Search results for: dynamic economic dispatch

Authors: Boris M. Fedorov, Liudmila P. Goncharenko, Sergey A. Sybachin, Natalia A. Mamedova, Ekaterina V. Makarenkova, Saule Rakhimova

Abstract:

In modern economic conditions, the question of the possibility of correct recognition of a signature on digital documents in order to verify the expression of will or confirm a certain operation is relevant. The additional complexity of processing lies in the dynamic variability of the signature for each individual, as well as in the way information is processed because the signature refers to biometric data. The article discusses the issues of using artificial intelligence models in order to improve the quality of signature confirmation in document recognition. The analysis of several possible options for using the model is carried out. The results of the study are given, in which it is possible to correctly determine the authenticity of the signature on small samples.

Keywords: signature recognition, biometric data, artificial intelligence, neural networks

Procedia PDF Downloads 134

Authors: Pantelis Sklias, Panagiota Chatzimichailidou

Abstract:

This study intents to clarify the nexus of adult education and economic development within the methodological framework of political economy within EU. The main logic behind this study is that economies with a higher level of adult education have higher levels of economic development. Despite the assumption that policy making in adult education will clearly be facilitated by any ‘proofs’ of efficiency, mainly monetary, this study acknowledges the limitations following the use of the narrow economic approaches embedded in the neoclassical framework and proposes that the methodological framework of political economy is the most relevant to explore the correlation between adult education and economic development. Focusing only on neoclassical economics to explore the financial impact of adult education, it will marginalize the consideration of its history, producing a short of historical amnesia, besides the social harm, namely the devaluation of its socio-cultural influences. On the other side the political economy perspective offers a wider perception of adult education’s profits from a quantitative and a qualitative perspective too. The understanding of adult education engages questions of political economy because it is identified mainly as means of transformation, either personal or societal, serving humanistic values, besides its accepted monetary attributes. The political economy elevates questions regarding how the three institutional arrangements -the state, the market, and the civil society, are engaged in promoting adult education and therefore how adult education could reinforce economic development. Here the economic substance is still considered but it is placed into a wider social spectrum, where politics, economy, and history interact with one another. This study restricts itself in EU and explores the role of the three institutional arrangements both in the formulation of policy planning, and in the mental transformational process of the individual learners, which opens the path to a deeper understanding of the interaction between the individual and the social action, and therefore between adult education and economic development. This study also elevates the idea that economic development can have a positive impact on the unification of Europe, which encompasses economic, political, and cultural components.

Keywords: adult education, economic development, EU, political economy, unification of Europe

Procedia PDF Downloads 115

Authors: N. Guo, C. Xu, Z. C. Yang

Abstract:

In order to ensure the high reliability of an aircraft, the accurate structural dynamics analysis has become an indispensable part in the design of an aircraft structure. Therefore, the structural finite element model which can be used to accurately calculate the structural dynamics and their transfer relations is the prerequisite in structural dynamic design. A dynamic finite element model updating method is presented to correct the uncertain parameters of the finite element model of a structure using measured modal parameters. The coordinate modal assurance criterion is used to evaluate the correlation level at each coordinate over the experimental and the analytical mode shapes. Then, the weighted summation of the natural frequency residual and the coordinate modal assurance criterion residual is used as the objective function. Moreover, the hybrid pattern search (HPS) optimization technique, which synthesizes the advantages of pattern search (PS) optimization technique and genetic algorithm (GA), is introduced to solve the dynamic FE model updating problem. A numerical simulation and a model updating experiment for GARTEUR aircraft model are performed to validate the feasibility and effectiveness of the present dynamic model updating method, respectively. The updated results show that the proposed method can be successfully used to modify the incorrect parameters with good robustness.

Keywords: model updating, modal parameter, coordinate modal assurance criterion, hybrid genetic/pattern search

Procedia PDF Downloads 146

Authors: Y. T. van Popta

Abstract:

This paper focuses on the never thoroughly examined yet in native relevant late medieval maritime cultural landscape of the former Zuiderzee (A.D. 1170-1932) in the center part of the Netherlands. Especially the northeastern part of the region, nowadays known as the Noordoostpolder, testifies of the dynamic battle of the Dutch against the water. This highly dynamic maritime region developed from a lake district into a sea and eventually into a polder. By linking physical and cognitive datasets from the Noordoostpol-der region in a spatial environment, new information on a late medieval maritime culture is brought to light, giving the opportunity to: (i) create a modern day perception on the late medieval maritime cultural landscape of the region and (ii) to underline the value of interdisciplinary and spatial research in maritime archaeology in general. Since the large scale reclamations of the region (A.D. 1932-1968), many remains have been discovered of a drowned and eroded late medieval maritime culture, represented by lost islands, drowned settlements, cultivated lands, shipwrecks and socio-economic networks. Recent archaeological research has proved the existence of this late medieval maritime culture by the discovery of the remains of the drowned settlement Fenehuysen (Veenhuizen) and its surroundings. The fact that this settlement and its cultivated surroundings remained hidden for so long proves that a large part of the maritime cultural landscape is ‘invisible’ and can only be found by extensive interdisciplinary research.

