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The question whether there are virtual objects grows more salient, as virtual reality (VR) technology becomes commercially viable. Arguments for realism about virtual objects rely on virtual causation. This paper argues that current accounts of virtual causation (both realist and irrealist) are inadequate – realists oversimplify the relation between virtual objects, virtual events, and their digital counterparts, while irrealists conflate virtual objects with their on-screen representations. Once these issues are rectified, it becomes clear that virtual causation is illusory, because the presumed structure of causal interactions between virtual objects does not map onto the structure of causal interactions between underlying computational objects and processes. Thus, the key realist contention that the causal interactions between virtual objects reveal their identity with the underlying computational objects and processes (digital objects) cannot be sustained. I conclude that an appropriate understanding of virtual causation favours irrealism about virtual objects. [ABSTRACT FROM AUTHOR]

• We rely on a multi-sectoral balance-of-payments constrained growth model that incorporates intermediate imports. • We explicitly incorporate the effects of intermediate imports and relative prices into the analysis. • The outcome of the study shows that the multi-sectoral balance-of-payments constrained growth model correctly predicts Turkey's growth path. • Heightened dependence on imported intermediates, resulting in a reduction in the income elasticity of export demand and an elevation in the income elasticity of import demand, could potentially exert adverse effects on the overall economic growth. • Countries, like Turkey, can benefit from increasing the usage of available domestic inputs in export production to reduce leakage occasioned by the extensive importation of foreign factor inputs. Several countries rely heavily on imported intermediate inputs for the manufacturing of their exported goods. Understanding the implications of this reliance on a country's growth performance is vital. To address this issue, we conducted an in-depth analysis using the multi-sectoral balance-of-payments constrained growth model with data from Turkey spanning 1970 to 2019. We used the autoregressive distributed lag method to estimate sectoral export, final import, intermediate goods import, and total import demand functions for five technology-based sectors. Subsequently, we calculated growth rates using the multi-sectoral balance of payments constrained growth models, factoring in the estimated income and price elasticities, as well as the respective sectoral shares in total exports, total imports, total final imports, and total intermediate goods imports. Our results demonstrate that the multi-sectoral balance of payments constrained growth model, which incorporates the impact of imported intermediate goods, successfully predicts Turkey's growth path. The findings indicate that structural changes in the production process and the use of imported intermediate inputs have a positive impact on exports. However, Turkey's significant dependence on imported intermediate goods during the production process leads to a decrease in the multi-sectoral balance of payments constrained growth rate. [ABSTRACT FROM AUTHOR]

This paper deals with global imbalances as an increasingly important issue in our age. While the literature establishes that current accounts are inversely related to the ratio of income to consumption inequality in OECD, our study finds that this relationship is reversed in Asia. That ratio has much to do with various schemes of consumption smoothing, which are affected by policy interventions to alleviate the effects of rising income inequality. Different policies may generate opposite outcomes. In OECD, policy encourages consumer credit and deficit spending among low-income people so that consumption inequality is kept artificially low, leading up to a current account deficit. In Asia, policy promotes output growth via high savings with no well-developed smoothing schemes designed to help poor households, so that consumption inequality moves in line with income inequality, with excess savings recycled into a current account surplus. Hence, any reduction in global imbalances requires both regions to adjust their policies for mitigating income inequality and optimizing smoothing schemes. [ABSTRACT FROM AUTHOR]

