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Quarterly published in print and online "Inventi Impact: Emerging Economies" publishes high quality unpublished as well as high impact pre-published research and reviews catering to the needs of researchers and professionals. The intent of this journal is to focus on high impact empirical and theoretical studies in emerging markets. Preference is given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. Papers putting institutional as well as financial perspectives are especially welcome.
The demographic transition is a process which involves the movement from high birth and death rates to low values and from high population growth rates to a relatively stable dynamic of population. If in the countries of Western Europe this pattern can be seen easily, the question is how the demographic transition phenomenon manifests in the countries of Central and Eastern Europe. Specialized studies advance the hypothesis of a common pattern of evolution for these countries and propose that their entry into a crisis phase of demographic transition, mainly due to socio-economic and political conditions after 1990. In this paper, we propose to analyze the determinants of demographic transition process from 10 countries of Central and Eastern European region and advance the hypothesis that the so-called crisis of demographic transition is first an extension of the demographic trends of the period before 1990. Continuing the same trend in the next 20 years betrays a lack of reaction of these countries with consistent and stable demographic policies like the Western countriesÃ¢â?¬â?¢ model....
The proposal of constructing the new pattern of dual circulation development
is the product of the comprehensive effect of internal and external factors in
the new stage of China’s development, which meets the needs of China’s
economic and social development. Based on the comparative study of the internal
and external circulation development of China and the United States,
this paper concludes the similarities and differences of these two countries in
the dual circulation development. The similarities mainly include: First, the
early export-oriented economy gathered strength; Second, the industrial foundation
is relatively solid; Third, China and the US have a strong domestic
demand. The differences mainly include: First, the technological strength of
the US is superior to that of China; Second, the US has the hegemony of the
world currency; Third, the external environment for the development of the
US is superior; Fourth, China’s real economy is more stable. Through comparison,
this paper finds that: First, the early export-oriented economic development
provides the economic foundation for the dual circulation transition;
Second, the industrial base is the prerequisite for the positive interaction
between internal and external circulation; Third, the huge domestic consumption
demand is the driving force for the development of internal cycle. Based
on the above research, this paper puts forward the corresponding policy enlightenment....
This paper proposes an alternative approach to economic growth with money. The production side is the same as the Solow model, the Ramsey model, and the Tobin model. But we deal with behavior of consumers differently from the traditional approaches. The model is influenced by the money-in-the-utility (MIU) approach in monetary economics. It provides a mechanism of endogenous saving which the Solow model lacks and avoids the assumption of adding up utility over a period of time upon which the Ramsey approach is based....
This empirical research uses an OLS regression framework to examine the effect\nof the overall debt crisis on European sovereign bonds by conducting an\noverview of the bond market. It identifies the determinants which affect the\ngeneration of the indebtedness of sovereign bonds and play a major role in the\ndetermination of their solvency and hence, the spreads. These results reveal\nthat Interest Rate, Inflation, Debt to GDP, Deficit to GDP, Gross Domestic\nProduct rate of growth, and VSTOXX index are the most significant determinants\nof the sovereign bond spreads in the 6 sample countries, i.e. France,\nGermany, United Kingdom, Greece, Italy and Spain. To summarize, the\nmain factors which affected bond spreads before the crisis, were not the\ncountry-specific fundamentals but rather the convergence of bond yields in\nthe euro-zone countries due to and following the launch of the monetary union\nbut during the crisis, increased risk aversion and lack of lender of last\nresort, shifted the focus to country specific factors and the bond spreads began\nto diverge according to the determinants highlighted in this study....
Stock market returns has increasingly become a leading indicator of a countryÃ¢â?¬â?¢s economic\nperformance. This explains academiaÃ¢â?¬â?¢s growing interest in determining factors affecting stock\nreturns. A majority of recent studies on SingaporeÃ¢â?¬â?¢s economic performance focused centrally\naround policy impact or property prices, and not specifically on stock returns. This study\naimed to fill this gap, by examining if, and how, historical movements in the Straits Times\nIndex (STI) were explained by the S$NEER, Monetary Supply, CPI, Balance of Payments,\nCrude Oil Prices, Electricity Generated, GFCF, Industrial Production, Merchandise Trade, or\nLabour Cost. By utilizing a Structural Vector Auto regression (SVAR) Model, approximately\n48% of the STIÃ¢â?¬â?¢s variance was collectively attributable to these ten macroeconomic variables,\nall of which had short-term impact on the STI. Looking forward, further research could be\nconducted examining the impact of said variables on individual sectoral stock indices, for\ngreater insight on the dynamics of their relationships....
Different from the pure financial investors, investors of established company not only take financial\nreturns into account, but also strategic benefits. The existence of strategic benefits distorts the\nbehavior of industrial capital for investment. And high valuation is one of its manifestations. This\npaper constructs a model to illustrate the high valuation of industrial capital investment. If a complementary\nrelationship exists between invested projects and industrial capital investorÃ¢â?¬â?¢s core\nbusiness (i.e. strategic benefit is positive), then the industrial capital investment will result in high\nvaluation; besides, if a substitute relationship exists between the invested projects and industrial\ncapital investorÃ¢â?¬â?¢ score business (i.e. strategic benefit is negative), high valuation problem also appears.\nThis paper highlights the origin of high valuation problem, and puts forward corresponding\nproposals to solve this problem....
