Search results for: cashless economy

Authors: Pham Quang Huy

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State budget is considered as an effective tool for controlling, adjusting and regulating the market economy of any countries. To ensure that the activities of the state in the fields of politics, economy and society has been efficiency, it requires major sources of certain budget. These financial funds are formed from tax revenues and tax revenues beyond. Therefore, the Governments need to have an accounting regime to manage the receipt, expenditure which are suitable for recording a full range of items. From that, it can help to increase the transparency and accountability in budget system. One of the main requirements in Vietnamese policies is to improve that accounting system of revenues and expenditures which can provide many reports to meet the information required of government and users, as well as directions to the trends of international standards requirements. By using quantitative research methods and analytical models to exploring factors, the main purpose of this article is to identify the factors affecting budget accounting and providing some direction for Vietnamese public sector in the future. The results indicated that Vietnam budget accounting has been impacted by seven factors and aims to implement three main orientations in the public sector units.

Keywords: state budget, accounting, IPSAS, budget management, government, public sector

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Authors: Shpetim Rezniqi

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Financial Policies in the process of global crisis the current crisis has swept the world with special emphasis, most developed countries, those countries which have most gross -product world and you have a high level of living.Even those who are not experts can describe the consequences of the crisis to see the reality that is seen, but how far will it go this crisis is impossible to predict. Even the biggest experts have conjecture and large divergence, but agree on one thing: - The devastating effects of this crisis will be more severe than ever before and can not be predicted.Long time, the world was dominated economic theory of free market laws. With the belief that the market is the regulator of all economic problems. The market, as river water will flow to find the best and will find the necessary solution best. Therefore much less state market barriers, less state intervention and market itself is an economic self-regulation. Free market economy became the model of global economic development and progress, it transcends national barriers and became the law of the development of the entire world economy. Globalization and global market freedom were principles of development and international cooperation. All international organizations like the World Bank, states powerful economic, development and cooperation principles laid free market economy and the elimination of state intervention. The less state intervention much more freedom of action was this market- leading international principle. We live in an era of financial tragic. Financial markets and banking in particular economies are in a state of thy good, US stock markets fell about 40%, in other words, this time, was one of the darkest moments 5 since 1920. Prior to her rank can only "collapse" of the stock of Wall Street in 1929, technological collapse of 2000, the crisis of 1973 after the Yom Kippur war, while the price of oil quadrupled and famous collapse of 1937 / '38, when Europe was beginning World war II In 2000, even though it seems like the end of the world was the corner, the world economy survived almost intact. Of course, that was small recessions in the United States, Europe, or Japan. Much more difficult the situation was at crisis 30s, or 70s, however, succeeded the world. Regarding the recent financial crisis, it has all the signs to be much sharper and with more consequences. The decline in stock prices is more a byproduct of what is really happening. Financial markets began dance of death with the credit crisis, which came as a result of the large increase in real estate prices and household debt. It is these last two phenomena can be matched very well with the gains of the '20s, a period during which people spent fists as if there was no tomorrow. All is not away from the mouth of the word recession, that fact no longer a sudden and abrupt. But as much as the financial markets melt, the greater is the risk of a problematic economy for years to come. Thus, for example, the banking crisis in Japan proved to be much more severe than initially expected, partly because the assets which were based more loans had, especially the land that falling in value. The price of land in Japan is about 15 years that continues to fall. (ADRI Nurellari-Published in the newspaper "Classifieds"). At this moment, it is still difficult to çmosh to what extent the crisis has affected the economy and what would be the consequences of the crisis. What we know is that many banks will need more time to reduce the award of credit, but banks have this primary function, this means huge loss.

Keywords: globalisation, finance, crisis, recomandation, bank, credits

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Authors: Hamda M. Al-Ali

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From addressing fundamental questions about the history of the solar system to exploring other planets for any signs of life have always been the core of human space exploration. This triggered humans to explore whether other planets such as Mars could support human life on them. Therefore, many planned space missions to other planets have been designed and conducted to examine the feasibility of human survival on them. However, space missions are expensive and consume a large number of various resources to be successful. To overcome these problems, material efficiency shall be maximized through the use of reusable launch vehicles (RLV) rather than disposable and expendable ones. Material efficiency is defined as a way to achieve service requirements using fewer materials to reduce CO2 emissions from industrial processes. Materials such as aluminum-lithium alloys, steel, Kevlar, and reinforced carbon-carbon composites used in the manufacturing of spacecrafts could be reused in closed-loop cycles directly or by adding a protective coat. Material efficiency is a fundamental principle of a circular economy. The circular economy aims to cutback waste and reduce pollution through maximizing material efficiency so that businesses can succeed and endure. Five strategies have been proposed to improve material efficiency in the space industry, which includes waste minimization, introduce Key Performance Indicators (KPIs) to measure material efficiency, and introduce policies and legislations to improve material efficiency in the space sector. Another strategy to boost material efficiency is through maximizing resource and energy efficiency through material reusability. Furthermore, the environmental effects associated with the rapid growth in the number of space missions include black carbon emissions that lead to climate change. The levels of emissions must be tracked and tackled to ensure the safe utilization of space in the future. The aim of this research paper is to examine and suggest effective methods used to improve material efficiency in space missions so that space and Earth become more environmentally and economically sustainable. The objectives used to fulfill this aim are to identify the materials used in space missions that are suitable to be reused in closed-loop cycles considering material efficiency indicators and circular economy concepts. An explanation of how spacecraft materials could be re-used as well as propose strategies to maximize material efficiency in order to make RLVs possible so that access to space becomes affordable and reliable is provided. Also, the economic viability of the RLVs is examined to show the extent to which the use of RLVs has on the reduction of space mission costs. The environmental and economic implications of the increase in the number of space missions as a result of the use of RLVs are also discussed. These research questions are studied through detailed critical analysis of the literature, such as published reports, books, scientific articles, and journals. A combination of keywords such as material efficiency, circular economy, RLVs, and spacecraft materials were used to search for appropriate literature.

