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JEFMS:ARCHIVES

VOLUME 01 ISSUE 01 DECEMBER 2018
Published: 2018-12-01
Paper Type:Research
Paper Title:Business Environment and Economic Growth: Further Empirical Results
Author:1Minh Quang Dao.
About Author: 1Professor of Economics Eastern Illinois University 600 E. Lincoln Avenue Charleston, IL 61920 USA Areas of specialisation: Public Finance and Economic Development.
Page No:1-45
Article Info

This paper examines the impact of the business environment on economic growth using several samples of both developed and developing countries. Based on data from the World Bank for the 2000- 2015 period for a sample of 114 developed and developing economies, when using the Bank’s Doing Business Indicators as proxies for business-friendly economic policies (also referred to as objective measures of business regulations, we find that the growth rate of GDP is dependent on a country’s growth rate of arable land per capita, its share of gross capital formation in the GDP, its labor force growth rate, the growth rate of general government consumption, the growth rate of net exports, the number of procedures to build a warehouse, the time required to start a business, the time required to enforce contracts, the time required to resolve insolvency, and the cost of starting a business as a percent of per capita income. We observe that the coefficient estimates of three explanatory variables, namely, the time required to start a business, that required to resolve insolvency, and the number of procedures to build a warehouse, do not have their expected sign, possibly to the collinearity between these variables and the other two indicators, namely, the cost of starting a business as a percent of per capita income, and the time required to enforce contracts. On the other hand, when we use the World Bank’s enterprise surveys as measures of the business environment from a sample of 91 developed and developing countries, we find that the growth rate of GDP is dependent on a country’s labor force growth rate, its share of gross capital formation in the GDP, the growth rate of general government consumption, the growth rate of net exports, the percentage of senior management time spent dealing with the requirements of government regulations, the time required to obtain an operating license, the percentage of firms having a bribery incidence, losses due to theft, robbery, vandalism, and arson as a percent of sales, the percentage of firms competing against unregistered firms, the percentage of firms that have internationally recognized quality certification, and the percentage of firms that offer formal training. We observe that the coefficient estimates of three explanatory variables, namely, the time required to obtain an operating license, the percentage of firms having a bribery incidence, and the percentage of firms that have internationally recognized quality certification, do not have their expected sign. We suspect that this is also due to the collinearity between this variable and the other statistically significant enterprise survey indicators. Empirical results also show that the impact of the business environment also varies according to a country’s level of economic development. Statistical results of such empirical examination will assist governments in both developed and developing countries focus on appropriate policies that recognize the importance of a good business environment in order to foster economic growth. JEL Classifications: O12, O15, O40

Key-words:
Doing Business Indicators, Enterprise Surveys, Per Capita GDP Growth, Business Environment.
Abstract
1. Dao, M.Q. (2013), “Public Policies, Business Environment, and Economic Growth in Developing Countries,” International Journal of Research in Commerce, Economics &Management, Vol. No. 3, Issue No. 6 (June 2013): 1-4.

2. Djankov, S., McLiesh, C., and Ramalho, R. M. (2006), “Regulation and Growth,” Economics Letters 92 (3), 395-401.

3. Gillanders, R. and Whelan, K. (2010), “Open for Business? Institutions, Business Environment and Economic Development,” University College Dublin School of Economics Working Papers No. 20104, December.

