Institutions and Economies <div align="justify"> <p>Institutions and Economies is a peer reviewed journal published by the Faculty of Business and Economics (formerly Faculty of Economics and Administration), University of Malaya. The journal is published four times a year, in January, April, July and October. The journal publishes research articles and book reviews. Only original articles that are not under consideration by other publishers are welcome. Special issues are also welcome but interested special issue editors must submit a proposal to the Editor-In-Chief for consideration. The journal is indexed in SCOPUS, IDEAS, MYCite, ECONPapers, ASEAN Citation Index (ACI), EBSCO and Asian Digital Library. Institutions and Economies is a recipient of the CREAM Award 2016 by the Ministry of Higher Education Malaysia.</p> <p>Print ISSN: 2232 - 1640<br />E - ISSN: 2232 - 1349 </p> <p> </p> <p><strong>Peer Review Statement </strong></p> <p><strong><em>All research articles in the journal have undergone rigorous peer review. The process consists of an initial screening by the</em> <em>Editor-In-Chief, Deputy Editor and</em><em> Associate Editors, followed by double-blind refereeing: two reviewers for articles. Articles in special issues go through double-blind refereeing and one internal review by the Editorial Board. </em></strong></p> <p><strong><br />IMPORTANT ANNOUNCEMENT</strong></p> <p>Beginning <strong>1st March 2021</strong>, <strong>there will be no submission fee for this journal. </strong> There will be a <strong>publication fee of USD100/- per article</strong> to partially cover the expenses of copy editing of accepted manuscripts. <strong>Payment of the publication fee should only be made after acceptance of a manuscript.</strong> The detailed information of the payment process can be seen <a href="">here</a>. Payment of the publication fee can be done at this <a href="">website</a>.</p> <p> </p> </div> <div class="SnapLinksContainer" style="margin-left: 0px; margin-top: 0px; display: none;"> <div class="SL_SelectionRect"> <div class="SL_SelectionLabel" style="right: 2px; bottom: 2px;">0 Links</div> </div> <!-- Used for easily cloning the properly namespaced rect --></div> <div class="SnapLinksContainer" style="margin-left: 0px; margin-top: 0px; display: none;"> <div class="SL_SelectionRect"> </div> <!-- Used for easily cloning the properly namespaced rect --></div> en-US <p>Submission of a manuscript implies: that the work described is original, has not been published before (except in the form of an abstract or as part of a published lecture, review, or thesis); that is not under consideration for publication elsewhere; that its publication has been approved by all co-authors, if any, as well as tacitly or explicitly by the responsible authorities at the institution where the work was carried out. Transfer of copyright to the University of Malaya becomes effective if and when the article is accepted for publication. The copyright covers the exclusive right to reproduce and distribute the article, including reprints, translations, photographic reproductions, microform, electronic form (offline and online) or other reproductions of similar nature.<br />An author may self-archive the English language version of his/her article on his/her own website and his/her institutions repository; however he/she may not use the publishers PDF version which is posted on Furthermore, the author may only post his/her version, provided acknowledgement is given to the original source of publication and a link must be accompanied by the following text: The original publication is available at</p> <p>All articles published in this journal are protected by copyright, which covers the exclusive rights to reproduce and redistribute the article (e.g. as offprint), as well as all translation rights. No material published in this journal may be reproduced photographically or stored on microfilm, in electronic database, video disks, etc., without first obtaining written permission from the publishers. The use of general descriptive names, trade names, trademarks, etc., in this publication, even if not specifically identified, does not imply that these names are not protected by the relevant laws and regulations.</p> <p>The copyright owners consent does not include copying for general distribution, promotion, new works, or resale. In these cases, specific written permission must first be obtained from the publishers.</p> (Institutions and Economies) (Institutions and Economies) Fri, 01 Jul 2022 00:11:11 +0800 OJS 60 Legislative Challenges of Georgian Entrepreneurship and Business Competitiveness <p>This paper examines the legal environment affecting entrepreneurship based on theoretical and practical examples, as well as identifies and analyses challenges based on the role of Georgia in international rankings and research on businessmen. Georgia belongs to the group of developing countries, where social problems are acutely on the agenda. A country with a gross domestic product of US$15.8 billion (US$4255.70 per capita), Georgia has great potential for rapid development through growth in entrepreneurship. Creating an attractive environment for businesses should therefore become an important agenda for the government. Based on quantitative research, 11,207 business entities in Georgia have been surveyed to examine the legislative challenges for businesses. The survey results revealed the need to improve the business regulation framework, facilitate institutional change in the business environment, and enact entrepreneurial legislative reform.