Latest Papers

The latest papers published in the World Economics Journal.



Inequality: Concepts, Data, Perspectives and Solutions Inequality: Concepts, Data, Perspectives and Solutions
Michael Chibba & John M. Luiz, World Economics, March 2019
A comprehensive treatise on inequality from economic, social, business and metrics/data perspectives is lacking in the literature and this treatise fills that void. We posit that: (a) neoclassical economics has failed to address inequality within nations; (b) the social ... More


On Measuring the Money Supply On Measuring the Money Supply
Steve H. Hanke, World Economics, March 2019
Oskar Morgenstern warned in The Limits of Economics (1937), that the formulation of economic policy was handicapped by the lack of relevant data and errors in its measurement. In this paper, the measurement of the money supply is used to illustrate Morgenstern's point. ... More


The Informal Economy: Who Wins, Who Loses and Why We Care The Informal Economy: Who Wins, Who Loses and Why We Care
Giovanna Maria Dora Dore, World Economics, March 2019
The informal economy is one of the most complex economic and political phenomena of our time. It exists in rich and poor countries alike, and currently employs almost half of the world’s workers, about 1.8 billion people. •At a value of US$10 trillion, the informal econ ... More


Mobility in Income Poverty Between 2010-2015 in Egypt Mobility in Income Poverty Between 2010-2015 in Egypt
Heba Farida Ahmed Fathy El-laithy & Dina Magdy Armanious, World Economics, March 2019
This study assesses poverty dynamics in Egypt during 2010-2015 and examines the characteristics of transient poor people. Reliability Index, Relative and Absolute mobility are used to assess mobility. The results showed that there is a substantial amount of mobility b ... More


The European Union Must Defend Andreas Georgiou The European Union Must Defend Andreas Georgiou
Nicolas Véron, World Economics, March 2019
In August 2010, Andreas Georgiou, former President of the Hellenic Statistical Authority, was charged with having harmed Greece's national interests. In this paper, Nicolas Veron argues that the relentless prosecutions against Georgiou are more than a matter of shamefu ... More


The Comparative Analysis on the Population Control Policies in China and India The Comparative Analysis on the Population Control Policies in China and India
Min-kyung, KIM, World Economics, March 2019
Population is a source of a nations’ strength and national security, but some overpopulated countries in Asia are trying to lower their population growth, even implementing population control policies. This paper conducts a comparative study of China and India to explor ... More


Davos 2019 in the Uncharted Waters of Digital Globalization Davos 2019 in the Uncharted Waters of Digital Globalization
Theodore Pelagidis, World Economics, March 2019
Western world leaders in Davos 2019 seemed unable to handle changes propelled by the wave of digital globalization. Geopolitical tensions and “wealth gap politics” are among the major concerns for the current global economy. Risks are related to the extent of the expect ... More


Saudi Arabian Labour Market Data Outlines the Challenges of Reform Saudi Arabian Labour Market Data Outlines the Challenges of Reform
Brian Sturgess, World Economics, March 2019
Saudi Arabia’s Council of Ministers approved an ambitious National Transformation Programme (NTP) in June 2016 with the aim of carrying out a complete restructuring of the economy. The implementation of Vision 2030 has major implications for the structure of Saudi Arab ... More


How Can Sovereign Wealth Funds Mitigate Natural Capital Depreciation in Developing Countries? How Can Sovereign Wealth Funds Mitigate Natural Capital Depreciation in Developing Countries?
Edward B. Barbier & Jo Burgess, World Economics, December 2018
Key indicators of economic performance for resource-rich developing economies are net national income and savings that are adjusted for natural capital depreciation. These indicators vary inversely with the reliance of developing countries on primary product exports, su ... More


Leveraging the African Private Sector to Enhance the Development Impact of the African Continental Free Trade Area Agreement Leveraging the African Private Sector to Enhance the Development Impact of the African Continental Free Trade Area Agreement
Hippolyte Fofack, World Economics, December 2018
By July 2018 the African Continental Free Trade Area had been signed by 49 African governments, accounting for over 86% of total African trade and 77% of combined GDP, and a total population of 1.2 billion. The Agreement has the potential to accelerate the process of di ... More


Analysing Intra-African Trade Analysing Intra-African Trade: AFCFTA: Much Ado About Nothing?
Peter Draper, Habtamu Edjigu & Andreas Freytag, World Economics, December 2018
In March 2018, most African heads of state gathered in Kigali to sign the African Continental Free Trade Agreement (AfCFTA), marking the culmination of intense negotiations. A number of central issues remain unresolved: it is an agreement with a substantial sensitive/ex ... More


