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Empirical Evidence of Capital Mobility in the EU New Member States

Abstract

This research is focused on the analysis of capital mobility indicators in the EU new member states as capital market union is one of the newest initiative in the EU. We found the most integrated countries are Hungary, the Czech R., Croatia and Estonia. Econometric analysis emphasized the main determinants of capital account openness and of FDI inward stock. The analysis indicates that the level of development, intra-EU trade and FDI inward stock have a positive impact on capital account openness (mobility), while inflation has a negative infl uence. The GDP per capita, intra- EU trade and capital account openness have positive impact on FDI inward stock while inflation and gross fixed capital formation have negative influence. Unexpectedly, fiscal variables and interest rates do not have a significant impact on capital openness. The results show that there is room for improvement in all countries that would enable more favorable access to capital.

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Regional Resilience in Ireland and The Existence of a Two-Tier Recovery

Abstract

This paper focuses on the increasing regional disparities in Ireland, especially since the great recession and assesses the degree to which the recovery has been concentrated in urban areas. Ireland was initially affected by the recession to a greater extent than other countries but has recovered strongly. However, this recovery has not been evenly distributed, with some regions showing greater economic resilience. Using descriptive statistics of GDP per capita (PPP), GVA and employment, this paper examines the extent to which the recovery has been a two-tier recovery. The paper finds evidence to suggest that the recovery has been heavily concentrated in Dublin, and to a lesser extent in Cork and Galway, resulting in an urban-rural divide.

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Generation of Tax Revenues and Economic Development: A Panel-Analysis for Emerging Economies in Asia

Abstract

Particularly in an emerging or developing economy context, generating sufficient tax revenues is essential for the provision and upkeep of well-needed public infrastructure/public capital that supports the development process. However, tax policy can also cause distortionary and negative effects to economic activity and growth, especially if excessive taxation is imposed. The aim of this paper is to examine the role of tax revenues and estimate its overall net impact on economic growth in emerging economies in Asia. The dataset covers emerging economies from South, Southeast, and East Asia during 1998-2015. The results show that tax revenues have an overall positive net impact on the growth rate of real GDP per capita, suggesting the positive effects associated with taxation outweigh the negative and distortionary effects of taxation. Thus, evidence is found that the collection of adequate amounts of tax revenues (with which public investments were financed) contributed significantly to economic development.

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EU cohesion policy as a requirement to voivodeship development pathways

Abstract

Poland joined the European Union on 1 May 2004. By 2007, this had resulted in Poland being the greatest beneficiary of the European cohesion policy due to its low per capita GDP by purchasing power parity at the voivodeship level. The scale of European Structural and Investment Funds brought the possibility for a fundamental acceleration of socio-economic growth in Polish regions. The European Union gradually modified the directions of intervention under the framework of the European cohesion policy, initially orienting this activity principally towards cohesion, but from 2010 directing it mainly towards competitiveness. Of particular significance was the Europe 2020 strategy (2010). In Poland its arrangements were deferred until the signing of the Partnership Agreement for the period 2014-2020, which established extensive support for innovation, competitiveness and the R&D sector. In the final part of the paper, conclusions and recommendations for regional policy are elaborated.

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The Evaluation of Recession Magnitudes in EU Countries during the Great Recession 2008–2010

]. O’Brian, R. M. (2007). A Caution Regarding Rules of Thumb for Variance Inflation Factor. Quality and Quantity, 41, pp.673-690. DOI: 10.1007/s11135-006-9018-6 OECD (2010). 2010 Annual statistics. Available from: https://data.oecd.org/pop/population.htm. Rémond-Tiedrez, I. (2009). Recession in the EU-27: output measures. Eurostat - Statistics in focus 17/2009. World Bank (2015). Available from: http://data.worldbank.org/indicator/NY.GDP.PCAP.CD/countries?display=default. [Accessed 12 April 2016]. World

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Dynamics of Product Complexity in Africa: Structural Estimation Using Structuralists Model

Abstract

Applying the linear LAS (Latin American Structuralists) technological intensity model in Africa, this paper presents African nations are still diversifying their outputs towards the ubiquitous (fewer complexes) products. Put it simple, using the economic complexity index of Africa (explanatory variable) as a proxy for the technological intensity in Africa and per capita GDP gap (explanatory variable) as a proxy for technology gap, the paper presents a significant and positive relationship between economic complexity index of Africa and the time derivative of the economic complexity index of Africa (the explained variable). This implies that “weak” effort African nations exerted so far in diversifying their outputs towards the less ubiquitous commodities and absence of “automatic catch up tendency” (unlike what is presupposed by the mainstream neo-classical growth models). The linear panel data regression is employed on sample of 23 African economies and OECD member economies for the period 1996-2014.