Keywords: access to space, circular economy, material efficiency, reusable launch vehicles, spacecraft materials

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Authors: Ashika Govender

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This study seeks to determine whether Okun’s Law is valid for the South African economy, using time series data for the period 2004 to 2014. The data were accessed from the South African Reserve Bank and Stats SA. The stationarity of the variables was analysed by applying unit root tests via the Augmented Dickey-Fuller test (ADF), the Phillips-Perron (PP) test, and the Kwiatkowski–Phillips–Schmidt–Shin test (KPSS) test. The study used an ordinary least square (OLS) model in analysing the dynamic version of Okun’s law. The Error Correction Model (ECM) was used to analyse the short-run impact of GDP growth on unemployment, as well as the speed of adjustment. The results indicate a short run and long run relationship between unemployment rate and GDP growth rate in period 2004q1-2014q4, suggesting that Okun’s law is valid for the South African economy. With a 1 percent increase in GDP, unemployment can decrease by 0.13 percent, ceteris paribus. The research culminates in important policy recommendations, highlighting the relationship between unemployment and economic growth in the spirit of the National Development Plan.

Keywords: unemployment, economic growth, Okun's law, South Africa

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Authors: Ndeye Tiguida Sarr, Onur Akpinar

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The tourism industry, being the sector that includes all the activities related to the organization and satisfaction of tourists during their trip, also has a very important role in the national economy of the host country. In order to measure the stakes of tourism on the economy, microeconomic and macroeconomic factors are elements of analysis. While microeconomics is limited to an individual perspective, macroeconomics extends to a global perspective and treats the economy as a whole by focusing on social and economic actors in general. It is in this context that this study focuses on macroeconomic variables in order to determine the factors that influence the financial performance of tourism firms in Turkey, which is one of the world's major destinations. The aim of the study is to demonstrate the relationship between macroeconomic variables and the financial performance of tourism firms. Data from 2011 to 2020 are collected, from a sample of 16 companies that represent the tourism sector in Borsa Istanbul. Tobin’s Q ratio, Market to Book ratio, Return on Invested Capital, and Return on Assets as the financial performance indicators were dependent variables of the study. Gross Domestic Products, Inflation, Interest Rates, and Unemployment as macroeconomic indicators were independent variables. Again, Size, Liquidity, Leverage, and Age were control variables of the study. According to the results, value indicators, which are Tobin’s Q ratio and Market to Book ratio, have a statistically significant relationship with Inflation, Interest Rates, and Unemployment. A negative relationship is found between value indicators and Interest rates and a positive relationship between value indicators and Unemployment and Inflation. On the other hand, there is no significant relationship between profit indicators (Return on Invested Capital and Return on Assets) and macroeconomic variables. Accordingly, Interest rates negatively affect the financial performance of tourism firms and stand out as a factor that decreases the value.

Keywords: financial performance, macroeconomic variables, panel data, Tobin Q

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Authors: Adebayo J. Julius, Oluremi N. Iluyomade

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Livelihood in Nigeria is a paradox of poverty amidst plenty. The Country is endowed with a good climate for agriculture, naturally growing fruit trees and vegetables, and undomesticated water resources. In spite of all its endowment, Nigeria continues to live in poverty year in year out. This thus raises a very important question as to how can there be so much poverty in Nigeria with all its natural endowments. This study focused comparative analysis of the utilization of community informatics for sustainable livelihoods through agriculture. The idea projected in this study is that small strategic changes in the modus operandi of social informatics can have a significant impact on sustainability of livelihoods. This paper carefully explored the theories of community informatics and its efficacies in dealing with sustainability issues. This study identified, described and evaluates the roles of community informatics in some sectors of the economy, different analytical tools to benchmark the influence of social informatics in agriculture against what is obtainable in agricultural sectors of the economy were used. It further employed comparative analysis to build a case model for sustainable livelihood in agriculture through community informatics.

