Effect of Exchange Rate Misalignment on Bilateral Trade Between Kenya and European Union: 2000-2016

The exchange rate is an important variable in international trade because a country's competitiveness is determined by the expectations on how trade reacts to its movements. To orient the economy outwards, Kenya has pursued various measures from the 1990s to the 2000s. Kenya also signed up for nonreciprocal trade with the European Union under the Cotonou agreement. Despite the export-oriented efforts, Kenya's trade has remained skewed towards imports and a widening trade deficit which seems to follow the weakening of the Kenya shilling. The main policy dilemma therefore, is how imports accelerated in an environment of unhindered European Union market access, hence the motivation of this study. The study adopted a dynamic modeling approach since previous and present values affect exchange rate and trade. The results show that the economic fundamentals drive the real exchange rate. In terms of misalignment, the exchange rate is overvalued to a maximum of 5.9 percent and undervalued up to 5.2 percent. The estimated misalignment hurts imports but has a positive, statistically insignificant effect on exports. The results of this study suggest that the monetary authority should ensure the exchange rate remains stable and within the 6 percent range while monitoring all the underlying determinants. Additionally, hedging instruments should be made available and affordable to traders.

Economic fundamentals of logistics

The textbook outlines a wide range of issues of logistics economics. The methods and strategies of pricing in supply chains, logistics costs, including the costs of cross-border logistics, and ways of accounting, analysis and regulation; evaluation of the efficiency of the use of logistics systems resources; features of business planning and accounting for the risks of investment decisions in logistics. Along with the presentation of the theoretical foundations and methodological features of logistics economics, the textbook contains practical examples, control questions and tests to consolidate the educational material. It is addressed to students of all levels of training — bachelor's, specialist, master's and postgraduate studies, studying in the areas of "Economics" and "Management", and will also be useful to logistics specialists to improve their qualification level.

Analisis Akad Pembiayaan Murabahah di Bank Syariah Indonesia Cabang Pringsewu

Islam as ad-din contains comprehensive and perfect teachings. Islam regulates all aspects of human life, not only aspects of worship, but also aspects of muamalah, especially sharia economics. The Islamic economic system has developed along with the advancement of science and technology. One form of embodiment of the Islamic economic system is the establishment of Islamic financial institutions in the form of banks and non-banks. The role and position of Islamic financial institutions is considered very important, especially in the development of a people's economic system. This is because the priority of Islamic financial institutions is more focused on forming stronger economic fundamentals.

Are Housing Prices Sustainable in 35 Large and Medium-Sized Chinese Cities? A Study Based on the Cheap Talk Game and Dynamic GMM

Focusing on the rapid rise of China’s housing prices in recent years, in this paper, we construct a model using the cheap talk game that centers on how information receivers in a market make inferences about the true state of the information based on the cost-free signals they receive and then make decisions based on these inferences, which in turn affect market equilibrium. By constructing a cheap talk game model of house prices, we examine the correlation between market expectations, economic fundamentals, and individual housing purchase decisions. Then, we conduct an empirical analysis using the dynamic GMM method based on the panel data of 35 large and medium-sized cities in China. The analysis reveals that: (1) when the whole of society expects housing prices to rise, housing prices will rise regardless of the true state of economic fundamentals; (2) when information on economic fundamentals is accurate and reliable, home buyers tend to make purchase decisions based on such information, thus maximizing the utility of society as a whole; but when information on economic fundamentals is unreliable, home buyers tend to make purchase decisions according to their own housing price expectations, which is not conducive to the optimization of the utility of society as a whole; (3) the empirical results also reveal that expectations are a non-negligible factor in the rise of housing prices, and the coefficient of expectations exceeds that of each economic fundamental; this demonstrates the investment-driven attribute of the housing market in China. At the same time, economic fundamentals have a definite effect on housing prices, which implies that the rise of housing prices in China is supported by objective conditions.

Infrastructure Vandalism and Protection in a Vulnerable Zimbabwean Environment: Review of the Structural Materialism Theory

Many institutions are facing or have faced challenges related to vandalism of equipment and property in Zimbabwe. This criminal phenomenon is not only restricted and peculiar to this country but is experienced in other regions of the world, however with variations. The purpose of the study is to explore and unpack the various dimensions of infrastructure vandalism by gazing at Zimbabwe Electricity Supply Authority (ZESA) a power utility in Zimbabwe. The level of vandalism has been increasing unabated resulting in in a multitude of undesirable effects on the power utility and the economy as a whole. A plethora of stimulants have been seen to be triggering and sustaining the theft and vandalism of the infrastructure which targets copper conductors, copper windings, oils and the poles in the majority of cases. The study adopted the mixed method approach due to its technical advantage of converging and merging qualitative and quantitative data in order to provide comprehensive results and produce new knowledge claims. This methodological framework was guided by the structural materialism theory which is an off shot of the critical criminology perspective. Thus, the study found out that infrastructure vandalism is representative of a broader dysfunctional socioeconomic system of a country riddled by poverty, unemployment and the absence of mores and values within communities. Consequently, the levels of infrastructure vandalism have spiraled to unprecedented levels. The study concludes that the government is failing to sufficiently address the macro-economic fundamentals as way of discouraging citizens from engaging in crime and criminality while the traditional leaders are not being respected yet they have a significant role they can play in promoting the stability and serenity of communities. In view of these conclusions the study recommends that all stakeholders contribute towards the protection of all infrastructure and migrate to digitalize the protection of such infrastructure as well as promulgation of appropriate pieces of legislation.

Are There Any Housing Bubbles in Turkey?

It is very important that the housing market, which meets the most basic need of people is needed for shelter from the past to the present, has a stable structure. The instability structure of the housing market is generally associated with the presence of housing bubbles. The deviation of housing prices from their basic value and not being able to be explained by economic fundamentals leads to the formation of housing bubbles. Housing bubbles can lead to permanent losses, as it may take a long time to return to normal prices. For Turkey as a developing country, it is important to identify an unstable structure in house prices discuss the basic economic factors related to this. After the global increases in housing prices, inflation, and depreciation in the Turkish lira, Turkey has become the country with the highest housing price increases globally in 2020. In the study, the presence of bubbles in the housing market for Ankara, Izmir, Istanbul, and Turkey in general, was investigated by SADF and GSADF unit root tests for the period 2010:01-2021:02. In this context, the study examines the presence of bubbles in housing prices for Ankara, Izmir, Istanbul, and Turkey in general, which are the three cities with the highest price increases. As a result of the study, the presence of bubbles in the housing market has been determined for Ankara, Istanbul, Izmir, and Turkey in general.