The research paper constructs and compares two structural risk models. A South African sovereign risk model and an ESKOM credit risk model. The interaction between these models explains the statistically significant causal relationship between corporate governance practices at the level of a public entity and government finance conditions between 2004 and 2019. It shows that a more effective approach to parliamentary oversight of government guarantees in South Africa can deliver better sovereign credit rating outcomes in post-COVID-19 South Africa. It will require proactive innovative measures in the application of government guarantees issued to SOEs aimed at improving institutional operational performance within a government-wide risk management framework. The paper concludes that economic transformation, with restitutive intent, is advanced with the adoption of a dynamic and evidenced-informed approach in addressing the complex interplay of prevailing socio-economic, government finance, and political environmental conditions in South Africa.
The aim of the present study was to analyze the impact of crude oil prices, the US treasury 10-year bond yield rate, and gold prices on S&P 500 stock prices using daily data of the period from 04/01/2010 to 19/11/2022. For that purpose, this study employed the ARDL method. According to the results of the ARDL method, there was no statistically significant relationship between S&P 500 stock prices and gold prices, oil prices, and US treasury 10-year bond yield rates in the long term. However, while the impact of US treasury 10-year bond yield rates and gold prices was positive in the long term, the impact of oil prices on US stock prices was negative. In the short term, the impact of oil and gold prices on stock prices was statistically significant. Consequently, study of the short-term coefficients revealed a positive relationship between US stock prices and gold and oil prices. As a result, gold and oil prices had a positive impact on US stock prices in the short term.
Increased awareness about the importance of a safe food together with human concerns about health have changed people approaches to food they consume and increased the demand for high quality food. Certification is a tools signalizing to consumers that food is safe and has high quality. A growing number of producers make more effort in certifying products they put on the market. In this respect, the goal of this paper is to highlight the importance of food certification, assessing its linkages to other terms. A literature review and a bibliometric analysis were undertaken in order to highlight the importance of food certification. The results show that food certification is a growing global concern because of its role in assuring food safety and, moreover, because of its positive impact on public health, international trade, farmers’ income and ensuring overall food security. The relevance of the research lies in its capacity to enrich literature on food certification and rising awareness about its impact on consumers, producers, government and communities.
Modeling and the estimation of volatility in financial time series are important research subjects for which ARCH family models are recommended. These models are widely used to analyze volatility and manage risk in financial assets. In this study, share indices from the BRIC countries, Europe and the United States were analyzed to determine volatility in international indices. Current data was used to examine the period 1982-2021. Within this framework, the existence of asymmetric information, the leverage effect and the permanence of shocks were examined. Estimation results show the existence of asymmetric information. Bad news affects the system more than good news. The leverage effect is also experienced. Estimation results show that the shocks affecting the system are permanent. At the last stage, static foresight estimations were conducted on the explanatory power of the estimation results. Static foresight estimations present strong and weak evidence together. All parameters are statistically significant.
After the end of the Cold War, and until September 11th, 2001, the academic and media sources generally considered that the military power reached its end, considering that the emerging economic power represents the power of the future. During this decade, the United States affirmed itself as the world’s dominant power, having the undisputed role of an economic superpower. This paper tries a brief examination of the concept of economic power, its semantics, and a possible application, at least in theory, to a possible future situation concerning China’s economic growth, as a threat to the current status of the United States. On the other hand, humankind is preparing for “The Great Reset”, towards a total transformation of the actual global status-quo, according to the programs drawn by the world leaders within the UNO and the Davos Economic Forum sessions. The decisions envisage the roadmap in order to deepen the social and economic world integration, aiming the elimination of boundaries, to a “planet village”, depicting unprecedented historical developments.
In developing countries, tax reforms have focused on minimising trade taxes, switching to value-added tax (VAT), and reduction of direct tax rates; recently, reform efforts have shifted to improving tax administration. Reportedly, Namibia, like many other developing countries, has been experiencing increasing government expenditure and declining revenues implying the government has not been mobilising sufficient domestic resources. A number of factors could be driving the implied weak tax performance including inefficient tax administration, corruption, and distrust of tax administration. Adopting a descriptive concurrent mixed methods research strategy, this study assesses the achievement or otherwise of VAT implementation in Namibia on tax performance. The study findings include inadequate taxpayer education, insufficient information integration and communication among taxpayers and administrators, and inadequate VAT policy implementation capacity, among others. Improvements could include technology adoption, quality taxpayer education, and awareness aimed at boosting taxpayer morale.
