scholarly journals Stranded Assets: How Policy Uncertainty affects Capital, Growth, and the Environment

2021 ◽  
Author(s):  
Lucas Bretschger ◽  
Susanne Soretz
Keyword(s):  
Capital Accumulation ◽  
Political Activism ◽  
Risk Premia ◽  
Precautionary Savings ◽  
Policy Uncertainty ◽  
Portfolio Composition ◽  
Environmental Deterioration ◽  
Capital Growth ◽  
Natural Degradation ◽  
The Government

AbstractThe paper considers stochastic environmental policy and its effects on the environment, portfolio composition, and economic growth. Capital accumulation causes pollution which is reduced by private green services and public abatement. The government subsidizes green services and taxes dirty capital albeit at a rate which may become random, causing unexpected capital write-offs. Tax jumps depend on natural degradation and environmental activism. We derive how uncertainty and political activism affect the risk premia for investors. We analyze the incentives for firms to increase the greenness of production in order to reduce political uncertainty. Stochastic taxation is shown to act as a substitute for green subsidies when uncertainty decreases in the ratio of green services to capital and agents use their green activities strategically. Tax uncertainty may trigger precautionary savings, causing additional growth and enhanced environmental deterioration.

The Agrarian Question in Contemporary Zimbabwe

2019 ◽  
Vol 49 (1) ◽  
Author(s):  
Toendepi Shonhe
Keyword(s):  
Capital Accumulation ◽  
Crop Production ◽  
Job Creation ◽  
Food Crop ◽  
Contract Farming ◽  
Agrarian Question ◽  
Food Crop Production ◽  
The Government ◽  
Agrarian Transition ◽  
Depth Interviews

The reinvestment of rural agrarian surplus is driving capital accumulation in Zimbabwe's countryside, providing a scope to foster national (re-) industrialisation and job creation. Contrary to Bernstein's view, the Agrarian Question on capital remains unresolved in Southern Africa. Even though export finance, accessed through contract farming, provides an impetus for export cash crop production, and the government-mediated command agriculture supports food crop production, the reinvestment of proceeds from the sale of agricultural commodities is now driving capital accumulation. Drawing from empirical data, gathered through surveys and in-depth interviews from Hwedza district and Mvurwi farming area in Mazowe district in Zimbabwe, the findings of this study revealed the pre-eminence of the Agrarian Question, linked to an ongoing agrarian transition in Zimbabwe. This agrarian capital elaborates rural-urban interconnections and economic development, following two decades of de-industrialisation in Zimbabwe. 

scholarly journals Economic policy uncertainty and investment in Spain

SERIEs ◽  
2021 ◽  
Author(s):  
Daniel Dejuan-Bitria ◽  
Corinna Ghirelli
Keyword(s):  
Adverse Effect ◽  
Economic Policy ◽  
Strong Evidence ◽  
Investment Decisions ◽  
Corporate Investment ◽  
Precautionary Savings ◽  
Marginal Effect ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
High Uncertainty

AbstractThe aim of this paper is to investigate the effect of economic policy uncertainty on firms’ investment decisions. We focus on Spain for the period 1998–2014. To measure policy-related uncertainty, we borrow the economic policy uncertainty (EPU) indicator available for this country. We find strong evidence that uncertainty reduces corporate investment. This relationship appears to be nonlinear, being the marginal effect of uncertainty attenuated toward zero during periods of high uncertainty levels. Furthermore, the heterogeneous results suggest that the adverse effect of uncertainty is particularly relevant for highly vulnerable firms. Overall, these results are consistent with the hypotheses that economic policy-related uncertainty reduces corporate investment through increases in precautionary savings or to worsening of credit conditions.

“We Shall Be Outspoken”: Student Political Activism in Post-Independence Ghana, c.1957–1966

2018 ◽  
Vol 54 (2) ◽  
pp. 169-188
Author(s):  
Emmanuel Asiedu-Acquah
Keyword(s):  
Higher Education ◽  
Student Activism ◽  
Political Activism ◽  
University Student ◽  
Student Movement ◽  
Political Order ◽  
The Other ◽  
People's Party ◽  
Kwame Nkrumah ◽  
The Government

This paper looks at student political activism in Ghana in the late 1950s and 1960s. Using Ghanaian and British archives, it examines how students of Ghana’s universities politically engaged with the government of Kwame Nkrumah and his ruling Convention People’s Party (CPP). Student activism manifested most in the conflict between the Nkrumah government, on one hand, and university authorities and students, on the other hand, over the purpose of higher education, university autonomy, and nationalism. The conflict coalesced around the idea of educated youth as model citizens. Contrary to the denial in existing literature, the paper argues that a nascent student movement and tradition of student political activism had emerged since the late 1950s. University student activism established itself as a fulcrum of the country’s evolving postcolonial political order and a bulwark against governmental authoritarianism. In the larger context of the global 1960s, Ghanaian student activism belonged to the wave of youth protests against governments that favored stability and opposed all dissent.

