Search results for: Economic Development

Authors: Vakhtang Charaia, Mariam Lashkhi

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Foreign direct investment (FDI) plays a vital role in global business. It provides firms with new markets and advertising channels, cheaper production facilities, admission to new technology, products, skills and financing. FDI can provide a recipient country/company with a source of new technologies, capital, practice, products, management skills, and as such can be a powerful drive for economic development. It is one of the key elements of stable economic development in many countries, especially in developing ones. Therefore the size of FDI inflow is one of the most crustal factors for economic perfection in small economy countries (like, Georgia), while most of developed ones are net exporters of FDI. Since, FDI provides firms with new markets; admission to new technologies, products and management skills; marketing channels; cheaper production facilities, and financing opportunities. It plays a significant role in Georgian economic development. Increasing FDI inflows from all over the world to Georgia in last decade was achieved with the outstanding reforms managed by the Georgian government. However, such important phenomenon as world financial crisis and Georgian-Russian war put its consequence on the over amount of FDI inflow in Georgia in the last years. It is important to mention that the biggest investor region for Georgia is EU, which is interested in Georgia not only from the economic points of view but from political. The case studies from main EU investor countries show that Georgia has a big potential of investment in different areas, such as; financial sector, energy, construction, tourism industry, transport and communications. Moreover, signing of Association Agreement between Georgia and EU will further boost all the fields of economy in Georgia in both short and long terms. It will attract more investments from different countries and especially from EU. The last, but not least important issue is the calculation of annual FDI inflow to Georgia, which it is calculated differently by different organizations, based on different methodologies, but what is more important is that all of them show significant increase of FDI in last decade, which gives a positive signal to investors and underlines necessity of further improvement of investment climate in the same direction.

Keywords: foreign direct investment (FDI), Georgia, investment development path, investment climate

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Authors: Remy Jonkam Oben

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Using a time series approach, this study investigates how natural resources impact financial development from a global perspective over the 1980-2019 period. Some important determinants of financial development (economic growth, trade openness, population growth, and investment) have been added to the model as control variables. Unit root tests have revealed that all the variables are integrated into order one. Johansen's cointegration test has shown that the variables are in a long-run equilibrium relationship. The vector error correction model (VECM) has estimated the coefficient of the error correction term (ECT), which suggests that the short-run values of natural resources, economic growth, trade openness, population growth, and investment contribute to financial development converging to its long-run equilibrium level by a 23.63% annual speed of adjustment. The estimated coefficients suggest that global natural resource rent has a statistically-significant negative impact on global financial development in the long-run (thereby validating the financial resource curse) but not in the short-run. Causality test results imply that neither global natural resource rent nor global financial development Granger-causes each other.

Keywords: financial development, natural resources, resource curse hypothesis, time series analysis, Granger causality, global perspective

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Authors: Sherine El Sakka

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Sustainable urban development (SUD) is influenced by social, cultural, economic and environmental sustainability (ES) of developing and developed countries. Our paper will focus on the challenge confronted by the developing countries in sustainable urban development as an application on Egypt, which will clarify current situation and future challenge and assess the impact of a developing country on sustainable development to propose some possible directions for the future because new solution of improving sustainability of developing cities (SDC) should be found.

Keywords: sustainable urban development (SUD), environmental sustainability (ES), sustainability of developing cities (SDC), Egypt

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Authors: Babak Salekmahdy

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Microfinance is often seen as a means of repairing credit markets and unleashing the potential contribution of impoverished people who rely on self-employment. Since the 1990s, the microfinance industry has expanded rapidly, opening the path for additional kinds of social entrepreneurship and social investment. However, current data indicate relatively few average consumer effects, opposing pushback against microfinance. This research reconsiders microfinance statements, stressing the variety of data on impacts and the essential (but limited) role of reimbursements. The report finishes by explaining a shift in thinking: from microfinance as a strictly defined enterprise finance to microfinance as a more widely defined home finance. Microfinance, under this perspective, provides advantages by providing liquidity for various requirements rather than just by increasing income.

Keywords: microfinance, small business, economic development, credit markets

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Authors: Setyo Pamuji

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The basis of this research is to create an international business project by developing an area in every country which focused on global language teaching to accelerate huge project of internationalization for mankind better with equity. It is to make an ease, learning more effective and efficient as well as economic development significantly at the place. Some have attempted to establish it, but could have not succeeded. This study uses stratified random sampling method to determine respondents. It is caused by population coming from around of Indonesia which is heterogeneity. Above all, researcher has already known well the spot including the mapping of students and societies, over 5-year, from beginning studying English (2011) until teaching English (2015). This quantitative research is able to analyze the vital factor of successful Language Village at Pare, Kediri, East Java, Indonesia which has never been obtained anywhere. This project provides valuable information regarding management used by the Language Village. Overall approach depicts vigorous marketing strategy and dedication blended. This will allow for more individual consideration of economist and may direct future research on the uniqueness of the Language Village to ascertain more profound understanding of the village which succeeds inviting people from other places to come, beside formal management and marketing.

