Search results for: economic integration

Authors: Omolade Adeleke, Jonathan Olusegun Famoroti

Abstract:

This study empirically examined the monetary policy and economic growth in the classical cycles in 8 member countries of the West African Economic and Monetary Union (WAEMU), using the Markov switching model for the Two-phase Regime, covering the period 1980Q1 to 2020Q4. Our estimates suggest that these countries demonstrate to have similar business cycles, and the economies stay more in an expansion regime than a recession regime. The result further shows that the union has an average duration period of 3.1 and 15.9 quarters for contraction and expansion periods, respectively. The business cycle duration, on average, suggests 19 quarters, varying from country to country. Therefore, the formulation of policies that can enhance aggregate demand by member countries in the union is an antidote for recession and is necessary to drive the economy into equilibrium. Also, a low-interest rate and reduced inflation rate would ginger long-run economic growth.

Keywords: monetary policy, business cycle, economic growth, Markov switching

Procedia PDF Downloads 80

Authors: Tarandeep Kaur

Abstract:

Generation Y and Z nursing students have a much higher need for technology-based stimulation than previous generations, as they may find traditional methods of education boring and disinterested. These generations prefer experiential learning and the use of advanced technology for enhanced learning. Therefore, nursing educators must acquire knowledge to make better use of technology and technological tools for instruction. Millennials and generation are digital natives, optimistic, assertive, want engagement, instant feedback, and collaborative approach. The integration of technology and the efficacy of its use can be challenging for nursing educators. The SAMR (substitution, augmentation, modification, and redefinition) model designed and developed by Dr. Ruben Puentedura can help nursing educators to engage their students in different levels of technology integration for effective learning. Nursing educators should understand that technology use in the classroom must be purposeful. The influx of technology in nursing education is ever-changing; therefore, nursing educators have to constantly enhance and develop technical skills to keep up with the emerging technology in the schools as well as hospitals. In the Saskatchewan Collaborative Bachelor of Nursing (SCBSCN) program at Saskatchewan polytechnic, we use technology at various levels using the SAMR model in our program, including low and high-fidelity simulation labs. We are also exploring futuristic options of using virtual reality and gaming in our classrooms as an innovative way to motivate, increase critical thinking, create active learning, provide immediate feedback, improve student retention and create collaboration.

Keywords: generations, nursing, SAMR, technology

Procedia PDF Downloads 113

Authors: Franziska Mais, Till Gramberg

Abstract:

The paper presents the development of a sustainable business model for a platform-based application tailored for sawing companies in small and medium-sized enterprises (SMEs). The focus is on the integration of sustainability principles into the design of the business model to ensure a technologically advanced, legally sound, and economically efficient solution. Easy2IoT is a research project that aims to enable companies in the prefabrication sheet metal and sheet metal processing industry to enter the Industrial Internet of Things (IIoT) with a low-threshold and cost-effective approach. The methodological approach of Easy2IoT includes an in-depth requirements analysis and customer interviews with stakeholders along the value chain. Based on these insights, actions, requirements, and potential solutions for smart services are derived. The structuring of the business ecosystem within the application plays a central role, whereby the roles of the partners, the management of the IT infrastructure and services, as well as the design of a sustainable operator model are considered. The business model is developed using the value proposition canvas, whereby a detailed analysis of the requirements for the business model is carried out, taking sustainability into account. This includes coordination with the business model patterns, according to Gassmann, and integration into a business model canvas for the Easy2IoT product. Potential obstacles and problems are identified and evaluated in order to formulate a comprehensive and sustainable business model. In addition, sustainable payment models and distribution channels are developed. In summary, the article offers a well-founded insight into the systematic development of a sustainable business model for platform-based applications in SME sawmills, with a particular focus on the synergy of ecological responsibility and economic efficiency.

Keywords: business model, sustainable business model, IIoT, IIoT-platform, industrie 4.0, big data

Procedia PDF Downloads 89

Authors: Donato Vese

Abstract:

According to the common interpretation, in a legal system, public powers are established by law. Exceptions are admitted in an emergency or particular relationship with public power. However, we currently agree that law allows public administration a margin of decision, even in the case of non-discretionary acts. Hence, the administrative decision not exclusively established by law becomes the rule in the ordinary state of things, non-only in state of exception. This paper aims to analyze and discuss different ideas on discretionary power on the Rule of Law and Rechtsstaat. Observing the legal literature in Europe and Nord and South America, discretionary power can be described as follow: it could be considered a margin that law accords to the executive power for political decisions or a choice between different interpretations of vague legal previsions. In essence, this explanation admits for the executive a decision not established by law or anyhow not exclusively established by law. This means that the discretionary power of public administration integrates the law. However, integrating law does not mean to decide according to the law, but it means to integrate law with a decision involving public power. Consequently, discretionary power is essentially free will. In this perspective, also the Rule of Law and the Rechtsstaat are notions explained differently. Recently, we can observe how the European notion of Rechtsstaat is founded on the formal validity of the law; therefore, for this notion, public authority’s decisions not regulated by law represent a problem. Thus, different systems of law integration have been proposed in legal literature, such as values, democracy, reasonableness, and so on. This paper aims to verify how, looking at those integration clauses from a logical viewpoint, integration based on the recourse to the legal system itself does not resolve the problem. The aforementioned integration clauses are legal rules that require hard work to explain the correct meaning of the law; in particular, they introduce dangerous criteria in favor of the political majority. A different notion of public power can be proposed. This notion includes two main features: (a) sovereignty belongs to persons and not the state, and (b) fundamental rights are not grounded but recognized by Constitutions. Hence, public power is a system based on fundamental rights. According to this approach, it can also be defined as the notion of public interest as concrete maximization of fundamental rights enjoyments. Like this, integration of the law, vague or subject to several interpretations, must be done by referring to the system of fundamental individual rights. We can think, for instance, to fundamental rights that are right in an objective view but not legal because not established by law.

