International Macroeconomics

El presente articulo realiza una breve revision de la literatura teorica y empirica, respecto de la relacionexistente entre la politica de competencia y la productividad. Sobre el particular, se pone enfasis enlas dimensiones conceptuales de ambas variables, se realiza un balance de los principales hallazgosreportados por investigaciones nacionales e internacionales y, por ultimo, a la luz de lo expuesto pordicha literatura, se realiza un analisis estadistico de la correlacion entre los indicadores de politica decompetencia y productividad, en America Latina. Se aprecia la existencia de una asociacion positiva entrealgunos indicadores de la politica de competencia y productividad. Sin embargo, estos resultados solopueden considerarse referenciales, puesto que la correlacion no necesariamente implica causalidad, lo cualentonces puede ser explorado, a mayor detalle, en una futura investigacion.

We numerically examine the impact of the global economic crisis on the Cambodian garment exports as well as its economy by using the conventional CGE model. A seminal aspect of the paper is that we have successfully estimated the curvature of the CET and CES production functions for the Cambodian economy, by using the time series regression method. One of our most striking results indicates that the welfare cost of the impact of the crisis at least reaches 281 million US dollars, thus resulting in a 0.3 percent decrease in GDP with 20.8 thousand direct job losses in the garment industry. Our simulation results also show that the currently ongoing policy in Cambodia only reduces the negative impact of the crisis by 32 million US dollars, and we propose an expansion of the government budget of 304 million US dollars, in order to neutralize the negative impact of the global economic crisis on the Cambodian economy.

This study aims to empower farmer groups in applying appropriate technology to rice farming productivity in Sukajadi Village, Sadananya District, Ciamis Regency. The research methods used include field surveys and analysis of productivity data from farmers who apply this technology compared to those who do not. Primary data was collected through structured interviews with farmers and direct observation in the field during the research period. Data analysis was carried out by comparing rice production results, efficiency of using agricultural inputs, and farmer income before and after adopting appropriate technology. The research results show that the adoption of appropriate technology significantly increases rice productivity in terms of the number of harvests per hectare and reduces the costs of certain inputs such as fertilizers and pesticides. In addition, farmers who apply this technology also report better income increases compared to conventional methods. These findings support the importance of implementing appropriate technology in improving food security and the economy of farmers in rural areas such as Sukajadi Village. This research contributes to expanding understanding of the practical benefits of appropriate technology in the context of rice farming in Indonesia.

This study examined determinants of nominal exchange rate fluctuations in Kenya using an Autoregressive Distributed Lag (ARDL) approach over the period 1993Q3 when Kenya authorized floating exchange rate to 2014Q4. The study examined the short and long-run determinants of nominal exchange rate fluctuations in Kenya. Dependent variable was nominal exchange rate while explanatory variables were money supply, foreign exchange reserves, current account balance, and interest rate differentials. Empirical results confirmed that money supply, foreign exchange reserves, interest rate differentials are significant determinants of nominal exchange rate in Kenya while current account balance is not significant determinant. The ARDL bounds test approach confirmed lung run relationship between nominal exchange rate and the explanatory variables. The error correction term was strongly significant and having the right sign (negative); this means that the estimated speed of adjustment to the long r...

This study undertakes a comprehensive examination of the underlying rationale behind the imposition of tariffs by the United States, particularly under the Trump administration, on any developing countries. The primary objective is to assess the advantages and disadvantages of these measures for both the U.S. economy and the global economic environment. To achieve this, the research introduces an innovative model for tariff evaluation that adopts a more practical and realistic perspective, enabling a clearer and more systematic analysis of the strategic intentions driving such policies. Furthermore, the study incorporates newly developed concepts, definitions, and Scheme to enhance the objectivity and depth of the analysis. However, the newly developed Tariff Effects Interconnectivity Scheme (TEI-Scheme) introduces innovative concepts and a straightforward methodological framework, both of which are detailed in the same research. At the same time, the TEI-Scheme is using artificial intelligence (AI). Finally, the TEI-Scheme was applied to examine the effects of U.S. tariffs on developing countries theoretically.

Adaptasi transformatif wilayah karena iklim yang berubah perlu dilakukan. Perubahan iklim memiliki efek yang kompleks pada masyarakat pedesaan, khususnya pendapatan petani akibat produksi rendah. Analisis tingkat risiko teknis usahatani padi sawah di lahan rawa lebak perlu dilakukan untuk identifikasi penerapan tindakan menghadapi perubahan iklim. Tujuan penelitian ini adalah mengidentifikasi risiko, tingkat risiko teknis dan nilai manajemen risiko dalam melakukan, mengetahui bagaimana perilaku petani dalam menghadapi risiko teknis usahatani, serta adopsi teknologi seperti apa yang dilakukan petani padi akibat perubahan iklim agar dapat dijadikan pertimbangan dalam kegiatan usahatani padi di lahan rawa lebak dan dapat digunakan untuk memahami perubahan iklim sehingga hasil produksi lebih maksimal. Penelitian ini dilaksanakan pada bulan Desember 2022. Metode yang digunakan adalah metode survei dengan melakukan wawancara menggunakan kuesioner kepada petani padi di Desa Sudimampir. Metode pengambilan sampel menggunakan simple random sampling dengan mengambil 90 sampel. Hasil dari penelitian ini adalah: (1) Risiko usahatani yang terjadi akibat perubahan iklim adalah banjir, kekeringan, dan serangan hama. (2) Tingkat risiko teknis usahatani padi sawah akibat perubahan iklim tergolong rendah dengan koefisien variasi (CV) sebesar 0,04 dan batas bawah (L) sebesar 2.610,23 . Nilai manajemen risiko teknis yang diperoleh adalah 3.169,27 kg/ha/tahun. (3) Perilaku petani dikelompokkan menjadi 3 fase yaitu sebelum tanam, saat tanam, dan setelah tanam dalam menghadapi perubahan iklim, (4) pendapatan petani yang melakukan adopsi keenam teknologi lebih tinggi dibandingkan petani yang menerapkan teknologi kurang dari enam. Praktik adaptasi yang teridentifikasi meliputi; Traktor, pupuk organik, pupuk anorganik, pestisida, bibit varietas unggul, pengelolaan air, mesin panen, dan mesin perontok. Kata kunci: perubahan iklim, rawa lebak, tingkat risiko teknis, usahatani padi, adopsi teknologi

