|
on Arab World |
| By: | Basher, Syed, Abul |
| Abstract: | As oil and gas are exhaustible resources, the need for economic diversification has gained momentum in the Gulf Cooperation Council (GCC) countries immediately after the end of the first oil boom in 1973-74. Economic diversification, in the context of GCC countries, implies development of the non-oil sector and reduction of the proportion of government revenue and export proceeds from the oil and gas sector. Applying newly developed measures of business cycle synchronicity between oil and non-oil sectors in three GCC economies (Kuwait, Qatar and Saudi Arabia), we show both the degree of diversification achieved so far and the direction of diversification in terms of individual non-oil sectors. Overall, Kuwait and Saudi Arabia appear to be moderately ahead than Qatar in reducing their dependence on oil. Nevertheless, by developing large production capacities of natural gas, Qatar has recently reduced its dependence on oil in favor of natural gas. A quantitative assessment of the determinants of business cycle synchronization is also provided. |
| Keywords: | Business cycle; Synchronization; Oil price; Fiscal policy; GCC countries. |
| JEL: | E62 Q32 E32 H30 |
| Date: | 2010–03–02 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:21059&r=ara |
| By: | Hadj Amor Thouraya (University of Nice-Sophia Antipolis, CEMAFI (Centre dEtudes en Macroc006fnomie et Finance Internationale)); El Araj Rita (University of Nice-Sophia Antipolis, CEMAFI (Centre dEtudes en Macroc006fnomie et Finance Internationale)) |
| Abstract: | n this paper, we aim to test the empirical validity of the QTM relationship for the Turkish economy. Using some contemporaneous time series estimation techniques, our estimation results reveal that stationarity characteristics of the velocities of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical co-integrating long-term variable space. We find that there exists an about one-to-one proportionality between money and prices and money and real income, and that exogeneity of money cannot be rejected for the currency in circulation in the economy. But, the exception here comes from the broad monetary aggregate used in the QTM equation such that money seems to be endogenous as for the long-term variable space. |
| Keywords: | Equilibrium real exchange rate, Misalignment, Trade liberalization, International financial integration, Cointegration, PSEM |
| JEL: | F36 F37 F41 G15 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:voj:wpaper:200915&r=ara |
| By: | Cem Saati006flu (Istanbul University Faculty and Department of Economics); Levent Korap (Marmara University) |
| Abstract: | In this paper, we aim to test the empirical validity of the QTM relationship for the Turkish economy. Using some contemporaneous time series estimation techniques, our estimation results reveal that stationarity characteristics of the velocities of currency in circulation and the broad money aggregate in the economy cannot be rejected through a quantity theoretical co-integrating long-term variable space. We find that there exists an about one-to-one proportionality between money and prices and money and real income, and that exogeneity of money cannot be rejected for the currency in circulation in the economy. But, the exception here comes from the broad monetary aggregate used in the QTM equation such that money seems to be endogenous as for the long-term variable space. |
| Keywords: | Money, Prices, Income, Quantity Theory of Money, Co-integration, Longspan Data, Turkish Economy |
| JEL: | C32 E51 E52 E61 |
| Date: | 2009–03 |
| URL: | http://d.repec.org/n?u=RePEc:voj:wpaper:200914&r=ara |
| By: | Tiberio Daddi (Sant’Anna School of Advanced Studies, Italy); F. Farro (Department for the Relations with the European Union, Municipality of Prato, Italy); S. Vaglio (Laboratory of Anthropology and Ethnology, University of Florence, Italy); Giacomo Bartoli (Sant’Anna School of Advanced Studies, Italy); Fabio Iraldo (Sant’Anna School of Advanced Studies, Pisa, Italy - Institute for Environmental and Energy Policy and Economics, Bocconi University, Milan.) |
| Abstract: | In the recent years the involvement of the third countries in achieving the environmental Policy objectives set up by the European Union are becoming more and more important. Several Programs of cooperation co-fund activities and actions to improve the state of the Environment of third Mediterranean partners in order to achieve a global improvement of the environment. This paper aims to present the results of the project PAMLED co-funded by the Med-Pact Programme of the EU. The project will complete its course at the end of April and it aims to develop and strengthen the capabilities of three Mediterranean cities (City of Marrakech - Morocco, Sin El Fil – Lebanon and Bodrum -Turkey) in managing and promoting their local sustainable development, as well as implementing innovative different action fields. The strengthening of the capabilities of these Mediterranean partners was mainly based on the ‘collective learning’, achieved by the constitution of a partnerships with five European partners (Municipalities of: Prato, Lucca, Brtonigla, Rio Marina and Skopje). Needs and priorities of each Mediterranean partner were identified and pilot actions were specifically elaborated in order to promote the sustainable development and the exploitation of local resources, with particular respect to environmental protection, the enhancement of local tangible and intangible assets, economic support and an overall sustainable development The paper will show the outputs of several pilot actions carried out in the three Mediterranean cities involved. The Municipality of Bodrum carried out innovative pilot actions in the field of urban waste management; Sin El Fil developed a pilot project titled “Youth development plan”, while the City of Marrakech carried out a pilot project aimed at sensitizing the local communities and the actors of the touristic sector (e.g. hotels, hammams) on the importance to reduce water consumption. |
| Date: | 2010–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:sse:wpaper:201001&r=ara |
| By: | Tolga Aksoy (Yildiz Technical University, Economics Department, Istanbul, Turkey) |
| Abstract: | This paper examines the relationship between technology and demand for skilled labor both historically and empirically. First, it is pointed out that the Industrial Revolution substituted skilled labor with unskilled labor since it has a de-skilling characteristic. Second, the skill-bias feature of Information and Communication Technologies Revolution is suggested. Finally, the effect of technological progress on the demand for skilled labor is tested for Turkish Private Manufacturing Industries. According to the static panel data estimation results, there is a positive but weak relationship between technological progress and demand for skilled labor. |
| Keywords: | Skill bias, Technological change, Manufacturing |
| JEL: | O33 J23 J24 |
| Date: | 2009–04 |
| URL: | http://d.repec.org/n?u=RePEc:voj:wpaper:200925&r=ara |