ABOUT SOUQ ECONOMICS
Souq Economics aims to create a platform where researchers from across the world can come together to disseminate their research as well as collaborate with one another to create new research. SE also envisions itself as a bridge between researchers in economics and policy-makers, resulting in the betterment of society.
Souq Economics hopes to bring together research and researchers from across the world for the advancement of economics as a discipline. The research that will be of particular interest to the SE will be evidence-based research in a variety of areas including, but not limited to, the problems which stare the world in its face currently. Some of this research will be carried out in-house but SE will also provide a platform for researchers anywhere in the world.
The Souq will also bring on board policy makers and policy researchers to create a dialogue which will enhance policy effectiveness. Economics has always been open to collaborations across disciplines, be it politics, sociology or history, to name but a few. The SE hopes to carry this tradition forward and create a platform where various disciplines intersect. Apart from being a catalyst for generating research, it hopes to bring cutting edge research in economic and allied disciplines within easy grasp of all those who are interested in the subject.
Souq Economics proposes to develop and disseminate research in economics among the community in which it is located and also beyond. It intends to be an interface between researchers, policy makers and the public at large. Among the public, it will focus particular attention on those entering or hoping to enter the field of economics. New and existing students of economics will be a significant part of the intended audience. The SE hopes that it will be able to kindle a passion for economics among these new entrants to the field, a passion that has motivated researchers in economics around the world.
Head of Souq Economics
Professor Ajit Karnik
The Background
Souq in Arabic means marketplace. Souq Economics (SE) views itself as a marketplace for the exchange of ideas in economics. The subject of economics has been evolving in response to challenges faced by countries of the world. The previous century saw the evolution of Keynesian economics as a way of managing floundering economies, an approach that gave way to more market-oriented approaches a few decades later. Two episodes of this century have similarly challenged economics. The first, the Great Recession of 2008, was sufficiently widespread and devastating to invite comparison with the Great Depression of the previous century. The discipline responded to this challenge with deep introspection at the way economics was taught and researched. The second episode, namely, the ravages wrought by the COVID pandemic, has upended most economies of the world and many are still struggling to recover from it. In response to this second challenge, economics has focused on policy prescriptions to alleviate the suffering faced by millions of individuals across the world. Research in economics, however, does not emerge only in response to specific events. Contemporary as well as long-standing problems continue to guide research in areas such as political economy, inequality, climate change, poverty, globalization, economic history, gender economics, institutional economics and public policy among others.
ADVISORY BOARD
Professor Sheilagh Ogilvie
Professor Errol D’Souza
Dr Jeremy Edwards
Dr Shubhada Rao
Chandrahas Deshpande
OUR CORE TEAM
RESEARCH AREAS
Research areas that are of interest to the Souq are listed below but this list is by no means exhaustive:
- Climate change
- Covid and its impact
- Economic history
- Economics of development
- Financial economics
- Gender economics
- Globalization
- Inequality
- Institutional economics
- Political economy
- Political economy
- Poverty
- Public policy
MDX Dubai Research Centres partner to host Symposium on Cross-cutting Issues in Economics, Climate Change, and Supply Chain
On 12th January 2022, Middlesex University Dubai’s Souq Economics – Centre for Economics Research and Centre for Supply Chain Excellence successfully hosted a joint symposium tackling “Cross-Cutting Issues on Economics, Climate Change, and Supply Chain”. The event attracted over 175 delegates from around the world, including presenters and speakers from the UAE, US, UK, India, Thailand, Malaysia and Australia.
The symposium provided a timely venue for practitioners and academics to engage in a meaningful discourse on issues shaping the post-pandemic world, including economic growth conditions, the ongoing disruption of supply chains, inflationary risks, and capabilities of governments in navigating these issues.
Participants benefitted from high-profile keynote addresses from Professor Sheilagh Ogilvie, Chichele Professor of Economic History, University of Oxford on ‘State Capacity and Economic Growth: Cautionary Tales', and Professor Errol D'Souza, Professor of Economics & Director, Indian Institute of Management Ahmedabad on 'COVID-19, resilience, & economic growth'. The symposium also featured several invited research papers and industry presentations from internationally renowned researchers and practitioners from economics, supply chain and logistics, sustainability and climate change.