Keywords: internationalization, accelerate, global language, economic development, blended, globalization

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Authors: Rong Yuan, Zhao Tao

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Only a handful of literature have used to non-linear model to investigate the influencing factors of greenhouse gas (GHG) emissions in China’s manufacturing sectors. And there is a limit in investigating quantitatively and systematically the mechanism of correlation between economic development and GHG emissions considering inherent differences among manufacturing sub-sectors. Considering the sectorial characteristics, the manufacturing sub-sectors with various impacts of output on GHG emissions may be explained by different development modes in each manufacturing sub-sector, such as investment scale, technology level and the level of international competition. In order to assess the environmental impact associated with any specific level of economic development and explore the factors that affect GHG emissions in China’s manufacturing industry during the process of economic growth, using the threshold Stochastic Impacts by Regression on Population, Affluence and Technology (STIRPAT) model, this paper investigated the influence impacts of GHG emissions for China’s manufacturing sectors of different stages of economic development. A data set from 28 manufacturing sectors covering an 18-year period was used. Results demonstrate that output per capita and investment scale contribute to increasing GHG emissions while energy efficiency, R&D intensity and FDI mitigate GHG emissions. Results also verify the nonlinear effect of output per capita on emissions as: (1) the Environmental Kuznets Curve (EKC) hypothesis is supported when threshold point RMB 31.19 million is surpassed; (2) the driving strength of output per capita on GHG emissions becomes stronger as increasing investment scale; (3) the threshold exists for energy efficiency with the positive coefficient first and negative coefficient later; (4) the coefficient of output per capita on GHG emissions decreases as R&D intensity increases. (5) FDI shows a reduction in elasticity when the threshold is compassed.

Keywords: China, GHG emissions, manufacturing industry, threshold STIRPAT model

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Authors: Shan Zhou, Wenju Li, Kehui Chai

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Along with economic globalization, marketization and regional development, strengthen planning and construction of the New Town, which is always the main way to optimize the structure and function of metropolitan spatial configuration. But, the new town is often of high-intensity development, bringing a series of natural, ecological and environmental issues, so it is difficult to achieve sustainable development. In this paper, taking the administrative center of Jiangping in Dongxing as an example. It is analyzed from the following three aspects：Vertical design of road traffic，Space layout of mountain buildings，and the design of landscape. The purpose is to elaborate the hillside design methods guided by low-intensity damage, and explore the guiding significance of sustainable development of the hillside construction in the future.

Keywords: low-intensity damage, new town construction，hillside，sustainable development, natural, ecology

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Authors: Kishor P. Kadam

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Foreign direct investment policy (FDI) is defined as an investment involving a long term relationship and reflecting a long duration interest and control of a resident entity in the home country (foreign direct investor or parent firm) in the host country. India has been one of the most translucent and open-minded FDI regimes among the emerging and developing economies. There is clear cut mentioned about the sectoral caps for foreign investment. The policy problems that have been identified by time to time surveys as acting as additional hurdles for FDI are laws, regulatory systems and government monopolies that do not have contemporary relevance. Foreign investment policies in the post-reforms period have emphasized greater encouragement and mobilization of non-debt creating private inflows for plunging reliance on debt flows. This paper will focus on how foreign direct investment policy changed from 1990-91 up to now. A time series data of 25 years is used for analysing the policy changes. It is observed that India has more liberal policy. The growth in number of Greenfield investments in India has been more impressive than the number of M&A deals whereas equity capital for incorporated bodies FDI inflows has been increased continuously 2014-15. India has made major changes in FDI Policy, and it has positive impact on economic development.