</p> Natia Surmanidze Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800 The Regulatory and Institutional Framework of Public-Private Partnership: Cases of France, Germany, and Russia <p>Globally public-private partnerships (PPP) have become one of the tools for effective infrastructure development. In previous years, there have been few peer-reviewed studies of the PPP framework, namely on elements contributing to the effectiveness of PPP projects and finding interrelationships between them. This study identifies the elements of the regulatory and institutional framework of PPP as: the legal regulation of PPP, units for PPP development, and state policy in PPP. It also reveals their mutual influence. These conclusions were based on an in-depth systematic literature review and a questionnaire survey. The analyses of such PPP-successful countries - France, Germany, and Russia - help to confirm our logical conclusions. Besides this, several good cases concerning the quality of the regulatory and institutional PPP framework are highlighted. The study has also noted four stages of the PPP policy evolution: PPP as a new tool for infrastructure development, PPP as a tool for most projects, PPP as a tool for territorial development, and PPP as a tool to achieve sustainable development goals. This finding remains unknown in peer-reviewed literature before. The results of the study can help PPP practitioners to create more effective national PPP strategies.</p> Igor Y. Merzlov Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800 Non-Tariff Measures in the Food Processing Sector in Malaysia: An Assessment of Welfare Impacts <p>Given the ambiguity of the overall welfare effects of non-tariff measures (NTMs), this paper furthers our understanding of the well-being of consumers by focusing on a single sector analysis. It examines the welfare effects associated with the highly regulated food processing sector in Malaysia. A comparative static computable general equilibrium model is employed to quantify the welfare impacts of a partial removal of NTMs, or a reduction in trade restrictiveness of NTMs. The simulation results indicate welfare gains, albeit minimal (not more than 2%), from a partial reduction in NTMs, both in the short run and long run. A plausible reason for the somewhat small gains in welfare in the food sector is the dominance of standard-like measures relative to price or quantity-based regulations. The positive and small welfare effects from a partial removal of NTMs suggest that some regulations in the food processing sector may be pervasive in that they may embed some protectionist elements and/or they do not address genuine market failures. Therefore, this paper concludes that there is still scope for regulatory reform in the food processing sector in Malaysia.</p> Vickie Yew Siew Hoon, Abul Quasem Al-Amin, Evelyn S. Devadason Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800 The Impact of Remittances on Children’s Education in Bangladesh <p>Inward remittance is one of the major sources of foreign income for Bangladesh and its economic significance at both macro and household levels is evident in the existing literature. This study iassesses the impact of remittances on school enrolment of children in Bangladesh by utilising cross-sectional household-level data obtained from the Household Income and Expenditure Survey 2016. Employing a probit regression method for the analysis, our findings reveal a positive relationship between school enrolment of children and remittances as expected. Furthermore, the education levels of parents are found to have a significant positive impact on the school enrolment of children. Our results also suggest that households with two or three children are more likely to enrol their children in schools as opposed to households with just one child and those with four or more children. However, household location (urban) and gender of children (male) exhibit a negative impact on enrolment. This study suggests that along with the current incentives provided to migrant workers sending remittances, the government can also implement modified or additional incentives to enhance the enrolment of children from remittance-receiving families. Also, to address the issues of lower enrolment among children from urban areas, male children and households with just one child, policymakers should develop new intervention programmes while sensitising the public on the benefits of acquiring education.</p> Shamil M. Al-Islam, Fayeeka Simanna Prachee, Md. Khaled Saifullah Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800 The Application of the COVID-19 Global Economic Impact Simulator in China <p>This paper establishes conceptual foundations for analyzing the economic dimensions of regional or global emerging and endemic infectious disease events, such as the case of Covid-19. The Covid-19 Global Economic Impact Simulator attempts to identify the Covid-19 transmission parameters and forecast its trajectories. The model introduces seven basic indicators - (i) the Covid-19 contagious spread intensity rate (S.I.), (ii) the treatment level for Covid-19 infected cases rate (T); (iii) the number of Covid-19 causalities rate (-C); (iv) the economic wear from the Covid-19 epidemic rate (-Π); (v) the Covid-19 contagious cases multiplier rate (M); (vi) the total economic leaking from<br>the Covid-19 epidemic rate (-Ltotal); and (vii) the economic desgrowth from the Covid-19 epidemic rate (-δ2019-nCoV). Findings show that Covid-19 exhibits parallel spatial and temporal conditions with the related R.N.A. virus family but carries distinct infection signatures and magnitude of virus replication. Covid-19 ferocity can trigger a severe public health emergency in China with significant impacts on the domestic and world economies.</p> Mario Arturo Ruiz Estrada, Evangelos Koutronas Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800 The Third Pillar: How Markets and the State Leave the Community Behind Makmor Tumin Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800 Rescue: From Global Crisis to a Better World Roza Hazli Zakaria Copyright (c) 2022 Fri, 01 Jul 2022 00:00:00 +0800