Price response of herd off-take under market liberalization in a developing cattle sector: panel analysis applied to Kenya's ranching

2009 ◽  
Vol 14 (2) ◽  
pp. 263-280 ◽  
Author(s):  
DICKSON M. NYARIKI
Keyword(s):  
Economic Policy ◽  
Statistical Power ◽  
Climatic Factors ◽  
Price Change ◽  
Panel Analysis ◽  
Classical Dynamic ◽  
Price Response ◽  
Long Run ◽  
Run Off ◽  
Supply Model

ABSTRACTThe influence of price, in view of macro-economic policy change and a set of other factors, on herd off-take rates from ranches in Kenya over a period of 17 years was assessed. An AR(1) equation, based on Nerlove's classical dynamic supply model, was derived and fitted to panel data using the Cochrane–Orcutt procedure. Pooling of data was done to circumvent data insufficiency, thereby improving the statistical power of the analysis. Results indicate that price change has had a significant effect on ranch herd off-take, and climatic factors also account for long-run off-take levels.

Forming Sources of Long-run Growth: How to Understand Them?

2014 ◽  
pp. 4-20 ◽  
Author(s):  
G. Idrisov ◽  
S. Sinelnikov-Murylev
Keyword(s):  
Economic Growth ◽  
Growth Rate ◽  
Economic Policy ◽  
Business Cycle ◽  
Capital Markets ◽  
Productivity Growth ◽  
Government Spending ◽  
Long Run ◽  
Accelerate Growth ◽  
Budget Institutions

The paper analyzes the inconsequence and problems of Russian economic policy to accelerate economic growth. The authors consider three components of growth rate (potential, Russian business cycle and world business cycle components) and conclude that in order to pursue an effective economic policy to accelerate growth, it has to be addressed to the potential (long-run) growth component. The main ingredients of this policy are government spending restructuring and budget institutions reform, labor and capital markets reforms, productivity growth.

scholarly journals Sector Volatility Spillover and Economic Policy Uncertainty: Evidence from China’s Stock Market

Mathematics ◽  
2021 ◽  
Vol 9 (12) ◽  
pp. 1411
Author(s):  
Xiaqing Su ◽  
Zhe Liu
Keyword(s):  
Economic Policy ◽  
Stock Market ◽  
Asset Allocation ◽  
Policy Uncertainty ◽  
Volatility Spillover ◽  
Economic Policy Uncertainty ◽  
Long Run ◽  
Transmission Structure ◽  
Long Term Impact

Following generalized variance decomposition, we identify the transmission structure of financial shock among ten sectors in China. Then, we examine whether economic policy uncertainty (EPU) affects it through GARCH-MIDAS regression. We find that consumer discretionary, industrials, and materials sectors are systemically important industries during the sample period. Further research of dynamic analysis shows that each sector acts in a time-varying role in this structure. The results of the GARCH-MIDAS regression indicate that none of the selected EPU indexes has a significant long-term impact on the total volatility spillover of the inter-sector stock market in China. However, the EPUs do affect some sectors’ spillover indexes in the long run, and they are significantly heterogeneous. This paper can provide regulatory suggestions for policymakers and reasonable asset allocation and risk avoidance methods for investors.

The effect of economic policy uncertainty on US tourism net exports

2021 ◽  
pp. 135481662110253
Author(s):  
Abebe Hailemariam ◽  
Kris Ivanovski
Keyword(s):  
Economic Policy ◽  
Policy Uncertainty ◽  
Structural Vector Autoregression ◽  
Economic Policy Uncertainty ◽  
Vector Autoregression Model ◽  
Long Run ◽  
Negative Effect ◽  
Positive Shock ◽  
Net Export ◽  
Positive Effect

This article models the endogenously interrelated relationship between global economic policy uncertainty (EPU), world industrial production (WIP), and the demand for US tourism net export (TNX) expenditures. To do so, we apply an identified structural vector autoregression model over monthly data spanning from January 1999 to October 2020. Our findings reveal that a positive shock in WIP has a significant positive effect on demand for TNXs. In contrast, unanticipated increases in price and EPU have a statistically significant negative effect on TNXs. Our results show that, in the long run, a one standard deviation shock in global EPU explains about 26.05% of the variations in tourism net service exports.

Geopolitical risk, economic growth, economic uncertainty and international inbound tourism: an Indian Illustration

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Sudeshna Ghosh
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Trade Openness ◽  
Policy Uncertainty ◽  
Tourism Demand ◽  
Content Type ◽  
Economic Policy Uncertainty ◽  
Long Run ◽  
Geopolitical Risks

Purpose This paper aims to consider the role of geopolitical risk in explaining tourism demand in India, a major tourist destination of the Asian region. Furthermore, the study also considers how in addition to geopolitical risk, economic policy uncertainty, economic growth, exchange rate, inflation and trade openness impact tourism demand. Design/methodology/approach The Bayer and Hanck (2013) method of cointegration is applied to explore the relationship between geopolitical risk and tourism demand. Furthermore, the study has also used the auto distributed lag model to determine whether there is a long-run cointegrating association between tourism demand, geopolitical risk, economic policy uncertainty, economic growth, exchange rate and trade openness. Finally, the vector error correction model confirms the direction of causality across the set of the major variables. Findings This paper finds that geopolitical risk adversely impacts inbound international travel to India. This study also obtains the consistency of the results across different estimation techniques controlling for important macro variables. The Granger causality test confirms the unidirectional causality from geopolitical risk to tourism and further from economic uncertainty to tourism. The findings from the study confirm that geopolitical risks have long-term repercussions on the tourism sector in India. The results indicate that there is an urgent need to develop a pre-crisis management plan to protect the aura of Indian tourism. The tourism business houses should develop skilful marketing strategies in the post-crisis to boost the confidence of the tourists. Research limitations/implications This paper provides valuable practical implications to tourism business houses. The tourism business houses can explore geopolitical risk measure and economic policy uncertainty measure to analyse the demand for international tourism in India. Further, the major stakeholders can establish platforms to help tourists to overcome the fear associated with geopolitical risk. Originality/value This study is the first of its kind to explore the geopolitical risks and their long-run consequences in the context of tourism in India. The study puts emphasis on the role of national policy to maintain peace otherwise it would be detrimental to tourism.