Keywords: informatics , model, rural community, livelihoods sustainability, Nigeria

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Authors: Arsalan Khan, Faisal Jamil

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The unprecedented increase in anthropogenic gases in recent decades has led to climatic changes worldwide. CO2 emissions are the most important factors responsible for greenhouse gases concentrations. This study decomposes the changes in overall CO2 emissions in Pakistan for the period 1990-2012 using Log Mean Divisia Index (LMDI). LMDI enables to decompose the changes in CO2 emissions into five factors namely; activity effect, structural effect, intensity effect, fuel-mix effect, and emissions factor effect. This paper confirms an upward trend of overall emissions level of the country during the period. The study finds that activity effect, structural effect and intensity effect are the three major factors responsible for the changes in overall CO2 emissions in Pakistan with activity effect as the largest contributor to overall changes in the emissions level. The structural effect is also adding to CO2 emissions, which indicates that the economic activity is shifting towards more energy-intensive sectors. However, intensity effect has negative sign representing energy efficiency gains, which indicate a good relationship between the economy and environment. The findings suggest that policy makers should encourage the diversification of the output level towards more energy efficient sub-sectors of the economy.

Keywords: energy consumption, CO2 emissions, decomposition analysis, LMDI, intensity effect

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Authors: V. Benidze

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After the Rose Revolution of 2003, Georgia has achieved an unparalleled socioeconomic success. However, economic growth since 2012 has been sluggish and certainly not enough to rapidly improve the county’s standard of living that still remains substantially low compared to that in developed nations. Recent poor economic performance has shown that some key challenges need to be addressed if Georgia is to achieve high future economic growth that will decrease the poverty rate and create a middle class in the country. This paper offers in detail analysis of the economic performance of Georgia since 2012 and identifies key challenges facing the country’s economy. The main challenge going forward will be transforming Georgia from a consumption-driven to a production-oriented economy. It is identified that mobilizing domestic investment through savings, attracting foreign investment in tradable sectors and expanding the country’s export base will be crucial in the facilitation of the above-mentioned structural transformation. As the outcome of the research, the paper suggests a strategy for accelerating Georgia’ future economic growth and offers recommendations based on the relevant conclusions.

Keywords: challenges, development, economic growth, economic policy, Georgia

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Authors: Alexander Hempfing

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The desire to understand business cycle fluctuations, trade interdependencies and co-movement has a long tradition in economic thinking. From input-output economics to business cycle theory, researchers aimed to find appropriate answers from an empirical as well as a theoretical perspective. This paper empirically analyses how the production structure of the global economy and several states developed over time, what their distributional properties are and if there are network specific metrics that allow identifying structurally important nodes, on a global, national and sectoral scale. For this, the World Input-Output Database was used, and different statistical methods were applied. Empirical evidence is provided that the importance of the Eastern hemisphere in the global production network has increased significantly between 2000 and 2014. Moreover, it was possible to show that the sectoral eigenvector centrality indices on a global level are power-law distributed, providing evidence that specific national sectors exist which are more critical to the world economy than others while serving as a hub within the global production network. However, further findings suggest, that global production cannot be characterized as a scale-free network.

Keywords: economic integration, industrial organization, input-output economics, network economics, production networks

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Authors: Anjuman Antil, Anuj Kapoor, Neha Saini

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Purpose: The purpose of this paper is to study the evolution of insurance in India and the world. The paper also traced the historical basis of life insurance in the world and how it emerged as a major sector in India’s economy. The promotional strategies and distribution channel of top three companies in the Indian insurance sector are also discussed. Design/methodology/approach: The paper examined the secondary data which includes the reports issued by Insurance Regulatory Authority of India, websites of companies, books, and journals relevant to the study. Findings: The paper argued the role and importance of insurance in an emerging economy. The challenges and opportunities of the insurance sector are briefed out. The emerging areas in the insurance sector in terms of promotional strategies and distribution channel are also listed. Implications: The historical evolution can be studied by companies while formulating their strategies. It will help them analyse the insurance sector, how things have changed and how to change with the changing times. Originality/value: This paper gives comprehensive data regarding the background of the insurance sector. Along with historical perspective, marketing and distribution, current and future trends have been discussed.

Keywords: insurance, evolution, life insurance, marketing, distribution channels

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Authors: Sibo Lu, Zhongkai Qian

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This study endeavors to articulate a spectrum of capitalist transformation from a politico-economic perspective, categorizing the development of capitalism into pre-modern, modern, and post-modern stages while examining the transitions between these states. It critically engages with the concepts of pre-modernity, modernity, and post-modernity, typically aligned with cultural studies, to shed light on their objective changes in the politico-economic realm. Post-modernity, in this context, is associated with the transition to high-value-added services and economic growth in ‘developed’ countries amidst globalization, framing a ‘neoliberal’ economic transformation. The paper scrutinizes the neoliberal economic shifts in the latter half of the 20th century as part of the post-modern state, arguing against viewing post-modernity merely as a cultural or subjective interpretative stance. Instead, it is posited as a concrete politico-economic phase marked by the dominance of post-Fordist systems. Through integrating insights from the political economy with continental philosophy, this research provides a nuanced analysis of capitalism's evolution, challenging conventional class analyses under the capitalist system and fostering a broader understanding of socio-economic paradigms.

