Wine varies greatly in price and quality. In the limited sample we study here, 2001 California Ca... more Wine varies greatly in price and quality. In the limited sample we study here, 2001 California Cabernet Sauvignon wines rated by an expert in Wine Spectator, price ranges from $7 to $300 per bottle. Similarly, quality ratings on a 100-point scale range from 68 to 96 points. Our purpose here is twofold. First, we wish to estimate empirically a relationship between price and quality rating. Second, we hope to provide a discussion of characteristics of wine markets that might help refocus theoretical economic research on the wine price-quality relationship. Specifically, we suggest a movement away from hedonic pricing methods and their reliance on assumptions of competitive markets and perfect information. Rather, we suggest that imperfect competition and imperfect, asymmetric information characterize wine markets, and that the theoretical underpinnings of empirical work need to recognize this fact. The Wine Price-Quality Relationship in the Wine Literature Most explorations of the rel...
We discuss the role of women in the development of predominantly Muslim countries, with reference... more We discuss the role of women in the development of predominantly Muslim countries, with reference to economics from several perspectives: First, we study the interrelations between certain characteristics of a society and its level of development. There, we proffer the education of girls as the strongest support for development. Secondly, we elaborate on the opportunities/choices women gain with education in the future. Thirdly, we explore the externalities of education to all members of a society by presenting empirical evidence connecting the economic status of an individual to his/her parents’ education. This establishes the link between the theory and observation to represent the benefit of women’s education on social welfare. Finally, we dispel an economic fallacy which underrates the unmeasured household production. Since women are main generators of such activity; their economic contribution goes largely unreported.
Asianization of Migrant Workers in the Gulf Countries, 2019
In a relatively short period of time, the Gulf region has positioned itself as the third most imp... more In a relatively short period of time, the Gulf region has positioned itself as the third most important labour-importing region in the world. Embarking on ambitious development projects and taking advantage of regional factors, the Gulf Cooperation Council (GCC) countries were able to provide a safe haven for millions of workers over the last four decades. The movement of workers to the region was so large that it altered the demographic structure of the GCC countries. Foreigners constitute on average more than half of the population in the region and in some countries, they are more than 80%. This chapter examines three periods of this migration phenomenon. First, we briefly summarize the history of labour migration to the region focusing on what made the Gulf a lucrative destination for many. Second, we provide an update on the current situation of the labour force in the region. Finally, in the third part, special attention is given to future opportunities and challenges that labour markets in the Gulf region are most likely to face.
This research considers the effects of Turkish entry into the European Union by comparing the imp... more This research considers the effects of Turkish entry into the European Union by comparing the impacts of different scenarios. To model the impacts of these scenarios we made use of a general equilibrium modeling framework. The model considers the changes in different macroeconomic indicators and has two important specifications: imperfect competition in the Turkish manufacturing sector and differentiated factors in the production process. The results indicate that full membership appears to be the most beneficial scenario for the Turkish economy. However, the political sensitivities may complicate the efforts to employ appropriate economic policies suggested in this research. (JEL: F150)
This volume provides a series of empirically dense analyses of the historical and contemporary dy... more This volume provides a series of empirically dense analyses of the historical and contemporary dynamics of Arab intra-regional migration to the monarchies of the Persian Gulf, and unravels the ways in which particular social and cultural practices of Arab migrants interact with the host states. Among other things, specific contributions allow us to consider the socioeconomic and political factors that have historically shaped the character of the Arab migratory experience, the sorts of work opportunities that Arab migrants have sought in the region, what their work conditions and lived experiences have been, and whether we are able to discern any patterns of sociocultural integration for Arab non-nationals. Together, the contributions in this volume help unpick assumptions about the Gulf’s exceptionalism insofar as the study of global migration is concerned. Broader dynamics that undergird the causes, processes, and consequences of migration elsewhere in the world are at work in the...
The strong economic ties between the GCC economies and the US are manifested in three ways: curre... more The strong economic ties between the GCC economies and the US are manifested in three ways: currency peg, coupling of monetary policy and the adoption of the US dollar as the trading currency for oil. This paper examines how these dynamics result in misalignment of the US monetary policy with the business cycles of the GCC economies. The study analyzes how the staggering amount of remittances from the GCC economies plays a stabilizing role as a tacit monetary policy tool. Incorporating remittances in the ...
Technological and Economic Development of Economy, 2021
We analyze the behavior of inflation in the era of fast pace information thanks to technological ... more We analyze the behavior of inflation in the era of fast pace information thanks to technological advances, especially internet. Owing to readily available information, prices/inflation should quickly converge under perfect competition. To this end, we explore the possibility of price convergence in regional inflation in the USA including the permanency of such a phenomenon if observed, a concern for monetary policy makers. Empirically, we analyze standard deviation of regional inflation with special attention to technology. We show that standard deviation of inflation is not constant over time, but not necessarily ever-declining. Technology seems to help reduce price dispersion across regions.
