Economies

211 KiB

Open AccessArticle

Annual City Festivals as Tools for Sustainable Competitiveness: The World Port Days Rotterdam

by Erwin Van Tuijl and Leo Van den Berg

Economies 2016, 4(2), 11; https://doi.org/10.3390/economies4020011 - 23 May 2016

Cited by 7 | Viewed by 6812

Many cities organize annual local festivals for the positive effects on urban development, although success is far from straightforward. This article reviews a case study of the World Port Days in Rotterdam in order to demonstrate how annual city festivals can contribute to [...] Read more.

Many cities organize annual local festivals for the positive effects on urban development, although success is far from straightforward. This article reviews a case study of the World Port Days in Rotterdam in order to demonstrate how annual city festivals can contribute to sustainable competitiveness, despite limitations as well. We show how this maritime event—that is jointly organized by the business community, the Port Authority and the City Government—offers benefits for citizens as well as for firms. Our empirical results unveil that the business value of the event includes generation of societal support, image improvement, labor market development and networking, while the value for society refers to education, leisure and to a certain degree to social inclusion. The direct value of the event for business in terms of sales and recruitment is limited, while the long-term effects of educational function deserve further attention. Finally, we provide policy lessons that, when properly contextualized, other cities may help to use annual local festivals as tools for sustainable competitiveness. Full article

(This article belongs to the Special Issue Urban Economy)

732 KiB

Open AccessArticle

Sustainable Development and Corporate Social Responsibility in Sub-Saharan Africa: Evidence from Industries in Cameroon

by Oyewole Simon Oginni and Adewale Daniel Omojowo

Economies 2016, 4(2), 10; https://doi.org/10.3390/economies4020010 - 18 May 2016

Cited by 19 | Viewed by 11783

Abstract

Present technological innovations and social organizations continue to impose risks and limitations on the efficient performance of the biosphere. Human activities have increasingly short-lived sustainable natural endowments, to the extent that, the multiplier effects have ripples beyond the traditional benefits of economic production [...] Read more.

Present technological innovations and social organizations continue to impose risks and limitations on the efficient performance of the biosphere. Human activities have increasingly short-lived sustainable natural endowments, to the extent that, the multiplier effects have ripples beyond the traditional benefits of economic production and consumption. Therefore, this study addressed practical concerns on how industries in Sub-Saharan Africa promote sustainable development in their corporate social responsibility models, using industries in Cameroon as a case study; it examined economic, social, and environmental components of sustainable development and corporate social responsibility (CSR). Our sample consists of 335 business enterprises from the last Censure Survey of Enterprises in Cameroon. The study adopted a systematic analysis through the Adjusted Residual Test, and the Phi and Cramer’s V tests. Findings revealed that industries in Cameroon prioritize environmental and social dimensions over economic dimensions. However, a few large enterprises implement a broad CSR that promotes sustainable business practices, whereas smaller ones do not; industries in Cameroon implement environmental dimensions of CSR as a safe buffer and a social dimension as philanthropy. Hence, there is no concrete evidence that industries promote sustainable development via CSR in Cameroon. The implementation of a sustainable business model is a precondition for promoting sustainable development via CSR. Industries should realize the concrete value in implementing a sustainable business model that helps to adjust to the complex and increasingly changing business environment. Full article

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242 KiB

Open AccessArticle

Modelling Monetary and Fiscal Governance in the Wake of the Sovereign Debt Crisis in Europe

by Bodo Herzog

Economies 2016, 4(2), 9; https://doi.org/10.3390/economies4020009 - 5 May 2016

Cited by 4 | Viewed by 6039

Abstract

This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient [...] Read more.

This paper analyzes different government debt relief programs in the European Monetary Union. I build a model and study different options ranging from debt relief to the European Stability Mechanism (ESM). The analysis reveals the following: First, patient countries repay debt, while impatient countries more likely consume and default. Second, without ESM loans, indebted countries default anyway. Third, if the probability to be an impatient government is high, then the supply of loans is constrained. In general, sustainable and unsustainable governments should be incentivized differently especially in a supranational monetary union. Finally, I develop policy recommendations for the ongoing debate in the Eurozone. Full article

2005 KiB

Open AccessArticle

Germany versus the United States: Monetary Dominance in the Eurozone

by Chee-Heong Quah

Economies 2016, 4(2), 8; https://doi.org/10.3390/economies4020008 - 26 Apr 2016

Cited by 2 | Viewed by 6417

Abstract

This study inspects if there is greater convergence with Germany amongst the Eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after “euroization”. The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To [...] Read more.

