World Economics Journal Archive

The contents of all previous issues of World Economics are listed below. Subscribers have access to the complete back issue archive: click on titles to view abstracts and full text of articles (PDF). If you are not a subscriber please visit our online store to order a subscription.


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Data, Deceit, and the Defence of Truth Data, Deceit, and the Defence of Truth
Stuart P.M. Mackintosh, World Economics, September 2018
Attacks on experts and professionals using available facts, are rising in the USA, with troubling implications for economics, for the collection of statistical data, and for the future integrity of the policymaking process. The Trump Administration is undermining fact-b ... More


A Critical Review of Thomas Piketty’s Capitalism in the 21st Century A Critical Review of Thomas Piketty’s Capitalism in the 21st Century
Andrew Smithers, World Economics, September 2018
Piketty claims that capital rises faster than income which assumes that capital and income are independent variables. The evidence shows they are not and that the ratio of income to capital is probably stable over time. Piketty’s mistake appears to come from confusing d ... More


Measuring Macroeconomic Performance Using a Composite Index Measuring Macroeconomic Performance Using a Composite Index
Julian Gough, World Economics, September 2018
Large quantities of economic data, varying in accuracy and reliability and subject to later revision, are continually produced and published so interpretation using only one data source is subject to risk. The complex world of data can be simplified by combining differe ... More


The Seemingly Underappreciated Role of Panel Data in Measuring Poverty and Economic Transformation The Seemingly Underappreciated Role of Panel Data in Measuring Poverty and Economic Transformation
Hai-Anh H. Dang & Calogero (Gero) Carletto, World Economics, September 2018
Panel survey data play a crucial role in producing estimates on welfare dynamics as well as insights into transformation processes in developing economies. Panel survey data are indispensable for effective policy advice for poverty reduction and growth. Fielding and mai ... More


Measuring Greek Debt: The Difference between Market and Credit Perspectives Measuring Greek Debt: The Difference between Market and Credit Perspectives
Colin Ellis, World Economics, September 2018
It is likely to be several decades before data on government assets, off-balance sheet and contingent liabilities are consistently available across a wide range of countries. In the absence of data, GDP is a readily available scaling factor, but official sector agencies ... More


On Microfinance-led Socioeconomic Change: Inferences from Field Data On Microfinance-led Socioeconomic Change: Inferences from Field Data
Sazzad Parwez, World Economics, September 2018
Government and non-government agencies in India are working towards empowering people at the grassroots through the provision of microfinance. Self-help groups have emerged as instruments of change for poor people (women in particular) trying to solve their problems col ... More


Trade Wars and African Growth Prospects Trade Wars and African Growth Prospects
Hippolyte Fofack, World Economics, September 2018
African economies are back on a path of economic expansion which has been broad-based driven by both commodity-dependent and non-resource-rich economies. The region is forecast to achieve an average economic growth rate of 4 per cent in 2018 and grow by as much again th ... More


China’s Economic Growth and Foreign Direct Investment Flows China’s Economic Growth and Foreign Direct Investment Flows
Tong Tong, Bin Li & Tarlok Singh, World Economics, September 2018
Economic reforms implemented since 1978 have contributed to economic growth and prosperity in China. China has emerged as the largest host country for foreign direct investment, in that it receives enormous inflows and has concurrently become one of the largest supplier ... More


Measuring the Performance of the Bombay Stock Exchange: The Impact of Demutualisation Measuring the Performance of the Bombay Stock Exchange: The Impact of Demutualisation
Divya Aggarwal & PC Padhan, World Economics, September 2018
The literature on the impact of the demutualization of stock exchanges on performance is growing since the percentage of demutualized exchanges has risen from 10% in the mid-1990s to 63% in 2002. The Bombay Stock Exchange, established in 1875, demutualised in 2005 to fo ... More


Using the World Bank’s Bank Data to Assess Changes in Financial Regulation and Supervision since the Global Financial Crisis Using the World Bank’s Bank Data to Assess Changes in Financial Regulation and Supervision since the Global Financial Crisis
Vighneswara Swamy, World Economics, September 2018
The World Bank’s Bank Regulation and Supervision Survey (BRSS) data can be used to gain insights into bank regulatory/supervisory styles across countries. The data illustrate the differences in regulation/supervision among crisis, non-crisis and BRICS countries, and hig ... More


The Ten-Year Crash Anniversary The Ten-Year Crash Anniversary
Theodore Pelagidis, World Economics, September 2018
The ten-year anniversary of the 2008 crash and the unprecedented length of the bull (stock) market since then is an opportunity to reflect on the crash’s roots. A result of the bear market between 2000 and 2002 was the Sarbanes–Oxley Act that separated the business of c ... More


Measuring Illegal Activities in the National Accounts Measuring Illegal Activities in the National Accounts
Brian Sturgess, World Economics, June 2018
Until 2014 the only illegal activity measured in the UK National Accounts by the Office of National Statistics was the smuggling of alcohol and tobacco. The European System of National Accounts 2010 requires statistical bodies to measure consensual illegal economic acti ... More


Cash, Demonetisation and the Informal Economy in India Cash, Demonetisation and the Informal Economy in India
Shaurya Sharma & Cledwyn Fernandez, World Economics, June 2018
India took a demonetisation step in November 2016 by banning 500 and 1000 rupee notes as legal tender benefiting banks but hurting the poor and the under banked. The shadow economy was badly affected and even measured GDP growth rate slumped, but demonetisation proponen ... More


Debt, Economic Growth and Data Adequacy Debt, Economic Growth and Data Adequacy
Vighneswara Swamy, World Economics, June 2018
The effects of government debt on economic growth has become of immense importance in the backdrop of the Eurozone sovereign debt crisis and Reinhart & Rogoff’s related research. This study is based on a sizeable dataset which extends the horizon of analysis to country ... More