Rubber is the country's second largest foreign exchange earner in domestic agricultural products and provides the livelihood for 2.5 million families in Indonesia. Rubber plantations are spread in various provinces of Indonesia which are the second largest rubber producer with the largest plantation area in the world. The purpose of this study is to analyze the integration of the natural rubber market at the producer level and to find out how far changes in prices that occur in one market will cause changes in other markets. The analyzed provinces were eight provinces of Indonesia using the Vector Autoregressive (VAR) and Vector Error Correction Model (VECM) analysis methods using Rstudio and Eviews analysis tools. The price data used is from January 2016 to December 2021. The data obtained are from the SIM of the ministry of agriculture and the plantation service in the eight sample provinces with . The results of this study are that there is a balance and short-term and long-t...

The Hukum Kanun Pahang is a 17th-century legal manuscript from the Malay world that combines Islamic legal principles with Malay customary law. As a written legal text, it offers more than just jurisprudential content-it reflects the political authority of the sultanate and the effort to preserve legal knowledge through textual transmission. While often described by the colonials broadly as a digest of laws, its specific provisions suggest a more intricate role in regulating daily life, particularly in the economic sphere. This study focuses on the sections of the manuscript that detail commercial practices, taxation mechanisms, and regulations surrounding port activities. By examining these aspects, the research highlights how structured economic thought was embedded within the legal language of the time. Employing textual analysis alongside comparative historical sources, the study draws attention to how references to commodity categories, metrological units, and differentiated customs duties mirror a functioning economic logic tailored to the realities of regional trade. The findings suggest that while Pahang may not have functioned as a major entrepôt, it likely served as a supportive collecting centre within Melaka's broader trade network. More significantly, this research argues that Malay legal manuscripts like the Hukum Kanun Pahang hold valuable and underexplored data on economic governance. Rather than dismissing them as outdated or merely ceremonial, these texts should be mined for their rich details-offering historians a clearer view of early Malay approaches to trade regulation, taxation, and commercial administration.

The Hukum Kanun Pahang is a 17th-century  legal manuscript from the Malay world that combines Islamic legal principles with Malay customary law. As a written legal text, it offers more than just jurisprudential content—it reflects the political authority of the sultanate and the effort to preserve legal knowledge through textual transmission.  While often described by the colonials broadly as a digest of laws, its specific provisions suggest a more intricate role in regulating daily life, particularly in the economic sphere. This study focuses on the sections of the manuscript that detail commercial practices,  taxation mechanisms,  and regulations surrounding port activities.  By examining these aspects,  the research highlights how structured economic thought was embedded within the legal language of the time. Employing textual analysis alongside comparative historical sources, the study draws attention to how references to commodity categories, metrological units, and differentiated customs duties mirror a functioning economic logic tailored to the realities of regional trade. The findings suggest that while Pahang may not have functioned as a major entrepôt, it likely served as a supportive collecting centre within Melaka’s broader trade network. More significantly, this research argues that Malay legal manuscripts like the Hukum Kanun Pahang hold valuable and underexplored data on economic governance. Rather than dismissing them as outdated or merely ceremonial, these texts should be mined for their rich details—offering historians a clearer view of  early  Malay approaches to trade regulation,taxation, and commercial administration.

This paper studies the impact of macroeconomic factors on co-movement in the foreign exchange rate markets. Data of foreign exchange rates from 24 merging markets is used to this end along with a dynamic spatial Durbin model as to examine spatial dependencies among markets. Our empirical findings show no evidence that cultural ties exert a role in spreading macroeconomic shocks in the exchange rate of a country to the exchange rates of other countries. Moreover, we show that economic closeness through foreign direct investment (FDI) and international bilateral trade is the most prominent channel in spreading macroeconomic shocks and spatial effects in emerging markets through the foreign exchange rates. In addition, geographical proximity reinforces the interdependence relationship of emerging markets. Our findings show that the co-movement of foreign exchange rate markets across the selected emerging markets is positively influenced by their gross domestic product (GDP) and interes...

The research was conducted from March until June 2012 at Sudirman regency Estate No. 2, Datuk Setia Maharaja/Parit Indah street, the village of Tangkerang Selatan, sub-district of Bukit Raya Pekanbaru. The objective of research was to find the volume ratio of rice husk ash and peat soil as a media and application of urea for seed growth of oil palm (Elaeis guineensis jacq.) at prenursery stage. The experimental was randomized block design with two factors and three replication. The first factor was the volume ratio of rice husk ash and peat soil which consisted on five level namely 0

This paper investigates the influence of remittance inflows on Nigeria’s economic growth over the period 1981–2024. The analysis focuses on both short-run dynamics and long-run relationships, while also considering the roles of foreign direct investment (FDI) and foreign portfolio investment (FPI). Annual data were obtained from the Central Bank of Nigeria and World Bank statistics. Using the autoregressive distributed lag (ARDL) framework and an associated error correction model, the study finds that remittances consistently promote economic growth in Nigeria in both the short and long horizon, with household consumption serving as the main transmission pathway. By contrast, FDI and FPI did not demonstrate long-run growth-enhancing effects during the study period. The significance of the error correction coefficient affirms a stable adjustment toward long-run equilibrium among the variables. Based on these results, the study suggests that policymakers should improve formal remittance channels, lower transfer costs, and design incentives to channel part of remittance inflows into productive investment to enhance their sustained growth contribution.

