Effective timing of tourism policy: The case of Singapore

In this paper, we examine the effective timing of economic policies actions in the tourism industry of a small open economy such as Singapore. The effective timing of policy actions is an open challenge issue to researchers and also a much needed rule of thumb to policy makers and private agents. This paper aims to (a) derive the influencing factors of a tourism demand function and (b) identify the time impact of these factors, thus, allowing the formulations of effective policy actions, by both, governmental tourism authorities and private tourism agents in Singapore. Our findings suggest that tourism government authorities and private tourism agents in Singapore should choose the timing of their actions depending upon the anticipated factor changes and their estimated impact. That is, if exchange rate variability is anticipated then policy actions should start at least twelve months prior to the start of the tourist period. If, a keen price competition is expected to prevail then the best timing of policy actions is nine months ahead the tourism period. If income improvements in origin countries could be expected, then a rather shorter timing action of six months would be available to tourism authorities and private agents in Singapore

A distance learning university and its economic impact in a country’s peripheries: the case of Hellenic Open University

Higher education institutions can contribute into regional growth via the services of teaching they provide, the research activity they develop and the administration spillover effects on the local markets they operate. This paper attempts to quantify the impact of university expenditures on the regionally produced product (GDP). More specifically, we focus on the expenditure effects of the Hellenic Open University on the GDP of the 13 Greek regions. In our analysis we distinguish between direct and indirect effects by identifying as direct effects all initial expenditures incurred by the HOU while we identify and subsequently calculate as indirect effects the increases in local output caused by the interactions of different sectors of the regional economy. For the calculation of indirect effects we use the input–output methodology. An input–output system shows the intermediate transactions between sectors and the primary inputs, as well as, the final demand of each sector. This is a general equilibrium system that records all the inter-sector transactions presenting a complete picture of the economy under examination and being the appropriate system to be used for calculating the total effect of university expenditure on regional GDP. Our results suggest that the economic impact of HOU is (a) significant to the Greek peripheries and its size varies across regions; (b) indirect regional effects boost the direct regional effects by 60 % creating an overall size of the HOU expenses GDP multiplier by 1.6 on average. Moreover, our findings may have two straightforward policy implications that could be useful to those exercising policy making: first, the quantification of HOU economic impact on all Greek peripheries is not only useful for assessing the economic role of HOU at regional level but it could also been seen as a benchmark in assessing the impact of other similar regional educational activities. Secondly, the economic impact of HOU in each periphery can be a useful tool in assessing alternative non-educational, regional projects, aiming to fight the high unemployment arisen due to economic crisis that bedevils Greece and its peripheries in the last 5 years

Echocardiographic indices of diastolic function in patients with heart failure: heart failure preserved versus reduced left ventricular ejection fraction

