Search results for: economic cycles
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 7855

Search results for: economic cycles

6115 To Live on the Margins: A Closer Look at the Social and Economic Situation of Illegal Afghan Migrants in Iran

Authors: Abdullah Mohammadi

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Years of prolong war in Afghanistan has led to one of the largest refugee and migrant populations in the contemporary world. During this continuous unrest which began in 1970s (by military coup, Marxist revolution and the subsequent invasion of USSR), over one-third of the population migrated to neighboring countries, especially Pakistan and Iran. After the Soviet Army withdrawal in 1989, a new wave of conflicts emerged between rival Afghan groups and this led to new refugees. Taliban period, also, created its own refugees. During all these years, I.R. of Iran has been one of the main destinations of Afghan refugees and migrants. At first, due to the political situation after Islamic Revolution, Iran government didn’t restrict the entry of Afghan refugees. Those who came first in Iran received ID cards and had access to education and healthcare services. But in 1990s, due to economic and social concerns, Iran’s policy towards Afghan refugees and migrants changed. The government has tried to identify and register Afghans in Iran and limit their access to some services and jobs. Unfortunately, there are few studies on Afghan refugees and migrants’ situation in Iran and we have a dim and vague picture of them. Of the few studies done on this group, none of them focus on the illegal Afghan migrants’ situation in Iran. Here, we tried to study the social and economic aspects of illegal Afghan migrants’ living in Iran. In doing so, we interviewed 24 illegal Afghan migrants in Iran. The method applied for analyzing the data is thematic analysis. For the interviews, we chose family heads (17 men and 7 women). According to the findings, illegal Afghan migrants’ socio-economic situation in Iran is very undesirable. Its main cause is the marginalization of this group which is resulted from government policies towards Afghan migrants. Most of the illegal Afghan migrants work in unskilled and inferior jobs and live in rent houses on the margins of cities and villages. None of them could buy a house or vehicle due to law. Based on their income, they form one of the lowest, unprivileged groups in the society. Socially, they face many problems in their everyday life: social insecurity, harassment and violence, misuse of their situation by police and people, lack of education opportunity, etc. In general, we may conclude that illegal Afghan migrant have little adaptation with Iran’s society. They face severe limitations compared to legal migrants and refugees and have no opportunity for upward social mobility. However, they have managed some strategies to face these difficulties including: seeking financial and emotional helps from family and friendship networks, sending one of the family members to third country (mostly to European countries), establishing self-administered schools for children (schools which are illegal and run by Afghan educated youth).

Keywords: illegal Afghan migrants, marginalization, social insecurity, upward social mobility

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6114 Financial Markets Performance: From COVID-19 Crisis to Hopes of Recovery with the Containment Polices

Authors: Engy Eissa, Dina M. Yousri

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COVID-19 has hit massively the world economy, financial markets and even societies’ livelihood. The infectious disease caused by the most recently discovered coronavirus was claimed responsible for a shrink in the global economy by 4.4% in 2020. Shortly after the first case in Wuhan was identified, a quick surge in the number of confirmed cases in China was evident and a vast spread worldwide is recorded with cases surpassing the 500,000 cases. Irrespective of the disease’s trajectory in each country, a call for immediate action and prompt government intervention was needed. Given that there is no one-size-fits-all approach across the world, a number of containment and adoption policies were embraced. It was starting by enforcing complete lockdown like China to even stricter policies targeted containing the spread of the virus, augmenting the efficiency of health systems, and controlling the economic outcomes arising from this crisis. Hence, this paper has three folds; first, it examines the impact of containment policies taken by governments on controlling the number of cases and deaths in the given countries. Second, to assess the ramifications of COVID-19 on financial markets measured by stock returns. Third, to study the impact of containment policies measured by the government response index, the stringency index, the containment health index, and the economic support index on financial markets performance. Using a sample of daily data covering the period 31st of January 2020 to 15th of April 2021 for the 10 most hit countries in wave one by COVID-19 namely; Brazil, India, Turkey, Russia, UK, USA, France, Germany, Spain, and Italy. The aforementioned relationships were tested using Panel VAR Regression. The preliminary results showed that the number of daily deaths had an impact on the stock returns; moreover, the health containment policies and the economic support provided by the governments had a significant effect on lowering the impact of COVID-19 on stock returns.