In the Philippines, public transport services are predominantly operated by private entities under government-issued franchises, with minimal government intervention beyond franchise regulation. This market-driven approach has resulted in inefficiencies, such as on-street competition, service interruptions, and the use of polluting vehicles, highlighting the need for reform. This paper challenges the prevailing view of public transport as a commercial enterprise and advocates for its recognition as a pu blic service. Greater involvement from national and local governments, including enforcing service standards and providing subsidies, is essential to ensure equitable and reliable transport access. Through interviews with eight local government units (LGUs), we developed five models illustrating potential LGU roles in public transport provision that may be applicable in the context of the Philippines. These models are: (1) Co-implementation of Service Contracting; (2) LGU-Operated or Tendered; (3) Fare Collection Oversight; (4) Local Economic Enterprise (LEE); and (5) Public Transit Authority (PTA). These models were evaluated for feasibility and stakeholder support by representatives from five transport service entities (TSEs), one national agency, and four LGUs. Results reveal contrasting views: while the government favors Options 2 and 4, TSEs find Option 1 most viable but criticize Options 2-5 for creating competition and raising governance concerns. The findings underscore the need for collaborative approaches to address stakeholder misalignments and ensure sustainable public transport reform.

O neoliberalismo é um fenômeno que surgiu em contraposição ao Estado intervencionista, o qual buscava o pleno emprego. Em relação à crise da estagflação na década de 1970, o neoliberalismo tornou se sistema econômico e político hegemônico nos principais países a partir da década de 1980. Propunha o fim do gigantismo do Estado, as privatizações e o controle da inflação, atacando sindicatos e defendendo o mercado livre. Serviu como estratégia de acumulação do capital e restauração do poder da classe mais rica. No Brasil, seu principal marco foi o Plano Real nos anos 1990 que diminuiu a inflação e realizou privatizações, dentre as quais os bancos estaduais públicos. Estes serviam ao desenvolvimento regional até que, com a crise de liquidez externa dos anos 1980, se tornassem apêndices das finanças estaduais, o que os deteriorou. Com inúmeros ploblemas operacionais, o governo federal optou pela privatização destes, abrindo o setor para o capital internacional e ampliando a influência pr...

This article examines the problem of Uzbekistan's high geographical export concentration and explores how it can be reduced by developing new markets outside the CIS. An analysis of the current export structure shows that the Herfindahl-Hirschman Index (HHI) reveals a significant dependence on a limited group of partner countries, while revealed comparativeadvantage (RCA) indices highlight product niches in which Uzbekistan is competitive (e.g., cotton, non-ferrous metals). Using principal-component analysis (PCA), we construct a composite priority score for prospective markets-India, Bangladesh, Indonesia and Vietnam-taking into account economic size, import demand, growth rates and trade barriers. The resulting scores are compared with those of Kazakhstan and Azerbaijan-countries with similar export profiles-to identify common trends and differences. The findings indicate that Uzbekistan's exports are highly concentrated both regionally and by product, creating vulnerability to external shocks. Entering South and Southeast Asian markets could improve the resilience of its export activities. The paper concludes with policy recommendations for diversification: negotiating trade agreements, supporting non-commodity sectors, upgrading product-quality standards and improving logistics.

This study examines the dynamic relationship between exports, remittances, foreign direct investment (FDI), and economic growth in Bangladesh from 1976 to 2019, incorporating structural breaks into the empirical framework. Applying the Autoregressive Distributed Lag (ARDL) bounds testing approach, along with structural break dummies and interaction terms, the analysis identifies a stable long-run cointegrating relationship among the variables. The results demonstrate that both exports and remittances have a significant and positive impact on economic growth, highlighting their central role in sustaining Bangladesh’s development trajectory. By contrast, FDI is found to have a negative association with growth, reflecting persistent structural and institutional constraints that have limited its effectiveness as a driver of growth. The inclusion of a structural break around 2010 captures shifts in the growth process, underscoring the importance of policy reforms and external shocks in shaping macroeconomic outcomes. The findings suggest that Bangladesh’s long-term growth prospects depend on export diversification, productive utilization of remittances, and targeted reforms to attract efficiency-enhancing FDI. These results carry important policy implications as the country navigates post-COVID-19 recovery and external uncertainties such as the Russia–Ukraine war, and seeks to consolidate its transition toward sustainable, export-led economic growth.

Switzerland has emerged as one of the world's most prosperous and resilient economies despite its small size and limited natural resources. This article analyzes the institutional and theoretical foundations of the Swiss economic model, drawing on perspectives from institutional economics, ordoliberalism, and comparative capitalism. The study highlights five pillars underpinning Switzerland's sustained performance: political neutrality and global integration, the independent monetary policy of the Swiss National Bank, federalist and direct-democratic governance, a dual vocational education system paired with flexible labor markets, and an innovation-driven industrial base. Each of these elements contributes individually to stability and competitiveness, while their complementarities produce a coherent framework that fosters resilience, productivity, and long-term growth. By conceptualizing Switzerland's success as an outcome of institutional efficiency and complementarities, the article contributes to broader debates on the determinants of economic resilience in advanced economies. The findings suggest that Switzerland's experience exemplifies how coherent institutional architectures can yield sustained prosperity without reliance on scale or resource abundance.