Keywords: FDI, India, economic development, government

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Authors: Muritala Babatunde Hassan

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In the contemporary global political economy, foreign direct investment (FDI) is gaining currency on daily basis. Notably, the end of the Cold War has brought about the dominance of neoliberal ideology with its mantra of private-sector-led economy. As such, nation-states now see FDI attraction as an important element in their approach to national development. Governments and policy makers are preoccupying themselves with unraveling the best strategies to not only attract more FDI but also to attain the desired socio-economic development status. In Nigeria, the perceived development potentials of FDI have brought about aggressive hunt for foreign investors, most especially since transition to civilian rule in May 1999. Series of liberal and market oriented strategies are being adopted not only to attract foreign investors but largely to stimulate private sector participation in the economy. It is on this premise that this study interrogates the politics of FDI attraction for domestic development in Nigeria between 1999 and 2014, with the ultimate aim of examining the nexus between regime type and the ability of a state to attract and benefit from FDI. Building its analysis within the framework of institutional utilitarianism, the study posits that the essential FDI strategies for achieving the greatest happiness for the greatest number of Nigerians are political not economic. Both content analysis and descriptive survey methodology were employed in carrying out the study. Content analysis involves desk review of literatures that culminated in the development of the study’s conceptual and theoretical framework of analysis. The study finds no significant relationship between transition to democracy and FDI inflows in Nigeria, as most of the attracted investments during the period of the study were market and resource seeking as was the case during the military regime, thereby contributing minimally to the socio-economic development of the country. It is also found that the country placed much emphasis on liberalization and incentives for FDI attraction at the neglect of improving the domestic investment environment. Consequently, poor state of infrastructure, weak institutional capability and insecurity were identified as the major factors seriously hindering the success of Nigeria in exploiting FDI for domestic development. Given the reality of the currency of FDI as a vector of economic globalization and that Nigeria is trailing the line of private-sector-led approach to development, it is recommended that emphasis should be placed on those measures aimed at improving the infrastructural facilities, building solid institutional framework, enhancing skill and technological transfer and coordinating FDI promotion activities by different agencies and at different levels of government.

Keywords: foreign capital, politics, socio-economic development, FDI attraction strategies

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Authors: Yi-De Liu

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For many European cities, a key motivation in developing event strategies is to use event as a catalyst for urban regeneration. One type of event that is particularly used as a means of urban development is the European Capital of Culture (ECOC) initiative. Based on a case study of the 2008 ECOC Liverpool, this paper aims at conceptualising the significance of major event for a city’s economic, cultural and social regenerations. In terms of economic regeneration, the role of the ECOC is central in creating Liverpool’s visitor economy and reshaping city image. Liverpool planned different themes for eight consecutive years as a way to ensure economic sustainability. As far as cultural regeneration is concerned, the ECOC contributed to the cultural regeneration of Liverpool by stimulating cultural participation and interest from the demand side, as well as improving cultural provision and collaboration within the cultural sector from the supply side. So as to social regeneration, Liverpool treated access development as a policy guideline and considered the ECOC as an opportunity to enhance the sense of place. The most significant lesson learned from Liverpool is its long-term planning and efforts made to integrate the ECOC into the overall urban development strategy. As a result, a more balanced and long-term effect on urban regeneration could be achieved.

Keywords: cultural event, urban regeneration, european capital of culture, Liverpool

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Authors: Michael Menberu

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Housing affordability is a crucial policy objective. Incorporating economic sustainability in affordable housing in the development of the poorest of the poor's housing programs has become a major concern. This paper examines the affordability and economic sustainability of the poorest of the poor affordable housing in Debre Markos city. To address this, this study uses both quantitative and qualitative methods, Using a questionnaire survey, Interviews, field observation, household survey, and Pearson correlation analysis. The findings show that households in the expansion area have lower monthly incomes than in the past, but they are satisfied with the housing quality, rental pricing, and tenure security of their homes. This demonstrates in providing affordable housing for the poorest of the poor the location of the houses must be considered in order to have affordable and economically sustainable development. The findings show that housing is not truly affordable if it is in an inaccessible place with a long commute to work, high transportation expenditures, and land use that is homogeneous. Increasing the supply of affordable housing in accessible locations helps the poorest of the poor achieve multiple planning objectives: it reduces transportation costs, improves incomes, provides infrastructure, and reduces the distance to the work area.

Keywords: housing, affordable housing, economic sustainability, the poorest of the poor housing

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Authors: Deng Tingting

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There is a very close interaction between the rapid development of the real estate industry and regional urbanization. The real estate problem can be boiled down to the problem of urbanization, in essence. The growth of hundreds of millions of people in the future will determine the development of low-level demand in the real estate market. At the same time, the practical problems of urbanization also seriously restrict the healthy development of real estate itself. The latter two interact with each other by adjusting the industrial structure, economic aggregate, regional population flow, and many other linkage factors. Through the case analysis of Chongqing, this paper finds that the urbanization of Chongqing and the overall development level of the real estate industry are still in the stage of development and upgrading, and its development potential and future development and application space are still very large. Therefore, from the perspective of the regional economy, studying the interaction between the two is of great significance to accelerate the process of urbanization in Chongqing, promote the healthy development of the real estate industry, and promote the rapid growth of the regional economy.

