World Economics Journal Archive
The contents of all previous issues of World Economics are listed below. Subscribers have access to the complete back issue archive: click on titles to view abstracts and full text of articles (PDF). If you are not a subscriber, sign-up online now.
Monetary Policy Tightening and Economic Landing: Will the landing be hard or soft?
Azhar Iqbal , World Economics, December 2022
This article presents a new approach for estimating the optimal nominal interest rate and labels it the appropriate-FFR. The analysis suggests that the US Federal Reserve is behind the curve in the present cycle and also predicts a hard landing using both the FOMC and B ... More
The Long and Winding Road from the International Macroeconomic Policy Trilemma to the Integrated Policy Framework
Graham Bird & Thomas D. Willett, World Economics, December 2022
For many years the international macroeconomic policy trilemma, which argues that it is impossible to simultaneously have a pegged exchange rate, monetary independence and an open capital account, has provided a theoretical foundation for open economy macroeconomics and ... More
From Recession with Love: Financial Markets’ Improper Affection for Economic Downturns
Jan Libich, World Economics, December 2022
This article examines why some conventional finance theory no longer seems to apply in the post-2008 period. It discusses the reasons for financial markets responding to good news about economic fundamentals as if it was bad news. My controversial conjecture is that (as ... More
Risk through the Looking Glass: The pursuit of a return without the risk
Savvakis C. Savvides, World Economics, December 2022
This article argues that the general acceptance of volatility constituting a good measure of risk is not appropriate in the context of capital investment appraisal. It is argued that expected loss should be employed as a measure of risk. It is further illustrated how t ... More
Relationship Between Macroeconomic Variables and Stock Market Returns: Empirical Analysis of Emerging Market Economies
Mearaj Ud Din Dar & Khursheed Ahmad Butt, World Economics, December 2022
The present study is an attempt to understand the interactions between prominent macroeconomic variables and stock market returns among seven emerging economies by using a novel econometric technique, the ARDL model. The study found macroeconomic variables do have signi ... More
Stock Prices and the Macro Economy in India: DCC–MGARCH Model
Amit Kundu, World Economics, December 2022
This article studies the relationship between stock prices and the Indian macroeconomy assessed by the level of GDP. There are many different channels of influence between these two variables, channels which may function in either direction. There are also many hypothe ... More
Zombie Companies, Low Investment and Low Interest Rates
Andrew Smithers, World Economics, December 2022
The number of zombies has risen this century and growth has slowed. Both have a common cause in the bonus culture but, unlike Japan after 1990, there is no direct causal link. Ultra-low interest rates have not slowed growth. While monetary policy is largely responsible ... More
Gender Inequality in the Indian Informal Economy
Sandeep Kaur & Nidhi Walia, World Economics, December 2022
This article seeks to understand the different dimensions of informal employment in India from a gender perspective. It also seeks to understand the social and economic impact of COVID-19 lockdowns on the lives of female informal workers in Ludhiana (Punjab). Gender pay ... More
Understanding the Determinants of the Gender Gap in the Economy: A Multiregion Panel Study
Ade Nimri & Taleb Awad Warrad, World Economics, December 2022
The gender gap has been central to discussing development policies in recent decades. It is considered one of the primary benchmarks for policymakers worldwide. This study aims to combine and highlight the primary determinants of the gender gap in four regions: North A ... More
The Implementation of Vouchers in Formalising Undeclared Work in the Republic of North Macedonia
Predrag Bejakovic, World Economics, September 2022
This article reviews the main challenges of the labour market in the Republic of North Macedonia and explains the various definitions of undeclared work (UW). North Macedonia (earlier former Yugoslav Republic of Macedonia or FYRM) has achieved very respectable success i ... More
Is Another Eurozone Crisis Coming?: Have the Markets Gone Back to Sleep?