This paper evidences the relevance of mercantilism and sudden stops in emerging’market economies as a joint explanation for positive net public foreign assets, while political-economy frictions account for the varying degrees that asset accumulation is achieved across economies with similar characteristics. An increase of 50 percent in these frictions implies a reduction of almost 20 percentage points of GDP in net foreign public assets, in the context of economies with growth externalities, therefore a motive for mercantilism exists. In its absence, on the other hand, the sovereigns accumulate net foreign liabilities, which makes their access to international markets more infrequent. In a model without mercantilist motives, political-economy frictions explain less of the differences in net foreign positions (5 percentage points of GDP), but can explain great differences in sovereign risk: a reduction of 70 percent in politicaleconomy frictions can reduce the sovereign spread by 800...

The objective of the research is to measure the impacts of natural disaster in terms of no. of deaths, no. of disasters and economic damages on economic indicators like agricultural and forestry growth, industry including construction growth, migration, export etc. as percentage of GDP. As these indicators will depend upon, how the preparedness and mitigation measures are being taken. A simulation model is constructed using ARDL (Auto Regressive Distributed Lag), VECM (Vector error correction model) and VAR (Vector Auto Regression) considering the impacts of natural disaster events like flood, cyclone, wild fire, etc. on economic indicators like agricultural and forestry growth, industry including construction growth, migration, export etc. as percentage of GDP. Under the different scenarios, simulation results have been analysed and it is observed in overall perspective that Implementing disaster preparedness and mitigation strategies can significantly reduce indirect economic losses caused by floods and cyclones, fostering economic resilience within communities.

The development of the manufacturing sector in Nigeria has the potential to contribute meaningfully to the country's growth, helping to diversify the economy away from the dominant oil sector. However, this sector has been beset by several challenges over the years. This article examines the influence of manufactured imports on the manufacturing sector's performance in Nigeria using an annual dataset spanning the period from 1982 to 2023. The study employs both the Fully Modified Ordinary Least Squares (FMOLS) and the Dynamic Ordinary Least Squares (DOLS) techniques. The focus of past studies has often been on examining the impact of specific variables on the manufacturing sector's performance, mainly the exchange rate and the interest rate. The findings of this study indicate that manufactured imports exerted a negative and significant impact on the performance of the manufacturing sector according to the FMOLS model. Furthermore, while exchange rate appreciation leads to an improvement in the manufacturing sector's performance, the impact of the lending rate is negative. Trade openness is also shown to have a negative impact on the manufacturing sector's performance. Consequently, the study recommends that monetary policy should be used to guide both the exchange rate and interest rate towards desired outcomes to mitigate their adverse effects on the manufacturing sector's performance. In addition, there is a need for the provision of various forms of subsidies to the manufacturing sector to reduce the cost of production, thereby making locally manufactured goods more competitive with imported products.

The question of whether Britain should take part in European monetary union (EMU) has been splitting political parties for more than 150 years.  The present debate, sparked by the 1991 'Maastricht Treaty' which set out the timetabled  blueprint for the euro, has been highly politicised to the detriment of rational economic analysis.  Commentators in Britain have also failed to understand the changing context of the debate.  In mid-1998, it is now clear that EMU will begin on January 1, 1999 with eleven of the fifteen member states participating.  The question is no longer 'should Britain join a future EMU?', but rather 'can Britain afford to remain outside a euro-bloc of all the major EU states?'.  This article examines the changing case for and against membership of EMU.  It begins with a brief review of the benefits and costs of membership, before considering the way that the balance has been affected by the European Council's decision to begin with an EMU of the 'Euro-11' in January 1999.

This study was planned to last for two years which is a collaboration of survey research and experimentation. As a preliminary step, specific objectives of this study are as follows. (1) to analyze the level of technical efficiency tilapia nursery business, and (2) to analyze the degree of allocative efficiency and economical efficiency of tilapia nursery business. The study population was the tilapia nursery businesses, amounting to 136 people. Sampling using census method. The efficiency of utilization of production factors is analyzed using a production function approach Cobb-Douglas type. The results showed that (1) the technical efficiency is relatively low tilapia nursery that ditunjuukan by technical coefficients of Cobb-Douglas production function of 1.45; and (2) separating tilapia in the village Sanding inefficient both in terms of allocative and economical. Based on these results, it is suggested that the use of factors of production of fish seed, feed, and a spacious poo...

This paper examines the EKC hypothesis for Bangladesh between 1974 and 2018. Using the ARDL model of bound testing method, we found the evidence of the long-term association between per capita CO 2 emissions, per capita GDP, consumption of energy and financial development. Moreover, the results show that the EKC hypothesis holds true for Bangladesh during the study period. Furthermore, the coefficient of financial development is positive and significant, which suggests that financial development in Bangladesh comes at the cost of environmental degradation. Therefore, policies should be taken which will foster financial institutes for investing more in energy efficient and green energy projects or environmentally sustainable low carbon projects which are not pollution intensive.