Keywords: administrative discretion, free will, fundamental rights, public power, sovereignty

Procedia PDF Downloads 112

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

Abstract:

This paper discusses the current condition of tourism and its economic policy in Georgia. It analyzes and studies wellness tourism, as one of the directions of tourism; the newest niche in the wellness industry – triggering wellness resorts with medical ideology. The paper discusses the development tendencies of medical wellness resorts in Georgia and its main economic preferences. The main finding of the research is that Georgia is a unique place in the world according to the variety of medical recourses. This makes the opportunity to create and successfully operate medical wellness resorts, as well as develop it as a brand for Georgia in the world. The research represents the development strategies of tourism and its medical wellness resorts in Georgia, and offers recommendations based on the relevant conclusions.

Keywords: tourism, economic policy of tourism, wellness industry, medical wellness resorts

Procedia PDF Downloads 342

Authors: Shamsuddeen Muhammad Ahmad

Abstract:

The emergence and operations of Islamic Financial Institutions (IFIs) are being regarded as the new economic and financial pride at the global stage today. Admittedly, therefore, the IFIs has continued to impact positively on the economies of its host countries, especially the Gulf Cooperation Council (GCC) region, Asian and Western countries as well as making a steady in-road into the sub-Saharan Africa. Hence, the number of countries that adopted Islamic financial system in Africa has continued to increase. As a matter of fact, this paper examines the role and contributions of Islamic Financial Institutions (IFIs) to the economic growth and financial development of the big emerging markets in the African continent i.e. South Africa, Nigeria, and Egypt. The methods adopted for this study are descriptive, comparative and analytical in nature. Essentially, the findings from this study reveal that the three sampled countries are benefitting from the presence of IFIs in their economies in terms of contributions to economic growth and real sector participation, particularly for Egypt and South Africa. Similarly, they reap from foreign direct investments and economic diversification among others. However, this study recommends that African countries should integrate IFIs as part and parcel of their economic and financial systems, in order to benefit optimally from this new economic phenomenon.

Keywords: Islamic financial services, Africa, emerging markets, development, operation

Procedia PDF Downloads 275

Authors: K. P. K. S. Lahirushan, W. G. V. Gunasekara

Abstract:

Main purpose of this study is to identifying the impact of government expenditure on economic growth in Asian Countries. Consequently, Fist, objective is to analyze whether government expenditure causes economic growth in Asian countries vice versa and then scrutinizing long-run equilibrium relationship exists between them. The study completely based on secondary data. The methodology being quantitative that includes econometrical techniques of cointegration, panel fixed effects model and granger causality in the context of panel data of Asian countries; Singapore, Malaysia, Thailand, South Korea, Japan, China, Sri Lanka, India and Bhutan with 44 observations in each country, totaling to 396 observations from 1970 to 2013. The model used is the random effects panel OLS model. As with the above methodology, the study found the fascinating outcome. At first, empirical findings exhibit a momentous positive impact of government expenditure on Gross Domestic Production in Asian region. Secondly, government expenditure and economic growth indicate a long-run relationship in Asian countries. In conclusion, there is a unidirectional causality from economic growth to government expenditure and government expenditure to economic growth in Asian countries. Hence the study is validated that it is in line with the Keynesian theory and Wagner’s law as well. Consequently, it can be concluded that role of government would play a vital role in economic growth of Asian Countries .However; if government expenditure did not figure out with the economy’s needs it might be considerably inspiration the economy in a negative way so that society bears the costs.

Keywords: Asian countries, government expenditure, Keynesian theory, Wagner’s theory, random effects panel ols model

Procedia PDF Downloads 355

Authors: Sarah K. Amer, Nagwa Badr, Osman Ibrahim, Ahmed Hamad

Abstract:

This paper surveys the effectiveness of software process quality assurance frameworks, with some focus on Capability Maturity Model Integration (CMMI) - a framework that has become widely adopted in software organizations. The importance of quality improvement in software development, and the differences in the outcomes of quality framework implementation between Middle Eastern and North African (MENA-region) countries and non-MENA-region countries are discussed. The greatest challenges met in the MENA region are identified, with particular focus on Egypt and its rising software development industry.