This study aims to examine the relationship between customs policy and the economic blocs of which Egypt is a member, with a focus on the theory of New Regionalism and modern trends in customs policies. Egypt joined numerous economic blocs following its accession to the world trade organization (WTO) in 1995, yet this membership has not yielded significant positive impacts on the performance of Egyptian exports or the trade balance. The study utilized panel data analysis of Egypt's international trade from 2001 to 2023. The results indicate that, despite Egypt's limited success in reaping the benefits of most economic blocs, largely due to the concentration of Egyptian exports in primary and agricultural products and the low tariff rates, factors such as customs clearance processes, tariff barriers, non-tariff barriers, regional trade agreements, and technology adoption still play a crucial role in influencing trade volume among member countries. The findings highlight the significance of effective customs procedures and the reduction of trade barriers in boosting trade volumes within regional trade agreements. The study proposes a strategy for Egypt's customs policy to maximize benefits from economic blocs, focusing on four key areas: aligning customs policy planning with targeted export sectors to realize trade creation and trade diversion effects; fully implementing trade facilitation programs and liberalizing customs policy procedures; adopting a national strategy to stimulate high value-added export industries as a long-term solution; and adopting regional trade agreements that support cumulative origin as a short-term solution. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomske Ideje i Praksa is the property of Centar za Izdavacku Delatnost Ekonomskog Fakulteta u Beogradu and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article provides an overview of Japan's industrial production and its potential for recovery. The production index for April to June 2024 was lower compared to pre-pandemic levels, with industries such as transport equipment and chemicals being particularly affected. The article also examines the shipments-inventory balance and its impact on production. While electronic parts and devices have shown positive growth, it remains uncertain if this trend will extend to other industries. The article includes a series of data tables from various government sources, covering economic indicators such as cash salaries, job openings, unemployment rates, money stock, balance of payments, trade statistics, and foreign trade statistics. [Extracted from the article]

This paper investigates the impact of four historical tropical storms on the Colonial Bank's operations in the British Caribbean between 1922 and 1927. By employing a high-frequency data set of bank transactions, this study reveals how these severe shocks influenced the banking activities of clients. The findings reveal a multifaceted and significant impact of tropical storm strikes on the banks' operations, particularly a surge in borrowing via overdrafts of current accounts. Moreover, the study reveals the multifaceted nature of such storms' impact on the bank's functionality, with affected branches demonstrating an uptick in deposits and savings as a strategy to mitigate funding shocks. The results of the econometric analysis indicate that the impact of such storms on banks' functionality during the early 20th century was significant and multidimensional. It highlights the critical role that the Colonial Bank plays in facilitating recovery from these devastating events and contributes to the existing literature by studying multiple shocks at different geographical locations and time frames. [ABSTRACT FROM AUTHOR]

Collective intentional actions are intentional actions of more than one individual. These actions come in many forms. Some are pursued spontaneously by strangers in face-to-face situations, others are performed by highly coordinated groups of individuals that know each other very well, others are actions in which the participating individuals, widely spread in space and time, act in organized ways. Current accounts of collective intentional action have privileged one or other kind of case, leaving out the study of other cases. This paper seeks to remedy this situation by offering a methodological framework that allows to study, both conceptually and empirically, all the variety of cases of collective intentional actions. It first presents the standard accounts of collective intentional action and argues that they fail in capturing all the cases that arguably count as cases of this kind. It then puts forward a multidimensional and paradigmatic (MAP) methodology for the study of collective intentional actions. It is shown how this methodology offers a unified, overarching, characterization of collective intentional actions. In conclusion, the paper compares the different methodologies and shows how the MAP methodology can inform the interdisciplinary study of collective intentional action. [ABSTRACT FROM AUTHOR]

We develop an account of societal democratization that synthesizes cultural sociology and deliberative democracy. Cultural sociologists emphasize the symbolic inclusion of marginalized groups into the civil sphere. Deliberative democrats stress growth in the deliberative capacity of society. We argue that democratization entails the co-evolution of culture and reason. The basis of co-evolution is the performative construction of an inclusive demos, which requires a deliberative background but is also a source of the moral emotions that motivate deliberation. Since moral emotions can also sweep people up and make them do reckless things, they must in turn be redeemable in inclusive deliberation. This synthesis sharpens a normative position for the evaluation of episodes of inclusion, extends current accounts of the place of emotion in cultural sociology and deliberative democracy, and provides a frame for comparative analyses of democratization. We illustrate with an examination of the exclusion and inclusion of Indigenous Australians. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to analyze the relationship between Islamic governance (IG) and leverage and examine the interaction of corporate social responsibility disclosure (CSRD) in the relationship between IG and leverage. Design/methodology/approach: This study used 444 observational data comprising Asian, European and African Islamic banks (IBs) and analyzed using the regression analysis method to answer the research hypothesis. Findings: This study finds that IG had a significant positive effect on leverage, indicating that it can increase the leverage of IBs. In other words, IG boosts the public confidence to entrust their funds to IBs through current accounts and savings. However, this study shows that CSRD weakens the relationship between IG and leverage. In addition, this study includes the control variables of board size, Islamic supervisory board size and company size, where all three variables showed their effect on leverage. These results were obtained through additional analysis by categorizing our sample based on CSRD. Research limitations/implications: The results of this study show that IG significantly positively affects IB leverage globally. This can be used as a basis for policymakers to include the ICG variable in analyzing IBs leverage. The weakness of this study is the use of IG variables based on disclosure so that IG components that affect leverage cannot be analyzed accurately. Future research can use the IG variable by using specific IG component values such as the number of meetings, member attendance and remuneration of SSB members in analyzing IB leverage globally. Originality/value: To the best of the authors' knowledge, this research is the first study to discuss the interaction of CSRD with IG on leverage in Islamic banking in Asia, Europe and Africa, thus adding to the existing literature on Islamic banking. [ABSTRACT FROM AUTHOR]