Keywords: urbanization, demographics, real estate, interrelationships

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Authors: Zahra Bakhtiari

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Middle East countries confront a multitude of main environmental challenges which are inevitable. The unstable economic and political structure which dominates numerous middle East countries makes it difficult to react effectively to unfavorable climate change impacts. This study applies a qualitative methodology and relies on secondary literature aimed to investigate how countries in the Middle East are balancing economic security and climatic security in terms of budgeting, infrastructure investment, political engagement (domestically through discourses or internationally in terms of participation in international organizations or bargaining, etc.) There has been provided an outline of innovative measures in both economic and environmental fields that are in progress in the Middle East countries and what capacity they have for economic development and environmental adaptation, as well as what has already been performed. The primary outcome is that countries that rely more on infrastructure investment such as negative emissions technologies (NET) through green social capital enterprises and political engagement, especially nationally determined contributions (NDCs) commitments and United Nations Framework Convention on Climate Change (UNFCCC), experience more economic and climatological security balance in the Middle East. Since implementing these measures is not the same in all countries in the region, we see different levels of balance between climate security and economic security. The overall suggestion is that the collaboration of both the bottom-up and top-down approaches helps create strategic environmental strategies which are in line with the economic circumstances of each country and creates the desired balance.

Keywords: climate change, economic growth, sustainability, the Middle East, green economy, renewable energy

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Authors: Khodijah Ismail, Elfindri

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Tourism development have many environmental, economically and sociocultural benefits. Small islands have a lot of potential for marine tourism development. But, stereotype gender issues still dominate the social and cultural life of rural communities that have an impact on the gap in benefits of local development. The purpose of this study is to found development strategy concept of marine tourism in small islands gender-based. This study found in the marine tourism development of small islands not involved women, from planning to monitor marine tourism development in small islands. It's affects to the low of socio-economic of women in the coastal village and small islands. This condition is not advantage for sustainable development of marine tourism in small islands. Therefore, strengthening of livelihood assets by gender based through the marine tourism development in small islands is very important to attention, that women can contributed to household welfare, bargaining positioned in social culture was better and increase broad access to local government development policies. To realize it requires the full support of the government and relevant stakeholders through gender empowerment and strengthening of accessibility, connectivity, regulation, and design institution.

Keywords: gender inequality, marine tourism, development, tourism management

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Authors: Mohanad Hammad

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Port institutions serve as a link connecting the land areas that receive the goods and the areas from where ships sail. These areas hold great significance for the conversion of goods into commodities of economic value, capable of meeting the needs of the society. Development of ports constitutes a fundamental component of the comprehensive economic development process. Recognizing this fact, developing countries have always resorted to this infrastructural element to resolve the numerous problems they face, taking into account its contribution to the reformation of their economic conditions. Iraqi ports have played a major role in boosting the commercial movement in Iraq, as they are the starting point of its oil exports and a key constituent in fulfilling the consumer and production needs of the various economic sectors of Iraq. With the Gulf wars and the economic blockade, Iraqi ports have continued to deteriorate and become unable to perform their functions as first-generation ports, prompting Iraq to use the ports of neighboring countries such as Jordan's Aqaba commercial port. Meanwhile, Iraqi ports face strong competition from the ports of neighboring countries, which have achieved progress and advancement as opposed to the declining performance and efficiency of Iraqi ports. The great developments in the economic conditions of Iraq lay a too great burden on the Iraqi maritime transport and ports, which require development in order to be able to meet the challenges arising from the fierce international and regional competition in the markets. Therefore, it is necessary to find appropriate solutions in support of the role that can be played by Iraqi ports in serving Iraq's foreign trade transported by sea and in keeping up with the development of foreign trade. Thus, this research aims at tackling the current situation of the Iraqi ports and their commercial activity and studying the problems and obstacles they face. The research also studies the future prospects of these ports, the potentials of maritime openness to Iraq under the fierce competition of neighboring ports, and the possibility of enhancing Iraqi ports’ competitiveness. Among the results produced by this research is the future scenario it proposes for Iraqi ports, mainly represented in the establishment of Al-Faw Port, which will contribute to a greater openness of maritime transport in Iraq, and the rehabilitation and expansion of existing ports. This research seeks to develop solutions to Iraq ports so that they can be repositioned as a vital means of promoting economic development.