Keywords: post marxism, critical theory, political economy, capitalism transformation

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Authors: Rizwan Fazal

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This study investigates the behavior of external sector of Pakistan economy and its impact on economic growth, using quarterly data for the period 1990:01-2010:04. External sector indices used in this study are financial integration, net foreign assets and trade integration. Augmented Ducky fuller confirms that all variables of external sector are non-stationary at level, but at first difference it becomes stationary. The co-integration test suggests one co-integrating variables in the study. The analysis is based on Vector Auto Regression model followed by Vector Error Correction Model. The empirical findings show that financial integration play important role in increasing economic growth in Pakistan economy while trade integration has negative effect on economic growth of Pakistan in the long run. However, the short run confirms that output lag accounts for error correction. The estimated CUSUM and CUSUMQ stability test provide information that the period of the study equation remains stable.

Keywords: financial integration, trade integration, net foreign assets, gross domestic product

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Authors: Hassan Badkoobehi, Pradip Peter Dey, Mohammad Amin, Milan Jose Carlos, Basmal Hana, Fadi Zaco

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The economy of coastline areas depends on the natural splendor of estuaries. When estuaries are improperly managed or polluted, long or short term damage to local economy or harm to local life forms can be caused. Estuaries are shelters for thousands of species such as birds, mammals, fish, crustaceans, insects, reptiles, and amphibians. The delicate balance of these life forms in estuaries requires careful planning for the benefit of all. The commercial value of estuaries is very important; recreational activities that people enjoy like boating, kayaking, windsurfing, swimming, bird-watching and fishing are marketable. Estuaries are national treasures with vital community and ecological resources. Years of estuarine environmental studies have produced extensive results that merit consideration. This study reviews research results from various sources and suggests best strategies for maintaining healthy estuaries in the current socioeconomic conditions. The main hypothesis is that many estuaries can be restored to their original healthy status in a cost effective manner with restoration or prevention plans suggested in published studies.

Keywords: environment, pollution, sustainable, wildlife

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Authors: Fatemeh Moosavi, Tumelo Franck Nkoshwane

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Peter Drucker the renowned management guru once said, “The best way to predict the future is to create it.” Mr. Drucker is also the man who placed human capital as the most vital resource of any institution. As such any institution bent on creating a better future, requires a competent human capital, one that is able to execute with efficiency and effectiveness the objective a society aspires to. Technology today is accelerating the rate at which many societies transition to knowledge based societies. In this accelerated paradigm, it is imperative that those in leadership establish a platform capable of sustaining the planned future; intellectual capital. The capitalist economy going into the future will not just be sustained by dollars and cents, but by individuals who possess the creativity to enterprise, innovate and create wealth from ideas. This calls for cities of the future, to have this premise at the heart of their future plan, if the objective of designing sustainable and liveable future cities will be realised. The knowledge economy, now transitioning to the creative economy, requires cities of the future to be ‘gardens’ of inspiration, to be places where knowledge, creativity, and innovation can thrive as these instruments are becoming critical assets for creating wealth in the new economic system. Developing nations must accept that learning is a lifelong process that requires keeping abreast with change and should invest in teaching people how to keep learning. The need to continuously update one’s knowledge, turn these cities into vibrant societies, where new ideas create knowledge and in turn enriches the quality of life of the residents. Cities of the future must have as one of their objectives, the ability to motivate their citizens to learn, share knowledge, evaluate the knowledge and use it to create wealth for a just society. The five functional factors suggested by Kevin Lynch;-vitality, meaning/sense, adaptability, access, control, and monitoring should form the basis on which policy makers and urban designers base their plans for future cities. The authors of this paper believe that developing nations “creative economy clusters”, cities where creative industries drive the need for constant new knowledge creating sustainable learning creative cities. Obviously the form, shape and size of these districts should be cognisant of the environmental, cultural and economic characteristics of each locale. Gaborone city in the republic of Botswana is presented as the case study for this paper.

Keywords: learning city, sustainable creative city, creative industry, good city form

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Authors: Mehrangiz Rezaee, Zabih Charrahi

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In the last decade, with increasing tourism destinations and tourism growth, we are witnessing the widespread impacts of tourism on the economy, environment and society. Tourism and its related economy are now undergoing a transformation and as one of the key pillars of business economics, it plays a vital role in the world economy. Activities related to tourism and providing services appropriate to it in an area, like many economic sectors, require the necessary context on its origin. Given the importance of tourism industry and tourism potentials of Yazd province in Iran, it is necessary to use a proper procedure for prioritizing different areas for proper and efficient planning. One of the most important goals of planning is foresight and creating balanced development in different geographical areas. This process requires an accurate study of the areas and potential and actual talents, as well as evaluation and understanding of the relationship between the indicators affecting the development of the region. At the global and regional level, the development of tourist resorts and the proper distribution of tourism destinations are needed to counter environmental impacts and risks. The main objective of this study is the sustainable development of suitable tourism areas. Given that tourism activities in different territorial areas require operational zoning, this study deals with the evaluation of territorial tourism using concepts such as land use, fitness and sustainable development. It is essential to understand the structure of tourism development and the spatial development of tourism using land use patterns, spatial planning and sustainable development. Tourism spatial planning implements different approaches. However, the development of tourism as well as the spatial development of tourism is complex, since tourist activities can be carried out in different areas with different purposes. Multipurpose areas have great important for tourism because it determines the flow of tourism. Therefore, in this paper, by studying the development and determination of tourism suitability that is related to spatial development, it is possible to plan tourism spatial development by developing a model that describes the characteristics of tourism. The results of this research determine the suitability of multi-functional territorial tourism development in line with spatial planning of tourism.