Growth in Oil- and Non-Oil-Producing Countries Growth in Oil- and Non-Oil-Producing Countries: Domestic Policies and External Spillovers
Magda Kandil, World Economics, December 2018
Using data for a sample of oil- and non-oil-producing countries this article studies determinants of growth to assess the relative importance of domestic policies and external spillovers. For net oil exporters, a higher price of oil helps increase resources for spendin ... More


Designing a Global Financial Safety Net Designing a Global Financial Safety Net
Graham Bird, World Economics, December 2018
It often is neither possible nor sensible to immediately correct the underlying macroeconomic disequilibria that a financial and economic crisis reveals. To cushion the process of adjustment a global financial safety net is needed: owned reserves, regional financing and ... More


CryptoRuble: From Russia with Love CryptoRuble: From Russia with Love
Zura Kakushadze & Jim Kyung-Soo Liew, World Economics, December 2018
A large number of decentralized cryptocurrencies has emerged since the inception of Bitcoin in 2009, with a total market size exceeding $170bn. Recent reports suggest that Russia will issue its government-backed cryptocurrency, CryptoRuble, in the middle of 2019. Russi ... More


US-China Trade War Data: Truth and Post-Truth US-China Trade War Data: Truth and Post-Truth
Anirban Sengupta & Siddhartha K. Rastogi, World Economics, December 2018
Data on the importance of US–China trade and fundamental trade theory suggest that the USA is in a relatively weak position in its trade war. Not only will the protectionist measures of the Trump administration reduce the welfare of American citizens (theory of competi ... More


An Economic Comparison of Greece and Italy An Economic Comparison of Greece and Italy
Theodore Pelagidis, World Economics, December 2018
In Greece and Italy, populist parties have taken power in recent years, a result of coalition between radical left and far-right parties. Both countries are of concern to the European Commission—Greece’s ‘enhanced surveillance’ could end in another bail-out program; It ... More


David Henderson: 1927-2018 David Henderson: 1927-2018: A Personal Memorial
Ian Byatt, World Economics, December 2018
David Henderson was both a scholar and a practising economic adviser. He was always concerned with what was going on in policy analysis and in the technical economics, or other thinking, which lay behind economic policy. He was widely and deeply read, not only in econom ... More


Data, Deceit, and the Defence of Truth Data, Deceit, and the Defence of Truth
Stuart P.M. Mackintosh, World Economics, September 2018
Attacks on experts and professionals using available facts, are rising in the USA, with troubling implications for economics, for the collection of statistical data, and for the future integrity of the policymaking process. The Trump Administration is undermining fact-b ... More


A Critical Review of Thomas Piketty’s Capitalism in the 21st Century A Critical Review of Thomas Piketty’s Capitalism in the 21st Century
Andrew Smithers, World Economics, September 2018
Piketty claims that capital rises faster than income which assumes that capital and income are independent variables. The evidence shows they are not and that the ratio of income to capital is probably stable over time. Piketty’s mistake appears to come from confusing d ... More


Measuring Macroeconomic Performance Using a Composite Index Measuring Macroeconomic Performance Using a Composite Index
Julian Gough, World Economics, September 2018
Large quantities of economic data, varying in accuracy and reliability and subject to later revision, are continually produced and published so interpretation using only one data source is subject to risk. The complex world of data can be simplified by combining differe ... More


The Seemingly Underappreciated Role of Panel Data in Measuring Poverty and Economic Transformation The Seemingly Underappreciated Role of Panel Data in Measuring Poverty and Economic Transformation
Hai-Anh H. Dang & Calogero (Gero) Carletto, World Economics, September 2018
Panel survey data play a crucial role in producing estimates on welfare dynamics as well as insights into transformation processes in developing economies. Panel survey data are indispensable for effective policy advice for poverty reduction and growth. Fielding and mai ... More


Measuring Greek Debt: The Difference between Market and Credit Perspectives Measuring Greek Debt: The Difference between Market and Credit Perspectives
Colin Ellis, World Economics, September 2018
It is likely to be several decades before data on government assets, off-balance sheet and contingent liabilities are consistently available across a wide range of countries. In the absence of data, GDP is a readily available scaling factor, but official sector agencies ... More


On Microfinance-led Socioeconomic Change: Inferences from Field Data On Microfinance-led Socioeconomic Change: Inferences from Field Data
Sazzad Parwez, World Economics, September 2018
Government and non-government agencies in India are working towards empowering people at the grassroots through the provision of microfinance. Self-help groups have emerged as instruments of change for poor people (women in particular) trying to solve their problems col ... More


Trade Wars and African Growth Prospects Trade Wars and African Growth Prospects
Hippolyte Fofack, World Economics, September 2018
African economies are back on a path of economic expansion which has been broad-based driven by both commodity-dependent and non-resource-rich economies. The region is forecast to achieve an average economic growth rate of 4 per cent in 2018 and grow by as much again th ... More