Keywords: maritime transport, port, future prospects, regional integration

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Authors: Malak M. Shatnawi

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Infrastructure is the fundamental facility that plays an important part in socio-economic development for modern societies, if such sector is well planned, managed by decision makers in a way that is compatible with the population growth, safety, and national security needs; it will enrich progress, prosperity, awareness, social and economic welfare for any country. Infrastructure is the most important aspect of life because it can provide materials, products, and services that will improve and facilitate living conditions and maintain sustainability at the same time, and in order to study critical infrastructure, in general, we must think sustainability. Otherwise there will be a significant gap. The planning processes for sustainability include urban infrastructure and public transportation are considered the most important sectors for economic development for both developed and developing countries as they are linked to the civilizational and urban development, meanwhile, choosing the appropriate transportation mode that will provide a good level of service, and increase the satisfaction of the potential users is a difficult task. This research paper tries to assess where is Jordan located vs. each transportation sustainability dimensions in aspects related to social, economic and environmental dimensions based on (Zietsman et al. 2006) adopted model for sustainability transportation infrastructure. Measures of performance indicators for each dimensional goal were traced and supported with needed data, figures and statistical findings. The study uses analytical, descriptive style and methodology based on different references and previous studies from secondary data sources to support the case. Recommendations for enhancing sustainability were concluded, and future reform directions were proposed which can be applied to Jordan and generalized for other developing countries with similar circumstances.

Keywords: infrastructure transportation sustainability, economic, social, environmental

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Authors: Ahmed Sakr Ashour, Hoda Saad AboRemila

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An attempt was made to fill the gap in the macro analysis of corruption by suggesting a conceptual framework that differentiates four types of macro corruption: state capture, political, bureaucratic and financial/corporate. The economic consequences or forward linkages (growth, inclusiveness and sustainability of development) and macro institutional determinants constituting the backward linkages of each type were delineated. The research implications of the macro perspective and proposed framework were discussed. Implications of the findings for theory, research and reform policies addressing macro corruption issues were discussed.

Keywords: economic growth, inclusive growth, macro corruption, sustainable development

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Authors: Oladimeji Israel Ajayi

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Agricultural development has long been identified as a cornerstone for wealth creation and economic growth, particularly in emerging economies like Nigeria. This study examines the relationship between agricultural development and wealth creation in Nigeria, emphasizing the sector's potential in reducing poverty, creating employment, and boosting economic stability. Nigeria, endowed with fertile land and a favorable climate, has a significant agricultural base that, if fully leveraged, can transition the economy from oil dependency to a diversified and sustainable growth model. However, challenges such as limited access to credit, poor infrastructure, outdated farming techniques, and climate variability hinder optimal productivity. This research employs a mixed-methods approach, analyzing data from the Nigerian National Bureau of Statistics and the Food and Agriculture Organization to understand how investments in agriculture influence wealth indicators such as GDP growth, employment rates, and rural income levels. The findings reveal a strong positive correlation between agricultural investment and wealth creation, suggesting that strategic policies focusing on mechanization, credit accessibility, and sustainable practices could significantly boost agricultural productivity and contribute to wealth distribution in Nigeria. This study contributes to policy discourse by highlighting agriculture’s role as a transformative tool for economic resilience and sustainable wealth creation in Nigeria.

Keywords: agricultural development, poverty reduction, wealth creation, prosperity

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Authors: Ha Hai Duong, Amnon Levy Livermore, Kankesu Jayanthakumaran, Oleg Yerokhin

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The issues of economic development, the environment and human health have been investigated since 1990s. Previous researchers have found different empirical evidences of the relationship between income and environmental pollution, health as determinant of economic growth, and the effects of income and environmental pollution on health in various regions of the world. This paper concentrates on integrative relationship analysis of GDP, carbon dioxide emissions, and health services and population health in context of Vietnam. We applied the dynamic generalized method of moments (GMM) estimation on datasets of Vietnam’s sixty-three provinces for the years 2000-2010. Our results show the significant positive effect of GDP on emissions and the dependence of population health on emissions and health services. We find the significant relationship between population health and GDP. Additionally, health services are significantly affected by population health and GDP. Finally, the population size too is other important determinant of both emissions and GDP.

Keywords: economic development, emissions, environmental pollution, health

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Authors: Fatemeh Noughani, Seyd Mehdi Sadat

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Violence against women as a global problem is not confined to any geographical and cultural area. The thoughts and opinions propagating the violence are seen in many cultural beliefs of societies. However, the shape, type and nature of it is different in different cultures. Also, many Iranian women have experienced different dimensions of domestic violence in their lives. This experience may vary with the family economic situation and poverty. Therefore, this research had studied the effects of family economic situation (poverty) on the increase of domestic violence against women. The sample of this study includes 126 married women older than 8 years old and they were selected by stratified and quota sampling method. The results showed that there is a direct and significant between the family economic situation and employment situation of women and domestic violence against women. More precisely, having economic capital, financial ability, affects the couple’s relationship and will solve their many social problems and perhaps, it seem that in terms of economic violence, the men who have higher economic capital, exert the lowest level of economic violence against their wives.

