A rational long-horizon stock investment decision is a complex process due to uncertainty in supply and demand, competitive advantage, macroeconomic parameters and various perspectives of investors. Today, the '€˜non-tangible assets'€™ (NTA) that include goodwill and intangible assets are a significant part of corporate assets, but their role in stock performance has not well studied. The purpose of this research is to empirically analyze the implications of NTA and of gross domestic product (GDP) of the United States on the stock price. According to the efficient market hypothesis, stock price reflects all relevant information. The research question focused on the extent to which NTA and the GDP reflected in the stock price. To determine the extent to which NTA and GDP reflected on the stock price, regression analysis and other statistical tests were used. The sample for the empirical study was 56 corporations listed on the New York Stock Exchange (NYSE) and National Association of Securities Dealers Automated Quotation (NASDAQ). The required data from October 2007 to September 2018 were collected from the United States Securities and Exchange Commission (SEC) and the United States Bureau of Economics (BEA). The key findings of the study are: the NTA and stock price of 45 corporations have a statistically significant correlation as opposed to 11 corporations. The combined NTA of these 11 corporations for the third quarter of 2018 was $531.64 billion. Furthermore, the GDP and stock price of 53 corporations have a statistically significant correlation, but no evidence for three corporations was found. The significance for positive social change is knowledge from this research about the implications of NTA and GDP on stock performance that the investors, policymakers, and other stakeholders could use for preserving the limited resources and creating wealth.

Thesis (Ph.D. (Economics)) -- University of Limpopo, 2022 / This study investigated the relationship between economic complexity and the three mac-roeconomic variables in a comparative setting between selected Sub-Saharan African (SSA) and BRICS countries. Economic complexity as a development index reveals how sophisticated a country is as shown by its exports structure through the Product Com-plexity Index (PCI) and Economic Complexity Index (ECI). The three macroeconomic var-iables are gross domestic product per capita (GDP per capita), current account and fixed investment (gross fixed capita formation) for the period 1994 to 2018.The first three set study objectives were investigated on whether there exists a short and long-run relation-ship through a Panel Autoregressive Distributed Lag (PARDL). The the fourth objective was to test for causality through a standard Granger causality, and fifth, to forecast the macroeconomic variables for the foreseeable future utilising the Impulse Response Func-tion (IRF) and the variance decomposition techniques, these are complementary tech-niques. The last two objectives were to draw a comparative analysis upon the findings, and to relate on the product complexities and economic landscape in the selected SSA and BRICS. Reporting on the ECI-GDP per capita nexus, the PARDL estimates revealed a positive and significant association between ECI and GDP per capita in both the se-lected SSA and BRICS in the long-run. There was no Granger causal effect between ECI and GDP per capita for both set of countries. The concern was in relation to forecasting GDP per capita due to a shock in ECI. The selected SSA GDP per capita response to a shock in ECI was neutral when adopting the IRF technique, and the variance decompo-sition also revealed small estimates in both the short and long-run, below 1%. In the BRICS economies, there was a meaningful positive reaction from a shock in ECI when deploying the IRF technique, while the variance decomposition had a 3% response in the long run when seen through the variance decomposition. On the current account-ECI relationship, the PARDL estimates exposed that there was a positive and significant impact from ECI on the current account in both the groups in the long-run significant while short-run results were insignificant. Granger causality could not detect any causal effect between ECI and current account in the selected SSA, while in the BRICS countries there was a unidirectional causal effect from ECI to current account. When forecasting the current account, the selected SSA reacted negatively to a shock in v ECI seen through the IRF, and the variance decomposition also revealed a small reaction in any period. In the BRICS case, current account’s response was a positive and explo-sive reaction from a shock in ECI when applying the IRF technique. The VD revealed a higher change in current account was explained by a shock in ECI. On the ECI-Fixed Investment, the PARDL estimates showed that there was a long-run positive and signifi-cant effect between ECI and fixed investment in bothgroups. However, the Granger causal results revealed no presence of causality in the selected SSA, while there was causal unidirectional effect from ECI to fixed investment. The IRF technique revealed a negative fixed investment reaction from a shock in ECI, and the variance decomposition results revealed a small reaction in fixed investment in the selected SSA. In the BRICS case, there was a positive and explosive fixed investment emanating from a shock in ECI. Utilising the variance decomposition fixed investment in BRICS was explained by inno-vative shocks in ECI in the long run. On the last two objectives, comparatively the selected SSA countries are disadvantaged as they are concentrated in negative ECI as seen in the descriptive statistics, reflecting that they are still much less developed. This tells us that they are less industrialised as compared to the BRICS nations who are better off. These selected SSA economies are not developed enough as compared to the BRICS nations. The SSA region needs to learn from the leading BRICS countries by creating a conducive environment for a better de-velopment of innovation that improves the domestic value chain that produces knowledge-based products for the export market. The rest of the selected SSA region should form part of economic integrations with the more developed countries that offer mutual beneficiation like South Africa to fast track the developmental of their states. There is a need to modernise the agricultural and agro-industries. The region should harness the full potential of its agricultural sector. This will create a large global market share and perhaps increase the current account outlook through trade with more efficient agro-pro-cessed products. Africa needs to scale up investment in many fronts from government to private investment to improve infrastructure, more so that the scale of needs is so much in the continent.

