Bibliometrical analysis of Asia Pacific Journal of Tourism Research

Scientific journals are academic publications that produce information in a specific discipline. In the current study, 522 studies published between 2009 and 2017 in Asia Pacific Journal of Tourism Research, were bibliometrically examined. According to findings, the author with the highest rate of contribution to the journal is Rob Law, the most often published institution is Hong Kong Polytech University, and the most researched topic is customer loyalty. Periodical analysis of academic journals enables inferences to be made about the intellectual structures of the disciplines and provides leading summary information on important studies, scientists, and research trends.     

Growth,technological interdependence and spatial externalities: theory and evidence

This paper presents a theoretical growth model which explicitly takes into account technological interdependence among economies and examines the impact of spillover effects. Technological interdependence is assumed to operate through spatial externalities. The magnitude of the physical capital externalities at steady state, which is not usually identified in the literature, is estimated using a spatial econometric specification. Spatial externalities are found to be significant. This spatially augmented Solow model yields a conditional convergence equation which is characterized by parameter heterogeneity. A locally linear spatial autoregressive specification is then estimated providing a convergence speed estimate for each country of the sample. Copyright © 2007 John Wiley & Sons, Ltd.     

Estimating the surplus in the periphery: an application to Turkey

This note discusses how the economic surplus concept can beused to analyse the constraints the world system imposes oneconomic development. An estimation of the surplus for Turkeyfor 1980–96 utilises Köhler's unequal exchange analysisto measure the transfer of surplus abroad and the official minimumwage to calculate essential private consumption. The estimationyields the allocation of the surplus between non-essential consumption,investment and unrequited transfers abroad. The note assessesLippit's argument that the main obstacle to development is themisuse of the surplus in the domestic economy and not transfersabroad.     

Multiple equilibria, coordination, and transitional growth

We study a small open economy with two sectors and two factors of production. In one of the sectors, external economies of scale are generated through the industry-level capital input. This leads to a divergence between private and social production possibility frontiers as well as to multiple equilibria. The equilibrium selection problem that arises is solved by agents who follow a simple trial-and-error learning rule. The growth path of the economy as agents learn lies below the production possibility frontier and may display cyclical transitional dynamics. We also show that coordination problems which may prevent the economy from attaining the “good” equilibrium may be alleviated by the temporary use of policy instruments that shape the allocation of resources.     

Measuring and predicting heterogeneous recessions

This paper examines the usefulness of a more refined business cycle classification for monthly industrial production (IP), beyond the usual distinction between expansions and contractions. Univariate Markov-switching models show that a three regime model is more appropriate than a model with only two regimes. Interestingly, the third regime captures ‘severe recessions’, contrasting the conventional view that the additional third regime represents a ‘recovery’ phase. This is confirmed by means of Markov-switching vector autoregressive models that allow for phase shifts between the cyclical regimes of IP and the Conference Board's Leading Economic Index (LEI). The timing of the severe recession regime mostly corresponds with periods of substantial financial market distress and severe credit squeezes, providing empirical evidence for the ‘financial accelerator’ theory.     

A contribution to the theory and empirics of Schumpeterian growth with worldwide interactions

This paper proposes an integrated theoretical and methodological framework characterized by technological interactions to explain growth processes from a Schumpeterian perspective. Global interdependence implied by international R&D spillovers needs to be taken into account in both the theoretical and empirical models. For this task, spatial econometrics is the appropriate tool. The econometric model we propose includes the neoclassical growth model as a particular case. We can therefore explicitly test the role of R&D investment in the long-run growth process against the Solow growth model. Finally, the properties of our spatial econometric specification allow the explicit evaluation of the impact of home and foreign R&D spillovers.     

Bridging Civilizations From Asia to Europe： The Silk Road

Throughout history, Silk Road played an important role with connecting more than 50 countries between its endpoints. Reviving this ancient trade route is a contemporary discussion among politicians. There are many projects realized and proposed for the resurgence of the modem Silk Road, including the railroad project connecting Baku, Tiflis and Kars of Azerbaijan, Georgia, and Turkey; the undersea rail tunnel under the Bosphorus strait, Marmaray; the Silk Road Economic Belt proposed by China; and the Maritime Silk Road, again proposed by China. Just like the original Silk Road, it was not only a route for caravans or trade, but it was a meeting point for cultural, religious, and philosophical exchanges that served humanity for centuries; today＇s modem Silk Road initiatives should be considered as bridges between Eastern and Western civilizations that will serve the same purpose of its ancient predecessor. The revived Silk Road will facilitate strengthening of relationships in between countries that experienced harmony in history. The railways, transportation facilities, transnational gates, energy corridors, and natural gas pipelines that constitute the Silk Road will transform the region with improving its economy and bringing peace and economic prosperity. With recent developments, it witnesses the importance of geopolitical and historical ties in establishing contemporary alliances. Although there are great expectations with the revival of the modern Silk Road, authors would like to emphasize that it should be an agreement to foster shared interests rather than the interest of bigger partners.     

Incomplete integration and contagion of debt distress in economic unions

This paper compares different fiscal integration schemes on the basis of their ability to finance public investments and resilience to debt distress and contagion. Complete integration schemes, where a central authority chooses the level of public investments with productivity‐enhancing externalities across different jurisdictions, are shown to be superior to incomplete integration schemes, where member governments choose public investments unilaterally. As a result, equilibrium income is greater for citizens of both member states under a complete integration scheme. Moreover, complete integration schemes are shown to be more resilient to idiosyncratic shocks and more effective in limiting contagion of debt distress. This is mainly because the central authority can credibly borrow more without risking default than member states taken together can and it can “transfer resilience” across them if needed. These findings inform discussions on structural aspects of secular stagnation in Europe by emphasizing a potential challenge in the institutional design of fiscal responsibilities.     

Exports of primary goods and human capital accumulation

Many developing countries have experienced export‐led growth in the last half century. This paper asks whether the content of what economies export matters for human capital accumulation. We construct a small open economy model and find that expansion of primary exports can harm human capital accumulation if the economy is initially allocating significant resources to the production of primary goods. We then test this prediction empirically using Latin American data over the period 1965 to 2010 and find robust evidence in support of the hypothesis that a shift towards primary exports reduces human capital accumulation. Given the importance of the latter for long‐run growth, our results suggest a potential role for policy intervention.     

The Government Spending Multiplier in Turkey

This study aims to measure the size of the government spending multiplier in Turkey for post-2001 financial crisis period within a structural VAR framework. The analysis demonstrates that a positive shock to government spending tends to increase output, tax, and real interest rate on impact and the size of the fiscal multiplier is relatively large at first few quarters. The fiscal multiplier reaches a peak value of 1.5 at second quarter and then starts to diminish. Furthermore, investigating the effects of the components of government spending reveals the fact that government investment expenditures, rather than consumption expenditures, have a profound impact on output at first few quarters.