China’s Economic Growth and Foreign Direct Investment Flows China’s Economic Growth and Foreign Direct Investment Flows
Tong Tong, Bin Li & Tarlok Singh, World Economics, September 2018
Economic reforms implemented since 1978 have contributed to economic growth and prosperity in China. China has emerged as the largest host country for foreign direct investment, in that it receives enormous inflows and has concurrently become one of the largest supplier ... More


Measuring the Performance of the Bombay Stock Exchange: The Impact of Demutualisation Measuring the Performance of the Bombay Stock Exchange: The Impact of Demutualisation
Divya Aggarwal & PC Padhan, World Economics, September 2018
The literature on the impact of the demutualization of stock exchanges on performance is growing since the percentage of demutualized exchanges has risen from 10% in the mid-1990s to 63% in 2002. The Bombay Stock Exchange, established in 1875, demutualised in 2005 to fo ... More


Using the World Bank’s Bank Data to Assess Changes in Financial Regulation and Supervision since the Global Financial Crisis Using the World Bank’s Bank Data to Assess Changes in Financial Regulation and Supervision since the Global Financial Crisis
Vighneswara Swamy, World Economics, September 2018
The World Bank’s Bank Regulation and Supervision Survey (BRSS) data can be used to gain insights into bank regulatory/supervisory styles across countries. The data illustrate the differences in regulation/supervision among crisis, non-crisis and BRICS countries, and hig ... More


The Ten-Year Crash Anniversary The Ten-Year Crash Anniversary
Theodore Pelagidis, World Economics, September 2018
The ten-year anniversary of the 2008 crash and the unprecedented length of the bull (stock) market since then is an opportunity to reflect on the crash’s roots. A result of the bear market between 2000 and 2002 was the Sarbanes–Oxley Act that separated the business of c ... More


Measuring Illegal Activities in the National Accounts Measuring Illegal Activities in the National Accounts
Brian Sturgess, World Economics, June 2018
Until 2014 the only illegal activity measured in the UK National Accounts by the Office of National Statistics was the smuggling of alcohol and tobacco. The European System of National Accounts 2010 requires statistical bodies to measure consensual illegal economic acti ... More


Cash, Demonetisation and the Informal Economy in India Cash, Demonetisation and the Informal Economy in India
Shaurya Sharma & Cledwyn Fernandez, World Economics, June 2018
India took a demonetisation step in November 2016 by banning 500 and 1000 rupee notes as legal tender benefiting banks but hurting the poor and the under banked. The shadow economy was badly affected and even measured GDP growth rate slumped, but demonetisation proponen ... More


Debt, Economic Growth and Data Adequacy Debt, Economic Growth and Data Adequacy
Vighneswara Swamy, World Economics, June 2018
The effects of government debt on economic growth has become of immense importance in the backdrop of the Eurozone sovereign debt crisis and Reinhart & Rogoff’s related research. This study is based on a sizeable dataset which extends the horizon of analysis to country ... More


Error in Demographic and Other Quantitative Data and Analyses Error in Demographic and Other Quantitative Data and Analyses
Thomas Burch, World Economics, June 2018
Statistical data consumed, analysed and produced contain errors from more sources than is often recognised and the commercialisation of survey and other statistical research and ‘inventions’ such as ‘big data’ has led to naïve and faulty analysis and propaganda. Oskar ... More


Exchange Rates as a ‘Veil’ Exchange Rates as a ‘Veil’
Biagio Bossone, World Economics, June 2018
The effectiveness of exchange rates as an adjustment mechanism in a given country depends on the role played by domestic financial markets. With floating exchange rates and full integration into global financial markets, policy-making space is determined by the size of ... More


Free Trade, Protectionism, and the Global Economy Free Trade, Protectionism, and the Global Economy
Theodore Pelagidis, World Economics, June 2018
Free trade benefits consumers, but has harmed less-skilled workers in western countries fuelling polarization and the rise of nationalistic populism. Despite U.S. President Trump’s contradictory stance on tariffs, trade policy is closely connected with the level of the ... More


Rare Earth Elements Rare Earth Elements: A Historical Comparison - Favouritisms as Probable Factors Causing Market Manipulation by China
Sotiris N. Kamenopoulos, World Economics, June 2018
Rare Earth Element Reserves are estimated at 130 million metric tons while global production/processing capacity was approximately 126,000 metric tons in 2016, 95% controlled by China The US authorities and academics mistakenly treat Rare Earth Elements as “one group, o ... More


Commonwealth and EU Growth Commonwealth and EU Growth
Ed Jones, World Economics, June 2018
The Commonwealth of Nations is growing rapidly in comparison to the ailing Eurozone Measured by share of world GDP, the Commonwealth overtook the (1973) European Union in 2004 By the same measure, the Commonwealth is slightly larger than the current Eurozone In 2017, th ... More