4. World Bank.(2016), World Development Indicators, Oxford University Press: New York.
References
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Abstract:100
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Citation
Paper Type:Research
Paper Title:Non-Tariff Barriers and Their Effect on Export: Evidence from 5 Asean Countries
Author:1Lee Chin , 2 AbdolazizYousefi
About Author:1Department of Economics, Faculty of Economics and Management, University Putra Malaysia, 43400 Serdang, Selangor, Malaysia
2International Cooperation Department, I. R. Iran Customs Administration (IRICA), Tehran, Iran Graduated from Universiti Putra Malaysia
Page No:46-56
Article Info

Protection or trade restriction in a country comes at an economic cost to domestic consumers and short run benefit to producers of the country. Tariff and non-tariff barriers (NTBs) are government policies to protect domestic producers from foreign competition. Reduction or elimination of trade barriers will increase trade activities in an economy. This study used the autoregressive distributed lag (ARDL) approach to show that elimination of NTBs will increase export of 5 ASEAN members. Results indicate that Indonesia, Philippines, and Singapore enjoyed an increase in export by reduction in NTB level after implementation of AFTA. This implied that reduction in NTB level will promote export activities.

Abstract
1. Andersen, P. S. and Hainaut, P. (1998). Foreign Direct Investment and Employment in the Industrial Countries, Bank for International Settlements Working Paper 61.

2. Arize, A.C. (1990). An Econometric Investigation of Export Behaviour in Seven Asian Developing Countries.Applied Economics, 22: 891- 904.

3. Arize, A.C., T. Osang and D.J. Slottje (2000). Exchange-Rate Volatility and Foreign Trade: Evidence from Thirteen LDC's. Journal of Business and Economic Statistics, 18: 10-17.

4. Baghasa, H. (2005). Non-Tariff Barriers in the Great Arab Free Trade Area.National Agricultural Policy Center, Policy Brief No. 5.

5. Beghin, J. C. (2006). Non-tariff Barriers.Working Paper 06-WP 438, Iowa State University.

6. Benáček, V. (2003).Determining Factors of Exports and Imports: A Synthesis of Explanatory Paradigms.IIASA-ETI Occasional Paper No. 11.

7. Canlas, Corinnea (2009). GATT Issues, Gut Issues. Philippine Journal of Third World Studies, 24,115-134.

8. Chemingui, M. A. and Dessus, S. (2008). Assessing Non-Tariff Barriers in Syria.Journal of Policy Modeling, 30, 917- 928.

9. Chen, M.X., Otsuki, T. and Wilson, J.S. (2006). Do Standards Matter for Export Success? World Bank Policy Research Working Paper No.3809, Washington D.C.: World Bank.

10. Clausing, K. A. (2000). Does Multinational Activity Displace Trade. Economic Inquiry, 38, 190-205.

11. Coughlin, C. C. and Wood, G. E. (1989).An Introduction to Non-Tariff Barriers to Trade.Federal Reserve Bank of St. Louis.

12. Daquila T.C. and Huy, L.H. (2003).Singapore and ASEAN in the Global Economy.The Case of Free Trade Agreements.Asian Survey, 43, 908-928.

13. Daumal, M. and Özyurt, S. (2011).The Impact of International Trade Flows on Economic Growth in Brazilian States.Review of Economics and Institutions, 2, 1-25.

14. De, P. (2006).Why Trade Costs Matter?Asia-Pacific Research and Training Network on Trade Working Paper Series, No. 7.

15. Eaton, J. and Tamura, A. (1994). Bilateralism and Regionalism in Japanese and US Trade and Direct Foreign Investment Patterns. NBER Working Paper, No. 4758, Cambridge, MA.

16. Engle, R. F. and Granger C. W. J. (1987).Cointegration and Error Correction Representation: Estimation and Testing. Econometrica, 55, 251-76.

17. European Chamber of Commerce in Singapore (2010).Summary of Barriers to Trade and Services in Singapore.Regional Trade Committee.

18. Fang, W. S. and Miller, S. M. (2004).Exchange Rate Depreciation and Exports: The Case of Singapore Revisited. Department of Economics Working Paper Series, 2004-45. University of Connecticut.

19. Fontagne, L., Mimouni, M. and Pasteels, J.M. (2005).Estimating the Impact of Environmental SPS and TBT on International Trade.Integration and Trade, 28, 7-37.

