Search

What drives short-term credit spreads: credit risk, liquidity risk, or both? We investigate this issue using the structural approach to credit risk modeling and a novel data set of secondary market transaction prices for Chinese commercial papers (CPs). In particular, we propose and test a structural model with jump risk and exogenous market illiquidity under which the predicted yield spreads can be decomposed into a credit component and a liquidity component. We find that credit risk and, especially liquidity risk, are important determinants of short-term yield spreads. Our model-based decomposition results show that, on average, credit risk and market liquidity account for about 25% and 52% of CP yield spreads, respectively. For comparison, we also examine the drivers of the US CP yield spreads using security-level data. We find that credit risk accounts for a small fraction of the observed yield spreads but liquidity contributes a much greater proportion.

In 2016, the ICIJ independent organization released the leaks of the Panama Papers. Using the data presented, this thesis aims to evaluate and examine the models developed for the quantification of money laundering, analyze the variables that define the appeal of certain tax havens, and develop extensions to the Walker-Unger model. The proportion of illicit funds flowing from a source country to a host country was calculated using the Walker-Unger model as a reference while considering 35 source and 10 host countries. The variables were adjusted for statistical analyses input through multiple fractional probit regressions, and the outcome was compared to the original Walker-Unger estimates. At a 5% significance level, the research found significance between the account proportion and the independent variables. Furthermore, the evidence showcased more significant values obtained with the regression model, implying that the Walker-Unger model has become irrelevant in this modern era. Due to the following reasons, this study provides a perspective into improving the model through several recommendations.

The European Emissions Trading Scheme (EU ETS) aims to lower greenhouse gases inpollution-intensive industries. The success of the EU ETS, its policy framework and its pricingstrategy is both empirically acknowledged and disputed. The study contributes to the empiricalresearch on the effect of the price of EU ETS permits on carbon emissions. Therefore, the aimis to establish the relationship between the price of emission permits and CO2 emissions inrelation to each phase of the EU ETS, for Sweden and Finland with a focus on the Pulp andPaper Industry (PPI). Moreover, the focus lies on the difference in the effect of each EU ETSphase on CO2 emissions, allowing for discussion on the effectiveness of each phase. Using aNewey-West multiple linear regression analysis, we found statistically significant evidence thatduring Phase 3, EU ETS permit pricing had a negative effect on CO2 emissions for both Swedenand Finland, EU ETS permit pricing in Phase 1 seems to have a low positive effect on CO2emissions solely for Sweden, while Phase 2 does not have an effect on CO2 emissions for eithercountry. Our collected data implies some degree of ineffectiveness and uncertainty in thesuccess of the EU ETS framework and pricing strategy.

Drawing on language expectancy theory, we predict that linguistic errors in ICO white papers negatively impact investors’ willingness to financially contribute to ICO projects. We manually annotate a sample of 546 ICO white papers according to 13 different error subcategories related to spelling and grammar. The error-annotated data are subsequently submitted to regression analyses which confirm that linguistic errors discourage potential investments in ICOs. Specifically, our analyses reveal the presence of ‘high penalty’ vs. ‘low penalty’ errors which result in higher vs. lower financial investment losses for the ICOs. The negative impact of language errors is stronger when ICO white papers are (1) written in native English-speaking countries and (2) from countries without cryptocurrency regulation. Results from an experiment confirm that this relationship is not driven by the entrepreneur- or investor-specific characteristics. Overall, we highlight that the reader identifies linguistic errors as a major ‘red flag’ that ultimately affects financial decision-making.

The American Economic Association's Data Editor has reviewed more than 1,000 empirical articles since July 2019, and worked with authors to improve the reproducibility of their research compendia (replication packages). Some lessons emerge from this work. In this presentation, I will focus on lessons for young scholars (students and young researchers), on possible lessons even for more seasoned researchers. Students and researchers are embedded within institutions, and I will discuss the kind of support that institutions (universities, data providers, compute services) should be providing to students, faculty, and researchers, for a robust, reproducible, and transparent science enterprise. This particular version was presented in the IMLS National Forums on Data Quality, The opinions expressed in this talk are solely the authors, and do not represent the views of the U.S. Census Bureau, the American Economic Association, or any of the funding agencies.

