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Non-Unionized Workers in British Green Sectors: Evidence from the Labor Force Survey
Ayhan Gormus
DOI: 10.15604/ejef.2017.05.01.001
Abstract
International Labour Organization (ILO) and United Nations Environment Programme (UNEP) suggest that green sectors should offer decent jobs respecting to unions and international labor rights and fulfill requirements of labor laws and collective bargaining system. Also, non-unionized working in green sectors poses a significant challenge in terms of creation decent jobs. In this line, this article presents several evidences from British Labour Force Survey to find some socio-economic obstacles behind unionization in green sectors by using logistic regression modeling method. The results suggest that union membership decision in green sectors is affected by a range of demographic and work-related factors used in the study. For example, those who are 16-24 age band, women workers, those who are employed by small sized enterprises and takes charge in high-ranked occupations are higher likelihood of non-unionized working in green sectors, compared to rest of the sectors.
Keywords: Green Sectors, Green Jobs, Decent Jobs, Non-Unionized Workers
Institutions in Transition: Is the EU Integration Process Relevant for Inward FDI in Transition European Economies?
Uros Delevic and Irina Heim
DOI: 10.15604/ejef.2017.05.01.002
Abstract
This research challenges the contemporary view of economic policy makers in transition European economies that the EU integration process will lead to a greater inflow of Foreign Direct Investments (FDI), thereby increasing living standards. With the Brexit referendum, the integration of the EU has been threatened by a distressing existential question: is EU membership valuable for transition countries if even developed countries (like the UK) vote to leave or decided not to align like Switzerland and Norway in the past? Our analysis considers the success of several countries in Eastern Europe in attracting and benefiting from FDI on their way to EU membership. Analyzing a 13-year panel data of 16 transition countries, we found no statistically significant positive association between FDI inflow and EU accession. We argue, that it is also important to consider the welfare for domestic economies that can emerge from those investments. We illustrate this through the case study of a successful combination of institutional development and local content policies implementation accompanied by sufficient FDI inflows in a non-EU country – Kazakhstan.
Keywords: Transition Economies, Institutional Change, Economic Development, EU Integration, Foreign Direct Investments, Theory of MNEs
The Prospect of Inflation Targeting in Kazakhstan
Zhandos Ybrayev
DOI: 10.15604/ejef.2017.05.01.003
Abstract
Over the last two decades, there has been a significant increase in the number of countries that began to pursue an Inflation Targeting monetary policy framework. Since the collapse of the Soviet Union, each of the fifteen newly created independent countries started to develop and run their own autonomous monetary policies. Kazakhstan announced the implementation of an Inflation Targeting policy in August 2015. At the same time, a number of researches show that Inflation Targeting might not work as well for developing countries as it does for developed ones due to certain fundamental differences and preconditions that must be met before the implementation phase. Thus, this paper discusses the case of Kazakhstan as a typical emerging market economy example, examines its ability to respond to various external shocks and identifies the main transmission channels in order to contribute to the knowledge in this particular area. Identification assumptions generate contemporaneous monetary shocks on domestic inflation behavior, which also take into account various features of the small open economy as well as indicate different important transitory and persistent effects. The results show, based on the interpretation of impulse response functions, a positive interest rate shock has an uncertain inflationary impact, which raises questions about the effectiveness of interest rate manipulation in keeping inflation within the given band. In addition, a positive exchange rate shock leads to a stronger upward pressure in inflation rates. Finally, inflation inertia explains a substantial increase in future inflation rates.
Keywords: Monetary Policy, Inflation Targeting, Structural VAR
Plunging Oil Prices Impact Malaysia’s and Indonesia’s Economy
Chung Tin Fah and Ong Jie Shi
DOI: 10.15604/ejef.2017.05.01.004
Abstract
Oil has a profound impact on the world economy. This study examines the impact of changes (falling) in oil prices on the two oil producing ASEAN countries – Malaysia and Indonesia using quarterly data from 2005:Q1 to 2014:Q4. A cointegration analysis using an autoregressive distributed lag equation (ARDL) is conducted between oil and the Malaysian and Indonesian economy. Next, single equations are estimated on the impact of oil price changes on macroeconomic variables, followed by a VAR formulation to trace the impact of oil price using impulse response function and variance decomposition. The single equation estimates indicate that real oil prices have a significant positive impact on Malaysia/Indonesia GDP, while it is insignificant on inflation rate and real exchange rate. Using an unrestricted VAR model, real oil price growth shocks have positive and negative response on the growth of Malaysia GDP, Indonesia GDP and US GDP. However, the negative response is found more significant for the growth of Indonesia GDP, while the growth of US GDP has a larger influence on Malaysia GDP as compared to Indonesia GDP. Changes in real oil price are less impactful on Malaysia government expenditure and Malaysian Ringgit, compared to inflation rate and net exports.