A major objective of policy makers is to achive targeted economic growth. Given the role of financial institutions and banks in today´s economy several researchers studied the relationship between economic growth and profitability of banks. This tackles an important policy question, in order to understand the financial markets to prevent a crisis it is relevant for policy makers to understand the contribution of banks´profits in the economic growth. Can proftibale banks contribute to higher economic growth? This thesis aims to test the relationship between the profitability of banks and economic growth for countries within the European Union. To test this relationship this study uses panel data over 25 countries in the EU during the time interval 2010-2020. The used method is an econometric analysis where two regressions will be executed, an Ordinary Least Square regression and a regression that applies the use of a Generalized Method of Moments (GMM) estimator. The results that the study demostreates are consistent with earlier literature, it presents evidence of a positive and statistically significant relationship between the profitability of banks (ROA) and economic growth. However, the results shows an uncertainty of the lagged value of the profitability of banks as insignificant results were obtained in both regressions.

Pollution is one of humanity's most pressing problems. Although there are many types of pollution, air pollution is one of the main causes of global warming. Therefore, simultaneously improving environmental quality and economic growth, and studying the variables that affect this relationship, has been one of the key issues for researchers and policymakers in recent years, especially in the wake of the United Nations 2030 Agenda for Sustainable Development.This paper aims to estimate the relationship between carbon emissions, GDP per capita, renewable energy and non-renewable energy sources as well environmental taxes in G10 industrialized countries over the period 1972-2020. Regression analysis and panel data were used to answer the questions. Previous studies of the Ecological Kuznets Curve (EKC) for CO2 emissions, with most samples based on G10 member countries, have had mixed results. The environmental Kuznets curve shows that economic development initially leads to environmental degradation, but once economic growth reaches a certain level, the relationship between society and the environment begins to improve and the degree of environmental degradation decreases. From a very simple perspective, this might suggest that economic growth is good for the environment. Critics, however, argue that economic growth is not guaranteed to lead to environmental improvements, which can often backfire. At the very least, it requires very targeted policies and attitudes to ensure that economic growth goes hand in hand with environmental improvement. / <p> Tre helt olika miljö-/BNP-kurvor</p><p>Studien undersöker etablerade teorier för att beskriva sambandet mellan miljöskador och ekonomisk aktivitet, inklusive Environmental Kuznets Curve (EKC), Brundtland Curve Hypothesis (BCH) och Environmental Daly Curve (EDC).</p>

