Search results for: economic order quantity

Authors: Wenqian Shi, Xie He, Ziyin Huang, Zi Yu

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The dramatic changes in the global economic situation have produced dramatic changes to companies’ supply chain systems. A variety of opportunities and challenges make the traditional manufacturing industry feel pressured, and the manufacturing industry must seek a new way out as soon as possible. This paper presents a case study of the advanced planning and scheduling technology problem encountered by an electrical and electronics manufacturer. The objective is to seek the minimum cost of production planning and order management. Digitalization is applied to the problem, and the results demonstrate that significant production performances can be achieved in the face of the existing production of each link and order management systems to analyze and optimize. This paper can also provide some practical implications in various manufacturing industries. Finally, future research directions are discussed.

Keywords: advanced planning and scheduling, case study, production planning, supply chain optimization

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Authors: Suyeon Kwon, Ik Joong Kang, Wang Bingjie

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Chitosan is a polymer that is usually produced from N-deacetylation of chitin. It is emerging as a promising biocompatible polymer that is harmless to humans. For the reason that many merits such as good adsorptive, biodegradability, many researches are being done on the chitosan for drug delivery system. Drug delivery system (DDS) has been developed for the control of drug. It makes the drug can be delivered effectively and safely into the targeted human body. The drug used in this work is hydrocortisone that is used in Rheumatism, skin diseases, allergy treatment. In this work, hydrocortisone was used to make allergic rhinitis medicine. Our study focuses on drug delivery through the nasal mucosa by using hydrocortisone impregnated chitosan nanoshells. This study has performed an investigation in order to establish the optimal conditions, changing concentration, quantity of hydrocortisone. DLS, SEM, TEM, FT-IR, UV spectrum were used to analyze the manufactured chitosan-hydrocortisone silver nanoshell and silver nanoshell, whose function as drug carriers. This study has performed an investigation on new drug carriers and delivery routes for hydrocortisone. Various methods of manufacturing chitosan-hydrocortisone nanoshells were attempted in order to establish the optimal condition. As a result, the average size of chitosan-hydrocortisone silver nanoshell is about 80 nm. So, chitosan-hydrocortisone silver nanoshell is suitable as drug carriers because optimal size of drug carrier in human body is less than 120 nm. UV spectrum of Chitosan-hydrocortisone silver nanoshell shows the characteristic peak of silver nanoshell at 420 nm. Likewise, the average size of chitosan-hydrocortisone silver nanoshell is about 100nm. It is also suitable for drug carrier in human body. Also, multi-layered silver shell over chitosan nanoshells induced the red-shift of absorption peak and increased the intensity of absorption peak. The resultant chitosan–silver nanocomposites (or nanoshells) exhibited the absorption peak around 430nm attributed to silvershell formation. i.e. the absorption peak was red-shifted by ca. 40 nm in reference to 390 nm of silver nanoshells.

Keywords: chitosan, drug delivery, hydrocortisone, rhinitis, nanoshell

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Authors: Dharshini M., Hema N. S.

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The project for the production of aniline is done by providing 295.46 tons per day of nitrobenzene as feed. The material and energy balance calculations for the different equipment like distillation column, heat exchangers, reactor and mixer are carried out with simulation via DWSIM. The conversion of nitrobenzene to aniline by hydrogenation process is considered to be 96% and the total production of the plant was found to be 215 TPD. The cost estimation of the process is carried out to estimate the feasibility of the plant. The net profit and percentage return of investment is estimated to be ₹27 crores and 24.6%. The payback period was estimated to be 4.05 years and the unit production cost is ₹113/kg. A techno-economic analysis was performed for the production of aniline; the result includes economic analysis and sensitivity analysis of critical factors. From economic analysis, larger the plant scale increases the total capital investment and annual operating cost, even though the unit production cost decreases. Uncertainty analysis was performed to predict the influence of economic factors on profitability and the scenario analysis is one way to quantify uncertainty. In scenario analysis the best-case scenario and the worst-case scenario are compared with the base case scenario. The best-case scenario was found at a feed rate of 120 kmol/hr with a unit production cost of ₹112.05/kg and the worst-case scenario was found at a feed rate of 60 kmol/hr with a unit production cost of ₹115.9/kg. The base case is closely related to the best case by 99.2% in terms of unit production cost. since the unit production cost is less and the profitability is more with less payback time, it is feasible to construct a plant at this capacity.

