scholarly journals Policy Coordination and Outcomes: Theoretical Perspectives and Empirical Evidence in Nigeria

2020 ◽  
Vol 12 (4(J)) ◽  
pp. 90-105
Author(s):  
ADEGBOYE Abiodun Adewale
Keyword(s):  
Monetary Policy ◽  
Policy Coordination ◽  
Theoretic Model ◽  
Policy Mix ◽  
Coordination Problem ◽  
Initial State ◽  
Optimal Outcomes ◽  
Theoretical Perspectives ◽  
Short Run ◽  
Game Theoretic

The paper discusses the fiscal-monetary coordination and the resultant outcomes in macroeconomic aggregates from theoretical and empirical perspectives. The game-theoretic technique was also used to analyse the policy mix conundrum vis-a-vis the fiscal-monetary policies interaction and how that translates into optimal outcomes in an economy. However, the situation of making or forcing monetary policy to be subordinate to fiscal policy may still not generate socially optimal results. This is not far-fetched as the payoffs in the game-theoretic model suggest the presence of minimal coordination problem but high policy conflict even if both authorities are disciplined. Coordination problem and goal conflict seem to be non-existent - when both fiscal and monetary policy blocks are committed and responsible in their choices. Further analyses indicate that the policy mix of both fiscal and monetary authorities for inflation seemed complementary. Inflation responded negatively to the shock of debt in the short run. However, in the medium term, the shock becomes positive and later returns to the initial state. The study suggests that policy designs in Nigeria must harmonise both stabilisation and growth objectives to have optimal outcomes.

scholarly journals Estimating the Costs and Benefits of a Common Currency for the Second West African Monetary Zone (WAMZ)

2013 ◽  
Vol 5 (2) ◽  
pp. 57-68 ◽  
Author(s):  
Harrison Oluchukwu Okafor
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Monetary Union ◽  
Financial Integration ◽  
Forecast Error ◽  
Policy Coordination ◽  
Trade Creation ◽  
Costs And Benefits ◽  
Common Currency ◽  
Short Run

This paper, estimates the costs and benefits of a common currency in WAMZ. Behavioral models capturing the elements of costs (asymmetric shocks, loss of monetary policy autonomy, and fiscal policy distortion), and benefits (trade creation, financial integration effects and policy coordination gains) were estimated using the Vector Auto-regression (VAR) procedure and panel estimation technique.VAR impulse response and forecast error method was used to determine the countries’ response to shocks while panel regression technique was used to estimate other behavioral equations. Fiscal policy distortion and loss of monetary policy autonomy are the main cost of monetary union in the zone while the potential trade creation gain is marginal. High disposition to money reserve and weak revenue base are the core determinants of fiscal policy distortion in the zone. Overall, the paper concludes that fiscal policy distortion constitutes serious policy challenge to monetary union in the zone. Dealing with this challenge may require short-run systematic macroeconomic adjustments to enhance the convergence of macroeconomic policy indicators in the zone.

Strategic Analysis of Securities Litigation against Independent Auditors

2002 ◽  
Vol 21 (2) ◽  
pp. 57-80 ◽  
Author(s):  
Barry E. Cushing ◽  
David L. Gilbertson
Keyword(s):  
The United States ◽  
Class Action ◽  
Theoretic Model ◽  
Strategic Decisions ◽  
Securities Litigation ◽  
Accounting Firms ◽  
Short Run ◽  
Game Theoretic ◽  
Independent Auditors ◽  
Expected Payoffs

It has been claimed that the accounting profession faces a serious litigation crisis, largely attributable to frivolous class-action lawsuits that allege securities fraud. In response to recent calls for research on accounting litigation, this paper develops and analyses a game-theoretic model of securities class-action litigation and settlement under present institutional arrangements in the United States. Two research questions are examined. First, what factors explain the outcomes of securities lawsuits against independent auditors in the U.S.? Second, what (if any) strategies exist that accounting firms might employ to deter unwarranted securities litigation, coerced settlements, and other objectionable outcomes? Our results indicate that (1) settlements are the predominant outcome of the securities litigation game because both sides generally receive higher expected payoffs from settlements than from trials; (2) the prevalence of protracted pre-trial litigation in securities lawsuits is primarily attributable to the method employed to compensate plaintiffs' attorneys; (3) the prevalence of settlement amounts that are generally a small proportion of claimed damages could result from strategic decisions by plaintiffs' attorneys, and hence does not necessarily indicate that securities lawsuits often have low merit as claimed by Arthur Andersen et al. (1992); and (4) effective strategies to deter securities litigation may be available to accounting firms, but effective implementation of these strategies may entail substantial short-run costs.

Stability in the informal value transfer systems: norms of trust or institutions of control?