Keywords: economic situation , domestic violence, poverty, Iran

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Authors: Marina Kapsali, John S. Anagnostopoulos

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On the basis of comparative analysis of alternative “development scenarios” for electricity generation, the main objective of the present study is to investigate the techno-economic viability of high wind energy (WE) use at the local (island) level. An integrated theoretical model is developed based on first principles assuming two main possible scenarios for covering future electrification needs of a medium–sized Greek island, i.e. Lesbos. The first scenario (S1), assumes that the island will keep using oil products as the main source for electricity generation. The second scenario (S2) involves the interconnection of the island with the mainland grid to satisfy part of the electricity demand, while remarkable WE penetration is also achieved. The economic feasibility of the above solutions is investigated in terms of determining their Levelized Cost of Energy (LCOE) for the time-period 2020-2045, including also a sensitivity analysis on the worst/reference/best Cases. According to the results obtained, interconnection of Lesbos Island with the mainland grid (S2) presents considerable economic interest in comparison to autonomous development (S1) with WE having a prominent role to this effect.

Keywords: electricity generation cost, levelized cost of energy, mainland, wind energy surplus

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Authors: Elochukwu A. Nwankwo, Matthias U. Agboeze

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Many heritage sites abound in the shores of Nigeria with enormous tourism potentials. Heritage sites do not only depict the cultural and historical transmutation of people but also functions in the image design and promotion of a locality. This reveals the unique role of heritage sites to structural development of an area. Heritage sites have of recent been a victim of degradation and social abuse arising from seasonal ignorance; hence minimizing its potentials to the socio-economic development of an area. This paper is emphasizing on the adoption of community development approaches in heritage preservation in Igbo area. Its modalities, applications, challenges and prospect were discussed. Such understanding will serve as a catalyst in aiding general restoration and preservation of heritage sites in Nigeria and other African states.

Keywords: heritage resources, community development, preservation, sustainable development, approaches

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Authors: Rudra P. Pradhan

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This paper examines the Granger causal nexus between financial development and energy consumption in the group of 35 Financial Action Task Force (FATF) Countries over the period 1988-2012. The study uses two financial development indicators such as private sector credit and stock market capitalization and seven energy consumption indicators such as coal, oil, gas, electricity, hydro-electrical, nuclear and biomass. Using panel cointegration tests, the study finds that financial development and energy consumption are cointegrated, indicating the presence of a long-run relationship between the two. Using a panel vector error correction model (VECM), the study detects both bidirectional and unidirectional causality between financial development and energy consumption. The variation of this causality is due to the use of different proxies for both financial development and energy consumption. The policy implication of this study is that economic policies should recognize the differences in the financial development-energy consumption nexus in order to maintain sustainable development in the selected 35 FATF countries.

Keywords: energy consumption, financial development, FATF countries, Panel VECM

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Authors: Loide Sambo

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Achieving energy security has, in the past few decades, become one of the main goals in the security agenda of every country around the world. For Southern African Countries (SAC) the aim is not different, yet these countries face a particular challenge in the pursuit of their energy security. More than just secure enough energy sources to fuel their industrial and societal needs, SAC have as well to ensure that they trade their rich energy resources to the global market in a way that promotes and safeguards their economic development objectives. Considering the relevance of this issue to the SAC, the present paper explores the possibility of these countries to achieve energy security through regional cooperation, under the Southern Africa Development Community (SADC) platform. It discusses the challenges and opportunities for advancing energy security in this region through cooperation. After analyzing the data through the documentary analysis method, it was found that regional cooperation among SAC to improve energy security is not effective since cooperation in the region is still very susceptible to a plethora of challenges, such as political instability, lack of development of infrastructure and expertise, lack of good governance, lack of sense of cohesiveness, and most important lack of political commitment. It was also found that significant commitment on regional cooperation had been centered on the electricity sub-sector due to the region’s huge electricity deficit. Thus less commitment is dedicated to the development and policy harmonization of the other sub-sectors such as the one of natural gas and oil, for instance. Hence, it is recommended that the leadership of the SAC is fully committed to cooperate and harmonize the policies, the strategic plans, as well as the infrastructure concerning to all the natural energy resources and its respective sub-sectors. This would provide the SAC significant leverage to negotiate for the energy market access, ensuring that the region’s energy commodities are traded, while the countries themselves retain enough energy to sustain their economic growth and development, improving, therefore, their energy security.

