Search results for: silk road economic belt

Authors: Cleopatra Oluseye Ibukun

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

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

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Authors: Monday Dickson

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Shortly before the end of the second world war, allied leaders and other western powers designed an economic regime that would foster, among other things, global economic reconstruction, prosperity and overall development of countries of the world. They founded both the World Bank and the International Monetary Fund (IMF), with a general consensus that while the latter should specialize in monitoring global and national economies and acting as a lender of last resort, the former should focus on fighting poverty and promoting development. In setting the rules for world trade, the General Agreement on Trade and Tariffs (GATT) evolved into the World Trade Organisation (WTO). This paper, therefore, examines the impact of the activities of these institutions on the transformation and development aspirations of countries of the Third World. The study adopts the descriptive and analytical methods of investigation and derived relevant secondary data from books, journal articles, encyclopedia as well as reports from countries of the Third World. Findings show that rather than fostering poverty reduction and overall development as envisaged, the activities of global economy system leads to the “development of underdevelopment” of the Third World Countries. The strategic options that are available to countries of the Third World derived from the ability of the national governments to develop programmes of systematic exploration and exploitation of vital indices of relations with strategic countries to advance their development agenda.

Keywords: development, global economic system, prosperity, third world

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Authors: Aisyah Nurfitria, Alifa Rahmadia Putri, Andini Lestari, Kartika Sukmatullahi Hasanah, Mutiara Mayang Oktavia

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The research aims to describe and analyze the background and condition of Jatiluhur Dam, West Java, Indonesia. The Jatiluhur Dam as known as the biggest dam in West Java has huge fisheries resource, which is supposed to assure the local people appropriateness of living. Unfortunately based on this field research, the local people are living a life in under poverty line. This study focuses on increasing local people economic welfare through “Aquaculture Cooperative” implementation. Empower and diversify income of local people is the purpose of this study. In the same way, this study also focuses on the sustainable local people’s livelihoods. In order to obtain the sustainability of them, recovering the fisheries of Jatiluhur Dam is the part of “Aquaculture Cooperative” program. Method that is used in this research is a qualitative approach by literature review and in-depth interview through direct observation as data collecting techniques. Factors such as social and economic condition are also considered in order to know how “Aquaculture Cooperative” able to accepted by local people.

Keywords: aquaculture cooperative, economic welfare, Jatiluhur fisheries, West Java

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Authors: Shierwin Agagen Cabunilas

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Countless Filipinos are reeling in dire economic inequality while many others are victims of human trafficking. Where there is extreme economic inequality, majority of the Filipinos are deprived of basic needs to have a good life, i.e., decent shelter, safe environment, food, quality education, social security, etc. The problem on human trafficking poses a scandal and threat in respect to human rights and dignity of a person on matters of sex, gender, ethnicity and race among others. The economic inequality and trafficking in persons are social pathologies that needed considerable amount of attention and visible solution both in the national and international level. However, the Philippine government seems falls short in terms of goals to lessen, if not altogether eradicate, the dire fate of many Filipinos. The lack of solidarity among Filipinos seems to further aggravate injustice and create hindrances to economic equity and protection of Filipinos from syndicated crimes, i.e., human trafficking. Indifference towards the welfare and well-being of the Filipino people trashes them into an unending cycle of marginalization and neglect. A transnational solidaristic action in response to these concerns is imperative. The subsequent sections will first discuss the notion of solidarity and the motivating factors for collective action. While solidarity has been previously thought of as stemming from and for one’s own community and people, it can be argued as a value that defies borders. Solidarity bridges peoples of diverse societies and cultures. Although there are limits to international interventions on another’s sovereignty, such as, internal political autonomy, transnational solidarity may not be an opposition to solidarity with people suffering injustices. Governments, nations and institutions can work together in securing justice. Solidarity thus is a positive political action that can best respond to issues of economic, class, racial and gender injustices. This is followed by a critical analysis of some data on Philippine economic inequality and human trafficking and link the place of transnational solidaristic arrangements. Here, the present work is interested on the normative aspect of the problem. It begins with the section on economic inequality and subsequently, human trafficking. It is argued that a transnational solidarity is vital in assisting the Philippine governing bodies and authorities to seriously execute innovative economic policies and developmental programs that are justice and egalitarian oriented. Transnational solidarity impacts a corrective measure in the economic practices, and activities of the Philippine government. Moreover, it is suggested that in order to mitigate Philippine economic inequality and human trafficking concerns it involves a (a) historical analysis of systems that brought about economic anomalies, (b) renewed and innovated economic policies, (c) mutual trust and relatively high transparency, and (d) grass-root and context-based approach. In conclusion, the findings are briefly sketched and integrated in an optimistic view that transnational solidarity is capable of influencing Philippine governing bodies towards socio-economic transformation and development of the lives of Filipinos.

