Showing papers in "Applied Economics in 1984"
TL;DR: In this article, market shares of US tourist expenditure in Europe: an econometric analysis is presented. But the analysis is limited to a single country, namely, the US.
Abstract: (1984). Market shares of US tourist expenditure in Europe: an econometric analysis. Applied Economics: Vol. 16, No. 6, pp. 919-931.
145 citations
TL;DR: In this article, the authors examined whether the amount of disclosure was linked to the assesment of stock market risk and found that there was no significant association between disclosure and the level of security risk.
Abstract: Corporate annual financial statements have increased in their extent of disclosure over recent years and this trend likely to continue.The Purpose of the study was to examine whether the amount of disclosure was linked to the assesment of stock market risk. Specially, the level of disclosure was examined to see if it was associated with systematic risk д,unsystematic risk,and variance of return. The results revealed no significant association between the amount of disclosure and the level of stock market risk. Thus, although greater amounts of disclosure may be of use to the users of accounts, it is not because of its ability in assesing current and future levels of systematic risk or others types of security risk.
70 citations
TL;DR: A note on tests of Granger causality can be found in this paper, where the authors propose a method to test Granger's causality in the context of economic analysis, including the following:
Abstract: (1984). A note on tests of Granger causality. Applied Economics: Vol. 16, No. 3, pp. 335-342.
53 citations
TL;DR: In this paper, the authors found that standard usage was a function of buyer and seller concentration, the importance of product quality for health and safety, the elasticity of demand, product complexity, research nd development (R&D) and advertising intensity and whether the product was a producer or consumer good.
Abstract: Standards may be used to increase market efficiency when markets fail. The market for standards, however, may fail since standards are a public good and producers and consumers may use standards to entrench or extend their market power. Using a sample of 252 products, standard usage was found to be a function of buyer and seller concentration, the importance of product quality for health and safety, the elasticity of demand, product complexity, research nd development (R & D) and advertising intensity and whether the product was a producer or consumer good. Standards affected product cost and price, the location of production and product availability.
51 citations
TL;DR: The consumption function in macroeconomic models: a comparative study is presented in this paper, where it is shown that the consumption function is a function of the distribution of goods and services in a macroeconomic model.
Abstract: (1984). The consumption function in macroeconomic models: a comparative study. Applied Economics: Vol. 16, No. 6, pp. 799-838.
49 citations
TL;DR: In this paper, the authors present an analysis of the US export competitiveness from 1962 to 1977, showing that the United States exported less than half of its exports between 1962 and 1977.
Abstract: (1984). US export competitiveness: 1962–77. Applied Economics: Vol. 16, No. 3, pp. 461-473.
48 citations
TL;DR: In this paper, a study of the efficiency of Hong Kong's stock market is presented, which is based upon two widely accepted statistical tests, namely, serial correlation analysis and runs tests.
Abstract: The primary function of a stock market is to allocate resources to the most profitable investment opportunities. If stock prices provide accurate signals for resource allocation, firms are able to make correct production–investment decisions, and investors are able to choose the most suitable stocks for investment. These choices are only possible if the market is efficient, that is, if stock prices ‘fully reflect’ all available information. Hong Kong is now an international financial centre. Although Hong Kong's stock market is ranked as one of the five largest in the world in terms of turnover, little research has been devoted to the behaviour of its stock prices. This is a study of the efficiency of Hong Kong's stock market. It is based upon two widely accepted statistical tests, namely, serial correlation analysis and runs tests. Data used cover the daily prices of 28 major Hong Kong stocks over a period of four years from 1977 to 1980. The evidence is mixed; it does not provide clear support for the e...
43 citations
42 citations
TL;DR: In this article, the authors looked at both disembodied technical progress and embodied technical progress in the capital stock and in the labour force in the United States over the period 1947-80.