The purpose of this chapter is to present new empirical research on the Arab Spring and, specific... more The purpose of this chapter is to present new empirical research on the Arab Spring and, specifically, to focus on the attitudes of residents of one country in the Middle East towards the Arab Spring. This research was conducted in the United Arab Emirates (UAE), which has been one of the main migrant destinations in the world for the last two decades. This allows for comparisons regarding attitudes towards the Arab Spring across individuals from different regions of origin such as GCC, South Asia, and Western countries. The attitudes of university students are important because the Middle East and North Africa (MENA) region has experienced a substantial increase in the 17 to 23 years of age population. Existing reports suggest that, by far, those involved in Arab Spring protests were young individuals. The analysis places particular emphasis on the correlation of attitudes towards the Arab Spring with three key aspects: religiousness, attachment to the GCC countries, and attachment...
In recent years, migration to the GCC has attracted increasing journalistic attention, and a grow... more In recent years, migration to the GCC has attracted increasing journalistic attention, and a growing body of scholarship from academics. What has gone almost completely unnoticed, however, is the regional, intra-Arab aspect of the phenomenon. Migration into the Gulf region from other Arab countries by far outdates more recent, and comparatively more temporary, migratory patterns from South Asia and Western Europe. Not only are Arab migratory patterns into the GCC comparatively and qualitatively different from other similar patterns, the historical setting within which they have unfolded, the processes through which they have taken place, and their economic, sociological, and political consequences have all been different. This report examines the dynamics involved in the emergence of Arab migrant communities in the Gulf region, focusing specifically on how they came about, their overall sociological compositions and economic profiles, and the causes, processes, and consequences of their interactions with, and integration within, the host countries.
Http Dx Doi Org 10 1080 17487870701201578, Feb 28, 2007
We analyze a set of countries which adopted inflation targeting (IT) as a policy tool. We model t... more We analyze a set of countries which adopted inflation targeting (IT) as a policy tool. We model the pre‐IT period with ARMA and GARCH methods, and conduct the one‐step ahead forecasting for the remainder of the times series data. The actual and forecasted inflation levels are ...
Wine varies greatly in price and quality. In the limited sample we study here, 2001 California Ca... more Wine varies greatly in price and quality. In the limited sample we study here, 2001 California Cabernet Sauvignon wines rated by an expert in Wine Spectator, price ranges from $7 to $300 per bottle. Similarly, quality ratings on a 100-point scale range from 68 to 96 points. Our purpose here is twofold. First, we wish to estimate empirically a relationship between price and quality rating. Second, we hope to provide a discussion of characteristics of wine markets that might help refocus theoretical economic research on the wine price-quality relationship. Specifically, we suggest a movement away from hedonic pricing methods and their reliance on assumptions of competitive markets and perfect information. Rather, we suggest that imperfect competition and imperfect, asymmetric information characterize wine markets, and that the theoretical underpinnings of empirical work need to recognize this fact. The Wine Price-Quality Relationship in the Wine Literature Most explorations of the rel...
We discuss the role of women in the development of predominantly Muslim countries, with reference... more We discuss the role of women in the development of predominantly Muslim countries, with reference to economics from several perspectives: First, we study the interrelations between certain characteristics of a society and its level of development. There, we proffer the education of girls as the strongest support for development. Secondly, we elaborate on the opportunities/choices women gain with education in the future. Thirdly, we explore the externalities of education to all members of a society by presenting empirical evidence connecting the economic status of an individual to his/her parents’ education. This establishes the link between the theory and observation to represent the benefit of women’s education on social welfare. Finally, we dispel an economic fallacy which underrates the unmeasured household production. Since women are main generators of such activity; their economic contribution goes largely unreported.
Asianization of Migrant Workers in the Gulf Countries, 2019
In a relatively short period of time, the Gulf region has positioned itself as the third most imp... more In a relatively short period of time, the Gulf region has positioned itself as the third most important labour-importing region in the world. Embarking on ambitious development projects and taking advantage of regional factors, the Gulf Cooperation Council (GCC) countries were able to provide a safe haven for millions of workers over the last four decades. The movement of workers to the region was so large that it altered the demographic structure of the GCC countries. Foreigners constitute on average more than half of the population in the region and in some countries, they are more than 80%. This chapter examines three periods of this migration phenomenon. First, we briefly summarize the history of labour migration to the region focusing on what made the Gulf a lucrative destination for many. Second, we provide an update on the current situation of the labour force in the region. Finally, in the third part, special attention is given to future opportunities and challenges that labour markets in the Gulf region are most likely to face.