Keywords: Philippines, Filipino, economic inequality, human trafficking, transnational solidarity

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Authors: Muhammad Siddique, Volodymyr Lugovskyy

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This paper explores how nations might mitigate the unfavorable impacts of oil price volatility on economic growth by switching to renewable energy sources. The impacts of uncertain factor prices on economic activity are examined by looking at the Realized Volatility (RV) of oil prices rather than the more traditional method of looking at oil price shocks. The United States of America (USA), China (C), India (I), United Kingdom (UK), Germany (G), Malaysia (M), and Pakistan (P) are all included to round out the traditional literature's examination of selected nations, which focuses on oil-importing and exporting economies. Granger Causality Tests (GCT), Impulse Response Functions (IRF), and Variance Decompositions (VD) demonstrate that in a Vector Auto-Regressive (VAR) scenario, the negative impacts of oil price volatility extend beyond what can be explained by oil price shocks alone for all of the nations in the sample. Different nations have different levels of vulnerability to changes in oil prices and other factors that may play a role in a sectoral composition and the energy mix. The conventional method, which only takes into account whether a country is a net oil importer or exporter, is inadequate. The potential economic advantages of initiatives to decouple the macroeconomy from volatile commodities markets are shown through simulations of volatility shocks in alternative energy mixes (with greater proportions of renewables). It is determined that in developing countries like Pakistan, increasing the use of renewable energy sources might lessen an economy's sensitivity to changes in oil prices; nonetheless, a country-specific study is required to identify particular policy actions. In sum, the research provides an innovative justification for mitigating economic growth's dependence on stable oil prices in our sample countries.

Keywords: oil price volatility, renewable energy, economic growth, developed and developing economies

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Authors: T. Niracharapa, W. Angkana

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Since information and communication technology (ICT) plays a critical role in enhancing national competitiveness, it is a driving force for social and economic growth and prosperity. The ASEAN Economic Community (AEC) will integrate this into ASEAN countries as a new mechanism and a measure that will improve economic performance as a global economy. Government policies may support or impede such harmonization. This study was to investigate, analyze the status of Thai IT entrepreneurs and define key strategies to enhance their competitive advantage. Data were collected based on in-depth interviews, questionnaires, focus groups, seminars and fieldwork on information technology excluding communication. SWOT was used as a tool to analyze the study. The results of this study can be used to enable the government to guide policy, measures and strategies for creating a competitive advantage for Thailand’s IT entrepreneurs in the global market.

Keywords: AEC, ASEAN, competitive advantage, IT entrepreneurs

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Authors: Muhammad Afzal, Muhammad Sajjad

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

Keywords: climate change, economic growth, energy, environment

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Authors: Waheed O. Majekodunmi

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Climate change is a real global phenomenon and an unquestionable threat to our quest for a healthy and livable planet. It is now regarded as potentially the most monumental environmental challenge people and the planet will be confronted with over the next centuries. Expectedly, climate change mitigation was one of the central themes of COP 28. Despite contributing the least to climate change, Africa is and remains the hardest hit by the negative consequences of climate change including poor growth performance. Currently, it is being hypothesized that the high level of vulnerability and exposure to climate-related disasters, low adaptive capacity against global warming and high mitigation costs of climate change across the continent could be linked to the recent abysmal economic performance of African countries, especially in oil-producing countries where greenhouse gas emissions, is potentially more prevalent. This paper examines the impact of climate change on the economic performance of selected oil-producing countries in Africa using evidence from Nigeria, Algeria and Angola. The objective of the study is to determine whether or not climate change influences the economic performance of oil-producing countries in Africa by examining the nexus between economic growth and climate-related variables. The study seeks to investigate the effect of climate change on the pace of economic growth in African oil-producing countries. To achieve the research objectives, this study utilizes a quantitative approach by using historical and current secondary data sets to determine the relationship between climate-related variables and economic growth variables in the selected countries. The study employed numbers, percentages, tables and trend graphs to explain the trends or common patterns between climate change, economic growth and determinants of economic growth: governance effectiveness, infrastructure, macroeconomic stability and regulatory efficiency. Results from the empirical analysis of data show that the trends of economic growth and climate-related variables in the selected oil-producing countries are in the opposite directions as the increasing share of renewable energy sources in total energy consumption and the reduction in greenhouse gas emissions per capita in the oil-producing countries did not translate to higher economic growth. Further findings show that annual surface temperatures in the selected countries do not share similar trends with the food imports ratio and GDP per capita annual growth rate suggesting that climate change does not impact significantly agricultural productivity and economic growth in oil-producing countries in Africa. Annual surface temperature was also found to not share a similar pattern with governance effectiveness, macroeconomic stability and regulatory efficiency reinforcing the claim that some economic growth variables are independent of climate change. The policy implication of this research is that oil-producing African countries need to focus more on improving the macroeconomic environment and streamlining governance and institutional processes to boost their economic performance before considering the adoption of climate change adaptation and mitigation strategies.

