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Economies, Volume 5, Issue 1 (March 2017)

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Editorial

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Open AccessEditorial Acknowledgement to Reviewers of Economies in 2016
Economies 2017, 5(1), 2; doi:10.3390/economies5010002
Received: 10 January 2017 / Revised: 13 January 2017 / Accepted: 13 January 2017 / Published: 13 January 2017
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Abstract The editors of Economies would like to express their sincere gratitude to the following reviewers for assessing manuscripts in 2016.[...] Full article

Research

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Open AccessArticle The Status and Evolution of Energy Supply and Use in Mexico Prior to the 2014 Energy Reform: An Input-Output Approach †
Economies 2017, 5(1), 10; doi:10.3390/economies5010010
Received: 25 November 2016 / Revised: 4 March 2017 / Accepted: 17 March 2017 / Published: 21 March 2017
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Abstract
In 2014, the Mexican government approved a bold energy reform that allows private energy companies to freely participate in the energy market (something prohibited during the previous eight decades). This reform is expected to significantly restructure the energy sector and boost and diversify
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In 2014, the Mexican government approved a bold energy reform that allows private energy companies to freely participate in the energy market (something prohibited during the previous eight decades). This reform is expected to significantly restructure the energy sector and boost and diversify the energy production. Moreover, changes in the energy sector and production might lead to structural changes in the rest of the economy and ultimately generate significant economic benefits for the country. Nevertheless, the fundamental role of the energy sector in this oil producing country makes the potential impacts of the reform complex to forecast. The objective of the study is to analyze the current state, evolution, and driving factors of the total primary energy use in Mexico in 2003–2012 (prior to the implementation of the reform) as a precedent for future analyses of impacts of the energy reform. The results show three driving factors of the evolution of primary energy use: final non-energy demand, direct energy intensity, and economic structure. Also, it was found that the energy sector has been in a precarious situation regarding its structure and efficiency. However, this situation had a small effect on the evolution of primary energy use. Full article
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Open AccessArticle Financial Reforms and Determinants of FDI: Evidence from Landlocked Countries in Sub-Saharan Africa
Economies 2017, 5(1), 1; doi:10.3390/economies5010001
Received: 14 June 2016 / Revised: 2 December 2016 / Accepted: 5 December 2016 / Published: 1 January 2017
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Abstract
The recognition of Foreign Direct Investment (FDI) as a source of funding to foster economic development in both developed and developing countries has been in ascendancy. The prime purpose of this study is to empirically investigate the determinants of FDI for the “landlocked
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The recognition of Foreign Direct Investment (FDI) as a source of funding to foster economic development in both developed and developing countries has been in ascendancy. The prime purpose of this study is to empirically investigate the determinants of FDI for the “landlocked countries” in Sub-Saharan Africa over the period 1995–2013. By employing panel data analysis, the result of the study revealed that domestic investment, trade (openness), human capital, political constraint, natural resource endowment and the market size (with the GDP growth as proxy) as having positive impact on determining FDI flow into the sample countries with only the countries’ tax policies seen otherwise. Our study not only contributes to existing literature on FDI determinants by investigating landlocked countries of Sub-Saharan Africa (SSA) for the first time but also includes natural resources that the landlocked countries are endowed with, tax policies and political constraints in such countries for the stipulated period. Full article
(This article belongs to the Special Issue Financial Reform and Economic Development)
Open AccessArticle Leaning against the Wind Policies on Vietnam’s Economy with DSGE Model
Economies 2017, 5(1), 3; doi:10.3390/economies5010003
Received: 6 July 2016 / Revised: 16 November 2016 / Accepted: 17 November 2016 / Published: 18 January 2017
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Abstract
The global financial crisis of 2007–2008 had a negative impact on many countries, including Vietnam. Many policies have been applied to stabilize the macro-economic indicators. However, most of them are based on old qualitative models, which do not help policy makers understand deeply
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The global financial crisis of 2007–2008 had a negative impact on many countries, including Vietnam. Many policies have been applied to stabilize the macro-economic indicators. However, most of them are based on old qualitative models, which do not help policy makers understand deeply how each one affects the economy. In this paper, we investigate a quantitative macro-economic approach and use leaning against the wind policies with the Dynamic Stochastic General Equilibrium model (DSGE) to find a better way to understand how policies stabilize the Vietnamese economy. Based on the framework of Gerali et al., we calibrate the hyper-parameter for Vietnam financial data and do the comparison between the standard Taylor rule and the cases in which we add asset price and credit elements. The results show that the credit-augmented Taylor rule is better than the asset-price-augmented one under the technology shock and contrary to the cost-push shock. Moreover, the extended simulation result shows that combining both asset-price and credit rules on the model is not useful for Vietnam’s economy in both types of shock. Full article