Keywords: land use change, spatial planning, sustainability, territorial tourist, Yazd

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Authors: Ruijie Fan, Hao Xu

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Due to the increasing demand for resources, solid waste disposal is becoming an increasingly important issue to be addressed. Solid waste is not only hazardous to human health but also has a negative impact on the environment. The main sources of solid waste are metals, glass, food, plastics, paper, and electrical waste. Different types of waste may require different treatments. The UK currently lags behind other countries, such as Japan and Germany, in terms of waste management. Although the UK is catching up through various incentives, waste management education in the UK still faces challenges. Education requires a lot of work before the UK can achieve a circular economy. This paper first presents the latest information on the five main types of solid waste in the UK today. It delves into the current state of waste paper management in the UK, in addition to gathering information from the literature on the current state of waste management education in the UK as a whole. Potential barriers to the disposal of each waste type in the UK are identified, along with potential barriers to education in the UK. This study was based on a pragmatic philosophy to find possible solutions for these barriers, including questionnaires to conduct an in-depth investigation. In addition, the questionnaire analysis reveals a correlation between educational attainment and individual waste management behaviour and attitudes. This research guides inspiration on the current problems of waste management in the UK.

Keywords: circular economy, education, solid waste, waste management

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Authors: Mirza Waseem Abbas, Syed Danish Raza

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For many countries agriculture is still the major force driving the economy and a critically important socioeconomic sector, despite exceptional industrial development across the globe. In countries like Pakistan, this sector is considered the backbone of the economy, and most of the economic decision making revolves around agricultural outputs and data. Timely and accurate facts and figures about this vital sector hold immense significance and have serious implications for the long-term development of the economy. Therefore, any significant improvements in the statistics and other forms of data regarding agriculture sector are considered important by all policymakers. This is especially true for decision making for the betterment of crops and the agriculture sector in general. Provincial and federal agricultural departments collect data for all cash and non-cash crops and the sector, in general, every year. Traditional data collection for such a large sector i.e. agriculture, being time-consuming, prone to human error and labor-intensive, is slowly but gradually being replaced by remote sensing techniques. For this study, remotely sensed data were used for change detection (machine learning, supervised & unsupervised classification) to assess the increase or decrease in area under agriculture over the last fifteen years due to urbanization. Detailed Landsat Images for the selected agricultural districts were acquired for the year 2000 and compared to images of the same area acquired for the year 2016. Observed differences validated through detailed analysis of the areas show that there was a considerable decrease in vegetation during the last fifteen years in four major agricultural districts of the Punjab province due to urbanization (housing societies).

Keywords: change detection, area estimation, machine learning, urbanization, remote sensing

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Authors: A. Camões, M. Ferreira Dias, M. Amorim

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In recent years, the social economy is increasingly seen as a viable means to address social problems. Social enterprises, as well as public projects and initiatives targeted to meet social purposes, offer organizational models that assume heterogeneity, flexibility and adaptability to the ‘real world and real problems’. Despite the growing popularity of social initiatives, decision makers still face a paucity in what concerns the available models and tools to adequately assess its sustainability, and its impacts, notably the nature of its contribution to economic growth. This study was carried out at the local level, by analyzing the social impact initiatives and projects promoted by the Municipality of Albergaria-a-Velha (Câmara Municipal de Albergaria-a-Velha -CMA), a municipality of 25,000 inhabitants in the central region of Portugal. This work focuses on the challenges related to the qualifications and employability of citizens, which stands out as one of the key concerns in the Portuguese economy, particularly expressive in the context of small-scale cities and inland territories. The study offers a characterization of the Municipality, its socio-economic structure and challenges, followed by an exploratory analysis of multiple sourced data, collected from the CMA's documental sources as well as from privileged informants. The purpose is to conduct detailed analysis of the CMA's social projects, aimed at characterizing its potential impact for the model of qualifications and employability of the citizens of the Municipality. The study encompasses a discussion of the socio-economic profile of the municipality, notably its asymmetries, the analysis of the social projects and initiatives, as well as of data derived from inquiry actors involved in the implementation of the social projects and its beneficiaries. Finally, the results obtained with the Better Life Index will be included. This study makes it possible to ascertain if what is implicit in the literature goes to the encounter of what one experiences in reality.

Keywords: measurement, municipalities, social economy, social impact

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Authors: Alexander Kelisek, Stanislava Strelcova

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Developing of business in small and medium-sized enterprises (SMEs) is a specific especially for its flexibility and rapid adaptation to the conditions of turbulent market environment compared to large enterprises. Therefore, an importance of SMEs is growing rapidly in Slovakia but also in other EU countries. Small and medium enterprises are characterized by transparent organizational structure, as it allows the realization of direct management and information flow without significant negative aspects. In the national economy small and medium-sized enterprises represent a significant potential when performs a several important functions (e.g. social, economic, export-import, etc.) The significance of these enterprises is not only at national, but also at transnational level. Importance of SMEs is also aware of the EU, which declared this statement in a key document for SMEs called Small Business Act. In this document, SMEs are characterized, as the backbone of the EU economy and also as a key source of jobs opportunities. In addition to these aspects, SMEs attaches high innovation and development potential. The authors of the article are dealing with the current status of SMEs development in the Slovak Republic and highlight the current challenges that entrepreneurs face in their small and medium enterprises.