Keywords: aniline, nitrobenzene, economic analysis, unit production cost

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Authors: Kittivate Boonyopakorn

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The purposes of this study were to investigate the method of the English use of the businessmen and to study their behavior of the utilization for the ASEAN economic community. The participants were divided into the three types of the merchants including the construction contractors, the construction material traders, and SME entrepreneurs. Survey questionnaires and interviews were used in this study. The findings showed that in the type of traders, 23 of the participants are construction contractors, 121 are construction material traders, and 206 are SME entrepreneurs. The study of English in language institute is highly 51.4%. The use of Google in translating English into Thai is 41.7%. Learning English themselves is 41.1% respectively. The businessmen study English for readiness for their trade.

Keywords: way of rnglish use, businessmen, ASEAN economic community, Chonburi province

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Authors: Tao Peng

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This paper presents a holistic model of political economy based on Daoism – the foundational philosophy of classical Chinese epistemology. Daoism is both comprehensive and subtle in its manifestations and applications in all aspects of nature and society. Based on Daoist creation theory of the universe, life theory and five element functioning theory, a holistic model in economics with minimal assumptions and independent of ideology are constructed. Under this framework, different schools of economics, such as neo-liberal, Marxism, and Austrian school, are explored and shed new light on. Economic and financial predictions can be realized in applications to Qi Men Dun Jia. This framework can provide guidelines and inspirations to economic modelling, economic policies formulation and strategy development and guide society towards a more sustainable future.

Keywords: daoism, economics, holistic, philosophy

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Authors: Mohsen Qasemi

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In the international economic order multilateral trading system which established by General Agreement on Tariffs and Trade 1947 (GATT) was dominant until about two decades ago. Regional Trade Agreements (RTAs) have changed this order and become an important phenomenon. One of the main objectives of the World Trade Organization (WTO) as a central institution of multilateral trading system is raising standards of living. There are many scholars who suggest that WTO should take steps to protect human rights in its activities. Although it has always been opposing views who declare that since WTO has no explicit rule for human rights, it has no human rights related obligations. At the time that the WTO was established, member states began to join RTAs and since then, the escalating growth of these agreements and their effects on multilateral trading system has been controversial. There are some aspects of RTAs that have received too little attention from scholars. It is important to take a different view and evaluate the RTAs based on non-commercial aspects. The present paper seeks to answer this question: which system could be more useful in protecting human rights, RTAs or WTO?

Keywords: WTO, RTAs, human rights, multilateral trading system, non discrimination

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Authors: Aysha Zamir

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This study examines to what extent foreign private investment (FPI) affects the clean industrial environment and sustainable economic growth through developed countries investment in China. Moreover, this study investiage an association among FPI, CO2 emission, energy consumption, and sustainable economic growth. This study uses random effects and generalized least squares (GLS) and panel VAR estimators for data analysis. The results indicate that the Chinese economy has a vastly positive influenced regarding the location and choice of emerging and developed countries’ investment in the domestic market. Furthermore, emerging and developed economies investment increases the contribution among domestic firms, environment sustainability toward the national economy. The further results show that foreign private investment and gross domestic investment have a positive impact on sustainable economic growth.

Keywords: clean industrial environment, energy consumption, CO2 emmission, foreign private investment, developed and emerging economies

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Authors: Bahareh Arghand, Seyed Abbas Poorhashemi, Ramin Roshandel

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Nowadays, Economic growth and the increasing use of fossil fuel have caused major damages to environment. Therefore, international law has tried to codify the rules and regulations and identify legal principles to decrease conflict of interests between energy law and environmental law. The open relationship between energy consumption and the law of nature has been ignored for years, because the focus of energy law has been on an affordable price of a reliable supply of energy; while the focus of environmental law was on protection of the nature. In fact, the legal and overall policies of energy are based on Sic Omnes and inter part for governments whereas environmental law is based on common interests and Erga Omnes. The relationship between energy law, environmental law and economic aspects is multilateral, complex and important. Moreover, they influence each other. There are similarities in the triangle of energy, environment and economic aspects and in some cases there are conflict of interest but their conflicts are in goals not in practice and their legal jurisdiction is in international law. The development of national and international rules and regulations relevant to energy-environment has been done by separate sectors, whereas sustainable development principle, especially in the economic sector, requires environmental considerations. It is an important turning point to integrate and decrease conflict of interest among energy law, environmental law and economic aspects. The present study examines existing legal principles on energy and the environment and identifies the similarities and conflicts based on the descriptive-analytic study. The purpose of investigating these legal principles is to integrate and decrease conflict of interest between energy law and environmental law.

