Search Results (9)

This paper investigates the relationship between a country’s political governance and financial market dynamics, with a specific focus on non-U.S. stocks listed on the NYSE. Utilizing an ordinary least squares (OLS) regression model with heteroscedasticity-robust (Huber–White) estimators, we analyze the impact of political governance on stock liquidity and information asymmetry. Our analysis shows that stocks from democracies demonstrate improved liquidity and decreased information asymmetry, contrasting with stocks from autocracies that exhibit the opposite trend. Furthermore, shifts in political regimes dynamically impact stock liquidity and information transparency. These findings offer essential insights for investors, policymakers, and regulators, contributing to informed decision making and the formulation of policies that promote market health and transparency. Additionally, these findings underscore the importance of promoting political stability and transparent governance to foster healthy and efficient financial markets. Full article

Technology alters both perceptions of human intelligence and creativity and the actual processes of intelligence and creativity. Skills that were once important for human intelligence, for example, computational ones, no longer hold anywhere near the same importance they did before the age of computers. The advantage of computers is that they may lead us to focus on what we believe to be more important things than what they have replaced. In the case of penmanship, spelling, or arithmetic computation, such an argument could bear fruit. But in the case of human creativity, the loss of creative skills and attitudes may be a long-term loss to humanity. Generative AI is replicative. It can recombine and re-sort ideas, but it is not clear that it will generate the kinds of paradigm-breaking ideas the world needs right now to solve the serious problems that confront it, such as global climate change, pollution, violence, increasing income disparities, and creeping autocracy. Full article

A number of foreign artists received the earliest commissions to represent Napoleon’s Russian Campaign of 1812 for Russian emperors. My paper is a case study of a German artist who served the Russian Imperial court. Peter von Hess trained at the Academy in Munich and served both King Ludwig I of Bavaria and Otto I of Greece. In 1839, Emperor Nicholas I commissioned the artist to complete 12 monumental canvases for the Winter Palace representing key battles that followed Napoleon’s invasion of Russia in 1812. While earlier battle paintings and portraits commissioned by Alexander I dealt only with elite officers and the emperor, Hess’s paintings elevated the common Russian as the bearers of a great sacrifice and as the true defenders of Russia. This representational shift is the product of changing ideas concerning Russia’s involvement in several alliances from 1803 to 1815 that included Austria, England, Sweden, and Prussia. In addition, over the course of Nicholas I’s reign, the concepts of “autocracy, orthodoxy, nationality” crept into representations of the Russian experience of the Napoleonic wars. Full article

This perspective is a qualitative meta-analysis study using a critical interpretive synthesis that narrates three future and equally plausible scenarios of social and economic development in the State of Kuwait over the next 15 years. The first scenario follows what we call the ‘Sustainable Growth’ model as defined by the United Nations Development Goals and the Kuwait Vision 2035 presented by the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. As a polar opposite, the next scenario is what we call the ‘Mismanaged Resourced-Based Autocracy’ model, a negative reflection of the worst-case scenario. The third scenario is in between these two, and we call it the ‘Equality of Outcome Between Societal Groups’ model. So as not to lay blame for past actions or point fingers, which could prove counterproductive to a consensus-building process for needed actions, we chose to use the pasts of other countries for future projections for the State of Kuwait. Our search through recent socio-economic pasts revealed that Singapore was the best fit for the first scenario, Venezuela for the second, and Lebanon for the third. All these countries became fully independent at approximately the same time as the State of Kuwait and share many other similarities. The three future projections were used as input variables to the outcome, which was a bottom-up and top-down consensus-making process regarding utilitarian action for Kuwait to be used by Non-Government Organizations (NGOs), Think-Tanks, Development Agencies, the government and the parliament. Full article