Keywords: small and medium enterprises (SMEs), business support, SMEs development, SMEs funding

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Authors: Finbarr Murphy, Wei Xu, Xian Xu

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The embedding of digital technologies in the global economy has attracted increasing attention from economists. With a large and detailed dataset, this study examines the specific case where consumers have a choice between offline and digital channels in the context of insurance purchases. We find that digital channels screen consumers with lower unobserved risk. For the term life, endowment, and disease insurance products, the average risk of the policies purchased through digital channels was 75%, 21%, and 31%, respectively, lower than those purchased offline. As a consequence, the lower unobserved risk leads to weaker information asymmetry and higher profitability of digital channels. We highlight three mechanisms of the risk screening effect: heterogeneous marginal influence of channel features on insurance demand, the channel features directly related to risk control, and the link between the digital divide and risk. We also find that the risk screening effect mainly comes from the extensive margin, i.e., from new consumers. This paper contributes to three connected areas in the insurance context: the heterogeneous economic impacts of digital technology adoption, insurer-side risk selection, and insurance marketing.

Keywords: digital economy, information asymmetry, insurance, mobile application, risk screening

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Authors: Arash Khosravi, Mohamad Nazir Ahmad

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Today’s economy is a knowledge-based economy in which knowledge is a crucial facilitator to individuals, as well as being an instigator of success. Due to the impact of globalization, universities face new challenges and opportunities. Accordingly, they ought to be more innovative and have their own competitive advantages. One of the most important goals of universities is the promotion of students as professional knowledge workers. Therefore, knowledge sharing and transferring at tertiary level between students and supervisors is vital in universities, as it decreases the budget and provides an affordable way of doing research. Knowledge-sharing impact factors can be categorized into three groups, namely: organizational, individual and technical factors. There are some individual barriers to knowledge sharing, namely: lack of time and trust, lack of communication skills and social networks. IT systems such as e-learning, blogs and portals can increase knowledge sharing capability. However, it must be stated that IT systems are only tools and not solutions. Individuals are still responsible for sharing information and knowledge. This paper proposes new research model to examine the effect of individual factors and organisational factors, namely: learning strategy, trust culture, supervisory support, as well as technological factor on knowledge sharing in a research supervision process at the University of Technology Malaysia.

Keywords: knowledge management, knowledge sharing, research supervision, knowledge transferring

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Authors: Muhammad Afzal, Muhammad Sajjad

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Climate change has become a global environmental challenge and it has affected the world’s economy. Its impact is widespread across all major sectors of the economy i.e. agriculture, industry, and services sectors. This study attempts to measure the long run as well as the short-run dynamic between energy; environment and economic growth by using Autoregressive Distributed Lag (ARDL) bound testing approach at aggregate as well as sectoral level. We measured the causal relationship between electricity consumption, fuel consumption, CO₂ emission, and real Gross Domestic Product (GDP) for the period of 1980 to 2016 for Pakistan. Our co-integration results reveal that all the variables are co-integrated at aggregate as well as at sectoral level. Electricity consumption shows two-way casual relation at for industry, services and aggregate level. The inverted U-Curve hypothesis tested the relationship between greenhouse gas emissions and per capita GDP and results supported the Environment Kuznet Curve (EKC) hypothesis. This study cannot ignore the importance of energy for economic growth but prefers to focus on renewable and green energy to pave on the trajectory of development.

Keywords: climate change, economic growth, energy, environment

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Authors: Said Sair, Hanane Ait Ousaleh, Ilyas Belghazi, Othmane Amadine

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Plastic waste has become a major environmental issue, driving the need for innovative solutions to convert it into valuable resources. This study explores the catalytic pyrolysis of plastic waste to produce hydrogen, using zeolite catalysts as a key component in the process. Various zeolites, including types X, A, and P, are synthesized and characterized through X-ray diffraction (XRD), Fourier-transform infrared spectroscopy (FTIR), Brunauer–Emmett–Teller (BET) surface area analysis, thermogravimetric analysis (TGA), and scanning electron microscopy (SEM). These techniques are employed to assess the structural and chemical properties of the catalysts. Catalytic pyrolysis experiments are performed under different conditions, including variations in temperature, catalyst loading, and reaction time, to optimize hydrogen production. The results demonstrate that the choice of zeolite catalyst significantly impacts plastic waste conversion efficiency into hydrogen. This research contributes to advancing circular economy principles by providing an effective method for plastic waste management and clean energy production, promoting environmental sustainability.