Introducing a new method, we measure real estate agents' intentions to act upon a discriminatory request on the housing market. Our results show that realtors are willing to discriminate on request and that the method of mystery mails allows scholars to measure and contextualize these discriminatory intentions in a detailed and elaborate way.

In this collection of papers, we, the Research Group Critical Information Infrastructures (cii) from the Karlsruhe Institute of Technology, present eight selected student research articles contributing to the design, development, and evaluation of critical information infrastructures. During our courses, students mostly work in groups and deal with problems and issues related to sociotechnical challenges in the realm of (critical) information systems. Student papers came from five different cii courses, namely Emerging Trends in Internet Technologies, Emerging Trends in Digital Health, Digital Health, Critical Information Infrastructures, and Selected Issues on Critical Information Infrastructures: Collaborative Development of Innovative Teaching Concepts in summer term of 2021 and the winter term of 2021/2022.

This document summarizes various tips for economics research papers.

This paper compares Léon Walras’ and Augustin Cournot’s views on monetary regulation. It shows that whereas Cournot believed discretionary monetary regulation to be convenient and acceptable, Walras held that the only acceptable monetary system is based exclusively on the stability of the value of money under a monetary rule following a strict equivalence between metallic reserves and a pure medium of exchange form of money. The paper also advances Cournot understood more clearly than Walras the evolution of the monetary system of their days because Walras was trying to guarantee the coherence of his pure theory with his applied theory, which made him unable to accept the evolution toward a monetary system based on fiat money. Este artículo compara las teorías de Léon Walras y Augustin Cournot sobre regulación monetaria. Demuestra que, si bien Cournot creía que era conveniente y aceptable la regulación monetaria discrecional, Walras sostuvo que el único sistema monetario aceptable es el basado en la estabilidad del valor del dinero bajo una regla monetaria que siga una estricta equivalencia entre las reservas metálicas y el dinero, considerado como puro medio de cambio. El artículo también apunta a que Cournot entendió mejor que Walras la evolución del sistema monetario de su época dado que Walras trataba de mantener la coherencia de su teoría pura con su teoría aplicada, lo que hizo que fuera incapaz de aceptar la evolución hacia un sistema monetario basado en dinero fiduciario.

We examine the trends in the studies published in international trade journals indexed in Web of Science (WoS) before and after the 2008 Global Financial Crisis (GFC). This study investigates the 5001 abstracts of trade articles starting from the post-millennium period by addressing issues in WoS database trade journals using the Latent Dirichlet Allocation (LDA) topic model. The purpose of the study is to evaluate whether topics and words differ that have been discussed in international trade literature before and after GFC. Mostly, contain topics differ when two periods are compared, although trade agreements and disputes, stock markets, and growth issues are frequently mentioned in both periods. In the post-crisis period, volatility, banks, and firm-specific issues are more popular. It is also among the findings that Asian economies gained importance after GFC. Generally, it has been revealed that the topics and titles in the trade literature can reflect current developments in international economics. Therefore, probably for next years, advances in technology as blockchain, emerging economies –especially China and India – and firm-based micro-scale papers will dominate the trade journals.

When scholars investigate the legacy of John Maynard Keynes’s Treatise on Probability (1921) for the development of Keynes’s thinking, the attention usually focuses on the connections among Keynes’s probability theory, his conception of decision-making under uncertainty, and the theory of the functioning of the macroeconomic system that derives from it—through the marginal efficiency of capital, the preference for liquidity, and the self-referential functioning of financial markets. By contrast, this paper aims to investigate the connections between Keynes’s probability theory, on the one hand, and his economic policy recommendations, on the other. It concentrates on the policy recommendations defended by Keynes during the Great Depression but also after the General Theory. Keynes’s economic policy can be understood as a framework for decision-making in situations of uncertainty: fiscal policy aims to induce private agents to change their “rational” probability statements, while monetary policy aims to allow more weight to these statements.