Humanity’s detrimental impacts on the Earth’s ecosystems have been studied extensively, and these impacts’ negative consequences across societal groups, nations, and generations, have garnered much attention, from the scientific community as well as from civil society, where the attention often has been directed at how unfair the distribution of these environmental burdens is. The fairness of the distribution of global environmental benefits, however, has seen much less study, especially when it comes to the implementation of such concerns for fairness in environmental policy. In support of the research project Beyond GDP-growth, this thesis has centered on a Swedish context, and has focused on the term “biocapacity”, which is a quantifiable measure of many environmental benefits, and in the thesis is defined as the ability of terrestrial ecosystems to regenerate the biological materials extracted by humans. The thesis has then aimed to determine the current potential for the implementation of a fair distribution of global biocapacity in Swedish environmental policy, mainly by way of a series of interviews with individuals engaged in different forms of Swedish environmental work – from different levels of government, to civil society and centers of scientific research. It is concluded that the current potential for the implementation of a fair distribution of global biocapacity in Swedish environmental policy is primarily hindered by the seeming lack of a relevant discourse on the matter. Without such a discourse, a lack of public understanding of the subject is deemed to cause poor public support for any potential policies promoting a fair distribution of global biocapacity. It is suggested that a relevant and effective discourse is best achieved through transparent trade practices, and by the active participation of scientific experts and other actors outside of the political system. Furthermore, the thesis discusses the usefulness of the term “biocapacity” in this context, concluding that more research is needed, while identifying the main point of contention as what the term is intuitively understood to mean, as well as whether or not it can be used as a means to achieve a focused public discourse on the fair distribution of environmental goods. / Mänsklighetens skadliga inverkan på jordens ekosystem har studerats i stor utsträckning, och den här inverkans negativa konsekvenser för olika samhällsgrupper, länder och generationer har fått mycket uppmärksamhet från både forskningsvärlden och civilsamhället, där det främst har fokuserats på den orättvisa fördelningen av dessa ”miljöbördor”. Men, rättvisa när det kommer till fördelningen av ”miljönyttor” har studerats betydligt mindre, särskilt i samband med hur sådana rättviseaspekter kan implementeras i miljöpolicy. Den här uppsatsen har – i en svensk kontext och som stöd till forskningsprojektet Bortom BNP-tillväxt – fokuserat på en kvantifierbar term kallad ”biokapacitet”, som innefattar många miljönyttor, och i uppsatsen definieras som landbaserade ekosystems kapacitet att regenerera de biologiska material som människor extraherar. Uppsatsen har sedan ämnat att undersöka de nuvarande förutsättningarna för implementeringen av en rättvis fördelning av global biokapacitet i svensk miljöpolicy, främst genom en serie intervjuer med individer som i olika sammanhang är engagerade i svenskt miljöarbete – från kommunal till statlig nivå, samt i civilsamhället och i forskningssammanhang. Uppsatsen utmynnar i slutsatsen att de nuvarande förutsättningarna för implementeringen av en rättvis fördelning av global biokapacitet i svensk miljöpolicy främst begränsas av att den offentliga debatten till synes inte behandlar ämnet nämnvärt. Utan en offentlig debatt om ämnet förmodas den resulterande kunskapsbristen hos allmänheten leda till ett bristande offentligt stöd för policyförslag som förespråkar en rättvis fördelning av global biokapacitet. En relevant och effektiv offentlig debatt tros bäst kunna uppstå genom transparent handel och ett aktivt deltagande av experter från forskningsvärlden, samt andra utompolitiska aktörer. Dessutom diskuterar uppsatsen nyttan av begreppet ”biokapacitet” i en sådan debatt, och kommer fram till att vidare studier krävs för att nå en tillfredsställande slutsats. Uppsatsen identifierar dock den intuitiva uppfattningen av termens betydelse, samt frågan om termen kan användas för att uppnå en fokuserad debatt på ämnet, som de främsta problemområdena som behöver behandlas. / Beyond GDP-growth (sv. Bortom BNP-tillväxt)