Keywords: hydrogen production, plastic waste, zeolite catalysts, catalytic pyrolysis, circular economy, sustainable energy

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Authors: Emin Avcı, Çiydem Çatak

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The recent economic crisis have shown that procyclicality, which could threaten the stability and growth of the economy, is a major problem of financial and real sector. The term procyclicality refers here the cyclical behavior of banks that lead them to follow the same patterns as the real economy. In this study, leverage which demonstrate how a bank manage its debt, is chosen as bank specific variable to see the effect of changes in it over the economic cycle. The procyclical behavior of Turkish banking sector (commercial, participation, development-investment banks) is tried to explain with analyzing the relationship between leverage and asset growth. On the basis of theoretical explanations, eight different leverage ratios are utilized in eight different panel data models to demonstrate the procyclicality effect of Turkish banks leverage using monthly data covering the 2005-2014 period. It is tested whether there is an increasing (decreasing) trend in the leverage ratio of Turkish banks when there is an enlargement (contraction) in their balance sheet. The major finding of the study indicates that asset growth has a significant effect on all eight leverage ratios. In other words, the leverage of Turkish banks follow a cyclical pattern, which is in line with those of earlier literature.

Keywords: banking, economic cycles, leverage, procyclicality

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Authors: Farhad Reyazat, Richard Werner

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This paper contributes to the existent literature by developing a framework that explains how to monitor potential threats to banking sector stability. The study explores structural vulnerabilities at the country level, but also look at bilateral exposures within a network context. The study contributes in analysing of the European banking systemic risk at aggregated level, which integrates the characteristics of bank size, and interconnectedness relative to the size of the economy which ultimate risk belong to, taking to account the concentration ratio of the banking industry within the whole economy. The nature of the systemic risk depends on the interplay of the network topology with the nature of financial transactions over the network, assets and buffer stemming from bank size, correlations, and the nature of the shocks to the financial system. The study’s results illustrate the contribution of banks’ size, size of economy and concentration of counterparty exposures to a given country’s banks in explaining its systemic importance, how much the banking network depends on a few traditional hubs activities and the changes of this dependencies over the last 9 years. The role of few of traditional hubs such as Swiss banks and British Banks and also Irish banks- where the financial sector is fairly new and grew strongly between 1990s till 2008- take the fourth position on 2014 reducing the relative size since 2006 where they had the first position. In-degree concentration index analysis in the study shows concentration index of banking network was not changed since financial crisis 2007-8. In-degree concentration index on first quarter of 2014 indicates that US, UK and Germany together, getting over 70% of the network exposures. The result of comparing the in-degree concentration index with 2007-4Q, shows the same group having over 70% of the network exposure, however the UK getting more important role in the hub and the market share of US and Germany are slightly diminished.

Keywords: systemic risk, counterparty risk, financial stability, interconnectedness, banking concentration, european banks risk, network effect on systemic risk, concentration risk

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Authors: Ichiro Takahashi

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One conundrum that macroeconomic theory faces is to explain how an economy can revive from depression, in which the aggregate demand has fallen substantially below its productive capacity. This paper examines an autonomous stabilizing mechanism using an agent-based Wicksell-Keynes macroeconomic model. This paper focuses on the effects of the number of firms and the length of the gestation period for investment that are often assumed to be one in a mainstream macroeconomic model. The simulations found the virtual economy was highly unstable, or more precisely, collapsing when these parameters are fixed at one. This finding may even suggest us to question the legitimacy of these common assumptions. A perpetual decline in capital stock will eventually encourage investment if the capital stock is short-lived because an inactive investment will result in insufficient productive capacity. However, for an economy characterized by a roundabout production method, a gradual decline in productive capacity may not be able to fall below the aggregate demand that is also shrinking. Naturally, one would then ask if our economy cannot rely on an external stimulus such as population growth and technological progress to revive investment, what factors would provide such a buoyancy for stimulating investments? The current paper attempts to answer this question by employing the artificial macroeconomic model mentioned above. The baseline model has the following three features: (1) the multi-period gestation for investment, (2) a large number of heterogeneous firms, (3) demand-constrained firms. The instability is a consequence of the following dynamic interactions. (a) A multiple-period gestation period means that once a firm starts a new investment, it continues to invest over some subsequent periods. During these gestation periods, the excess demand created by the investing firm will spill over to ignite new investment of other firms that are supplying investment goods: the presence of multi-period gestation for investment provides a field for investment interactions. Conversely, the excess demand for investment goods tends to fade away before it develops into a full-fledged boom if the gestation period of investment is short. (b) A strong demand in the goods market tends to raise the price level, thereby lowering real wages. This reduction of real wages creates two opposing effects on the aggregate demand through the following two channels: (1) a reduction in the real labor income, and (2) an increase in the labor demand due to the principle of equality between the marginal labor productivity and real wage (referred as the Walrasian labor demand). If there is only a single firm, a lower real wage will increase its Walrasian labor demand, thereby an actual labor demand tends to be determined by the derived labor demand. Thus, the second positive effect would not work effectively. In contrast, for an economy with a large number of firms, Walrasian firms will increase employment. This interaction among heterogeneous firms is a key for stability. A single firm cannot expect the benefit of such an increased aggregate demand from other firms.

