Tourism and economic development in a cash-in-advance economy

This paper examines the impact of tourism on welfare in a cash-in-advance economy. As a result of the expansion in tourism, the price of the non-traded good increases. This gives rise to a terms-of-trade improvement. However, the cash-in-advance constraint causes a distortion in consumption. For tourism demand, where the gain from the terms-of-trade improvement dominates (does not dominate) the loss from the consumption distortion, tourism is welfare-improving (welfare-reducing). A similar condition for welfare improvement (deterioration) holds for a model of capital inflow and endogenised tourism.

The relationship between economic development and social welfare: A new adjusted GDP measure of welfare

Existing literature focuses on the issue of preparation of social welfare measurements on the basis of an unadjusted Gross Domestic Product (GDP). This paper extends this method to incorporate cost-benefit analysis of economic growth in a growing economy in calculating the adjusted GDP, termed as the cost-benefit (CB)-adjusted GDP. This approach is empirically applied to Thailand. There are stark differences between GDP per capita and CB adjusted GDP per capita rates for this period.This paper concludes that GDP can be used as an indicator of social welfare if the GDP estimates are undertaken within a cost-benefit analysis framework.

An integrated model of subnational regional and urban economic development : framework of analysis

The mechanism of subnational regional and urban economic development has been studied extensively by economists, geographers, town planners and other academics. The existing widely varying theories of regional economic development are insufficient on their own in explaining how a region can develop and prosper. Each theory has evaluated a few facets of regional economic development. Research from these different perspectives is narrow and prevents any cross-fertilization of research from these diverse theories. Recognition of multiple factors affecting the development process has led the author to create an integrated model of regional and urban economic development. The essay first sets out to describe and explain this integrated model. Each of the components of this new model draws heavily upon seminal work in the field. This model proposes three rings. Each ring is at a different level of abstraction. The determinants of development described in each ring can influence each and every other determinant of development shown in the three-ring structure. This model recognizes that development in any centre, be it regional or urban, nascent or established, is a composite end result of the complex interplay of all the determinants. The essay then goes on to show how this model can provide a broad holistic approach to regional economic development that can assist researchers in their attempts to understand and link its various theories.

Industrial and economic development : a holistic study of Brunei Darussalam

The primary objective of this research is to provide a framework for industrial and economic development with respect to Brunei Darussalam. The study is both novel and unique as it is potentially the most comprehensive holistic study performed to date with respect to industrial and economic development in Brunei.

New Zealand's perfect storm of entrepreneurship and economic development

Applying a grounded-theory approach to analyzing the Global Entrepreneurship Monitor (GEM) data, we attempt to explain why New Zealand exhibits only a moderate level of economic development despite its high level of entrepreneurship. By statistically analyzing why 34 other countries in the 2005 GEM dataset exhibit small deviations from the classical quadratic curvilinear relationship between entrepreneurship and economic development, we develop a better understanding of the entrepreneurial framework conditions underlying New Zealand’s large deviation from this trend line. Based on our findings from the GEM data we make policy recommendations that could aid in moving New Zealand (and other countries) closer toward the trend line and thus promote economic development.

Is economic development in the Pacific island countries export led or import led?

This article examines the export-led growth and import-led growth hypotheses for a panel of Pacific island countries—namely, Fiji, Papua New Guinea, Solomon Islands, Tonga and Vanuatu—for the period 1982–2004. The modelling is performed using a panel unit root, panel co-integration and panel Granger causality approach. We find bi-directional Granger causality for the panel of Pacific island countries between exports and economic growth, imports and economic growth, and exports and imports. The results suggest that the poor growth performance of many Pacific island countries reflects their poor export performance; however, if the supply-side constraints on exports are removed, there could be a virtuous cycle between economic growth and exports.

Pakistan’s twin interrelated challenges : economic development and security

The 2010 devastating floods in Pakistan have starkly reminded the world of the two critical, interrelated challenges confronting Pakistan: economic development and security. And whilst the Pakistan government's capacity to deal with these two issues before the flood was already shaky at best, its position now is even more precarious given the enormity of the task of rebuilding the infrastructure that has been destroyed in this latest natural disaster. Nuclear-armed Pakistan is a large and strategically important country, critically located on one of the world's most important geopolitical crossroads. It is a pivotal player in a region—covering the Middle East, Central Asia and South Asia—which has much potential, but which also has unresolved conflicts and various degrees of instability. Accordingly, because Pakistan is so important to the stability of the region and the world at large, it is vital that it be able to address successfully these twin challenges.