Keywords: software quality, software process improvement, software development methodologies, capability maturity model integration

Procedia PDF Downloads 359

Authors: Abdul Ganiyu Iddrisu, Bei Chen

Abstract:

Digitization is the process of transforming analog material into digital form, especially for storage and use in a computer. Significant development of information and communication technology (ICT) over the past years has encouraged many researchers to investigate its contribution to promoting economic growth and reducing poverty. Yet the compelling empirical evidence on the effects of digitization on economic growth remains weak, particularly in Africa. This is because extant studies that explicitly evaluate digitization and economic growth nexus are mostly reports and desk reviews. This points out an empirical knowledge gap in the literature. Hypothetically, digitization influences financial sector development which in turn influences economic growth. Digitization has changed the financial sector and its operating environment. Obstacles to access to financing, for instance, physical distance, minimum balance requirements, and low-income flows, among others can be circumvented. Savings have increased, micro-savers have opened bank accounts, and banks are now able to price short-term loans. This has the potential to develop the financial sector. However, empirical evidence on the digitization-financial development nexus is dearth. On the other hand, a number of studies maintained that financial sector development greatly influences growth of economies. We, therefore, argue that financial sector development is one of the transmission mechanisms through which digitization affects economic growth. Employing macro-country-level data from African countries and using fixed effects, random effects and Hausman-Taylor estimation approaches, this paper contributes to the literature by analysing economic growth in Africa, focusing on the role of digitization and financial sector development. First, we assess how digitization influences financial sector development in Africa. From an economic policy perspective, it is important to identify digitization determinants of financial sector development so that action can be taken to reduce the economic shocks associated with financial sector distortions. This nexus is rarely examined empirically in the literature. Secondly, we examine the effect of domestic credit to the private sector and stock market capitalization as a percentage of GDP as used to proxy for financial sector development on economic growth. Digitization is represented by the volume of digital/ICT equipment imported and GDP growth is used to proxy economic growth. Finally, we examine the effect of digitization on economic growth in the light of financial sector development. The following key results were found; first, digitalization propels financial sector development in Africa. Second, financial sector development enhances economic growth. Finally, contrary to our expectation, the results also indicate that digitalization conditioned on financial sector development tends to reduce economic growth in Africa. However, results of the net effects suggest that digitalization, overall, improve economic growth in Africa. We, therefore, conclude that, digitalization in Africa does not only develop the financial sector but unconditionally contributes the growth of the continent’s economies.

Keywords: digitalization, financial sector development, Africa, economic growth

Procedia PDF Downloads 148

Authors: Pau Rausell-Koster, Jordi Sanjuan-Belda

Abstract:

The economic crisis of 2008 had a special impact on cultural consumption in Spain. It fell by almost 30% in a few years, and its share of total family spending decreased from 3.19% in 2007 to 2.38% in 2015. In 2017, unlike other indicators, cultural consumption levels were still far from recovering their pre-crisis values. In times of economic difficulties, the satisfaction of primary subsistence needs takes priority over that of social, cultural and experiential needs, among which cultural consumption would mostly be framed. However, its evolution cannot be attributed exclusively to macroeconomic trends. In parallel to these, technological advances mainly related to the Internet have been disseminated in recent years, which have a very marked impact on the consumption patterns of some cultural sectors. Thus, the aim of this study is to define the causes of the decline in cultural consumption in Spain in recent years, and analyse what type of products, territories and population profiles suffered it especially. From the data analysis of the Family Budget Survey, the study seeks to improve the understanding of the determinants of cultural consumption and their behaviour in the face of macroeconomic trends, as well as identify and extract some policy implications regarding to the upcoming crisis caused by COVID-19.

Keywords: consume patterns, cultural consumption, economic crisis, economic trends

Procedia PDF Downloads 133

Authors: Judit Nagy

Abstract:

Many scientific studies claim that financial education should start as early as possible. Children are much more capable of and willing to absorb new concepts than adults. If we introduce children to financial knowledge early, their behaviour and attitudes to this subject will change, increasing later success in this area of life. However, poor financial decisions may entail severe consequences, not only to individuals but even to the wider society. Good financial decisions and economic attitudes may contribute to economic growth and well-being. Whilst in several countries, education about financial awareness and fundamentals is available, the understanding and acquisition of complex economic knowledge and the development of children’s independent problem-solving skills are still lacking. The results suggest that teaching economic and financial knowledge through accounting and making lectures interactive by using special tools of positive education is critical to stimulating children’s interest. Eighty percent of the students in the study liked the combined and interactive lecture. Introducing this kind of knowledge to individuals is a relevant objective, even at the societal level.

Keywords: positive psychology, education innovation, primary school, gender, economics, accounting, finance, personal finance, mathematics, economic growth, well-being, sustainability

Procedia PDF Downloads 105

Authors: Taurai T. Chikotie, Bruce W. Watson

Abstract:

The manifestation of ‘new’ infectious diseases and the re-emergence of ‘old’ infectious diseases now present global problems and Southern Africa has not been spared from such calamity. Although having an organized public health system, countries in this region have failed to leverage on the proliferation in use of Information and Communication Technologies to promote effective disease surveillance. Objective: The objective of this study was to critically review and analyse the crucial variables to consider in the development and implementation of electronic disease surveillance systems in public health within the context of Southern Africa. Methodology: A critical review of literature published in English using, Google Scholar, EBSCOHOST, Science Direct, databases from the Centre for Disease Control (CDC and articles from the World Health Organisation (WHO) was undertaken. Manual reference and grey literature searches were also conducted. Results: Little has been done towards harnessing the potential of information technologies towards disease surveillance and this has been due to several challenges that include, lack of funding, lack of health informatics experts, poor supporting infrastructure, an unstable socio-political and socio-economic ecosystem in the region and archaic policies towards integration of information technologies in public health governance. Conclusion: The Southern African region stands to achieve better health outcomes if they adopt the use of e-disease surveillance systems in public health. However, the dynamics and complexities of the socio-economic, socio-political and technical variables would need addressing to ensure the successful development and implementation of e-disease surveillance systems in the region.

