Latest Papers

The latest papers published in the World Economics Journal.



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


Trade Data: Use with Care Trade Data: Use with Care
Brian Sturgess, World Economics, December 2017
Politicians focus on trade deficits and surpluses between countries and threaten trade wars and retaliatory actions, but the conventional international trade statistics used by many commentators are inaccurate. World exports and imports do not balance, but asymmetries a ... More


India and China: Tracking their WTO Journeys with Trade Data India and China: Tracking their WTO Journeys with Trade Data
Siddhartha K. Rastogi, World Economics, December 2017
Trade data are used to examine the roles played by India and China in the World Trade Organization (WTO) and the implications for their share of global trade. India was a founding members of the WTO whereas China joined in 2001 after much deliberation, negotiation and c ... More


Using Indian Data to Measure the Impact of the Eurozone Debt Crisis Through the Financial Channel Using Indian Data to Measure the Impact of the Eurozone Debt Crisis Through the Financial Channel
Vighneswara Swamy, World Economics, December 2017
Economic data for the period 2000 to 2013 shows that the sovereign debt crisis in the Eurozone had a macroeconomic impact on India by transmission through financial channels. Capital flows into India slowed down significantly due to the crisis: net external loans availe ... More


Will ‘America First’ Trump International Cooperation and Coordination? Will ‘America First’ Trump International Cooperation and Coordination?
Stuart P.M. Mackintosh, World Economics, December 2017
Seventy years of American leadership of the international system has ended abruptly shaking the foundations of the post-World War II international architecture. The International Monetary Fund and the World Bank, twin pillars of the post-World War II system, will be adv ... More


The Globalisation of Corporate Governance and Implications for African Corporates in a Changing Regulatory Landscape The Globalisation of Corporate Governance and Implications for African Corporates in a Changing Regulatory Landscape
Hippolyte Fofack, World Economics, December 2017
Adopting global corporate governance standards remains a challenge for most corporates in developed and developing economies, but shareholder capitalism is probably set on an irreversible growth path. The growing number of African corporate entities abiding by global c ... More


Measuring GDP in Fragile States Measuring GDP in Fragile States
Barbro Hexeberg & Jose Pablo Valdes Martinez, World Economics, December 2017
Gross Domestic Product (GDP) is central to measuring economic performance and productivity, and monitoring fiscal and monetary policies, as well as changes in poverty and shared prosperity. Compiling GDP in accordance with internationally agreed definitions and rules is ... More


Analysis of Revisions in Indian  GDP Data Analysis of Revisions in Indian GDP Data
Amey Sapre & Rajeswari Sengupta, World Economics, December 2017
This paper studies constant price growth estimates of India’s annual GDP data in order to understand the revision policy adopted by the Central Statistics Office. The use of high-frequency indicators to prepare initial estimates overstates the growth of the economy, alt ... More


The Economic Impact of Italian Market Reforms The Economic Impact of Italian Market Reforms
Giovanna Maria Dora Dore, World Economics, December 2017
Italy’s labour market is highly segmented by gender and age with high labour costs, high rates of self-employment and undeclared work, high minimum wages, strong dismissal constraints and uneven job opportunities between Northern and Southern regions. Italy has experien ... More


Measuring the Share of Labour in GDP Measuring the Share of Labour in GDP
Michael Grömling, World Economics, December 2017
There is a view that increasing inequalities in advanced economies are responsible for growth problems and political polarisation. A new impetus has been injected into the analysis of macroeconomic income distribution since if capital’s share is rising this has implica ... More


Measuring the Impact of the Internet on Retailing Measuring the Impact of the Internet on Retailing
Julian Gough, World Economics, December 2017
The internet has radically changed the purchasing of goods and services leading to a rapid expansion of online retailers and a decline of many traditional shops on the high street. The UK is the leading nation in Europe in terms of online sales, after a remarkable chang ... More


On Measuring Hyperinflation On Measuring Hyperinflation: Venezuela’s Episode
Steve H. Hanke & Charles Bushnell, World Economics, September 2017
Venezuela now exhibits the 57th historic episode of hyperinflation as measured in the Hanke–Krus World Hyperinflation Table. Entry to the hyperinflation dataset depends on three qualifying criteria: inflation rates greater than 50% per month; the persistence of this rat ... More


Measuring Income Inequality and Insufficiency Measuring Income Inequality and Insufficiency: The Philippine Experience
Percival S. Gabriel, World Economics, September 2017
Income inequality is normally illustrated by the Lorenz curve and measured by the Gini coefficient and other variant measures. Standard estimates exclude what is left of income when expenditure is subtracted and some groups have income insufficiency, income sufficiency ... More


How Accurate Are the National Balance Sheets for China? How Accurate Are the National Balance Sheets for China?
James L. Chan, World Economics, September 2017
The accuracy of data on China’s national balance sheets has attracted much less attention than that of the Gross Domestic Product reports. China’s Bureau of National Statistics has not released official national balance sheets, but two Chinese research teams have produc ... More


Flow of Funds Accounts Flow of Funds Accounts: The Financial and Non-Financial Sector Linkages in India
Tarlok Singh, World Economics, September 2017
This study uses historic flow of funds data in India and examines the movements of funds across financial and non-financial sectors of the economy. The study develops a new theoretical framework to map the multidimensional nexus across macro-economic aggregates and to ... More


The Unstoppable Economic Rise of Asia The Unstoppable Economic Rise of Asia
Brian Sturgess, World Economics, September 2017
The Asia-Pacific region is set to remain the world’s economic powerhouse in terms of economic growth for the next few decades. In value terms, Asian GDP increased between 1970 and 2015 from $4.63 trillion to $45.39 trillion in constant prices, an increase well above the ... More


Estimating the Impact of Foreign Trade on GDP Growth in Sweden Estimating the Impact of Foreign Trade on GDP Growth in Sweden: Evidence from Historical Data 1800–2000
Manuchehr Irandoust, World Economics, September 2017
This paper uses historic economic data to review Swedish foreign trade and industrial policy over the period 1800–2000. The long-term causal relationships between imports, exports and economic growth are examined. The results show that there exists a long-term relation ... More


Making Data Measurement Errors Transparent: The Case of the IMF Making Data Measurement Errors Transparent: The Case of the IMF
Peter A.G. van Bergeijk, World Economics, September 2017
In 1950 Morgenstern pointed out that absolute precision and certainty are impossible in economic observations, but estimates are often hampered by a substantial degree of measurement error. Unlike the natural sciences, economists in general do not report measurement er ... More


Beyond the Shadow Economy Beyond the Shadow Economy : Anti-Money Laundering and Combating the Financing of Terrorism
George C. Georgiou, World Economics, September 2017
Money laundering is illegal world-wide and constitutes a significant economic inefficiency. Current anti-money laundering and combating the financing (AML/CFT) efforts are primarily driven by the threat of terrorism and drug-trafficking, but the majority of illicit mon ... More


What Makes Maddison Right What Makes Maddison Right: Chinese Historic Economic Data
Jan Luiten van Zanden & Debin Ma, World Economics, September 2017
The ‘Great Divergence debate’ in economic history relates to the question of when China fell behind the levels of well-being in Western Europe. A recent paper published in this journal argues that existing historical data cannot answer this question and criticizes estim ... More


Quantifying the Quantifiable Quantifying the Quantifiable: A Reply to Jan-Luiten van Zanden and Debin Ma
Patrick O'Brien & Kent Deng, World Economics, September 2017