CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS <p>Chiang Mai University Journal of Economics (CMJE) is a double-blind peer-reviewed journal published by the Faculty of Economics, Chiang Mai University, Thailand which aims to be a channel to report academic progression in the field of economics. It was established in 1996 and has been indexed in the Thai-Journal Citation Index <span style="text-decoration: underline;"><strong>TCI Tier 2</strong></span></p> <p>CMJE publishes original research/academic papers and review articles in 2 issues per year</p> <ul> <li class="show">Issue 1 January – June, published in June</li> <li class="show">Issue 2 July – December, published in December</li> </ul> <p>Since 2020 onward</p> <p>CMJE have been published as a book for any interested, library or institutions and as an online issue at</p> คณะเศรษฐศาสตร์ มหาวิทยาลัยเชียงใหม่ (Faculty of Economics, Chiang Mai University) en-US CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 0859-8479 <p>All opinions and contents in the CMJE are the responsibility of the author(s). Chiang Mai University Journal of Economics reserves the copyright for all published materials.&nbsp; Papers may not be reproduced in any form without the written permission from Chiang Mai University Journal of Economics.</p> <p>ข้อคิดเห็นที่ปรากฏและแสดงในเนื้อหาบทความต่างๆในวารสารเศรษฐศาสตร์มหาวิทยาลัยเชียงใหม่ ถือเป็นความเห็นและความรับผิดชอบโดยตรงของผู้เขียนบทความนั้นๆ มิใช่เป็นความเห็นและความรับผิดชอบใดๆของวารสารเศรษฐศาสตร์ มหาวิทยาลัยเชียงใหม่</p> <p>บทความ เนื้อหา และข้อมูล ฯลฯ ในวารสารเศรษฐศาสตร์มหาวิทยาลัยเชียงใหม่ ถือเป็นลิขสิทธิ์เฉพาะของคณะเศรษฐศาสตร์มหาวิทยาลัยเชียงใหม่ หากบุคคลหรือหน่วยงานใดต้องการนำทั้งหมดหรือส่วนหนึ่งส่วนใดไปเผยแพร่ต่อหรือเพื่อกระทำการใดๆ จะต้องได้รับอนุญาตเป็นลายลักษณ์อักษร จากวารสารเศรษฐศาสตร์ มหาวิทยาลัยเชียงใหม่</p> Empirical Analysis of Domestic Debt Sustainability and Determinants in Nigeria <p><em>The conventional debt to GDP ratio measure of debt sustainability is widely believed to be misleading especially in a developing country context. This has led to the need for improved indicators of domestic debt sustainability such as debt to government revenue ratios. Yet, studies on the comparative usefulness of these measures remain scanty. Consequently, this paper employs the domestic debt to revenue ratio as the preferred indicator because it depicts the debt burden on the country and indicates the fiscal capacity to sustainably accumulate debt. The study relies on a debt sustainability framework while a dynamic modelling approach was used to ascertain the sustainability of debt in Nigeria for the period 1980-2019. The result revealed that debt to government revenue better reflects domestic debt sustainability in Nigeria as against debt to GDP ratio. The counterfactual simulation exercise revealed that an increase in domestic revenue mobilization makes the debt profile more sustainable. The analysis also revealed that the long-run determinants of debt in Nigeria are interest rate, the growth rate of GDP, and financial deepening while the contemporaneous determinants are inflation, exchange rate, trade openness and federal government total expenditure as a percentage of government revenue. Therefore, the paper suggests that efforts towards intensifying non-oil domestic revenue mobilization should be considered particularly through export diversification, broadening the tax base, reducing fiscal leakages and enhancing the efficiency of revenue collection could be considered</em>.</p> Mojeed Adebowale Copyright (c) 2022 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 2022-06-12 2022-06-12 26 1 1 28 Halal Economy System in Gulf Cooperation Council <p><strong>ABSTRACT</strong></p> <p>Research article&nbsp; of&nbsp; Halal Economy System in Gulf Cooperation Council&nbsp; is&nbsp; a&nbsp; descriptive&nbsp; research&nbsp; on&nbsp; Halal Economy System in Gulf Cooperation Council&nbsp; is&nbsp; a&nbsp; study&nbsp;&nbsp; on Halal Economy System in Gulf Cooperation Council, Collecting&nbsp; from&nbsp; Al-Qur’ãn,&nbsp; Al-Hadith&nbsp; and&nbsp; other&nbsp; miscellaneous&nbsp; documents&nbsp; included&nbsp; primary&nbsp; source,&nbsp; secondary&nbsp; source&nbsp; and&nbsp; tertiary&nbsp; source,&nbsp; achieved,&nbsp; interpretive&nbsp; precedence,&nbsp; historical&nbsp; analysis&nbsp; and&nbsp; divided&nbsp;&nbsp; into&nbsp; several&nbsp; subjects.&nbsp;</p> <p>The results showed that Halal Economic System in the Gulf Cooperation Council under Islamic law or Shari’ah therefore have the same source as Islamic law ; Al-Quran, Al-Sunnah, Al-Ijtihad and Al-Qiyas. And the same spirit is to protect human beings on the basis of religion ; life and body, intelligence, lineage, and property or resources. which makes the halal economic system in the Gulf Cooperation Council member countries It differs from the general economic system in many respects ; The basic principles are : Meaning, Intent, References, Terms : Permanent, Changeable. And conceptual framework.