Keywords: agent-based macroeconomic model, business cycle, demand constraint, gestation period, representative agent model, stability

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Authors: Ritu Ahuja

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Globally the built environment sector is striving to be highly efficient, quality-centred and socially-responsible. Built environment sector is an integral part of the economy and plays an important role in urbanization, industrialization and improved quality of living. The inherent challenges such as excessive material and process waste, over reliance on resources, energy usage, and carbon footprint need to be addressed in order to meet the needs of the economy. It is envisioned that these challenges can be resolved by integration of Lean-Green-Building Information Modelling (BIM) paradigms. Ipso facto, with BIM as a catalyst, this research identifies the operational and tactical connections of lean and green philosophies by providing a conceptual integration framework and underpinning theories. The research has developed a framework for BIM-based organizational capabilities for enhanced adoption and effective use of BIM within architectural organizations. The study was conducted through a sequential mixed method approach focusing on collecting and analyzing both qualitative and quantitative data. The framework developed as part of this study will enable architectural organizations to successfully embrace BIM on projects and gain lean and green benefits.

Keywords: BIM, lean, green, AEC organizations

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Authors: Fawaz Saad, Hamid Alalwany

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Sweden has succeeded to maintain a high level of growth and development and has managed to sustain highly ranked position among the world’s developed countries. In this regard, Swedish universities are playing a vital role in supporting innovation and entrepreneurship at all levels and developing Swedish knowledge economy. This paper is aiming to draw on the experiences of two leading Swedish universities, addressing their transformation approach to create entrepreneurial universities and fulfilling their objectives in the era of knowledge economy. The objectives of the paper include: (1) Introducing the Swedish higher education and its characteristics. (2) Examining the infrastructure elements for innovation and Entrepreneurship at two of the Swedish entrepre-neurial universities. (3) Addressing the key aspects of support systems in the initiatives of both Chalmers and Gothenburg universities to support innovation and advance entrepreneurial practices. The paper will contribute to two discourses: (1) Examining the relationship between support systems for innovation and entrepreneurship and the Universities’ policies and practices. (2) Lessons for University leaders to assist the development and implementation of effective innovation and en-trepreneurship policies and practices.

Keywords: Entrepreneurial University, Chalmers University, Gothenburg University, innovation and entrepreneurship policies, entrepreneurial transformation

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Authors: Noemia Bessa Vilela, Jose Caramelo Gomes

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All law student are familiarized, in the first years of their bachelor of laws with the concepts of “public goods” and “ private goods”; often, such legal concept does not exactly match such economic concept, and there are consequences are some sort of confusion being created. The list of goods that follow under each category is not exhaustive, nor are students given proper mechanisms to acknowledge that some legal fields can, on its own, be considered as a “public good”; this is the case of Competition. Legal authors consider that “competition law is used to promote public interest” and, as such, it is a “public good”; in economics theory, Competition is the first public good in a market economy, as the enabler of allocation efficiency. Competition law is the legal tool to support the proper functioning of the market economy and democracy itself. It is fact that Competition Law only applies to economic activities, still, competition is object of private litigation as an integral part of Public Law. Still, regardless of the importance of Competition Law in the economic activity and market regulation, most student complete their studies in law, join the Bar Associations and engage in their professional activities never having been given sufficient tools to deal with the increasing demands of a globalized world. The lack of knowledge of economics, market functioning and the mechanisms at their reach in order to ensure proper realization of their duties as lawyers/ attorneys-at-law would be tackled if Competition Law would be included as part of the curricula of Law Schools. Proper teaching of Competition Law would combine the foundations of Competition Law, doctrine, case solving and Case Law study. Students should to understand and apply the analytical model. Special emphasis should be given to EU Competition Law, namely the TFEU Articles 101 to 106. Damages Directive should also be part of the curriculum. Students must in the first place acquire and master the economic rationale as competition and the world of competition law are the cornerstone of sound and efficient market. The teaching of Competition Law in undergraduate programs in Law would contribute to fulfill the potential of the students who will deal with matters related to consumer protection, economic and commercial law issues both in private practice and as in-house lawyers for companies.

Keywords: higher education, competition law, legal education, law, market economy, industrial economics

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Authors: Mustapha Shitu Suleiman, Francis Neshamba, Nestor Valero-Silva

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Small businesses are considered as engine of economic growth, contributing to employment generation, wealth creation, and poverty alleviation and food security in both developed and developing countries. Nigeria is facing many socio-economic problems and it is believed that by supporting small business development, as propellers of new ideas and more effective users of resources, often driven by individual creativity and innovation, Nigeria would be able to address some of its economic and social challenges, such as unemployment and economic diversification. Using secondary literature, this paper examines the role small businesses can play in the creation of jobs in North-West Nigeria to overcome issues of unemployment, which is the most devastating economic challenge facing the region. Most studies in this area have focused on Nigeria as a whole and only a few studies provide a regional focus, hence, this study will contribute to knowledge by filling this gap by concentrating on North-West Nigeria. It is hoped that with the present administration’s determination to improve the economy, small businesses would be used as vehicles for diversification of the economy away from crude oil to create jobs that would lead to a reduction in the country’s high unemployment level.

Keywords: job creation, north-west, Nigeria, small business, unemployment

Procedia PDF Downloads 307