Keywords: critical review, disease surveillance, public health informatics, Southern Africa

Procedia PDF Downloads 286

Authors: Godian Asami Mabindah

Abstract:

The convergence of knowledge management (KM) and competitive intelligence (CI) has gained significant attention in recent years as organizations seek to enhance their competitive advantage in an increasingly complex and dynamic business environment. This research study aims to explore and understand the synergistic relationship between KM and CI and its impact on organizational performance. By investigating how the integration of KM and CI practices can contribute to decision-making, innovation, and competitive advantage, this study seeks to unlock the potential benefits and challenges associated with this integration. The research employs a mixed-methods approach to gather comprehensive data. A quantitative analysis is conducted using survey data collected from a diverse sample of organizations across different industries. The survey measures the extent of integration between KM and CI practices and examines the perceived benefits and challenges associated with this integration. Additionally, qualitative interviews are conducted with key organizational stakeholders to gain deeper insights into their experiences, perspectives, and best practices regarding the synergistic relationship. The findings of this study are expected to reveal several significant outcomes. Firstly, it is anticipated that organizations that effectively integrate KM and CI practices will outperform those that treat them as independent functions. The study aims to highlight the positive impact of this integration on decision-making, innovation, organizational learning, and competitive advantage. Furthermore, the research aims to identify critical success factors and enablers for achieving constructive interaction between KM and CI, such as leadership support, culture, technology infrastructure, and knowledge-sharing mechanisms. The implications of this research are far-reaching. Organizations can leverage the findings to develop strategies and practices that facilitate the integration of KM and CI, leading to enhanced competitive intelligence capabilities and improved knowledge management processes. Additionally, the research contributes to the academic literature by providing a comprehensive understanding of the synergistic relationship between KM and CI and proposing a conceptual framework that can guide future research in this area. By exploring the synergies between KM and CI, this study seeks to help organizations harness their collective power to gain a competitive edge in today's dynamic business landscape. The research provides practical insights and guidelines for organizations to effectively integrate KM and CI practices, leading to improved decision-making, innovation, and overall organizational performance.

Keywords: Competitive Intelligence, Knowledge Management, Organizational Performance, Incusivity, Optimum Performance

Procedia PDF Downloads 96

Authors: Manamba Epaphra

Abstract:

This paper analyzes the causal effect between domestic private investment, public investment, foreign direct investment and economic growth in Tanzania during the 1970-2014 period. The modified neo-classical growth model that includes control variables such as trade liberalization, life expectancy and macroeconomic stability proxied by inflation is used to estimate the impact of investment on economic growth. Also, the economic growth models based on Phetsavong and Ichihashi (2012), and Le and Suruga (2005) are used to estimate the crowding out effect of public investment on private domestic investment on one hand and foreign direct investment on the other hand. A correlation test is applied to check the correlation among independent variables, and the results show that there is very low correlation suggesting that multicollinearity is not a serious problem. Moreover, the diagnostic tests including RESET regression errors specification test, Breusch-Godfrey serial correlation LM test, Jacque-Bera-normality test and white heteroskedasticity test reveal that the model has no signs of misspecification and that, the residuals are serially uncorrelated, normally distributed and homoskedastic. Generally, the empirical results show that the domestic private investment plays an important role in economic growth in Tanzania. FDI also tends to affect growth positively, while control variables such as high population growth and inflation appear to harm economic growth. Results also reveal that control variables such as trade openness and life expectancy improvement tend to increase real GDP growth. Moreover, a revealed negative, albeit weak, association between public and private investment suggests that the positive effect of domestic private investment on economic growth reduces when public investment-to-GDP ratio exceeds 8-10 percent. Thus, there is a great need for promoting domestic saving so as to encourage domestic investment for economic growth.

Keywords: FDI, public investment, domestic private investment, crowding out effect, economic growth

Procedia PDF Downloads 293

Authors: Doki Naomi Onyeje, Doki Gowon Ama

Abstract:

The past 4 years have been traumatic for Nigerians, having to deal with a number of complex economic issues with dire consequences for the economy. Households have had to respond variously to some of these problems in peculiar ways, depending, of course, on the nature and character of a particular shock. The type, magnitude, intensity and duration of a particular shock might be the determinant of different household responses. While households’ responses to the Global Financial Crisis and Covid 19 Pandemic have been documented by researchers, other economic shocks have continued to emerge in Nigeria. The dramatic turn of events since coming on board of the new government on May 29th 2023, has introduced a new economic twist that households will have to adjust to. This study, therefore, sets out to examine household responses by disaggregating them by their livelihood sources. A survey of 420 households across North Central Nigeria will be done to generate information on the respective responses. A Multinomial logit regression analysis will be employed to test the hypothesis that livelihood source(s) influences household responses to economic shocks. Consequently, responses from public and private households will be examined. The expected results should be that household responses might have some similarities, but it is expected that some peculiar responses across groups will emerge and these differences will guide for group-specific interventions. The Theatre for Development (TfD) approach will be used to disseminate and propagate results from this study to and among stakeholders for effective policy frameworks.