Keywords: regional cooperation, energy security, economic development, political commitment

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Authors: Cleopatra Oluseye Ibukun

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Following the endogenous growth theory, entrepreneurship has been considered pivotal to economic growth and development, particularly in developing countries like Nigeria. Meanwhile, efforts to reduce unemployment has yielded minimal result with over 36% of youth unemployment and a dwindling economic growth despite the country’s natural and human resource endowment. This study, therefore, investigates the effects of entrepreneurship and institutional quality on economic growth and unemployment in Nigeria over the period 1996 to 2018. The data is obtained from the National Bureau of Statistics (NBS), World Bank’s World Development Indicators (WDI), and the World Bank’s World Governance Indicators (WGI). The study period is guided by the availability of data, and the study employs both descriptive and econometric techniques of analysis (specifically, the Auto-regressive Distributed Lag Approach). This approach is preferable given that the variables are stationary at the first difference, while the bounds test suggests the existence of co-integration among the variables. By implication, an increase in entrepreneurship significantly improves economic growth, and it reduces unemployment in both the short-run and the long-run. Besides, institutional quality proxied by the control of corruption, political stability, and government effectiveness significantly mediates the interaction between entrepreneurship and macroeconomic performance. This study concludes that improved institutional quality enhances the effect of entrepreneurship on economic growth and unemployment in Nigeria, and it recommends an improvement in Nigeria’s institutional quality because it can jeopardise or augment the effect of entrepreneurship on macroeconomic performance.

Keywords: entrepreneurship, institutional quality, unemployment, gross domestic product, Nigeria

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Authors: Zhang Rui

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Multinational corporations have significantly increased their investment in China due to their strong economic strength and advanced production technology. On the one hand, this has promoted the development of China's economy, created a large amount of tax revenue for China's finance, and brought huge economic benefits to China's economic development. On the other hand, it has also consumed huge resources in China and even caused serious environmental damage, which has attracted widespread attention from all sectors of society to the environmental violations committed by multinational corporations in China. Due to the incomplete legal regulation of environmental responsibility of multinational corporations in China, there are legal gaps that provide convenient conditions for them to transfer pollution. These multinational corporations in China will take advantage of the loopholes in Chinese laws and even achieve "zero pollution" in their home country's environmental protection, but their branches in China only meet the minimum standards stipulated by Chinese environmental protection laws. Therefore, the differential treatment of environmental protection by multinational corporations urgently needs to be regulated from a legal perspective in China to promote the balance and harmony between ecological environment protection and economic development. At present, the environmental pollution caused by multinational corporations in China has received widespread attention from Chinese scholars. Through research on the environmental pollution and legal aspects of multinational corporations in China, it not only helps to enrich the theoretical research results of environmental pollution and legal regulation of multinational corporations in China, but also promotes the continuous improvement of the relevant legal system for environmental pollution caused by multinational corporations in China, so as to effectively regulate the environmental pollution caused by multinational corporations in China in practice, and provide legal basis for the governance of environmental violations.

Keywords: international law, environmental law, multinational corporations, jurisdiction

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Authors: David O. A. Ogunrinade

Abstract:

The significance of education to the growth and development of man is imperative. The Nigerian education philosophy and national objectives are geared towards self-realization, social, cultural, and economic, just to mention a few. The acquisition of skills and abilities, both mental and physical, for individual to live and contribute to the development of society should be of major importance to a functional education curriculum. This study specifically set out to examine the momentous potentials of popular music as a veritable tool to be properly incorporated into the curriculum of music education in Nigeria. This will equip the learners to be self-reliant and contribute to the national economy. Interviews with exponents of Nigerian popular music and the stakeholders in the music industry, as well as audio-visual materials were employed to elicit information. Findings reveal that there are lots of potentials and dexterities in popular music that can enable Nigerian music graduates to contribute their own quota to the national development of the nation, as well as being useful to themselves. If the Nigerian society is not to be plagued by a breed of unemployable youths who could not raise the economic productivity of the country, it is deemed pertinent that the music curriculum as one of the vocational education needs to be reviewed to incorporate popular music, as well as to reflect more of the Nigerian cultural heritage.