</p> <p>&nbsp;</p> <p><strong>Keywords</strong><strong> : </strong>halal economy/ system/ gulf cooperation council</p> <p><strong>JEL Classification Codes : </strong>P33</p> Nipon Saengsri Copyright (c) 2022 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 2022-06-12 2022-06-12 26 1 29 46 5 Years of Thailand’s Special Economic Development Zones: A failure to create development? <p>During the last few decades, many developing countries have established Special Economic Zones (SEZs) to attract foreign direct investment and help facilitate international trade. Thailand has embraced this development feature by establishing ten SEZs across the country aimed to resuscitate the economy, with a focus on high value-added industries. The purpose of this paper is to review this development strategy, with a focus on investment and local economic development. Despite investment incentive and administrative services, these SEZs fail to attract new investor and generate economic growth. Developmental outcomes in these zones are not significantly greater than the rest of the economy. I argue that this is because most of targeted industries are not in line with Thailand’s current comparative advantage, which can hinder opportunity to reap dynamic gain from trade in the era of global value chain. The upshot is that this paper calls for redesigning the SEZs to be consistent with country’s stage of economic development.</p> Wannaphong Durongkaveroj Copyright (c) 2022 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 2022-06-12 2022-06-12 26 1 47 60 The analysis of users’ behavior and factors affecting their usage of online delivery application in Bangkok <p>The purpose of this research was to study the demographic and behavioral factors determining the users’ choice of delivery application in Bangkok. The data were collected from an online questionnaire.</p> <p>The results showed that, from 401 people who answered the questionnaires, most of them are female, aged 21-30 years old, single, bachelor's degree, occupation as employees of a private company and earning 20,001-30,000 baht per month. Regarding the behavior of online delivery application users in Bangkok, it was found that most of the respondents used the delivery application between 11.00 AM-14.00 PM, using the application 3-4 times a week, most of them used GRAB application for delivering food/supplements/drugs that cost less than 300 baht per time and relying on internet resources to decide which application to use.</p> <p>As for the result from the multinomial logit model, it was found that factors affecting the selection of delivery application divided into the main positive factors that contributed to the increase in usage of each application which were age and user income while the main negative factors that resulted in a decrease in the use of each application which were male gender, company employees and parcel delivery service of online application.</p> Pramook Takiankam Wanakiti Wanasilp Copyright (c) 2022 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 2022-06-12 2022-06-12 26 1 61 86 An analysis of the effectiveness of the tobacco control policy <p>An analysis of the effectiveness of the tobacco control policy is based on the survey of National Statistical Office (NSO) on smoking and drinking behavior in 2014. The cross-sectional data was collected in June 2014 with the sample of 20,787 persons nationwide. Descriptive statistics and treatment effect models were used to analyze the data. The study found that there were several factors contributing to the increased incidence of smoking such as an individual getting started smoking at the age under 20, drinking alcohol, living outside the municipality, having higher in income, being unemployed or working in agriculture, forestry and fishery sectors, and other basic occupations. The factors were an individual was married, having high educational level and being in the age between 45 to 59 years old, would reduce the chance of smoking. The factors that increase daily dose of cigarette smoking were an individual getting started smoking at the age under 20, drinking alcohol, having higher in income, being in age group between 25 - 44 years old and working as plant and machine controllers, clerical workers, artisans, and related worker or service and sale staffs. The daily smoking dose will decrease if an individual spending more time in their study, living in non-municipal area, being in the age group of 60 and up, working as professionals or working in agriculture, forestry and fishery sectors. An effective tobacco control policy on smoking behavior was a warning picture on cigarette packets policy, public smoking ban policy and price policy.</p> Woraluck Himakalasa Copyright (c) 2022 CHIANG MAI UNIVERSITY JOURNAL OF ECONOMICS 2022-06-12 2022-06-12 26 1 87 109