Unreasonable medical fees can cause problems such as increased medical costs, greater medical disparities, decreased medical standards, and physician shortages. To prevent such problems, it is important to set appropriate medical fees, ensure their proper use, and improve the efficiency of medical care. The treatment of patients with maxillofacial defects is generally more expensive compared with general prosthodontic treatment because it involves more materials and requires more frequently follow-ups for longer period. However, the actual time required for maxillofacial prosthetic treatment is unclear. Therefore, in this study, we aimed to clarify the amount of time spent treating maxillofacial prosthetic patients. We analyzed clinical data from patients undergoing routine maxillofacial prosthetic treatment, irrespective of difficulty level, at 8 university hospitals and 2 dental clinics. We also collected data from maxillofacial prosthodontists on the treatment time required for various Japanese health insurance items, including the fabrication of maxillofacial prostheses. The results revealed that some aspects of maxillofacial prosthetic treatment may take longer to perform and are more costly to perform than previously thought, suggesting the need for some adjustments to the health insurance reimbursement system. Maintaining an appropriate balance between expenditures and fees will greatly benefit patients and physicians, ensuring positive health outcomes and a healthy society.

This study examines the impact of corporate taxation on the external balances of 27 European Union member countries from the late 1990s to 2021. Using an ARDL process and a 2-stage least squares estimation procedure, we find that, in the short term, higher corporate taxation is positively and significantly related to the current account balance and the trade balance for the whole sample. There are considerable differences in the effects in the euro area and non-euro countries, with the latter experiencing a much stronger short-term impact. In the long term, there are no critical differences in the results between the two groups, and the impact of corporate taxation is positive but statistically significant only for the trade balance. The size of the impact of corporate taxation on net exports and current account balances is of similar magnitude, which likely implies that the international profit shifting via manipulating intrafirm prices in international trade does not strongly affect the external balances in our sample. Our results imply that initiatives to increase global tax rates could be justified from an international trade perspective. [ABSTRACT FROM AUTHOR]

Purpose: This paper examines the relationships between bank switching and both customer vulnerability and consumer-oriented policies (financial education and disclosure practices). Design/methodology/approach: The analysis employs microdata from the Special Eurobarometer on Financial Products and Services, for 24 European nations. It carries out a probit estimation on the factors explaining propensity of bank switching, focusing on three characteristics associated with customer vulnerability: an advanced age, low educational attainment and residence in a rural or a relatively poor region. Findings: The authors report that the probability of bank switching is significantly lower for three groups of vulnerable customers: the elderly, the less educated and those living in deprived regions. Further the authors identify that national financial education policies and disclosure practices have no significant effects on bank switching. Research limitations/implications: Based on these results, the authors propose more targeted policies recognising customers' heterogeneity are required to increase bank switching behaviour. Originality/value: This paper exploits a unique source of information on bank switching behaviour and customer characteristics across European nations. These data are complemented with information about consumer financial education policies and disclosure practices from the World Bank and geographical, market and regulatory factors at the regional and national levels. The paper contributes to two academic areas. First, it presents further evidence on heterogeneity of bank customer switching behaviour, addressed at improving the understanding of customer vulnerability in banking services. Second, it examines the efficacy of consumer-oriented policies (financial literacy and disclosure practices) in encouraging bank switching. [ABSTRACT FROM AUTHOR]

