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Development of commodity exchange in Croatia
87-89Views:134Purpose of this thesis work is to show relevance and necessarity for existing of commodity exchange and it’s influence to the economy of Croatia. Because eastern part of Croatia, region called Slavonia is mostly agricultural oriented, it is of essential relevance to establish and make operate of first commodity exchange in Croatia. Widely in the past, while Croatia was part of Austrian – Hungarian kingdom, first commodity exchange in Europe that was established in 1853. in Budapest, practically was domestic commodity exchange for Croatian business subjects, and they were able to use benefits it brought. Me personally, and a lot of other business people and business society in Croatia belive that time to reasteblish commodity exchange has come. In this thesis, I will give a deeper look in to commodity exchange, describe acctual situation in Croatia, show posibillities that commodity exchange brings, how it works and what has to be done to implement commodity exchange and benefits it will bring to Croatian economy.
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The impact of boundary organizations on decision-making under uncertainty: A multi-agent simulation
13-16Views:151Modern environmental issues imply that decision-makers have the capacity to take into account possibly conflicting information from distinct domains, such as science and economics.As the development of technology increases the temporal and spatial scopes of risks, decision-makers can no longer consider economic and scientific information separately but should encourage experts to work together. Boundary organizations, institutions that cross the gap between two different domains, are able to act beyond the boundaries while remaining accountable to each side (Guston, 2001). By encouraging a flow of information across the boundaries, they permit an exchange to take place, while maintaining the authority of each domain (Cash et al., 2003; Clark et al., 2002). The goal is to simulate boundary organizations to assess their impact on the diffusion of experts’ opinions. The hypothesis tested is whether the existence of a boundary organization eases the decision-making process by reducing the number of opinions expressed. The methodology relies on a multi-agent system based on a model of continuous opinion dynamics (Deffuant et al., 2001) extended over two dimensions. The world is defined by two parameters: the uncertainty, that reflects the possible zone of discussion between experts, and the exchange, which represents the openness of discussions. Agents are described by credibility and conviction: the credibility represents how much other agents may be influenced by an agent, and the conviction represents the resistance of an agent to changing its position. Two kinds of agents are left free to interact, modifying their position in their domain (dimension) through one-to-one exchanges. Agents called borgs are introduced: open to trans-disciplinary discussion, they are able to exchange on both dimensions. The results show that the range of expressed opinions is significantly reduced, even at low levels of experts involved in the boundary organization.
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A disaggregated analysis of monetary policy effects on the agricultural sector in Nigeria
47-58Views:423This study provides a disaggregated analysis of the effects of monetary policy shocks on the agricultural sector in Nigeria from 1981Q1 to 2016Q4. The study utilized the generalized impulse responses and the normalized generalized forecast error variance decompositions from an underlying VAR model, which are order-invariant. The four monetary policy variables used in the study are interbank call rate, monetary policy rate, broad money supply and exchange rate; while the four agricultural sub-sectors investigated are crop production, forestry, fishing and livestock. The study also controlled for the general price level and other economic activities in the overall economy. The findings indicate that the aggregate agricultural sector and its various sub-sectors consistently responded negatively to unanticipated monetary tightening in most of the forecast horizon; while the immediate impact of monetary policy shocks is transmitted to the agricultural sector through the interest rate and money demand (credit) channels. The findings further indicate that apart from these two channels, the roles of monetary policy rate and exchange rate are non-negligible in the long-run. The role of money supply channel in spreading monetary policy shocks to the agricultural sector remained muted all through. The study concludes that the monetary authority should evolve interest rate, credit, and exchange rate policies that will promote the development of the agricultural sector in Nigeria.
JEL CODES: E52; N50; C22; N57
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Use of coordination spheres in food economics
69-71Views:156The coordination plays central role in the economics. The conventional economic theory looks at the market and enterprise (or hierarchy) as two different, separated manner of coordination of economic goods and services. However the modern organization theory, price theory and institutional economics show that different types (not only market and enterprise, but also several types of hybrid forms) of coordination (or governance structure) necessarily live together in the current economic system. Based on my previous research on the field of regional clusters in the food industry I came to the conclusion that the cluster is one of the spheres where economic coordination can occur.At the same time I pointed out that the ways of coordination can be ordered on an ordinary scale according to its normative or positive nature. I’ve also found that the choice between the coordination spheres (market, enterprise or cluster) is not arbitrary, but instead depends on the interest’s dimension which is represented by the exchange of goods and services in question.
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Determinants of Mongolian Economic Growth
61-66Views:311Mongolia is the second largest landlocked country, which has unique economic condition. This paper aims to examine Mongolian economic growth from 2000 until 2016 and identify its determinants. The growth was studied based on the growth rate of National Domestic Product. Initially, 20 macroeconomic variables are chosen and tested for the economic growth determinators such as; unemployment rate, human capital index, import growth, inflation rate, export growth, and interest rate, etc. The results showed that the growth rate of dollar exchange, inflation rate, and the growth rate of export were the main factors (81.4%). Mongolian GDP per capita and poverty rate were compared with other Asian lower-middle-economies, which are classified in the same classification as Mongolia. An increment of average salary was adjusted by the inflation rate, which showed the purchasing power declined in 2015. Statistics of Central Bank of Mongolia, Central Intelligence Agency, World Bank’s statistics, and the statistics from National Statistics Office of Mongolia are used for the research.