Keywords: drowned settlements, late middle ages, lost islands, maritime cultural landscape, the Netherlands

Procedia PDF Downloads 192

Authors: Hamed Saremi, Shahla Saremi

Abstract:

In this study, control and management of construction projects is evaluated through developing a dynamic model in which some means are used in order to evaluating planning assumptions and reviewing the effectiveness of some project control policies based on previous researches about time, cost, project schedule pressure management, source management, project control, adding elements and sub-systems from cost management such as estimating consumption budget from budget due to costs, budget shortage effects and etc. using sensitivity analysis, researcher has evaluated introduced model that during model simulation by VENSIM software and assuming optimistic times and adding information about doing job and changes rate and project is forecasted with 373 days (2 days sooner than forecasted) and final profit $ 1,960,670 (23% amount of contract) assuming 15% inflation rate in year and costs rate accordance with planned amounts and other input information and final profit.

Keywords: dynamic planning, cost, time, performance, project management

Procedia PDF Downloads 465

Authors: Tri Murti Tugiman, Awalyya Fasha

Abstract:

This research aims to analyze the magnitude of the economic losses incurred as a result of a person suffering from a particular disease of the ten highest in the productive age diseases in Hospitals Inche Abdul Moeis Samarinda. This research was a descriptive survey research and a secondary data analysis. For the analysis of economic losses populations used are all in patients who suffer from the 10 highest diseases in the productive age in hospitals IA Moeis Samarinda in 2011. Sampling was performed by using a stratified random sampling with samples of 77 people. Research results indicate that the direct cost community incurred to obtain medical services in hospitals IA Moeis is IDR 74437520. The amount of indirect costs incurred during service in a community hospital is IDR 10562000. The amount lost due to sickness fee is IDR 5377800. The amount of economic lost people to obtain medical services in hospitals IA Moeis is IDR 90377320. The number of days of hospitalization was as much as 171 respondents throughout the day. This study suggests the economic loss could be prevented by changes in the lifestyle of the people who clean and healthy along with the following insurance.

Keywords: hospitalized, economic lost, productive age diseases, secondary data analysis

Procedia PDF Downloads 465

Authors: Redha M. Elhuni

Abstract:

This paper presents an analysis of the essential characteristics of the TQM philosophy by comparing the work of five notable authors in the field. A framework is produced which gather the identified TQM enablers under the well-known operations management dimensions of process, business and people. These enablers are linked with sustainable development via balance scorecard type economic and non-economic measures. In order to capture a picture of Libyan Company’s efforts to implement the TQM, a questionnaire survey is designed and implemented. Results of the survey are presented showing the main differentiating factors between the sample companies, and a way of assessing the difference between the theoretical underpinning and the practitioners’ undertakings. Survey results indicate that companies are experiencing much difficulty in translating TQM theory into practice. Only a few companies have successfully adopted a holistic approach to TQM philosophy, and most of these put relatively high emphasis on hard elements compared with soft issues of TQM. However, where companies can realize the economic outputs, non- economic benefits such as workflow management, skills development and team learning are not realized. In addition, overall, non-economic measures have secured low weightings compared with the economic measures. We believe that the framework presented in this paper can help a company to concentrate its TQM implementation efforts in terms of process, system and people management dimensions.

