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Economies, Volume 4, Issue 3 (September 2016) – 8 articles

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Open AccessArticle
Socio-Economic Implications of Drought in the Agricultural Sector and the State Economy
Economies 2016, 4(3), 19; https://doi.org/10.3390/economies4030019 - 01 Sep 2016
Cited by 14 | Viewed by 5422
Abstract
In 2011, the most severe drought in Texas history caused $7.62 billion in losses in the agricultural sector alone. This paper analyzes ripple effects of the 2011 drought in Texas agriculture on the entire state economy retrospectively in an effort to foster discussion [...] Read more.
In 2011, the most severe drought in Texas history caused $7.62 billion in losses in the agricultural sector alone. This paper analyzes ripple effects of the 2011 drought in Texas agriculture on the entire state economy retrospectively in an effort to foster discussion on targeted mitigation measures in the long term. By using an Input-Output and social accounting matrix model, direct effects on livestock, cotton, sorghum, wheat, corn, hay, and timber production, as well as indirect effects on other related sectors, and finally induced effects from changing consumers behavior have been estimated. According to the results, the 2011 drought caused economic losses of $16.9 billion in the entire Texas economy and increased the unemployment by around 166,895 people. The agricultural sector alone lost around 106,000 jobs. The cotton farming experienced 91% of revenue losses (as compared to 2010), while the livestock production lost 32% in revenue. The decreased production yields and limited market supply directly influence market prices for those products, which might create additional spillover effects on export and import quantities. The presented analysis can be helpful for designing policies to launch mitigation programs for drought events in the future. Full article
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Open AccessArticle
Going Forward from B to A? Proposals for the Eurozone Crisis
Economies 2016, 4(3), 18; https://doi.org/10.3390/economies4030018 - 24 Aug 2016
Cited by 2 | Viewed by 5532
Abstract
After reviewing the main determinants of the current Eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, such as Greece, which have so far adopted austerity measures in order to abide [...] Read more.
After reviewing the main determinants of the current Eurozone crisis, this paper discusses the feasibility of introducing fiscal currencies as a way to restore fiscal space in peripheral countries, such as Greece, which have so far adopted austerity measures in order to abide by their commitments with Eurozone institutions and the IMF. We show that the introduction of fiscal currencies would speed up the recovery, without violating the rules of Eurozone Treaties. At the same time, these processes could help the transition of the euro from its current status of single currency to a status of “common clearing currency” along the lines proposed by Keynes at Bretton Woods as a system of international settlements. Eurozone countries could therefore move from “Plan B” aimed at addressing member state domestic problems, to a “Plan A” of a better European monetary system. Full article
(This article belongs to the Special Issue Breakpoint of the Euro Zone?)
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Open AccessArticle
Why Migrate: For Study or for Work?
Economies 2016, 4(3), 17; https://doi.org/10.3390/economies4030017 - 17 Aug 2016
Cited by 2 | Viewed by 4038
Abstract
Over the past decades, globalization has led to a huge increase in the migration of workers, as well as students. This paper develops a simple two-step model that describes the decisions of an individual vis-à-vis education and migration, and presents a unified model, [...] Read more.
Over the past decades, globalization has led to a huge increase in the migration of workers, as well as students. This paper develops a simple two-step model that describes the decisions of an individual vis-à-vis education and migration, and presents a unified model, wherein the two migration decisions are combined into a single, unique model. This paper shows that under the plausible assumption that costs of migration differ over the human life cycle, the usual brain drain strategy is sub-optimal. With an increase in globalization, the brain drain strategy will be replaced by the strategy of migration of students. Full article
(This article belongs to the Special Issue Long-Run Economic Impacts of International Migration)
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Open AccessArticle
Convergence and Heterogeneity in Euro Based Economies: Stability and Dynamics
Economies 2016, 4(3), 16; https://doi.org/10.3390/economies4030016 - 16 Aug 2016
Cited by 2 | Viewed by 3972
Abstract
Cluster analysis is used to explore the performance of key macroeconomic variables in European countries that share the euro, from the inception of the currency in 2002 through to 2013. An original applied statistical approach searches for a pattern synthesis across a matrix [...] Read more.
Cluster analysis is used to explore the performance of key macroeconomic variables in European countries that share the euro, from the inception of the currency in 2002 through to 2013. An original applied statistical approach searches for a pattern synthesis across a matrix of macroeconomic data to examine if there is evidence for country clusters and whether there is convergence of the cluster patterns over time. A number of different clusters appear and these change over time as the economies of the member states dynamically interact. This includes some new countries joining the currency during the period of examination. As found in previous research, Southern European countries tend to remain separate from other countries. The new methods used, however, add to an understanding of some differences between Southern European countries, in addition to replicating their broad similarities. Hypotheses are formed about the country clusters existing in 2002, 2006 and 2013, at key points in time of the euro integration process. These hypotheses are tested using the rigour of a bivariate analysis and the multivariate method of Qualitative Comparative Analysis (QCA). The results confirm the hypotheses of cluster memberships in all three periods. The confirmation analysis provides evidence about which variables are most influencing cluster memberships at each time point. In 2002 and 2006, differences between countries are influenced by their different Harmonised Index of Consumer Prices (HICP) and labour productivity scores. In 2013, after the crisis, there is a noticeable change. Long term interest rates and gross government debt become key determinants of differences, in addition to the continuing influence of labour productivity. The paper concludes that in the last decade the convergence of countries sharing the euro has been limited, by the joining of new countries and the circumstances of the global economic crisis. The financial crisis has driven divergences from pre-existing integration. Country convergence needs to be understood as a dynamic and multivariate concept. This is a significant development of convergence theory and is an addition to how the concept has been understood previously. Full article
(This article belongs to the Special Issue Breakpoint of the Euro Zone?)
