We develop models of stochastic discount factors in international economies that produce stochastic risk premiums and stochastic skewness in currency options. We estimate the models using time-series ...returns and option prices on three currency pairs that form a triangular relation. Estimation shows that the average risk premium in Japan is larger than that in the US or the UK, the global risk premium is more persistent and volatile than the country-specific risk premiums, and investors respond differently to different shocks. We also identify high-frequency jumps in each economy but find that only downside jumps are priced. Finally, our analysis shows that the risk premiums are economically compatible with movements in stock and bond market fundamentals.
The past half-century has been witness to the largest education expansion drive in human history; as a worldwide education expansion project played itself out. This expansion has taken up a ...significant proportion of resources of nations. In the case of the developing countries education is almost invariably the biggest item on government’s expenditure budgets. In the case of the United States of America (USA) federal funds allocated to education rose tenfold in the thirty year period 1970 to 2000, from US$ 9.2 billion to US$ 90.6 billion. One major motivation for this concentrated employment of resources is the belief that investment in education promotes, or indeed is a sine qua non for economic growth. Testing this supposed relation, especially in the contemporary era, is therefore timely. The aim of this article is to investigate the co-variation between education effort (measured in terms of enrollment ratios) and economic performance (measured by per capita gross domestic product) of the various countries of the world, almost half a century ago; at the outset of the massive education expansion drive which took off during the second half of the twentieth century.
Poverty in the History of Economic Thought: From Mercantilism to Neoclassical Economics aims to describe and critically examine how economic thought deals with poverty and the poor, including its ...causes, consequences, reduction, and abolition.
This edited volume traces the economic ideas of key writers and schools of thought across a significant period, ranging from Adam Smith and Malthus through to Wicksell, Cassel, and Heckscher. The chapters relate poverty to income distribution, asserting that poverty is not always conceived of in absolute terms, and that relative and social deprivation matter also. Furthermore, the contributors deal with both individual poverty and the poverty of nations in the context of the international economy. By providing such a thorough exploration, this book shows that the approach to poverty differs from economist to economist, depending on their particular interests and the main issues related to poverty in each epoch, as well as the influence of the intellectual climate that prevailed at the time when the contribution was made.
This key text is valuable reading for advanced students and researchers of the history of economic thought, economic development, and the economics of poverty.
Do parties adjust their economic policy positions in response to the international economy? I explore how international economic conditions affect Western Europe’s welfare states by quantitatively ...analysing parties’ ideological dynamics over time. Considering the convergence—divergence argument of the globalization literature, I evaluate the hypothesis that economic openness motivates parties to adjust their economic policies. My empirical analyses reveal that both left-wing and right-wing parties do indeed systematically adjust their positions in response to economic changes associated with globalization. However, the results contradict the neoliberal convergence argument, as parties shift in varying directions in response to different indicators of openness. Importantly, the differences between left-wing and right-wing parties’ responses are not statistically significant, pointing to the importance of including right-wing parties in the globalization literature.
ABSTRACT Economic globalization has entered a new phase of relative stagnation and cooling since the beginning of the global crisis of 2008. The main objective of this article is to examine the ...dynamics that explain the stagnation of the economic globalization process from the beginning of the global crisis of 2008. The initial results indicate that the process of stagnation of global forces is not only related to a scenario of lower economic growth of the global economy after 2008, but also reflects mainly political dynamics within national states and the international system itself that have a direct impact on the phenomenon of economic globalization.
RESUMO A globalização econômica entrou em uma nova fase de relativa estagnação e arrefecimento a partir do início da crise global de 2008. O principal objetivo desse artigo é examinar as dinâmicas que explicam o arrefecimento do processo de globalização econômica a partir do início da crise global de 2008. Os resultados iniciais indicam que o processo de estagnação das forças globais não está ligado apenas a uma conjuntura de menor crescimento econômico da própria economia global após 2008, mas também reflete principalmente dinâmicas políticas no âmbito dos estados nacionais e do próprio sistema internacional que possuem impacto direto sobre o fenômeno da globalização econômica.