20. Gebrehiwet, Y., Ngqangweni, S. and Kirsten, J.F. (2007). Quantifying the Trade Effect of Sanitary and Phytosanitary Regulations of OECD Countries on South African Food Exports.Agrekon, 46, 23-39.

21. Goldstein, M. and M.S. Khan (1978). The Supply and Demand for Exports: A Simultaneous Approach. The Review of Economics and Statistics, 60, 275-286.

22. Hassan, M.K. and D.R. Tufte (1998).Exchange Rate Volatility and Aggregate Export Growth in Bangladesh.Applied Economics, 30, 189- 202.

23. Iacovone, L. (2005) The Analysis and Impact of Sanitary and Phytosanitary Measures. Integration and Trade, 28, 97- 140.

24. Jakubiak, M., Maliszewska, M., Orlova, I., Rokicka, M. and Vavryschuk, V. (2006).Non-tariff Barriers in Ukrainian Export to the EU.Center for Social and Economic Research. Warsaw.

25. Kaihatu, Thomas Stefanus (2003). AFTA: Indonesian Industrialist and Customs Perspective, JurnalManajemen&Kewirausahaan, 5, 112-122.

26. Katircioglu, S., Eminer, F., Aga, M. and Ozyigit, A. (2010).Trade and Growth in the Pacific Islands – Empirical Evidence from the Bounds Test to Level Relationships and Granger Causality Tests.Romanian Journal of Economic Forecasting, 4, 88-101.

27. Kremers, J. J. M., Ericsson, N. R., and Dolado, J. J. (1992). The Power of Cointegration Tests, Oxford Bulletin of Economics and Statistics, 54, 325-348.

28. Ma, Jing and Lu, Yuduo (2011). Free Trade or Protection: A Literature Review on Trade Barriers. Research in World Trade. 2, 69-76

29. Marandu, E., E. (2008). Strategy Factors Associated With the Export Performance of Manufacturing Firms. Export Performance of Firms, 11, 33-76.

30. Milanzi, A. Mursali (2012).The Impact of Barriers on Export Behaviour of a Developing Country Firms: Evidence from Tanzania, International Journal of Business and Management, 7, 10-18.

31. Mmasi, J. andIhiga, S. (2007). A Survey of Non-Tariff Barriers that Affect Tanzanian Imports and Exports Within EAC, SADC and COMESA Countries. Trade and Investment Consortium, Kenya.

32. Narayan, P. K. (2005). The Saving and Investment Nexus for China: Evidence from Cointegration Tests, Applied Economics, 37, 1979-1990.

33. O’Neill, H. and Ross.W. (1991).Exchange Rates and South Korean Exports to OECD Countries.Applied Economic,23, 1227- 1236.

34. Otsuki, T., and Wilson, J.S. and Sewadeh, M. (2001).Saving Two in a Billion: Quantifying the Trade Effect of European Food Safety Standards on African Exports.Food Policy, 26, 495-514.

35. Pesaran, M. H., and Shin, Y. (2002).Long- Run Structural Modelling.Econometric Reviews, 21, 49-87.

36. Pesaran, M. H., Shin, Y., and Smith, R. J. (2000). Structural Analysis of Vector Error Correction Models with Exogenous I(1) Variables. Journal of Econometrics, 97, 293-343.

37. Roe, T. (2004).International Trade as a Source of Economic Growth: Trade Barriers and Institutions.American Association for the Advancement of Science Annual Meeting, Seattle Washington.

38. Sachs, J. and Warner, A. (1995).Economic Reform and the Process of Global Integration. Brookings Papers on Ecotzornic Activity, 1, 1-118.

39. Smith, M. (2004).Impact of the Exchange Rate on Export Volumes.Reserve Bank of New Zealand, 67, 5-13.

40. Summer, D. A., Smith, V. H. and Rosson, C. P. (2007).Tariff and Non-Tariff Barriers to Trade.www.coursehero.com/file/3208602/ rr-2007-02. Retrieved 23 March 2013.