Keywords: energy law, environmental law, erga omnes, sustainable development

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Authors: Emel Kızılkaya Aydogan, Mihrimah Ozmen, Yılmaz Delice

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In recent days, there is a change and the ongoing development of the telecommunications sector in the global market. In this sector, churn analysis techniques are commonly used for analysing why some customers terminate their service subscriptions prematurely. In addition, customer churn is utmost significant in this sector since it causes to important business loss. Many companies make various researches in order to prevent losses while increasing customer loyalty. Although a large quantity of accumulated data is available in this sector, their usefulness is limited by data quality and relevance. In this paper, a cost-sensitive feature selection framework is developed aiming to obtain the feature reducts to predict customer churn. The framework is a cost based optional pre-processing stage to remove redundant features for churn management. In addition, this cost-based feature selection algorithm is applied in a telecommunication company in Turkey and the results obtained with this algorithm.

Keywords: churn prediction, data mining, decision-theoretic rough set, feature selection

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Authors: Miron Wolnicki

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In the past 75 years the world was either influenced by, competing with or learning from U.S. corporations. This is no longer true. As the economic power shifts from the West to the East, U.S. corporations are lagging behind Asian competitors. Moreover, U.S. statecraft fails to address this decline. In a world dominated by interventionist and neo-mercantilist states, having an ineffective non-activist government becomes a costly neoclassic delusion which weakens the world’s largest economy. American conservative economists continue talking about the superiority of the free market system in generating new technologies. The reality is different. The U.S. is sliding further into an overregulated, over-taxed, anti-business state. This paper argues that in order to maintain its economic strength and technological leadership, the U.S. must reform federal institutions to increase support for artificial intelligence and other cutting-edge technologies. The author outlines a number of institutional reforms, under one umbrella, which he calls the American Entrepreneurial State (AES). The AES will improve productivity and bring about coherent business strategies for the next 10-15 years. The design and inspiration for the AES come from the experience of successful statecraft examples in Asia and also other parts the global economy.

Keywords: post-neoliberal system, entrepreneurial state, government and economy, American entrepreneurial state

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Authors: Violina Angelova, Krasimir Ivanov, Stefan Krustev, Dimitar Dimitrov

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Availability of a metal is characterised by its quantity transgressing from soil into different extractants or by its content in plants. In literature, the terms 'available forms of compounds' and 'mobile' are often considered as equivalents of the term 'accessible' to plants. Rapid and a sufficiently reliable method for defining the accessible for plants forms turns out to be their extraction through different extractants, imitating the functioning of the root system. As a criterion for the pertinence of the extractant to this purpose usually serves the significant statistic correlation between the extracted quantities of the element from soil and its content in plants. The aim of this work was to evaluate the effectiveness of various extractions (DTPA-TEA, AB-DTPA, Mehlich 3, 0.01 M CaCl₂, 1M NH₄NO₃) for the determination of bioavailability of heavy metals in industrially polluted soils from the metallurgical activity near Plovdiv and Kardjali, Bulgaria. Quantity measurements for contents of heavy metals were performed with ICP-OES. The results showed that extraction capacity was as follows: Mehlich 3>ABDTPA>DTPA-TEA>CaCl₂>NaNO₃. The content of the mobile form of heavy metals depends on the nature of metal ion, the nature of extractant and pH. The obtained results show that CaCl₂ extracts a greater quantity of mobile forms of heavy metals than NH₄NO₃. DTPA-TEA and AB-DTPA are capable of extracting from the soil not only the heavy metals participating in the exchange processes but also the heavy metals bound in carbonates and organic complexes, as well as bound and occluded in oxide and secondary clay minerals. AB-DTPA extracts a bit more heavy metals than DTPA-TEA. The darker color of the solutions obtained with AB-DTPA indicates that considerable quantities organic matter are being destructed. A comparison of the mobile forms of heavy metals extracted from clean and highly polluted soils has revealed that in the polluted soils the greater portion of heavy metals exists in a mobile form. High correlation coefficients are obtained between the metals extracted with different extractants and their total content in soil (r=0.9). A positive correlation between the pH, soil organic matter and the extracted quantities of heavy metals has been found. The results of correlation analysis revealed that the heavy metals extracted by DTPA-TEA, AB-DTPA, Mehlich 3, CaCl₂ and NaNO₃ correlated significantly with plant uptake. Significant correlation was found between DTPA-TEA, AB-DTPA, and CaCl₂ with heavy metals concentration in plants. Application of extracting methods contains chelating agents would be recommended in the future research onthe availabilityof heavy metals in polluted soils.

