Are shocks to real output permanent or transitory? Evidence from a panel of Pacific Island countries

Panel unit root and stationarity tests without structural breaks suggest that for eight Pacific island economies real gross domestic product (GDP) per capita contains a unit root. The panel stationarity test that accommodates structural change in the trend function, however, finds evidence in favour of regimewise trend stationarity. This result points to the importance of taking structural breaks into account. The finding implies that, for the period considered, the permanent secular component of output is dominated by transitory fluctuations accompanied by infrequent changes in the trend function. The only exceptions are Fiji and Kiribati, for which individual stationarity tests with multiple structural breaks suggest that real GDP per capita contains a unit root.

Are shocks to national income persistent? New global evidence

Purpose – This paper aims to investigate the integrational properties of real GDP for 125 countries
.
Design/methodology/approach – The paper applies the Kwiatkowski et al. univariate test and a KPSS-type univariate test that accounts for multiple structural breaks – a test procedure proposed by Carrion-i-Silvestre et al. The panel versions of the KPSS-type test, proposed by Carrion-i-Silvestre et al. with and without structural breaks, are also applied.

Findings – The paper finds that, while univariate tests with and without structural breaks provide mixed results on persistence, the panel test suggests that shocks to national output are persistent.

Originality/value – This is a multi-country study that focuses on both developed and developing countries and uses more recent data to provide new and comparable evidence on the persistence of output.

An international survey of toric contact lens prescribing

To characterize toric contact lens prescribing worldwide. Up to 1,000 survey forms were sent to contact lens fitters in up to 39 countries between January and March every year for 5 consecutive years (2007–2011). Practitioners were asked to record data relating to the first 10 contact lens fits or refits performed after receiving the survey form. Only data for toric and spherical soft lens fits were analyzed. Survey data collected since 1996 were also analyzed for 7 nations to assess toric lens fitting trends since that time. Data were collected in relation to 21,150 toric fits (25%) and 62,150 spherical fits (75%). Toric prescribing ranged from 6% of lenses in Russia to 48% in Portugal. Compared with spherical fittings, toric fittings can be characterized as follows: older age (29.8 ± 11.4 years vs. 27.6 ± 10.8 years for spherical lenses); men are overrepresented (38% vs. 34%); greater proportion of new fits (39% vs. 32%); use of silicone hydrogel lenses (49% vs. 39%); and lower proportion of daily disposable lenses (14% vs. 28%). There has been a continuous increase in toric lens prescribing between 1996 and 2011. The proportion of toric lens fits was positively related to the gross domestic product at purchasing power parity per capita for year 2011 (r2 = 0.21; P=0.004). At the present time, in the majority of countries surveyed, toric soft contact lens prescribing falls short of that required to correct clinically significant astigmatism (≥0.75 diopters) in all lens wearers.

An international survey of daily disposable contact lens prescribing

The aim was to determine the extent of daily disposable contact lens prescribing worldwide and to characterise the associated demographics and fitting patterns. Up to 1,000 survey forms were sent to contact lens fitters in up to 40 countries between January and March every year for five consecutive years (2007 to 2011). Practitioners were asked to record data relating to the first 10 contact lens fits or refits performed after receiving the survey form. Survey data collected since 1996 were also analysed for seven nations to assess daily disposable lens fitting trends since that time. Data were collected in relation to 97,289 soft lens fits, of which 23,445 (24.1 per cent) were with daily disposable lenses and 73,170 (75.9 per cent) were with reusable lenses. Daily disposable lens prescribing ranged from 0.6 per cent of all soft lenses in Nepal to 66.2 per cent in Qatar. Compared with reusable lens fittings, daily disposable lens fittings can be characterised as follows: older age (30.0 ± 12.5 versus 29.3 ± 12.3 years for reusable lenses); males are over-represented; a greater proportion of new fits versus refits; 85.9 per cent hydrogel; lower proportion of toric and presbyopia designs and a higher proportion of part-time wear. There has been a continuous increase in daily disposable lens prescribing between 1996 and 2011. The proportion of daily disposable lens fits (as a function of all soft lens fits) is positively related to the gross domestic product at purchasing power parity per capita (r(2) = 0.55, F = 46.8, p < 0.0001). The greater convenience and other benefits of daily disposable lenses have resulted in this modality capturing significant market share. The contact lens field appears to be heading toward a true single-use-only, disposable lens market.

