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Item type:Publication, The shadow economy and sustainable development: The role of financial development(John Wiley and Sons Ltd, 2020-08-01)Abstract This paper provides fresh evidence concerning the threshold relationship between the shadow economy and financial development. Shadow economy is quoted as an obstacle to sustainable development and therefore the role of financial development is examined in this paper to tackle the issue of shadow economy. It is based on panel data of 29 developed and developing countries over the period of 1975–2015 and use of panel threshold model. Three proxies for financial development—liquid liabilities, private credit to deposit money banks, and stock market capitalisation—were utilised to obtain the threshold value of US$33,600 Gross Domestic Product (GDP) per capita. This threshold helps to determine the impact of financial development on the size of the shadow economy. Empirical results suggest that above this threshold, financial development significantly contributes to the reduction in size of the shadow economy while it has no impact for countries that have per capita income below this threshold. This implies that, countries with lower per capita income (below $33,600) should implement policies to improve accessibility to finance and credit market which leads to a sufficiently higher per capita income that in turn allows for a reduction in the size of the shadow economy. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Stochastic scale elasticity(Springer Science+Business Media, 2021-12-11)To analyze the performance of firms (decision-making units, DMUs) in the literature, several economic concepts such as economies of scale (returns to scale, RTS), economies of scope, marginal rates of technical substitutions, etc., have been used. Banker et al. (2004) studied RTS in different DEA models. In this chapter, however, we concentrate on determining and measuring RTS. Scale elasticity (SE) is a quantitative measure of the RTS characterization of the firms operating on the production frontier, which is used to determine improvement or deterioration in their productivities by resizing their scales of operation. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, The role of technological innovation in environmental pollution, energy consumption and sustainable economic growth: evidence from South Asian economies(Elsevier, 2021-12-02)This study examines the causal relationship among technological innovation (TI), environment pollution (EP), energy consumption (EC) and sustainable economic growth (SEG) from selected South Asian economies. In order to identify the causal association between energy growth and nexus of CO2 emissions, this study is employed the premises of the EKC framework. This study has used annual time series data set from world development indicator (WDI), start from 1990 to 2019. The result of a fully modified ordinary least square (FMOLS) method describes a significantly worsen the quality environment in the south Asian region. The individual country as Bangladesh shows a positively significant impact on the CO2 emissions and destroying the level of environment regarding non-renewable and renewable energy and technological innovation index. However, negative and positive values of growth (GDP) and square of GDP respectively confirm the EKC hypothesis in this region. This study has identified the causality between GDP growth and carbon emission and found bidirectional causality between economic growth and energy use. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Stock markets dynamics and environmental pollution: emerging issues and policy options in Asia(Springer Science+Business Media, 2021-06-29) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Fiscal rules and public investment: the case of Peru, 2000-2019(2021-01-28)This article has three goals. First, it describes the genesis of fiscal rules in Peru and its degree of compliance. Second, it estimates the effect of fiscal rules adoption on public investment. Last, it analyzes the impact of alternative fiscal rules on public investment and public debt sustainability. Our main results are as follows. First, the implementation of fiscal rules in the year 2000 caused a 60 to 80 percent fall in public investment relative to several counterfactuals. Second, our DSGE model suggests a Structural Fiscal Rule would have increased the consumers welfare in the period 2000-2019 more than other fiscal designs. This rule reduces the procyclicality of public investment under commodity price shocks and macroeconomic volatility under world interest rate shocks. Third, a Structural Fiscal Rule has the lowest probability of exceeding the current public debt limit (30 percent of GDP), although there is a trade-off between investment-friendly rules and fiscal sustainability issues. Nevertheless, our quantitative results are limited to short spans of analysis. With a long-run perspective, we may say that fiscal rulesdespite constant modifications and recurring non-compliancehave fulfilled their original and most important goal of achieving the consolidation of public finances. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, A robust capacity expansion integrating the perspectives of marginal productivity and capacity regret(Elsevier, 2021-04-16)This study addresses a capacity expansion problem (CEP). A typical CEP model usually focuses on addressing demand fluctuation for cost minimization and assumes a constant marginal productivity, which may overestimate the capacity level, thus leading to an infeasible capacity plan. However, the marginal productivity theory has some merits which can complement the CEP; for example, a production function estimates the production possibility set limiting the production behavior and characterizes the law of diminishing marginal returns (DMR). To integrate the perspective of marginal productivity factors in the CEP model, we propose a two-stage model to solve the CEP. The first stage estimates the production possibility set and finds the directional marginal productivity (DMP) towards marginal profit maximization. The second stage, which addresses demand fluctuation, develops the minimax regret model, balancing capacity shortage and capacity surplus to build a robust capacity plan. The results of a numerical illustration validate the robust decision generated by the proposed model and correct a typical CEP model without considering marginal productivity, where the major factor affecting capacity decisions is the ability to raise/leverage resource for marginal productivity rather than demand variation and cost structure. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Pandemic and cost inflation in Peru(Universidad San Ignacio de Loyola, 2022-04-20)This article proposes to analyze the two most urgent problems in Peru today: the pandemic and cost-push inflation. A first conclusion is to recognize that the Covid-19 pandemic has not ended, neither globally nor in Peru. Experts predict that the third wave will arrive in Peru with the new Delta variant in late 2021. It is crucial to contain contagions without affecting reactivation of the economy. The methodology used is the input-output price model. In relation to exchange-rate cost-impacts, the conclusion is that the expected impact of a devaluation of the new sol is estimated as an impact on Consumer Price Index. The impacts are in the range of 7% to 22% or to 36%, depending on the degree of the assumed devaluation being low, intermediate, or extreme. A third conclusion of the analysis relates to increases in the prices of strategic commodities. As an example, the 92% increase in the world price of crude oil has an aggregate effect equal to 6.2% increase in the CPI of the Peruvian economy, after all forward linkages of crude oil, on gasoline and other fuels are reflected. Note that other international commodity prices have also increased in world markets -such as corn, soybeans, and grains- although they are not included in this analysis. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Six ways population change will affect the global economy(John Wiley and Sons Inc, 2022-03-01)New estimates of economic flows by age combined with population projections show that in the coming decades (1) global GDP growth could be slower by about 1 percentage point per year, declining more sharply than population growth; (2) GDP will shift toward sub-Saharan Africa more than population trends suggest; (3) living standards of working-age adults may be squeezed by high spending on children and seniors; (4) changing population age distribution will raise living standards in many lower-income nations; (5) changing economic life cycles will amplify the economic effects of population aging in many higher income economies; and (6) population aging will likely push public debt, private assets, and perhaps productivity higher. Population change will have profound implications for national, regional, and global economies. - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Time-varying conditional exchange rate pass-through: Do shocks also matter in Peru?(RELX Group (Netherlands), 2024-01-01) - Some of the metrics are blocked by yourconsent settings
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