Keywords: availability, chemical extractants, heavy metals, mobile forms

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Authors: Abegunde Linda, Adedeji Oluwatayo, Tope-Ajayi Opeyemi

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Maize constitutes a major agrarian production for use by the vast population but despite its economic importance, it has not been produced to meet the economic needs of the country. Achieving optimum yield in maize can meaningfully be supported by land suitability analysis in order to guarantee self-sufficiency for future production optimization. This study examines land suitability for maize production through the analysis of the physic-chemical variations in soil properties over space using a Geographic Information System (GIS) framework. Physic-chemical parameters of importance selected include slope, landuse, and physical and chemical properties of the soil. Landsat imagery was used to categorize the landuse, Shuttle Radar Topographic Mapping (SRTM) generated the slope and soil samples were analyzed for its physical and chemical components. Suitability was categorized into highly, moderately and marginally suitable based on Food and Agricultural Organisation (FAO) classification using the Analytical Hierarchy Process (AHP) technique of GIS. This result can be used by small scale farmers for efficient decision making in the allocation of land for maize production.

Keywords: AHP, GIS, MCE, suitability, Zea mays

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Authors: Moujib Bahri, Ouafa Sakka, Kallel Rahim

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This study builds on the literature about the effects of corruption on economic growth at the firm level, which analyzes how the payment of bribes affect organizational performance. Traditionally, the literature distinguishes two points of view regarding the impact of corruption: grease view and sand view. The grease view is based on the idea that corruption can compensate for the negative effect of red tape on firms’ activities such as innovation and exports. Therefore, some firms will be motivated to pay some additional money to officials in order to reduce the delay related to bureaucratic procedures. On the contrary, the second point of view considers that corruption sands the wheels of the economy and distorts resource allocation because it increases agency and transaction costs and reduces the returns on the investment. We have tested the effect of corruption on innovation and export activities on a sample of 537 Tunisian manufacturing small and medium enterprises (SMEs) using structural equation modeling and path analysis. Tunisia has undergone a revolution in 2010 and since then, the country is experiencing a political instability and economic hardships. Our results do not support the greasing hypothesis suggesting that corruption can reduce the negative effect of bureaucratic delays and the hard access of companies to public services related to exports. Instead, our results support the sanding hypothesis according to which corruption hinders SMEs’ exports through its negative influence on innovation. Furthermore, our results show that the interaction between excessive bureaucratic red tape and corruption has a negative effect on exports. However, the interaction between political instability and corruption increases exports.

Keywords: corruption, exports, SMEs, economic conditions

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Authors: Abdullateef Abdulkarim Jimoh, Muhammad Lawal A., Usman Muhammad, Hamisu Abdullahi, Nuhu Abdullahi Jega

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Smart city projects can be aided by urban development policies in public facilities, but economic resources to finance urban system reorganization is an issue to various governments. This is further compounded with the impact of the slowing down of national economies. The aim of this paper is to emphasize the need to prioritize the economic benefits of smart city projects and, specifically, in towns transforming into cities like Birnin kebbi. The smart-city projects can aim at developing a new form of ‘‘modernity and civilization’’ of the productive economy. This study adopts the descriptive statistical approach to identify the key performance indicators (KPI) for tracking the progress of cities and its developmental objectives. It has been established that numerous aspects of the modernization policies can enhance the competitiveness of territories, particular in aspects of social cohesion, the diffusion of knowledge, creativity, accessibility, etc.

Keywords: economy, economic policy, public facilities, smart city, urbanization

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Authors: Ekrem Erdem, Can Tansel Tugcu

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Improved resource efficiency of production is a key requirement for sustainable growth, worldwide. In this regards, by considering the energy and tourism as the extra inputs to the classical Coub-Douglas production function, this study aims at investigating the efficiency changes in the North African countries. To this end, the study uses panel data for the period 1995-2010 and adopts the Malmquist index based on the data envelopment analysis. Results show that tourism increases technical and scale efficiencies, while it decreases technological and total factor productivity changes. On the other hand, when the production function is augmented by the energy input, technical efficiency change decreases, while the technological change, scale efficiency change and total factor productivity change increase. Thus, in order to satisfy the needs for sustainable growth, North African governments should take some measures for increasing the contribution that the tourism makes to economic growth and some others for efficient use of resources in the energy sector.

Keywords: data envelopment analysis, economic efficiency, North African countries, sustainable growth

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Authors: W. A. Nalaka Wijesooriya

