Economic Impact of the Health Sector on the Regional Level – Case of a Small, Open Economy

2021 ◽  
Vol 19 (3) ◽  
pp. 621-658
Author(s):  
Timotej Jagrič ◽  
Johnathan C. Mun ◽  
Christine Elisabeth Brown ◽  
Dusan Fister
Keyword(s):  
Open Economy ◽  
Missing Values ◽  
National Level ◽  
Small Open Economy ◽  
Health Sector ◽  
Value Added ◽  
Population Based ◽  
Regional Level ◽  
Input Output ◽  
Middle Income

A GRIT methodology (Generation of Regional Input-Output Tables) to generate and analyze regional input-output tables is applied for a small, middle-income nation, where the single national input-output table is partitioned into numerous regional tables. Missing values data are imputed using an evolutionary stochastic population-based nature-inspired optimization algorithm with self-adapting control parameters and exogenous superior data are introduced as well. A nonsurvey study is carried for each regional economy by computing various multipliers, such as output, income, value-added, employment, and import multipliers, and outlining financial properties, development, and interconnections of the various regions in Slovenia. Finally, the effects of financing the regional healthcare sectors are examined. Empirical evidence that healthcare industry sectors are extraordinarily important at the regional level and thus necessary to deliver a favorable impact on the national production of Slovenia in future, can be used for forthcoming economic policies planning at regional and national level.

scholarly journals PENGARUH ECONOMIC SHOCK TERHADAP PENERIMAAN PAJAK PADA KANTOR WILAYAH PAJAK DI INDONESIA

2009 ◽  
Vol 10 (1) ◽  
pp. 68
Author(s):  
Eddi Wahyudi ◽  
Bunasor Sanim ◽  
Hermanto Siregar ◽  
Nunung Nuryartono
Keyword(s):  
Open Economy ◽  
Time Series Data ◽  
Panel Data Analysis ◽  
Research Result ◽  
Small Open Economy ◽  
Warning System ◽  
Value Added ◽  
Series Data ◽  
Directorate General ◽  
Economic Shock

The purpose of this research is to analyse how far the economic shock influence upon the tax revenue performance in the regional tax office. The research is conducted using yearly time series data within 2002 to 2007 and also applying two indicators: Income Tax and Value Added Tax. By using the panel data analysis the result upon 31 Kanwil Directorate General of Tax (DGT) whole Indonesia it is known that the fluctuation variable of Tax Early Warning System (TEWS) gives positive effect to the tax income performance at Kanwil Khusus, Kanwil WP Besar 1 and 2, Kanwil Jakarta Selatan and Kanwil Jakarta Pusat. Overall the entire research result explains that Indonesia economic condition until he year of 2007 is still in the small open economy status and identically to New Keynes theory. The conclusion is as if the research about the Indonesia business cycle previously and consistent with the initial assumption applied.

scholarly journals COVID-19 and Emerging Markets

2020 ◽  
Vol 20 (133) ◽  
Author(s):  
Cem Cakmakli ◽  
Selva Demiralp ◽  
Sebnem Kalemli-Ozcan ◽  
Sevcan Yesiltas ◽  
Muhammed Yildirim
Keyword(s):  
Open Economy ◽  
Credit Card ◽  
Small Open Economy ◽  
Input Output ◽  
Economic Costs ◽  
Infection Rates ◽  
Demand Shock ◽  
Supply Shocks ◽  
Initial Shock ◽  
Macroeconomic Effects

We quantify the macroeconomic effects of COVID-19 for a small open economy by calibrating a SIR-multi-sector-macro model. We measure sectoral supply shocks utilizing teleworking and physical job proximity, and demand shocks with credit card purchases. Both shocks are also affected from changing infection rates under different lockdown scenarios. Being an open economy amplifies the economic costs through two main channels. First, the demand shock has domestic and external components. Second, the initial shock is magnified due to domestic and international input-output linkages.