This research aims to measure the impact of artificial intelligence on economic growth in China by measuring the relationship between the rate of economic growth in China and artificial intelligence. Quantitative methods were used to estimate the relationship between the study variables. The research results showed a strong correlation between some of these variables compared to the correlation of each of them with the gross domestic product. The explanatory variables with the highest correlation were chosen. These variables are: the number of manufactured robots, the total population, foreign direct investment, net inflows, advanced technology exports, manufacturing, Value added (% of GDP) Number of manufactured robots, total population, foreign direct investment, net inflows, advanced technology exports, manufacturing, value added (% of GDP), where the values of the simple correlation coefficients between GDP and each of the variables of the number of manufactured robots, total population were Population, foreign direct investment, net inflows (balance of payments, in current US dollars), advanced technology exports (in current US dollars), manufacturing, value added (% of GDP), where the values of the simple correlation coefficients between GDP Each of the variables is about 0.9, 0.97, 0.78, 0.96, and 0.75, respectively. [ABSTRACT FROM AUTHOR]

In the early 2000s, several countries in the euro area (EA), mostly in the South, experienced an increase in current account deficits, while Northern countries saw an increase in current account surpluses. During the euro crisis, the South transitioned from a current account deficit to a surplus, while the North's surplus widened, thereby increasing the EA's overall current account surplus. To analyze the causes of the current account adjustment in the EA during the 2010s and to identify economic policies that reduce external imbalances, we employ a New Keynesian DSGE model with three regions (the North of the EA, the South of the EA, and the rest of the world). Our analysis reveals that the EA's expansionary monetary policy, fiscal consolidation, and lackluster productivity performance explain a significant portion of the current account adjustment. Furthermore, we find that the fiscal revaluation and expansion of the North would have limited effects on external imbalances. [ABSTRACT FROM AUTHOR]

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article models the process of structural transformation and catching‐up in a demand‐led Southern economy constrained by its balance of payments. Starting from the Sraffian Supermultiplier Model, we model a dual‐sector small open economy with a traditional and a modern sector that interacts with a technologically advanced Northern economy. We propose two (alternative) autonomous elements that define the growth rate of this demand‐led economy: government spending and exports. Drawing from the Structuralist literature, productivity in the technologically laggard Southern economy grows by absorbing technology from the Northern economy, by both embodied and disembodied spillovers, and potentially closing the technology gap. The gap affects the income elasticity of exports, bringing a supply‐side mediation to the growth rates in line with the Balance of Payments Constrained Model. We observe that a demand‐led government policy plays a central role in structural change, pushing the modern sector to a larger share of employment than what results under export‐led growth. Such a demand policy is the only way in which partial catching up (in productivity and GDP per capita) can result, and this is facilitated by a global market place in which the balance of payments constraint is relatively soft. [ABSTRACT FROM AUTHOR]

The given text is a table titled "UK forecast tables" that provides economic data and forecasts for the United Kingdom. The tables cover various topics such as GDP components, households' sector income and expenditure, trade and balance of payments, labor market indicators, inflation indicators, and government finances. The tables include annual percentage changes and other relevant figures for each category. The forecasts are based on data available up to July 12, 2024. [Extracted from the article]

This document provides an economic outlook for the UK, focusing on fiscal policy, monetary policy, prices, and wages. The forecast suggests that borrowing may exceed expectations, and the reduction in borrowing may fall short. The new government's approach to fiscal policy will play a significant role, with potential for more expansionary fiscal policy. Interest rate cuts and a gradual appreciation of the pound are predicted. Inflation is expected to rise above the Bank of England's target in late 2024. The UK economy experienced a recovery in H1 2024, with GDP rising by 0.7% in Q1 2024. Consumer spending has been weak despite growth in real household incomes. The housing market saw a strong recovery in early 2024 but has slowed down due to rising mortgage rates. Business investment has been resilient, and the labour market is loosening. The trade deficit has narrowed, but the primary and secondary income accounts moved further into deficit. Goods exports have struggled, but the data may be exaggerated and is expected to reverse soon. The current account deficit is forecasted to remain stable, and the household sector surplus has increased while the government deficit remains wide. [Extracted from the article]