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The increasing paddy production, stabilization of domestic rice consumption and the increasing dynamism of rice processing and domestic markets call for a rethinking of the general direction of the rice milling industry in Sri Lanka. The main purpose of the study was to explore levels of concentration in rice milling industry in Polonnaruwa and Hambanthota which are the major hubs of the country for rice milling. Concentration indices reveal that the rice milling industry in Polonnaruwa operates weak oligopsony and is highly competitive in Hambanthota. According to the actual quantity of paddy milling per day, 47 % is less than 8Mt/Day, while 34 % is 8-20 Mt/day, and the rest (19%) is greater than 20 Mt/day. In Hambanthota, nearly 50% of the mills belong to the range of 8-20 Mt/day. Lack of experience of the milling industry, poor knowledge on milling technology, lack of capital and finding an output market are the major entry barriers to the industry. Major problems faced by all the rice millers are the lack of a uniform electricity supply and low quality paddy. Many of the millers emphasized that the rice ceiling price is a constraint to produce quality rice. More than 80% of the millers in Polonnaruwa which is the major parboiling rice producing area have mechanical dryers. Nearly 22% millers have modern machineries like color sorters, water jet polishers. Major paddy purchasing method of large scale millers in Polonnaruwa is through brokers. In Hambanthota major channel is miller purchasing from paddy farmers. Millers in both districts have major rice selling markets in Colombo and suburbs. Huge variation can be observed in the amount of pledge (for paddy storage) loans. There is a strong relationship among the storage ability, credit affordability and the scale of operation of rice millers. The inter annual price fluctuation ranged 30%-35%. Analysis of market margins by using series of secondary data shows that farmers’ share on rice consumer price is stable or slightly increases in both districts. In Hambanthota a greater share goes to the farmer. Only four mills which have obtained the Good Manufacturing Practices (GMP) certification from Sri Lanka Standards Institution can be found. All those millers are small quantity rice exporters. Priority should be given for the Small and medium scale millers in distribution of storage paddy of PMB during the off season. The industry needs a proper rice grading system, and it is recommended to introduce a ceiling price based on graded rice according to the standards. Both husk and rice bran were underutilized. Encouraging investment for establishing rice oil manufacturing plant in Polonnaruwa area is highly recommended. The current taxation procedure needs to be restructured in order to ensure the sustainability of the industry.

Keywords: conduct, performance, structure (SCP), rice millers

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Authors: Naila Awan, Shahrukh Inam

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This study was conducted to highlight the role of basic health units in district Swabi, which provides primary health services to the people of district Swabi having four tehsils. Tehsil Swabi was selected purposively for the study. Three villages were purposively selected from district Swabi. A sum of 110 respondents was randomly selected for interview i.e., 27 from Botakaa, 39 from Gulatee, and 44 from Darra Cham, using proportion allocation sampling technique. A pretested and well-designed interview schedule was used to collect as per the objective and Chi square test was applied to find an association between the quality of medicines and health improvement. The output of the test shows that the government was doing its best and providing enough facilities to the individuals at the healthcare units, and they were utilizing them. These resources were easily accessible to the people of the community. Medicines provided by the government were of good quality and quantity. There were also school health sessions and community health sessions (SHS/CHS) to deliver useful information and awareness regarding health problems and diseases were conducted. The staff of the BHU was present at work time and was performing their duties. The respondents seemed satisfied with their behavior and the duty of the staff. However, there were no emergency resources existing at the BHU after the working hours of the medical staff. It is recommended that government should provide appropriate quantity and quality of medicines to the basic health units so that these healthcare units don’t have to face any shortages regarding medicines at the end of the month. In addition, laboratory and blood testing facilities need to be provided in the basic health units, and also the infrastructure should be made suitable, satisfactory, and more functional.

Keywords: community health session, basic health units, outpatient department, tuberculosis

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Authors: Carolina Nunes, Sónia Ribeiro, Hélio Faustinho, Hélia Sales, Rita Pontes, João Nunes

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Pine resin activity in Portugal was one of the most important and major non-wood forestry, representing a strategic natural resource for Portuguese Bioeconomy and an important social activity for rural regions. Pine forests representing a stock of atmospheric carbon, contributing to greenhouse effect mitigation and social and environmental important services returns. They are important sources of numerous useful products, including not only wood and cellulose but also nonwood products used by the chemical, food, and pharmaceutical industries, as well as for biorefineries. Portuguese pine forest area decreases from 1 million hectares to 400 mil hectares in the last 20 years. Portugal, in 80´s decade, was one of the world´s TOP 3 producers, with a middle annual production of 140 mil tones.year-1. With the pressure of the social desertification, forest fires, phytosanitary problems (e.g. nematode of the pine wood) and the decrease of economic value and competitivity of the Portuguese forest, the actual middle annual production is less than 10 mil tones.year-1 (lesser 92%). This significant decrease representing an annual economic loss of approximately 130-140 million Euros. year⁻¹ for forest primary sector in Portugal. The Biopinus project design new forestry approach and strategic biotechnologies knowledge to increase the economic value of Pine resin in Portugal, with an impact on the growth of the economic value of Pine resin from 1,1 to 1,5 Euros/kg.