Purpose The pulp and paper industry has been the focus of government policies ever since independence. This is the only industry where government plays a multi-dimensional role – not only as the regulator but also as the supplier of raw material and as the buyer. Despite the government's omnipotent role, there is evidence that industry is not very competitive, as it has very high energy and water intensity and poor productivity. A potent factor identified in the literature for the underperformance of the industry or for that matter any economy is the kind of technology used by the firms in the sector. This paper aims to look into the role of government policy in affecting the growth of the industry and what role embodied technology has played in influencing the efficiency of firms in Indian pulp and paper industry. Design/methodology/approach For the first question, the study uses 66 years of production data of the industry from 1951 to 2016 and tests for the structural break. For the second question, the study uses cross-section plant-level data for the year 2011-2012 of 160 paper manufacturing units to first estimate the stochastic production frontier (stochastic frontier analysis [SFA]) and then uses the output of SFA to find an association between embodied technology gap (TG) and technical efficiency. A methodological problem in earlier literature is the use of the productivity gap as a proxy for embodied TG. The present study uses technical parameters of papermaking – machine deckle and operating speed – to construct an index of TG. Findings The results show a structural break in the production trend occurring in 1999 with the delicensing in July 1997 as the possible cause. The SFA results show that the average technical inefficiency (TE) of the firms in the sector is 74 per cent with half of the firms having TE higher than 76 per cent. The study, however, does not find any impact of embodied TG on technical efficiency; rather it is the age, size, ownership and location that have an impact on it. Originality/value This is an original research, as the author has not come across any study in Indian context or elsewhere using technical parameters to construct TG variable.

The Trends in Employment and Labour Productivity in the Pulp and Paper Industry. Despite many challenges, the pulp and paper industry is a dynamically developing branch of industry in the world. It seems that especially growing competition from less developed countries, such as Indonesia, and the falling demand for paper may be reasons for the difficulties of pulp and paper factories, i.e. decreasing profitability of paper production and number of employed in this industry in recent years. From the perspective of the employment volume and related work efficiency, it was interesting to examine and assess employment and the use of human resources in pulp and paper industry, especially in the countries of the Visegrad Group, which economies have been characterized by stable GDP growth in recent years. The paper analyses the value of pulp and paper industry production and its structure in the Visegrad Group countries relative to EU28 countries and employment and age structure of the employed

يناقش البحث صيغا جديدة من الصيغ المعاصرة في التبادلات المالية (الأوراق المالية قصيرة الأجل). وبعد التعريف بها وبيان أصلها الشرعي، تناولت الدراسة البعد المقاصدي لهذه الأوراق المالية، وإذا كان قصد مشرعي القانون الخاص من هذه الأوراق السرعة، والائتمان، والتوثيق، فهذه المقاصد تتفق مع قصد الشارع من استيفاء الحقوق، وحفظ الأموال، ومبدأ التوثيق العام، كما تنطلق من روح الاقتصاد الإسلامي، من حرية السوق والتنافس، والتيسير في المعاملات التجارية، وكسر الحواجز بين الطبقات، وسرعة تبادل المال وتنقله، وتحريم الإكتناز، والوضوح والشفافية التي تعتبر معيار لصحة العقد وبركته، فالمعاملات المتكررة لها خصوصية في التشريع الفقهي الذي يتوافق مع متطلبات السوق، وحركته في العامة. وقد استخدم الباحث المنهج الوصفي التحليلي، بمناقشة المنتج المالي وبيان مفهومه، ثم جذره المقاصدي، وتحليل نصوص الشارع في ذلك، وبيان قصد الشارع من هذه الأوراق المالية. الكلمات المفتاحيّة: الأوراق التجارية (الكمبيالة، سندات لأمر، الشيك)، العرف التجاري، الائتمان، التوثيق، التبادل. Abstract The research discusses new forms of contemporary formulas in financial exchanges (short-term securities). After the definition and stating their legal origin, the study examined the intent dimensions of these securities. If the intention of the private law legislators of these securities is to quickness, credit, and documentation, thus, these purposes are in line with the legislator's intends to fulfill the rights, preserve the funds, and the principle of public documentation. It is also in line with the spirit of the Islamic economy, of market freedom, and competition, to facilitate trade transactions, to break down barriers between classes, the speed of exchange and transfer of money, the prohibition of hoarding, clarity, and transparency that are a criterion for the validity of the contract And his blessing. The repeated transactions have specificity in the jurisprudential legislation that corresponds to the requirements of the market, and its movement in public. The researcher used the descriptive-analysis method by discussing the financial product and explaining its concept. Its intent root, and analyzing the legislator texts in that, and explaining the intent of the law-giver from these securities. Keywords: Business papers, bills to order, check, trade usage, credit, documentation, exchange.

