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Journal & Issues

Volume 4 (2017): Issue 2 (December 2017)

Volume 4 (2017): Issue 1 (June 2017)

Volume 3 (2016): Issue 2 (December 2016)

Volume 3 (2016): Issue 1 (June 2016)

Volume 2 (2015): Issue 2 (December 2015)

Volume 2 (2015): Issue 1 (June 2015)

Volume 1 (2014): Issue 2 (December 2014)

Volume 1 (2013): Issue 1 (December 2013)

Journal Details
Format
Journal
eISSN
2344-4150
First Published
30 Mar 2014
Publication timeframe
2 times per year
Languages
English

Search

Volume 3 (2016): Issue 2 (December 2016)

Journal Details
Format
Journal
eISSN
2344-4150
First Published
30 Mar 2014
Publication timeframe
2 times per year
Languages
English

Search

3 Articles
Open Access

Trading Old for New: Econobiology and Econophysics as Explanatory Frameworks of Current Financial System

Published Online: 28 Apr 2018
Page range: 63 - 73

Abstract

Abstract

The present study aim is to deliver a succinct overview of the existing literature concerning economic systems, and in particular financial systemsfrom the Econobiology, or the “evolutionary economics” perspective, mainly treated within the Adaptive Market Hypothesis, and the Econophysics perspective.In the heterodox frame, both the A.M.H. and the Econophysics are trying to explain the complexity of financial markets from a „bottom up” perspective, hence „macroscopic” properties are viewed as the result of interactions at the level of the ‘microscopic’ constituents (Rickles, 2011, p.531-565). Given the expanded level of information we can access nowadays, we consider that an important attention should be given to the inclusion of both perspectives as explanatory frameworks of the financial markets.

Open Access

Wagner versus Keynes: the causal nexus between Government Expenditures and Economic Growth: An Empirical study of Burkina Faso

Published Online: 28 Apr 2018
Page range: 74 - 101

Abstract

Abstract

The spending patterns of governments in the world especially developing economies have changed significantly over the last several decades. The main objective of this paper is analysing the relationship between government expenditures and growth in Burkina Faso’s economy. The study focuses on testing the various versions of Wagner’s hypothesis using the Burkina Faso data between 1960-2015 by an Autoregressive-Distributed Lag (ARDL) model. Cointegration tests, the long-run parameters and causality tests found valid Keynesian and Wagnerian relationship, but results are sensitive to the variable definition; the use of relative and absolute measures, local and international currency leads to a different conclusion.

Keywords

  • Wagner’s hypothesis
  • Keynesian multiplier
  • ARDL model
  • Burkina Faso
  • cointegration
Open Access

IMF programs and policies assessment in the transition economies during the transition and the post-transition period

Published Online: 28 Apr 2018
Page range: 102 - 127

Abstract

Abstract

We analyze empirically whether IMF financial assistance in 31 transition countries, during the transition and the post-transition period, has achieved the purposes stated in the IMF's own articles of agreement, namely employment enhancement, confidence provision and export promotion. By employing panel data and impact evaluation analysis, we find that IMF presence persistently fails to be correlated with upgrades in sovereign rating, FDI attraction and employment improvement. By focusing on specific IMF policies, we present some intriguing results, which reveal whether these individual policies actually contribute to the achievement of the official IMF purposes or not.

Keywords

  • IMF programs
  • Success of IMF Programs
  • Transition Economies
3 Articles
Open Access

Trading Old for New: Econobiology and Econophysics as Explanatory Frameworks of Current Financial System

Published Online: 28 Apr 2018
Page range: 63 - 73

Abstract

Abstract

The present study aim is to deliver a succinct overview of the existing literature concerning economic systems, and in particular financial systemsfrom the Econobiology, or the “evolutionary economics” perspective, mainly treated within the Adaptive Market Hypothesis, and the Econophysics perspective.In the heterodox frame, both the A.M.H. and the Econophysics are trying to explain the complexity of financial markets from a „bottom up” perspective, hence „macroscopic” properties are viewed as the result of interactions at the level of the ‘microscopic’ constituents (Rickles, 2011, p.531-565). Given the expanded level of information we can access nowadays, we consider that an important attention should be given to the inclusion of both perspectives as explanatory frameworks of the financial markets.

Open Access

Wagner versus Keynes: the causal nexus between Government Expenditures and Economic Growth: An Empirical study of Burkina Faso

Published Online: 28 Apr 2018
Page range: 74 - 101

Abstract

Abstract

The spending patterns of governments in the world especially developing economies have changed significantly over the last several decades. The main objective of this paper is analysing the relationship between government expenditures and growth in Burkina Faso’s economy. The study focuses on testing the various versions of Wagner’s hypothesis using the Burkina Faso data between 1960-2015 by an Autoregressive-Distributed Lag (ARDL) model. Cointegration tests, the long-run parameters and causality tests found valid Keynesian and Wagnerian relationship, but results are sensitive to the variable definition; the use of relative and absolute measures, local and international currency leads to a different conclusion.

Keywords

  • Wagner’s hypothesis
  • Keynesian multiplier
  • ARDL model
  • Burkina Faso
  • cointegration
Open Access

IMF programs and policies assessment in the transition economies during the transition and the post-transition period

Published Online: 28 Apr 2018
Page range: 102 - 127

Abstract

Abstract

We analyze empirically whether IMF financial assistance in 31 transition countries, during the transition and the post-transition period, has achieved the purposes stated in the IMF's own articles of agreement, namely employment enhancement, confidence provision and export promotion. By employing panel data and impact evaluation analysis, we find that IMF presence persistently fails to be correlated with upgrades in sovereign rating, FDI attraction and employment improvement. By focusing on specific IMF policies, we present some intriguing results, which reveal whether these individual policies actually contribute to the achievement of the official IMF purposes or not.

Keywords

  • IMF programs
  • Success of IMF Programs
  • Transition Economies

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