Purpose: Remittances from overseas workers constitute a significant contribution to Bangladesh's foreign exchange earnings. This study aims to examine the major determinants of remittance, with a focus on the skill composition of labor migrants and the sustainability of remittance inflows in Bangladesh. Methods: This paper employed the ARDL Bound testing approach for estimation because of several advantages. To verify the consistency of the ARDL method's results, this study also employed the Dynamic OLS and Fully Modified OLS methods. This study used annual time series data from 1976 to 2021. Data are collected from the Bureau of Manpower Employment and Training, World Development Indicators, and International Financial Statistics. Results: This paper found that unskilled labor migrants are a significant determinant of remittance inflows in Bangladesh. This is a new finding, differing from previous empirical findings for Bangladesh. Moreover, the domestic country's GDP, petroleum price, and exchange rate also significantly influence the inflows of remittances in Bangladesh. Additionally, it was found that remittance inflows followed an upward trajectory, with a sharp increase since 2001 and sustained over the period. By employing the ARIMA (12,1,11) forecasting model using monthly data, it is also found that given the current policies and existing migration trends, remittance flows are expected to increase in the upcoming years. Implications: The findings of this study suggest that the inflow of remittances can be influenced by implementing proper policies in Bangladesh. As unskilled labor migrants are one of the significant determinants of remittance inflow in Bangladesh, it is necessary to explore new countries, except the GCC, based on those countries' needs and willingness to hire migrant workers from Bangladesh. Moreover, allowing the depreciation of exchange rates consistent with economic fundamentals will increase the inflow of remittances in Bangladesh. Originality: This paper focuses on the skill composition of labor migrants as a determinant of remittance inflows and analyzes the sustainability and near-term outlook of remittance inflows in Bangladesh.

The chapter analyses factors that influence exchange rate in Nigeria during the period of democracy by using generalized method of moments (GMM) and Granger causality tests for analyses. The democratic system of governance is associated with reduction in arbitrariness, policy continuity, protection of property rights, human rights, freedom, free market, community development, consensus, and human development. The results of the analysis show that GDP growth and FDI have long-run inverse relationships with foreign exchange while export and consumption have long-run positive relationships with foreign exchange.

The purpose of this study was to analyze the factors that affect employee performance at thePT. Tani Prima Makmur Palm Oil Mill. Based on this study because the population is not greater than the respondents, the author took 100% of the population at the PT. Tani Prima Makmur Palm Oil Mill, Konawe Regency, which was 83 respondents. This study uses multiple linear analysis to obtain a comprehensive picture of the work environment variables (x1), work pressure (x2), and social support (x3) on employee performance (y). The Work Environment partially has a negative and insignificant effect on Employee Performance at the PT. Tani Prima Makmur Palm Oil  Mill,  namely  0.615>  0.05.  Work  Pressure  partially  has  a  positive  and  significant  effect  on  Employee Performance at PT. Tani Prima Makmur, namely 0.000 <0.05. Social Support has a positive and significant effect on Employee Performance at PT. Tani Prima Makmur, Konawe Regency, namely 0.000 <0.05.

Foreign Direct Investment (FDI) has an initial role in developing economies to facilitate using potential economic and business opportunities to carry new technologies and experiences to the host countries. Historical data shows that developing economies are found to enhance their investment rate gradually; it is because of the economic importance of FDI and also because governments are trying to reach and achieve their specific goals defined in macroeconomic indicators of their national economic policies. Afghanistan is one of the business-based economies in the world; thus, the new government's sectorial ministries and authorities try to attract investment at different levels and in different sectors, and it's important for the developing economy of Afghanistan as well. Therefore, it is vital to know the past and current record of FDI inflows in the country, and the multiple linear regression (OLS) method is used to indicate the analysis impact of FDI inflows on the Afghanistan economy in this paper. Also, opportunities and challenges are highlighted; currently, they exist in investment, despite the current trends of FDI highlighted in this paper. The finding says that there is a positive relationship between economic growth and FDI inflows in Afghanistan. The findings of this study can help the related authorities and policymakers to review their policies and make reforms to increase the investment opportunities in the country.

The paper aims to introduce the functioning of production in terms of concept and development, and stems from the importance of the paper from being seeking to cover this subject scientifically sober and purposeful, the paper has followed the analytical descriptive approach in order to reach results, including: there are important factors that control the factors of production are natural resources, capital, work, time is part of the planning of any facility and is the decisive factor in its completion.

Understanding the structural determinants of CO₂ emissions in emerging economies is critical for designing effective climate policy under conditions of rapid industrialization, trade liberalization and institutional heterogeneity. This study examines the macroeconomic, demographic and sectoral drivers of CO₂ emissions across BRICS countries over the period 1990-2023 by employing a hybrid methodological framework that integrates panel econometric techniques with supervised machine learning algorithms. Using Generalized Method of Moments (GMM), Random Effects and Pooled OLS models alongside Gradient Boosting and Random Forest methods. The analysis identifies total natural resource rents (TNRR) and population growth (POP) as the most consistent and influential predictors of emissions both theoretically and empirically. While trade openness appears significant in regression-based models, its predictive contribution is marginal in non-linear algorithms highlighting its mediation through sectoral composition and governance quality. Industry and agriculture emerge as key sectoral contributors whereas GDP growth and services display mixed and model-dependent effects. Gradient Boosting outperforms other predictive models emphasizing the utility of non-parametric tools in capturing complex non-linear relationships. The findings support policy strategies centered on green fiscal reforms, renewable energy investment, institutional strengthening and sector-specific decarbonization. This study offers a replicable and integrative empirical framework for analyzing emissions dynamics in structurally diverse economies.