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Tourism policy and territorial imbalances in Spain

Abstract

This paper aims to analyse Spanish tourism policy and its relation to a series of facts. The research combines an extensive review of the existing studies into the aspects of tourism policy linked to government, geography and economy with an examination of statistical sources. The main issues and findings analysed in this study are highlighted below. Firstly, the evolution of tourism policy of Spain in the last 60 years in relation to the process of national economic development is analysed. Secondly, a limited role of tourism on economic and territorial balance as well as changes in the regional distribution in the supply of hotel accommodation is highlighted. Thirdly, territorial changes related to the supply of hotel accommodation and GDP per capita are discussed. Finally, certain topics are suggested for future debate: tourism and imbalance as well as tourism and development.

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Exogenous vs Endogenous Growth in the EU’s EaP and Central Asian Countries

Ladders in the Theory of Growth. The Review of Economic Studies, 58(1), 43. doi: http://dx.doi.org/10.2307/2298044 Guloglu, B., and Tekin, R. B., 2012. A Panel Casuality Analysis of the Relationship among Research and Development, Innovation, and Economic Growth in High-Income OECD Countries. 2(1), 32-47. Hall, R., and Jones, C., 1999. Why do Some Countries Produce So Much More Output Per Worker than Others? The Quarterly Journal of Economics, 114(1), 83-116. doi: http://dx.doi.org/10.1162/003355399555954 Hanushek, E

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Provider-initiated HIV counseling and testing of out patients at community hospitals in Thailand: an economic evaluation using the Markov model

Abstract

Background: Provider-initiated HIV counseling and testing (PIHIVCT) is an important intervention that improves the access to care to HIV-infected patients and subsequently contributes to the success of national HIV/AIDS control efforts. However, in Thailand, the cost-effectiveness of this program is unknown. Objective: Determine the incremental cost-effectiveness ratios (ICER) in terms of Thai Baht per Quality Adjusted Life Year (QALY) of PIHIVCT for outpatient department (OPD) patients in community hospitals of Thailand compared with the current practice. Methods: A model-based health economic evaluation study was conducted based on results from cluster randomized controlled trials in 16 community hospitals of Thailand. The Markov model and the probabilistic sensitivity analysis were used. One-thousand two-hundred seventy-seven HIV-infected patients completed questionnaires on their household expenditure and quality of life using the visual analog scale. Results: In social perspectives, the PIHIVCT program increased a patient’s life span by 5.18 days or 4.15 qualityadjusted days per OPD case and the ICER was 63,588 Baht per QALY gained. The subgroup analysis showed that the PIHIVCT program would be cost-effective for cases younger than 50 years if the ceiling threshold of willing to pay equaled the per capita Gross Domestic Product (GDP). However, this intervention would be cost-effective for all cases of 13-64 year old if the ceiling threshold equaled three times of GDP. Conclusion: The provider-initiated HIV counseling and testing program for OPD patients is more cost-effective than the current practice and should be implemented in health care setting in Thailand.

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Evaluating the Nexus Between Financial Deepening and Economic Growth: Evidence from Ukraine

Abstract

In this paper systemic problems of Ukrainian banking sector are reviewed and the solutions are offered. The main objective of the study is to examine the relationship between a financial deepening and economic growth in Ukraine by estimating several multiple regression models over the 1993 to 2015 period. A real GDP growth per capita was used as an indicator for the economic growth. The domestic credit to private sector (% of GDP) was used as an index of financial depth. The study concludes that financial deepening causes a slight impact on the economic growth of Ukraine. A low level of impact is an indicator of a limitedness of lending to the real economy. This means that banking sector has not become the real driving force of the economic growth in Ukraine yet. The study suggests a statement that policy makers should design the policies which will encourage lending especially high tech production, small and mid-size business, micro financing to the real economy to promote economic growth and increase employment.

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