This study is a qualitative meta-analysis employing a critical interpretive synthesis to describe three equally probable future social and economic growth scenarios for the State of Kuwait over the next 15 years. The first scenario adheres to what we refer to as the “Sustainable Growth” Model, as stated by the United Nations Development Goals and the Kuwait Vision 2035 presented by His Majesty the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah. As the polar opposite of the worst-case scenario, the next scenario is the ‘Mismanaged Resource-Based Autocracy’ Model, which reflects the negative. The third scenario, which we refer to as the ‘Equality of Result amongst Social Groups’ Model, falls between the first two. In order to avoid assigning blame for past deeds or pointing fingers, which could be unhelpful to a consensus-building process for necessary actions, we chose to use the pasts of other nations to forecast the future of the State of Kuwait. Singapore was the best fit for the first scenario, Venezuela for the second, and Lebanon for the third, according to our examination of recent socioeconomic histories. All of these nations attained independence about the same period as the State of Kuwait and share numerous other commonalities. The three future projections served as input variables for a bottom-up and top-down consensus-building procedure regarding utilitarian action in Kuwait. Full article

This paper aims to examine the influence of Economic Policy Uncertainty (EPU) on environmental performance, as well as the moderating effect of social development and the political regimes in EPU’s influence on environmental performance. To investigate such essential issues, we conducted Generalized Method of Moments (GMM) estimations by utilizing cross-country data covering 137 countries during the period of 2001–2018, according to the Stochastic Impacts by Regression on Population, Affluence and Technology (STIRPAT) model. Our empirical estimations support that EPU negatively affects environmental performance; this idea was still supported when we conducted an empirical analysis by changing the measurements, employing alternative estimations and constructing new samples. Furthermore, not only would the absolute level of EPU bring worse environmental performance, but so would an increase in EPU. Moreover, higher economic performance, globalization and a high quality of governance can help countries to alleviate the adverse environmental effect of EPU. Additionally, EPU’s negative effect on environmental performance is stronger in right-wing countries, autocracies and non-OECD countries, compared to their counterparts. Our study provides substantial policy implications for governments participating in the international treaties of environmental protection, to mitigate environmental degradation. Full article

I estimate the effect that growth in countries’ GDP per capita has on the growth rate of infrastructure. In order to extract exogenous variation in GDP per capita growth, I use the growth of the international oil price multiplied with countries’ GDP shares of oil net-exports as an instrumental variable. My instrumental variables estimates show that, for both democracies and autocracies, GDP per capita growth has a significant positive effect on infrastructure growth. This effect is significantly smaller in anocracies—so much so that, in anocracies, GDP per capita growth has no significant effect on the growth rate of infrastructure. Full article

I examine the relationship between democracy and the perceived risk of corruption in a panel of 130 countries. My panel model controls for country fixed effects and enables the estimation of a within-country relationship between democracy and corruption. My main finding is that democracy significantly reduces the risk of corruption, but only in countries where ethnic fractionalization is low. In strongly fractionalized countries a transition from autocracy to democracy does not significantly reduce corruption. One explanation for these findings is that the corruption-reducing effect of greater accountability of politicians under democracy is undermined by the common pool problem; fractionalization increases the severity of the common pool problem. Full article

The present inquiry addresses the income-environment relationship in oil-producing countries and scrutinizes the further drivers of atmospheric pollution in the respective settings. The existing literature that tests the environmental Kuznets curve hypothesis within the framework of the black-box approaches provides only a bird’s-eye perspective on the long-run income-environment relationship. The aspiration behind this study is making the first step toward the disentanglement of the sources of carbon dioxide emissions, which could be employed in the pollution mitigation policies of this group of countries. Based on the combination of two strands of literature, the environmental Kuznets curve conjecture and the resource curse, the paper at hand proposes an augmented theoretical framework of this inquiry. To approach the research questions empirically, the study employs advanced panel cointegration techniques. To avoid econometric misspecification, the study also employs for the first time a nonparametric time-varying coefficient panel data estimator with fixed effects (NPFE) for the dataset of 37 oil-producing countries in the time interval spanning between 1989 and 2019. The empirical analysis identifies the level of per capita income, the magnitude of oil rents, the share of fossil fuel-based electricity generation in the energy mix, and the share of the manufacturing sector in GDP as essential drivers of carbon dioxide emissions in the oil-rich countries. Tertiarization, on the contrary, leads to a substantial reduction of emissions. Another striking result of this study is that level of political rights and civil liberties are negatively associated with per capita carbon emissions in this group of countries. Furthermore, the study decisively rejects an inverted U-shaped income-emission relationship and validates the monotonically or exponentially increasing impact of average income on carbon dioxide emissions. Full article