Keywords: COVID-19, government policies, stock returns, VAR

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6113 Regionalism or Ladder-Up: A Theoretical Perspective of Association of Southeast Asian Nations’ Reactions to Belt and Road Initiative

Authors: Yunqi Wang

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As a vital region to the Chinese Belt and Road Initiative (BRI), members of the Association of Southeast Asian Nations (ASEAN) have responded to the grand strategy differently. Some expressed fervent support, while others played the 'hedging' card between great powers. This paper explores the underlying rationale behind such complexity by proposing two theoretical explanations: a Regionalism Hypothesis, where countries respond with hedging, balancing, and bandwagoning behaviours in line with national interests and norm-based 'ASEAN-Way'; and a Ladder-up Hypothesis, where countries consider the initiative as an incentive to remove bottlenecks of climbing up the economic ladder in Rostow's stage of the growth model. By analysing reactions from Myanmar, Laos, Indonesia, and Singapore, two patterns are observed. On an empirical note, the more developed economies are more inclined to the Regionalist explanation. On a theoretical note, there has been a gradual convergence between the two explanations, given the impact of economic globalisation on ASEAN. This paper will contribute to the current theoretical vacancy in the study of ASEAN and BRI by capturing the particular norms shared by this regional entity.

Keywords: ASEAN, belt and road initiative, hedging, Rostow's stages of growth, regionalism

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6112 A Low-Latency Quadratic Extended Domain Modular Multiplier for Bilinear Pairing Based on Non-Least Positive Multiplication

Authors: Yulong Jia, Xiang Zhang, Ziyuan Wu, Shiji Hu

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The calculation of bilinear pairing is the core of the SM9 algorithm, which relies on the underlying prime domain algorithm and the quadratic extension domain algorithm. Among the field algorithms, modular multiplication operation is the most time-consuming part. Therefore, the underlying modular multiplication algorithm is optimized to maximize the operation speed of bilinear pairings. This paper uses a modular multiplication method based on non-least positive (NLP) combined with Karatsuba and schoolbook multiplication to improve the Montgomery algorithm. At the same time, according to the characteristics of multiplication operation in the quadratic extension domain, a quadratic extension domain FP2-NLP modular multiplication algorithm for bilinear pairings is proposed, which effectively reduces the operation time of modular multiplication in the quadratic extension domain. The sub-expanded domain Fp₂ -NLP modular multiplication algorithm effectively reduces the operation time of modular multiplication under the second-expanded domain. The multiplication unit in the quadratic extension domain is implemented using SMIC55nm process, and two different implementation architectures are designed to cope with different application scenarios. Compared with the existing related literature, The output latency of this design can reach a minimum of 15 cycles. The shortest time for calculating the (AB+CD)r⁻¹ mod form is 37.5ns, and the comprehensive area-time product (AT) is 11400. The final R-ate pairing algorithm hardware accelerator consumes 2670k equivalent logic gates and 1.8ms computing time in 55nm process.