Keywords: pine resin, bioeconomy, economic value, biotecnology

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Authors: A. Pontrandolfi, G. Enjolras, F. Capitanio

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The study analyses the strategies Italian farmers use to cope with the risks that face their production. We specifically explore the potential and the limitations of the economic tools for climatic risk management in agriculture of the Common Agricultural Policy 2014-2020, that foresees contributions for economic tools for risk management, in relation to farms’ needs, exposure and vulnerability of agricultural areas to climatic risk. We consider at the farm level approaches to hedge risks in terms of the use of technical tools (agricultural practices, pesticides, fertilizers, irrigation) and economic/financial instruments (insurances, etc.). We develop cross-sectional and longitudinal analyses as well as analyses of correlation that underline the main differences between the way farms adapt their structure and management towards risk. The results show a preference for technical tools, despite the presence of important public aids on economic tools such as insurances. Therefore, there is a strong need for a more effective and integrated risk management policy scheme. Synergies between economic tools and risk reduction actions of a more technical, structural and management nature (production diversification, irrigation infrastructures, technological and management innovations and formation-information-consultancy, etc.) are emphasized.

Keywords: agriculture and climate change, climatic risk management, insurance schemes, farmers' approaches to risk management

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Authors: Kamil Jonski

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Last year vividly demonstrated, that populism and political instability can endanger democratic institutions in countries regarded as democratic transition champions (Poland) or cornerstones of liberal order (UK, US). So called ‘illiberal democracy’ is winning hearts and minds of voters, keen to believe that rule of strongman is a viable alternative to perceived decay of western values and institutions. These developments pose a serious threat to the democratic institutions (including rule of law), proven critical for both personal freedom and economic development. Although scholars proposed some structural explanations of the illiberal wave (notably focusing on inequality, stagnant incomes and drawbacks of globalization), they seem to have little predictive value. Indeed, events like Trump’s victory, Brexit or Polish shift towards populist nationalism always came as a surprise. Intriguingly, in the case of US election, simple rules like ‘Bread and Peace model’ gauged prospects of Trump’s victory better than pundits and pollsters. This paper attempts to compile set of indicators, in order to gauge various democracies’ vulnerability to populism, instability and pursuance of ‘illiberal’ projects. Among them, it identifies the gap between consensus assessment of institutional performance (as measured by WGI indicators) and citizens’ subjective assessment (survey based confidence in institutions). Plotting these variables against each other, reveals three clusters of countries – ‘predictable’ (good institutions and high confidence, poor institutions and low confidence), ‘blind’ (poor institutions, high confidence e.g. Uzbekistan or Azerbaijan) and ‘disillusioned’ (good institutions, low confidence e.g. Spain, Chile, Poland and US). It seems that this clustering – carried out separately for various institutions (like legislature, executive and courts) and blended with economic indicators like inequality and living standards (using PCA) – offers reasonably good watchlist of countries, that should ‘expect the unexpected’.

Keywords: illiberal democracy, populism, political instability, political risk measurement

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Authors: O. Colot, M. Croquet, L. Cultrera, Y. Fandja Collince

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The objective of our research is to evaluate the impact of the allowance for corporate equity (ACE) on the financial structure of Belgian SME in order to highlight the potential existence of a fiscal leverage. To limit the biases linked to the rationing of the capital further to the financial crisis, we compare first the dynamic evolution of the financial structure of the Belgian firms over the period 2006-2015 by focusing on three sub-periods: 2006-2008, 2009-2012 and 2013-2015. We give then an international size to this comparison by including SMEs from countries adjoining Belgium (France, Germany, Netherlands and the United Kingdom) and within which there is no ACE. This comparison allows better understanding the fiscal advantage linked to the ACE of firms evolving in a relatively unstable economic environment further to the financial crisis of 2008. This research is relevant given the economic and political context in which Belgium operates and the very uncertain future of the Belgian ACE. The originality of this research is twofold: the long study period and the consideration of the effects of the financial and economic crisis on the financing structure of Belgian SMEs. The results of this research, even though they confirm the existence of a positive fiscal leverage for the tax deduction for venture capital on the financing structure of Belgian SMEs, do not allow the extent of this leverage to be clearly quantified. The comparative evolution of financing structures over the period 2006-2015 of Belgian, French, German, Dutch and English SMEs shows a strong similarity in the overall evolution of their financing.