Keywords: TQM, balance scorecard, EFQM excellence model, oil sector, Libya

Procedia PDF Downloads 392

Authors: M. Vieira, V. Infante, P. Serrão, A. Ribeiro

Abstract:

The Portuguese guitar is a pear-shaped plucked chordophone particularly known for its role in Fado, the most distinctive traditional Portuguese musical style. The acknowledgment of the dynamic behavior of the Portuguese guitar, specifically of its modal and mode shape response, has been the focus of different authors. In this research, the experimental results of the dynamic behavior of the guitar, which were previously obtained, are correlated with a vibro-acoustic finite element model of the guitar. The modelling of the guitar offered several challenges which are presented in this work. The results of the correlation between experimental and numerical data are presented and indicate good correspondence for the studied mode shapes. The influence of the air inside the chamber, for the finite element analysis, is shown to be crucial to understand the low-frequency modes of the Portuguese guitar, while, for higher frequency modes, the geometry of the guitar assumes greater relevance. Comparison is made with the classical guitar, providing relevant information about the intrinsic differences between the two, such as between its tones and other acoustical properties. These results represent a sustained base for future work, which will allow the study of the influence of different location and geometry of diverse components of the Portuguese guitar, being as well an asset to the comprehension of its musical properties and qualities and may, furthermore, represent an advantage for its players and luthiers.

Keywords: dynamic behavior of guitars, instrument acoustics, modal analysis, Portuguese guitar

Procedia PDF Downloads 391

Authors: Abdul Ganiyu Iddrisu

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 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, 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 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 influence 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 private sector and stock market capitalization as a percentage of GDP as used to proxy for financial sector development on 2 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, improves 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, economic growth, financial sector development, Africa

Procedia PDF Downloads 90

Authors: G. Gurkan Inan, Umit S. Bititci

Abstract:

Purpose of this study is to understand development of organizational capabilities in micro enterprises. Organizational capabilities underpin companies` competitive advantages as well as their ability to respond internal and external change. Current literature is focused on mainly large enterprises, with some interest on SMEs. However there is little research attempting to understand the applicability of organizational capability theories on micro enterprises. In this paper we propose a research framework and a research agenda for addressing this gap.

Keywords: micro enterprises, organizational capabilities, dynamic capabilities, management

Procedia PDF Downloads 439

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 64

Authors: Victor N. Anisimov, Igor E. Serov, Ksenia M. Kolkova, Natalia V. Galkina

Abstract:

The problem of memorability of the advertising content is closely connected with the key issues of neuromarketing. The memorability of the advertising content contributes to the marketing effectiveness of the promoted product. Significant directions of studying the phenomenon of memorability are the memorability of the brand (detected through the memorability of the logo) and the memorability of the product offer (detected through the memorization of dynamic audiovisual advertising content - commercial). The aim of this work is to reveal the predictors of memorization of static and dynamic audiovisual stimuli (logos and commercials). An important direction of the research was revealing differences in psychophysiological correlates of memorability between static and dynamic audiovisual stimuli. We assumed that static and dynamic images are perceived in different ways and may have a difference in the memorization process. Objective methods of recording psychophysiological parameters while watching static and dynamic audiovisual materials are well suited to achieve the aim. The electroencephalography (EEG) method was performed with the aim of identifying correlates of the memorability of various stimuli in the electrical activity of the cerebral cortex. All stimuli (in the groups of statics and dynamics separately) were divided into 2 groups – remembered and not remembered based on the results of the questioning method. The questionnaires were filled out by survey participants after viewing the stimuli not immediately, but after a time interval (for detecting stimuli recorded through long-term memorization). Using statistical method, we developed the classifier (statistical model) that predicts which group (remembered or not remembered) stimuli gets, based on psychophysiological perception. The result of the statistical model was compared with the results of the questionnaire. Conclusions: Predictors of the memorability of static and dynamic stimuli have been identified, which allows prediction of which stimuli will have a higher probability of remembering. Further developments of this study will be the creation of stimulus memory model with the possibility of recognizing the stimulus as previously seen or new. Thus, in the process of remembering the stimulus, it is planned to take into account the stimulus recognition factor, which is one of the most important tasks for neuromarketing.

Keywords: memory, commercials, neuromarketing, EEG, branding

Procedia PDF Downloads 240

Authors: A. Abbasi Moshaii, M. Soltan Rezaee, M. Mohammadi Moghaddam

Abstract:

Control of some mechanisms is hard because of their complex dynamic equations. If part of the complexity is resulting from uncertainties, an efficient way for solving that is robust control. By this way, the control procedure could be simple and fast and finally, a simple controller can be designed. One kind of these mechanisms is 3-RRR which is a parallel mechanism and has three revolute joints. This paper aims to robust control a 3-RRR planner mechanism and it presents that this could be used for other mechanisms. So, a significant problem in mechanisms control could be solved. The relevant diagrams are drawn and they show the correctness of control process.

Keywords: 3-RRR, dynamic equations, mechanisms control, structural uncertainty

Procedia PDF Downloads 544

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 329

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 265

Authors: Lifar M. S., Tereshchenko A. A., Bulgakov A. N., Guda S. A., Guda A. A., Soldatov A. V.

