External Shocks and the HIPC Initiative: Impacts on Growth and Poverty in Africa

Abstract: The paper uses a simple macroeconomic model to estimate the impact of debt relief and terms of trade shocks on growth and poverty in African countries. For the 18 heavily indebted poor countries (HIPCs) that reached the enhanced HIPC decision point by end‐December 2000, the basic quantitative findings are that HIPC debt relief has boosted economic growth in these countries by an average of 2.9 percent per annum and that the computed result of this increase in growth is a reduction in poverty by an average of 2.2 percent per annum. However, the paper shows that recent deteriorations in the terms of trade have counter‐balanced these positive effects by lowering growth by an average of 2.0 percent per annum and by increasing poverty by an average of 1.3 percent per annum. Clearly, much of the positive impact emanating from the HIPC Initiative has been eroded due to recent deteriorations in the terms of trade. The paper also estimates the net effect on growth and poverty of the recently agreed 100 percent multilateral debt relief. This is predicted to boost economic growth by an average of 5 percent per annum and reduce poverty by about 5.3 percent per annum for the group of all African HIPCs. The paper concludes that 100 percent debt relief is crucial for Africa, but that more aid and policies need to be focused on a long‐term development strategy that fosters the necessary structural transformation.     

Influence of Experiences on Memories,Satisfaction and Behavioral Intentions: A Study of Creative Tourism

To date, few empirical studies have focused on the constituents of creative tourists’ experience and its consequences. This study aims to bridge this research gap by examining the effect of creative tourists’ experience on their memories, satisfaction, and behavioral intentions. Data were collected from 296 creative tourists, selected through purposive sampling, at selected resort hotels in the Malaysian states of Terengganu and Kedah. The results show that creative-tourist experience is a second-order factor with five dimensions, namely escape and recognition, peace of mind, unique involvement, interactivity, and learning. The results of structural equation modeling show that creative tourists’ experience is a good predictor of their memories, satisfaction, and behavioral intentions. The proposed model and findings can greatly help researchers and practitioners understand the concept of creative-tourist experience and its complex relationships with their memories, satisfaction, and behavioral intentions.     

How do foreigners perceive? Exploring foreign diners’ satisfaction with service quality of Chinese restaurants

China has received 138 million inbound trips in 2016. The purpose of travel may vary but these international travelers visit Chinese restaurants as an integral part of their travel experience. Our study tries to comprehend their dining experience and regional differences in service quality (SQ) perceptions. The findings indicate that food and process quality significantly influence satisfaction and behavioral intentions. More importantly, the results reveal that international travelers roving through all the six continents hold significantly different perceptions regarding SQ attributes of Chinese restaurants. Additionally, we found proficiency in Chinese language as a significant contributor in generating dissimilar perceptions.     

Over-Reaction by Security Market Analysts: The Impact of Broker Status and Firm Size

The aim of this study is to provide an examination of short-term earnings forecasts for evidence of systematic over-reaction. Analysts' predicted changes in earnings are compared with the realised changes to identify the contribution of systematic error (bias and generalised over-reaction) to the mean square error. A second analysis investigates whether analysts over-react to prior earnings changes. For both analyses, the impact of firm size and analysts' broker status are investigated.     

Differences in Returns to Education: An Analysis by Race

A bstract . Although a number of studies have examined the returns to education, none have attempted to estimate and contrast the manner in which different levels of education affect earnings for blacks and for whites over any length of time. The returns to three levels of education are estimated for black and white individuals separately over a twenty year period. 1967–86, and trends are examined. Some comparisons between the South and the rest of the country' are made.     

Effects of parking and cordon charge policies on tourist's modal shift in central business district of Mashhad city,Iran

The second largest holy city of the world, Mashhad, attracts high volumes of tourists and pilgrims every year. Most visitors travel by private car and are a source of considerable funds for the local economy. Among road users, tourists as one of the major traveller categories in Mashhad city behave differently due to the particular trip purpose. The aim of this research is to model tourist's shifting modes of travel behaviour when policy measures, such as the parking and cordon fares, are implemented. The tourists’ preferences were examined using binary logit analysis when different options of travel cost and time scenarios were provided. Results indicate that travel time, parking cost, cordon cost, education level and vehicle price influence tourist's modal choice. In addition, the finding shows that congestion pricing will be more effective than a parking pricing strategy in encouraging switching of modes.     

Chinese State Enterprises and their Reform

The far-reaching changes in the economic environment in China since the start of the reform period have directly affected enterprise behaviour and have important implications for future enterprise reform. The growth of market transactions has been accompanied by an increase in competition which has forced State-Owned Enterprises (SOEs) to cut costs and upgrade quality. The growing exposure of Chinese enterprises to international markets and foreign business practices has led to an upgrading of their organization and management structure. The multiplication of the sources of external funds for investment has facilitated the establishment of new enterprises and provided enterprises with wider opportunities for diversifying risk. And the rapid growth of the economy has provided room for the non-state sector to expand without a major contraction of the state sector. But many problems still remain, notably with regard to government interference in the day-to-day management of the SOEs, the development of appropriate and effective governance structures, the need for efficiency-enhancing industrial restructuring, and reform of employment relations and the social security system. This article considers these problems and makes recommendations regarding future reform initiatives particularly with regard to loss-making enterprises.     

Basic needs: Some issues

The purpose of this paper is to demonstrate, first, the need for a development strategy aimed directly at the abolition of absolute poverty within a short period of time, and, second, to spell out the main elements of such a strategy. After sketching, in very broad terms, some of the conceptual and operational issues involved in a basic needs strategy, the paper provides some very rough orders of magnitude of the number of people who suffer basic forms of deprivation in the developing world. Finally, the paper describes the analytical work and country studies that should be undertaken to give operational content to the concept of basic needs.     

The pattern of deaths in road traffic crashes in Sindh, Pakistan

The objectives of this study were to examine the pattern and magnitude of deaths in road traffic crashes (RTCs) in Sindh province of Pakistan. This cross-sectional study used data obtained from government documents and content analysis of daily newspapers' reports on incidents of deaths in RTCs. Results showed that the total annual number of RTCs, fatal RTCs and deaths in RTCs were 2272 (+/-293), 1104 (+/-89) and 1321 (+/-136) respectively. On average, there were four deaths per day in RTCs. The victims were 85% male and the majority were between 15 and 49 years of age. Pedestrians, passengers, motorcyclists and drivers were most commonly the victims. Deaths in RTCs were double in rural areas compared to urban areas. The most common causes of fatal RTCs were by being hit by a vehicle, breakdown and collision of motor vehicles and speeding. The frequent involvement of the men of working age in RTCs may have serious social and economic implications; therefore, the prevention of RTCs, as far as possible, is imperative.