This study analyzes the size, behavior, and responsible factors behind the balance of payments (BOP) problems in Afghanistan from 2004 to 2020. Since the impact of the real indicators on the BOP of Afghanistan still remains unexplored, this article comprehensively analyzes the primary responsible factors for the BOP problems in Afghanistan. First, a comprehensive critical analysis of the BOP and its components is performed. Second, the autoregressive distributed lag (ARDL) model is conducted to empirically scrutinize the influence of fiscal policy variables like government spending (GEX), tax on international trade (TIT), external debt (EXD), and GDP on the BOP. The empirical results revealed that GDP has a significantly positive impact on Afghanistan's BOP in the long run, whereas the influence of GEX on the BOP is significantly negative. Furthermore, it was found that TIT and EXD have insignificant association with BOP. Although there is a meaningful convergence towards long-run equilibrium with an adjustment speed of 94.95% in each period, none of the covariates has a significant effect on the BOP in the short run. Furthermore, the Granger causality test exposed a bidirectional causality between GEX and BOP and a one-way causation from GDP to BOP. The study recommends structural changes in the economy to increase domestic production and improvements in the composition and direction of exports and imports, redirect government spending in favor of domestic producers, and source external debt with improved debt conditions. [ABSTRACT FROM AUTHOR]

An approach to the effect of the budget deficit on the current account deficit has always been the focus of economists. In the macroeconomics literature, there are two approaches to investigate this relationship: the Keynesian approach and the Ricardian approach. The Keynesian approach accepts the existence of a relationship between the budget deficit and the current account deficit, while the Ricardian approach rejects this relationship. By examining the studies conducted in the field of Twin deficits, this study examines the hypothesis of Twin deficits and Triple deficits, as well as the impact of monetary policies on Triple deficits. In order to achieve the mentioned goal, the System Dynamics method and data from the period of 1999-2020 were used. The results of the study indicate the establishment of twin and triple deficit. The trend of the capital account shows that this account is always facing a deficit. However, the domestic savings gap does not seem to be fully compensated by foreign capital. The imbalance in the balance of payments aggravates the created budget deficit and can create an accelerated cycle of budget deficit. Also, in this study, the effect of monetary policy on triple deficits was also investigated. The results of the study show that using the monetary policy does not affect the formation of twin deficits and triple deficits [ABSTRACT FROM AUTHOR]

This article offers a monetary perspective on capital flows and the Eurozone's north-south divide. It argues that finance-centric narratives in comparative political economy rightly emphasize financial instability in the periphery, but that the role of capital flows therein requires clarification. The article draws on post-Keynesian monetary theory, coherent accounting, and balance-of-payments data to make three points. First, the focus on the financial account as a driver of current accounts should be abandoned in favor of an analysis of gross capital flows. Gross flows need not stem from excess savings in core countries and can be independent from trade flows. Second, explanations of financial instability in the periphery should go beyond bank flows and consider speculative portfolio flows into bond markets and foreign direct investment into real estate. Third, rising spreads in the periphery during the Eurozone crisis and the outbreak of the pandemic were not triggered by balance-of-payments problems but by a reversal of speculative bond flows. Comparative political economy should thus dedicate more attention to institutions that render peripheral countries susceptible to speculative flows into asset markets. [ABSTRACT FROM AUTHOR]

Many regional and national development questions involve the interaction of external and internal evolutions and can be conceived macroeconomically in balance-of-payments terms. In this light, China's engagement in international trade, outward and inward foreign direct investment, accumulation of reserves, development cooperation, aid and international finance initiatives are examined and related to evolving domestic and international conditions. After joining the Western-centred international economic and political order, while protecting its economic and political sovereignty and defining itself as part of the Global South, China emerged as a very large semi-peripheral upper-middle-income country. In the new millennium China and other emerging economies started to upgrade into higher value-added sectors and to reshape international governance arrangements in ways that reflect the civilisational values and colonial and semi-colonial experience of the Global South. Although these steps do challenge the unequal and unfair 'liberal rules-based order' and US hegemony, they also help create a more equitable and peaceful multipolar world system. [ABSTRACT FROM AUTHOR]