Keywords: sm9, hardware, NLP, Montgomery

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6111 De Novo Design of a Minimal Catalytic Di-Nickel Peptide Capable of Sustained Hydrogen Evolution

Authors: Saroj Poudel, Joshua Mancini, Douglas Pike, Jennifer Timm, Alexei Tyryshkin, Vikas Nanda, Paul Falkowski

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On the early Earth, protein-metal complexes likely harvested energy from a reduced environment. These complexes would have been precursors to the metabolic enzymes of ancient organisms. Hydrogenase is an essential enzyme in most anaerobic organisms for the reduction and oxidation of hydrogen in the environment and is likely one of the earliest evolved enzymes. To attempt to reinvent a precursor to modern hydrogenase, we computationally designed a short thirteen amino acid peptide that binds the often-required catalytic transition metal Nickel in hydrogenase. This simple complex can achieve hundreds of hydrogen evolution cycles using light energy in a broad range of temperature and pH. Biophysical and structural investigations strongly indicate the peptide forms a di-nickel active site analogous to Acetyl-CoA synthase, an ancient protein central to carbon reduction in the Wood-Ljungdahl pathway and capable of hydrogen evolution. This work demonstrates that prior to the complex evolution of multidomain enzymes, early peptide-metal complexes could have catalyzed energy transfer from the environment on the early Earth and enabled the evolution of modern metabolism

Keywords: hydrogenase, prebiotic enzyme, metalloenzyme, computational design

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6110 Seaweed as a Future Fuel Option: Potential and Conversion Technologies

Authors: Muhammad Rizwan Tabassum, Ao Xia, Jerry D. Murphy

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The purpose of this work is to provide a comprehensive overview of seaweed as the alternative feedstock for biofuel production and key conversion technologies. Resource depletion and climate change are the driving forces to hunt for renewable sources of energy. Macroalgae can be preferred over land based crops for biofuel production because they are not in competition with food crops for arable land, high growth rates and low lignin contents which require less energy-intensive pre-treatments. However, some disadvantages, such as high moisture content, seasonal variation in chemical composition and process inhibition limit its economic feasibility. Seaweed can be converted into gaseous and liquid fuel by different conversion technologies, but biogas via anaerobic digestion from seaweed is attracting increased attention due to its dual benefit of an economic source of bio-fuel and environment-friendly technology. Biodiesel and bioethanol conversion technologies from seaweed are still under development. A selection of high yielding seaweed species, optimal harvesting season and process optimization make them economically feasible for the alternative source of renewable and sustainable feedstock for biofuel in future.

Keywords: anaerobic digestion, biofuel, bio-methane, conversion technologies, seaweed

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6109 Customized Design of Amorphous Solids by Generative Deep Learning

Authors: Yinghui Shang, Ziqing Zhou, Rong Han, Hang Wang, Xiaodi Liu, Yong Yang

Abstract:

The design of advanced amorphous solids, such as metallic glasses, with targeted properties through artificial intelligence signifies a paradigmatic shift in physical metallurgy and materials technology. Here, we developed a machine-learning architecture that facilitates the generation of metallic glasses with targeted multifunctional properties. Our architecture integrates the state-of-the-art unsupervised generative adversarial network model with supervised models, allowing the incorporation of general prior knowledge derived from thousands of data points across a vast range of alloy compositions, into the creation of data points for a specific type of composition, which overcame the common issue of data scarcity typically encountered in the design of a given type of metallic glasses. Using our generative model, we have successfully designed copper-based metallic glasses, which display exceptionally high hardness or a remarkably low modulus. Notably, our architecture can not only explore uncharted regions in the targeted compositional space but also permits self-improvement after experimentally validated data points are added to the initial dataset for subsequent cycles of data generation, hence paving the way for the customized design of amorphous solids without human intervention.

Keywords: metallic glass, artificial intelligence, mechanical property, automated generation

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6108 Case Study on Socio-Economic Impacts of Sustainable Trophy Hunting Programme on Local Community of Sassi-Haramosh Conservancy, Gilgit District, Pakistan