A global gap analysis of sea turtle protection coverage

 Although the number and extent of protected areas (PAs) are continuously increasing, their coverage of global biodiversity, as well as criteria and targets that underline their selection, warrants scrutiny. As a case study, we use a global dataset of sea turtle nesting sites (. n=. 2991) to determine the extent to which the existing global PA network encompasses nesting habitats (beaches) that are vital for the persistence of the seven sea turtle species. The majority of nesting sites (87%) are in the tropics, and are mainly hosted by developing countries. Developing countries contain 82% nesting sites, which provide lower protection coverage compared to developed countries. PAs encompass 25% of all nesting sites, of which 78% are in marine PAs. At present, most nesting sites in PAs with IUCN ratification receive high protection. We identified the countries that provide the highest and lowest nesting site protection coverage, and detected gaps in species-level protection effort within countries. No clear trend in protection coverage was found in relation to gross domestic product, the Global Peace Index or sea turtle regional management units; however, countries in crisis (civil unrest, war or natural catastrophes) provided slightly higher protection coverage of all countries. We conclude that global sea turtle resilience against threats spanning temperate to tropical regions require representative PA coverage at the species level within countries. This work is anticipated to function as a first step towards identifying specific countries or regions that should receive higher conservation interest by national and international bodies. © 2014 Elsevier Ltd.

Problems and prospects for corporate governance in Bangladesh: Some case studies basis analysis

Bangladesh is one of the least economically developed countries in the world. A lack of corporate governance creates problem for the economic development of the country. This study has been undertaken to observe whether corporate governance is being well-executed in Bangladesh and to inform views about which approach to corporate governance will be more acceptable to the county. The study has examined six cases to see whether corporate governance is properly utilised in the country. It is suggested that monetary, fiscal and exchange rate policies should be applied with appropriate diligence by the Securities and Exchange Commission, the Bangladesh Bank and the National Board of Revenue. It is expected that value can be added through arranging primary and supportive activities. Attention to inbound and outbound logistics is likely to improve productivity, enhancing profitability, long run sustainability and creating distinct competencies for the Bangladesh economy. Ultimately this may help to improve gross domestic product and the basic needs of the population.

Revealing Australia’s Underground Economy

This study, using currency demand model, finds Australia’s underground economy to be around 2 to 3 per cent of gross domestic product. We extend the related literature (see, inter alia, Bajada, 1999 and Breusch, 2005) in three novel ways. First, we use Austrian levels of taxes and welfare payments as the minimum levels of taxes and welfare payments. Secondly, we employ the currency demand measurement as in Cagan (1958), i.e., cash and currencies as a proportion of total money supply. Third, we use Cagan’s original assumption regarding equalities of velocities of currencies in both the legal and illegal economies in order to estimate the underground economy.

The green economy agenda: business as usual or transformational discourse?

This analysis of the emergence since 2008 of the green economy agenda and the related idea of ‘green growth’ focusses upon the articulation of these discourses within key international economic and environmental institutions and evaluates whether this implies the beginning of an institutional transformation towards an ecologically sustainable world economy. The green economy may have the capacity to help animate a transition away from current socially and ecologically unsustainable patterns of economic growth only if notions of green growth can be discursively separated from green economy, strong articulations of green economy become dominant, and alternative measures of progress to gross domestic product are widely adopted. The concept of ‘rearticulation’, found in post-structural discourse theory, is proposed to guide this transition. This offers a framework to reconstruct notions of prosperity, progress, and security whilst avoiding direct and disempowering discursive conflict with currently hegemonic pro-growth discourses.

Post-growth policy instruments

This paper proposes a framework to evaluate post-growth policy instruments which gauges their capacity to lessen the pressure for growth emanating from the labour market and the state’s contradictory legitimisation and accumulation imperatives, whilst increasing societal well-being and reducing the biophysical throughput of the economy. It is argued that the most effective policies to do this are measures to reduce average working hours, expand low productivity sectors and reduce inequality. Specific policies instruments include public sector expansion and the promotion of cooperatives, the introduction of citizens’ basic income schemes, environmental tax reform, the abolition of fossil fuel subsidies, reforms to monetary policy, financial regulatory reform and the introduction of alternative measures of progress to gross domestic product.