This study inspects if there is greater convergence with Germany amongst the Eurozone founding members and if their relations with the hegemonic economy have been more symmetrical after “euroization”. The dimensions explored are those inspired by the optimum currency areas (OCA) framework. To some extent, the findings could signify if real convergence has been significantly endogenous. At the same time, to assess the relative dominance of Germany, the features against Germany are compared to those against US. In addition, the paper also appraises some aspects of economic performance to check whether economic conditions across the states have improved and converged after unification. In some convergence aspects, findings suggest remarkable convergence with Germany and across the states but also relative convergence with US. On economic performance, results indicate substantial improvements in inflation and unemployment. Amongst the founding states, Ireland has idiosyncratically shown serious divergences in a number of the convergence and performance measures. Full article

(This article belongs to the Special Issue Breakpoint of the Euro Zone?)

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801 KiB

Open AccessArticle

Foreign Direct Investment, Trade, and Economic Growth: An Empirical Analysis of Bangladesh

by Mohammed Ershad Hussain and Mahfuzul Haque

Economies 2016, 4(2), 7; https://doi.org/10.3390/economies4020007 - 15 Apr 2016

Cited by 53 | Viewed by 20325

Abstract

The study reveals that there is a relationship between foreign direct investments, trade, and growth rate of per capita GDP for Bangladesh with the help of annual time series data for 1973 to 2014. The Vector Error Correction Model (VECM) analysis shows that [...] Read more.

The study reveals that there is a relationship between foreign direct investments, trade, and growth rate of per capita GDP for Bangladesh with the help of annual time series data for 1973 to 2014. The Vector Error Correction Model (VECM) analysis shows that there is a long-term relationship between these variables. To check the validity of the VECM model, we did a few post-estimation diagnostic tests, and found that the residuals of the regressions have a normal distribution and do not show any auto-correlation. The trade and foreign investment variables have a significant impact on the growth rate of GDP per capita. Because FDI and trade are two important components of economic growth in Bangladesh, it is important to frame policies that promote growth and reduce the barriers for capital flows. Full article

(This article belongs to the Special Issue Economic Development in Southeast Asia)

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1270 KiB

Open AccessArticle

Nonlinear Monetary Policy Rules: An Essay in the Comparative Study on Egyptian and Tunisian Central Banks

by Yosra Baaziz and Moez Labidi

Economies 2016, 4(2), 6; https://doi.org/10.3390/economies4020006 - 11 Apr 2016

Cited by 3 | Viewed by 6868

Abstract

The purpose of this paper is to evaluate the behavior of monetary authorities in Tunisia and Egypt, in response to changes in macroeconomic variables over time based on LSTR model. In this sense, we estimate Taylor-type equations for short-term interest rate in Tunisia [...] Read more.

The purpose of this paper is to evaluate the behavior of monetary authorities in Tunisia and Egypt, in response to changes in macroeconomic variables over time based on LSTR model. In this sense, we estimate Taylor-type equations for short-term interest rate in Tunisia and Egypt using quarterly data covering the period 1998.Q4–2013.Q2. We find strong evidence that the real decision-making process followed by these central banks varies from one central bank to another and that it exhibits nonlinear patterns that better capture special events and unexpected contingencies i.e., the terrorist attack in the US in September 2001, the global financial crisis in 2008, and the effect of political instability with the onset of the revolution. Additionally, the presence of asymmetries in the reaction function of the Tunisian and Egyptian Bank requires disconnection from their automatic pilot rules and use of judgement to make decisions. Full article

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220 KiB

Open AccessArticle

Impact of Economic Freedom on the Growth Rate: A Panel Data Analysis

by Mohammed Ershad Hussain and Mahfuzul Haque

Economies 2016, 4(2), 5; https://doi.org/10.3390/economies4020005 - 28 Mar 2016

Cited by 41 | Viewed by 18314

Abstract

This study looks at some non-conventional determinants of economic growth, with the help of the newly developed economic freedom index datasets of the Heritage Foundation/Wall Street Journal(HF/WSJ), which is a cumulative index derived from several sub-indices (trade freedom index, financial freedom, labor freedom, [...] Read more.

This study looks at some non-conventional determinants of economic growth, with the help of the newly developed economic freedom index datasets of the Heritage Foundation/Wall Street Journal(HF/WSJ), which is a cumulative index derived from several sub-indices (trade freedom index, financial freedom, labor freedom, business and fiscal freedom index). The cumulative economic freedom index show us how open and business friendly a country is. The sub-indices show us openness across different sector of the economy, for example, the financial sector or the trade sector etc. Traditional neo-classical economic theories have explained economic growth looking at the supply of labor, capital and state of technology, with little attention being paid to institutional factors. The study presents evidence based on two panel data-sets. The first set consists of 186 countries over the period 2013, 2014 and 2015 that show institutional factors play a crucial role in economic growth. A second data-set with data for 57 countries for the period 2004–2014 also show a positive impact on the index on the growth rate of per capita GDP. Full article

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Economies, Volume 4, Issue 2 (June 2016) – 7 articles

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