During the colonial era, the French colonial government in Canada experimented with paper money printed on the back of playing cards. The first experiment lasted from 1685 to 1719. In the first years, there was little inflation in spite of a rapidly expanding stock of playing card money. It is only in the later years of the experiment that prices rose. The behavior of the money stock and nominal output suggest that velocity fluctuated throughout the period. We argue here that these fluctuations can be explained by variations in the enforcement of legal tender laws. This interpretation provides insights into the debate over the inflationary impact of paper money in the colonial United States.

Progress toward a sustainable and circular economy (SCE) is crucial to mitigate the large-scale exploitation of natural resources and the pile-up of man-made materials in the environment. Carrier b...

This registration contains supplementary files for the the meta-analysis of e-cigarette price elasticity. The supplementary files include the analytic code, data, and PRISMA items. The meta-analysis was pre-registered with OSF at https://doi.org/10.17605/OSF.IO/9HBWQ

In 1973 Sweden entered into a free-trade agreement with the EEC. This meant that the EEC principle of prohibition of cartels met with the Swedish principle of abuse. Paper production was heavily ca...

Over the last 25 years, Asia’s economic rise has been extraordinary. Its share of global gross domestic product (GDP) has risen from 5.8% to 22.9%. 1 The first phase of high economic growth — up to 1995 — saw Asia enter the global supply chain primarily with labor-intensive/low-cost manufacturing. Domestic consumption was a fairly low share of GDP; Asia was manufacturing mainly for consumption in the US and Europe. As such, it was primarily a rule-taker. In the second phase — from 1995 to 2020 — it gradually turned into an economic force joining the US and Europe in shaping the global economy, exercising significant influence upon the value chain, the cycles of the global economy, transport and logistics, the global capital markets and consumption patterns (consumer preferences and tastes). While not yet among the leading rule-makers, it had become difficult for policymakers (public and private) to make decisions without Asia’s consent. To form an opinion of today’s emerging third phase — post 2020 — the intriguing question is whether the Asian countries have adopted what may be termed Anglo-American economic thinking (basically, the primacy of the market). Or whether behind the curtain, the Asian economy works in its own way diverging from the American and British economic schools. Since demographics and sheer economic scale mean that Asia will dominate the global economy in the years to come, the nature of the Asian economy will be of crucial importance for the future global economy. The conclusion of this paper is that “Asia” in many respects differs — and fundamentally so — from market economy principles. How this prospect should be interpreted is also evolving, as circumstances change. Certainly, the repercussions of COVID-19 have not been the same in the US, Europe, East Asia and South Asia — and this may suggest that socio-political structures have a stronger impact on economic outcomes than economic theory teaches, thus calling into question the global validity of market economy principles.

Presentation given at workshop "The impact of the COVID-19 pandemic on publication behaviour in Economics and Business Studies", organised by ZBW – Leibniz Information Centre for Economics, Kiel, Germany.

The Ottoman Empire introduced paper money called kaime which was also a bill of exchange bond to bearer in order to finance the reforms of the Tanzimat and to overcome the financial and fiscal difficulties of the previous period, and adopted a foreign exchange stability policy and a fixed Exchange rate system to stabilize its currency which gradually lost its value against the foreign currencies due to ongoing adulterations. Related to the developments that took place over time, the monetary policy of the government has also changed; interest-free paper money was eventually introduced to the market by decreasing the interest rates gradually. Due to the Crimean War and the economic and financial difficulties experienced during the war, the amount of paper money in the market was increased uncontrollably. The fact that the money market in the Ottoman Empire was not sufficiently organized and the weakness of the state control over the market caused intensive speculative activities to be carried out by the bankers and brokers who took on intermediary duties in the market. Following the Crimean War, the increasing influence of Western powers on the Ottoman finance was a factor that restricted the speculative activities. The Random Walk Hypothesis suggests that the future prices cannot be predicted using the current information, thus speculative gains will not be possible. In this study, the Random Walk Hypothesis in the paper money market and the Exchange rate market in the Ottoman Empire are analyzed with reference to economic and historical facts. For this purpose, Variance Ratio Test and unit root test with structural break were adopted. The results of the analysis, on a large scale concluded that the Random Walk Hypothesis is valid in both markets and that there are economic and political developments behind the structural breaks.