Keywords: allowance for corporate equity, Belgium, financial structure, small and medium sized firms

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Authors: Vano Benidze, Ioseb Berikashvili

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Since 2003, Georgia has implemented many successful reforms, however, economic growth, poverty alleviation and unemployment reduction are still major challenges facing country’s economy. This is due to the fact that most reforms during the past 2 decades were mainly geared toward improving the institutional environment, while economy’s sectoral composition and industrial policy were largely ignored. Each individual sector plays its own specific role in the functioning of the whole economy that cannot be accomplished by any other sector. However, given the unavoidable reality that one sector uses intermediate inputs from other industries to produce its output and sells part of its output to other sectors, the importance of sectors should consider these sectoral interdependencies as well. Simply put, not all industries are equally useful for economic growth and development. In this context, the aim of this paper is to identify the key economic sectors of the Georgian economy. Leontief input-output analysis has been used in deriving backward and forwards linkages for all sectors in the Georgian economy for 2020 and 2021. Sectors with both high backward and forward linkages have been identified as key sectors of the economy. The results obtained are beneficial for the success of the economic and industrial policy of Georgia. If targeted properly by thoughtful policy intervention, key sectors identified in this paper will have a high potential of spreading growth impulses throughout the economy and will possibly generate higher economic growth.

Keywords: structural change, key sectors, development strategies, input-output analysis

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Authors: Muhammad Arsalan

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The efficiency of a financial intermediation system is assessed by its ability to achieve allocative efficiency, asset transformation, and the subsequent economic development. Islamic Banking and Finance (IBF) was conceived to serve as an alternate financial intermediation system adherent to the injunctions of Islam. A critical appraisal of the state of contemporary IBF reveals that it neither fulfills the aspirations of Islamic rhetoric nor is efficient in terms of asset transformation and economic development. This paper is an intuitive pursuit to explore the economic rationale of established principles of IBF, and the reasons of the persistent divergence of IBF being accused of ruses and sophistry. Disentangling the varying viewpoints, the underdevelopment of IBF has been attributed to misinterpretation of Riba, which has been explicated through a narrow fiqhi and legally deterministic approach. It presents a critical account of how incorrect conceptualization of the key injunction on Riba, steered flawed institutionalization of an Islamic Financial intermediation system. It also emphasizes on the wrong interpretation of the ontological and epistemological sources of Islamic Law (primarily Riba), that explains the perennial economic underdevelopment of the Muslim world. Deeming ‘a collaborative and dynamic Ijtihad’ as the elixir, this paper insists on the exigency of redefining Riba, i.e., a definition that incorporates the modern modes of economic cooperation and the contemporary financial intermediation ecosystem. Finally, Riba has been articulated in an agency theoretic framework to eschew expropriation of wealth, and assure protection of property rights, aimed at realizing the twin goals of a) Shari’ah adherence in true spirit, b) financial and economic development of the Muslim world.

Keywords: agency theory, financial intermediation, Islamic banking and finance, ijtihad, economic development, Riba, information asymmetry

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Authors: Zubdahe Noor, Haseeb Athar

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In this article, first a relation for conditional expectation is developed and then is used to characterize a general class of distributions F(x) = 1-e^(-ah(x)) through conditional expectation of difference of pair of generalized order statistics. Some results are reduced for particular cases. In the end, a list of distributions is presented in the form of table that are compatible with the given general class.

Keywords: generalized order statistics, order statistics, record values, conditional expectation, characterization

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Authors: H. Fraga, J. A. Santos

Abstract:

Vitiviniculture in Portugal is a key socio-economic sector, with a strong connection to local traditions and culture. Despite being a relatively small country, with prevailing Mediterranean environments, Portugal comprises an exceptionally large diversity of growth conditions (Terroirs). The vineyard area in Portugal is over 190 thousand hectares, being the eleventh wine producer and ninth wine exporter worldwide. Owing to the strong impact of weather and climate conditions on grapevine physiological development, grape berry quantity and quality show important inter-annual variability. Grapevines are also susceptible to climate change, as their responses will be unavoidably different under future climates. These impacts may change wine typicity of a given region or even its viticultural suitability. The current study reveals that the projected warming and drying trends for Portugal under the Representative Concentration Pathway (RCP) 4.5 and 8.5, are projected to 1) significantly shift current grapevine growing thermal conditions (e.g., heat and chill accumulation), 2) enhance water stress, 3) anticipate phenological timings and 4) modify yields. Moreover, the present study provides some hints regarding the effectiveness of mulching and irrigation as climate change adaptation measures. Our results show that the effectiveness of these adaptation measures will strongly rest on the strength of the climate change signal at a local scale, thus emphasizing the need for local-to-regional climate change assessments.

Keywords: viticulture, climate change, adaptation measures, Portugal

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Authors: Kherbache Radhwane

Abstract:

This study is concerned with the nature of the strategy of agricultural and rural development, through the fiscal policy adopted by the government throughout programs included in the general budget of the state represented in the national program of agricultural and rural development. This study concluded that the general balance play an important role in the design of the strategy of agricultural and rural development despite the numerous problems clear in the result of the precedent plans of agricultural and rural development. Based on that we suggest that more importance should be accorded to the agricultural and rural field and that it should be one among economic alternatives to the collection of petroleum, as the countryside is the future.