President Donald Trump's "Reciprocal Tariff" policy, announced on April 2, 2025 (dubbed "Liberation Day"), represents one of the most significant shifts in U.S. trade policy in nearly a century. Trump’s policy imposes a baseline 10% tariff on all imports and additional country-specific tariffs that range from 10% to 50% for countries designated as having "non-reciprocal trading practices" with the U.S. These specific tariffs are determined based on each country’s bilateral trade balance with the U.S. Postponements and bilateral trade negotiations started after April 9, 2025.
This paper develops a two-country general equilibrium model to analyze the economic implications of the originally announced “Reciprocal Tariff” policy, with particular emphasis on developing countries. Initially characterized by a trade deficit in the U.S. and asymmetric tariff structures, the model explores the effects of the U.S. unilaterally raising its tariffs to match those of its trading partners. We incorporate comparative advantage (CA), sectoral heterogeneity, and the interaction of tariff policy with monetary policy. The results suggest that while tariff equalization can reduce trade imbalances and improve U.S. terms of trade, it generates efficiency losses and results in ambiguous welfare outcomes. A calibrated policy mix is required to balance trade, inflation, growth, and equity objectives.
While the administration framed these tariff reciprocal measures as essential for addressing trade imbalances and strengthening American manufacturing, our analysis identifies significant economic repercussions for developing economies. Key findings include the disproportionate impact on developing nations with export-oriented growth strategies, disruption of global value chains, potential reversal of development gains, and acute vulnerability for many African and Asian nations that face some of the highest tariff rates. The policy would likely trigger structural economic changes in the global trading system, with implications that extend well beyond the immediate tariff impacts

Pacific Island Countries (PICs) face unique challenges in domestic resource mobilization (DRM) due to small economies, high informality, and vulnerability to external shocks. This paper analyzes tax administration across 14 PICs, drawing on data from the International Survey on Revenue Administration (ISORA), Asian Development Bank (ADB), OECD, and IMF. Findings reveal structural diversity in tax systems, significant gaps in digitalization, and institutional weaknesses. Successful DRM reforms, such as digital initiatives in Samoa and Fiji, offer valuable lessons. The study proposes tailored policy recommendations, emphasizing digital infrastructure investment, capacity building, and regional cooperation to improve tax compliance, broaden the tax base, and enhance fiscal sustainability. These insights contribute to debates on policy reforms critical for economic resilience in PICs, with potential implications for similarly structured economies in Southeast Asia. Limitations of the study are acknowledged, and avenues for future research are suggested.

This study assesses the behaviour of credit extension over the business cycle in South Africa for the period 2000 to 2012 and is motivated by the proposal of the Basel Committee on Banking Supervision (BCBS) to use credit extension over the business cycle as a reference guide for implementing countercyclical capital buffers. Using a logistic smooth transition autoregressive model, we find that credit extension in South Africa increases during the trough phase of the business cycle, while this relationship becomes insignificant during the peak phase. The study also finds that credit extension decreases during the expansion phase of the business cycle, while it increases during the contraction phase. Thus, unlike previous studies for South Africa, we do not find any evidence that credit extension is procyclical and that the common reference guide for implementing countercyclical capital buffers should therefore be used with caution. The reason is that the BCBS's proposed measure of credit extension would suggest implementation of capital buffers during contractionary economic conditions and their withdrawal during expansionary economic conditions, which could have adverse consequences for macroeconomic stability.

Aims: The study investigates the impact of remittances shocks on economic growth in Nigeria in the midst of Covid-19. Study Design: This study is design to investigate the shocks effect of remittances on the economic growth in Nigeria in the midst of Covid-19. The analysis is based on monthly data, the period which study intends to cover is 24 months i.e. (2019 m1-2020 m12). Quantitative technique of data analysis is employed due to the nature of the study. The analysis is based on time series econometric modeling that establishes link between the variables of interest and controls for other variables affecting the relationship. Place and Duration of the Study: Nigerian Economy in the midst of Covid-19 from 2019m1 to 2020m12. Methodology: The study employed Structural Vector Autoregressive (SVAR) model. Results: The results revealed that, the shock of remittances on real gross domestic product was found to be positive. Exchange rate has negative effect on real gross domestic product...

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والاستصناع على حجم التمويل والاستثمار على مستوى البنك العربي الإسلامي الدولي الأردني خلال الفترة
الممتدة مابين 2004-2022، ولقد اعتمدنا على المنهج الوصفي والتحليلي بما يتماشى ومتطلبات البحث
موظفين نموذج الانحدار الخطي المتعدد التدريجي لغرض معرفة الصيغ المؤثرة من غيرها.
ولقد خلصت دراستنا إلى الأثر الإيجابي ذو الدلالة الإحصائية لصيغة المرابحة على حجم
التمويل والاستثمار مما يدل على الإعتماد الكبير عليها في توظيف الأموال وتشغيلها في حين تم استبعاد
صيغتي الاجارة والاستصناع من النموذج نظرا لأنهما غير دالين إحصائيا وذلك على الرغم من وجود علاقة
طردية قوية بينهما وبين حجم التمويل والاستثمار.
كلمات مفتاحية: بنك إسلامي، تمويل واستثمار، صيغ المداينات.
This study aims to explore the impact of debt instruments, such as Murabaha (resale
for profit), ljarah (lease), and Istisnaa (manufacturing), on the amount of financing and
investment at the Jordanian Arab Islamic International Bank from 2004 to 2022.
We utilized a descriptive and analytical methodology, aimed to meet research demands. To
identify the most effective instruments among others, we utilized a Stepwise Multiple Linear
Regression Model.
Our research has revealed the statistically significant positive impact of the Murabaha
instrument on the amount of financing and investment, underscoring its usage in employing
and operating funds. In contrast, the lease and manufacturing instruments were excluded
from the model as they lacked statistical significance, despite a strong direct relationship with
the amount of financing and investment.
Keywords: Islamic Bank, Financing & Investment, Debt Instruments.