Keywords: popular music, music curriculum, music in schools, popular music prospect

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Authors: E. Kharaishvili, G. Erkomaishvili, M. Chavleishvili

Abstract:

The importance of agribusiness development is proved in accordance with the trends in the agricultural sector of Georgia. Agribusiness environment and the consequences of the agricultural reforms are evaluated. The factors hindering the development of agribusiness are revealed and the ways for overcoming these problems are suggested. SWOT analysis is done in order to identify the needs of agribusiness. The needs of agribusiness development in Georgia are evaluated by priorities: prevention of diseases and reduction of the harm caused by these diseases, accessibility of long-term agricultural loans with low interest rates, improving qualification of farmers, the level of education and usage of modern technologies, changes in legislation, accessibility to high quality agricultural machinery, and the development of infrastructure. Based on the outcomes of the research, agribusiness development strategies in Georgia are suggested and appropriate priorities of economic policy are determined. Conclusions are made and based on these conclusions, some recommendations are suggested.

Keywords: agribusiness development, agribusiness strategy, agribusiness in Georgia

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Authors: May Newisar, Richard Kingston, Philip Black

Abstract:

Heritage-led regeneration developments have been considered as one of the cornerstones of the economic and social revival of historic towns and cities in the UK. However, this approach has proved its deficiency within the development of Liverpool World Heritage site. This is due to the conflict between sustaining the tangible and intangible values as well as achieving the aimed economic developments. Accordingly, the development of such areas is influenced by a top-down approach which considers heritage as consumable experience and urban regeneration as the economic development for it. This neglects the heritage sites characteristics and values as well as the design criteria for public open spaces that overlap with the heritage sites. Currently, knowledge regarding the relationship between the physical built environment of the heritage sites including the intangible values and the design development of the public open spaces is limited. Public open spaces have been studied from different perspectives such as increasing walkability, a source of social cohesion, provide a good quality of life as well as understanding users’ perception. While heritage sites have been discussed heavily on how to maintain the physical environment, understanding the courses of threats and how to be protected. In addition to users’ experiences and motivations of visiting such areas. Furthermore, new approaches tried to overcome the gap such as the historic urban landscape approach. This approach is focusing on the entire human environment with all its tangible and intangible qualities. However, this research aims to understand the relationship between the heritage sites and public open spaces and how the overlap of the design and development of both could be used as a quality to enhance the heritage sites and improve users’ experience. A meaning-making approach will be used in order to understand and articulate how the development of Liverpool World Heritage site and its value could influence and shape the design of public open space Pier Head in order to attract a different level of tourists to be used as a tool for economic development. Consequently, this will help in bridging the gap between the planning and conservation areas’ policies through an understanding of how flexible is the system in order to adopt alternative approaches for the design and development strategies for those areas.

Keywords: historic urban landscape, environmental psychology, urban governance, identity

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Authors: Runlian Miao, Wei Xie, Hong Zhang

Abstract:

In China, Beijing-Tianjin-Hebei is regarded as a strategically important region because itenjoys highest development in economic development, opening up, innovative capacity and andpopulation. Integrated development of Beijing-Tianjin-Hebei region is increasingly emphasized by the government recently years. In 2014, it has ascended to one of the national great development strategies by Chinese central government. In 2015, Coordinated Development Planning Compendium for Beijing-Tianjin-Hebei Region was approved. Such decisions signify Beijing-Tianjin-Hebei region would lead innovation-driven economic development in China. As an essential factor to achieve national innovation-driven development and significant part of regional industry chain, the optimization of science and technology resources allocation will exert great influence to regional economic transformation and upgrading and innovation-driven development. However, unbalanced distribution, poor sharing of resources and existence of information isolated islands have contributed to different interior innovation capability, vitality and efficiency, which impeded innovation and growth of the whole region. Under such a background, to integrate and vitalize regional science and technology resources and then establish high-end, fast-responding and precise innovation service system basing on regional resources, would be of great significance for integrated development of Beijing-Tianjin-Hebei region and even handling of unbalanced and insufficient development problem in China. This research uses the method of literature review and field investigation and applies related theories prevailing home and abroad, centering service path of science and technology resources for innovation. Based on the status quo and problems of regional development of Beijing-Tianjin-Hebei, theoretically, the author proposed to combine regional economics and new economic geography to explore solution to problem of low resource allocation efficiency. Further, the author puts forward to applying digital map into resource management and building a platform for information co-building and sharing. At last, the author presents the thought to establish a specific service mode of ‘science and technology plus digital map plus intelligence research plus platform service’ and suggestion on co-building and sharing mechanism of 3 (Beijing, Tianjin and Hebei ) plus 11 (important cities in Hebei Province).

Keywords: Beijing-Tianjin-Hebei, science and technology resources, innovation service, digital platform

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