Demand-Pull and Cost-Push Effects on Labor Income in Turkey, 1973–90

2003 ◽  
Vol 35 (10) ◽  
pp. 1785-1807 ◽  
Author(s):  
Erik Dietzenbacher ◽  
Gülay Günlük-Şenesen
Keyword(s):  
Open Economy ◽  
Value Added ◽  
Labor Income ◽  
Production Structure ◽  
Input Output ◽  
Import Prices ◽  
Demand Pull

In this paper we attempt to assess the changes in the Turkish production structure, and labor income in particular, between the 1970s and the 1990s. During this period a shift has taken place from an inward-looking policy towards an outward-oriented one. For our analysis we use two partially closed (or extended) input–output models. The demand-driven model is traditional for this type of analysis and examines the effects of a demand pull (for example, an increase in exports). For an open economy, however, it is not only important to investigate the effects of a demand pull, but also to examine how a cost push (for example, an increase in import prices) affects total gross output, value added, or labor income, for example. To study the effects of a cost push we introduce the partially closed supply-driven input–output model. Instead of analyzing the effects of a specific exogenous demand pull or cost push, we focus on various types of multiplier.

scholarly journals Structural Changes in Investment and the Waning Power of Monetary Policy

2021 ◽  
Author(s):  
Justin Bloesch ◽  
Jacob P. Weber
Keyword(s):  
Monetary Policy ◽  
Open Economy ◽  
Structural Changes ◽  
Small Open Economy ◽  
Value Added ◽  
New Keynesian ◽  
Secular Change ◽  
Labor Income ◽  
Labor Earnings ◽  
Investment Goods

We argue that secular change in both the production and composition of investment goods has weakened private investment's role in the transmission of monetary policy to labor earnings and consumption. We show analytically that fluctuations in the production of investment goods amplify the response of consumption to monetary policy shocks by varying labor income for hand-to-mouth agents. We document three secular changes that weaken this channel: (i) labor's share of value added in investment goods production has declined, (ii) the import share of investment goods has risen, and (iii) the composition of investment has shifted towards components that are less responsive to monetary policy. A small open economy, two agent New Keynesian model calibrated to match these facts implies a 38% and 26% weaker response of labor income and aggregate consumption, respectively, to real interest rate shocks in a 2010's economy relative to a 1960's economy.

International capital mobility and structural transformation

2018 ◽  
Vol 19 (1) ◽  
Author(s):  
Kyungsoo Kim ◽  
Wankeun Oh ◽  
E. Young Song
Keyword(s):  
Interest Rate ◽  
Structural Transformation ◽  
Open Economy ◽  
Capital Mobility ◽  
Technological Progress ◽  
Structural Changes ◽  
Small Open Economy ◽  
Value Added ◽  
International Capital ◽  
International Capital Mobility

Abstract This study examines the role of international capital mobility in shaping the relation between economic growth and structural transformation. We build a small open economy Ramsey model with two goods, tradables and nontradables. We show that if the long-run autarky interest rate of a small open economy is higher than the world interest rate, the employment and value-added shares of the tradables sector will rise over time. In the opposite case, the shares will fall. Because the autarky interest rate increases with the rate of technological progress, our result suggests that cross-country differences in the rate of technological progress may be a significant factor in accounting for diverse patterns of structural changes among countries.

scholarly journals Resilience of metropolitan, urban and rural regions: a Central European perspective

GeoScape ◽  
2017 ◽  
Vol 11 (1) ◽  
pp. 25-40 ◽  
Author(s):  
Jan Ženka ◽  
Adam Pavlík ◽  
Ondřej Slach
Keyword(s):  
Economic Development ◽  
Open Economy ◽  
Economic Performance ◽  
Structural Changes ◽  
Small Open Economy ◽  
Value Added ◽  
Global Production Networks ◽  
Rural Regions ◽  
Total Employment ◽  
Urban Regions

AbstractIn this article, we examine a relationship between population/economic size and resilience of Czech regions. More specifically, we ask if there are any significant differences among metropolitan cores and hinterlands, urban regions and rural regions in (post)crisis economic development in the period 2009–2013. Three aspects of resilience were considered: volatility of unemployment, renewal (increase in economic performance compared to other regions) and reorientation (measured by the intensity of structural changes in total employment). We found relatively small differences among particular types of regions and high intra-group heterogeneity. Specialized industrial urban regions exhibited the fastest economic growth in the (post)crisis period. Metropolitan cores lagged slightly behind, but experienced relatively stable economic development. Although rural regions exhibited the highest unemployment volatility, they did not lag behind in terms of value added growth. Regional resilience in a small open economy like Czechia seems to be predominantly driven by extraregional factors such as the position in global production networks and economic performance in particular industries or large transnational corporations.

