Eurasian Journal of Business and Economics

29-50

Authors: Varun MAHAJAN , D.K. NAURIYAL, S.P. SINGH

This paper measures the technical efficiency, super-efficiency, slacks, and input/output targets for large Indian pharmaceutical firms according to ownership by applying Data Envelopment Analysis (DEA) approach. The paper uses raw material, salaries & wages, advertisement & marketing and capital usage cost as input variables and net sales revenue as output variable. The super-efficiency model is applied to rank firms on the basis of efficiency scores. The paper finds that mean overall technical efficiency scores of Private Indian and Private Foreign are higher than Group-owned firms, suggesting that type of ownership affects the performance of a given firm. Further, foreign firms were found to have minimum slacks in inputs, evidently owing to their superior technology, better engineering skills and managerial practices. The study suggests that the inputs, such as, advertisement & marketing expenditure, and also the usage of labour and capital are required to be utilized far more productively in order to improve efficiency.

61-70

Authors: Nurlan ATABAEV , Gulnaz ATABAEVA, Damira BAIGONUSHOVA

This article examines the effects of remittances inflow on economic growth in Kyrgyz Republic. We analyzed relationships between the remittances inflow, real GDP, CPI, exchange rate, import and international reserves by using the vector autoregression approach (VAR) and monthly data for 2005-2012. As a result it has been found that remittances inflow positively effects on output and import which lasts only for two months and negatively on exchange rate of foreign currency (dollar).

91-107

Authors: Aziz BAKAY

Finance-growth nexus has been a prolific research subject whereas research exploring whether there is an interrelationship between financial system and economic growth is somewhat inconclusive (Levine, 2003). Remarkable studiesn noted that financial system and its level of development are argued to stimulate economic growth whilst some other important figures in academia investigated the opposite link or simply ignored such association. Current research aims to explore aforementioned association with respect to regional financial deepening in Turkey through developing a panel model and exploring causality. The level of total credits and deposits recorded in each province of Turkey in all banks -regardless of state, private or foreign owned- are utilized as measures of local financial deepening. Foreign trade of each province -both imports and exports- is hypothesized to be determined by financial deepening variables as well as a number of control variables. Results using panel data from 2007-2010 (81 province, N: 324) suggest that credits alone do significantly explain the amount of export and import of that particular province. Interestingly, amount of deposits is negatively associated with the level of imports. Combined measure for provision of financial services (sum of loans and deposits) statistically explains foreign trade (sum of exports and imports). Granger causality analysis revealed that there is bi-directional causal relationship between financial deepening and international trade.

137-154

Authors: Yusuf Ekrem AKBAŞ , Fuat LEBE , Fatma ZEREN

In this study, the validity was analyzed of the triple deficit hypothesis in Turkey between the years 1960 and 2012. First, the stationarity of positive and negative shocks related to the current account deficit, budget deficit, and savings gap was tested. As a result of unit root tests, it was concluded that all the positive and negative shocks were I(1). Then, the causal relationship was analyzed with regard to the aforesaid shocks of variables by means of an asymmetric causality test. As a result of the asymmetric causality test, bi-directional causality was found between the current account deficit and the budget deficit and between the current account deficit and savings gap. Therefore, it can be concluded that the triple deficit hypothesis is valid in Turkey.

183-208

Authors: Raushan ATANIYAZOVA , Jahongir NEGMATOV , Ziyodullo PARPIEV

This paper applies cost-benefit analysis (CBA) technique to estimate the effectiveness of hand hygiene and oral health interventions in Uzbekistan for children of kindergarten age (3-6 years old). Our primary objective in this study is to apply CBA framework to investigate economic viability of hand hygiene and oral health interventions on respiratory diseases (influenza, bronchitis, pneumonia),intestinal diseases (diarrhea, hepatitis A, and helminthiasis), and dental caries and stomatitis. Though it is often difficult to attribute a specific hygiene intervention to a reduction in specific illness, our study shows that prevention of disease through hygiene promotion is cost-effective. To be the most effective, however, hygiene interventions should be accompanied by education and awareness-raising of teachers, parents and children.