Keywords: climate change, climate vulnerability, economic growth, greenhouse gas emissions per capita, oil-producing countries, share of renewable energy in total energy consumption

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Authors: Evy Latifah, Eko Widaryanto, M. Dawam Maghfoer, Arifin

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Tomato (Lycopersicon esculentum Mill.) is potential vegetables to develop, because it has high economic value and has the potential to be exported. There is a decrease in tomato productivity due to unfavorable growth conditions such as bacterial wilt, fusarium wilt, high humidity, high temperature and inappropriate production technology. Grafting technology is one alternative technology. In addition to being able to control the disease in the soil, grafting is also able to increase the growth and yield of production. Besides, it is also necessary to know the economic benefits if using grafting technology. A promising eggplant rootstock for tomato grafting is Solanum torvum. S. torvum is selected as a rootstock with high compatibility. The purpose of this research is to know the effect of grafting several varieties of tomatoes with Solanum torvum as a rootstock. The experiment was conducted in Agricultural Extension Center Pare. Experimental Garden of Pare Kediri sub-district from July to early December 2016. The materials used were tomato Cervo varieties, Karina, Timoty, and Solanum torvum. Economic analysis, growth, and yield including plant height, number of leaves, percentage of disease and tomato production were used as performance measures. The study showed that grafting tomato Timoty scion with Solanum torvum as rootstock had higher production. Financially, grafting tomato Timoty and Cervo scion had higher profit about. 28,6% and 16,3% compared to Timoty and Cervo variety treatment without grafting.

Keywords: grafting technology, economic analysis, growth, yield of tomato, Solanum torvum

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Authors: Shuai Zhao, Shalendra D. Sharma, Jin Xu

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This research uses advanced machine learning models to learn a number of hypotheses regarding political executives. Specifically, it analyses the impact these powerful leaders have on economic growth by using leaders’ data from the Archigos database from 1835 to the end of 2015. The data is processed by the AutoGluon, which was developed by Amazon. Automated Machine Learning (AutoML) and AutoGluon can automatically extract features from the data and then use multiple classifiers to train the data. Use a linear regression model and classification model to establish the relationship between leaders and economic growth (GDP per capita growth), and to clarify the relationship between their characteristics and economic growth from a machine learning perspective. Our work may show as a model or signal for collaboration between the fields of statistics and artificial intelligence (AI) that can light up the way for political researchers and economists.

Keywords: comparative politics, political executives, leaders’ characteristics, artificial intelligence

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Authors: Mojtaba Borhani

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By employing the unique characteristics of a region, its economy, climate, geography, and culture, rural communities can create distinctive products. This approach not only boosts economic opportunities but also promotes sustainable growth and preserves cultural heritage. A strategic focus on branding and intellectual property (IP) is essential. By developing strong brands, rural areas can differentiate their products, increase their market value, and build consumer loyalty. Moreover, IP protection safeguards the creative and innovative output of rural communities, incentivizing further development. Rural branding can serve as a cornerstone for community empowerment. It can help to prevent rural exodus by providing economic incentives and a strong sense of place. Additionally, by protecting traditional knowledge and cultural expressions, branding contributes to the long-term sustainability of rural livelihoods.