Keywords: drama, dynamics, economic shocks, household responses, Nigeria

Procedia PDF Downloads 79

Authors: Marjan Majdi, MohammadAli Moradi, Elham Samarikhalaj

Abstract:

Income distribution is one of the most topics in macro economic theories. There are many categories in economy such as income distribution that have the most influenced by economic policies. Human capital has an impact on economic growth and it has significant effect on income distributions. The results of this study confirm that the effects of oil revenue and human capital on income distribution are negative and significant but the value of the estimated coefficient is too small in a real sample in period time (1969-2006).

Keywords: gini coefficient, human capital, income distribution, oil revenue

Procedia PDF Downloads 640

Authors: T. A. Biala

Abstract:

This paper deals with the numerical integration of the general second order multipoint boundary value problems. This has been achieved by the development of a continuous linear multistep method (LMM). The continuous LMM is used to construct a main discrete method to be used with some initial and final methods (also obtained from the continuous LMM) so that they form a discrete analogue of the continuous second order boundary value problems. These methods are used as boundary value methods and adapted to cope with the integration of the general second order multipoint boundary value problems. The convergence, the use and the region of absolute stability of the methods are discussed. Several numerical examples are implemented to elucidate our solution process.

Keywords: linear multistep methods, boundary value methods, second order multipoint boundary value problems, convergence

Procedia PDF Downloads 379

Authors: Mubashra Khalid, Saadia Amir

Abstract:

This study initiated to explore the empirical relationship between psychological effects of economic recession on the educated youth in Pakistan. The diminishing economic resources during recession can create certain psychological consequences on the physical and cognitive aspects of the individuals. It may generate symptoms like aggression, depression, anxiety, frustration, stress and physical health related problems among the young generation. The sample of the study was consisted of 300 students belonging to six public sector universities of the Punjab province of Pakistan. Two hypotheses were advanced in this study regarding the relationship between recession and its effects on educated youth. The findings of the research represent that a significant relationship exists between decrease in employment opportunities and growing rate of aggression among educated youth and a significant association was found between economic instability and its influence on the learning abilities of the students during recession.

Keywords: psychological effects, recession, educated youth

Procedia PDF Downloads 513

Authors: Michelle Marquard

Abstract:

The evidence for collaboration technologies (CTs) as a source of business productivity has never been stronger, and grows each day. At the same time, paradoxically, there is an increasingly greater concern about the challenge CTs present to the unity and well-being of the virtual workforce than ever before, but nowhere in the literature has an empirical understanding of these linkages been set out. This study attempted to address by using virtual distance as a measure of the efficacy of CTs to reduce the psychological distance among people. Data from 350 managers and 101 individual contributors across twelve functions in six major industries showed that business value is related to collaboration (r=.84, p < .01), which, in turn, is associated with full spectrum participation (r=.60, p < .01), a summative function of inclusion, integration, and we-intention. Further, virtual distance is negatively related to both collaboration (r=-.54, p < .01) and full spectrum participation (r=-.26, p < .01). Additionally, CIO-CDO relationship is a factor in the degree to which virtual distance is managed in the organization (r=-.26, p < .01). Overall, the results support the positive relationship between business value and collaboration. They also suggest that the extent to which collaboration can be fostered may depend on the degree of full spectrum participation or the level of inclusion, integration, and we-intention among members. Finally, the results indicate that CTs, when managed wisely to lower virtual distance, are a compelling concomitant to collaboration and full spectrum participation. A strategic outcome of this study is an instrumental blueprint of CTs and virtual distance in relation to full spectrum participation that should serve as a shared dashboard for CIOs, CHROs, and CDOs.

Keywords: business value, collaboration, inclusion, integration, we-intention, full spectrum participation, collaboration technologies, virtual distance

Procedia PDF Downloads 350

Authors: Smart E. Amanfo

Abstract:

Although the exact functional relationship between energy consumption and economic growth and development remains a complex social science, there is a sustained growing of agreement among energy economists and the likes on direct or indirect role of energy use in the development process, and as sustenance for many of societal achieved socio-economic and environmental developments in any economy. According to OECD, the world economy will double by 2050 in which the two members of BRICS (Brazil, Russia, India, China and South Africa) countries: China and India lead. There is a global apprehension that if countries constituting the epicenter of the present and future economic growth follow the same trajectory as during and after Industrial Revolution, involving higher energy throughputs, especially fossil fuels, the already known and models predicted threats of climate change and global warming could be exacerbated, especially in the developing economies. The international community’s challenge is how to address the trilemma of economic growth, social development, poverty eradication and stability of the ecological systems. This paper aims at providing the estimates of economic growth, energy consumption, and carbon dioxide emissions using BRICS members’ panel data from 1980 to 2017. The preliminary results based on fixed effect econometric model show positive significant relationship between energy consumption and economic growth. The paper further identified a strong relationship between economic growth and CO2 emissions which suggests that the global agenda of low-carbon-led growth and development is not a straight forward achievable The study therefore highlights the need for BRICS member states to intensify low-emissions-based production and consumption policies, increase renewables in order to avoid further deterioration of climate change impacts.