41. Wacziarg, R. and Welch, K. H. (2003).Trade Liberalization and Growth: New Evidence. NBER Working Paper Series 10152.

42. Weil, N. David (2009).Economic Growth. New York: Pearson.

43. Winkelmann, L. and Winkelmann, R. (1997). The Costs of Non-Tariff Barriers to Trade: Evidence from New Zealand. WeltwirtschaftlichesArchiv, 133, 270-281.
References
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Abstract:100
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Citation
Paper Type:Research
Paper Title:Problems and Prospects of White Collar Trade Union in Bangladesh: A Competitive Analysis.
Author:1Md. Kazimul Hoque, 2Muhammad Rehan Masoom
About Author:1,2School of Business & Economics, United International University
Page No:57-74
Article Info

Today, 'Trade unions' prevail among most professionals, white-collar employees, managers, senior officials, and managers, highly paid employees in banks, in the Life Insurance Corporation and in many new institutions as well as among the Central Government and semi-government employees. They consider recourse to strikes, mass infrequent leaves, attempt to rule, dharnas, and gheraos for protecting their demand and hence bringing about some delicate problems for the concerned employers/managements requiring serious consideration. White collar trade unions are referred as the union of non-manual employees who come together and form the association in order to establish and protect its members rights. With the increasing number of white collar trade unions, the importance of white collar associations needs to be considered. So in this particular report, we have thoroughly discussed white collar trade unions from both international and national perspective. We have seen that internationally white collar trade unions came into action after the World War II. And in Bangladesh, white collar trade unions were first formed pre liberation war and after liberation war, the number of white collar unions has been increasing. Realizing the importance of white collar trade unions, in the international sector, many developed countries have adopted the trend of forming white collar associations for its white collar employees so that they have equal opportunities and facilities for blue collar employees. The primary objectives of this report is to outline the history of international white collar trade unions and discuss the current condition of international white collar trade unions internationally.

Key-words:
White Collar Employment, Bangladesh, Formal Association, Human Resource Development, Trade Union.
Abstract
1. Azinun Nahar, Advocate, Supreme Court Bangladesh "White Collar Crime", The Daily Star.URL: http://www.thedailystar.net/law-ourrights/ white-collar-crime

2. Bain and Price (1983)."Union growth in Britain. Retrospect and prospect'. In G. Bain, (ed.), British Journal of Industrial Relations, 21(1): 46-68. URL: http://onlinelibrary.wiley.com

3. Bangladesh Physiotherapy Association (BPA) "Code of Conducts". URL: www.bpa-bd.org4. Bangladesh Bureau of Statistics "Statistical Yearbook Bangladesh 2013". URL: www.bbc.gov.bd

5. British Medical Association "What We Do and How We Work". URL: http://www.bma.org.uk/about-the-bma

6. Dick Kawooya "Management Prospects and Challenges of Library Associations in Africa": the case for Uganda Library Association and the library and information Association of South Africa". In "World Libraries," Vol. 11, Numbers 1 & 2, SpringandFall 2001, pp. 39-55.URL: http://www.ifla.org/archive/VII/s40/pub/ml a-kawooya.pdf

7. Georges Sayers Bain "The Growth of White-Collar Unionism and Public Policy in Canada".In Relations industrialism / Industrial Relations, vol. 24, n 2, 1969, p. 243-278. URI:

http://id.erudit.org/iderudit/028018ar 8. Mesbahuddin Ahamed, "An article of Trade union in Bangladesh, Registered Trade Union And their members, 2013". URL: http://studycare. blogspot.com/2014/09/an-article-onproblems- and-prospects-of.html