Keywords: general balance, political economy, strategy of agricultural and rural development, economic alternatives, collection of petroleum

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Authors: Umar Shehu Umar

Abstract:

Contract farming is a viable strategy agribusinesses rely on to strengthen vertical coordination. However, low contract compliance remains a significant setback to agribusinesses' contract performance. The present study aims to understand what drives smallholder farmers’ contract compliance behaviour. Qualitative information was collected through Focus Group Discussions to enrich the design of the survey questionnaire administered on a sample of 300 randomly selected farmers contracted by the Dangote Tomato Processing Plant (DTPP) in four regions of northern Nigeria. Novel transaction level data of tomato sales covering one season were collected in addition to socio-economic information of the sampled farmers. Binary logistic model results revealed that open fresh market tomato prices and payment delays negatively affect farmers' compliance behaviour while quantity harvested, education level and input provision correlated positively with compliance. The study suggests that contract compliance will increase if contracting firms devise a reliable and timely payment plan (e.g., digital payment), continue input and service provisions (e.g., improved seeds, extension services) and incentives (e.g., loyalty rewards, bonuses) in the contract.

Keywords: contract farming, compliance, farmers and processors., smallholder

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Authors: Ibrahim S. Seddiek, Nader R. Ammar

Abstract:

One of the most important equipment that affects the performance of passenger ships is the air conditioning system, which in turn consumes considerable electric loads. In this paper, the waste heat energies of exhaust gases and jacket cooling water of marine diesel engines for these ships are analyzed to be used as heat sources for absorption refrigeration unit (ARU). Economic and environmental analysis of the absorption refrigeration cycle operated with the two heat sources that use lithium bromide as absorbent is carried out. In addition, environmental and economic analysis for the absorption cycle is performed. As a case study, high-speed passenger vessel operating in the Red Sea area has been investigated. The results show that a considerable specific economic benefit could be achieved in case of applying absorption air condition that operates by water cooling system over that operates by main engine exhaust gases. Environmentally, applying ARU machine during cruise will reduce total ship’s fuel consumption by about 104 ton per year. This will result in reducing NOₓ, SOₓ, and CO₂ emissions with cost-effectiveness of 6.99 $/kg, 18.44 $/kg, and 0.117 $/kg, respectively.

Keywords: ship emissions, IMO, lithium bromide-water ARU, analysis, thermodynamic, economic and environmental analysis

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Authors: D. T. Chabalala

Abstract:

Currently South Africa is facing a triple challenge of poverty, unemployment and inequality. As such, communities have limited access to basic municipal services such as water, sanitation and electricity. Citizens such as those residing at Malamulele Township will be responsible to pay for the cost of water services that they consume instead of having the costs subsidised by the newly formed Municipality. The question on whether Malamulele residents would be willing to pay for water services provided for them need to be investigated. This study was conducted in Malamulele Township and surrounding villages. The article is based on a survey of 500 randomly selected households from township and villages surrounding Malamulele. The study uses the contingent valuation method to determine households’ willingness to pay for water services as well as the consequences they possibly will encounter in case their response is negative. The obtained results can be used by the Municipality and other Government Departments in order to better identify the affordable rates and the quantity of water service to be provided. Thus, it will make Municipality water supply services stable and sustainable. It will also be used as a tool to provide inform decisions about a range of infrastructure to enhance water supply systems.

Keywords: willingness to pay, contingent valuation method, water supply systems, Malamulele

Procedia PDF Downloads 220

Authors: J. Andrade-Garda, A. Anguera, J. Ares-Casal, M. Hidalgo-Lorenzo, J.-A. Lara, D. Lizcano, S. Suárez-Garaboa

Abstract:

In the current constantly changing economic context, collaborative networks allow partners to undertake projects that would not be possible if attempted by them individually. These projects usually involve the performance of a group of tasks (named roles) that have to be distributed among the partners. Thus, an allocation/matching problem arises that will be referred to as Role-Partner Allocation problem. In real life this situation is addressed by negotiation between partners in order to reach ad hoc agreements. Besides taking a long time and being hard work, both historical evidence and economic analysis show that such approach is not recommended. Instead, the allocation process should be automated by means of a centralized matching scheme. However, as a preliminary step to start the search for such a matching mechanism (or even the development of a new one), the problem and its core components must be specified. To this end, this paper establishes (i) the definition of the problem and its constraints, (ii) the key features of the involved elements (i.e., roles and partners); and (iii) how to create preference lists both for roles and partners. Only this way it will be possible to conduct subsequent methodological research on the solution method.     

Keywords: collaborative network, matching, partner, preference list, role

Procedia PDF Downloads 218