Abstract: This study endeavours to look at both disembodied technical progress and embodied technical progress in the capital stock and in the labour force in the United States over the period 1947–80. The results suggest that disembodied technical progress has been about 3% per year, embodied technical progress in the capital stock is approximately 3–4% per year and educational attainment significantly enhances labour productivity. Finally, when the issue of structural stability of the underlying production relationship is addressed, the period 1971–80 gives rise to some inconsistency.
41 citations
TL;DR: In this paper, a simple model of absenteeism is presented, and five mechanisms through which unionization influences absenteeism are discussed, and results from logit regressions are presented in the fourth section.
Abstract: Until recently any labour economist doing empirical work on unionization was concerned almost exclusively with the effect of unionization on wages. But beginning with Freeman's 1976 analysis of the rich institutional structure of unions, economists have been considering the role of unions in, for example, increasing productivity, lowering quit rates, enhancing fringe benefits, reducing income inequality, improving working conditions, and affecting a variety of other attributes at the workplace. 1 To date, however, no study has directly addressed a question that appears ripe for empirical analysis: Does unionization affect absenteeism? This paper presents results from a study designed to answer that question. The first section presents a simple model of absenteeism. The second section discusses the five mechanisms through which unionization influences absenteeism. The third section describes the data and variable selection. Results from logit regressions are presented in the fourth section and the paper cl...
32 citations
TL;DR: In this article, profit margins and market concentration in UK manufacturing industry: 1970-6. Applied Economics: Vol. 16, No. 1, pp. 57-71, 1984.
Abstract: (1984). Profit margins and market concentration in UK manufacturing industry: 1970–6. Applied Economics: Vol. 16, No. 1, pp. 57-71.
TL;DR: In this article, the output expectations of manufacturing industry in 1984 were analyzed. But they did not consider the impact of the trade war on the manufacturing industry performance of the United States.
Abstract: (1984). Output expectations of manufacturing industry. Applied Economics: Vol. 16, No. 6, pp. 869-879.
TL;DR: In this article, the substitutability or complementarity possibilities between capital, labour and energy in the UK industrial sector were investigated, with particular attention to the captial-energy relationship.
Abstract: This paper investigates the substitutability or complementarity possibilities between capital, labour and energy in the UK industrial sector, with particular attention to the captial-energy relationship. It is found, using the translog-cost-function approach, that capital and labour as well as energy and labour are substitutes. However, capital and energy are found to be complements.
TL;DR: The estimation results show that income and relative prices matter in the demand for medical care, and supplier induced demand is also detected for a number of medical care categories.
Abstract: The paper presents an empirical model of the demand of health care in Belgium. The analysis pertains to 17 categories of medical care and to two subgroups of health insurance beneficiaries, namely the ‘active’ and the ‘widows, orphans, pensioners and invalids’. The estimation results show that income and relative prices matter in the demand for medical care. Supplier induced demand is also detected for a number of medical care categories. Other explanatory variables in the model include the size of the child population, climatic conditions and a time trend, representing technological advances in health care.
TL;DR: The influence of demand and supply side pressures on the quantity and quality of inventive activity is discussed in this article, where the authors focus on the influence of supply and demand on the quality of the inventive activity.
Abstract: (1984). The influence of demand and supply side pressures on the quantity and quality of inventive activity. Applied Economics: Vol. 16, No. 1, pp. 131-146.
TL;DR: In this paper, the employment of young males in a segmented labour market: the case of Great Britain was investigated and the results showed that young males were employed at higher rates than older males.
Abstract: (1984). The employment of young males in a segmented labour market: the case of Great Britain. Applied Economics: Vol. 16, No. 2, pp. 187-204.
TL;DR: In this paper, the authors discuss the benefits of using this approach to improve the quality of data collected from the data collected by the data collection system and propose a method to use this information to improve data collection.