The aim of this paper is to analyze the liquidity levels of various banks in the UAE for the period 2005-2009. To understand the behavior of liquidity indicators especially during the financial crisis, the researcher will analyze the four liquidity indicators over the years 2005 to 2009. The findings highlight how the banks in question have been impacted by the 2007-2008 crisis. This can most obviously be seen in the notable decline of each of the banks liquidity level in 2009. The effect of loans to total assets, loans to customers’ deposit, and investment to total assets ratios for the five banks was most notable in 2009. Two liquidity ratios were analyzed in order to determine the banks’ ability to honor its debt obligations, these being loans to total assets and loans to customers respectively. The third ratio was the total equity to total assets to assess the liquidity level in the capital structure, while the fourth ratio was the investment to total assets to measure the manag...

The study examined the External Debt, Foreign Exchange and Sustainable Debt Managementthe Nigeria Experience, 1980 2017. The main objective of the study is to examine the effect of External Debt and Foreign Exchange on Sustainable Debt Management within the Nigerian context; the work which selected Nigeria as its sample, covered a period of 37 years. The model developed for the research has sustainable debt management (SDM) as dependent variable and independent variables were; External Debt (ED) and foreign exchange (EXCHR). Secondary data used were collected from the Central Bank of Nigeria and National Bureau of Statistics. The techniques used for analysis are the Ordinary Least Square Techniques, the Augmented Dickey Fuller Unit Root Test Techniques and the Cointegration Test. The econometric techniques of Ordinary Least Squares (OLS) results show that EXCHR had significant relationship with SDM in both short and long run periods while ED showed positive but insignificant relatio...

A classic argument for a fixed exchange rate is its promotion of trade. Empirical support for this, however, is mixed. While one branch of research consistently shows a small negative effect of exchange rate volatility on trade, another, more recent, branch presents evidence of a large positive impact of currency unions on trade. This paper helps resolve this disconnect. Our results, which use a new data-based classification of fixed exchange rate regimes, show a large, significant effect of a fixed exchange rate on bilateral trade between a base country and a country that pegs to it. Furthermore, the web of fixed exchange rates created when countries link to a common base also promotes trade, but only when these countries are part of a wider system, as during the Bretton Woods period. These results suggest an economically relevant role for exchange rate regimes in trade determination since a significant amount of world trade is conducted between countries with fixed exchange rates.

The purpose of this paper is to analyse and discuss those factors which are contributing to the expansion of US FDI in real estate. The empirical results of this model of FDI in real estate show that as US foreign financial liabilities increase, there is an accompanying increase in its FDI in real estate. This result is consistent with the study by Russekh, F., Ruffin, R., 1986. The role of foreign direct investment in US capital flows. Am. Econ. Rev. 76, 1127 -1130, who showed that US FDI abroad is a substitute for US financial assets. Furthermore, the empirical results indicate that as returns from the US stock market decline, there are more incentives for US investors to invest in foreign real estate. The empirical results also show that US financial wealth, US FDI in manufacturing and banking and US bilateral trade contribute positively to the expansion of US FDI in real estate.

This study investigates the effects of Foreign direct investment (FDI) on economic growth in Nigeria over the period 1981-2024. The study was designed to explore the dynamic relationships between Official Development Assistance (ODA), Foreign Portfolio Investment (FPI), Gross Capital Formation (GCF), Trade Openness (TRO), Ease of Doing Business (EDB) and Gross Domestic Product (GDP), the employed methodology included descriptive statistics, correlation analysis, unit root tests, and the use of an Auto-Regressive Distributed Lag (ARDL) bound testing framework, allowing for a robust investigation of both the short-run dynamics and long-run equilibrium relationships among the variables. The result shows a strong and statistically significant error correction term (-0.736755), suggesting that approximately 73.68% of any disequilibrium is resolved within each period. The F-Bounds testing framework provided conclusive evidence of a long-run relationship among the variables. In a long-run a one-unit rise in ODA and EDB increases GDP by 0.226 (p = 0.0098) and 0.229 (p = 0.0487) units, respectively, while equivalent rises in FPI (-3.652; p = 0.0161) and GCF (-19.091; p = 0.0250) depress output underscoring risks from volatile portfolio flows and inefficiencies in capital formation. Trade openness exerts a positive but marginally insignificant long-run effect (1.897; p = 0.0608). These results highlight the need to strengthen aid absorption, regulate portfolio inflows, improve investment efficiency, deepen trade facilitation, and sustain business-climate reforms to foster Nigeria's sustainable economic growth. The study recommends: the use of strategic measures to ensure sustainable economic growth and development; the Implementation of policies that can enhance the ease of doing business, promote trade openness, and encourage investment. Also, Encourage Sustainable Capital Formation; Ensure Policy Stability and Predictability in maintaining stable trade and investment policies to attract foreign investment, promote economic stability, and foster growth.

Penelitian ini bertujuan untuk menganalisis faktor dominan yang menentukan produksi ikan lele dan skala pengembalian hasil ikan lele di Kota Pekanbaru. Metode penambilan sampel secara simple random sampling dengan jumlah sampel sebanyak 98 peternak ikan lele. Sampel diambil dari 5 kecamatan, yaitu Tenayan Raya, Tampan, Bukitraya, dan Rumbai Pesisir. Analisis data menggunakan pendekatan regresi non linear dengan fungsi produksi Cobb Douglas. Metode estimasi menggunakan metode Ordinary Least Square. Hasil peneltian menunjukkan bahwa faktor dominan yang mempengaruhi produksi ikan lele Pekanbaru adalah tenaga kerja, luas kolam, benih dan pakan pada taraf kepercayaan 5 persen. Skala pengembalian hasil usaha ikan lele tergolong dalam Increasing Return to Scale. Hal ini berarti perubahan input (tenaga kerja, luas kolam, benih dan pakan) secara bersama-sama memberikan pengaruh yang besar terhadap perubahan produksi. Dengan demikian input tersebut sangat diperlukan dalam peningkatan produksi...