Thesis (Ph.D. (Statistics)) -- University of Limpopo, 2022 / Using the ARFIMA (autoregressive and fractionally integrated moving aver age) model extended with sGARCH (standard generalised autoregressive con ditional heteroscedasticity) and ’gjrGARCH (Glosten-Jagannathan-Runkle gen eralised autoregressive conditional heteroscedascity) innovations, fractional in tegration approach and state space model, this study has empirically examined persistency of inflation dynamics of Ghana and South Africa, the only two coun tries in Sub-Saharan Africa with Inflation Targeting (IT) monetary policy. The first part of the analysis employed monthly CPI (Consumer Price Index) in flation series for the period January 1971 to October 2014 obtained from the Bank of Ghana (BoG), and for the period January 1995 to December 2014 ob tained from Statistics South Africa. The second part involves the estimation of threshold effect of inflation on economic growth using annual data obtained from the IMF (International Monetary Fund) database for the period 1981 to 2014, for both countries. Results from the study showed that structural breaks, long memory and non linearities (or regime shifts) are largely responsible for inflation persistence, hence the ever-changing nature of inflation rates of Ghana and South Africa. ARFIMA(3,0.35,1)-‘gjrGARCH(1,1) under Generalised Error Distribution (GED) and ARFIMA(3,0.50,1)-‘gjrGARCH(1,1) under Student-t Distribution (STD) mod els provided the best fit for persistence in the conditional mean (or level) of CPI for Ghana and South Africa, respectively. The results from these models pro vided evidence of time-varying conditional mean and volatility in CPI inflation rates of both countries. The two models also revealed an asymmetric effect of inflationary shocks, where negative shocks appear to have greater impact than positive shocks, in terms of persistence on the conditional mean with time varying volatility. This thesis proposes a model that combines fractional integration with non linear deterministic terms based on the Chebyshev polynomials in time for the analysis of CPI inflation rates of Ghana and South Africa. We tested for non-linear deterministic terms in the context of fractional integration and esti mated the fractional differencing parameters, d to be 1.11 and 1.32 respectively, for the Ghanaian and the South African inflation rates, but the non-linear trends were found to be statistically insignificant in the two series. New ev idence from this thesis depicts that inflation rate of Ghana is highly persistent and non-mean reverting, with an estimated fractional differencing parameter, d > 1.0, and will therefore require some policy action to steer inflation back to stability. However, the South African inflation series was found to be a cyclical process with an order of integration estimated to be d = 0.7, depicting mean reversion, with the length of the cycles approximated to last for 80 months. Finally, the thesis incorporated structural breaks, long memory, non-linearity, and some explanatory variables into a state space model and estimated the threshold effect of inflation on economic growth. The empirical results suggest that inflation below the estimated levels of 9% and 6% for Ghana and South Africa respectively, will be conducive for economic growth. The policy implications of these results for both countries are as follows. First, both series had similar properties responsible for inducing inflation persistence such as structural breaks, non-linearities, long memory and asymmetric re sponse to negatives shocks - but with varied degrees of magnitude. For both countries, the conditional mean and unobserved components such as volatility for both countries were found to be time-varying. This thesis, therefore, recom mends to the BoG and the South African Reserve Bank (SARB) - responsible for monetary policies, and the Finance Ministers of both governments - respon sible for fiscal policies, to take the above-mentioned properties into account in the formulation of their monetary policies. Second, the thesis recommends that the BoG and the SARB consolidate the IT policy, since keeping inflation below the targets set of 9% and 6%, respectively for Ghana and South Africa, will boost economic growth. Third, policymakers could also design measures (monetary and fiscal policies) such as increase in interest rates, credit control, and reduction of unnecessary expenditure, among others, to control inflation due to its adverse effects on market volatility. Even though an increase in interest rates could assist in curtailing the recent and anticipated increase in inflation rates in both countries, where targets have been missed by Ghana and South Africa, it will also be prudent to legislate monetary policies around demand-supply side since the problem of both coun tries appears to be more of a structuralist than a monetarist. It is, therefore, recommended that both countries tighten the IT monetary policy in order to re duce inflation persistence. This will eventually impact on poverty and income distribution with ramifications for economic growth and/or development. The fourth implication of these results is that governments and central banks should be mindful of the actions and decisions they take, in the sense that unguarded decisions and unnecessary alarms could raise uncertainties in the economy, which could, in turn, affect the future trajectory of inflation. Finally, the thesis recommends that governments of both countries strengthen the pri vate sector, which is the engine of growth. For small and open economies such as Ghana and South Africa, this will grow the economy through job creation and restore investor confidence. / National Research Foundation (NRF), Department of Science and Technology (DST), Telkom’s Tertiary Education Support Programme (TESP) and the NRF-DST Centre of Excellence for Mathematical and Statistical Sciences (CoE-MaSS)