Abstract:

Metal nanoparticles are widely used as heterogeneous catalysts to activate adsorbed molecules and reduce the energy barrier of the reaction. Reaction product yield depends on the interplay between elementary processes - adsorption, activation, reaction, and desorption. These processes, in turn, depend on the inlet feed concentrations, temperature, and pressure. At stationary conditions, the active surface sites may be poisoned by reaction byproducts or blocked by thermodynamically adsorbed gaseous reagents. Thus, the yield of reaction products can significantly drop. On the contrary, the dynamic control accounts for the changes in the surface properties and adjusts reaction parameters accordingly. Therefore dynamic control may be more efficient than stationary control. In this work, a reinforcement learning algorithm has been applied to control the simulation of CO oxidation on a catalyst. The policy gradient algorithm is learned to maximize the CO₂ production rate based on the CO and O₂ flows at a given time step. Nonstationary solutions were found for the regime with surface deactivation. The maximal product yield was achieved for periodic variations of the gas flows, ensuring a balance between available adsorption sites and the concentration of activated intermediates. This methodology opens a perspective for the optimization of catalytic reactions under nonstationary conditions.

Keywords: artificial intelligence, catalyst, co oxidation, reinforcement learning, dynamic control

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Authors: Andrey V. Timofeev

Abstract:

The practical efficient approach is suggested to estimate the high-speed objects instant bounds in C-OTDR monitoring systems. In case of super-dynamic objects (trains, cars) is difficult to obtain the adequate estimate of the instantaneous object localization because of estimation lag. In other words, reliable estimation coordinates of monitored object requires taking some time for data observation collection by means of C-OTDR system, and only if the required sample volume will be collected the final decision could be issued. But it is contrary to requirements of many real applications. For example, in rail traffic management systems we need to get data off the dynamic objects localization in real time. The way to solve this problem is to use the set of statistical independent parameters of C-OTDR signals for obtaining the most reliable solution in real time. The parameters of this type we can call as 'signaling parameters' (SP). There are several the SP’s which carry information about dynamic objects instant localization for each of C-OTDR channels. The problem is that some of these parameters are very sensitive to dynamics of seismoacoustic emission sources but are non-stable. On the other hand, in case the SP is very stable it becomes insensitive as a rule. This report contains describing the method for SP’s co-processing which is designed to get the most effective dynamic objects localization estimates in the C-OTDR monitoring system framework.

Keywords: C-OTDR-system, co-processing of signaling parameters, high-speed objects localization, multichannel monitoring systems

Procedia PDF Downloads 458

Authors: J. Ranjbarn, A. Alibeigloo

Abstract:

In this paper, we present an analytical method for analysis of nano-scale spherical shell subjected to thermo-mechanical shocks based on nonlocal elasticity theory. Thermo-mechanical properties of nano shpere is assumed to be temperature dependent. Governing partial differential equation of motion is solved analytically by using Laplace transform for time domain and power series for spacial domain. The results in Laplace domain is transferred to time domain by employing the fast inverse Laplace transform (FLIT) method. Accuracy of present approach is assessed by comparing the the numerical results with the results of published work in literature. Furtheremore, the effects of non-local parameter and wall thickness on the dynamic characteristics of the nano-sphere are studied.

Keywords: nano-scale spherical shell, nonlocal elasticity theory, thermomechanical shock, dynamic response

Procedia PDF Downloads 362

Authors: M. Kakavand, S. A. Naeini

Abstract:

Dynamic properties of soil in small strains, especially for geotechnical engineers, are important for describing the behavior of soil and estimation of the earth structure deformations and structures, especially significant structures. This paper presents the effect of density on the shear modulus and damping ratio of saturated clean sand at various isotropic confining pressures. For this purpose, the specimens were compared with two different relative densities, loose Dr = 30% and dense Dr = 70%. Dynamic parameters were attained from a series of consolidated undrained fixed – free type torsional resonant column tests in small strain. Sand No. 161 is selected for this paper. The experiments show that by increasing sand density and confining pressure, the shear modulus increases and the damping ratio decreases.