2017 ◽  
pp. 120-130
Author(s):  
A. Lyasko
Keyword(s):  
Social Control ◽  
Institutional Economics ◽  
Theoretic Model ◽  
Transfer System ◽  
Value Transfer ◽  
Partner Interaction ◽  
Game Theoretic ◽  
Game Theoretic Model ◽  
Informal Value Transfer System

Informal financial operations exist in the shadow of official regulation and cannot be protected by the formal legal instruments, therefore raising concerns about the enforcement of obligations taken by their participants. This paper analyzes two alternative types of auxiliary institutions, which can coordinate expectations of the members of informal value transfer systems, namely attitudes of trust and norms of social control. It offers some preliminary approaches to creating a game-theoretic model of partner interaction in the informal value transfer system. It also sheds light on the perspectives of further studies in this area of institutional economics.

The Role of Different Channels in Transmitting Monetary Policy into Output and Price in Vietnam

2015 ◽  
pp. 20-40
Author(s):  
Vinh Nguyen Thi Thuy
Keyword(s):  
Monetary Policy ◽  
Exchange Rate ◽  
Interest Rate ◽  
Money Supply ◽  
Monetary Transmission ◽  
Impulse Response Functions ◽  
Short Run ◽  
The Exchange Rate ◽  
The Interest Rate ◽  
Interest Rate Channel

The paper investigates the mechanism of monetary transmission in Vietnam through different channels - namely the interest rate channel, the exchange rate channel, the asset channel and the credit channel for the period January 1995 - October 2009. This study applies VAR analysis to evaluate the monetary transmission mechanisms to output and price level. To compare the relative importance of different channels for transmitting monetary policy, the paper estimates the impulse response functions and variance decompositions of variables. The empirical results show that the changes in money supply have a significant impact on output rather than price in the short run. The impacts of money supply on price and output are stronger through the exchange rate and credit channels, but however, are weaker through the interest rate channel. The impacts of monetary policy on output and inflation may be erroneous through the equity price channel because of the lack of an established and well-functioning stock market.

Hollywood’s Movie Production Companies in Game Theoretic Model

2020 ◽  
Author(s):  
Nargiz Mammadova ◽  
Aygun Malikova ◽  
Arzu Heydarova
Keyword(s):  
Theoretic Model ◽  
Game Theoretic ◽  
Game Theoretic Model

Digital Authoritarianism and the Future of Human Rights

2021 ◽  
pp. 1-27
Author(s):  
Tiberiu Dragu ◽  
Yonatan Lupu
Keyword(s):  
Human Rights ◽  
New Technologies ◽  
Theoretic Model ◽  
Human Rights Abuses ◽  
Human Rights Regime ◽  
Wide Range ◽  
The Future ◽  
Technological Developments ◽  
Game Theoretic ◽  
Strategic Context

Abstract How will advances in digital technology affect the future of human rights and authoritarian rule? Media figures, public intellectuals, and scholars have debated this relationship for decades, with some arguing that new technologies facilitate mobilization against the state and others countering that the same technologies allow authoritarians to strengthen their grip on power. We address this issue by analyzing the first game-theoretic model that accounts for the dual effects of technology within the strategic context of preventive repression. Our game-theoretical analysis suggests that technological developments may not be detrimental to authoritarian control and may, in fact, strengthen authoritarian control by facilitating a wide range of human rights abuses. We show that technological innovation leads to greater levels of abuses to prevent opposition groups from mobilizing and increases the likelihood that authoritarians will succeed in preventing such mobilization. These results have broad implications for the human rights regime, democratization efforts, and the interpretation of recent declines in violent human rights abuses.

Augmenting Employees’ Efforts in Innovation

2021 ◽  
pp. 097674792198917
Author(s):  
Nikita Jain
Keyword(s):  
Theoretic Model ◽  
Wrongful Discharge ◽  
Equilibrium Level ◽  
Game Theoretic ◽  
Game Theoretic Model ◽  
The Impact

Strong labour laws play a major role in motivating innovation among employees. It has been found in the literature that stringency of labour laws is positively linked with employees’ efforts in innovation, in particular, wrongful discharge laws (WDL). However, employees may also bring nuisance suits against employers. Usually, the result of these suits is that both parties settle with each other. Thus, even if employees are justly dismissed, they may be able to bring nuisance suits against employers and gain a settlement amount. This article investigates how the possibility of nuisance suits affects the impact of WDL on employees’ efforts in innovation. In this respect, a game-theoretic model is developed in the article to find the equilibrium level of employees’ efforts in the presence of nuisance suits, where there is a possibility of employees getting discharged from the firm. I find that if nuisance suits are a possibility, the stringency of WDL has no impact on employees’ efforts if defence cost of the firm is low; but for higher defence costs, WDL affects employees’ efforts. The efforts exerted by an employee are found to be weakly increasing in the defence costs of the firm.

scholarly journals Formalization and study of the game-theoretic model of the optimal distribution of workers in enterprises

2019 ◽  
Vol 1399 ◽  
pp. 033095
Author(s):  
Irina Zaitseva ◽  
Tatiana Svechinskaya ◽  
Vladimir Zakharov ◽  
Natalia Zakharova ◽  
Andrey Murashko
Keyword(s):  
Theoretic Model ◽  
Optimal Distribution ◽  
Game Theoretic ◽  
Game Theoretic Model
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