Q4 within a multivariate framework. PVAR and panel cointegration analyses are employed to infer the causal relationship between tourism and economic growth. Heterogeneous panel cointegration test reveals a long-run relationship between real GDP, labour force, gross fixed capital formation and tourism. Granger causality validates the bidirectional and unidirectional causal relationship between tourism, labour and economic growth and physical capital and economic growth, respectively. Simultaneously, impulse-response functions of PVAR model highlight the fact that short-run innovations might have a smaller impact on economic growth against a permanent long-run augmentation of these variables. Our findings might leave ample room for government policies to stimulate strategies for higher economic growth.
Fatma Taşdemir
World Journal of Applied Economics, Volume 6, pp 163-167; doi:10.22440/wjae.6.2.4

Abstract:
There is a bulk of literature in analyzing the impacts of exchange rate regimes (ERRs) on capital flows into emerging market economies. However, these studies mainly do not take into account integration and cointegration properties of variables. This paper aims to tackle this important issue by investigating whether ERRs matter for the impacts of the main push (global financial conditions, GFC) and pull (real GDP) factors on capital inflows into emerging market economies. We find that worsening GFC decreases all types of capital inflow except foreign direct investments in case of floating ERR. This impact is statistically significant only for portfolio inflows in case of managed ERR. The pull factor is often positive and statistically significant in determining capital inflows in the long-run only under floating ERRs. These results suggest that the long-run impacts of the main pull and push factors on capital inflows are often magnified under more flexible ERRs.
World Journal of Applied Economics, Volume 6, pp 169-176; doi:10.22440/wjae.6.2.5

Abstract:
After the subprime meltdown, the Federal Reserve focused its attention on US non-farm payroll data in order to pave the way for its fund rate hikes. As time went by, the Federal Reserve deemed particularly one sub-component of this data, namely the increments on average weekly wage growth as a proxy for inflation and thus a plausible explanation for raising the interest rates. In that aspect, we decide to elaborate on this issue further and examine whether this implemented strategy indeed had a reflection in the real market. For doing so, we intend to determine whether there is any causality relation in either direction between US average weekly wage increases and 10-year Treasury Bond rates. We utilize the Toda-Yamamoto causality approach and come up with a statistically significant result between wages and bond rates. For robustness, we also consider the unemployment rate and consumption expenditures as independent variables.
Amir Kia
World Journal of Applied Economics, Volume 6, pp 139-161; doi:10.22440/wjae.6.2.3

Abstract:
This paper analyses the direct impact of fiscal variables on private investment. The current literature ignores one or more fiscal variables and, in many cases, the foreign financing of debt. In this paper, an aggregate investment function for an economy in which firms incur adjustment costs in their investment process is developed. The developed model incorporates the direct impact of government expenditure, public debt and investment, deficits and foreign-financed debt on private investment. The model is tested on US data. It is found that public investment does not have any impact on private investment, but government expenditure, deficit, debt and foreign-financed debt crowd out private investment over the long run. However, deficit crowds in the private investment over the short run.
World Journal of Applied Economics, Volume 6, pp 21-39; doi:10.22440/wjae.6.1.2

Abstract:
Throughout the years, the segmentation of the Italian labor market across regions, classes, genders, skill-levels and sectors has beneted from the supply of migrant labor. Among these migrant laborers, Filipinos met the demand for labor across various sectors where native supply is insufficient for local demand. Nevertheless, despite demand, the migration inflow fluctuates in response to variations in economic and geographic conditions. This study investigates the region-specific drivers of the annual inflow of Filipino migrants to the various regions in Italy. Using the annual arrivals of labor migrants from the Philippines to Italy for the period of 2007-2017, this paper uses static and dynamic estimation techniques by utilizing regional economic and demographic indices. The results show adherence to and diversion from migration theories and expected movements. Regardless of the substantial regional differences, the Filipino migrant stock is the most stable and significant variable in influencing regional migration inflow.
World Journal of Applied Economics, Volume 6, pp 1-19; doi:10.22440/wjae.6.1.1

