scholarly journals Resource Abundance, Fisheries Management, and Fishing Ports: The U.S. Atlantic Sea Scallop Fishery

2019 ◽  
Vol 48 (1) ◽  
pp. 71-99
Author(s):  
Min-Yang Lee ◽  
Sharon Benjamin ◽  
Andrew Carr-Harris ◽  
Deborah Hart ◽  
Cameron Speir
Keyword(s):  
Fisheries Management ◽  
Sea Scallop ◽  
Long Run ◽  
Spatial Management ◽  
Short Run ◽  
Biomass Availability ◽  
Natural Productivity ◽  
High Degree ◽  
Good Access ◽  
Returns To Scope

The Atlantic Sea Scallop fishery has grown tremendously over the past twenty years. The location and magnitude of harvestable biomass fluctuates dramatically due to both natural variation and the explicitly spatial management system designed to allow small individuals to grow larger and more valuable. These fluctuations in natural advantages can have profound effects on fishing ports. We use methods from economic growth literature to show that ports with lower initial scallop landings have grown the fastest. Furthermore, good access to biomass influences long-run changes in landings, although this effect exhibits considerable variability across ports. We also find evidence of returns to scope, suggesting that ports with other fishing activities could be well positioned to attract new scalloping activity when stock conditions are favorable. Further investigation of the largest ports using time-series methods also shows a high degree of variability; there are long-run relationships between scallop fishing and harvestable scallop stock in some ports, short-run relationships in some ports, and no relationship between the two in others. We interpret this as evidence that heterogeneity in the natural productivity of the ocean combined with explicitly spatial fisheries management has induced a spatial component to the port-level response to changes in biomass availability.

scholarly journals Cross-section instability in financial markets: impatience, extrapolation, and switching

2021 ◽  
Author(s):  
Roberto Dieci ◽  
Xue-Zhong He
Keyword(s):  
Financial Markets ◽  
Cross Section ◽  
Asset Price ◽  
Asset Market ◽  
Long Run ◽  
Short Run ◽  
And Performance ◽  
Equilibrium Market ◽  
High Degree ◽  
Fundamental Price

AbstractThis paper presents a stylized model of interaction among boundedly rational heterogeneous agents in a multi-asset financial market to examine how agents’ impatience, extrapolation, and switching behaviors can affect cross-section market stability. Besides extrapolation and performance based switching between fundamental and extrapolative trading documented in single asset market, we show that a high degree of ‘impatience’ of agents who are ready to switch to more profitable trading strategy in the short run provides a further cross-section destabilizing mechanism. Though the ‘fundamental’ steady-state values, which reflect the standard present-value of the dividends, represent an unbiased equilibrium market outcome in the long run (to a certain extent), the price deviation from the fundamental price in one asset can spill-over to other assets, resulting in cross-section instability. Based on a (Neimark–Sacker) bifurcation analysis, we provide explicit conditions on how agents’ impatience, extrapolation, and switching can destabilize the market and result in a variety of short and long-run patterns for the cross-section asset price dynamics.

scholarly journals Trade and economic development: global causality and development- and openness-related heterogeneity

2020 ◽  
Vol 17 (4) ◽  
pp. 923-944
Author(s):  
T. Gries ◽  
M. Redlin
Keyword(s):  
Economic Development ◽  
Trade Openness ◽  
Panel Cointegration ◽  
Ordinary Least Squares ◽  
Development Stage ◽  
Long Run ◽  
Short Run ◽  
Method Of Moments Estimation ◽  
General Method Of Moments ◽  
High Degree

Abstract This paper reconsiders the classic relationship between trade and economic development. We examine the short-term and long-run dynamics between trade and income for 167 countries over the period 1970–2011 and assume that the effect is not homogenous for all countries but rather varies according to the development stage and the degree of trade openness. We apply panel cointegration, Granger causality and panel error correction in combination with Dynamic Ordinary Least Squares and General Method of Moments estimation to explore the causal relationship between these two variables. The results suggest a statistically significant positive short-run and long-run global relationship between trade and income. However, when splitting the panel into different income and trade openness groups, a long-run relationship is observed only for high-income countries and countries with a relatively high degree of trade openness.

A Note on the Structure of Pakistan's Foreign Trade (Notes & Comments)

1969 ◽  
Vol 9 (2) ◽  
pp. 212-223 ◽  
Author(s):  
Joseph J. Stern
Keyword(s):  
Developing Countries ◽  
Foreign Exchange ◽  
Terms Of Trade ◽  
Relative Price ◽  
Primary Commodity ◽  
Primary Products ◽  
Long Run ◽  
Short Run ◽  
High Degree ◽  
The Impact

Developing countries generally are not only concerned with the level of their export earnings but also with the commodity and geographic composition of exports, and, to a lesser extent, of imports. Concern over a high degree of commo¬dity structure in exports is usually based on its presumed association with adverse price movements. A more diversified export commodity structure will reduce the impact on the overall level of foreign-exchange earnings from price fluctuations in any particular commodity. While concentration on a few commodities need not be identified with being a primary commodity exporter, for many developing countries a high degree of commodity concentration is often correlated with the exports of primary commodities [6 ; 9]. The familiar terms-of-trade argument, the belief that the relative price of primary commodity exports will fall, over the long run, as compared to the price of industrial goods imports, provides a second rationale for seeking a diversification in the composition of exports. Even in the short run the prices of most primary products in interna¬tional trade vary more sharply from year to year than those of most industrial products thus providing an additional incentive for decreasing commodity con¬centration [5].

