How to Measure Flamenco Performer Value? A Cultural Economic Approach

This article designs an empirical methodology to measure the perceived value of the performers, specifically using the significant example of flamenco performer. The methodology is based on an Ordered Logit Model whose dependent variable is the valuation of the flamenco performer by spectators, which complements the research carried out by Heredia-Carroza (2019). The results show that virtuosity, feelings, Roma origin of the performer are significant and they have a positive effect in the valuation of it. Also, spectator’s features as time consuming and number of albums acquired have a positive effect in the performer valuation. Finally, the results have a greater importance as they provide recording companies, an instrument that reduces uncertainty about the characteristics of the performer and it can also be used as a decision-making instrument for future signings of performers in record companies based on the spectators’ perceptions. This methodology could be replicated for the study of other musical genres.

Who Participates in Popular Feasts and Festivals? An Empirical Approach from Cultural Economics Applied to the Carnival of Barranquilla (Colombia)

The empirical analysis of individual participation in local and popular feasts and festivals is a field little explored by cultural economists. This article proposes a methodological scheme to analyse the profile of the participants in local and popular feasts and carnivals, allowing the establishment of a taxonomy that captures the heterogeneity of the participants replicable to other festivities and carnivals around the world. Similarly, participation equations that allow the analysis of the influence of context variables on individual decisions to participate in these types of events are estimated. For this, the Carnival of Barranquilla, the largest and most representative popular celebration in Colombia and declared by UNESCO as Intangible Cultural Heritage of Humanity, is used as a case study. The data were obtained from the Citizen Perception Survey of the Barranquilla Cómo Vamos programme, which evaluates the quality of life and the fulfilment of development plans in that city, and an empirical strategy is employed consisting of the estimation of a probit discrete choice model, which allows modelling the individual decisions of a time-intensive good, such as a carnival, with a strong influence of traditional variables, such as cultural capital and the availability of leisure time, and other context variables: location of people in the territory, stratification and poverty. The different profiles found offer information on the different strategies that can be implemented from public policy to stimulate greater participation by the population in popular festivities and festivals.

The Digitalization – Economic Growth Relationship in Developing Countries and the Role of Governance

Digital technology is emerging as one of the suitable solutions to help developing economies catch up with advanced economies in the context of globalization. Progress in digital technology promotes economic growth in developing economies because it reduces transaction costs in economic activities and improves workers’ skills and knowledge. Meanwhile, governance is the primary cause of economic growth. Therefore, this study raises a research question of whether governance significantly contributes to the digitalization – economic growth relationship in developing countries or not. For the answer, the study uses the difference GMM Arellano-Bond estimators to empirically examine the effects of digitalization, governance, and their interaction on economic growth for a group of 35 developing countries from 2006 to 2019. Then, the study applies the FE-IV estimator to check the robustness of estimates. The results indicate that digitalization and governance boost economic growth while their interaction hinders it. Furthermore, trade openness also increases economic growth. These findings suggest some crucial policy implications that governments in developing countries should establish appropriate conditions to promote digital technology so that citizens can peacefully express their views on government policies and regulations, which contributes to the economic development of the country.

Cultural Participation and Subjective Well-Being in Latin America: Does Ethnic-Racial Ascription Matter?

Cultural participation has been evidenced to bring several benefits to the well-being of individuals. However, the analysis of this relationship has been addressed mostly in the context of Westernized countries, without considering the diversity of populations in Latin America. Therefore, the aim of this manuscript is to explore the association between cultural participation and subjective well-being (measured by life satisfaction) in Latin America, considering ethnic-racial ascription. With data from the 2013 Latinobarómetro survey (n=20204), several ordered logit regression analyses were performed. Results suggest that read books, read news, attend movies, attend theater, visit heritage places, and participation in community celebrations are associated with life satisfaction. However, these relationships show differentiated patterns depending on the ethnic-racial ascription, which implies that the positive impacts of cultural participation cannot be attributed to all populations, highlighting a process of social exclusion where some individuals get benefits of cultural participation, while others do not.

Artificial Intelligence and Economic Growth: A Theoretical Framework

The growing adoption of Artificial Intelligence (AI) has sparked ubiquitous concerns worldwide. Artificial intelligence can affect economic growth and employment. The influence is assumed to be substantial because the adoption of AI technology may lead to increased productivity, lower wages, prices, and labor substitution. Artificial intelligence can affect global economic growth with its widespread adoption and diffusion. We mathematically examined the effects of AI on economic growth, reiterating how AI is unique as a production factor. The models show that AI capital lowers capital prices, increases wages, and augments productivity. Besides, AI capital positively affects the labor share and vice versa, provided that AI and labor are complementary. We improved a task-based model to show AI raises both labor share and wages by generating new tasks. We also present the potential policy implications of AI adoption. We conclude AI can contribute to economic growth. Labor-abundant countries should adopt labor-augmenting technology, while countries with an aging population can adopt capital-augmenting technology. However, caution should be exercised in ensuring that the models are leveraged optimally.

