Economic Control of Quality of Manufactured Product.

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The Black Swan: The Impact of the Highly Improbable

In this paper, we exploit a new multi-country historical dataset on public (government) debt to search for a systemic relationship between high public debt level growth and inflation our main result is that whereas the link between growth and debt seems relatively weak at “normal” debt levels, median growth rates for countries with over roughly ninety percent of gdp are about one percent lower than otherwise; average (mean) growth rates are several percent lower . surprisingly,

Growth in a Time of Debt

We estimate the interrelationships among economic institutions, political institutions, openness, and income levels, using identification through heteroskedasticity (IH). We split our cross-national dataset into two sub-samples: (i) colonies versus non-colonies; and (ii) continents aligned on an East-West versus those aligned on a North-South axis. We exploit the difference in the structural variances in these two sub-samples to gain identification. We find that democracy and the rule of law are both good for economic performance, but the latter has a much stronger impact on incomes. Openness (trade/GDP) has a negative impact on income levels and democracy, but a positive effect on rule of law. Higher income produces greater openness and better institutions, but these effects are not very strong. Rule of law and democracy tend to be mutually reinforcing.

Rule of Law, Democracy, Openness, and Income: Estimating the Interrelationships

Explaining commodity prices through asymmetric oil shocks: Evidence from nonlinear models

Th e paper examines a systematic interrelationship between the world oil and agricultural commodity prices, taking the role of the USD and the perceived global market risks into consideration for the period from January 1990 to June 2013. Th e authors initially determine the signifi cant cross-sectional dependence in a large balanced panel framework for 27 commodity prices, and then apply the second generation panel unit root (PUR) tests. Findings from the PUR tests clearly suggest that there is a strong unit root in agricultural commodity prices. In addition, the empirical fi ndings from the fi xed eff ects panel data, panel co-integration analysis, the Panel-Wald Causality tests, and the common correlated eff ects mean group estimations strongly show that the world oil price and the weak USD have positive impacts on almost all agri- cultural commodity prices. Th ere are also retained the adjuvant eff ects of the escalatory perceived global market risk upon most agricultural commodity prices.

https://mpra.ub.uni-muenchen.de/58659/1/MPRA_paper_58659.pdf

The linkage between oil and agricultural commodity prices in the light of the perceived global risk

This paper empirically examines the effects of international trade and different aspects of globalization on urbanization measures in a sample of 79 low- and lower-middle-income countries from 1970 to 2012. We use system generalized method of moments panel data estimations, and control for both internal and external economic and social factors. We perform robustness checks on the benchmark results, and find that the trade openness is positively related with population residing in the largest city. We also observe a positive relationship between globalization and the urban population in the largest city in general, and the effects are statistically significant for the economic and political aspects of globalization in particular.

What happened to urbanization in the globalization era? An empirical examination for poor emerging countries

The paper examines a systematic interrelationship between the world oil and agricultural commodity prices, taking the role of the USD and the perceived global market risks into consideration for the period from January 1990 to June 2013. The authors initially determine the significant cross-sectional dependence in a large balanced panel framework for 27 commodity prices, and then apply the second generation panel unit root (PUR) tests. Findings from the PUR tests clearly suggest that there is a strong unit root in agricultural commodity prices. In addition, the empirical findings from the fixed effects panel data, panel co-integration analysis, the Panel-Wald Causality tests, and the common correlated effects mean group estimations strongly show that the world oil price and the weak USD have positive impacts on almost all agri- cultural commodity prices. There are also retained the adjuvant effects of the escalatory perceived global market risk upon most agricultural commodity prices.

This paper empirically examines the causal relationship between energy consumption and economic growth, by controlling with CO2 emission and economic globalization in multivariate models, in a sample of the 91 less developed, developing and developed countries individually, in the period of 1970-2013. I apply the Toda-Yamamoto augmented Granger non-causality testing procedure. I observe a significant unidirectional causality running from energy consumption to economic growth in twenty-one countries. In thirty-one countries, conservation hypothesis is valid. Empirical evidence also shows that there is a feedback hypothesis in sixteen countries and no causal relation in only twenty-three countries.

Baris Kablamaci

Papers

The linkage between oil and agricultural commodity prices in the light of the perceived global risk

What happened to urbanization in the globalization era? An empirical examination for poor emerging countries

The linkage between oil and agricultural commodity prices in the light of the perceived global risk

A re-examination of causal relation between economic growth and energy consumption: Evidence from 91 countries

Economic Crisis and its Impact on Regionalism and Globalism