Introduction: Heart failure (HF) is a clinically defined syndrome in which patients have typical signs and symptoms due to an abnormality of cardiac structure or function. According to left ventricle ejection fraction (LVEF) HF can be classified as HF preserved LVEF (HFpEF) and HF reduced LVEF (HFrEF). Whether HF is presents and evolves as a single syndrome with HFpEF preceding HFrEF or as two independent syndromes is a matter of controversy.Aim: The purpose of this study was to examine the diastolic function using doppler and tissue doppler echocardiographic indices among patients with HFpEF and HFrEF.Methods: Study population consisted of 40 stable HF patients, under guideline recommended medical treatment, without exaggeration or hospitalization over the last 30 days that were evaluated at the outpatient clinic from 1/9/2009 till 30/7/2010. According to LVEF (dichotomous 45%) two groups were formed. Group A consisted the HFpEF group (n = 20, 11 males, mean age 62.8 ± 7.4 years, LVEF = 52.4 ± 5.7%) while group B consisted the HFrEF group (n=20, 15 males, mean age 63.3 ± 7.8 years, LVEF = 28.5 ± 5.8%). Control group consisted of 20 volunteers (11 males, mean age 57.8 ± 9.7 years, LVEF = 63/1 ± 7.1%) without history or signs/symptoms of HF.Results: Age, gender and NYHA class were not statistically different among both HF groups. Patients with HFrEF had statistically increased left ventricle (LV) dimensions and reduced wall thickness compared to those with HFpEF, however left atrial volume index (LAVI) and dimension were not different among both groups. Pulse doppler in mitral valve and pulmonary veins revealed reduced wave A duration and S wave velocity as well as increased IVRT in patients with HFrEF than those with HFpEF, while tissue doppler in mitral valve annulus revealed reduced both septal and lateral s' and lateral a' wave velocity in patients with HFrEF than those with HFpEF. Moreover, patients with HFpEF exhibited reduced lateral s' wave velocity compared to those in control group. Concerning diastolic dysfunction grading there was no difference between the two HF groups, however HF groups had worse grading compared to control group. Finally, BNP levels were greater in patients with HFrEF. LAVI and NYHA class in patients with HF seem to correlate with echocardiographic indices of diastolic function and BNP levels but not with LVEF.Conclusion: Diastolic function seems to be equally impaired in both HF types, considering the echocardiographic indices of diastolic function.Εισαγωγή: Η καρδιακή ανεπάρκεια (ΚΑ) με βάση το κλάσμα εξώθησης της αριστερή κοιλίας (ΚΕΑΚ) διακρίνεται σε ΚΑ με διατηρημένο (ΚΑδΚΕ) και με μειωμένο ΚΕΑΚ (ΚΑμΚΕ). Αντικρουόμενες είναι οι απόψεις για το πόσο η ΚΑδΚΕ αποτελεί ανεξάρτητη οντότητα της ΚΑ ή εξελίσσεται σε ΚΑμΚΕ, ενώ δεν έχει διευκρινιστεί κατά πόσο η διαστολική δυσλειτουργία αποτελεί κοινό στοιχείο των ασθενών με ΚΑ ανεξάρτητα του ΚΕΑΚ.Σκοπός: Η συγκριτική μελέτη με υπερηχοκαρδιογραφικούς δείκτες της διαστολικής λειτουργίας της αριστερής κοιλίας (ΑΚ) με τη χρήση παλμικού και ιστικού Doppler σε ασθενείς με ΚΑ.Μέθοδοι και Υλικό: Τον πληθυσμό της μελέτης αποτέλεσαν 40 ασθενείς με διαγνωσμένη ΚΑ, υπό φαρμακευτική αγωγή, χωρίς παρόξυνση και νοσηλεία τις τελευταίες 30 ημέρες, που προσήλθαν στα εξωτερικά ιατρεία από 1/9/2009 μέχρι και 30/7/2010. Διακρίθηκαν 2 ομάδες ανάλογα με το ΚΕΑΚ (διχοτόμος τιμή 45%). Η ομάδα Α (n = 20, 11 άντρες, 62,8 ± 7,4 ετών, ΚΕΑΚ = 52,4 ± 5,7%) περιλαμβάνει εκείνους με ΚΑδΚΕ και η ομάδα Β (n=20, 15 άντρες, 63,3 ± 7,8 ετών, ΚΕΑΚ = 28,5 ± 5,8%) περιλαμβάνει εκείνους με ΚΑμΚΕ. Την ομάδα ελέγχου (ομάδα C) αποτελούν 20 εθελοντές (11 άντρες, 57,8 ± 9,7 ετών, ΚΕΑΚ = 63,1 ± 7,1%) χωρίς διαγνωσμένη ΚΑ και χωρίς συμπτώματα ή/και σημεία ΚΑ.Αποτελέσματα: Οι δύο ομάδες της ΚΑ δε διαφέρουν στατιστικά σημαντικά ως προς την ηλικία, το φύλο και την τάξη κατά NYHA. Οι ασθενείς της ομάδας ΚΑμΚΕ έχουν στατιστικά αυξημένες διαστάσεις και λεπτότερα τοιχώματα της αριστερής κοιλίας σε σχέση με τους ασθενείς με ΚΑδΚΕ, χωρίς όμως να διαφέρουν οι διαστάσεις και ο όγκος του αριστερού κόλπου (LAVI) μεταξύ των δυο ομάδων. Στο παλμικό Doppler, στη μιτροειδή βαλβίδα και στις πνευμονικές φλέβες, παρατηρήθηκε μικρότερη διάρκεια του κύματος Α, μεγαλύτερη διάρκεια του χρόνου ισογκωτικής χάλασης και μικρότερη ταχύτητα του κύματος S στην ομάδα ΚΑμΚΕ σε σχέση με την ομάδα ΚΑδΚΕ, ενώ στο ιστικό doppler στο μιτροειδικό δακτύλιο (διαφραγματική και πλάγια θέση) εντοπίστηκαν χαμηλότερη ταχύτητα των κύματων s' και του κύματος a' στην πλάγια θέση στους ασθενείς με ΚΑμΚΕ σε σχέση με τους ασθενείς με ΚΑδΚΕ. Οι ασθενείς με ΚΑδΚΕ παρουσίαζαν χαμηλότερη ταχύτητα του κύματος s' στην πλάγια θέση σε σχέση με τα άτομα της ομάδας ελέγχου. Οι ασθενείς με ΚΑδΚΕ δε διέφεραν ως προς την ταξινόμηση της βαρύτητας της διαστολικής δυσλειτουργίας σε σχέση με τους ασθενείς με ΚΑμΚΕ, ενώ και οι δύο ομάδες της ΚΑ διέφεραν στατιστικά σημαντικά σε σχέση με την ομάδα ελέγχου. Τέλος, οι ασθενείς με ΚΑμΚΕ έχουν υψηλότερα επίπεδα BNP σε σχέση με εκείνους με ΚΑδΚΕ. Ο LAVI και η τάξη κατά ΝΥΗΑ στους ασθενείς με ΚΑ συσχετίζεται με υπερηχοκαρδιογραφικούς διαστολικούς δείκτες και τα επίπεδα του BNP, ενώ δεν ανιχνεύτηκε σημαντική συσχέτιση με το ΚΕΑΚ. Συμπέρασμα: Η διαστολική δυσλειτουργία φαίνεται να αποτελεί κοινό σημείο και στους δύο τύπους ΚΑ, όπως προκύπτει από τη σύγκριση των υπερηχοκαρδιογραφικών δεικτών διαστολικής λειτουργίας μεταξύ ασθενών με ΚΑδΚΕ και ασθενών με ΚΑμΚΕ