Globally we are witnessing a rapid proliferation in new electronic forms of payment owing to rapid developments in digitalization and data processing. The movement towards a cashless society that started very slowly through cheques, debit and credit card, followed by numerous steps adopted by banks introducing netbanking facilities with NEFT, IMPS, RTGS today the evolution is accelerated with the advent of robust payment mechanisms such as mobile-based bank apps and other payment applications and mobile wallets. With these newer payment modes becoming more accessible, convenient, and cost-efficient, there is widespread adoption of cashless means in developing and emerging economies. The Indian government’s demonetization initiative made 86% of cash in circulation declared as illegal tender overnight on November 8, 2016.The much recent global pandemic of 2020 filled the public with fear of bacterial, fungal, and parasitic contamination of currency notes. These factors have further lead to the decline in the usages of paper currency. This paper explores some of the issues associated with the waning of paper currency usage in India.

PurposeThe purpose of this paper is to analyze papers that have been published in the Journal of European Real Estate Research since its inception in 2008.Design/methodology/approachThe author analyzes papers published from 2008 to 2019 in theJournal of European Real Estate Researchby authors’ country of affiliation, by country of study and by theme.FindingsTheJournal of European Real Estate Researchpublishes papers from scholars from an increasing number of countries, in particular in Central and Eastern Europe. Papers that provide a comparative analysis of countries constitute the largest category of contributions. The three most popular themes remain housing, valuation and investment/portfolio management. However, the dynamics of the three categories differ notably.Originality/valueThis paper provides for a clearer understanding of key dimensions of real estate research in Europe.

This chapter depicts and unpacks the nature of production and work, the special skill profile that made paper mills distinct if not unique, and how over time owners and workers forged a mutually acceptable paternalism. It describes paternalism as the glue that made Maine's paper mills both successful businesses and durable communities during the paper industry's halcyon years from the late nineteenth century through the 1970s. It also looks at the situation in the S. D. Warren Company to understand the critical role of skill and the paradox of suffering and success that marked the paper workers' lives. The chapter highlights that paper mill work delivered high wages and benefits, and offered remarkable jobs and economic security with few parallels in Maine's generally lower-wage, blue-collar sectors. It reveals how the lives of paper mill workers demonstrate the crucial place of skills, craft pride, and membership in a high-status industrial community.

Sir, I refer to the recent Price (2020) paper “Considerations concerning CAVAT: what does its tree amenity value actually measure?” and am grateful for the opportunity to respond. Firstly, I should...

This study aims at to make a heuristic analysis of energy efficiency performance of Indian paper industry in a non-parametric production theoretic approach. Using the data for 2004–05 to 2013–14, radial and non-radial variants of DEA were employed to estimate energy saving potential and identify the relative position of paper industry across the states. Preliminary analysis in terms of energy intensity scores showed declining trends of energy intensity over the period of analysis for most of the states except states like Assam, Chhattisgarh, Kerala and Punjab where it does not decline much. Assuming a variable returns to scale (VRS) technology under the conditions of inherent heterogeneity and market imperfection, the slack-based measure (SBM) reported a much higher energy saving potential than reported by other measures in the study. Further by taking scale efficiency into account, the study documented the higher contribution of pure energy inefficiency in explaining the total energy inefficiency within the paper industry relative to scale inefficiency. Finally, the study recommends the propagation of energy efficiency program through a market-based and regulatory mechanism along with consolidation and technological advancement of individual units, in order to tap vast energy saving potential and thereby ensure the growth and environmental sustainability.