Keywords: dynamic properties, shear modulus, damping ratio, clean sand, density, confining pressure, resonant column/torsional simple shear, TSS

Procedia PDF Downloads 108

Authors: J. M. de Luis Ruiz, P. M. Sierra García, R. P. García, R. P. Álvarez, F. P. García, E. C. López

Abstract:

Given the evolution of viaducts, structural health monitoring requires more complex techniques to define their state. two alternatives can be distinguished: experimental and operational modal analysis. Although accelerometers or Global Positioning System (GPS) have been applied for the monitoring of structures under exploitation, the dynamic monitoring during the stage of construction is not common. This research analyzes whether GPS data can be applied to certain dynamic geometric controls of evolving structures. The fundamentals of this work were applied to the New Bridge of Cádiz (Spain), a worldwide milestone in bridge building. GPS data were recorded with an interval of 1 second during the erection of segments and turned to the frequency domain with Fourier transform. The vibration period and amplitude were contrasted with those provided by the finite element model, with differences of less than 10%, which is admissible. This process provides a vibration record of the structure with GPS, avoiding specific equipment.

Keywords: Fourier transform, global position system, operational modal analysis, structural health monitoring

Procedia PDF Downloads 229

Authors: M. Azarbarmas, J. M. Cabrera, J. Calvo, M. Aghaie-Khafri

Abstract:

The modeling of hot deformation behavior for unseen conditions is important in metal-forming. In this study, the hot deformation of IN718 has been characterized in the temperature range 950-1100 and strain rate range 0.001-0.1 s-1 using hot compression tests. All stress-strain curves showed the occurrence of dynamic recrystallization. These curves were implemented quantitatively in mathematics, and then constitutive equation indicating the relationship between the flow stress and hot deformation parameters was obtained successfully.

Keywords: compression test, constitutive equation, dynamic recrystallization, hot working

Procedia PDF Downloads 413

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 342

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 124

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 118

Authors: Abdelhakam A. Noreldien, Sakhr B. Abudarag, Muslim S. Eltoum, Salih O. Osman

Abstract:

This paper presents an analytical study of Small Unmanned Aerial Vehicle (SUAV) dynamic stability derivatives. Simulating SUAV dynamics and analyzing its behavior at the earliest design stages is too important and more efficient design aspect. The approach suggested in this paper is using the wind tunnel experiment to collect the aerodynamic data and get the dynamic stability derivatives. AutoCAD Software was used to draw the case study (wildlife surveillance SUAV). The SUAV is scaled down to be 0.25% of the real SUAV dimensions and converted to a wind tunnel model. The model was tested in three different speeds for three different attitudes which are; pitch, roll and yaw. The wind tunnel results were then used to determine the case study stability derivative values, and hence it used to calculate the roots of the characteristic equation for both longitudinal and lateral motions. Finally, the characteristic equation roots were found and discussed in all possible cases.

Keywords: model, simulating, SUAV, wind tunnel

Procedia PDF Downloads 365

Authors: Julio Vicente Cateia

Abstract:

This study aims to analyze the economic impacts of infrastructure investment in Africa, focusing on the Guinea-Bissau economy. Through a dynamic CGE model, we find that the natural resource revenues (or aid)-funded infrastructure investments generate externalities that increase factor returns. The private investment improvements propagate externalities effects on GDP and job opportunities outcomes. Household income and consumption were positively impacted, though the poorer benefited the most. The income inequality has reduced. However, funding by the mix of debt and direct taxes produces opposite effects. We suggest a potential pro-poor growth agenda in Africa.

Keywords: infrastructure investment, poverty alleviation, CGE modeling, African economies, applied economics

Procedia PDF Downloads 126

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 90

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

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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

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Authors: Fatemeh Alsadat Miri, Morteza Ehsani, Hossein Ali Khonakdar, Behjat Kavyani

Abstract:

This paper studies the effect of nano glass flakes on morphology, dynamic-mechanical properties, and crystallization behavior of poly (ethylene terephthalate) (PET). The concentration of nano glass flakes was varied from 0.5, 1, 2, and 3% wt of the total formulation. Scanning electron microscopy (SEM) micrographs showed the poor distribution of nano-glass flake particles in PET, as well as low adhesion of particles to the polymer matrix. According to differential scanning calorimetry (DSC), the crystallization rate and crystallization temperature of PET were increased by the addition of nano glass flakes. The crystallization rate of PET was increased from 31.41% to 34.25% by the incorporation of 1%wt of nano glass flakes. Based on the results of the dynamic-mechanical analysis, the storage modulus of PET gets increased by adding nano glass flakes, especially below glass transition temperature (Tg). The glass transition of PET did not change remarkably with the addition of nano glass flakes. Moreover, the use of nano glass flakes reduced the impact strength of PET.

Keywords: PET, nano glass flakes, morphology, crystallization

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