Topics and presentations included:
- 'The Future of Food: Responsible and Sustainable Consumption' by Dr. Min Teah, Associate Professor & Dean, Research, Curtin University Australia
- 'Sustainability and Global value Chains with respect to Regional Integration' by Ms. Sanchita Chatterjee, Senior Trade Policy Expert - India and Thailand
- 'Beyond Sustainability: Challenges and Opportunities for Supply Chain Resilience in the Era of Climate Change' by Rana Hajirasouli, COO, Cyrus Group of Companies
The symposium wrapped up with an excellent and stimulating panel session on contemporary supply chain and socio-economic issues hosted by Middlesex University Dubai School of Business faculty Dr. Supriya Kaitheri and Rory McConnon. The panel members were seen communicating their ideas while securing a meaningful discussion with other panelists from to address the increasingly complex global and local supply chain challenges in a sustainable manner.
Speaking on the success of the event, Dr Cedwyn Fernandes, Pro-Vice Chancellor of Middlesex University and Director of Middlesex University Dubai said: “I have been immensely impressed by the range and standard of presentations and the profile of the speakers from across the world. I want to thank Professor Ajit Karnik, Dr Sreejith Balasubramanian and all the members of the Organising Committee for putting together a fantastic programme.”
Commenting on the success of the symposium, Professor Ajit Karnik, Professor of Economics at Middlesex University Dubai and Organising Committee member said: “The Symposium brought together a galaxy of high profile researchers from across the world who presented the delegates a virtual feast of research output and ideas”.
Dr Sreejith Balasubramanian, Head & Founder – Centre for Supply Chain Excellence and Organising Committee member, said: “The symposium received excellent feedback from the delegates and was able to extend the dialogue towards shaping the post-pandemic world and discuss economic growth conditions that mitigate climate change.”
About the Research Centres
Souq Economics - Center for Economics Research aims to ether research and researchers from across the world for the advancement of economics as a discipline, and act as a bridge between researchers in economics and policy-makers, resulting in the betterment of society.
https://www.mdx.ac.ae/souq-economics-center-for-economics-research
The Centre for Supply Chain Excellence is dedicated to promoting supply chain excellence in education, research, and practice through collaboration with academics, industry partners, government entities, and other research institutes.
Economic Insights
This section will publish occasional notes/short articles on topics which are of interest to Souq Economics. This will include articles on topics of current interest or topics relevant to the UAE or topics of general economic interest.
Power And Progress – Ringing the Alarm-Bells for the Future?
Author: Dr Chandrahas Deshpande
Abstract: Dr Chandrahas Deshpande reviews the latest book by the prolific economist Daron Acemoglu and co-author Simon Johnson. Like previous books by Acemoglu, this monumental work constitutes a thoroughly engaging narrative interspersed with illuminating historical references. The book raises issues of fundamental importance on ‘the shape of things to come’ and simultaneously, suggests some remedial measures through which the Modern Digital Technologies can be redirected for greater human welfare. Deshpande gives a guided tour of this 550 pages+ massive tome highlighting the major issues tackled by Acemoglu and Johnson.
The FDI Formula: Secrets to Attracting Investment
Author: Dr Pallavi Kishore
Abstract: Global FDI has increased significantly in the last few decades surging by over 9800% from 1970 to 2020 . The substantial increase in FDI stands as a testament to the benefits it offers. Beyond fostering economic development and facilitating international trade, FDI asserts its potential to enhance employment, and bolster productivity. Furthermore, countries tend to welcome FDI as they allow for technology transfer, contribute to human capital development, and increase the host country’s income. A key question in this context is what strategies should countries employ to attract FDI? Apart from economic and regulatory factors, institutional factors are also important. Further, this research extends its purview to examine the importance of financial factors in attracting FDI. The relevance of all these factors is examined using a large panel of 179 countries over 27 years (1991-2017). The study drills down further to micro-level dynamics within a developing country. This part of the study includes both listed and unlisted firms within India for the period 2010 to 2018, representing a total of 50,268 firms. Firm-level factors that attract FDI include the size of the firm and performance of the firm as well as non-financial factors such as the firm’s age, industry, technological investments, and R&D spending.
Identifying Drivers and Hindrances to Smartphones Disposal: A Study of User Behaviour in the UAE
Authors: Gayle Patrao and Professor Ajit Karnik
Abstract: A key environmental problem in the usage of mobile phones is the low rates of recycling of used phones. This study investigates the reasons behind the low rates of recycling of mobile phones in the United Arab Emirates, one of the heaviest users of mobile phones and one with very high e-waste generation. Our results show that environmental awareness about recycling and knowledge of the environmental consequences of improperly disposed of phones encourage recycling. However, personal, and external barriers prevent responsible disposal. We recommend strong government intervention, especially in school education, to enhance awareness about recycling. Further, the infrastructure for recycling needs to be made more user friendly and incentives should be offered to overcome personal barriers to recycling.