Keywords: intellectual property, regional branding, sustainable development, rural economy

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Authors: A. J. Julius, E. Imoagene, O. A. Ganiyu

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The purpose of this study is to estimate the economic value of the services and functions rendered by the forest landscape using a conditional logit model. For this study, attributes and levels of forest landscape were chosen; specifically, attributes include topographical forest type, forest type, forest density, recreational factor (side trip, accessibility of valley), and willingness to participate (WTP). Based on these factors, 48 choices sets with balanced and orthogonal form using statistical analysis system (SAS) 9.1 was adopted. The efficiency of the questionnaire was 6.02 (D-Error. 0.1), and choice set and socio-economic variables were analyzed. To reduce the cognitive load of respondents, the 48 choice sets were divided into 4 types in the questionnaire, so that respondents could respond to 12 choice sets, respectively. The study populations were citizens from seven metropolitan cities including Ibadan, Ilorin, Osogbo, etc. and annual WTP per household was asked by using the interview questionnaire, a total of 267 copies were recovered. As a result, Oshogbo had 0.45, and the statistical similarities could not be found except for urban forests, forest density, recreational factor, and level of WTP. Average annual WTP per household for forest landscape was 104,758 Naira (Nigerian currency) based on the outcome from this model, total economic value of the services and functions enjoyed from Nigerian forest landscape has reached approximately 1.6 trillion Naira.

Keywords: economic valuation, urban cities, services, forest landscape, logit model, nigeria

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Authors: Reza Heidari, Maryam Amiri

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In a technological world, many countries have a tendency to fortifying their companies and technological infrastructures. Also, one of the most important requirements for developing technology is innovation, and then, all companies are struggling to consider innovation as a basic principle. Since, the expansion of a product need to combine different technologies, therefore, different innovative projects would be run in the firms as a base of technology development. In such an environment, enterprise resource planning (ERP) has special significance in order to develop and strengthen of innovations. In this article, an economic-probabilistic analysis was provided to perform an implementation project of ERP in the technological innovation (TI) based firms. The used model in this article assesses simultaneously both risk and economic analysis in view of the probability of each event that is jointly between economical approach and risk investigation approach. To provide an economic-probabilistic analysis of risk of the project, activities and milestones in the cash flow were extracted. Also, probability of occurrence of each of them was assessed. Since, Resources planning in an innovative firm is the object of this project. Therefore, we extracted various risks that are in relation with innovative project and then they were evaluated in the form of cash flow. This model, by considering risks affecting the project and the probability of each of them and assign them to the project's cash flow categories, presents an adjusted cash flow based on Net Present Value (NPV) and with probabilistic simulation approach. Indeed, this model presented economic analysis of the project based on risks-adjusted. Then, it measures NPV of the project, by concerning that these risks which have the most effect on technological innovation projects, and in the following measures probability associated with the NPV for each category. As a result of application of presented model in the information and communication technology (ICT) industry, provided an appropriate analysis of feasibility of the project from the point of view of cash flow based on risk impact on the project. Obtained results can be given to decision makers until they can practically have a systematically analysis of the possibility of the project with an economic approach and as moderated.

Keywords: cash flow categorization, economic evaluation, probabilistic, risk assessment, technological innovation

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Authors: Oluibukun G. Ajayi, Joseph O. Odumosu, Oladimeji T. Babafemi, Azeez Z. Opeyemi, Asaleye O. Samuel

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The need for the complete automation of every procedure of surveying and most especially, its engineering applications cannot be overemphasized due to the many demerits of the conventional manual or analogue approach. This paper presents the summarized details of the development of a Route Information Management (RIM) software. The software, codenamed ‘AutoROUTE’, was encoded using Microsoft visual studio-visual basic package, and it offers complete automation of the computational procedures and plan production involved in route surveying. It was experimented using a route survey data (longitudinal profile and cross sections) of a 2.7 km road which stretches from Dama to Lunko village in Minna, Niger State, acquired with the aid of a Hi-Target DGPS receiver. The developed software (AutoROUTE) is capable of computing the various simple curve parameters, horizontal curve, and vertical curve, and it can also plot road alignment, longitudinal profile, and cross-section with a capability to store this on the SQL incorporated into the Microsoft visual basic software. The plotted plans with AutoROUTE were compared with the plans produced with the conventional AutoCAD Civil 3D software, and AutoROUTE proved to be more user-friendly and accurate because it plots in three decimal places whereas AutoCAD plots in two decimal places. Also, it was discovered that AutoROUTE software is faster in plotting and the stages involved is less cumbersome compared to AutoCAD Civil 3D software.