Global cancer surgery : delivering safe, affordable, and timely cancer surgery

Surgery is essential for global cancer care in all resource settings. Of the 15.2 million new cases of cancer in 2015, over 80% of cases will need surgery, some several times. By 2030, we estimate that annually 45 million surgical procedures will be needed worldwide. Yet, less than 25% of patients with cancer worldwide actually get safe, affordable, or timely surgery. This Commission on global cancer surgery, building on Global Surgery 2030, has examined the state of global cancer surgery through an analysis of the burden of surgical disease and breadth of cancer surgery, economics and financing, factors for strengthening surgical systems for cancer with multiple-country studies, the research agenda, and the political factors that frame policy making in this area. We found wide equity and economic gaps in global cancer surgery. Many patients throughout the world do not have access to cancer surgery, and the failure to train more cancer surgeons and strengthen systems could result in as much as US $6.2 trillion in lost cumulative gross domestic product by 2030. Many of the key adjunct treatment modalities for cancer surgery--e.g., pathology and imaging--are also inadequate. Our analysis identified substantial issues, but also highlights solutions and innovations. Issues of access, a paucity of investment in public surgical systems, low investment in research, and training and education gaps are remarkably widespread. Solutions include better regulated public systems, international partnerships, super-centralisation of surgical services, novel surgical clinical trials, and new approaches to improve quality and scale up cancer surgical systems through education and training. Our key messages are directed at many global stakeholders, but the central message is that to deliver safe, affordable, and timely cancer surgery to all, surgery must be at the heart of global and national cancer control planning.

Causality analysis between public capital and economic growth

Public capital has been considered to be the wheels of a nation's or a region's economic activity. The reverse effects, the contributions of economic growth to public capital, are also worth analysing. Non-structural
approaches in econometrics were implemented for the Australian economy using yearly data for the period from 1960 to 2008. A co-integration test was carried out to investigate whether tbere are long-term equilibrium relationships between each pair among public capital, private output, private capital and labour. Tbe Ganger causality test was further
employed to determine whether public capital contains useful information to predict a private production variable and vice versa. The results will provide historical evidence for Australia's federal and regional governments to assist in estimating the effects among these production variables, in particular, the effect of infrastructure spending on gross
domestic product.

A test of the resource security and the body mass index reference point hypotheses of body dissatisfaction amongst adolescents in eight countries

Objective. 

Economic indicator comparisons of international real estate sectors using the OECD input-output database

With its growing share in national economies, the real estate sector has been considered a vital contributor of economic development. Research efforts are needed in order to gain a better comprehension of the national specificities of the real estate sector and to identify its role in economic development. Due to limited comparable data, the economic indicators of real estate sectors are hard to compare between different countries. This paper aims to explore the quantitative interdependence amongst the real estate sector and other industries in developed economies using input-output analysis, and to investigate their significant linkages. Based on the recently published Organisation for Economic Co-operation and Development (OECD) input-output database at constant prices, the analysis focuses on the real estate's escalating role in terms ofshares in gross output, value added and gross national product. With emphasis on the relative role of manufacturing, construction and services inputs, this paper also highlights the strengths of the push and pull of the real estate sector.

Economic analyses on multinational real estate and construction sectors

Both the construction and real estate sectors have been considered vital productive drivers for the economic development of a nation. Multinational economic analyses on these two sectors over a long period enable a better comprehension of their effects and interrelationships. Based on the recently published Organisation for Economic Co-operation and Development (OECD) input-output database at constant prices, this paper compares the real estate and construction sectors of six countries in terms of their shares in gross national product and gross national income. The push and pull effects of these two sectors onto the whole economy are further determined using forward and backward linkage indicators respectively. In addition, the interactions between themselves are formulated in terms of direct and total input parameters. This research provides a numerical approach to examine the economic influences and sectorial correlation of the real estate and construction sectors.