Foluso Modupe Adeyinka
The effects of a digital technologies uptake on firm efficiency in the Nigerian manufacturing sector were examined. The combined application of data envelopment analysis and the Tobit regression methods were employed to analyze the cross-sectional survey data derived from a sample of manufacturing firms. The research results showed that the uptake of digital technologies was still skewed to the low-end appliances/devices, whereas the uptake of the high-end digital technologies required to forge the digital transformation of firms was still low. Manufacturing firms in Nigeria need to make a quick transition to high-end digital technologies in order for them to increase their efficiency and competitiveness in the global marketplace. Challenges to the uptake of digital technologies need to be addressed as well. The training/retraining of personnel need be scaled up so as to build the digital capacity of the sector, bolster efficiency and improve the productivity of operations. The importation of digital devices may be an option in the short run, but local production should be ramped up in the long run.
Tijana Tubić Ćurčić i Nenad Stanišić
Predmet rada je analiza uticaja međunarodnih migracija na konvergenciju dohotka u evropskim tranzicionim zemljama u periodu 2000-2020. Konvergencija se može definisati kao proces sustizanja bogatijih zemalja od strane siromašnijih i kao posledica toga smanjuju se dispariteti u dohotku per capita između zemalja. Teorijski, ljudska migracija predstavlja mehanizam prilagođavanja regionalne neravnoteže koji doprinosi jačanju konvergencije. U istraživanju je korišćen panel regresioni model. Rezultati istraživanja pokazuju da, posmatrano na nivou celokupnog uzorka zemalja Centralne i Istočne Evrope i zemalja Zapadnog Balkana (CEE-11+WB), postoji pozitivan i statistički značajan uticaj emigracije na konvergenciju dohotka. Takođe, postoji i pozitivan uticaj emigracije na konvergenciju dohotka per capita zemalja CEE-11 ka prosečnom dohotku razvijenih zemalja EU-15. S druge strane, posmatrano samo na nivou zemalja Zapadnog Balkana, ne postoji statistički značajan efekat emigracije na konvergenciju dohotka. Doprinos istraživanja ogleda se u popunjavanju gepa koji postoji u literaturi u ovoj oblasti, budući da ne postoji veliki broj radova koji su ispitivali uticaj migracija na konvergenciju dohotka u zemljama CEE-11 i zemljama Zapadnog Balkana.
Muntazir Hussain1, Irfan Saleem1 and Usman Bashir2
This study aims to investigate the dynamics of the interest rates and exchange rates during the pandemic-induced crisis in the Chinese economy. In the study, rolling window detrended cross-correlation analysis (DCCA) was used. The DCCA coefficient was extracted based on detrended fluctuation analysis (DFA). The data used in the study are the daily data of the period from 2/1/2019 to 7/5/2021. The results obtained in the study suggest the presence of positive cross-correlation between China’s interest rate and exchange rate after the COVID-19 pandemic, and they also report the existence of weak positive cross-correlation during the initial days of the pandemic. However, the weak positive cross-correlation became stronger over time. Higher interest rates are associated with higher exchange rates after the COVID-19 pandemic. The results of the research study have policy implications in that conventional higher interest rates introduced to defend the exchange rate might fail during pandemic-induced crises.
Tuan Viet Le1 and Kyle Elliott2
This study investigates the correlation between state income tax and unemployment rates across the United States. Using panel data in 50 states pertaining to the period from 2006 to 2022 with different regression models, the results suggest that the state corporate and personal income tax rates are positively correlated with the state unemployment rate. Specifically, a 1% decrease in the personal income tax rate may lead to a 0.712% decrease in the state unemployment rate, and a 1% decrease in the corporate income tax rate may cause a drop of 0.328% in the state unemployment rate. In addition, the results show that a personal income tax hike is associated with an increase of 1.532% in the state unemployment rate, and a corporate income tax hike may increase the state unemployment rate by 0.78%. The results of this study are relevant in the context of increasing government spending in the US and the world. Policymakers and government officials may not want to abuse the tax policy to fund the budget deficits.
Nabil Alimi1 and Lassad Ben Dhiab2
This study is aimed at analyzing the effect of the governance index and the governance components index on economic growth in 48 developing countries over the period 2002-2020. Corruption control, the effectiveness of the government, political stability, and regulatory quality are but a few of the many variables taken into account by the governance components index. The findings of the study show that governance has an asymmetric effect on economic growth. Moreover, the results indicate that enhancing governance in developing countries can obstruct economic growth in them. This outcome should not surprise and cast doubt on the positive effects of sound governance on economic growth, as improving governance requires numerous resources currently lacking in these countries. Therefore, policymakers must boost economic growth at the initial stage so that they can identify resources for improving governance and capitalize on them as well.
Ibrahim Abidemi Odusanya
In this paper, the way in which economic growth influences income distribution is examined with a focus on Sub-Saharan Africa (SSA). Despite considerable growth in a number of the SSA countries, the region has been slow in reversing the rising trend of income inequality. A large proportion of countries in the region globally rank among economies with extreme income inequality. The study covers a period from 1995 to 2015, due to the limited data on the measure of income inequality, the Gini index, for the largest number of the countries of the region. The Generalized Method of Moments (GMM) system was employed in examining this paradox. The findings of this research study do not only suggest the presence of an inverted-U relationship between economic growth and income inequality, but the supposition of the S-shaped curve hypothesis in the interplay of growth and inequality was also tested and confirmed. It can be concluded that in no way do spurts in economic growth bring about diminution in income disproportion in Sub-Saharan Africa.