In this collection of papers, we, the Research Group Critical Information Infrastructures (cii) from the Karlsruhe Institute of Technology, present nine selected student research articles contributing to the design, development, and evaluation of critical information infrastructures. During our courses, students mostly work in groups and deal with problems and issues related to sociotechnical challenges in the realm of (critical) information systems. Student papers came from four different cii courses, namely Emerging Trends in Digital Health, Emerging Trends in Internet Technologies, Critical Information Infrastructures, and Digital Health in the winter term of 2020 and summer term of 2021.

The working paper is devoted to the issues of taxation in the digital economy. The main focus is on the concept of "user value". The authors argue that the widespread adoption of this concept has led to developing new approaches to calculating this value and the subsequent taxation of companies that profit from the use of user data. The working paper examines the steps taken at the country level to develop taxation based on user value and the difficulties of implementing the concept. Nevertheless, the authors come to the conclusion that reforming the global tax system in this direction is inevitable.

Since the Uppsala process model was launched 1977, we have seen an extensive amount of research on the internationalization of firms, with the model as a point of departure. Here, we analyze an interesting article published in JIBS by Trevino and Doh, who apply a discourse-based view on the internationalization of the firm. We place their work in the context of the research conducted after the Uppsala model was developed with special reference to the generalizing and singularizing purposes of some typical contributions. We raise issues concerning to what extent the Trevino–Doh article is actually modeling firms’ internationalization process, how a discourse-based approach differs from other studies on a firm’s strategic behavior, and if the cases used by the authors actually contribute to our understanding of the discourse-based methodology.

Complexity and complexity economics are relatively new fields of science, both of which started at the beginning of the 1980s. As it had emerged, questions have been raised regarding complexity’s applicability on human-involved systems and its predictive powers. Economics has been in the spotlight in recent years within the framework of complexity, since economics is one of the most well-established fields in social sciences. Within this framework, the field is referred to as complexity economics. While in its early years, complexity economics research had distanced itself from the reductionist neoclassic tradition of economics that has been identified by its use of, and reliance on, descriptive equations. One of the salient feature of complexity economics is its somewhat unorthodox approach to economic systems, as in its emphasis on non-equilibria. However in recent years, the proponents have become more assertive that complexity economics needs to be more modest and symbiotically co-exist with well-established mainstream economics. Although we focus on economics under the prism of complexity, our underlying interest is in the investigation of how other disciplines, such as industrial engineering and operations research, may benefit from a similar complexity-oriented perspective. Keywords: Complexity, complexity economics, mainstream economics, equation-based economics, non-equilibrium

The focus of this review research is on skill mismatch rather than educational mismatch. Specifically, this research examines the definition, extent, measurement of skill mismatch, and the impact of skill mismatch on earnings, productivity, and job satisfaction of employed individuals. Skill mismatch occurs when a worker’s possessed skills are incompatible with the required task-related skills. Skill underutilization or overskilling arises when the skills of an employed individual exceed those required to perform the job. On the other hand, skill overutilization or underskilling ensues when a worker’s skills are below those required to perform the task. The extent of skill mismatch varies from country to country and by measurement approaches: subjective (self-assessment) and objective approaches. The literature review also reveals that underskilling often results in a wage premium and overskilling in a wage penalty. In addition, skill mismatch has a negative impact on productivity and job satisfacti.

The part played by unemployment in the rise to power of Hitler weighed on the minds of leaders in Western democracies. There was a determination to create a world in which large-scale unemployment was abnormal and at worst only a temporary phenomenon. The war had shown that this was possible in a community united to pursue a common goal and the aim was to create such a community in a world free from the horrors of war, by creating communities in which the welfare of every person was important. Australia was remarkably successful in achieving this for 30 years. Its success depended on governments responding to any sustained increase in unemployment by undertaking large increases in public sector expenditure supported by accommodating monetary policy and tax cuts if desirable. In bad times as well as good, there was a determination to ensure that both the incomes and prices paid for necessities by the less well-off did not force anyone to live in poverty. The biggest obstacle to achieving this today is the growth of neoliberalism with its emphasis on ‘freedom’ or giving individuals the ability to act as they please with minimal constraints and an ideological commitment to small government.