Abstract:
The purpose of this study is to deal with economic growth with labor market monopsony. The economy is composed of one sector (like in the Solow model) and two groups of households (like in the Stiglitz model). The sector uses capital and labor as inputs. Capital and output markets are perfectly competitive. The population is classified into two - discriminatory and discriminated - groups. Labor market for the discriminatory group is perfectly competitive, whereas it is characterized by monopsony for the latter group. We model the behavior of the household with the concept of disposable income and utility function developed by Zhang (2013, 2017). The model endogenously determines the prot of the rm which is equally distributed among the discriminatory population. We build the model and provide a computational procedure to quantify the response of the model economy in a comparative dynamic setting. We also compare the model outcomes with a labor market under perfect competition and under monopsony. We show that monopsony harms not only national economic growth but also the discriminatory household in the long term.
World Journal of Applied Economics, Volume 6, pp 55-72; doi:10.22440/wjae.6.1.4

Abstract:
A conventional assumption that deserves testing is that small and medium-sized enterprises (SMEs) are most affected by credit crunch. In this respect, a disequilibrium model is designed to analyse the determinants of credit rationing upon a balanced panel of 2,370 mature French SMEs over the period 2002-2010. According to the estimates of simultaneous equations, the desired demand for bank credit is determined by exogenous factors from the supply-side. The credit supply-side validates best trade-off theory, whereas the credit demand-side validates best pecking order theory. The average share of rationed SMEs is seven per cent of the sample, suggesting that access to bank loans is not a major issue for mature French SMEs.
Utku Altunöz
World Journal of Applied Economics, Volume 6, pp 41-54; doi:10.22440/wjae.6.1.3

Abstract:
The aim of this study is to examine the effect of the bond portfolio and equity inflows on the exchange rate dynamics for a set of developing countries, including Turkey, Hungary, New Zealand, India, Russia, Poland, Brazil and Argentina over the period 1997:01-2017:12 by using a Markov-switching model. According to the analysis results, the net bond inflows lead to an increase in the likelihood of a high volatility regime in Turkey and Russia and increases the probability of transition from the high volatility regime to the low volatility regime in Hungary. Additionally, the net bond inflows from New Zealand and Poland to the United States (US) rise the possibility of remaining in the low volatility regime. The net equity inflows from Turkey and Poland to the US lead to a rise in the possibility of remaining in the high volatility regime. Besides, the net equity inflows from Brazil and Argentina to the US lead to a decline in the possibility of remaining in the low volatility state. In the light of the empirical results supporting the "return chasing" hypothesis, this paper argues that credit controls on short-term financial inflows could be an effective means in stabilizing the foreign exchange market.
Fatma Pınar Erdem Küçükbıçakcı, Etkin Özen, Ibrahim Ünalmış
World Journal of Applied Economics, Volume 6, pp 73-89; doi:10.22440/wjae.6.1.5

Abstract:
Macroprudential policies (MPPs) were relatively less used around the world before the 2008 global financial crisis (GFC). In the aftermath of the GFC, they have become popular both in advanced and emerging market countries. Through time, the accumulation of new data across countries has led to a growing body of literature investigating the effectiveness of such policies. In this paper, using a data set of 30 developing and emerging market countries and panel VAR approach with GMM estimation, we contribute to this literature, first, by testing whether MPPs are effective in controlling domestic credit growth after a global liquidity shock. Second, we test whether MPPs are more effective when a combination of MPPs are used to control credit growth. Results indicate that MPPs are effective tools to limit domestic credit growth, especially during the expansion phase of the credit cycle. Second, the number of MPP tools does matter to manage the magnitude and duration of the domestic credit growth effectively. We argue that the insufficient number of MPP implementations are unable to prevent leakages in the system and reduce the effectiveness of MPPs under a global liquidity shock.
World Journal of Applied Economics, Volume 6, pp 91-98; doi:10.22440/wjae.6.1.6

Abstract:
There has been a debate about what measurement is most appropriate for measuring inequality because the classical index does not distinguish between what is fair and unfair distribution of income. In this empirical study, the "Responsibility-Sensitive Egalitarian Theory" is applied for the case of Japan. Our paper firstly tracks the historical evolution of inequalities and concludes that the Japanese accept pre-tax income inequality because they believe their socio-economic class is determined by luck. Secondly, illustrating the Unfairness Lorenz Curve by gender shows that females face more unfairness than males: the pre-tax income of middle-income males increases slightly compared to the fair-income group from 2010 to 2013. However,the opposite is true for females in the bottom and middle classes. Considering there already exists a gender wage gap in Japan, it is necessary to take action to reduce inequality.
World Journal of Applied Economics, Volume 5, pp 53-66; doi:10.22440/wjae.5.2.2