scholarly journals Analysing the Influence of Industrial Value - Added of Small and Micro-sized Firms on Regional FDI in Indonesia

2021 ◽  
Vol 5 (3) ◽  
pp. 157-165
Author(s):  
Celine Canes ◽  
Vanessa Aurelia ◽  
Juan Phillip Yoel Tanesia ◽  
Albert Hasudungan ◽  
Erica Lukas
Keyword(s):  
Capital Accumulation ◽  
Random Effect ◽  
Value Added ◽  
Dual Function ◽  
Robust Standard Error ◽  
The Government ◽  
Role Of The Government ◽  
Fdi Determinants ◽  
Portfolio Investments

The role of Foreign Direct Investment (FDI) has only grown in tandem with globalization, as it plays a dual function by improving capital accumulation whilst simultaneously growing total factor yield, which puts it at an advantage over foreign aids and foreign portfolio investments. Using panel data from 34 Indonesian provinces over the 2015 - 2019 period, this research examined the determinants of provincial FDI and its impact on regional economic development in Indonesia. The random effect method with robust standard error was used to regress the model, and the variables found to be positively significant were the ratio of industrial value added for micro sized firms to regional GDP, as well as the growth rate of industrial value added for small sized firms. Our analysis revealed that micro-sized firms tend to have much higher industrial value added compared to small-sized firms, and that these firms tend to cluster in Western Indonesia. The role of the government should be to foster the growth and competitiveness of small and micro-sized firms, especially for regions where the industrial value added is still low. Further study is suggested on the determinants of industrial value added at the provincial level, as well as more comprehensive research on FDI determinants with a larger dataset.

scholarly journals Scientific Culture and Economic Growth in the Long-Run: On a Capital Perspective

2018 ◽  
Vol 9 (1) ◽  
pp. 39
Author(s):  
Pei-xiao Qi ◽  
Nian Zheng
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Capital Accumulation ◽  
Human Capital Accumulation ◽  
Scientific Culture ◽  
Economic Growth Rate ◽  
Culture Capital ◽  
Long Run ◽  
Capital Growth ◽  
Capital Growth Rate

The cultural capital can be as a kind of asset that embodies, stores and produces the cultural values except for producing the economic values. With the further progress of modern civilization, scientific culture, on an economics perspective, as a combination of intangible and tangible capital, more and more becomes the one of important engine to make economic sustainable growth in the long run for a country. Based on the framework by Barro and Turnvosky, this paper constructed an economic growth model including the factor of scientific culture and mainly found that the impact of scientific culture capital growth rate on human capital accumulation is positive, and then affects economic growth rate. And the greater scientific culture capital growth rate influences the human capital accumulation, the higher economic growth rate is.

scholarly journals Optimal taxation with unobservable investment in human capital

2019 ◽  
Vol 72 (2) ◽  
pp. 501-516 ◽  
Author(s):  
Catarina Reis
Keyword(s):  
Human Capital ◽  
Capital Accumulation ◽  
Optimal Taxation ◽  
Capital Investment ◽  
Physical Capital ◽  
Income Taxes ◽  
Long Run ◽  
Positive Rate ◽  
The Government ◽  
Physical Capital Accumulation

Abstract In a Ramsey model of optimal taxation, if human capital investment can be observed separately from consumption, it is optimal not to distort human or physical capital accumulation in the long run, and only labour income taxes should be used. However, in reality the government can’t always distinguish between investment in human capital and pure consumption, so a tax on labour or consumption will necessarily tax human capital. We find that when investment in human capital is unobservable, the optimal policy is to tax human capital at a positive rate, even in the long run. Whether physical capital should be taxed or not depends on its degree of complementarity with human capital versus labour.

Global Economic Policy Uncertainty and Tourism of Fragile Five Countries: Evidence from Time and Frequency Approaches

2020 ◽  
pp. 004728752092124
Author(s):  
Tsung-Pao Wu ◽  
Hung-Che Wu
Keyword(s):  
Economic Policy ◽  
National Security ◽  
High Frequency ◽  
Annual Data ◽  
Frequency Change ◽  
Policy Uncertainty ◽  
Economic Policy Uncertainty ◽  
The Government ◽  
Changes Over Time ◽  
The Relationship

The purpose of this study is to examine the relationship between global economic policy uncertainty (GEPU) and tourism activities in the Fragile Five (F5) countries, namely, Brazil, India, Indonesia, South Africa, and Turkey. By using wavelet transform context structures and the annual data during the period of 1997–2016. The finding shows that the relationship is generally positive but changes over time, displaying low- to high-frequency cycles. Moreover, the timing and frequency change when GEPU co-moves with tourism. It can be recommended that the government maintain the national security and peace protocols.

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