Keywords: automated systems, cross sections, curves, engineering construction, longitudinal profile, route surveying

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Authors: Mijoh A. Gbededo, Kapila Liyanage, Sabuj Mallik

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The emerging approaches to sustainable manufacturing are considered to be solution-oriented with the aim of addressing the environmental, economic and social issues holistically. However, the analysis of the interdependencies amongst the three sustainability dimensions has not been fully captured in the literature. In a recent review of approaches to sustainable manufacturing, two categories of techniques are identified: 1) Sustainable Product Development (SPD), and 2) Sustainability Performance Assessment (SPA) techniques. The challenges of the approaches are not only related to the arguments and misconceptions of the relationships between the techniques and sustainable development but also to the inability to capture and integrate the three sustainability dimensions. This requires a clear definition of some of the approaches and a road-map to the development of a holistic approach that supports sustainability decision-making. In this context, eco-innovation, social impact assessment, and life cycle sustainability analysis play an important role. This paper deployed an integrative approach that enabled amalgamation of sustainable manufacturing approaches and the theories of reciprocity and motivation into a holistic simulation-based impact analysis framework. The findings in this research have the potential to guide sustainability analysts to capture the aspects of the three sustainability dimensions into an analytical model. Additionally, the research findings presented can aid the construction of a holistic simulation model of a sustainable manufacturing and support effective decision-making.

Keywords: life cycle sustainability analysis, sustainable manufacturing, sustainability performance assessment, sustainable product development

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Authors: Jan Ceselsky

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Construction and reconstruction of settlements and individual municipalities, environmental management and the creation, deployment of the forces of production and building transport and technical equipment requires a large expenditure of material and human resources. That is why the economic aspects of the majority decision in these planes built in the foreground and are often decisive. Thereby but more serious is that the economic aspects of the settlement, the creation and function remain in their whole, unprocessed, and can not speak of a set of individual techniques and methods traditional indicators and experiments with new approaches. This is true both at the level of the national economy, and in their own urban designs. Still a few remain identified specific economic shaping patterns of settlement and the less it is possible to speak of their control. Also practical assessing economics of specific solutions are often used non-apt indicators in addition to economics usually identifies with the lowest acquisition cost or high-intensity land use with little regard for functional efficiency and little studied much higher operating and maintenance costs.

Keywords: investment, municipal engineering, value for money, construction

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Authors: K. Bokreta, D. Benanaya

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The objective of this study is to examine the relative effectiveness of monetary and fiscal policy in Algeria using the econometric modelling techniques of cointegration and vector error correction modelling to analyse and draw policy inferences. The chosen variables of fiscal policy are government expenditure and net taxes on products, while the effect of monetary policy is presented by the inflation rate and the official exchange rate. From the results, we find that in the long-run, the impact of government expenditures is positive, while the effect of taxes is negative on growth. Additionally, we find that the inflation rate is found to have little effect on GDP per capita but the impact of the exchange rate is insignificant. We conclude that fiscal policy is more powerful then monetary policy in promoting economic growth in Algeria.

Keywords: economic growth, monetary policy, fiscal policy, VECM

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Authors: Jonardan Koner, Basabi Bhattacharya, Avinash Purandare

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The study is focused to find out the impact of infrastructural investment on economic development in Indian states. The study uses panel data analysis to measure the impact of infrastructural investment on Real Gross Domestic Product in Indian States. Panel data analysis incorporates Unit Root Test, Cointegration Teat, Pooled Ordinary Least Squares, Fixed Effect Approach, Random Effect Approach, Hausman Test. The study analyzes panel data (annual in frequency) ranging from 1991 to 2012 and concludes that infrastructural investment has a desirable impact on economic development in Indian. Finally, the study reveals that the infrastructural investment significantly explains the variation of economic indicator.

Keywords: infrastructural investment, real GDP, unit root test, cointegration teat, pooled ordinary least squares, fixed effect approach, random effect approach, Hausman test

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Authors: Ahmed Ghalem

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The research to be explained is a collection of information about several public and private economic institutions. This information is represented in highlighting the large and useful role in adopting the method of electronic marketing. Which is widespread and easy to use among community members at the local and international levels. Which generates large sums of money with little effort and little time, and also satisfies the customers. Do these things, despite what we have said, run the risk of losing large amounts of money in a moment or a short time.

