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"Purchasing power parity"
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Currencies, commodities and consumption : measurement and the world economy
\"Currency values, prices, consumption and incomes are at the heart of the economic performance of all countries. In order to make a meaningful comparison between one economy and another, economists routinely make use of purchasing power parity (PPP) exchange rates, but whilst PPP rates are widely used and well understood they take a lot of effort to produce and suffer from publication delays. Currencies, Commodities and Consumption analyses the strengths and weaknesses of two alternatives to PPP. Firstly, the so-called 'Big Mac Index' which uses hamburger prices as a standard of measurement and secondly, a less well known technique which infers incomes across countries based on the proportion of consumption devoted to food. Kenneth Clements uses international macroeconomics, microeconomic theory and econometrics to provide researchers and policy makers with insights into alternatives to PPP rates and make sense of the ongoing instability of exchange rates and commodity prices\"-- Provided by publisher.
Book
Pan-European Study on the Prevalence of the Feline Leukaemia Virus Infection – Reported by the European Advisory Board on Cat Diseases (ABCD Europe)
Feline leukaemia virus (FeLV) is a retrovirus associated with fatal disease in progressively infected cats. While testing/removal and vaccination led to a decreased prevalence of FeLV, recently, this decrease has reportedly stagnated in some countries. This study aimed to prospectively determine the prevalence of FeLV viraemia in cats taken to veterinary facilities in 32 European countries. FeLV viral RNA was semiquantitatively detected in saliva, using RT-qPCR as a measure of viraemia. Risk and protective factors were assessed using an online questionnaire to report geographic, demographic, husbandry, FeLV vaccination, and clinical data. The overall prevalence of FeLV viraemia in cats visiting a veterinary facility, of which 10.4% were shelter and rescue cats, was 2.3% (141/6005; 95% CI: 2.0%–2.8%) with the highest prevalences in Portugal, Hungary, and Italy/Malta (5.7%–8.8%). Using multivariate analysis, seven risk factors (Southern Europe, male intact, 1–6 years of age, indoor and outdoor or outdoor-only living, living in a group of ≥5 cats, illness), and three protective factors (Northern Europe, Western Europe, pedigree cats) were identified. Using classification and regression tree (CART) analysis, the origin of cats in Europe, pedigree, and access to outdoors were important predictors of FeLV status. FeLV-infected sick cats shed more viral RNA than FeLV-infected healthy cats, and they suffered more frequently from anaemia, anorexia, and gingivitis/stomatitis than uninfected sick cats. Most cats had never been FeLV-vaccinated; vaccination rates were indirectly associated with the gross domestic product (GDP) per capita. In conclusion, we identified countries where FeLV was undetectable, demonstrating that the infection can be eradicated and highlighting those regions where awareness and prevention should be increased.
Journal Article
Does trade openness explain the deviation of purchasing power parity and exchange rate movement?
Real exchange rate movements are important in determining a country’s competitiveness and trade flows. The real exchange rate also plays an important role in postulating a relationship between exchange rates and prices as explained in the theory of purchasing power parity (PPP). In this study, we examine the validity of PPP theory in four groups of economies (developed, developing, high, and low trade openness economies) from 1980 to 2016. Our main objective is to examine if trade openness matters in determining the validity of PPP. The study applied the panel unit-root tests to test for the PPP theory. Besides, a static panel threshold regression is applied to investigate the main determinants of real exchange rate movements besides testing the relative PPP theory. The panel unit-root tests revealed the validity of relative PPP theory in all cases. However, the threshold regression reported that the PPP condition may not hold in all regimes when a nonlinearity relationship exists. Foreign and domestic prices are influential in determining the PPP relationship.
Journal Article
The Link between e-Waste and GDP—New Insights from Data from the Pan-European Region
Waste electrical and electronic equipment (WEEE) is difficult to sustainably manage. One key issue is the challenge of planning for WEEE flows as current and future quantities of waste are difficult to predict. To address this, WEEE generation and gross domestic product (GDP) data from 50 countries of the pan-European region were assessed. A high economic elasticity was identified, indicating that WEEE and GDP are closely interlinked. More detailed analyses revealed that GDP at purchasing power parity (GDP PPP) is a more meaningful measure when looking at WEEE flows, as a linear dependency between WEEE generation and GDP PPP was identified. This dependency applies to the whole region, regardless of the economic developmental stage of individual countries. In the pan-European region, an increase of 1000 international $ GDP PPP means an additional 0.5 kg WEEE is generated that requires management.
Journal Article
Identifying the Real Income Disparity in Prefecture-Level Cities in China: Measurement of Subnational Purchasing Power Parity Based on the Stochastic Approach
Common prosperity has become the consensus of the times on development. This study aims to establish a generalized framework of the multilateral index number system under the stochastic approach and further derive the Geary–Khamis (GK) system and the Rao system under the stochastic approach to measure subnational Purchasing Power Parities (PPPs) for quantifying the real income disparity, excluding the effect of prices in prefecture-level cities in China, accurately. The results reveal that: (1) The GK system and the Rao system under the stochastic approach have advantages in addressing information loss and reliability measures, and further improve the spatial price index theory; (2) The distribution of price levels in China is in line with the trend of decreasing economic levels from east to west, which may be related to the Penn effect; (3) Compared with nominal income, real income increased significantly, and the ratio of the highest to the lowest real income in China decreased from 2.62 to 2.02. Real income, excluding the effect of prices, shows a new characteristic of moving toward the north for the high-income agglomeration areas and toward the southwest for the low-income agglomeration areas. These findings are conducive to the adoption of regionally differentiated measures to promote the realization of common prosperity, which has significant practical relevance.