Keywords: BRICS, sustainability, sustainable development, energy consumption, economic growth

Procedia PDF Downloads 98

Authors: Shih-Pin Chen, Shih-Syuan You

Abstract:

Fuzzy regression models are useful for investigating the relationship between explanatory variables and responses in fuzzy environments. To overcome the deficiencies of previous models and increase the explanatory power of fuzzy data, the graded mean integration (GMI) representation is applied to determine representative crisp regression coefficients. A fuzzy regression model is constructed based on the modified dissemblance index (MDI), which can precisely measure the actual total error. Compared with previous studies based on the proposed MDI and distance criterion, the results from commonly used test examples show that the proposed fuzzy linear regression model has higher explanatory power and forecasting accuracy.

Keywords: dissemblance index, fuzzy linear regression, graded mean integration, mathematical programming

Procedia PDF Downloads 445

Authors: Haruna Modibbo Usman, Mustapha Muktar, Nasiru Inuwa

Abstract:

This paper examined the long run relationship between health outcomes and economic growth in Nigeria from 1961 to 2012. Using annual time series data, Augmented Dickey-Fuller (ADF) test is conducted to check the stochastic properties of the variables. Also, the long run relationship among the variables is confirmed based on Johansen Multivariate Cointegration approach whereas the long run and short run dynamics are observed using Vector Error Correction Mechanism (VECM). In addition, VEC Granger causality test is employed to examine the direction of causality among the variables. On the whole, the results obtained revealed the existence of a long run relationship between health outcomes and economic growth in Nigeria and that both life expectancy and crude death rate as measures of health are found to have a long run negative and statistically significant impact on the economic growth over the study period. This is further buttressed by the results of Granger causality test which indicated the existence of unidirectional causality running from life expectancy and crude death rate to economic growth. The study therefore, calls for governments at various levels to create preconditions for health improvements in Nigeria in order to boost the level of health outcomes.

Keywords: cointegration, economic growth, Granger causality, health outcomes, VECM

Procedia PDF Downloads 495

Authors: Alireza Alizadeh, Hossein Ghadimi, Oveis Abedinia, Noradin Ghadimi

Abstract:

A Particle Swarm Optimization with Time Varying Acceleration Coefficients (PSO-TVAC) is proposed to determine optimal economic load dispatch (ELD) problem in this paper. The proposed methodology easily takes care of solving non-convex economic load dispatch problems along with different constraints like transmission losses, dynamic operation constraints and prohibited operating zones. The proposed approach has been implemented on the 3-machines 6-bus, IEEE 5-machines 14-bus, IEEE 6-machines 30-bus systems and 13 thermal units power system. The proposed technique is compared to solve the ELD problem with hybrid approach by using the valve-point effect. The comparison results prove the capability of the proposed method giving significant improvements in the generation cost for the economic load dispatch problem.

Keywords: PSO-TVAC, economic load dispatch, non-convex cost function, prohibited operating zone, transmission losses

Procedia PDF Downloads 392

Authors: Bara M Yousef, Naresh B Raj, Nadiah W Arfah, Brightlin N Dhas

Abstract:

Background: Executive function (EF) impairment is common in children with autism spectrum disorder (ASD). EF strategies are considered effective in improving the therapeutic outcomes of children with ASD. Aims: This study primarily aims to explore whether integrating EF strategies combined with regular occupational therapy intervention is more effective in improving daily life skills (DLS) and sensory integration/processing (SI/SP) skills than regular occupational therapy alone in children with ASD and secondarily aims to assess treatment outcomes on improving visual motor integration (VMI) skills. Procedures: A total of 92 children with ASD will be recruited and, following baseline assessments, randomly assigned to the treatment group (45-min once weekly individual occupational therapy plus EF strategies) and control group (45-min once weekly individual therapy sessions alone). Results and Outcomes: All children will be evaluated systematically by assessing SI/SP, DLS, and VMI, skills at baseline, 7 weeks, and 14 weeks of treatment. Data will be analyzed using ANCOVA and T-test. Conclusions and Implications: This single-blind, randomized controlled trial will provide empirical evidence for the effectiveness of EF strategies when combined with regular occupational therapy programs. Based on trial results, EF strategies could be recommended in multidisciplinary programs for children with ASD. Trial Registration: The trial has been registered in the clinicaltrail.gov for a registry, protocol ID: MRC-01-22-509 ClinicalTrials.gov Identifier: NCT05829577, registered 25th April 2023

Keywords: autism spectrum disorder, executive function strategies, daily life skills, sensory integration/processing, visual motor integration, occupational therapy, effectiveness

