World Economics - Insight , Analysis and Data

World Economics - Insight , Analysis and Data
 
Published quarterly in association with Oxonia - The Oxford Institute for Economic Policy



Volume 18, Number 2: April - June 2017

New Estimates of Regional GDP in the UK<

  New Estimates of Regional GDP in the UK 
Real GDP is estimated by applying a price-level estimate or deflator to nominal GDP, but GDP levels in the UK’s 12 inhabited regions are only reported at nominal prices with no allowance for differences in regional prices.... 
Why Maddison was Wrong

  Why Maddison was Wrong 
Much academic debate in Western and Chinese universities has engaged in testing the hypothesis that standards of living in China did not fall behind those of the populations of the national economies of Western Europe until late in the eighteenth century...
Double Deflation Casts Doubt on Existing GDP Data

  Double Deflation Casts Doubt on Existing GDP Data 
Increasingly, national income statisticians, the specialists involved in producing real national income figures, and the users of those figures are living in a parallel universe...
Building a New Testable Model to Estimate Total Factor Productivity

  Building a New Testable Model to Estimate Total Factor Productivity 
A new model to measure Total Factor Productivity free from the flaws which exist in previous models; appropriate data are used to test it...

Assessing the G20’s Mutual Assessment Process: A MAP but Little Direction

  Assessing the G20’s Mutual Assessment Process: A MAP but Little Direction 
After the global economic and financial crisis, the G20 has tried to orchestrate an internationally coordinated approach to economic recovery...

Measuring the Elusive Middle Class and Estimating its Role in Economic Development and Democracy

  Measuring the Elusive Middle Class and Estimating its Role in Economic Development and Democracy
The middle class has a special role in economic, political, and social thought, but social scientists seem unable to agree on how to define or measure it...
How to Reconcile Democracy, the State and the Global Market

  How to Reconcile Democracy, the State and the Global Market
Nation states were the vehicle for market capitalism, but global market capitalism has freed itself from regulations imposed by nation states. A trilemma between democracy, the state and the market became an irreconcilable one, and gathered momentum...
Problem or Solution: Data on Sub-National Debt for Infrastructural Development in Nigeria

  Problem or Solution: Data on Sub-National Debt for Infrastructural Development in Nigeria
Nigeria has witnessed a substantial rise in sub-national debt at the state level in an economy characterised by infrastructural decay and macro-economic imbalance...
The Data Quality Index

  The Data Quality Index
GDP data is important used to apportion funds from international organisations, to influence rating agency decisions and much more, but official data is totally inadequate for the demands made of it....

Volume 18, Number 1: January - March 2017

Neglect Private Debt at the Economy’s Peril?

  Neglect Private Debt at the Economy’s Peril? 
The role of private debt as a cause of financial crises and prolonged recessions is often neglected. In Cyprus policy concern has focused on government debt despite the problem of a rapid growth of private debt and its wasteful use... 
Are Estimates of the Economic Contribution of Financial Services Reliable

  Are Estimates of the Economic Contribution of Financial Services Reliable 
The methods used to estimate the contribution of financial services to national income are seriously flawed. Banking sector output in the UK was estimated to have increased in 2008 while the financial services sector was collapsing...
Measuring the Performance of Fiscal Reforms

  Measuring the Performance of Fiscal Reforms 
Public spending has raised the welfare of citizens in the Gulf Cooperation Countries (GCC) significantly over the period 1960–2015, particularly as measured in raised average life expectancy and lowered infant mortality rates...

An Evaluation of the Multidimensional Poverty Index

  An Evaluation of the Multidimensional Poverty Index 
The need to define development has witnessed many attempts to condense a country’s economic deprivation into a single figure. In order to target poor citizens, it is important to classify those who are ‘non-poor’ by a poverty statistic...

Measuring the Impact of Agricultural Finance on Rural Inequality

  Measuring the Impact of Agricultural Finance on Rural Inequality 
Evidence suggests that financial development and improved access to credit not only accelerates economic growth, but also reduces household poverty and income inequality...

The Impact of Minimum Wage Legislation

  The Impact of Minimum Wage Legislation
Minimum wage policies are powerful political tools, but the economic effects are unlikely to be in the interests of society as a whole. Wages should be left to the free operation of market forces...
Sovereign Wealth Fund Investment in Economic Transformation

  Sovereign Wealth Fund Investment in Economic Transformation
The prospect of prolonged lower hydrocarbon and commodity prices has forced many countries to reconsider both fiscal policy and sovereign wealth fund asset allocation to address possible liquidity needs...
The Environmental Kuznets Curve

  The Environmental Kuznets Curve
TThe Kuznets curve is an income inequality measure used in development studies which predicts an inverse-U shape with inequality first rising with industrialisation and then declining, as more and more workers join the high-productivity sectors of the economy...





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