Engagement in international trade and investment affects the attainment of macroeconomic objective of a nation. The purpose of this research was to assess the effect of international trade and investment on economic growth of Bangladesh measured by GDP, GDP growth, per capita income, unemployment rate, and capital investment. Type of data was secondary, and nature of data was time series. Study period was from 2000-2018. Ordinary least square regression has been applied to explore the impact. The study showed that exchange rate significantly positively impacts, but foreign remittances significantly negatively impact GDP, per capita income, and capital investment. GDP growth is significantly influenced only by exchange rate, and international trade and investment have an insignificant impact on unemployment. The findings of the study are beneficial for national economic and industrial policymakers, government, ministry of commerce and industry, and Bangladesh Bank as formulating appropriate policy regarding exchange rate and foreign remittance could contribute to Bangladesh's economic growth.
This study assessed the impact of exchange rate volatility and public expenditure on selected crop output in Nigeria from 1981 to 2018. Time series data for the study were obtained from the Central Bank of Nigeria (CBN). Inferential statistics such as Co-integration analysis, Error Correction Model (ECM) and Autoregressive Conditional Heteroskedasticity (ARCH) and Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model were employed alongside some preliminary unit root tests. All the variables achieved stationarity after the first difference, which prompted the application of co-integration analysis. The Co-integration tests showed the existence of long-run equilibrium relationships among the variables. The result of ECM indicates that the exchange rate is positive and significant. Government expenditure showed a positive effect on crop output, and the ARCH and GARCH test for exchange rate volatility reveals that the exchange rate is weakly volatile in Nigeria within the study period. Policies and recommendations are also discussed.
Tax collection by governments globally is to generate revenue so that they can deliver basic services to citizens like health, education, roads, infrastructural development, and meet expenditure. Hence, revenue from taxation is important for all countries and more so for developing ones. However, to ensure that this collection is optimum, the citizens must be tax compliant. Yet, many countries and more so emerging ones are poor at tax collection due to the low tax compliance. Among other mechanisms to increase tax compliance like a penalty, confiscation of property that is more detrimental in nature, the progressive mechanism to increase tax compliance is taxpayer education. Hence, adopting a descriptive qualitative approach, this study investigates individual citizens' taxpayer education approach to enhance tax compliance for socio-economic development. Findings reveal that educating citizens on taxation not only aids in tax compliance but has a multiplier effect on fiscal knowledge and nation development.
Dynamics in the business environment today is affecting every facet of human endeavor. The traditional leadership behavior has had its own share. Several researchers have written on sustainable development and corporate governance practices as a sure way of profitability and growth in a contemporary business organization. In this article, the author ignites the debate to transform public sector organizational leadership in the non-western economies to embrace the sustainability leadership approach. This is as a result of poor corporate governance and unethical corporate cultural practices and lack of stewardship theoretical approach that has brought seven domestic banks to their knees in Ghana in 2017 and 2018. The study further proposes a strong organizational culture that keeps values and ethical behavior as well as regulatory framework in checks for long-term survival and profitability in the public sector organizations that take away the vulnerability and unethical practices.
The basic objective of the study is to investigate the shape of EKC for 39 Asian countries and income groups during the period of 1990-2015 with and without the use of a linear time trend variable. The study tests the validity condition of the mathematical model depicting an ‘N’ shaped EKC. Besides, the status of each country group is compared as per the expected emissions of GHG. The empirical investigation reveals that for both the overall and the high-income Asian group, the presence of a linear time trend variable renders EKC to be inverted U-shaped. However, eliminating the effect of time, the EKC becomes an ‘N’ shaped curve in agreement with a valid mathematical model. The middle-income Asian countries follow a monotonic increasing EKC relationship both in the presence and absence of a linear time trend. The computation of expected emissions of GHG demonstrates that the lower-middle-income group is expected to emit more among the three income groups followed by the high-income group and the upper-middle-income group.
The impact of remittance in local and national economy is not known enough, even though the migration process amplified, due to few studies regarding the patterns and impact of migration, conditions and processes which lead to migration decision, contribution of remittance revenues for sustainable development of local economies and the potential of employment growth lead to a decrease in rural-urban migration and a potential increase in number of emigrants returning to Romania. The present research proposes the analysis of the impact of funds transfers made by Romanian emigrants at macroeconomic level.
This study explores the link between accountability, crash investigations, legal processes, and enabling care, through collaborative governance during post-crash response. The post-crash response is perceived as a quintessential social problem. It is considered a complex and multi-sector dimension, requiring the collaboration of various actors within the sector. Hence adopting a qualitative approach with theme-based analysis this research investigates the collaborative governance contribution to improving post-crash responsiveness in the case of the Motor Vehicle Accident Fund (MVA) fund. Findings reflect that engaged parties were not fully prepared to bond and empower each other to form an effective collaborative partnership. Themes that emerged from the analysis, namely principled engagements, shared motivations, and capacity for joint action; signify that collaborative governance will aid and enhance post-crash service delivery by the MVA Fund.