UAE: The preferred destination for Foreign Direct Investments
Authors: Dr Pallavi Kishore and Prof. Ajit Karnik
Abstract: The recent UNCTAD World Investment Report shows that the UAE has emerged as a global magnet for foreign direct investment (FDI). This performance of the UAE is especially commendable given its small size in terms of its population and its aggregate GDP. This note identifies the factors that have led to the UAE’s success in attracting FDI. Some of these factors are its location, political stability, infrastructure, economic diversification and quality of life. The large inflows of FDI clearly represent a vote of confidence in the UAE as a favourable destination for foreign investments.
Doubling of Dubai’s Economy in a Decade: D33 provides a Realistic Blueprint
Authors: Prof. Cedwyn Fernandes, Economist, Pro-Vice Chancellor of Middlesex University and Director of Middlesex University Dubai
Abstract: The ambitious Dubai Economic Agenda ‘D33’, which aims to double the size of Dubai’s economy over the next decade, is a bold target. It is planned that this target will be achieved through an extensive range of strategic initiatives and policies that collectively aim to cement the emirate’s position as a global business and financial hub. In the words of HH Sheikh Mohammed bin Rashid Al Maktoum: “One must take advantage of available opportunities, and opportunities will only be well seized by those who are waiting for them. If you challenge a goal you will be able to achieve it.”
RESEARCH OUTPUT
Papers in refereed Journals
- Majumdar, S. and Paris, C.M., 2022. Environmental Impact of Urbanization, Bank Credits, and Energy Use in the UAE—A Tourism-Induced EKC Model. Sustainability, [online] 14(13), p.7834. https://doi.org/10.3390/su14137834
- Malal Lalvani and Ajit Karnik (2022) “Macroeconomic Challenges and the Social Sector”, Economic and Political Weekly, Vol. 57 (13), 2022, pp. 52-58.
- Sherika Antao and Ajit Karnik (2022)“Bank Performance and Noninterest Income: Evidence from Countries in the Asian Region”, Asia-Pacific Financial Markets, Vol. 29, pp. 477-505
Research in Progress:
- Ajit Karnik and Sudipa Majumdar: Profitability of Indian Banks: Examining the Impact of Income Diversification
- Ajit Karnik and Mala Lalvani:Fiscal Policy at the Sub-national Level: A Study of Indian States
- Anita Kashi, Lynda Hyland and Ajit Karnik: Psychological outcomes of objective and subjective perceptions of division of labour in household work (to be submitted latest by April 2023)
- Ajit Karnik and Mariam Aslam: Impact of mergers on the Banking Sector in the UAE
- Gayle Patrao and Ajit Karnik: Identifying Drivers and Hindrances to the Disposal of Used Mobile Phones: A Study of User Behaviour in the UAE. Resubmitted after revision.
Conference Presentations
- Ajit Karnik and Sudipa Mujumdar (2022) Profitability of Indian Banks: Examining the Impact of Income Diversification, Sixth International Conference on Emerging Research Paradigms in Business and Social Sciences (ERPBSS 2022), February 24-26 2022
- Ajit Karnik and Mariam Aslam (2022) Impact of mergers on the Banking Sector in the UAE, Sixth International Conference on Emerging Research Paradigms in Business and Social Sciences (ERPBSS 2022), February 24-26 2022
- Anita Kashi,Lynda Hyland and Ajit Karnik (2022) Psychological outcomes of objective and subjective perceptions of division of labour in household work, Sixth International Conference on Emerging Research Paradigms in Business and Social Sciences (ERPBSS 2022), February 24-26 2022
Articles in Popular Press
- GCC Countries: Emerging from the COVID-19 induced shocks, Zawya.com, 5 December 2021, (https://www.zawya.com/en/economy/gcc-countries-emerging-from-the-covid-19-induced-shocks-iheeup1g)
- Revival of travel and tourism will boost GCC economies, Zawya.com, 23 September 2021 (https://www.zawya.com/en/economy/revival-of-travel-and-tourism-will-boost-gcc-economies-u1xl0ffb)
- “Is mandatory vaccination the need of the hour?”, Arabian Business, 29 July 2021 (https://www.arabianbusiness.com/comment/466602-is-mandatory-vaccination-the-need-of-the-hour)
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