Exchange Rate Volatility and Foreign Trade: The Case for Cyprus and Croatia

AbstractThis paper examines the effect of exchange rate volatility for a set of two countries, Croatia and Cyprus on sectoral exports during the period of 1990: q1-2012:q1. It is claimed by some researchers that exchange rate volatility causes a reduction on the overall level of trade. Empirical researchers often utilize the standard deviation of the moving average of the logarithm of the exchange rate as a measure of exchange rate fluctuation. In this study we propose a new measure for volatility. Overall our results have suggested significant negative effects from volatility on exports for one country in our sample

A New Approach for Measuring Volatility of the Exchange rate

AbstractThis paper examines the effect of exchange rate volatility for a set of three European countries, Germany, Sweden and the U.K., to sectoral exports during the period of 1973 q1-2010 q4. It is often claimed by some researchers that exchange rate volatility causes a reduction in the overall level of trade. Empirical researchers often utilize the standard deviation of the moving average of the logarithm of the exchange rate as a measure of exchange rate fluctuation. In this study we propose a new measure for volatility. Overall our results have suggested significant negative effects from volatility to exports

Does Exchange Rate Variation Effect African Trade Flows?

AbstractThis paper examines the effect of exchange rate volatility for a set of three African countries: Malawi, Morocco and South Africa to aggregate exports during the period of 1973: q1-1990:q1. It is claimed by some researchers that exchange rate volatility causes a reduction on the overall level of trade. Empirical researchers often utilize the standard deviation of the moving average of the logarithm of the exchange rate as a measure of exchange rate fluctuation. In this study we propose a new measure for volatility. Overall our results have suggested significant negative effects from volatility on exports for all the countries in our sample when a measure of unexpected fluctuation was used

Wahania kursów walut i ich wpływ na zagregowany eksport na Ukrainie

This paper examines the effect of Exchange Rate Volatility (ERV) on the aggregate exports of Ukraine during the period of 1990 to 2013 using quarterly data. In the literature, it is found that exchange rate volatility causes a reduction in the overall level of trade. The paper tests this finding for Ukrainian foreign trade in the aforementioned period using the Autoregressive Distributed Lags (ARDL) method to co-integration. Overall, our findings suggest that there is a negative effect of ERV on Ukrainian exports. From a policy prospective, this result is important because it suggests that policy makers should consider the negative effect of ERV on exports when exercising exchange rate policy for balance of payment purposes