Journal Article
EDUCATION FUNDING AS A DETERMINANT OF THE EDUCATIONAL SYSTEM'S EFFECTIVENESS AND SOCIETAL PERFORMANCE
The article aims to analyze approaches to evaluating secondary education effectiveness across various countries by examining the relationship between public expenditures and students' corresponding learning outcomes, as well as broader societal efficiency indicators. The research explores the correlation between general secondary education funding and international PISA assessment results, alongside the relationship between societal efficiency indicators – such as the Human Development Index (HDI) and GDP at Purchasing Power Parity (PPP) – with educational expenditures and investments in research and development (R&D).The findings demonstrate a non-linear relationship between PISA scores in countries that participated in the 2015, 2018, and 2022 assessments and the cumulative nine-year education funding per 15-year-old schoolchild, expressed in USD at PPP. This relationship is best approximated by an inverted parabola with a peak.Using PISA 2022 as a case study, the educational characteristics of leading countries (Vietnam, Singapore, Macau, Japan) and underperforming countries (Qatar, Panama, Cyprus, the Dominican Republic, and Thailand) were analyzed. These countries' educational outcomes fall outside the standard deviation range.Approaches to evaluating the overall efficiency of education systems were also tested, utilizing widely recognized indicators such as the HDI, GDP per capita at PPP, and the share of public expenditures allocated to R&D. A model was developed to analyze the interrelation between the HDI, R&D expenditures, and per-student educational spending in connection with student performance for a group of countries with high R&D investments.The resulting determination coefficient is R² = 69,7% and confirms the statistical significance of this relationship. The model demonstrates that increased R&D spending has a lesser impact on the HDI compared to educational expenditures on secondary education, adjusted for PISA scores. This finding suggests that, even for developed countries, prioritizing human capital general development through educational investment remains more critical than allocating additional resources to the R&D sector.
Journal Article
Is absolute purchasing power parity special for Spain?
Previous researches reveal that the validity of absolute purchasing power parity (APPP) may be weak or special for Spain. Thus, we explore the failure or the special character of APPP by examining 18 bilateral real exchange rates (RERs) between Spain and its main trade partners. Previous testing methods in this use are reduced and improved. The validity of APPP for these RERs is found to be very weak in general. Though the Penn effect is found to fail in some cases, it still plays a dominant role in general, whether examined from the rule of thumb or from the econometric analysis.
Journal Article
The Impact of the Real Interest Rate, the Exchange Rate and Political Stability on Foreign Direct Investment Inflows: A Comparative Analysis of G7 and GCC Countries
Sustainable financial development plays a vital role in new institutional economics and transaction cost economics. This asserts the important role of interest and exchange rates and political stability as determinants of an economy’s institutional quality. The current study aimed to investigate the effects of the real interest rate, the exchange rate and political stability on foreign direct investment (FDI) inflows in G7 and Gulf Cooperation Council (GCC) countries from 2005 to 2019. The panel fully modified least square and panel dynamic least square estimators used in this study revealed a significant positive long-run relationship between the real interest rate and FDI inflows in the G7 and GCC countries. In addition, there was a significant negative long-run relationship between the exchange rate and FDI inflows in the G7 countries; this relationship was insignificant in the GCC countries. There was also a significant negative long-run relationship between political stability and FDI inflows in the GCC countries; this relationship was insignificant in the G7 countries. The panel least square method confirmed the results of the previous two estimators for the real interest rate and FDI inflows in the G7 countries. Based on these findings, to increase FDI inflows, efforts should be made to lower the lending interest rate and enhance capital formation and trade. Furthermore, market forces should be allowed to determine the real interest rate, and monetary policy should focus on developing a systematic exchange rate to promote political stability and the sustainability of foreign investment in developed and developing countries.
Journal Article
International comparisons of cost and productivity in construction: a bad example
In a report published in June 2012 the Business Council of Australia (BCA) reported that it costs considerably more to build a variety of types of infrastructure in Australia than it does in the US. Airports (90% more costly) and hospitals (62%) were quoted as the worst cases with other projects ranging from 26% to 43% more. They used these figures to conclude that Australia is a high cost, low productivity environment for building infrastructure projects. These claims were based on cost/m2 figures published by a major international construction consultancy. The method used by the BCA is flawed in two ways: one is the in the use of costs that are recognised as giving only the broadest of indications of probable costs and the second is the use of exchange rates to convert Australian construction costs to US dollars. Careful analysis of the methodology used, supported by a series of other comparisons based on other data sources and other conversion factors (purchasing power parities or PPPs), suggests that in real terms it probably costs no more to build in Australia than it does in the US and that it may well be cheaper to build in Australia than it is in the US.
Journal Article