This study is a comparative analysis of the effects of money and capital markets on the Ghanaian economy covering the period from 1991 to 2017 using the dynamic Auto Regressive Distributed Lag (ARDL) framework. Empirical results confirmed the existence of a unique and stable long-run relationship between the money market, capital market and economic growth. In respect of money market indicators, findings confirmed that monetary policy and treasury bills rate have had negative but significant impact on growth in the short- and long-run respectively. More so, total liquidity negatively and significantly influenced the Ghana-ian economy both in the short- and in the long run. Both market capitalisation and total value of stock traded, as proxies of capital market, had positive and significant effects on short-run growth, while both indicators as well as stock market turnover negatively and insignificantly a ected long-run growth. This means that capital market exerts a short-run impact on the country’s economy, while money market exerts both short- and long-run impacts. The lesson relearned is that the money market propels the Ghanaian economy better than the capital market.
This paper examines the causal relationship between nutrition intake, health status, education and economic growth within a six-variate VEC framework, forecast error variance decomposition and impulse response function techniques, covering the period from 1990 to 2013, using quarterly data in Nigeria. This paper includes control variables in order to eliminate variable omission bias, unlike most existing studies. The results suggest the presence of long-run, bicausal relationships between the candidate variables of the study. In addition, the short-run unidirectional causal relationships are found between main variables, including a causal relationship running from nutrition and fiscal policy to education, as well as a causal link running from education and economic growth to health status. These findings support the existing theories. The results based on the model and empirical data suggest that the government should allocate more resources to human development in order to enhance productivity and boost economic growth. Similarly, there is a need to design adequate mechanisms to ensure proper allocation of the limited resources and avoid their embezzlement by corrupt government officials.
The advancement of technology makes smart devices and their applications ever more popular and complex. Tourism is an area where varied and numerous services are required, hence this diversity resulted in a multitude of smart applications and smart systems designed to enhance tourist‘s satisfaction. The present paper investigates the concept of Smart Tourism in the scientific literature and how it can be applied for mobile applications, with particular focus on the most popular Smart Tourism apps for Bucharest. Following the analysis of these apps according to the theoretical framework applied, recommendations for improvement of Bucharest Smart Tourism mobile applications are provided.
In this study, we attempt to examine the factors that explain the spatial price differentials of selected perishable food crops across Nigerian markets. Based on monthly market prices of onions and tomatoes across different States, we examine the implications of climatic variations, cost of transportation and differences in economic sizes on the price spread of these items. The empirical findings from the dynamic heterogeneous panel regressions show that these factors have significant long-run impacts on the difference in food prices across markets. The results highlight climatic differences and transportation costs are important factors in regional price spreads for agricultural commodities and hence the need for specific policies to reduce the prices variability. Policies geared towards improving agriculture value-chain could o er pathways towards mitigating food loss and waste associated with changing climate and transfer costs, and thereby reduction in prices.
The digital age or the 4.0 industry makes its presence felt in all areas of the economy, making serious contributions to its development. The automotive industry is in a phase of change, acting on all its sub-industries such as the automotive tyre industry. We are witnessing a process in which large companies no longer sell a simple car or basic tyres, but resort to new technologies and digitalization to sell complex services tailored to the needs of consumers. Terms such as connectivity, mobility, autonomy became the main pillars in the development of such solutions integrated in the current market. Based on a SWOT analysis and a focus group organized with specialists from the field, this article aims to highlight the tyre industry market, which are the latest trends in the technologies used for development of the tyre industry, which are the factors that contribute to its growth and which are the threats, the opportunities for the big competitors in the market: Bridgestone, Goodyear, Michelin and Pirelli.
In today’s economy, which is extremely challenging and competitive at the same time, many people want to have their own business and manage their own incomes. Entrepreneurship is a key driver of today’s economy. This observation underscores the need to ensure adequate entrepreneurial education, in line with the demands on the labor market. The purpose and role of this experience are to educate students to understand the entrepreneurial activity, to develop their entrepreneurial skills and competencies and the intention to run a business. The learning environment is crucial for a successful entrepreneur and he can generate change. This article describes experiences from developing and using the entrepreneurial learning environment in high schools with a technological profile. In this study 1200 students from three technological high schools were observed, the behavior and the results obtained after studying the specialized economic modules were analyzed. Our goal was to identify the main challenges of these students. In our study, we used a mixed-method: questionnaires, topic-based interviews, direct and participatory observation as data collection methods. According to our results, the main challenges were: difficulties in understanding new entrepreneurial notions due to traditional teaching methods, lack of ICT skills, lack of team learning principles and inefficient communication within a group.
The multiple indicators multiple causes (MIMIC) framework is used to analyze dimensions related to causation and indicators of tax haven status. Robust results were obtained that identify a country’s tax burden and area as causes of a country adopting policies usually observed in tax havens. The level of social security contributions as a proportion of public revenues and the ratio of indirect to direct taxes were found to be statistically significant indicators of tax havens. Data from 68 countries for more than twenty years were analyzed, enabling the results to contribute to a deepening of the current debate about tax havens and their socio-economic profiles.
Celebrity endorsement is a common instrument in marketing. Celebrities are also present in commercials, and this phenomenon is nowadays a trend. This kind of publicity has a high potential since customers are pulled into the VIPs. They are overpowered by their regular daily existence, so they need standards and good examples. This is the motivation for using superstar brand envoys in advertisings as an excellent promoting technique of brands and products. In the period of data and promotions, the tributes can get the consumers’ consideration in publicizing and to expand how the promoted item is being perceived. This is because of their fame, glamour, elegance and charisma. For this reason, the marketers are looking for popular, famous, beautiful, positive testimonials to drive a company’s image and its products. The celebrity brand ambassadors thus play a significant role in a brand’s advertisement and reputation, but also in the consumers’ lives. The stars’ everyday lives, their conduct, the products they use, affect the attitude of the customers of life and the decision to purchase. The purpose of this paper is to determine if celebrity endorsement works for all the consumers or the perception of this trend is different according to the gender of the people. Two groups of customers were asked about celebrity endorsement whether their appearance in ads affects their decision and the desire to purchase a product or not. Recent results have shown that there are still differences between the two categories of customers, men and women, in the perception of celebrity endorsement. All of them think advertising is important, and sometimes they change their choices according to a product’s advertisement. The difference is that women appear to believe more in the endorsements of celebrity brands and their impact effect on the product being marketed than men, who are more pragmatic and reticent about this trend.
Following the subprime crisis, most of the European central banks implemented several unconventional monetary instruments. As a result of the late quantitative easing, there was a shift from stimulating lending to the immediate stimulation of the securities market in the monetary policy of the European Central Bank (ECB) and of the smaller central banks, too. These securities purchase programs, first and second-market transactions, and asset purchases have led to an increase in the stock of securities held by the central banks, whose spill-over effects have not been fully explored yet. The aim of our research is to identify the spill-over effects of the central banks’ unconventional instruments and quantitative easing on currency volatility while considering the relative size of the issuing central bank and the situation of small open economies. By running an adapted version of gravity models, we analyzed a sample of six European central banks and the ECB. Based on our results, the high volatility levels of European currencies around the eurozone have come from their relative smallness and unconventional monetary policy, and considerations about safe havens have a reducing power on F X volatility.