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Open AccessArticle
The Formation of Immigrant Networks in the Short and the Long Run
Economies 2016, 4(3), 15; https://doi.org/10.3390/economies4030015 - 30 Jul 2016
Cited by 1 | Viewed by 3435
Abstract
In this paper, we present a formal framework of possible network formations among immigrants. After arriving in the new country, one of the new immigrant’s important decisions is with whom to maintain a link in the foreign country. We find that the behavior [...] Read more.
In this paper, we present a formal framework of possible network formations among immigrants. After arriving in the new country, one of the new immigrant’s important decisions is with whom to maintain a link in the foreign country. We find that the behavior of the first two immigrants affects all those who come after them. We also find that in the long run, under specific conditions, the first immigrant will become the leader of the immigrant society. Over time, as the stock of immigrants in the host country increases, the investment in the link with the leader will increase as well. Full article
(This article belongs to the Special Issue Long-Run Economic Impacts of International Migration)
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Open AccessArticle
Influence Determination of Social Responsibility to the Productivity Enterprise Activity Level
Economies 2016, 4(3), 14; https://doi.org/10.3390/economies4030014 - 19 Jul 2016
Cited by 4 | Viewed by 3726
Abstract
The purpose of this paper is to develop a scientific and methodical approach for determination of the comprehensive social responsibility indicator in this paper based on estimation of influence degree for the economical, ecological, social and labour, standard and legal components. There is [...] Read more.
The purpose of this paper is to develop a scientific and methodical approach for determination of the comprehensive social responsibility indicator in this paper based on estimation of influence degree for the economical, ecological, social and labour, standard and legal components. There is allowance for determining of some level of enterprise social responsibility. In addition, there is a basis for development some ways of their increasing. The essence of the used approach is clotting of the individual indicators set to four intermediate indicators of the economic, ecological, social and labor, standard and legal components, which can be boiled down to the generalizing activity productivity indicator based on the matrix and range approach. An economical and mathematical model of the social responsibility influence level to the enterprise activity productivity level, which is based on enterprise propose harmonization with the participants’ interests, was being built. The paper proposes the mathematical model, which allows detecting a necessary time period for enterprise activity productivity ensuring due to social responsibility implementation. Full article
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Open AccessArticle
The Growth Path of Agricultural Labor Productivity in China: A Latent Growth Curve Model at the Prefectural Level
Economies 2016, 4(3), 13; https://doi.org/10.3390/economies4030013 - 30 Jun 2016
Cited by 3 | Viewed by 4096
Abstract
Given the shrinking proportion of agriculture output and the growing mobility of the labor force in China, how agricultural labor productivity develops has become an increasingly attractive topic for researchers and policy makers. This study aims to depict the development trajectory of agricultural [...] Read more.
Given the shrinking proportion of agriculture output and the growing mobility of the labor force in China, how agricultural labor productivity develops has become an increasingly attractive topic for researchers and policy makers. This study aims to depict the development trajectory of agricultural labor productivity in China after its WTO entry. Based on a balanced panel data containing 287 Chinese prefectures from 2000 to 2013, this study applies the Latent Growth Curve Model (LGCM) and finds that the agricultural labor productivity follows a piecewise growth path with two breaking points in the years of 2004 and 2009. This may stem from some exogenous stimulus, such as supporting policies launched in the breaking years. Further statistical analysis shows an expanding gap of agricultural labor productivity among different Chinese prefectures. Full article
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Open AccessArticle
Real Effective Exchange Rate of Rouble and Competitiveness of Russian Agrarian Producers
Economies 2016, 4(3), 12; https://doi.org/10.3390/economies4030012 - 27 Jun 2016
Cited by 13 | Viewed by 4835
Abstract
A number of development projects were launched in Russia to support agro-producers, emphasizing increasing potential and perspective significance of Agrarian sector in the Russian economy. In light of this, it becomes interesting to investigate the position of agro-producers both in comparison to producers [...] Read more.
A number of development projects were launched in Russia to support agro-producers, emphasizing increasing potential and perspective significance of Agrarian sector in the Russian economy. In light of this, it becomes interesting to investigate the position of agro-producers both in comparison to producers from other domestic sectors and relatively to its main foreign competitors. An analysis of the recent dynamics (from 2000 to 2014) of the real effective exchange rate of Russian rouble serves in the present study as an indicator of price competitiveness, which determines relative position of domestic producers in external markets. The actual competitive state of Russian agro-producers is analyzed by the means of revealed comparative advantage indices proposed by Balassa, Vollrath and Lafay. The calculations have shown that the entire analyzed period can be generally characterized as the period of significant real appreciation of the Russian rouble and the reason behind this is the difference in inflation rates in Russia and its main foreign trade partners. This predetermined the relatively low price competitiveness of agro-producers, which was mostly confirmed by calculated values of Balassa Revealed Comparative Advantage (RCA) index, Vollrath Revealed Competitiveness index (VRC) and Lafay Trade Specialization index (LFI). The short-term real depreciations of the rouble did not have any expected substantially positive impacts on their competitive position. Full article
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