Efficiency Gains from Liberalizing Labor Mobility

In this paper, we quantify the effect of a complete liberalization of cross‐border migration on the world GDP and its distribution across regions. We build a general equilibrium model, endogenizing bilateral migration and income disparities between and within countries. Our calibration strategy uses data on effective and potential migration to identify total migration costs and visa costs by education level. Data on potential migration reveal that the number of people in the world who have a desire to migrate is around 400 million. This number is much smaller than that predicted in previous studies, and reflects the existence of high “incompressible” migration costs. In our benchmark framework, liberalizing migration increases the world GDP by 11.5–12.5 percent in the medium term. Our robustness analysis reveals that the gains are always limited, in the range of 7.0 percent (with schooling externalities) to 17.9 percent (if network effects are accounted for).     

Financial inclusion of Muslim minority in Vellore,Tamil Nadu

The study aims to identify the potential determinants of financial inclusion and its impact on the Indian Muslim minority in Tamil Nadu. statistical package for social science and analysis of moment structures software packages were used in the study. Confirmatory factor analysis and structural equation modelling techniques were applied to examine the collected data (n = 300) from the Vellore district from April 2022 to March 2023. The study reveals that financial awareness, access and quality positively and significantly impact financial inclusion. However, the financial usage dimension is statistically insignificant. Additionally, the results from the moderation effect reveal that financial access and quality, along with age and annual income, significantly influence financial inclusion. In conclusion, the study contributes new dimensions to the existing literature by exploring the financial inclusion of Muslims and suggests implications and future scope for further research.     

Economic sanctions and trade diversions in Sudan

The latest episode of the armed conflict between Northern and Southern Sudan erupted in 1983 and ended with the signing of the ＂Comprehensive Peace Agreement （CPA）＂ in 2005. The CPA allows for a referendum on independence for South Sudan in 2011. A similar scenario is possible for Darfur, where an armed conflict broke out in 2003 over demands for greater decentralization and development in the region. The peace agreement between the central government and the Eastern Sudan region continues to be fragile, and the risk of escalation of across the border spillovers of conflicts with Uganda and Chad persists. The U.S., EU, among other global players, is putting pressure on the Khartoum government to change its policies. Economic sanctions are among the tools used by the U.S. government while encouraging others follow suit. This paper investigates the response of the Sudanese economy to eliminating trade flows with the EU in the first phase and with East-Asian countries in the second. It discusses the changes in the macro-indicators, trade variables and welfare measures that would result. Moreover, it assesses the potential trade diversion and resource reallocation due to sanctions in each phase. To simulate these scenarios, detailed economic databases for Sudan, EU, East-Asian region, MENA, COMESA and the rest of the world are needed. For this purpose, GTAP Africa database and the standard GTAP model are employed. The 57 sectors of Africa database are aggregated to ten sectors including： grains and crops, livestock and meat products, mining and extraction, processed food, textiles and clothing, light manufacturing, heavy manufacturing, utilities and construction, transport and communication and other services. Moreover, the database regions are aggregated to six including Sudan, the EU, East Asia, MENA, COMESA and the Rest of the world. Results show that Sudanese trade reallocates to Asia in the first phase and to COMESA and MENA regions in the second. Sanctions exact a devastating toll on the Sudanese economy： GDP declines, trade shrinks and welfare deteriorates. The deterioration in the country＇s trade is mainly in the imports side, which justifies an improvement of the country＇s balance of trade, while welfare losses are derived by a deteriorated terms of trade and allocative efficiency.     

Dynamic linkages between tourism transportation expenditures,carbon dioxide emission,energy consumption and growth factors: evidence from the transition economies

Tourism transport profoundly affects economic growth, energy consumption and carbon dioxide emissions. This study is an attempt to examine the impact of international tourism transportation expenditures, energy demand, foreign direct investment inflows, trade openness and urban population on carbon dioxide emission and per capita income for the panel of 11 transition Economies, over the period of 1995–2013. The results show that per capita income escalates the carbon dioxide emission (CO₂), which deteriorates the natural environment. International tourism receipts and international tourism expenditures for travel items are associated with the intensifying CO₂ emission and per capita income in the region. The study confirmed the energy-led emissions, FDI-led emissions, FDI-led growth, income-led emissions, income-led energy demand, trade-led growth and trade-led energy demand. The causality results further substantiate the the tourism-led growth and FDI hypothesis in the region. Finally, the variance decomposition analysis confirmed the following results, that is, (i) per capita income is the contributor that least influences CO₂ emissions, (ii) urban population influences per capita income and (iii) international tourism transportation expenditures will influence CO₂ emissions and per capita income for the next 10-year period.     