Authors: Hassan Abbas, Rehmat Ali, Muhammad Akbar

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This study has been conducted in Sassi-Haramosh conservancy District Gilgit, Gilgit-Baltistan of Pakistan, under the Conservation Leadership Programme of Fauna and Flora International. The main objectives of the study were to assess the socio-economic impact of community-based conservation in Sassi-Haramosh conservancy and identify effects of trophy hunting on the conservation of wildlife in the area. The first trophy hunting program of Astor Markhor was held in year February 21, 2015, and the second on February 21, 2016. The community received a share of 49200 USD and 52400 USD from the first and second hunting, and the total earning was 101600 USD which are Rs. 10,871,200 in Pak Rs. The amounts from the trophy hunting are being managed by the Wildlife Conservation and Social Development Organization (WCSDO) Sassi. The village-based organization WCSDO is spending 50% of the trophy hunting amount in the protection of wildlife, its habitat and other natural resources, 30% in developmental sectors of the village and 20% of the amount in the office expenses. Several developmental projects, like construction of 300 KVA hydropower stations, purchase of 8 acres of land for agriculture, potable water supply project, construction of treks, and other social welfare activities have been carried in the village utilizing the trophy hunting grant. These developmental activities have uplifted the socio-economic conditions of the conservancy. Furthermore, trophy hunting program has positive impacts on the wildlife in the area, as the population of Markhor and Ibex has been increased, results in increasing number of other carnivores in the area. The WCSDO has banned any illegal activities in the habitat of wildlife and grazing of livestock in the core habitats. The program raised the level of awareness in communities and reduced poaching, illegal hunting, cutting of shrubs and extraction of Artemisia species from the pastures.

Keywords: Markhor, trophy hunting, Sassi-Haramosh, Gilgit

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6107 Loan Supply and Asset Price Volatility: An Experimental Study

Authors: Gabriele Iannotta

Abstract:

This paper investigates credit cycles by means of an experiment based on a Kiyotaki & Moore (1997) model with heterogeneous expectations. The aim is to examine how a credit squeeze caused by high lender-level risk perceptions affects the real prices of a collateralised asset, with a special focus on the macroeconomic implications of rising price volatility in terms of total welfare and the number of bankruptcies that occur. To do that, a learning-to-forecast experiment (LtFE) has been run where participants are asked to predict the future price of land and then rewarded based on the accuracy of their forecasts. The setting includes one lender and five borrowers in each of the twelve sessions split between six control groups (G1) and six treatment groups (G2). The only difference is that while in G1 the lender always satisfies borrowers’ loan demand (bankruptcies permitting), in G2 he/she closes the entire credit market in case three or more bankruptcies occur in the previous round. Experimental results show that negative risk-driven supply shocks amplify the volatility of collateral prices. This uncertainty worsens the agents’ ability to predict the future value of land and, as a consequence, the number of defaults increases and the total welfare deteriorates.

Keywords: Behavioural Macroeconomics, Credit Cycle, Experimental Economics, Heterogeneous Expectations, Learning-to-Forecast Experiment

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6106 Wage Differentiation Patterns of Households Revisited for Turkey in Same Industry Employment: A Pseudo-Panel Approach

Authors: Yasin Kutuk, Bengi Yanik Ilhan

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Previous studies investigate the wage differentiations among regions in Turkey between couples who work in the same industry and those who work in different industries by using the models that is appropriate for cross sectional data. However, since there is no available panel data for this investigation in Turkey, pseudo panels using repeated cross-section data sets of the Household Labor Force Surveys 2004-2014 are employed in order to open a new way to examine wage differentiation patterns. For this purpose, household heads are separated into groups with respect to their household composition. These groups’ membership is assumed to be fixed over time such as age groups, education, gender, and NUTS1 (12 regions) Level. The average behavior of them can be tracked overtime same as in the panel data. Estimates using the pseudo panel data would be consistent with the estimates using genuine panel data on individuals if samples are representative of the population which has fixed composition, characteristics. With controlling the socioeconomic factors, wage differentiation of household income is affected by social, cultural and economic changes after global economic crisis emerged in US. It is also revealed whether wage differentiation is changing among the birth cohorts.