Capitalism after Satoshi

2019 ◽  
Vol 9 (2) ◽  
pp. 152-164 ◽  
Author(s):  
Chris Berg ◽  
Sinclair Davidson ◽  
Jason Potts
Keyword(s):  
Twentieth Century ◽  
Economic Policy ◽  
Structural Changes ◽  
Economic Structure ◽  
Regulatory State ◽  
Wide Spread ◽  
Role Of Government ◽  
Content Type ◽  
Blockchain Technology ◽  
Long Run

Purpose The purpose of this paper is to explore the long-run economic structure and economic policy consequences of wide-spread blockchain adoption. Design/methodology/approach The approach uses institutional, organisational and evolutionary economic theory to predict consequences of blockchain innovation for economic structure (dehierarchicalisation) and then to further predict the effect of that structural change on the demand for economic policy. Findings The paper makes two key predictions. First, that blockchain adoption will cause both market disintermediation and organisational dehierarchicalisation. And second, that these structural changes will unwind some of the rationale for economic policy developed through the twentieth century that sought to control the effects of market power and organisational hierarchy. Research limitations/implications The core implication that the theoretical prediction made in this paper is that wide-spread blockchain technology adoption could reduce the need for counter-veiling economic policy, and therefore limiting the role of government. Originality/value The paper takes a standard prediction made about blockchain adoption, namely disintermediation (or growth of markets), and extends it to point out that the same effect will occur to organisations. It then notes that much of the rationale for economic policy, and especially industry and regulatory policy through the twentieth century was justified in order to control economic power created by hierarchical organisations. The surprising implication, then, is that blockchain adoption weakens the rationale for such economic policy. This reveals the long-run relationship between digital technological innovation and the regulatory state.

A NOTE ON OPTIMAL DEBT REDUCTION POLICIES

2019 ◽  
Vol 24 (7) ◽  
pp. 1850-1860 ◽  
Author(s):  
Davide la Torre ◽  
Simone Marsiglio
Keyword(s):  
Economic Policy ◽  
Real World ◽  
Optimal Policy ◽  
Social Costs ◽  
Social Planner ◽  
Long Run ◽  
The Social ◽  
Reduction Problem ◽  
Short Run ◽  
Over Time

We analyze the optimal debt reduction problem in an uncertainty context. The social planner has a finite horizon and seeks to minimize the social costs associated with debt repayment by taking into account not only the short-run costs of the policy, but also the long-run costs associated with the outstanding level of debt. We characterize the optimal policy and the dynamics of the debt-to-GDP ratio, showing that it will decrease over time if economic policy is effective enough. We characterize how the evolution of the debt-to-GDP ratio depends on the main parameters and we present a simple calibration based on Greek data to illustrate the implications of our analysis in real-world setups.

scholarly journals Does Economic Policy Uncertainty Affect CO2 Emissions? Empirical Evidence from the United States

2020 ◽  
Vol 12 (21) ◽  
pp. 9108 ◽  
Author(s):  
Qing Wang ◽  
Kefeng Xiao ◽  
Zhou Lu
Keyword(s):  
United States ◽  
Economic Policy ◽  
Co2 Emissions ◽  
Structural Breaks ◽  
Unit Root Test ◽  
The United States ◽  
Policy Uncertainty ◽  
Energy Prices ◽  
Economic Policy Uncertainty ◽  
Long Run

This paper aims to examine the effects of economic policy uncertainty (measured by the World Uncertainty Index—WUI) on the level of CO2 emissions in the United States for the period from 1960 to 2016. For this purpose, we consider the unit root test with structural breaks and the autoregressive-distributed lag (ARDL) model. We find that the per capita income promotes CO2 emissions in the long run. Similarly, the WUI measures are positively associated with CO2 emissions in the long run. Energy prices negatively affect CO2 emissions both in the short run and the long run. Possible implications of climate change are also discussed.

Bankers' Alliances and Economic Policy Patterns

1991 ◽  
Vol 23 (4) ◽  
pp. 419-458 ◽  
Author(s):  
SYLVIA MAXFIELD
Keyword(s):  
Economic Policy ◽  
Central Bank ◽  
Political Influence ◽  
Preliminary Evidence ◽  
Public And Private ◽  
Limited Government ◽  
Investment Financing ◽  
Long Run ◽  
History Of ◽  
Organizational Features

This article suggests an organizational or institutional explanation of economic policy patterns which differs significantly from state- or society-centered explanations and those based on international factors. Bankers' alliances, defined as interest coalitions of public and private financiers, play an important role in shaping economic policy. The stronger the bankers' alliance, the more likely that long-run economic policy patterns will feature orthodox policies such as tight monetary policy and limited government intervention in financial or foreign exchange markets. The historical organization of state economic agencies, and of capital, create national environments more or less conducive to formation of strong bankers' alliances. The three key variables center on: (a) the timing and actors involved in central bank formation, (b) the relationship between the central bank and other state economic policy-making agencies, and (c) the extent of conglomeration between industrial and financial enterprises and its impact on state control of investment financing. Comparative history of the Mexican and Brazilian cases provides preliminary evidence with which to explore the proposed relationship between organizational features of the state and capital, the political influence of bankers' alliances, and economic policy patterns.

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