This research considers the effects of Turkish entry into the European Union by comparing the imp... more This research considers the effects of Turkish entry into the European Union by comparing the impacts of different scenarios. To model the impacts of these scenarios we made use of a general equilibrium modeling framework. The model considers the changes in different macroeconomic indicators and has two important specifications: imperfect competition in the Turkish manufacturing sector and differentiated factors in the production process. The results indicate that full membership appears to be the most beneficial scenario for the Turkish economy. However, the political sensitivities may complicate the efforts to employ appropriate economic policies suggested in this research. (JEL: F150)
This volume provides a series of empirically dense analyses of the historical and contemporary dy... more This volume provides a series of empirically dense analyses of the historical and contemporary dynamics of Arab intra-regional migration to the monarchies of the Persian Gulf, and unravels the ways in which particular social and cultural practices of Arab migrants interact with the host states. Among other things, specific contributions allow us to consider the socioeconomic and political factors that have historically shaped the character of the Arab migratory experience, the sorts of work opportunities that Arab migrants have sought in the region, what their work conditions and lived experiences have been, and whether we are able to discern any patterns of sociocultural integration for Arab non-nationals. Together, the contributions in this volume help unpick assumptions about the Gulf’s exceptionalism insofar as the study of global migration is concerned. Broader dynamics that undergird the causes, processes, and consequences of migration elsewhere in the world are at work in the...
The strong economic ties between the GCC economies and the US are manifested in three ways: curre... more The strong economic ties between the GCC economies and the US are manifested in three ways: currency peg, coupling of monetary policy and the adoption of the US dollar as the trading currency for oil. This paper examines how these dynamics result in misalignment of the US monetary policy with the business cycles of the GCC economies. The study analyzes how the staggering amount of remittances from the GCC economies plays a stabilizing role as a tacit monetary policy tool. Incorporating remittances in the ...
Technological and Economic Development of Economy, 2021
We analyze the behavior of inflation in the era of fast pace information thanks to technological ... more We analyze the behavior of inflation in the era of fast pace information thanks to technological advances, especially internet. Owing to readily available information, prices/inflation should quickly converge under perfect competition. To this end, we explore the possibility of price convergence in regional inflation in the USA including the permanency of such a phenomenon if observed, a concern for monetary policy makers. Empirically, we analyze standard deviation of regional inflation with special attention to technology. We show that standard deviation of inflation is not constant over time, but not necessarily ever-declining. Technology seems to help reduce price dispersion across regions.
The purpose of this chapter is to present new empirical research on the Arab Spring and, specific... more The purpose of this chapter is to present new empirical research on the Arab Spring and, specifically, to focus on the attitudes of residents of one country in the Middle East towards the Arab Spring. This research was conducted in the United Arab Emirates (UAE), which has been one of the main migrant destinations in the world for the last two decades. This allows for comparisons regarding attitudes towards the Arab Spring across individuals from different regions of origin such as GCC, South Asia, and Western countries. The attitudes of university students are important because the Middle East and North Africa (MENA) region has experienced a substantial increase in the 17 to 23 years of age population. Existing reports suggest that, by far, those involved in Arab Spring protests were young individuals. The analysis places particular emphasis on the correlation of attitudes towards the Arab Spring with three key aspects: religiousness, attachment to the GCC countries, and attachment...
In recent years, migration to the GCC has attracted increasing journalistic attention, and a grow... more In recent years, migration to the GCC has attracted increasing journalistic attention, and a growing body of scholarship from academics. What has gone almost completely unnoticed, however, is the regional, intra-Arab aspect of the phenomenon. Migration into the Gulf region from other Arab countries by far outdates more recent, and comparatively more temporary, migratory patterns from South Asia and Western Europe. Not only are Arab migratory patterns into the GCC comparatively and qualitatively different from other similar patterns, the historical setting within which they have unfolded, the processes through which they have taken place, and their economic, sociological, and political consequences have all been different. This report examines the dynamics involved in the emergence of Arab migrant communities in the Gulf region, focusing specifically on how they came about, their overall sociological compositions and economic profiles, and the causes, processes, and consequences of their interactions with, and integration within, the host countries.
Http Dx Doi Org 10 1080 17487870701201578, Feb 28, 2007
We analyze a set of countries which adopted inflation targeting (IT) as a policy tool. We model t... more We analyze a set of countries which adopted inflation targeting (IT) as a policy tool. We model the pre‐IT period with ARMA and GARCH methods, and conduct the one‐step ahead forecasting for the remainder of the times series data. The actual and forecasted inflation levels are ...
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