North Carolina’s colonial assembly emitted its own paper money and maintained some amount in public circulation during its entire history as a separate colony. No systematic or statistical analysis...

Both trade and production of graphic paper have decreased over the last three decades. While this general decrease can partially be attributed to increased prominence of information technology, the overall figure is devoid of context and thus of most of its meaning to global economy. In this study we aim to break this trend down across the geographical and temporal scope, across its supply-chain commodities and to find out what drives the global trade patterns. Econometric trade models focus on the trading countries and direct exports or imports but fail to consider the structural and the indirect trade relations. We take the approach of network analysis, where the emphasis is on the structure of trade and not on country-level descriptors. We focus on 1995–2017 period as within it this decrease can be observed and assess the entire graphic paper and pulp supply chain, consisting out of printing and writing paper, mechanical wood pulp, chemical wood pulp, semichemical wood pulp, pulp made from fiber other than wood, recovered paper and paperboard. We employ descriptive statistical and network analysis, grouping and role analysis, and end with an inferential logistic regression quadratic assignment procedure model. Results show that newsprint trade decline is mirrored in printing and writing paper and mechanical wood pulp. The trade network densities have remained generally stable throughout the observed period, but the topological proprieties of the individual product groups vary greatly. Although no stabile grouping of countries throughout the assessed period could be observed, role analysis shows that countries tend to trade within their continent, that European countries are at the core of the trade network, and that the structural shift of decline of the trade value is followed by increasing prominence of several Asian countries, such as China and Indonesia. The most important finding of the study is that internal trade effects such as reciprocity and transitivity are much more explanatory than classical effects used in trade models such as GDP per capita, geographical distance or forest endowment.

The purpose of this study was to find out and give empirical study thru the effect of Current Ratio (CR) and Debt to Equity Ratio (DER) in la partially and simultaneously on the Return On Equity (ROE) at PTIndah Kiat Pulp &Paper, Tbk for the period 2012-2018. The research method uses secondary data in the form of financial statements of PT Indah Kiat Pulp & Paper, Tbk and data analysis using multiple linear regression, classic assumptions test which include the normality, multicollinearity, heteroscedasticity and Autocorrelation tests, with hypothesis tests. The results showed that the Current Ratio (CR) and Debt to Equity Ratio (DER) has simultaneous influenceto the Return On Equity meanwhile each of Current Ratio and Debt to Equity Ratio has no influence to the Return On Equity.

In this article, we argue that anyone who accepts that (1) voting should be compulsory, (2) voting should be secret, and (3) voting should be done by paper ballot ends up with a morally problematic position. In electoral systems where compulsory voting is implemented and the secret paper ballot is in place, it is impossible for officials to check if an elector has cast a valid vote. Therefore, only those who fail to show up at the polls are penalized under the law of compulsory voting. Those electors who show up at the polls but do not vote are not penalized. We argue that this practice amounts to officially sanctioned unequal enforcement of a law, and that such a practice is morally problematic. We then argue that this problem should be solved by rejecting compulsory voting in favor of true mandatory attendance, that is, a regime where the law on the books requires only showing up at the polls on election day as opposed to formally requiring that electors actually cast a valid vote. This is so since only mandatory attendance can be enforced without infringing on the secret ballot, and the law on the books ought to reflect what is actually enforced in practice.

Extant economic literature has acknowledged monetary policy as a key factor influencing infrastructural growth through different channels, such as affordable housing and efficient transportation, among others. However, in recent times, the Nigeria’s experience suggests a conflicting position on the above supposition. It is against this backdrop that this study set out to investigate the nexus between monetary policy and infrastructural growth within the Nigerian context, time series data from 1981 to 2018, and utilizing the Fully Modified Least Squares (FMOLS) estimation technique. The results show that both real interest rate and inflation rate exerted negative and statistically significant impact on infrastructural growth, while federal government capital expenditure and net official development assistance impacted positively on the level of infrastructural growth in the period under assessment. In the light of the study’s findings, the study recommends that, the monetary authority should carefully review existing lending interest rate downward to a single digit that will be investment driven particularly in the face of current global economic uncertainties occasioned by the COVID-19 pandemic that has led to the collapse of many economies across the world.