Education is considered to be a major component of culture, with an important role in transmitting knowledge, ideas and beliefs from generation to generation, especially nowadays, when information is ...vital for our society. At the same time, education can highly influence the strategic orientation of any company which activates on a global market, by forcing it to adapt its strategies accordingly to some educational indicators such as: the level of alphabetisation, the role of women in that society (are them accepted or not), the general state of the educational system or the adoption of the concept of lifelong learning. It is well known that the educational system of a country largely reflects its cultural development. That’s why the aim of this article is to highlight the defining role of education on the economic development, the consumer behaviour and, furthermore, on the strategic orientations of companies that activate on the Single European Market.
This article’s main objective is to examine the political economy of the economic reforms implemented in the 1990s and examine the main factors which explain India’s economic rise in the 21st ...century. We argue that the productive investments and the country’s opening to the global economy have contributed to economic growth, but that this rise leads to the formation of a “dual economy.” Continuing reforms thereby become necessary for India in order to achieve inclusive growth and structural transformation, overcome the dual economy challenge and gain strength in the international system.
Celotno besedilo
Dostopno za:
DOBA, IZUM, KILJ, NUK, ODKLJ, PILJ, PNG, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
The United Nations Convention on the Rights of the Child (uncrc) is an international legal text that necessitates multiple translations into national policy contexts if it is to become mobilised ...within professional practice. The aim of this paper is to foreground this process of translation and to identify some of the limitations inherent within present mobilisations of the uncrc. On the basis of this diagnosis, we then raise a series of ethical considerations that might inform a more critical and open-ended approach.
We characterise current approaches to mobilising the uncrc as an international economy of rights and we represent this diagrammatically. This economy, we contend, involves multiple translations of the uncrc text into a series of performative demands to which adults become accountable in situations of professional practice with children and young people.
We then critically analyse this economy as presently instituted and point to a number of inherent limitations. We argue that a failure to address the issue of translation from legal text to relational practice has led to a technical resolution. The potential challenge of the uncrc as an authoritative text of critique is further weakened by the promotion of a consensus thinking that privileges agreement over the complexities associated with ethical thinking. In the light of this critique, the paper identifies new lines of questioning to inform debate concerning how a children's rights agenda might be refracted differently in future.
Celotno besedilo
Dostopno za:
DOBA, IZUM, KILJ, NUK, PILJ, PNG, PRFLJ, SAZU, SIK, UILJ, UKNU, UL, UM, UPUK
International economic relations at the level of export and import of goods and services have a significant impact on the development of the economy of each country. At the same time, the export of ...goods and services by enterprises of Ukraine at the regional level plays an important role, which is a source of significant inflow of foreign exchange funds, ensuring financial stability and investment attractiveness. The subject of the research is theoretical, methodological, and practical aspects of the development of foreign economic activity by enterprises of Ukraine at the regional level. The methodological basis of the study is the dialectical method of cognition and the basics provisions of economic science. The use of the system approach allowed considering the object and subject of research as a system and element of the general economic system. In the process of research, a number of methods are used, such as: abstract-logical, economic-statistical, monographic, and graphic. The purpose of the study is to analyse trends and prospects for the export and import of goods and services by enterprises of Ukraine at the regional level. The stated purpose led to the following tasks: conducting research on the volumes of export and import trade in goods and services; identification of factors influencing foreign trade; definition of geographical changes in the sphere of foreign trade and the coefficient of export coverage by import; substantiation of cooperation with foreign partners on a toll basis. According to the results of the research, the following conclusions are obtained: trends and prospects of the export and import of goods and services are investigated; it is found that the low competitiveness of national industrial products, the crisis financial situation of most industrial enterprises, the lack of development of national certification systems and quality control of export goods, the low world rating of Ukraine’s reliability for loans and investments affects foreign trade; a significant expansion of the geography of export trade and import supplies is revealed, which positively influenced the balance of foreign trade in goods and services. Therefore, in order to build a highly efficient national economy, the foreign economic activity of Ukrainian enterprises at the regional level should be oriented towards the development of export of finished products, rather than raw materials and partial import substitution for those products that can be successfully produced in Ukraine. The process of import substitution solves a range of socio-economic tasks, such as the revival of the agro-industrial complex, the reduction of unemployment, and the strengthening of the country’s economic security. At the same time, the modernization of agrarian and industrial enterprises can take place at the expense of foreign exchange earnings from export.
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