JEL Classification: H0, H30, H6, H70
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Determinants of dividend payout policy: An empirical study of banking sector of Pakistan
101-106Views:505One good way to communicate financial performance of a bank to its shareholders is the payment of dividend. The present study is attempted to explore the influence of financial efficiency, safety, risk and profitability on dividend policy using panel data of 10 commercial banks listed at Pakistan Stock Exchange (PSX) for a period of 9 years between 2006 to 2014. The panel regression technique is used to analyze the data. The analysis shows a positive relationship of dividend payout ratio with safety and profitability in banking sector of Pakistan. The study identifies a negative association of dividend payout measure with financial efficiency and risk. The results show the statistically significant association of safety, risk and profitability with dividend payout ratio. Based on these findings it is concluded that safety, risk and profitability measures are relatively strong measures for defining dividend policy. The results are strongly indicating that safer the banks, the greater payout ratio the bank has. Moreover; banks with higher profitability and lower non-performing loans (NPLs) are believed to pay more dividends.
JEL code: G21, G23, G35
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Systematic risk factors and stock return volatility
61-70Views:530This study analyzes the transmission of systematic risk exhaling from macroeconomic fundamentals to volatility of stock market by using auto regressive generalized auto regressive conditional heteroskedastic (AR-GARCH) and vector auto regressive (VAR) models. Systematic risk factors used in this study are industrial production, real interest rate, inflation, money supply and exchange rate from 2000-2014. Results indicate that there exists relationship among the volatility of macroeconomic factors and that of stock returns in Pakistan. The relationship among the volatility of macroeconomic variables and that of stock returns is bidirectional; both affect each other in different dynamics.
JEL code: C32, C58, G11, G12
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Impact of economic globalization on the human trafficking in the Greater Mekong Sub-region countries
123-130Views:426This study examines the impact of economic globalization on the human trafficking inflows into the Greater Mekong Sub-region (GMS) countries. The paper empirically tests for a cross-section of six countries, including Cambodia, the Yunnan Province of the People’s Republic of China (PRC), Lao People’s Democratic Republic (Lao PRD), Myanmar, Thailand, and Vietnam. Employing the Pooled OLS estimator, as the theory predicts, the economic globalization increases trafficking inflow into the GMS. However, only foreign direct investment (FDI) affects the degree of trafficking of persons, while the effect of trade is insignificant. Moreover, Exchange rate, Migration, Population and Democracy induce higher rates of trafficked persons, whereas Gross Domestic Product (GDP) and other factors, such as education, vocational training and micro-finance through village development funds decrease this problem in the region. Gross National Income per capita (GNI per capita) and rule of law do not have any significant effect on human trafficking.
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Some thoughts on the repayment methods of Hungarian household forex loans
17-23Views:177Nowadays the volatility of exchange rates and the macroeconomic changes strongly affect the monthly instalments of the debtors. The growth of delayed forex loans - mostly denominated in Swiss Franc and Euro - can include a high risk, which as a part of a vicious circle can ruin Hungary’s economic situation and even the country’s external judgement. Steps were taken to handle the problem of the forex loans but their result is questionable. In this paper different repayment methods are compared in different economic scenarios. More precisely, the third edition of exchange-rate barrier and income based repayment are analysed in an optimistic realistic and pessimistic scenario. This article is aiming to quantify and interpret the difference between each repayment methods regarding different scenarios. Based on the results suggestions are made how to eliminate efficiently currency exposure from the continuously deteriorating portfolio.
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Climate change impact on crop production in Central Asian Countries
75-82Views:216Increased risk due to global warming has already become embedded in agricultural decision making in Central Asia and uncertainties are projected to increase even further. Agro-ecology and economies of Central Asia are heterogeneous and very little is known about the impact of climate change at the subnational levels. The bio-economic farm model is used for ex-ante assessment of climate change impacts at sub-national levels in Central Asia. The bio-economic farm model is calibrated to ten farming systems in Central Asia based on the household survey and crop growth experiment data. The production uncertainties and the adaptation options of agricultural producers to changing environments are considered paramount in the simulations. Very large differences in climate change impacts across the studied farming systems are found. The positive income gains in large-scale commercial farms in the northern regions of Kazakhstan and negative impact in small-scale farms in arid zones of Tajikistan are likely to happen. Producers in Kyrgyzstan may expect higher revenues but also higher income volatilities in the future. Agricultural producers in Uzbekistan may benefit in the near future but may lose their income in the distant future. The negative impacts could be further aggravated in arid zones of Central Asia if irrigation water availability decline due to climate change and water demand increase in upstream regions. The scenario simulations show that market liberalization and improved commodity exchange between the countries have very good potential to cope with the negative consequences of climate change.
JEL classification: Q11, Q18
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A note on the Dutch disease
34-38Views:225Many resource rich countries are poor, where many resource poor countries are rich. One of the possible explanations of this paradox called the ‘resource curse’ is the Dutch Disease. This paper aims to analyse this phenomenon with the help of a simple macroeconomic trade model. It presents a number of Dutch Disease Cases of which the ‘Norwegian Case’ provides an example containing an effective policy against the negative impact of Dutch Disease on the national economy.
JEL Classification: O11, O24, Q33
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