Error in Demographic and Other Quantitative Data and Analyses Error in Demographic and Other Quantitative Data and Analyses
Thomas Burch, World Economics, June 2018
Statistical data consumed, analysed and produced contain errors from more sources than is often recognised and the commercialisation of survey and other statistical research and ‘inventions’ such as ‘big data’ has led to naïve and faulty analysis and propaganda. Oskar ... More


Exchange Rates as a ‘Veil’ Exchange Rates as a ‘Veil’
Biagio Bossone, World Economics, June 2018
The effectiveness of exchange rates as an adjustment mechanism in a given country depends on the role played by domestic financial markets. With floating exchange rates and full integration into global financial markets, policy-making space is determined by the size of ... More


Free Trade, Protectionism, and the Global Economy Free Trade, Protectionism, and the Global Economy
Theodore Pelagidis, World Economics, June 2018
Free trade benefits consumers, but has harmed less-skilled workers in western countries fuelling polarization and the rise of nationalistic populism. Despite U.S. President Trump’s contradictory stance on tariffs, trade policy is closely connected with the level of the ... More


Rare Earth Elements Rare Earth Elements: A Historical Comparison - Favouritisms as Probable Factors Causing Market Manipulation by China
Sotiris N. Kamenopoulos, World Economics, June 2018
Rare Earth Element Reserves are estimated at 130 million metric tons while global production/processing capacity was approximately 126,000 metric tons in 2016, 95% controlled by China The US authorities and academics mistakenly treat Rare Earth Elements as “one group, o ... More


Commonwealth and EU Growth Commonwealth and EU Growth
Ed Jones, World Economics, June 2018
The Commonwealth of Nations is growing rapidly in comparison to the ailing Eurozone Measured by share of world GDP, the Commonwealth overtook the (1973) European Union in 2004 By the same measure, the Commonwealth is slightly larger than the current Eurozone In 2017, th ... More


Measuring the Impact of Terror Measuring the Impact of Terror: An Event Study of the Tel Aviv Stock Exchange
Piotr Konwicki, World Economics, March 2018
Events observed in Israel include terror attacks, controversial elections and unexpected wars, the impact of which can be analysed on the Tel Aviv Stock Exchange in terms of abnormal returns. Results show that defence and high-tech industries react positively to these e ... More


Commercial Real Estate Data - New Demands, Old Challenges Commercial Real Estate Data - New Demands, Old Challenges
David Rees, World Economics, March 2018
The global financial crisis, followed by a global portfolio shift towards commercial real estate, has reinforced the demand for timely, consistent and transparent valuation metrics and transactions data. Current initiatives at global, country and market level are addres ... More


Using Price-Adjusted Income Data to Measure Regional Income Inequality Across the UK Using Price-Adjusted Income Data to Measure Regional Income Inequality Across the UK
Julian Gough, World Economics, March 2018
Data for gross disposable household income for each region of the UK are published annually by the Office for National Statistics. The latest provisional data available are for the year 2015. The annual data for household income are in nominal terms only—i.e. they do no ... More


Cultural Data Mirror International Structural Economic Differences Cultural Data Mirror International Structural Economic Differences
Colin Ellis & Oleg Oleksiy, World Economics, March 2018
Data on cultural differences between countries based on the definitions developed by Geert Hofstede are now available for more than 80 countries. Data on six structural economic indicators published by the World Bank—ease of doing business, enforcement of contracts, con ... More


The Knowledge Economy in Historical Perspective The Knowledge Economy in Historical Perspective
Ralph Hippe & Roger Fouquet, World Economics, March 2018
The knowledge economy provides huge opportunities for economic growth and to become the cornerstone of future economic development by turning data into wisdom or human capital. Education, one aspect of the knowledge economy, exhibits a history divided into three stages ... More


The Financial Crisis and Gender: Assessing Changes in Workforce Participation for Rural India The Financial Crisis and Gender: Assessing Changes in Workforce Participation for Rural India
Siddhartha K. Rastogi & Pradyun Rame Mehrotra, World Economics, March 2018
Labour market data in India shows female participation declining as GDP has increased, a phenomenon found in other East Asian economies over past two decades. This contradicts empirical observations, which argue over the feminization of the work force due to participati ... More


Debunking the Relevance of the Debt-to-GDP Ratio Debunking the Relevance of the Debt-to-GDP Ratio
Arturo C. Porzecanski, World Economics, March 2018
Historical experience does not confirm the simplistic notion that the heavier the burden of the public debt relative to GDP, the greater is the risk that governments will encounter debt-servicing difficulties. In 25 government defaults that occurred during 1998-2017, th ... More


The World Economy The World Economy: Over Half a Century of Near Continuous Growth
Ed Jones, World Economics, March 2018
The World Economy has grown for 57 out of the past 58 years, only the great recession of 2009 saw an interruption in over half a century of continuous growth. Over the whole of the last 5 decades, annual real GDP growth has averaged 3.2%, and 1.6% in per capita terms. G ... More


Evaluating the Impact of Trade on Development Evaluating the Impact of Trade on Development
Brian Sturgess & Oni Oviri, World Economics, March 2018
The main conclusions of the theory of comparative advantage is powerful and inescapable – restrictions on trade harm economic welfare. The principle of comparative advantage shows that trade enables one-off welfare gains, but the impact of international trade on prospe ... More


Trumponomics and Taxation Trumponomics and Taxation
World Economics, March 2018
At the end of 2017 President Trump signed into law the Tax Cuts and Jobs Act which Republican supporters argue would transform the US economy and stimulate an enduring increase in the rate of economic growth. The motivation behind the legislation appears to be the beli ... More