Test of a V-Shaped Relationship between the Expected Real Effective Exchange Rate and Real Output: The Case of France (p.11-22)  [Fichier PDF]
Yu Hsing, Southeastern Louisiana University
Keywords : MPRF, UIP, Expected real depreciation or appreciation, Government debt, World interest rate, Expected inflation
JEL classification : F41, F31
Applying a simultaneous equation model incorporating the monetary policy reaction function and the interactive dummy variable technique, this paper finds that real GDP and the expected real effective exchange rate exhibit a V-shaped relationship, suggesting that expected real depreciation raises real output during early years whereas expected real appreciation increases real output in recent years. Hence, recent real appreciation of the euro would work in favor of France. Other findings are that a higher government debt ratio, a higher real stock price, a higher real EU interest rate, and a lower expected inflation rate would increase real output for France.



Estimating the efficiency of marketing expenses: the case of global Telecommunication Operators (p.23-41)  [Fichier PDF]
Athanasios C. Papadimitriou, University of Athens
Chrysovaladis P. Prachalias, University of Athens
Keywords : Data Envelopment Analysis, inputs, outputs, productive factors, efficiency
JEL classification : D6, D49, L5, L96
This paper investigates the capability of global telecom companies to maximise the efficiency of the productive factors. The shown output is made up of the Total Revenues of the eighteen companies and the inputs consist of the productive factors, which are staff, investments, marketing expenses, traffic of fixed telephony and traffic of mobile telephony. In order to estimate the efficiency of the management of these companies, the Data Envelopment Analysis (DEA) is used. According to the findings of the present research, marketing strategies of telecommunication organizations are characterized by the decline of the traditional marketing expenses and the increased efficiency of investments. The application-driven development of the DEA methodology has led to different approaches being presented in the international literature with different uses and interpretations. The results of this study can be used for efficiency assessments in Decision Making Units.



Does Energy Consumption Contribute to Economic Performance? Empirical Evidence from Nigeria  (p.43-79)  [Fichier PDF]
Chinedu Okonkwo, Central Bank of Nigeria
Gbadebo Olusegun Odularu, Regional Policies & Markets NSF, FARA
Keywords : energy consumption, economic performance, Nigeria
JEL classification : Q3, Q4
This study investigates the relationship between energy consumption and the Nigerian economy from the period of 1970 to 2005. The energy sources used to test for this relationship were crude oil, electricity and coal. By applying the co-integration technique, the results derived infer that there exists a positive relationship between current period energy consumption and economic growth. With the exception of coal which was positive, a negative relationship was noted for lagged values of energy consumption and economic growth. The implication of the study is that increased energy consumption is a strong determinant of economic growth having an implicit effect in lagged periods and both an implicit and explicit effect on the present period in Nigeria. Thus, it is pertinent that this sector should be given more relevance even by exploiting the opportunities laden in the sector to increase economic growth.



Communalism and Minority within the European framework  (p.81-94)  [Fichier PDF]
Trifonas Kostopoulos, Panteion University
Keywords : European integration, European Union, communalism, minorities
JEL classification : P1, P2, P5
The article analyses the process of European integration and focuses on the principle of supplementarity. The old issue of social solidarity and collectivity, which has again come to the fore by the Maastricht Treaty in the form of a policy of decentralisation and redistribution of the Union\'s policy-making purviews in favour of the lower echelons, is analysed focusing on the vital question: Is the principle of supplementarity within the EU framework the communalism of our era or the alibi of centralism and bureaucracy? Within this framework a significant role is assigned to national minorities with regard to the course of integration of the nation states, and in this sense the national minorities of Europe are presented, analyzing their own particular forms of community organization, which may either lead to their integration within the main national corpus or to their marginalization.