9. Neal M. Davis "Scope of Collective Bargaining in Public Education: Toward a Comprehensive Balancing Test". In Urban Law Annual ; Journal of Urban and Contemporary Law , vol. 36, p. 107- 116.URL:

http://openscholarship.wustl.edu 10. Robert Carter, De Montford University "White Collar Unionism". Britain at work. URL: http://www.unionhistory.info/britainatwork /narrativedisplay
References
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Abstract:100
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Citation
Paper Type:Research
Paper Title:Insurance Sub-Sector Development: An Emerging Pillar For Economic Growth and Sustainability in Nigeria
Author:Bertram Onyebuchi1,  Simon Peter Nwankwo2,  Onwuka Ifeanyi Onuka3,
About Author:1, Department of Banking and Finance, Enugu State University of Science and Technology, ESUT, Enugu State, Nigeria
2 , 3 Department of Banking and Finance, Godfrey Okoye University, Thinkers Corner, Enugu State, Nigeria
Page No:75-84
Article Info

This study examined the effect of Insurance sub-sector development on economic growth and sustainability in Nigeria. It specifically examined the impact of insurance premium on economic growth in Nigeria, ascertain the effects of gross insurance claim on economic growth in Nigeria and determine whether insurance income has any impact on economic growth in Nigeria. To achieve these objectives the study employed various econometric techniques such as Augmented Dickey Fuller (ADF) test for the unit root test, Engle- Granger (E-G) causality test & Johansens co -integration and Parsimonious Error Correction modeling in which variations insurance premium, gross insurance claims and insurance income where regressed on GDP using time series data from 1986-2015. The secondary data casing the time series frame were collected from Central Bank of Nigeria statistical bulletin. The results of the analysis revealed the presence of long run relationship between insurance premium and economic growth in Nigeria. The result also revealed that the error correction model analysis though not individually statistically significant, the variables, insurance premium, gross insurance claim and insurance income were jointly statistically significant in determining economic growth in Nigeria. The study concluded that Nigeria has enormous insurance potentials waiting to be tapped into for rapid economic growth in Nigeria.

.
Key-words:
Insurance Sub-Sector Development, Insurance Premium, Gross Insurance Claim and Insurance Income.
Abstract
1. Akanro, B. (2008). The Insurance industry Vs Nigerian Economy. Internet copy: Busayo Akanro- light does not shine in light.

2. Alabadan, S. (2016). Takaful Insurance as a tool for financial inclusion. Business, Insurance, Banking News. Daily independent.

3. Alli, B. C. (2011).The Reforms of Insurance Companies and its Transformation of Nigerias financial Sector. Online copy: The Layers Chronical. The Magazine for African Layers.

4. CEA (2008). The Contributions of the Insurance Sector to Economic Growth and Employment E U. Retrieved online: Insurers of Europe.

5. Edeh, C.N., Udeh, S.O. and Obiapuna, E.E. (2015). Impact of Insurance Sector Development on Economic Growth in Nigeria. ESUT Journal of Accountancy. ESUT, Enugu. 6(2) 67-78

6. Fola, D. (2013). Insurance Penetrationll fast-track Nigerias economic growth. Retrieved online Financial Times.

7. Farlex Financial Dictionary. (2012). Insurance Claim. found on line.

8. Harvey, P. C. (2012). Insurance Financial Definition of Insurance. Retrieved from http://financialdictionarythefreedictionary. com/insurance.

9. Kebal, P. (2015). Benefits of Insurance to the Society Education and Insurance. Online copy Blog Archive.

10. KPMG-Africa (2013). Reforms in Nigerias insurance Sector could boost GDP. Retrieved online Financial Services

11. Markey, D. (2015). What are the Benefits of Insurance? Retrieved online:eHow.

12. Madongo, I. (2014). Nigerian Insurance Firms ripe for foreign buyers. Found online: Financial Times.

13. McGraw-Hill (2002). Insurance Product Legal Definition of Insurance Product. Retrieved from http://legal.dictionary,thefreedictionary.co m/insurance+product.

14. Nwoji, E. (2016). Nigeria: Insurance As Pillar for a Virile Economy. Retrieved online. This Day (Lagos) All Africa Global Media (allAfrica.com).