(This article belongs to the Special Issue Economic Development in Southeast Asia)
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Open AccessArticle The Impact of Foreign Direct Investment (FDI) on the Environment: Market Perspectives and Evidence from China
Economies 2017, 5(1), 8; doi:10.3390/economies5010008
Received: 11 October 2016 / Revised: 26 February 2017 / Accepted: 28 February 2017 / Published: 6 March 2017
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Abstract
Foreign direct investment (FDI) may have a positive effect on the level of pollution in host countries, as described by the pollution haven hypothesis (PHH). However, this kind of effect may depend on the economic conditions in host countries. In this study, we
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Foreign direct investment (FDI) may have a positive effect on the level of pollution in host countries, as described by the pollution haven hypothesis (PHH). However, this kind of effect may depend on the economic conditions in host countries. In this study, we conduct research on the FDI’s effect on China’s CO2 emissions during the market-oriented reform. The results are as follows. Firstly, FDI directly promotes China’s CO2 emissions. Secondly, with market-oriented reform, this positive effect from FDI is lowering year by year, which indicates that the market-oriented reform could alleviate the positive effect of FDI on China’s CO2 emissions. Thirdly, as China’s market-oriented reform was implemented gradually from experimental zones to the whole country, regional market development is uneven, and as such so is FDI’s effect on local CO2 emissions. Provinces in the eastern area generally evidenced higher market development and lower CO2 emissions from FDI, while four provinces in west area evidenced both lower market development and higher CO2 emissions from FDI. Full article
(This article belongs to the Special Issue FDI and Development: Emerging Issues)
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Open AccessArticle Examining the ‘’Natural Resource Curse’’ and the Impact of Various Forms of Capital in Small Tourism and Natural Resource-Dependent Economies
Economies 2017, 5(1), 6; doi:10.3390/economies5010006
Received: 17 August 2016 / Revised: 8 December 2016 / Accepted: 27 January 2017 / Published: 14 February 2017
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Abstract
The problem of the relevance of human and natural capital, as well as the potential adverse effect of natural capital on economic growth, has gained increased attention in development economics. The aim of this paper is to assess, theoretically and empirically, the relevance
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The problem of the relevance of human and natural capital, as well as the potential adverse effect of natural capital on economic growth, has gained increased attention in development economics. The aim of this paper is to assess, theoretically and empirically, the relevance of several forms of capital on economic growth in certain small economies that are dependent upon tourism or natural resources. The empirical framework is based on Impulse Response Functions obtained from Vector Autoregressive models in which we focus on the model where economic growth is the dependent variable for ten small economies that are dependent upon either tourism or natural resources. We find that there is evidence of the “natural resource curse”, especially in the economies that have a strong dependence on resources that are easily substitutable and whose prices constantly fluctuate. We further find that in the majority of observed cases, the type of capital these small economies are most dependent on for their economic growth causes negative impulses in the majority of the observed periods. Therefore, the main policy recommendation should be to assure that even these small economies should strive towards further diversification and avoid dependence on only one segment of their economy. Full article
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Open AccessArticle The Impact of Terrorist Attacks on Foreign Exchange Rate: Case Study of Turkish Lira versus Pound Sterling
Economies 2017, 5(1), 5; doi:10.3390/economies5010005
Received: 13 October 2016 / Revised: 6 January 2017 / Accepted: 19 January 2017 / Published: 28 January 2017
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Abstract
In this study, the impact of terrorist attacks on exchange rate is estimated. Particularly, the study focuses on terrorist attacks in Turkey and its implication on Turkish lira versus pound sterling exchange rate. In order to find the causal effect, the study employed
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In this study, the impact of terrorist attacks on exchange rate is estimated. Particularly, the study focuses on terrorist attacks in Turkey and its implication on Turkish lira versus pound sterling exchange rate. In order to find the causal effect, the study employed Autoregressive distributive lag (ARDL) bound testing approach as an estimation technique. Accordingly, the analysis reveals that a terrorist attack has a negative impact on the exchange rate in both the short-run and long-run. However, the negative effect of terrorism tends to be small in both the short-run and long-run. More precisely, terrorist attacks depreciate the exchange rate between Turkish lira and pound sterling by approximately 0.024% in the next trading day. The long-term effect also shows that a terrorist attack depreciates the exchange rate on average by 0.0706%. Full article