Sustainable development promotes the concept of reconciling economic and social progress without endangering the naturally balanced balance on the planet. The idea behind this concept is to ensure a better quality of life for all the inhabitants of the planet, for the present generations and for the future generations. In Romania, as a member state of the European Union, in 1997 the National Center for Sustainable Development was created under the auspices of the Romanian Academy, which over time managed to become the most authorized voice in civil society in the field of developing proposals and strategies for sustainable development of Romania. The purpose of the National Center for Sustainable Development is to identify Romania's sustainable development priorities and achieve them through concrete projects at the national and local levels. The purpose of this paper is to identify and analyze the opinion of the Romanian citizens regarding sustainable development's current context and situation.
The general purpose of this scientific paper (Paper) is to analyze the impact of artificial intelligence (AI) and digitalization on the macroeconomics of the EU member states (including Romania). To reach the general objective, 6 specific objectives were selected: the analysis of the birth and evolution of the concept of AI; identification and analysis of various forms of artificial intelligence, of its possible impact on the aggregate economy, based on the findings of the scientific writings; identification of the relevant sources of statistic data and information enabling us to undertake an inter-state comparative study regarding AI and digitalization; analysis of the intensity and sense of the correlation between various indicators expressing the use of AI systems and digitalization, in the EU; analysis of the interdependence between the average GDP per capita and labor productivity on the one hand, and the AI and digitalization levels, on the other; analysis of the interdependence between the share of IT professionals in total employment and the levels of AI and digitalization.
Based on Blanchard and Perotti, Perotti, and Biau and Girard approaches, this paper evaluates the fiscal policy's effectiveness in Tunisia using Structural VAR model. The results show the short-run macroeconomic efficiency of a structural increase in public spending in Tunisia with a fiscal multiplier close to 1,806, in line with Keynesian's models. However, the estimated effect of a structural increase in tax revenues on activity is non-Keynesian. This is explained by the presence of a voracity effect in the case of the Tunisian economy.
Assuring the fulfillment of the sustainable development exigencies represents a great challenge for any economy. The recent evolution of the renewable energies sector in Romania has imposed numerous and dramatic measures, not only for assuring the energy supply security and safety but also to increase the environmental responsibility satisfaction. The main goal of this research is to review the implication of the sustainable development exigencies on renewable energy sector development in Romania from a theoretical perspective. The research presents an analytic survey on the relationship between sustainable development exigencies and renewable energy development in Romania, with all the strengths and weaknesses of such analysis.
Since the worldwide lockdown, travel and related business were the most affected by a health crisis, and most government measures were to limit non-essential travel, which translated as a total shut down for most of the accommodations or reduction in the volume of tourists. This paper analyzes the effects of pandemics on domestic travel, the measures taken, and their influence on tourism recovery. The research method is a quantitative analysis of the National Institute of Statistics data, aiming to determine the link between the number of tourists checked in and the positive numbers of the novel coronavirus using the Pearson correlation method. The study results indicated that the relationship between the analyzed variables is positive, and the consequences of the pandemic in Romania are devastating to destination tourism. The significant increase in confirmed case frequencies has caused an average decrease of over 50% in tourist arrivals in the accommodation structures in 2020, that is 6 million people, too many for the Romanian economy.
The aim of this paper is to analyze the different implications between management, performance, and measurement of organizational resilience from the different ontologies and methodologies emerging to protect organizations against disturbances, disruptions, and disasters such as risk and crisis management and continuity management. The underlying assumptions are based on the lack of clarification of the relationships among these concepts despite the strong background in various disciplines, as well as the required assessment of unknown threats, assuming measures of a general resilience to enhance abilities to face unanticipated and unexpected events and disasters. The method employed is the analytical reflective of theoretical and empirical literature review sustained in a holistic approach. It is concluded that each discipline based on its own ontology provides concepts, methodologies, and tools to implement and measure organizational resilience management performance linked to organizational levels and offering solutions.
The successive economic crises around the world have resulted in social uprisings and a negative impact on the psychological behavior of consumers. This research aims to study the antecedent's price perception in times of crisis and to test their impacts on the price sensitivity and consciousness value. This leads to a new valuation of the purchase experience for consumers. A quantitative study of 362 people is done. The main results of the study are the main history of price sensitivity in times of crisis: the concern for purchasing power, the reduction of financial well-being and financial fear. Moreover, the perceived value of the shopping experience is no longer valued by the hedonistic aspect but rather by an economic value linked to value for money and a spiritual value linked to the social aspect of consumption.
