Financial crises have significant short-term and long-term social costs. As a result, economic and social indicators have dwindled significantly since 2007. The soar in the unemployment rate has been most marked in so called advanced economies, reaching alarming levels in the tangential Europe...

Abstract Productivity growth in many advanced economies has decelerated in the last decades. There is increasing evidence that the misallocation of production function has contributed to the weakness in productivity. Factors behind this misallocation could include low interest rates or credit...

Abstract We present a simple multiple equilibria model that incorporates the functioning of crony capitalism. We find that a government which is keen to support the interests of the élite is ready to stand the risk of a bank run since this is part of an equilibrium where investments are heavily...

We study a sequential trading financial market where there are gains from trade, that is, where informed traders have heterogeneous private values. We show that an informational cascade (i.e., a complete blockage of information) arises and prices fail to aggregate information dispersed among...

This article explores the tourism migration within the South African context, thereby focusing on the current dynamics, challenges and future prospects. Tourism and migration are significant towards globalisation. Almost all countries have jumped on the tourism bandwagon as a result of the...

Tourism has become a source of activities that generate income, employment, and economic growth for the countries belonging to the Asia Pacific Economic Cooperation Mechanism (APEC). This article analyzes tourism as a regional economic activity that interacts with the environment, causing...

The amount of data generated worldwide has reached unprecedented levels, and its rate of growth continues to increase exponentially. Brought about by rapid advances in information technologies, as well as changes in lifestyles and business strategies, this explosion in the quantity of data has...

This article describes how foreign direct investment in Mongolia has reached 3.9 billion US$ mainly in the mining sector that amounted approximately 40% of the year's GDP. Even though FDI into Mongolia has been grown along with the country's economic development with trade openness to the world,...

In furthering the discussion on the linkage between economic development and culture, this paper attempts to answer the question: “Can a society's culture be transformed to stimulate economic development?” This paper uses Singapore as a case study. It traces the country's restructuring of...

While markets are all around us, not all markets are the same. Markets come in a variety of colors based on the legality of activities in the specific market. As such, there is no market economy per se, but instead various shades of markets. The different shades of markets that are evidenced in...