Emigration of Skilled Labor under Risk Aversion: The Case of Medical Doctors from Middle Eastern and North African Economies

This is a contribution to the new economics of skilled labor emigration that focuses on the mobility of medical doctors from sending Middle East and North African countries. Economic models under risk neutrality and aversion are used. The findings show that the relative expected benefits and the emigration rate have major effects on the net relative human medical capital that remains in the source country. The effects of relative wages in the destination and sending countries besides the yield of education are likely to change the emigration patterns. Comparisons of theoretical and observed relative human capital per country averages are conducted and ensured the statistical validity of the model. The empirical results based on the available data by Docquier and Marfouk (2006 and 2008) and Bhargava, Docquier and Moullan (2010) allowed further use of the model to understand the current trends in the emigration of medical doctors. These trends confirm the magnitude of relative wages besides the level of education and the attitude toward risk as determinants of the emigration of skilled labor. The countries included in the study are all exhibiting brain gain under 1991-2004 emigration data but two distinct groups of countries are identified. Each country is encouraged to anticipate the likely effects of this emigration on the economy with the increase of health demand, the domestic wages and the increase in education capacity for medical doctors.Medical skilled emigration; wages; human capital, risks.

Geography Of Stock Returns: Evidence From An Emerging Market

Does location of corporate headquarters matter for stock returns? Do investors prefer to invest in firms located near them? This study aims to answer these questions by using a large dataset of stock returns for firms listed at the Bombay Stock Exchange during the period between 2003 and 2007. Our results show that stock returns of firms show a strong degree of co-movement with stock returns of other firms located in the same city as them. Interestingly, we also show that this degree of co-movement goes down with firms located in the neighboring cities. We also show that stock returns of firms exhibit the least degree of co-movement with firms that are located farther from the neighboring cities. Furthermore, our results show that this degree of co-movement in stock returns is increasing over the period of time. Our results are consistent with prior literature that considers location as an important determinant of stock returns

Digital Rights Management, Intellectual Property Rights Protection and Economic development: The case of digital piracy in the South Mediterranean countries

Abstract: The potential benefits that could be gained from information technologies in South Mediterranean economies are constrained by both DRM and institutional protection related to Intellectual Property Rights. But, pervasive piracy can appear to be a major obstacle to access these benefits. This paper through a simplified theoretical decision model attempts to suggest foundations to reveal levels of protection rates. This is followed by an empirical assessment of the likely effects of different macroeconomic variables in the context of selected South Mediterranean countries using software piracy data and the protection rates derived from the above model. This is intended to reveal the most important variables that drive software protection. The results attained show how protection should be strengthened through further investments in knowledge and through openness to foreign direct investments that lead to superior economic outcomes.Key words: DRM; Information and communication technologies; piracy; South Mediterranean economies.

Emigration of Skilled Labor under Risk Aversion: The Case of Medical Doctors from Middle Eastern and North African Economies

This is a contribution to the new economics of skilled labor emigration that focuses on the mobility of medical doctors from sending Middle East and North African countries. Economic models under risk neutrality and aversion are used. The findings show that the relative expected benefits and the emigration rate have major effects on the net relative human medical capital that remains in the source country. The effects of relative wages in the destination and sending countries besides the yield of education are likely to change the emigration patterns. Comparisons of theoretical and observed relative human capital per country averages are conducted and ensured the statistical validity of the model. The empirical results based on the available data by Docquier and Marfouk (2006 and 2008) and Bhargava, Docquier and Moullan (2010) allowed further use of the model to understand the current trends in the emigration of medical doctors. These trends confirm the magnitude of relative wages besides the level of education and the attitude toward risk as determinants of the emigration of skilled labor. The countries included in the study are all exhibiting brain gain under 1991-2004 emigration data but two distinct groups of countries are identified. Each country is encouraged to anticipate the likely effects of this emigration on the economy with the increase of health demand, the domestic wages and the increase in education capacity for medical doctors

Emigration of Skilled Labor under Risk Aversion: The Case of Medical Doctors from Middle Eastern and North African Economies

This is a contribution to the new economics of skilled labor emigration that focuses on the mobility of medical doctors from sending Middle East and North African countries. Economic models under risk neutrality and aversion are used. The findings show that the relative expected benefits and the emigration rate have major effects on the net relative human medical capital that remains in the source country. The effects of relative wages in the destination and sending countries besides the yield of education are likely to change the emigration patterns. Comparisons of theoretical and observed relative human capital per country averages are conducted and ensured the statistical validity of the model. The empirical results based on the available data by Docquier and Marfouk (2006 and 2008) and Bhargava, Docquier and Moullan (2010) allowed further use of the model to understand the current trends in the emigration of medical doctors. These trends confirm the magnitude of relative wages besides the level of education and the attitude toward risk as determinants of the emigration of skilled labor. The countries included in the study are all exhibiting brain gain under 1991-2004 emigration data but two distinct groups of countries are identified. Each country is encouraged to anticipate the likely effects of this emigration on the economy with the increase of health demand, the domestic wages and the increase in education capacity for medical doctors

Digital Rights Management, Intellectual Property Rights Protection and Economic development: The case of digital piracy in the South Mediterranean countries

Abstract: The potential benefits that could be gained from information technologies in South Mediterranean economies are constrained by both DRM and institutional protection related to Intellectual Property Rights. But, pervasive piracy can appear to be a major obstacle to access these benefits. This paper through a simplified theoretical decision model attempts to suggest foundations to reveal levels of protection rates. This is followed by an empirical assessment of the likely effects of different macroeconomic variables in the context of selected South Mediterranean countries using software piracy data and the protection rates derived from the above model. This is intended to reveal the most important variables that drive software protection. The results attained show how protection should be strengthened through further investments in knowledge and through openness to foreign direct investments that lead to superior economic outcomes

Digital Rights Management, Intellectual Property Rights Protection and Economic development: The case of digital piracy in the South Mediterranean countries

Abstract: The potential benefits that could be gained from information technologies in South Mediterranean economies are constrained by both DRM and institutional protection related to Intellectual Property Rights. But, pervasive piracy can appear to be a major obstacle to access these benefits. This paper through a simplified theoretical decision model attempts to suggest foundations to reveal levels of protection rates. This is followed by an empirical assessment of the likely effects of different macroeconomic variables in the context of selected South Mediterranean countries using software piracy data and the protection rates derived from the above model. This is intended to reveal the most important variables that drive software protection. The results attained show how protection should be strengthened through further investments in knowledge and through openness to foreign direct investments that lead to superior economic outcomes