Procedia PDF Downloads 127

Authors: Julio Jesus Salazar, Manuel Andres Jesus De Lama

Abstract:

There are very few models that serve to analyze the use of water in the socio-economic process. On the supply side, the joint use of groundwater has been considered in addition to the simple limits on the availability of surface water. In addition, we have worked on waterlogging and the effects on water quality (mainly salinity). In this paper, a 'complex' water economy is examined; one in which demands grow differentially not only within but also between sectors, and one in which there are limited opportunities to increase consumptive use. In particular, high-value growth, the growth of the production of irrigated crops of high value within the basins of the case study, together with the rapidly growing urban areas, provides a rich context to examine the general problem of water management at the basin level. At the same time, the long-term aridity of nature has made the eco-environment in the basins located on the coast of Peru very vulnerable, and the exploitation and immediate use of water resources have further deteriorated the situation. The presented methodology is the optimization with embedded simulation. The wide basin simulation of flow and water balances and crop growth are embedded with the optimization of water allocation, reservoir operation, and irrigation scheduling. The modeling framework is developed from a network of river basins that includes multiple nodes of origin (reservoirs, aquifers, water courses, etc.) and multiple demand sites along the river, including places of consumptive use for agricultural, municipal and industrial, and uses of running water on the coast of Peru. The economic benefits associated with water use are evaluated for different demand management instruments, including water rights, based on the production and benefit functions of water use in the urban agricultural and industrial sectors. This work represents a new effort to analyze the use of water at the regional level and to evaluate the modernization of the integrated management of water resources and socio-economic territorial development in Peru. It will also allow the establishment of policies to improve the process of implementation of the integrated management and development of water resources. The input-output analysis is essential to present a theory about the production process, which is based on a particular type of production function. Also, this work presents the Computable General Equilibrium (CGE) version of the economic model for water resource policy analysis, which was specifically designed for analyzing large-scale water management. As to the platform for CGE simulation, GEMPACK, a flexible system for solving CGE models, is used for formulating and solving CGE model through the percentage-change approach. GEMPACK automates the process of translating the model specification into a model solution program.

Keywords: water economy, simulation, modeling, integration

Procedia PDF Downloads 157

Authors: Mahdi Shaghaghi, Amir Ghaebi, Fariba Ahmadi

Abstract:

Purpose: The main purpose of the present research is to analyze the knowledge creation environment at a Iranian University (Alzahra University) as a typical University in Iran, using a combination of the i-System and Ba models. This study is necessary for understanding the determinants of knowledge creation at Alzahra University as a typical University in Iran. Methodology: To carry out the present research, which is an applied study in terms of purpose, a descriptive survey method was used. In this study, a combination of the i-System and Ba models has been used to analyze the knowledge creation environment at Alzahra University. i-System consists of 5 constructs including intervention (input), intelligence (process), involvement (process), imagination (process), and integration (output). The Ba environment has three pillars, namely the infrastructure, the agent, and the information. The integration of these two models resulted in 11 constructs which were as follows: intervention (input), infrastructure-intelligence, agent-intelligence, information-intelligence (process); infrastructure-involvement, agent-involvement, information-involvement (process); infrastructure-imagination, agent-imagination, information-imagination (process); and integration (output). These 11 constructs were incorporated into a 52-statement questionnaire and the validity and reliability of the questionnaire were examined and confirmed. The statistical population included the faculty members of Alzahra University (344 people). A total of 181 participants were selected through the stratified random sampling technique. The descriptive statistics, binomial test, regression analysis, and structural equation modeling (SEM) methods were also utilized to analyze the data. Findings: The research findings indicated that among the 11 research constructs, the levels of intervention, information-intelligence, infrastructure-involvement, and agent-imagination constructs were average and not acceptable. The levels of infrastructure-intelligence and information-imagination constructs ranged from average to low. The levels of agent-intelligence and information-involvement constructs were also completely average. The level of infrastructure-imagination construct was average to high and thus was considered acceptable. The levels of agent-involvement and integration constructs were above average and were in a highly acceptable condition. Furthermore, the regression analysis results indicated that only two constructs, viz. the information-imagination and agent-involvement constructs, positively and significantly correlate with the integration construct. The results of the structural equation modeling also revealed that the intervention, intelligence, and involvement constructs are related to the integration construct with the complete mediation of imagination. Discussion and conclusion: The present research suggests that knowledge creation at Alzahra University relatively complies with the combination of the i-System and Ba models. Unlike this model, the intervention, intelligence, and involvement constructs are not directly related to the integration construct and this seems to have three implications: 1) the information sources are not frequently used to assess and identify the research biases; 2) problem finding is probably of less concern at the end of studies and at the time of assessment and validation; 3) the involvement of others has a smaller role in the summarization, assessment, and validation of the research.