Abstract: บทคดยอ ผลกระทบจากภาวะวกฤตพลงงานในชวง 3-4 ปทผานมา สงผลใหตนทนการผลตขาวของไทยปรบตวสงขนมาก กอปรกบการเพมขนของราคาพชพลงงานทำใหเกษตรกรหนไปปลกพชพลงงานเพมขน ระยะยาวอาจสงผลใหการผลตขาวลดลง บทความนศกษาถงการตอบสนองของอปทานผลผลตขาวของไทย ตอปจจยดานราคาพชพลงงานและปจจยอนๆ ทเกยวของผลการศกษายนยนสมมตฐานทวาราคาพชพลงงาน มผลกระทบทางลบตอการเปลยนแปลงอปทานผลผลตขาว เชนเดยวกนกบปจจยดานราคาปยเคม สำหรบราคาขาว พนทชลประทานงบประมาณวจยขาวของรฐและเทคโนโลยทดแทนแรงงานพบวาเปนปจจยสำคญ เชนกนหากแตสงผลกระทบทางบวกตอการเพมอปทานผลผลตขาว การใชนโยบายดานราคาเปนการแทรกแซง กลไกตลาดขาวอาจสงผลเสยตอความสามารถการแขงขนของขาวไทยในตลาดโลก รฐบาลตองใชความระมดระวงอยางมากในการใชนโยบายดงกลาว การศกษาครงนเสนอวารฐบาลควรเลอกใชนโยบายทไมใช ราคาเพอเพมอปทานและลดตนทนการผลต โดยเฉพาะอยางยงในดานการพฒนาระบบชลประทาน การสนบสนนงานวจย และการพฒนาเทคโนโลยปรบปรงพนธขาว คำสำคญ: การตอบสนองดานอปทาน การผลตขาว พชพลงงาน Abstract The increasing cost of rice production and the increasing price of energy crops in Thailand, both abetted by the energy crisis in the last 4 years made the rice farmers decide to switch to energy crops In the long term, this could reduce Thai rice production This paper mainly examines the supply of rice production in response to the changes in biofuel crops price and other related factors The study forecasts a negative response in rice supply to the change in biofuel crops price as well as in the cost of chemical fertilizers In contrast, the price of rice, irrigated area, public rice research budget and mechanization are positive significant factors affecting rice supply The price policy would distort the market mechanism, which would reduce the competitiveness of Thai rice in the world market The findings suggest that the government should apply non-price policies in order to increase rice supply and reduce its cost of production Further development of the irrigation system and increasing support to research and development on rice genetic improvement are recommended Keywords: supply response, rice production, biofuel crops
TL;DR: In this paper, the black economy and the residual error of the GDP were discussed. But they focused on the black market, and not on the overall economy, as we do.
Abstract: (1984). The GDP residual error and the black economy: a note. Applied Economics: Vol. 16, No. 3, pp. 443-448.
TL;DR: In this paper, an aggregate labour market model is formulated and its parameters estimated, using Maltese annual time-series data, covering the years 1955-79, and it is shown that the Maltese labour market was not characterized by equilibrium during the period under consinderation.
Abstract: In this study an aggregate labour market model is formulated and its parameters estimated, using Maltese annual time-series data, covering the years 1955–79. The constraint that the wage rate clears the market in all periods is not imposed and the model is specified in such a way as to enable the reseacher to judge whether or not the assumption of equlibrium is valid. One conclusion that emerges from this study is that the Maltese labour market was not characterized by equilibrium during the period under consinderation.
TL;DR: In this article, a model of incremental decision-making in local government is presented as an extention of that developed by davis et al. (1996) for US Congressional appropriation, which is then combined with joint supply and demand equation for local taxes and expenditure.
Abstract: A model of incremental decision-making in local government is presented as an extention of that developed by davis et al. (1996) for US Congressional appropriation. This is then combined with joint supply and demand equation for local taxes and expenditure. An explicit Stone-Geary utility function derived when these fuctions are maximized subject to the supply and demand equations as constraints. Empitical results are then given for local authorities in England and Wales from 1974 to 1960. These results confirm a very important role for the bureauctic component within the overall tax-expenditure model.