scholarly journals Comparing Bioeconomy Potential at National vs. Regional Level Employing Input-Output Modeling

Energies ◽  
2021 ◽  
Vol 14 (6) ◽  
pp. 1714
Author(s):  
Piotr Jurga ◽  
Efstratios Loizou ◽  
Stelios Rozakis
Keyword(s):  
Development Strategy ◽  
National Level ◽  
Regional Level ◽  
The European Union ◽  
Input Output ◽  
Economic Sectors ◽  
Survey Techniques ◽  
Country Level ◽  
National Model ◽  
National Economies

The support of economic sectors that exploit natural bio-based resources in a particular region is an opportunity to benefit from local potentials in terms of sustainability, employment, output, and household income. Hence a relevant question emerges, namely, how can bioeconomy sectors be adequately supported? Within this context, another issue is whether the bioeconomy development strategy at a national level should be the same as that at a regional level. To address these issues, in the current study a comparison was made between the bioeconomy sectors at the country level based on the case study of Poland and one of the poorest regions in the European Union—the Lubelskie Region. A regional input–output model was built for the regional economy and compared with the national model. The bioeconomy-oriented regional input–output table was built by applying a hybrid regionalization method, combining non-survey techniques and a questionnaire survey that was carried out in companies of mixed bio-based sectors. Sectoral linkages, such as multipliers and elasticities, indicate notable differences among the bio-based sectors’ potentials of the regional and national economies. Therefore, a bioeconomy development strategy should be seen to differ at national and regional levels.

The economic impact of tourism in Central Finland: a regional input–output study

2018 ◽  
Vol 73 (4) ◽  
pp. 521-547 ◽  
Author(s):  
Timo Tohmo
Keyword(s):  
Economic Impact ◽  
National Level ◽  
Regional Level ◽  
Net Income ◽  
Input Output ◽  
Output Analysis ◽  
Tourism Impact ◽  
Substantial Impact ◽  
Content Type ◽  
Input Output Analysis

Purpose The purpose of this study is to examine the total economic impact of tourism at the regional level in Central Finland. This paper aims to clarify the extent to which tourism contributes to regional output, employment, income and taxes in tourism-related sectors. Design/methodology/approach This study is based on a regional input–output analysis. The author calculates the effects of tourism on regional output, demand, wages, employment and national and regional taxes in Central Finland. Findings The author’s regional input–output analysis reveals that tourism has a substantial impact on production in Central Finland (including the direct and indirect effects of consumption by tourists in different sectors). Moreover, the effects of tourism expenditures on employment and residents’ incomes in tourism-related sectors in Central Finland are quite significant. Research limitations/implications Many limitations of this study stem from the assumptions of the input–output model. Other limitations relate to the analysis of the impacts of tourism on household taxes, savings, consumption and net income. Our study uses average figures, which may overstate the effect of tourist expenditures on taxes because tourism jobs are often low paying. Practical implications The study yields results that can be used to frame regional policy. The results may be useful for policymakers in planning for tourist attractions. Furthermore, local authorities may use the results to guide decisions regarding infrastructure investments or improvements to the operating environment of tourism industries. Originality/value Many studies analyse the economic impact of events at the regional level using input–output analysis. National-level tourism impact studies using the input–output technique have also been conducted. Studies focussed on the economic impact of tourism at the regional level typically examine the macroeconomic (income, output and employment) effects of tourism. Consequently, these studies have focussed on estimating output, employment and income multipliers (Mazumder et al., 2012). The author’s contribution is a regional input–output analysis of direct and indirect impacts of tourism expenditures on production, demand, wages, income and employment in the whole economy at the regional level (in Central Finland). The author also analyses the impacts of tourism on national and regional taxes. The results of this study could be used by planners and policymakers involved in regional planning and development.

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