Keywords: i-System, Ba model , knowledge creation , knowledge management, knowledge creation environment, Iranian Universities

Procedia PDF Downloads 106

Authors: Mohammad Hossein Ranjbar, Mahdi Bagheri, B. Shivaraj

Abstract:

This study attempts to investigate the relationship between stock market of Iran and GCC countries stock exchanges. Eight markets were included: the stock market of Iran, Kuwait, Bahrain, Qatar, Saudi Arabia, Dubai, Abu Dhabi and Oman. Daily country market indices were collected from January 2005 to December 2010. The potential time-varying behaviors of long-run stock market relationship among selected markets are tested applying correlation test, Augmented Dick Fuller test (ADF), Bilateral and Multilateral Cointegration (Johansen), and the Granger Causality test. The findings suggest that stock market of Iran is negatively correlated with most of the selected markets in the whole duration. But contemporaneous correlations among the eight selected markets are increased positively in period of financial crises. Bilateral Cointegration between selected markets suggests that there is no integration between Tehran stock exchange and other selected markets. Among other markets, except the stock market of Dubai and Abu Dhabi as a one pair, are not cointegrated in whole, but in duration of financial crises integration between selected markets are increased. Finally, investigation of the casual relationship among eight financial markets suggests there are unidirectional and bidirectional causal relationship among some of stock market indices.

Keywords: financial crises, Middle East, stock market integration, Granger Causality test, ARDL test

Procedia PDF Downloads 400

Authors: Walaa W. Diab

Abstract:

The present paper offers a fundamental critique of the macroeconomic effects of fiscal policy after it surveys the theoretical and empirical literature on the macroeconomic effects of fiscal policy. It emphasizes the importance of the fiscal policy after reviewing the revolution of almost all economic schools and bringing them in one summarized figure; the paper links the developmental role of the fiscal policy with the objectives and measures of the economic transformation. Thus, the importance of this study can be seen from several perspectives: First, it reviews the theoretical harvest of fiscal policy and provides a comparison between the main revolutionary Economic thoughts; the classical school, Keynesian school, and monetarist school. Then it turns to conclude the fiscal policy from the new consensus mainstream economic schools. Finally, the study presents grouped and classified empirical pieces of evidence as it divides those empirical studies into two groups; the first for developed economies and the second for developing ones. So the study is important also for the policymakers as well as scholars as it gives its recommendations upon the last analysis in the form of ‘policy implications’. The paper also presents a deeper look into the evaluation approaches of the macroeconomic effects of fiscal policy at the empirical level. Thus it is useful for both researchers and decision makers.

Keywords: economic transformation, fiscal policy, macroeconomic effects, public spending

Procedia PDF Downloads 309

Authors: Maria Elisa B. Manuel

Abstract:

The Philippine housing sector is bracing challenges with the massive housing backlog and the adamant cycle of relocation, resettlement and returns to the cities of informal settler families due to the vast inaccessibility of necessities and opportunities in the past off-city housing projects. Bistekville 2 has been established as a model socialized housing project by utilizing government partnerships with private developers and individuals in the first in-city and onsite resettlement effort in the country. The study looked into the resilience of the residents to idiosyncratic economic shocks by analyzing their vulnerabilities, assets and coping strategies. The study formulated an economic resilience framework to identify how these factors that interact to build the household’s capacity to positively adapt to sudden expenses in their households. The framework is supplemented with a scale that presents the proximity of the household to resilience by identifying through its indicators whether the households are in the level of subsistence, coping, adaptive or transformative. Survey interviews were conducted with 91 households from Bistekville 2 on the components that have been identified by the framework that was processed with qualitative and quantitative processes. The study has found that the households are highly vulnerable due to their family composition and other conditions such as unhealthy loans, inconsistent amortization payment. Along with their high vulnerability, the households have inadequate strategies to anticipate shocks and primarily react to the shock. This has led to the conclusion that the households do not reflect resilience to idiosyncratic economic shocks and are still at the level of coping.

Keywords: idiosyncratic economic shocks, socialized housing, economic resilience, economic vulnerability, adaptive capacity

Procedia PDF Downloads 154

Authors: Chuan Yang, Jing Bie, Zhong Wang, Panagiotis Psimoulis

Abstract:

Contemporary studies investigating the association between the spatial configuration of the urban network and economic activities at the street level were mostly conducted within space syntax conceptual framework. These findings supported the theory of 'movement economy' and demonstrated the impact of street configuration on the distribution of pedestrian movement and land-use shaping, especially retail activities. However, the effects varied between different urban contexts. In this paper, the relationship between economic activity distribution and the urban configurational characters was examined at the segment level. In the study area, three kinds of neighbourhood types, urban, suburban, and rural neighbourhood, were included. And among all neighbourhoods, three kinds of urban network form, 'tree-like', grid, and organic pattern, were recognised. To investigate the nested effects of urban configuration measured by space syntax approach and urban context, multilevel zero-inflated negative binomial (ZINB) regression models were constructed. Additionally, considering the spatial autocorrelation, spatial lag was also concluded in the model as an independent variable. The random effect ZINB model shows superiority over the ZINB model or multilevel linear (ML) model in the explanation of economic activities pattern shaping over the urban environment. And after adjusting for the neighbourhood type and network form effects, connectivity and syntax centrality significantly affect economic activities clustering. The comparison between accumulative and new established economic activities illustrated the different preferences for economic activity location choice.

Keywords: space syntax, economic activities, multilevel model, Chinese city

Procedia PDF Downloads 127