TL;DR: In this paper, the authors present a quarterly time-series analysis of regional trends in the labour force participation rate of married women in the UK for the period 1968-1977, using sample estimates of participation rates from the Family Expenditure Survey (FES).
Abstract: This paper presents a quarterly time-series analysis of regional trends in the labour force participation rate of married women in the UK for the period 1968–1977, using sample estimates of participation rates from the Family Expenditure Survey (FES). The use of FES data provides access to incorporated into UK regional time-series analysis. Labour force participation rates of married women are found to be related to the rate of unemployment amongst their husbands, the rise in real earnings of married women and the decline in the number of young children in households during 1968–1977. It is suggested that the reduction in earnings differentials between the regions has been a major factor contributing to the observed convergence of regional labour force participation rates of married women towards the national average.
TL;DR: In this article, the effectiveness of commodities traded on the London commodity markets as a hedge against inflation between 1959 and 1980 was examined and the relative performance of different commodities was also assessed.
Abstract: This paper examines the effectiveness of commodities traded on the London commodity markets as a hedge against inflation between 1959 and 1980. An index of commodities is compared with indices for a number of real and financial assets. The relative performance of different commodities is also assessed. The basis of the comparisons is a proposed set of risk and return measures derived from an index of instability. According to these criteria commodities rank intermediately in the spectrum of assets considered. Tin is the most suitable individual commodity for inflation hedge purposes.
TL;DR: In this paper, cyclical and secular influences on the size distribution of personal income in the UK: some econometric tests are presented. But they do not consider the effect of the weather on the distribution of income.
Abstract: (1984). Cyclical and secular influences on the size distribution of personal income in the UK: some econometric tests. Applied Economics: Vol. 16, No. 5, pp. 749-756.
TL;DR: In this article, the impact of regulation and taxes on the structure of pices, production, income distribution and the input requirements of labour and capital in the USA has been determined.
Abstract: The policy of regulation has been used to abate pollution in the USA. However, a number of other measures such as a tax-cum-subsidy program and taxes on polluters have been frequently suggested in the literature. In this paper, the impact of these policies on the structure of pices, production, income distribution and the input requirements of labour and capital is determined. The input-output methodology is used for this purpose. The direct and primary input requirement coefficients of the 1971 input-output table are adjusted to reflect the input requirements of pollution abatement technology. The policy of regulation is found to be more effective in controlling pollution than the tax-cum-subsidy program, though the latter will create more jobs. The reason for this is that the tax-cum-subsidy program is not as successful as the policy of controls or taxes on polluters in steering consumption away from the polluting industries.
TL;DR: This article used a two-step approach to estimate a system of structural demand equations for housing attributes and found that the composite attributes (used in the second stage model) are own-price elastic, while an examination of cross price relationships reveals that these attributes are reasonably substitutable.
Abstract: This paper uses a two-step approach to estimate a system of structural demand equations for housing attributes. Estimation of a hedonic price regression, in the first step, yields implicit prices for housing attributes for the Toronto Metropolitan area in 1978, which are then used to estimate the expenditure share equations derived from the indirect translog utility function. Empirical results indicate that the composite housing attributes (used in the second stage model) are own-price elastic, while an examination of cross price relationships reveals that these attributes are reasonably substitutable.
TL;DR: In this paper, the authors test for two hypotheses about household consumption and saving behavior, namely the substitution hypothesis, according to which changes in corporate retained earnings have an offsetting effect on household saving.
Abstract: The purpose of this paper is to test for two hypotheses about household consumption and saving behaviour, namely the ‘substitution hypothesis’, according to which changes in corporate retained earningshave an offsetting effect on household savingand the hypothesis that consumption and saving out of different types of income vary. Cross-country evidence from 13 OECD countries over the period 1963–80 lies very well in accordance with both of these hypotheses. Moreover, results are robust to alternative specifications of consumption function, to additional variables and to estimation methods.