Tujuan penelitian yaitu mengetahui pendapatan rumah tangga petani jagung, tingkat kesejahteraan petani jagung dan faktor-faktor yang mempengaruhi pendapatan jagung. Penelitian dilaksanakan di Kecamatan Metro Kibang, Kabupaten Lampung Timur. Populasi berjumlah 398 petani yang diambil dengan menggunakan rumus slovin didapatkan sampel sebanyak 80 petani. Metode analisis yang dipergunakan yaitu deskriptif dan kuantitatif. Data yang diperoleh ditabulasi dan dianalisis dengan regresi linier berganda. Hasil penelitian ini menunjukkan pendapatan rata-rata rumah tangga petani jagung di Kecamatan Metro Kibang Kabupaten Lampung Timur sebesar Rp.10.064.249/musim dengan tingkat kesejahteraan rumah tangga petani jagung termasuk dalam kategori sejahtera. Pendapatan petani jagung dipengaruhi oleh benih, pupuk kandang, pupuk NPK, pupuk urea, pestisida, tenaga kerja, lama usahatani, dan umur.

This article explores the growing debate between those who argue for retaining national sovereignty in the area of fiscal policy under European monetary union and those who back formal rules, offering important new insights into the organisation of federal states and trading blocs far beyond Europe's frontiers.

Penelitian ini bertujuan untuk menentukan analisis resiko dan pendapatan usahatani ubi kayu di daerah penelitian. Data yang digunakan dalam penelitian ini merupakan data primer dan sekunder. Penelitian dilaksanakan di Desa Ganti Warno, Kecamatan
Pekalongan, Kabupaten Lampung Timur pada Desember 2021. Penelitian ini dilakukan
menggunakan metode sampling acak sederhana dengan total 50 responden. Koefisien
Variasi dan analisis pendapatan (rasio R/C) digunakan untuk memprediksi hasil
penelitian. Hasil penelitian menunjukkan bahwa total pendapatan usahatani ubi kayu
sekitar Rp. 2.085.713 di setiap musim tanam dengan rasio R/C 1,13. Tingkat resiko
usahatani ubi kayu berada pada resiko produksi (CV = 0,74) dan resiko pendapatan (CV = 0,93) > 0,5, yang berarti bahwa usahatani tersebut berada pada resiko tinggi, sedangkan resiko harga (CV = 0,18) < 0,5 yang artinya memiliki resiko harga yang rendah.

This study examines the impact of foreign aid on the economic growth of Ethiopia
from 1977 to 2011. The analysis employs a Vector Autoregression (VAR) technique
and Autoregressive Distributed Lag (ARDL) Model to investigate the relationships
between various macroeconomic variables, including GDP per capita, external debt
stocks, life expectancy, dependency ratio, foreign aid, foreign direct investment, and
inflation rate. The purpose of the study is to provide insights into the long-term and
short-term dynamics between these variables, particularly the relationship between
foreign aid and economic growth in Ethiopia. A significance level of 0.0000 indicates
that the related probability (Prob > F) is 0.0000, demonstrating statistical
significance for the model. The independent variables included in the model account
for about 90.14% of the variation in LnAid, according to the R-squared value of
0.9014 in this analysis. Slightly less than the R-squared value, or 0.8858, is the
adjusted R-squared. The study utilizes a comprehensive set of econometric methods,
including the Augmented Dickey-Fuller (ADF) unit root test, Johansen co-integration
analysis, Vector Error Correction Model (VECM), VAR diagnostic tests, residual
normality tests, and stability tests. The findings suggest the presence of long-term co
integrating relationships between the variables, indicating the existence of stable and
predictable linkages. The results also reveal unidirectional causal relationships
between some variables, providing insights into the dynamic interactions. Overall, the
study offers valuable policy implications for policymakers, aid organizations, and
researchers in designing effective aid strategies to promote sustainable economic
growth in Ethiopia. The study concludes with recommendations for further
investigation and analysis to fully understand the theoretical and economic
implications of the relationships found, contributing to the broader understanding of
the impact of foreign aid on economic development in the Ethiopian context.
Key Words: Foreign Aid ODA, VECM, ECM and Growth Domestic Product
GDP per capita

In the summer of 1982, Mexico unilaterally announced that it could no longer meet the interest and capital repayments due on its $80bn overseas bank debt. Within months, dozens of other less developed countries (LDCs) followed suit. So was born the 'international debt crisis', a global economic timebomb which has been ticking away ever since.

This article examines the present state of play in the international debt crisis. It opens by outlining the background to the crises, discussing the special combination of circumstances which gave rise to the LDCs' difficulties. It then considers developments both within international banking and the LDCs during the 1980s, arguing that the present strategy of 'muddling through' is seriously deficient.

After a decade of debate since the publication of the Delors Report (Delors, 1989), eleven of the EU's fifteen member states irrevocably locked their currencies together in a monetary union and thereby paved the way for the introduction of a single EU currency, the euro, in January 2002. For the four outsiders, of which Britain has been the most ambivalent, the creation of a broad-based EMU fundamentally alters the decisions they face. The question is no longer 'should countries like Britainjoin a future EMU?', but rather 'can they afford to remain outside a euro-bloc of all the major EU states?'. This article examines the changing case for and against membership of EMU from a British perspective. It begins with a very briefreview of the benefits and costs of membership, before considering the way that the balance of these net benefits has been affected by the European Council's decision to begin with an EMU of the 'Euro-11' in January 1999.