15. Olabode, A. (2013). The benefits of national Insurance Commission (NICOM) on Nigeria Insurance Companies.Online copy: Information Blog Site

16. Onyemenam, C. T. (2014). The Role of Insurance Company in Nigerian Economic Development.Retrieved online: Articles NG.

17. Onuoha, R. (2014). Deepening Insurance Penetration through Financial Inclusion. Found Online Vangard Nwespapers.

18. Springer,V. and Berlin, H. (2008). Utility theory and insurance. Springer Nature, Springer international Publishing AG (at https://link.springer.com/chapter10.1007% f978-35.540-70998-5-1,2017)
References
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Abstract:100
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Citation
Paper Type:Research
Paper Title:The Role of Indigenization on Service Quality: A Case of Zimbabwe’s Banking Sector
Author:E Rufasha1,  P Chitakunye2,  M Phiri3,  A Takhar4,  S Bhero5,
About Author:1, University of Salford, UK
2, University of Witwatersrand, South Africa
3, University of KwaZulu-Natal, South Africa
4, University of Northampton, UK
5 University of Johannesburg, South Africa
Page No:85-97
Article Info

This paper seeks to contribute scholarly knowledge on service quality, by exploring the role of indigenisation policy in the Zimbabwean banking sector. Our study adopted a multiple methods approach as a means to gaining richer data, and used questionnaires (81 respondents), personal face to face interviews (9), telephonic interviews (5) and participatory observations (14 days). We found that international commercial banks offer better service quality as compared to their indigenous counterparts. Banking practitioners, academics and the general research community stand to benefit from this paper as it awakens them to the attendant service quality issues that need to be taken cognizance of in their day to day running of commercial banks while also giving the academic and research communities a referral point and source of future research. We argue that if the policy of indigenisation is to be successful, then, there is need to deliver high service quality within the sectors affected by the policy.

.
Key-words:
commercial banks, indigenization policy, service quality, Zimbabwean banking sector
Abstract
1. ANGUR M. G, NATARAJAAN R. & JAHERA J. S. 1999. Service Quality in the Banking Industry: An Assessment in a Developing Economy. International Journal of Bank Marketing, 17 (3): 116 – 123.

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3. AVKIRAN N. 1994. Developing an Instrument to Measure Customer Service Quality in Branch Banking. International Journal of Bank Marketing, 12(6): 10 – 18.

4. BAKER P.S. 2007/2008. Customer retention and the value of mortgageservicing rights. Bank Accounting and Finance, December 2007-January 2008:35-38.

5. BLUT M; CHOWDHRY N; MITTAL V; BROCK C, 2015. E-Service quality : A meta-analytic review. Journal of Retailing 91 (4): 679 - 700

6. BOGOMOLOVA S., ROMANIUK J. & SHARP A. 2009. Quantifying the extent of temporal decaying service quality ratings. International Journal of Market Research, 51 (1): 71–91.

7. BOSHOFF C. & DU PLESSIS F. Services marketing: A contemporary approach. Lansdowne, Cape Town: Juta & Company.

8. BRINK A. & BERNDT A. 2008. Relationship marketing and customer relationship management. Lansdowne, Cape Town: Juta & Company. England: Pearson Education.

9. BROWN T.J., CHURCHILL Jr, G.A. & PETER J.P. 1993. Research note: improving the measurement of service quality. Journal of Retailing, 69 (1), 127.

10. BRUHN M. & GEORGI D. 2006. Services marketing: Managing the service value chain.

11. CHAGONDA T. 2012. Teachers’ and bank workers’ responses to Zimbabwe’s crisis: uneven effects, different strategies, Journal of Contemporary African studies 30 (1) : 83-97

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22. GROVE S.J., FISK R.P. & JOHN J.

2003.The future of services marketing: forecasts from ten services experts. Journal of Services Marketing, 17: 106–19.

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References
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Abstract:100
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