Keywords: economic, finance, bank, development, marketing

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Authors: D. Jayalakshmi, S. S. Bhosale

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This paper, in its first part, presents the state-of-the-art literature of design approaches for geosynthetic reinforced unpaved roads. The literature starting since 1970 and the critical appraisal of flexible pavement design by Giroud and Han (2004) and Jonathan Fannin (2006) is presented. The design example is illustrated for Indian conditions. The example emphasizes the results computed by Giroud and Han's (2004) design method with the Indian road congress guidelines by IRC SP 72 -2015. The input data considered are related to the subgrade soil condition of Maharashtra State in India. The unified soil classification of the subgrade soil is inorganic clay with high plasticity (CH), which is expansive with a California bearing ratio (CBR) of 2% to 3%. The example exhibits the unreinforced case and geotextile as reinforcement by varying the rut depth from 25 mm to 100 mm. The present result reveals the base thickness for the unreinforced case from the IRC design catalogs is in good agreement with Giroud and Han (2004) approach for a range of 75 mm to 100 mm rut depth. Since Giroud and Han (2004) method is applicable for both reinforced and unreinforced cases, for the same data with appropriate Nc factor, for the same rut depth, the base thickness for the reinforced case has arrived for the Indian condition. From this trial, for the CBR of 2%, the base thickness reduction due to geotextile inclusion is 35%. For the CBR range of 2% to 5% with different stiffness in geosynthetics, the reduction in base course thickness will be evaluated, and the validation will be executed by the full-scale accelerated pavement testing set up at the College of Engineering Pune (COE), India.

Keywords: base thickness, design approach, equation, full scale accelerated pavement set up, Indian condition

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Authors: Inese Tenberga

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Undoubtedly, the focus of the present capitalist system of finance has shifted from the concept of productivity of money to the ‘cult of money’, which is characterized by such notions as speculative activity, squander, self-profit, vested interest, etc. The author is certain that a civilized society cannot follow this economic path any longer and therefore suggests that one solution would be to integrate the Islamic financial model in the banking sector of the EU to overcome its economic vulnerability and structurally transform its economies or build resilience against shocks and crisis. The researcher analyses the Islamic financial model, which is providing the basis for the concept of non-productivity of money, and proposes to consider it as a new paradigm of economic thinking. The author argues that it seeks to establish a broad-based economic well-being with an optimum rate of economic growth, socio-economic justice, equitable distribution of income and wealth. Furthermore, the author analyses and proposes to use the experience of member states of the Islamic Development Bank for the formation of a new EU interest free banking. It is offered to create within the EU banking system a credit sector and investment sector respectively. As a part of the latter, it is recommended to separate investment banks specializing in speculative investments and non­speculative investment banks. Meanwhile, understanding of the idea of Islamic banking exclusively from the perspective of the manner of yielding profit that differs from credit banking, without considering the legal, social, ethical guidelines of Islam impedes to value objectively the advantages of this type of financial activities at the non-Islamic jurisdictions. However, the author comes to the conclusion the imperative of justice and virtue, which is inherent to all of us, exists regardless of religion. The author concludes that the global community should adopt the experience of the Muslim countries and focus on the Islamic banking model.

Keywords: credit sector, EU banking system, investment sector, Islamic banking

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Authors: Serge Tshibangu, Turgay Celik, Zenzo Ncube

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Road crashes kill nearly over a million people every year, and leave millions more injured or permanently disabled. Various annual reports reveal that the percentage of fatal crashes due to fatigue/driver falling asleep comes directly after the percentage of fatal crashes due to intoxicated drivers. This percentage is higher than the combined percentage of fatal crashes due to illegal/Un-Safe U-turn and illegal/Un-Safe reversing. Although a relatively small percentage of police reports on road accidents highlights drowsiness and fatigue, the importance of these factors is greater than we might think, hidden by the undercounting of their events. Some scenarios show that these factors are significant in accidents with killed and injured people. Thus the need for an automatic drivers fatigue detection system in order to considerably reduce the number of accidents owing to fatigue.This research approaches the drivers fatigue detection problem in an innovative way by combining cues collected from both temporal analysis of drivers’ faces and environment. Monotony in driving environment is inter-related with visual symptoms of fatigue on drivers’ faces to achieve fatigue detection. Optical and infrared (IR) sensors are used to analyse the monotony in driving environment and to detect the visual symptoms of fatigue on human face. Internal cues from drivers faces and external cues from environment are combined together using machine learning algorithms to automatically detect fatigue.