Keywords: Autoregressive Distributed Lag (ARDL), Stationarity, Cointegration, VAR, Impulse Response Function and Variance Decomposition
A Comparative Study upon Chinese and Turkish Inward Foreign Direct Investment
Farrukh Nawaz Kayani
DOI: 10.15604/ejef.2017.05.01.006
Abstract
Over the last 30 years, the economic and political power of China has grown globally particularly in Asia. China has become the largest recipient of FDI among the developing countries by adopting East Asian Flying Geese Model. China switched over from Import-substitution strategy to Export promotion strategy. In 2015, China attracted USD of 135 Billion as inward FDI whereas Turkey attracted only USD of 16.5 Billion. We ran the Granger Causality tests between the FDI and Economic Growth for both China and Turkey upon the data from 1980 to 2013. We took the data from World Development Indicator of World Bank. We found that growth in China has been caused by due to inflow of FDI whereas in the case of Turkey the GDP does granger caused the FDI.
Keywords: China, Economic Order, FDI, Turkey
The Effect of Vessel Supply on Ship-Demolition Prices
Nikos Kagkarakis
DOI: 10.15604/ejef.2017.05.01.006
Abstract
The ship-demolition is one of the four main markets that form the shipping industry and plays an important role on the seaborne trade, as it mitigates imbalances between supply and demand for transportation services by adjusting the merchant fleet supply. The aim of this study is to examine whether the factors that determine the supply of vessels for demolition are capable of affecting materially the ship-demolition price formation. The availability of ships for demolition is primarily a function of the fleet’s age and the conditions on the freight and secondhand markets. The analysis is conducted on the crude tanker and the bulk carrier segments and the vector autoregressive model methodology is employed, whereby the effect of both the supply and the demand factors on the ship-demolition prices is examined. The results indicate that the supply side has limited effect on the price formation in the industry, which is driven by the demand for the steel-scrap commodity.
Keywords: Ship-demolition, VAR Model, Supply, Demolition Prices
Impacts of Africa’s Total and Commodity-Based Trade with China and OECD Countries
Nihal Bayraktar
DOI: 10.15604/ejef.2017.05.01.007
Abstract
This paper studies the changes in the pattern of Africa’s trade with China and OECD countries, and the impacts of these changes on sub-Saharan Africa’s economic growth. In the study, the country-level total exports and imports, as well as the commodity-based exports and imports are considered for 42 sub-Saharan African countries between 1980 and 2014. The results show that as the share of China in sub-Saharan Africa’s trade has significantly increased, a declining trend is observed for OECD countries, traditional trading partners. Despite changing trade links, the investigation of the commodity-based exports and imports indicate that the types of imported and exported commodities have not changed much for Africa. However, a strong link is observed between economic growth in SSA and its changing trade links from the OECD countries towards China at the total level as well as at the commodity level. The study concludes that there is an increase in the international competition for Africa’s commodities, and resulting in improvements in the terms of trade has led to higher income growth in the region.
Keywords: China, OECD, Sub-Saharan Africa, International Trade, Growth
An Analysis of Structure, Behavior and Banking Performance of Islamic Banking in Indonesia
Iqbal J. Permana, Bernadette Robiani, Taufiq Marwa and Azwardi
DOI: 10.15604/ejef.2017.05.01.008
Abstract
This study aims to examine the impact of market structure and market behavior on the Islamic banking performance in Indonesia. Using the SCP model framework, this study examines five largest Islamic banking in Indonesia. The result reveals that market behavior, Islamic banking performance, third party funds, the business scale and the target market of Islamic banking have a significant impact on the market structure of Islamic banking industry; the market structure, performance of Islamic banks, types of financing product, profit sharing rate and distribution scale have a significant impact on the behavior of Islamic banking industry; and the market structure, market behavior, human resources development, the quality of Islamic banks’ financing and the credibility of Islamic banking financing have a significant impact on Islamic banking performance in Indonesia.
Keywords: Market Structure, Market Behavior, Market Performance, SCP Framework, Islamic Banking Industry, Indonesia
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