Graham Bird, Wenti Du & Eric Pentecost, World Economics, September 2022
The Eurozone crisis in the early 2010s was a landmark event. However, markets did not seem to see it coming. It was only once the crisis had begun that markets received a wake-up call, and risk premia began to rise sharply. Markets then began to act in a way that was mo ... More
Economic Shocks and Development Resilience in Nigeria: Evidence from State Fragility Index
Kingsley Imandojemu, World Economics, September 2022
This article examines the prospects for and challenges of development resilience within the methodological framework of the state fragility index in Nigeria. By using a qualitative and dialectical approach we find, contrary to initial expectation, that the economy show ... More
The Impact of Financial Corruption on the Economy and Means of Prevention: The Case of Jordan
Ade Nimri & Said M. Alkhatib, World Economics, September 2022
Our study aims to examine the impact of financial corruption on the economy in Jordan over the period 1990–2020. The study used different measures to measure financial corruption more efficiently, including the values and numbers of corruption cases. It also used the se ... More
Measuring Trade Flows Between India and Latin American and Caribbean Countries: A Gravity Model Approach
Riti Srivastava, Seema Sharma & Qamar Alam, World Economics, September 2022
This study has been undertaken to analyse the bilateral trade flows between India and selected Latin American and Caribbean countries and the period of study is from 2001 to 2019. The trade tool used is the augmented gravity model and the study specifically covers four ... More
Measuring the Non-observed Economy in Vietnam
François Roubaud & Van Thi Nghiem, World Economics, June 2022
This article takes advantage of new political demand at the government’s highest level to focus on measurement of the informal economy in Vietnam from a statistical perspective. The main challenges, concepts and definitions regarding the informal economy within the fra ... More
The Impact of Financial Corruption on Economic Performance
Ade S. Nimri, World Economics, June 2022
This study aims to evaluate the impact of financial corruption on economic performance in Jordan using time series data over the period 1990–2020. It used the dynamic least squares (DOLS) estimation method to examine the impact between the variables using the Corruptio ... More
Inequality: A Problem for the Indian Economy
Sheetal Khandre, World Economics, June 2022
The economic slow-down and COVID-19 pandemic have highlighted India’s extreme crisis inequality. India is an unequal country: 84% of household sector income declined in 2021, at the same time that the number of billionaires went up from 102 to 142. According to the Worl ... More
Relationship of Internet Activity to Economic and Social Metrics
John A. DeLeon, Karen Loveland, Katherine Taken Smith & Lawrence Murphy Smith, World Economics, June 2022
This paper provides a multinational analysis of the relationship of internet activity to economic and social metrics. Analyses were made of 129 countries, all those with complete data for internet usage, economic activity, economic freedom, gender equality, and social p ... More
Fears of Inflation: What’s Going On?
Graham Bird, World Economics, June 2022
Although there are global differences in rates of inflation, a sharp acceleration in inflation during 2021/22 occurred in most parts of the world. Measurement matters. Differences exist between headline and core rates of inflation. These reflect the composition of infla ... More
Out of the Frying Pan, into the Fire: The Green Energy Transition, Resource Independence, and the War in Ukraine
Aurélien Pradier & John M. Luiz, World Economics, June 2022
We ask how the war in Ukraine is likely to affect the green energy transition and its changing resource requirements in the longer term, given the resource endowments of Russia and Ukraine. We argue that the invasion of Ukraine complicates Europe’s green energy transiti ... More
The Disconnect of Funding From Wealth Creation: The Corruption of Capitalism
Savvakis C. Savvides, World Economics, June 2022
This article identifies concentration of money and power and loosely regulated financial markets as impeding the efficient allocation of economic resources. The pursuit of return without risk inevitably leads to the transfer of wealth through a failing banking system wh ... More
An Analysis of India’s Trade Intensity with Latin American and Caribbean Countries
Riti Srivastava, World Economics, June 2022
This article aims to establish a better trade relationship between India and Latin American and Caribbean countries, so they come closer, share common interests and find out means of enhancing bilateral trade as a result of bilateral negotiations. It presents Trade Inte ... More
The Drivers Behind Corruption in Official Statistics: Who wants to control the mirror to society and why
Andreas V Georgiou, World Economics, March 2022
The manipulation of official statistics is grand corruption and political corruption. There is a mechanism that gives rise to phenomena of corruption in official statistics and has component parts: the drivers, the enabling conditions, the modalities and methods used to ... More
Nigerian Statistical Data and their Trustworthiness: Its Implication for Economic Planning and National Development
Keziah, Y. Ayuba & Panshak Yohanna, World Economics, March 2022
As at 2020, the population of Nigeria was said to be about 200 million (World Bank, 2020). However, the actual population of Nigeria remains a subject for national debates, since there are no databases for birth or death rates. To ascertain the trustworthiness of the st ... More
Exercising Economic Sovereignty in Today’s Global Financial World: The Lessons from John Maynard Keynes
Biagio Bossone, World Economics, March 2022
In this article, I argue that current macroeconomic models do not recognise the role that "global investors" play in determining the space for effective macroeconomic policies. These important players must be placed at the center of macroeconomic analysis if we are to u ... More
Not Cyclical but Secular
Andrew Smithers, World Economics, March 2022
Classical economics assumed that interest rates would adjust, or could be adjusted, to ensure that there was no mismatch between private sector intentions to save and invest. Interest rates were therefore assumed to be the sole policy tool needed to maintain full employ ... More
Diversity and Inclusion: Charactering the Pace of the Labor Market Recovery by Race and Gender
Azhar Iqbal, World Economics, March 2022
This study employs the natural unemployment rate as a benchmark to characterize the state of the US labor market by race and gender. In our analysis, we find that the COVID recession produced asymmetric economic damages to some segments of the population and that the pa ... More
Total Factor Productivity Growth in Indian Manufacturing
Abhijeet Bag & Sarbapriya Ray, World Economics, March 2022
Research findings suggest that the trends in total factor productivity (TFP) are highly cyclical across years during the pre-reform period and have shown a similar cyclical trend during the post-liberalisation period in all three measures—GO based, A based and KLEMS mea ... More
Evolving Indian Policy: It’s not USA vs China, It’s USA, China and Others!
Siddhartha K. Rastogi, World Economics, March 2022
As the world reorients into a bipolar power struggle between the USA and China, India is often touted to be the counterbalancing force to China, mainly due to geographical proximity, size and population. In the post-USSR world and since economic reforms in 1991, India b ... More