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Open AccessArticle Financial Reforms, Financial Development, and Economic Growth in the Ivory Coast
Economies 2017, 5(1), 7; doi:10.3390/economies5010007
Received: 26 August 2016 / Revised: 29 January 2017 / Accepted: 20 February 2017 / Published: 24 February 2017
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Abstract
This study investigates the relationship between financial development and economic growth in the Ivory Coast over the period from 1961 to 2014. The final goal of this research is to develop a procedure to identify the effects of financial reforms for the Ivory
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This study investigates the relationship between financial development and economic growth in the Ivory Coast over the period from 1961 to 2014. The final goal of this research is to develop a procedure to identify the effects of financial reforms for the Ivory Coast economic growth. Therefore, to achieve this goal, we first conducted a common component analysis (CCA) on our time series data to create: (1) a variable that would be the most appropriate proxy for the financial development; and (2) a vector of control variables for economic growth. Second, a vector autoregression model (VAR) with restriction was used as an appropriate specification of the dynamic relationship between the proxy of financial development, economic growth and other important factors of that growth (vector of control variables). Results suggest that in the Ivory Coast, growth in financial development is synonymous with the overall economic growth of the national economy. This study addresses the controversy over the appropriate proxy for the financial development in the Ivory Coast and it establishes a causal relationship between the financial development and the national economic growth. Full article
(This article belongs to the Special Issue Financial Reform and Economic Development)
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Open AccessArticle (Un)supported Current Tourism Development in UNESCO Protected Site: The Case of Old City of Dubrovnik
Economies 2017, 5(1), 9; doi:10.3390/economies5010009
Received: 9 December 2016 / Revised: 15 February 2017 / Accepted: 2 March 2017 / Published: 7 March 2017
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Abstract
The main purpose of this paper is to explore and determine perceptions of residents living in the United Nations Educational, Scientific and Cultural Organization (UNESCO) protected site Old City of Dubrovnik (OCD) towards tourism development. Uncontrolled tourism expansion has impact on local residents’
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The main purpose of this paper is to explore and determine perceptions of residents living in the United Nations Educational, Scientific and Cultural Organization (UNESCO) protected site Old City of Dubrovnik (OCD) towards tourism development. Uncontrolled tourism expansion has impact on local residents’ life and on their (un)support for specific form of tourism development. Comprehension of residents’ perceptions is crucial for realization of adequate tourism development and for mutual satisfaction of tourism demand and supply. Therefore, the aim is to test the model of residents’ perceptions of economic, socio-cultural and environmental impacts of tourism on their (un)support for specific form of tourism development. To realize the purpose of this research, Cronbach alpha, explorative (EFC) and confirmatory (CFA) factor analysis, and structural equation modeling (SEM) were applied. The findings indicate that there is a direct relationship between residents who perceive positive and negative economic, socio-cultural and environmental impacts of tourism and their (un)support for tourism development. This paper points out the role and significance of the permanent residents’ perceptions research concerning the issues that are related to the quality tourism development due to the high interaction between local residents, tourists and local tourism development especially in the areas under the protection of UNESCO. Full article
(This article belongs to the Special Issue Tourism Economics)
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Open AccessArticle Financial Deepening and Economic Growth Nexus in Nigeria: Supply-Leading or Demand-Following?
Economies 2017, 5(1), 4; doi:10.3390/economies5010004
Received: 15 October 2016 / Revised: 4 December 2016 / Accepted: 7 January 2017 / Published: 23 January 2017
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Abstract
This paper examined the direction of causality between financial deepening and economic growth in Nigeria for the period 1970–2013. The study adopted the Toda–Yamamoto augmented Granger causality test and results showed that the growth-financial deepening nexus in Nigeria follows the supply-leading hypothesis. This
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This paper examined the direction of causality between financial deepening and economic growth in Nigeria for the period 1970–2013. The study adopted the Toda–Yamamoto augmented Granger causality test and results showed that the growth-financial deepening nexus in Nigeria follows the supply-leading hypothesis. This means that it is financial deepening that leads to growth and not growth leading financial deepening. Among other things, the study recommended that policy efforts should be geared towards removing obstacles that undermine the growth of credit to the private sector, and must restore investors’ confidence in the stock market operations. Full article
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