Актуальность данной работы обусловлена тем, что Китай – самая большая развивающаяся страна в мире, и его потребление энергии намного больше, чем в других странах. Энергосбережение и повышение энергоэффективности экономики – это укрепление энергетической и национальной безопасности страны. Повышение энергоэффективности и энергосбережение способствуют снижению потребления природных ресурсов и сокращению вредных выбросов в окружающую среду. Объект исследования – потребление энергетических ресурсов в Китае. Предмет исследования – организационно-экономические отношения в процессе повышения энергоэффективности экономики Китая. Цель диссертационного исследования состоит в анализе современного состояния в сфере энергосбережения в мире и Китае и выработке предложений по повышению уровня энергоэффективности национальной экономики Китая. Научная новизна диссертационного исследования заключается в том, что выявлены особенности изменения структуры потребления энергетических ресурсов в стране в результате реализации энергетической политики Китая; предложено строительство фотоэлектрической солнечной электростанции в провинции Китая и проведена эколого-экономическая оценка инвестиционного проекта с применением показателя LCOE. / The relevance of this work is due to the fact that China is the largest developing country in the world, and its energy consumption is much higher than in other countries. Energy saving and increasing the energy efficiency of the economy is the strengthening of the country's energy and national security. Improving energy efficiency and saving energy helps to reduce the consumption of natural resources and reduce harmful emissions into the environment. The object of research is the consumption of energy resources in China. The subject of the research is organizational and economic relations in the process of increasing the energy efficiency of the Chinese economy. The purpose of the dissertation research is to analyze the current state of energy conservation in the world and China and to develop proposals to improve the energy efficiency of the national economy of China. The scientific novelty of the dissertation research is that the features of the change in the structure of consumption of energy resources in the country as a result of the implementation of China's energy policy are revealed; proposed the construction of a photovoltaic solar power plant in the province of China and carried out an environmental and economic assessment of the investment project using the LCOE indicator.

No description available.

本文的研究目的為，在一個含有房屋及房屋相關貸款的動態隨機一般均衡模型的架構中，比較貨幣政策、財政政策以及總體審慎政策對於房屋價格及房屋相關貸款的穩定效果。本文建構一個經濟封閉體系，其中包含三種不同家計單位、商品生產部門、房屋建商、資本生產部門，並且由政府部門制定相關政策；此模型的特色為，不同家計單位中的借貸行為、名目價格僵固性以及透過房屋價格抵押貸款的限制來刻劃金融摩擦。我們考慮了一般緊縮貨幣政策、提高財產稅率以及緊縮貸款價值比；本文發現，在三種政策中，對於抑制房屋價格以及降低住房貸款對國內生產毛額的比例，財政政策及總體審慎政策比起緊縮貨幣政策擁有較好的效果。 / The main purpose in this paper is to compare the effect of monetary policy, fiscal policy and macroprudential policy on housing price and housing related loans using a micro-based dynamic stochastic general equilibrium (DSGE) model with housing and housing related loans. We equip a closed economy model with three types of infinitely-lived households (patient households, impatient households and renters), a goods firm, housing and capital producer and a government sector. The model features borrowing and lending between patient and impatient households, nominal rigidity in goods price and financial friction in the form of collateral constraints tied to price of house. We consider the contractionary monetary policy by raising the interest rate, fiscal policy by increasing property tax rate and the macroprudential policy through tightening the loan-to-value (LTV) ratio. We find that among these three policies, in terms of dampening the price of housing and lowering the loan-to-GDP ratio, raising the property tax and lowering the LTV ratio outperforms the contractionary monetary policy.

No description available.