Intellectual Capital, Technological Intensity and Firm Performance: The Case of Emerging Countries

While neglecting the importance of technological intensity, most of the prior studies documented the positive contribution of intellectual capital (IC) to corporate financial performance. This study aims at analyzing the relation between IC and corporate financial performance addressing the technological intensity in different sectors from 17 emerging countries. The impact of IC, which is measured by Value Added Intellectual Coefficient (VAIC) and its components; Capital Employed Efficiency (CEE), Human Capital Efficiency (HCE), and Structural Capital Efficiency (SCE), on corporate financial performance will be evaluated using panel data analysis for the period between 2009-2019. Accordingly, IC and its components are found to be significant drivers of financial performance being higher for sectors that are more technology intensive. Moreover, human and physical capital are the main components, which boost finance performance for all groups irrespective of technological intensity in the emerging market context.

Instagram: Balancing Information Asymmetry of the Tourism Industry

This study focuses on the use of Instagram by tourism companies. Specifically, it aims to analyze how Instagram empowers individuals over corporations in the digital dialogue, thus balancing the information asymmetry between corporations and stakeholders. Four categories of metrics have been collected to analyze the use of Instagram by companies: presence, impact, conversation, and influence. Additionally, OLS regressions have been performed to identify potential explanatory factors to explain the different behavior of each firm and its corresponding communities. While the use of Instagram by the selected firms is still scarce, significant results are as follows: corporations are using Instagram as an additional channel in their current communication; some explanatory factors account for significant differences in countries, size, and industries; and users are somehow reactive to the stream of pictures and texts disclosed by firms. The presence and impact of companies on Instagram are a highly important source for driving stakeholders’ conversation within the digital arena.

Volatility Exchange Rate and Economic Growth: Insight from ASEAN Member Countries

This study aims to determine the effect of exchange rate volatility on economic growth in the ASEAN member countries (Indonesia, Thailand, Vietnam, and Cambodia) through investment. Based on the previous studies, the researcher focuses on developing the initial research analysis because it can control different company levels' characteristics and then determine the impact of exchange rate changes on economic growth mediated by investment. There is a limited analysis of whether exchange rate movements encourage overall investment in this study's particular direction. The author's primary focus is whether the export or import channels or both play an essential role in determining a company's investment. This study's population is in ASEAN member countries that have been published by the World Bank (https://www.worldbank.org/) and continue to exist during the period 1998-2019. The sample selection in this study used a purposive sampling method. Some of the ratio data were available in the financial report summary. The analysis method used in the study is the path analysis.

Temporal Restriction and Interest for the Elderly on Cultural Participation. The Case of Spanish Performing Arts 2019

This paper discusses the relationship of cultural participation in performing arts with the manifested interest. Using the data set from the Cultural Habits and Practices Survey 2018-2019 a binary probit model has been applied for the analysis. Emphasizing the role of aging in participation, especially for the group of the elderly and very old. The age variable is one of the most difficult variables to apprehend, in which the cohort effects, age itself and period should be considered. This paper is an approach to the study of the aging effect on cultural participation, which would be continued with the analysis of the Surveys in previous years. This work shows that there is no homogeneous behavior between participation and interest within the different performing arts. Presenting some of them differentiating features.

Threshold Cointegration Approach for Assessing the Impact of US Economic Policy Uncertainty on Monetary Policy Decision of African Countries

This study uses threshold cointegration technique to ascertain the relationship between United States (US) economic policy uncertainty (EPU) and monetary policy rate (MPR) of each of the four African countries, namely Egypt, Ghana, Namibia and South Africa using monthly data from March 1998 to April 2020. The impact of US EPU on MPR of each country is assessed by examining the linear cointegration, asymmetric cointegration and causal relationships in the frequency domain between the US EPU and MPR of each African country. The findings provide evidence of long-run threshold cointegration and the adjustment mechanisms towards long-run equilibrium are asymmetric in the short run for the MPR models for Ghana, Namibia and South Africa in the M-TAR specification except for Egypt’s MPR model which does not provide evidence of asymmetric adjustment towards the equilibrium position. The bivariate analysis performed in the spectral frequency domain suggests unidirectional causality between US EPU and MPR of each country and that, the US EPU influences the MPR of each country in the long run. The findings provide important guidelines to monetary policy reviewers to take policy stance that would stimulate economic growth amid US policy uncertainties.