Abstract:
Exchange rate fluctuations in a small open economy are closely related to political trust. Various political announcements exert significant influence on the exchange rate by affecting the expectations of economic actors. Due to information technology and social networks, these statements spread quicker and gain more publicity than ever before. In this paper, we present a dynamic model with adaptive expectations to describe the short and long-run effects of political announcements on the exchange rate. We found that relevant announcements cause significant fluctuations in the short-run but do not affect the long-term equilibrium exchange rate. Our results are also supported by case-studies from Hungary.
World Journal of Applied Economics, Volume 5, pp 31-51; doi:10.22440/wjae.5.2.1

Abstract:
This study aims to contribute to the research on poverty by analysing the association of income poverty with gender inequalities in time use patterns. Based on South Africa's first time-use data compiled in 2000, we explore whether household income poverty has any influence on the typical patterns of time use of women and men. Controlling for a variety of household and individual characteristics, we assess the extent to which living in income poverty produce long hours of work –-in particular unpaid work hours-- using bivariate and multivariate Tobit estimations. Our results show asymmetric impacts of income poverty on women's and men's time allocations controlling for the widely accepted determining factors. While women in poor households spend more time on unpaid work activities, we do not see any significant change in men's unpaid work time with poverty status. Women's total paid and unpaid work time is higher under poverty as the increase in their unpaid work time extends away from the decline in paid work time. Other findings obtained provide supporting evidence presented in previous research: being married/cohabiting with a partner has an increasing impact on women's unpaid work, whereas an opposite impact is observed for their male counterparts. Women's unpaid work time increases with the number of preschool children, whereas it is the paid work time which rises in case of men's work time.
Oumou Kalsoum Diallo,
World Journal of Applied Economics, Volume 5, pp 1-23; doi:10.22440/wjae.5.1.1

Abstract:
Efficient markets hypothesis (EMH) has been a hot topic since its introduction in the 1960s. This problematic is a current topic and has been the subject of many studies with different methods. This paper examines the weak-form efficiency of the WAEMU stock exchange from 11/04/2008 to 23/08/2016. We combined the wavelets approaches and multifractal detrended uctuation analysis (MF-DFA) to analyse the efficient market hypothesis of the BRVM10 index of the WAEMU regional stock change. Our ndings show that the log return of BRVM10 index exhibits a persistent and multifractal process.
World Journal of Applied Economics, Volume 5, pp 25-29; doi:10.22440/wjae.5.1.2

Abstract:
Demand from datacentres makes up a rapidly growing portion of electricity demand in Ireland. Increased demand in turn gives rise to increased renewable generation, mandated by government targets, and a corresponding increase in subsidisation levels. The current method of apportioning renewable subsidy costs may lead to consumers other than datacentres bearing this excess cost of subsidisation. This letter calculates the expected impact on these consumers.
Nazim Kadri Ekinci
World Journal of Applied Economics, Volume 4, pp 55-74; doi:10.22440/wjae.4.2.1

László Szalai
World Journal of Applied Economics, Volume 4, pp 39-53; doi:10.22440/wjae.4.1.3

Serhat Yüksel, Hasan Dinçer, Şenol Emir
World Journal of Applied Economics, Volume 3, pp 26-47; doi:10.22440/wjae.3.2.2

Abstract:
The purpose of the study is to measure the financial performance in Turkish banking sector and to combine the data mining with the multi-criteria decision-making methods. For this purpose, a text-mining process is applied to measure the pairwise comparison of the criteria and the results are used in the integrated models. DEMATEL-GRA and DEMATEL-MOORA are defined as two integrated models. The results show that integrated models give the coherent outcomes and the text-mining process could be adapted properly in the multi-criteria decision-making methods. It is also concluded that foreign banks have better performance in comparison with state and private banks.
Uğur Aytun, Yilmaz Kilicaslan
World Journal of Applied Economics, Volume 3, pp 48-91; doi:10.22440/wjae.3.2.3