Keywords: intelligent transportation systems, bayesian networks, yawning computing, machine learning algorithms

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Authors: Natasha Lalla

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The impact of free trade on growth has been highly debated and studies have generated varying results. Since the 1970s the Caribbean has engaged in asymmetrical trade with some European states characterized by the Lomé Conventions (1975-1999). These agreements allowed for Caribbean products such as sugar and banana to enter some European countries duty-free and above market prices. With the onset of the World Trade Organization by the mid-1990s, the EU’s banana trade regime was considered illegitimate. Lomé was replaced by the Cotonou agreement (2000-2007), in order to phase out preferences and ensure that the Caribbean trade arrangements were consistent with the international economic environment of trade liberalization. This agreement facilitated signing of the Economic Partnership Agreement in 2008 by both trade blocs whereby Caribbean states must implement freer trade by 2033. The current study is an exploration of how the Organization of the Eastern Caribbean States, the smallest, economically and ecologically vulnerable states of the Caribbean have restructured their trade policies towards the end of preferences and what has been the economic developmental impact of this. This is done by analyzing key reports to understand how these states restructured policies towards freer trade. Secondly, to determine the impact of this, data collected for specific economic indicators were analyzed in a fixed effects panel data framework for the period 1979-2016 on six states of the Organization of the Eastern Caribbean States. The study, therefore, found that freer trade has resulted in negative growth in these states.

Keywords: free trade, growth, OECS, small island developing states

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Authors: Amira Mabrouk, Chokri Abdennadher

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The reduction of road congestion which is inherent to the use of vehicles is an obvious priority to public authority. Therefore, assessing the willingness to pay of an individual in order to save trip-time is akin to estimating the change in price which was the result of setting up a new transport policy to increase the networks fluidity and improving the level of social welfare. This study holds an innovative perspective. In fact, it initiates an economic calculation that has the objective of giving an estimation of the monetized time value during the trips made in Sfax. This research is founded on a double-objective approach. The aim of this study is to i) give an estimation of the monetized value of time; an hour dedicated to trips, ii) determine whether or not the consumer considers the environmental variables to be significant, iii) analyze the impact of applying a public management of the congestion via imposing taxation of city tolls on urban dwellers. This article is built upon a rich field survey led in the city of Sfax. With the use of the contingent valuation method, we analyze the “declared time preferences” of 450 drivers during rush hours. Based on the fond consideration of attributed bias of the applied method, we bring to light the delicacy of this approach with regards to the revelation mode and the interrogative techniques by following the NOAA panel recommendations bearing the exception of the valorization point and other similar studies about the estimation of transportation externality.

Keywords: willingness to pay, contingent valuation, time value, city toll

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Authors: Divya Pande

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The dynamics of culture expresses itself in language. Even after India got independence in 1947 English subtly crept in the language of the masses with a silent and powerful flow towards the vernacular. The culture contact resulted in learning and emergence of a new language across the Hindi speaking belt of Northern and Central India. The hybrid words thus formed displaced the original word and got contextualized and absorbed in the language of the common masses. The research paper explores the interesting new vocabulary used extensively in the urban and rural districts of the state of Uttar- Pradesh which is the most populous state of India. The paper adopts a two way classification- formal and contextual for the analysis of the hybrid vocabulary of the linguistic items where one element is necessarily from the English language and the other from the Hindi. The new vocabulary represents languages of the wider world cutting across the geographical and the cultural barriers. The paper also broadly points out to the Hinglish commonly used in the state.