Oil prices and geopolitical risks: What implications are offered via multi-domain investigations?

2019 ◽  
Vol 31 (3) ◽  
pp. 492-516 ◽  
Author(s):  
Boying Li ◽  
Chun-Ping Chang ◽  
Yin Chu ◽  
Bo Sui
Keyword(s):  
Oil Prices ◽  
Sample Period ◽  
Low Frequencies ◽  
Time Frequency ◽  
Dynamic Relationship ◽  
Crude Oil Prices ◽  
Long Run ◽  
Short Run ◽  
High Degree ◽  
Geopolitical Risks

This paper firstly investigates the frequency- and time-varying co-movement and causal relationship between crude oil prices (proxied by the West Texas Intermediate, Brent, Dubai and Nigerian Forcados spot oil prices) and geopolitical risks based on the wavelet analysis over the period of 1985–2016. Overall, our results demonstrate significant dynamic co-movement and causality in the varying time–frequency domains. We find high degree of co-movement between geopolitical risks and oil prices at high frequencies (in the short run) for the entire sample period; however, such a correlation does not exist at low frequencies (in the long run) for most of the sample period. We also find distinct patterns of causal relationships between geopolitical risks and oil prices across different benchmark markets. Results are robust when we control for global economic outlook. Our findings provide valuable implications for policy makers and oil market investors based on the dynamic relationship between geopolitical risks and oil prices.

International Monetary Fund

1961 ◽  
Vol 15 (2) ◽  
pp. 299-305 ◽  
Keyword(s):  
International Monetary Fund ◽  
World Trade ◽  
Real Income ◽  
Fiscal Year ◽  
Industrial Countries ◽  
Board Of Governors ◽  
Long Run ◽  
The World ◽  
Short Run ◽  
High Degree

The annual report of the Executive Directors of the International Monetary Fund for the fiscal year ended April 30, 1960, was transmitted to the Chairman of the Board of Governors on July 8, 1960. In its discussion of the world economy in 1959–1960 the report noted that the year which ended April 30 had been marked by a continual upswing in world industrial activity and an increase in world trade, with industrial production up 10 percent over the recession year of 1958 and the value of world trade increased by 6 percent. During this period of business expansion the leading industrial countries had achieved remarkable success in the delicate task of maintaining a high degree of economic stability, without having to place severe restraint on the forces which helped to sustain the expansion of output and real income. The prices of many industrial materials, especially metals, recovered, but the market for primary products remained weak, and the prices of foodstuffs declined. It became evident that, given the mildness of the postwar recessions, the most pressing problem for primary producing countries was not that of finding compensatory finance in connection with short-run fluctuations in export proceeds, but rather that of establishing a satisfactory long-run trend in the volume and prices of exports and of preventing inflationary pressures from causing imports to expand beyond the available resources of foreign exchange. During the year under consideration the lessening of inflationary pressures and the marked strengthening of the payments structure of the world, along with the increasing supplies of both primary and manufactured products, created a situation in which international competition made itself felt more and more strongly.

Migration and US agricultural competitiveness

2013 ◽  
Vol 10 (2) ◽  
pp. 159-179 ◽  
Author(s):  
Philip L. Martin
Keyword(s):  
Farm Workers ◽  
Easy Access ◽  
Foreign Born ◽  
Guest Workers ◽  
Long Run ◽  
Short Run ◽  
Lower Wage ◽  
The Government ◽  
The One

Agriculture has one of the highest shares of foreign-born and unauthorized workers among US industries; over three-fourths of hired farm workers were born abroad, usually in Mexico, and over half of all farm workers are unauthorized. Farm employers are among the few to openly acknowledge their dependence on migrant and unauthorized workers, and they oppose efforts to reduce unauthorized migration unless the government legalizes currently illegal farm workers or provides easy access to legal guest workers. The effects of migrants on agricultural competitiveness are mixed. On the one hand, wages held down by migrants keep labour-intensive commodities competitive in the short run, but the fact that most labour-intensive commodities are shipped long distances means that long-run US competitiveness may be eroded as US farmers have fewer incentives to develop labour-saving and productivity-improving methods of farming and production in lower-wage countries expands.