Abstract:
One discussion in the literature of economics is the interaction between product life cycle and technological advancement. Firms may enjoy high profits and pay higher wages to the workers due to higher prices by introduction of new products in early stages and product developments in later stages. The aim of this study, by assuming that life cycle stage of a product represents its level of technology intensity, is to measure the innovative capabilities of selected benchmark and MENA countries by developing a maturity index and then to see how MENA countries adapt themselves to relative maturity changes of products at the global level. Empirical findings using COMTRADE bilateral trade data for the period 1996-2013 showed that most of MENA countries’ –especially in Algeria and Turkey- adaptation performance fall in high- and low-tech industries. Moreover, adaptation pattern of MENA countries except for Egypt shows a decreasing trend in the highest growing products World trade. The performance of benchmark countries such as USA, South Korea, and Germany in terms of maturity adaptation was found to be increasing. We found that adaptation performance of MENA countries showed improvements in medium high- and medium low-tech industries mostly due to chemical and plastic industries in the last quarter. All these findings imply to call for policies that give incentive to create young products in high-tech and most demanded industries and to rejuvenate those already exist.
Puruweti Siyakiya
World Journal of Applied Economics, Volume 3, pp 3-24; doi:10.22440/wjae.3.2.1

Abstract:
Using a panel set of 28 European Union member states and Turkey over a period of 1995-2014, this paper examines to what extent institutional quality (economic freedom index) and its sub-indicators (rule of law, regulatory efficiency and market openness) can influence overall economic performance measured by gross value added per capita. The paper expands on existing literature by disaggregate the growth impact of institutions for all countries in the sample, high income and low income countries. The independent variables included in the model are gross fixed capital formation as a percentage of GDP, trade openness, government size, quality of institution, inflation and human capital while gross value added per capita is the dependent variable. Generally, the results show a positive and significant relationship between economic performance and the quality of institution. Precisely, a 1 per cent improvement in institutional quality is predicted to have an effect of increasing gross value added per capita by 1.092 per cent holding other things constant. However, decomposing countries according to their level of economic development the results reveal that the impact of institutional quality on economic performance is more pronounced in middle income countries than high income countries. Moreover, there is significant evidence that improvement of regulatory efficiency promotes economic performance for all countries and countries at different levels of development. Given these differences in the impact of institutional quality on economic performance across countries and also by institutional category this implies that different countries require different institutional settings to foster their growth.
Malgorzata Porada Rochon, Justyna Franc Dabrowska, Radoslaw Suwala
World Journal of Applied Economics, Volume 3, pp 21-37; doi:10.22440/wjae.3.1.2

World Journal of Applied Economics, Volume 2, pp 3-29; doi:10.22440/econworld.j.2016.2.1.kt.0015

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Pinar Karahan, Nilgun Caglarirmak Uslu
World Journal of Applied Economics, Volume 2, pp 31-40; doi:10.22440/econworld.j.2016.2.1.pk.0019

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Sweety Pandey, Mrutyunjaya Mishra, Sweety Pandera
World Journal of Applied Economics, Volume 1, pp 23-33; doi:10.22440/EconWorld.J.2015.1.2.SP.0009

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Noha Emara, Ayah El Said
World Journal of Applied Economics, Volume 1; doi:10.22440/econworld.j.2015.1.2.ne.0013

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Dilek Cetin, Michele Cincera
World Journal of Applied Economics, Volume 1; doi:10.22440/econworld.j.2015.1.1.dc.0008

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Adem Yavuz Elveren
World Journal of Applied Economics, Volume 1; doi:10.22440/econworld.j.2015.1.1.ae.0006

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Sevket Alper Koc, Hakki Cenk Erkin
World Journal of Applied Economics, Volume 1; doi:10.22440/econworld.j.2015.1.1.sk.0004

Abstract:
We develop a model of educational standards that includes inequality in educational opportunities. Our model shows that policymakers setting an output maximizing standard need to consider structural factors such as inequality of income and opportunity, skill mismatch in the economy, profit and wage shares and labor market imperfections. High standards are not optimal under severe educational inequality; they lead to lower output when many cannot access quality education. Optimal standard rises along with increasing opportunities for poor students. Targeted subsidies enhance both distributional and efficiency-related objectives. Other effective policies to extend skilled labor and to improve poor workers income are remedying information problems between employers and workers and distributing more of output gains toward labor.
Bunyamin Demir, Nesrin Alptekin, Yılmaz Kılıcaslan, Mehmet Ergen, Nilgun Caglarirmak Uslu,
World Journal of Applied Economics, Volume 1; doi:10.22440/econworld.j.2015.1.1.bd.0007

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, Erol Hasan Cakmak, Nadir Ocal
World Journal of Applied Economics, Volume 1; doi:10.22440/econworld.j.2015.1.1.hd.0005

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