Keywords: assimilation, culture contact, Hinglish, hybrid words

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Authors: Gulnaz Erkomaishvili

Abstract:

Introduction. One of the most important issues of state economic policy in the 21st century is the problem of environmental protection. The Georgian government considers the green economy as one of the most important means of sustainable economic development and takes the initiative to implement voluntary measures to promote sustainable development. In this context, it is important to promote the development of ecosystem services, clean production, environmental education and green jobs.The development of the green economy significantly reduces the inefficient use of natural resources, waste generation, emissions into the atmosphere and the discharge of untreated water into bodies of water.It is, therefore, an important instrument in the environmental orientation of sustainable development. Objectives.The aim of the paper is to analyze the current status of the green economy in Georgia and identify effective ways to improve the environmental, economic policy of sustainable development. Methodologies: This paper uses general and specific methods, in particular, analysis, synthesis, induction, deduction, scientific abstraction, comparative and statistical methods, as well as experts’ evaluation. bibliographic research of scientific works and reports of organizations was conducted; Publications of the National Statistics Office of Georgia are used to determine the regularity between analytical and statistical estimations. Also, theoretical and applied research of international organizations and scientist-economists are used. Contributions: The country should implement such an economic policy that ensures the transition to a green economy, in particular, revising water, air and waste laws, strengthening existing environmental management tools and introcing new tools (including economic tools). Perfecting the regulatory legal framework of the environmental impact assessment system, which includes the harmonization of Georgian legislation with the requirements of the European Union. To ensure the protection and rational use of Georgia's forests, emphasis should be placed on sustainable forestry, protection and restoration of forests.

Keywords: green economy, environmental protection, environmental protection economic policy, environmental protection policy challanges

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Authors: Mehdi Ghaemi

Abstract:

Within the current paper, there is an attempt to examine the legal system that overrules economic stability and legitimate expectations of foreign investment rights. Studies show that Meeting the legitimate expectations of foreign investment is one of the rights and privileges which obviously are to be benefited from by all types of foreign investments. The legitimate expectations of foreign investors are protected and structured strongly with the help of international investment laws. The body of international investment laws is faced with multiple challenges with respect to the legitimate expectations of foreign investments, including the Economic stability and the public interest of the host country, the attitude of the host country towards the legitimate rights and privileges of the foreign investment, the ways to meet and to control those expectations, and also the assessment of the regulations of the host country which would affect the investing bodies within different circumstances.

Keywords: foreign investment, legitimate expectations, regulating investments, international investment

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Authors: Josip Visković, Ana Rimac Smiljanić, Ines Ivić

Abstract:

Housing loans play an important role in CEE countries’ economies. This fact is based on their share in total loans to households and their importance for economic activity and growth in CEE countries. Therefore, it is important to find out key determinants of housing loans demand in these countries. The aim of this study is to research and analyze the determinants of the demand for housing loans in Croatia. In this regard, the effect of economic activity, loan terms and real estate prices were analyzed. Also, the aim of this study is to find out what motivates people to take housing loans. Therefore, primarily empirical study was conducted among the Croatian residents. The results show that demand for housing loans is positively affected by economic growth, higher personal income and flexible loan terms, while it is negatively affected by interest rate rise.

Keywords: CEE countries, Croatia, demand determinants, housing loans

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Authors: Slimane Souag, Amel Graa, Farid Benhamida

Abstract:

In this paper we present a new method for solving the secured power flow problem by the economic dispatch using DC power flow method and Generation Shift Distribution Factor (GSDF), in this work we create a graphical interface in LabVIEW as a virtual instrument. Hence the dc power flow reduces the power flow problem to a set of linear equations, which make the iterative calculation very fast and the GSFD matrix present the effects of single and multiple generator MW change on the transmission line. The effectiveness of the method developed is identified through its application to an IEEE-14 bus test system. The calculation results show excellent performance of the proposed method, in regard to computation time and quality of results.

Keywords: electrical power system security, economic dispatch, sensitivity matrix, labview

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Authors: Parma Chakravartti

Abstract:

The impact of government spending and taxation on economic growth has remained a central issue of fiscal policy analysis. There is a wide range of opinions over the strength of fiscal policy’s effect on macroeconomic variables. It can be argued that the impact of fiscal policy depends on the structure and economic condition of the economy. This study makes an attempt to examine the effect of fiscal policy shocks on growth in India using the structural vector autoregressive model (SVAR), considering data from 1950 to 2019. The study finds that government spending is an important instrument of growth in India, where the share of revenue expenditure to capital expenditure plays a key role. The optimum composition of total expenditure is important for growth and it is not necessarily true that capital expenditure multiplier is more than revenue expenditure multiplier. The study also finds that the impact of public economic activities on private economic activities for both consumption expenditure and gross capital formation of government crowds in private consumption expenditure and private gross capital formation, respectively, thus indicating that government expenditure complements private expenditure in India.

Keywords: government spending, fiscal policy, multiplier, growth

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