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.     

The use of bank lines of credit in corporate liquidity management: A review of empirical evidence

This paper reviews empirical evidence on the use of bank lines of credit as a source of corporate liquidity. Traditional explanation for lines of credit is that they provide insurance against liquidity shocks, in much the same as way hoarding cash does. However, recent empirical research suggests that access to lines of credit is contingent on the credit quality of the borrower as well as the financial condition of the lender. These findings suggest that lines of credit are an imperfect substitute for cash as a source of corporate liquidity.     

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.     

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.     

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.     

State‐owned Enterprises,Inequality, and Political Ideology

State‐owned enterprises continue to play a considerable role in many economies. In this study we empirically investigate the connections between these enterprises and inequality as mediated through political ideology. Using cross‐country data on the relative size of the state‐owned enterprise sector, we find strong empirical support for an inverted U‐shaped relationship between its size and income inequality. We also find strong evidence that left‐wing (vis‐a‐vis right‐wing) governments are associated with a larger state‐owned enterprise sector in countries with higher inequality. This result is robust to using cross‐sectional vs. panel data, different identification strategies, and various controls.     

Wage-led versus profit-led demand: A comprehensive empirical analysis

This study investigates various economic factors’ impact in determining the relationship between functional income distribution and aggregate demand from both a theoretical and an empirical viewpoint. We base our analysis on a demand-driven growth model for an open economy that allows for either profit-led or wage-led regimes. Our results strongly indicate that a higher level of trade openness is associated with a lower probability of being wage-led. We find evidence that lower wage inequality makes an economy more wage-led and that countries with a greater private credit-to-gross domestic product (GDP) ratio are more likely to be profit-led.     

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.     

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.     

Can inflation targeting regimes be effective in developing countries? The Turkish experience

This paper examines the performance of Turkey's inflation targeting (IT) experience. We find the IT regime to be an effective framework. Our judgment is based on three broad conclusions supported by empirical analyses. First, fiscal stability is an effective tool for a successful monetary policy. Second, the overnight policy of the Central Bank of Turkey rate is a significant determinant of the changes in market lending rates, which is the preliminary step in the monetary transmission mechanism. Third, recent developments on the broader issue of the effectiveness of interest rate policy in controlling inflation through aggregate demand management and through other channels are encouraging. Based on our findings, we argue that the impact of policy rate changes on economic activity and inflation have become more predictable and changed in the direction in line with theory, improving the transmission capacity of monetary policy.