Electricity consumption and economic growth in ASEAN

2017 ◽  
Vol 5 (2) ◽  
pp. 16
Author(s):  
Ahmad Ghazali Ismail ◽  
Arlinah Abd Rashid ◽  
Azlina Hanif
Keyword(s):  
Economic Growth ◽  
Energy Use ◽  
Electricity Consumption ◽  
Panel Estimation ◽  
Real Gdp ◽  
Long Run ◽  
Bidirectional Relationship ◽  
Short Run ◽  
Using Data ◽  
The Relationship

The relationship and causality direction between electricity consumption and economic growth is an important issue in the fields of energy economics and policies towards energy use. Extensive literatures has discussed the issue, but the array of findings provides anything but consensus on either the existence of relations or direction of causality between the variables. This study extends research in this area by studying the long-run and causal relations between economic growth, electricity consumption, labour and capital based on the neo-classical one sector aggregate production technology mode using data of electricity consumption and real GDP for ASEAN from the year 1983 to 2012. The analysis is conducted using advanced panel estimation approaches and found no causality in the short run while in the long-run, the results indicate that there are bidirectional relationship among variables. This study provides supplementary evidences of relationship between electricity consumption and economic growth in ASEAN.

Impact of exchange rate and oil price on the yield of sovereign bond and sukuk: Evidence from Malaysian capital market

2017 ◽  
Vol 5 (4) ◽  
pp. 27
Author(s):  
Huda Arshad ◽  
Ruhaini Muda ◽  
Ismah Osman
Keyword(s):  
Exchange Rate ◽  
Capital Market ◽  
Time Series Data ◽  
Oil Prices ◽  
Oil Price ◽  
Series Data ◽  
Sovereign Bond ◽  
Long Run ◽  
Short Run ◽  
The Impact

This study analyses the impact of exchange rate and oil prices on the yield of sovereign bond and sukuk for Malaysian capital market. This study aims to ascertain the effect of weakening Malaysian Ringgit and declining of crude oil price on the fixed income investors in the emerging capital market. This study utilises daily time series data of Malaysian exchange rate, oil price and the yield of Malaysian sovereign bond and sukuk from year 2006 until 2015. The findings show that the weakening of exchange rate and oil prices contribute different impacts in the short and long run. In the short run, the exchange rate and oil prices does not have a direct relation with the yield of sovereign bond and sukuk. However, in the long run, the result reveals that there is a significant relationship between exchange rate and oil prices on the yield of sovereign bond and sukuk. It is evident that only a unidirectional causality relation is present between exchange rate and oil price towards selected yield of Malaysian sovereign bond and sukuk. This study provides numerical and empirical insights on issues relating to capital market that supports public authorities and private institutions on their decision and policymaking process.

ANALISIS PENGARUH EKSPOR TERHADAP PERTUMBUHAN EKONOMI INDONESIA

2017 ◽  
Vol 11 (1) ◽  
pp. 1-20
Author(s):  
Ari Mulianta Ginting
Keyword(s):  
Economic Growth ◽  
Export Performance ◽  
Descriptive Analysis ◽  
Correction Model ◽  
Administration System ◽  
Long Run ◽  
Short Run ◽  
Available Information ◽  
Increasing Trends ◽  
The Relationship

Ekspor merupakan salah satu faktor terjadinya peningkatan pertumbuhan ekonomi suatu negara, sejalan dengan hipotesis export-led growth (ELG). Penelitian ini menganalisis perkembangan ekspor dan pertumbuhan ekonomi Indonesia periode kuartal I 2001 sampai dengan kuartal IV 2015. Penelitian ini menggunakan analisis deskriptif dalam menggambarkan perkembangan pertumbuhan ekonomi serta ekspor dan analisis kuantitatif metode Error Correction Model (ECM) dalam menganalisis efek jangka panjang dan jangka pendek dari ekspor terhadap pertumbuhan ekonomi. Pada periode penelitian, data yang ada menunjukkan bahwa ekspor dan pertumbuhan ekonomi Indonesia sama-sama mengalami peningkatan. Hasil regresi ECM menunjukkan bahwa ekspor memiliki pengaruh yang positif dan signifikan secara statistik terhadap pertumbuhan ekonomi Indonesia, yang mendukung hipotesis bahwa ELG berlaku untuk Indonesia. Berdasarkan hasil penelitian ini, maka untuk mendorong pertumbuhan ekonomi Indonesia diperlukan peningkatan kinerja ekspor Indonesia. Peningkatan kinerja ekspor Indonesia dapat dilakukan dengan berbagai cara, salah satunya adalah dengan perbaikan sistem administrasi ekspor, peningkatan riset dan pengembangan produk Indonesia, peningkatan sarana dan prasarana infrastruktur, stabilitas nilai tukar dan perluasan pasar non tradisional, termasuk perbaikan struktur ekspor komoditas. Export is one of the factors behind the economic growth which is in line with the export-led growth hypotesis (ELG). This research analyzes the relationship between economic growth and export of Indonesia during first quarter of 2001 until fourth quarter of 2015. It employs descriptive analysis to describe export movement and economic growth during the study period and ECM model to analyze the long run and the short run effects of export on the economic growth. The available information indicated that, during the study period, both export and economic growth showed similar increasing trends. The result of the ECM model revealed that export had a positive and statistically significant relationship with the economic growth, supporting the hypotesis of ELG in Indonesia. Hence, to accelerate economic growth, efforts are required to boost the export performance in Indonesia. The Export performance can be increased by several way, such as improving the export administration system, increasing the research and development of Indonesian products, improving the facilities and infrastructure, exchange rate stability and the non-tradisional markets expansion, and including improvement of the export commodity structure.

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