The clusters with agro-industrial profile were developed within this scientific paper, based on a\r\nnew conception of the capitalization of agricultural production at a regional level. In this approach\r\n\"the agricultural farms\" are more than basic links of the agro-industrial chain, they are the\r\n\"essential links\" without which \"the chain\" cannot serve as economic and social organization. The\r\nconsumer has become the basic link of the chain, and in order to meet its requirements and options,\r\nthe agro-industrial enterprises must come in a more effective way. The cluster proposed by this\r\nstudy must produce Ã¢â?¬Å?what is requiredÃ¢â?¬Â and Ã¢â?¬Å?how much is requiredÃ¢â?¬Â on the market. This agroindustrial\r\nchain highlights the cluster size (type, dimension and production capacity of goods), its\r\nchain links and the value added by this cluster. The overall objective of the \"network enterprises\"\r\nwhich constitute this agro-industrial cluster is to help its members to achieve increased production\r\ncapacity and to be more profitable. A cluster model for enhancing grain production, integrated at\r\nregional level is proposed within this study....
Economic evaluation is used for effective resource allocation in health sector. Accumulated knowledge about economic evaluation of health programs in Bangladesh is not currently available. While a number of economic evaluation studies have been performed in Bangladesh, no systematic investigation of the studies has been done to our knowledge. The aim of this current study is to systematically review the published\narticles in peer-reviewed journals on economic evaluation of health and health-related interventions in Bangladesh.\nLiterature searches was carried out during November-December 2008 with a combination of key words, MeSH terms and other free text terms as suitable for the purpose. A comprehensive search strategy was developed to search Medline by the PubMed interface. The first specific interest was mapping the articles considering the areas of exploration by economic evaluation and the second interest was to scrutiny the methodological quality of studies. The methodological quality of economic evaluation of all articles has been scrutinized against the checklist\ndeveloped by Evers Silvia and associates.\nOf 1784 potential articles 12 were accepted for inclusion. Ten studies described the competing alternatives clearly and only two articles stated the perspective of their articles clearly. All studies included direct cost, incurred by the providers. Only one study included the cost of community donated resources and volunteer costs. Two\nstudies calculated the incremental cost effectiveness ratio (ICER). Six of the studies applied some sort of sensitivity analysis. Two of the studies discussed financial affordability of expected implementers and four studies discussed\nthe issue of generalizability for application in different context. \nVery few economic evaluation studies in Bangladesh are found in different areas of health and healthrelated interventions, which does not provide a strong basis of knowledge in the area. The most frequently applied economic evaluation is cost-effectiveness analysis. The majority of the studies did not follow the scientific method of economic evaluation process, which consequently resulted into lack of robustness of the analyses. Capacity building on economic evaluation of health and health-related programs should be enhanced....
The objective of this work is to analyze the abnormal returns of mergers and acquisitions (M&As) in Brazil and to verify if they can be explained by firm characteristics. This research provides contribution to the literature in two ways. First, it analyzes the longest period in the research of M&As in Brazil (1997-2009). Furthermore, this research analyzes the behavior of abnormal returns on M&As in different sub-periods, allowing to evaluate whether there have been changes over time. The results indicate that the abnormal returns of both firms are positive and statistically significant, and that the abnormal returns of acquired firms are larger than those of the acquirer firms. The results have changed over time. From 1997 to 2004, the abnormal returns of target firms are positive and the abnormal returns of acquirers are negative. However, from 2005 to 2009, the abnormal returns of both firms are positive. The target firm´s abnormal returns are positively related to the market value of both firms and negatively related to Tobin's Q and ROA of the acquirer. Moreover, in the most recent period, the abnormal returns of target firms are also positively related to their ROA and leverage...
The relationship between foreign portfolio investment (FPI) and various macroeconomic\nvariables of China has been discussed in the existing literature. However, the link between\nChinaÃ¢â?¬â?¢s accounting reforms and FPI is yet to be explored. This study intends to discover the\nimpact of changes in ChinaÃ¢â?¬â?¢s accounting system and convergence of its domestic accounting\nstandards (henceforth referred to as accounting reforms) on FPI. We have used Binary Choice\nModel in Eviews for two decadesÃ¢â?¬â?¢ data. In our analyses, FPI has been taken as dependent\nvariable, whereas accounting reforms, annual increase in listed companies, GDP growth of\nChina and financial crises are taken as explanatory variables. The results of our model reveal\na significant relationship between accounting reforms and FPI; moreover, Granger causality\ntest shows a significant causal relationship between yearly increase in listed companies and\nFPI. Our findings are theoretically rational and can be useful for both investors and the\npolicymakers....
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