Maja Putica
Cilj ovog rada je proučavanje uticaja izabranih poslovnih i institucionalnih determinanti na godišnje efektivne poreske stope u bankama u Republici Srbiji (RS). Regresioni modeli panel podataka primenjeni su na 113 opservacija, koje pokrivaju period 2017-2021, gde se računovodstvena i tekuća efektivna poreska stopa koriste kao mera stvarnog poreskog opterećenja. Rezultati pokazuju da je efektivna poreska stopa u bankama u RS znatno ispod zakonskog nivoa. Dalje, za svaki skup podataka, izračunati su koeficijenti promena efektivne poreske stope, a najadekvatniji model biran je koristeći Hausman-ov i Breusch i Pagan-ov test. U prvom modelu, najveća promena efektivnih poreskih stopa je uzrokovana promenom leveridža, procesom merdžera i akvizicija i veličinom banke. Prisustvo rezervisanja za kreditne gubitke u modelu u potpunosti naglašava uticaj profitabilnosti i leveridža. Konačno, u poslednjem modelu, banke sa dobitkom pre oporezivanja mogu da upravljaju efektivnim poreskim stopama i poreskim opterećenjima putem regulisanja nivoa kapitalizacije. Rezultati ove studije su od interesa za ekonomiste i menadžere u bankama, pomažući im u efikasnom poreskom planiranju i upravljanju rezultatima.
Haryo Kuncoro1 and Fafurida Fafurida2
Whether macroeconomic fundamentals affect the exchange rate volatility in emerging markets with an inflation-targeting regime or not is highly challenging. In this paper, the impact of the current account deficits and foreign reserves on the volatility of real exchange rates. Applying threshold quantile regression models related to Indonesia over the period from 2005(7) to 2021(12), it is concluded that both variables play an important role in controlling the exchange rate instability. Both coefficients are also found to have an upward linear pattern. The asymmetric impact of current account balance holds. Claiming that a two-percent current account deficit in the GDP is the safe amount of the deficit that will not significantly affect the foreign-exchange rate is justified as such. The asymmetric behavior of the current account balance has the potential to trigger real exchange rate volatility, thereby undermining the monetary policy within the framework of the inflation targeting regime. Accordingly, the optimal stock of foreign reserves might avoid imposing dual goals of inflation targeting and exchange rate stability.
Joshua Adeyemi Afolabi
Technological advancement continues to revolutionize the labor market and has particularly intensified the debate on its employment effect across developing and developed economies. Employing the Autoregressive Distributed Lag (ARDL) framework, this study provides insights into the employment-innovation nexus across the Nigerian economic sectors using the quarterly data from 2011Q1 to 2021Q4. The findings reveal that the employment-innovation nexus is a short-run phenomenon in Nigeria and that technological innovation enhances employment generation in the service sector and the agricultural sector, but it takes a quarter before the positive employment effect occurs. Overall, the results suggest that technological innovation improves employment and reallocates labor across the sectors, which suggests the need to fully operationalize technological innovation across the Nigerian economic sectors in order to tackle the prevailing unemployment conundrum in the country.
Jadranka Đurović Todorović1, Marina Đorđević1 i Milica Ristić Cakić2
Iako kompleksan sistem oporezivanja dobiti može da utiče na poslovanje preduzeća, njegovi negativni efekti mogu biti znatno veći na makroekonomskom nivou. S obzirom da može otežati privlačenje investicija i naplatu prihoda, sistem poreza na dobit preduzeća je dugi niz godina predmet razmatranja brojnih istraživanja. Savremeni uslovi poslovanja inicirali su njegove česte reforme, ali i brojne dileme u vezi sa njima. Rad se bavi poreskim obveznikom kao elementom poreza na dobit preduzeća. Premda se u brojnim radovima istražuje (ne)jedinstvo poreskih sistema pri definisanju obveznika poreza na dobit preduzeća, mali broj autora ispituje ekonomske efekte ovih diskrepanci. Takođe, najveći broj istraživanja fokusiran je na ispitivanje drugih elemenata ovog poreskog oblika, kao što su poreska stopa ili poreski podsticaji. U ovom radu autori su pokušali da pronađu vezu između oblika organizovanja privrednog subjekta i poreskog tereta u domenu poreza na dobit preduzeća. Cilj istraživanja je da se ukaže na značaj ekonomskih efekata ovog poreskog elementa i pruži predlog za njegovu reformu. Istraživanje je potvrdilo polaznu pretpostavku, odnosno, pokazalo da različiti oblici organizovanja privrednih subjekata podnose različite terete plaćanja poreza na dobit preduzeća, što utiče i na visinu poreskih prihoda koji bi mogli biti naplaćeni. Rezultati istraživanja su pokazali da su uzorkovana preduzeća platila manji porez zbog korekcija i prilagođavanja u poreskim bilansima i poreskim prijavama.