The Controversy of Exchange Rate Devaluation in Sudan: An Economy‐wide General Equilibrium Assessment

Abstract: The International Monetary Fund (IMF) has worked with Sudan since 1997 to implement a managed float exchange rate. The IMF sees exchange rate flexibility as key to safeguard and rebuild foreign exchange reserves and essential to meet the international reserve target in Sudan. However, authorities in Sudan are concerned about the inflationary pressures that exchange rate flexibility may cause. A review of the literature reflects huge ambiguity about the outcome of exchange rate policies in Sudan. This calls for additional empirical investigations. This paper applies a computable general equilibrium (CGE) model to investigate the possible effects of devaluing the currently overvalued Sudanese pound, by simulating a depreciation of the Sudanese pound by 5 per cent, 10 per cent and 15 per cent. Based on the results, the study recommends that additional flexibility of the Sudanese exchange rate regime as suggested by the IMF be carefully considered if such flexibility devalues the Sudanese pound.     

Board monitoring and capital structure dynamics: evidence from bank-based economies

Review of Quantitative Finance and Accounting - We examine the impact of board characteristics on the speed of adjustment and the capital structure dynamics of firms in bank-based economies. Using...     

‘Regrettable-escapism’ the negative effects of mobile app use: A retail perspective

Despite the enhanced shopping opportunities that mobile devices offer to consumers, there is a fine line between consumers enjoying the mobile shopping process and them regretting the time spent involved in it. Through the lens of Uses and Gratifications Theory (U>) and drawing on Flow Theory, this study aims to understand the effects of consumers' interactions with mobile shopping apps on their intention to reuse the app in the future, loyalty towards the brand and brand reputation. Study 1, through a questionnaire (n = 1024), provides insight into the positive and negative relationships between Utilitarian and Hedonic gratifications on intentions to reuse a retailer's mobile app, loyalty towards the b,rand and the brand's reputation. Through undertaking 24 in-depth interviews, Study 2 provides deeper insight into these relationships to uncover the complex nature of the negative effects of escapism. Findings demonstrate that the addictive nature of retailers' shopping apps lead to regrettable escapism. The flow state of mind experienced during escapism, becoming engrossed and notions of time-distortion, leave consumers with feelings of guilt and frustration due to the perceived wasted time spent on the retailer's app. Accordingly, this study advances theoretical understanding of escapism and its negative effects with ubiquitous, portable smartphones. The research provides implications for retailers and policy makers, while offering avenues for future research.     

Money stock targeting and money supply: An intertemporal optimization approach (with an application to Canada)

We propose a model of the short-term behaviour of the monetary authorities of a small open economy that is willing to stabilize, to some extent, its bilateral exchange rate vis-à-vis a dominant partner. The optimal money supply strategy is derived using intertemporal optimization arguments, in a rational expectations environment, The model is formulated so as to avoid the time inconsistency problem stressed by Kydland and Prescott (1977). It allows econometric estimation of the optimal money supply rule as well as of the parameters of the intertemporal utility function, and of the function that defines the intermediate target money stock. The model is successfully estimated on Canadian quarterly data, using maximum-likelihood techniques.     

A zonal level safety investigation of pedestrian crashes in Riyadh,Saudi Arabia

In the recent decade, walking has been encouraged as an active mode of transportation, which could reduce congestion and air pollution and also improve community health. However, pedestrians are more vulnerable to traffic crashes compared with other road users, especially in developing countries such as Saudi Arabia. This paper examines the association among traffic volume, land-use, socio-demographic and roadway characteristics factors, and the frequency of pedestrian crashes based on macro-level safety analysis using data from Riyadh, the Capital of Saudi Arabia. Two Bayesian spatial Poisson-lognormal models for total and severe pedestrian crashes are developed in this study. The results show that the factors that affect total pedestrian crash occurrence are different from those affecting severe pedestrian crash. Several implications for pedestrian safety policies in Riyadh are suggested based on the results.