Keywords: wage income, same industry, pseudo panel, panel data econometrics

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6105 Biosorption of Metal Ions from Sarcheshmeh Acid Mine Drainage by Immobilized Bacillus thuringiensis in a Fixed-Bed Column

Authors: V. Khosravi, F. D. Ardejani, A. Aryafar, M. Sedighi

Abstract:

Heavy metals have a damaging impact for the environment, animals and humans due to their extreme toxicity and removing them from wastewaters is a very important and interesting task in the field of water pollution control. Biosorption is a relatively new method for treatment of wastewaters and recovery of heavy metals. In this study, a continuous fixed bed study was carried out by using Bacillus thuringiensis as a biosorbent for the removal of Cu and Mn ions from Sarcheshmeh Acid Mine Drainage (AMD). The effect of operating parameters such as flow rate and bed height on the sorption characteristics of B. thuringiensis was investigated at pH 6.0 for each metal ion. The experimental results showed that the breakthrough time decreased with increasing flow rate and decreasing bed height. The data also indicated that the equilibrium uptake of both metals increased with decreasing flow rate and increasing bed height. BDST, Thomas, and Yoon–Nelson models were applied to experimental data to predict the breakthrough curves. All models were found suitable for describing the whole dynamic behavior of the column with respect to flow rate and bed height. In order to regenerate the adsorbent, an elution step was carried out with 1 M HCl and five adsorption-desorption cycles were carried out in continuous manner.

Keywords: acid mine drainage, bacillus thuringiensis, biosorption, cu and mn ions, fixed bed

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6104 Natural Dyes in Schools. Development of Techniques From Early Childhood as a Tool for Art, Design and Sustainability

Authors: Luciana Marrone

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Natural dyes are a great resource for today's artists and designers providing endless possibilities for design and sustainability. This research and development project focuses on the idea of making these dyeing or painting methodologies reach the widest possible range of students. The main objective is to inform and train, free of charge, teachers and students from different academic institutions, at different levels, kindergarten, primary, secondary, tertiary and university. In this research and dissemination project, in the first instance, institutions from Argentina, Chile, Uruguay, Mexico, Spain, Italy, Colombia, Paraguay, Venezuela, Brazil and Australia joined the project, reaching the grassroots of education from the very beginning. Natural dyes will become part of everyday life for more people, achieving their own colors for art, textiles or any other application. The knowledge of the techniques and resources of the student a fundamental tool, sustainable and opens endless possibilities even in places or homes with few economic resources, thus achieving that natural dyes are not only part of the world of designers but also that they are incorporated from the basics and can thus become a resource applicable in different areas even in places with few economic or development possibilities.

Keywords: art, education, natural dyes, sustainability, textile design.

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6103 Baby Bed Sheets with a Nanofiber Membrane

Authors: Roman Knizek, Denisa Knizkova, Vladimir Bajzik

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Nowadays there are countless kinds of bedsheets or mattress covers for little children which should stop any liquid getting into the mattress. It is quite easy to wash the cover of the mattress, but it is almost impossible to clean the body of a mattress which is made of latex foam, wool or synthetic materials. Children bedsheets or mattress covers are often made with plastic coating which is not steam or air permeable and therefore is not very hygienic. This is our goal: by laminating a nanofiber membrane to a suitable bedsheet textile material, we can create a bedsheet which is waterproof but at the same time steam permeable and also partially breathable, thanks to the membrane. For the same reason, nanofiber membranes are widely used in outdoor clothing. The comfort properties and durability of the new nano-membrane bedsheet were studied. The following comfort properties were investigated: steam permeability - measured in accordance with Standard ISO 11902 hydrostatic resistances - measured in accordance with Standard ISO 811 and air permeability - measured in accordance with Standard ISO 9237. The durability or more precisely the wash resistance of the nano-membrane bedsheet was also measured by submitting the sheet to 30 washing cycles. The result of our work is a children's bedsheet with a nano-membrane. The nano-membrane is made of polyurethane to keep maximum flexibility and elasticity which are essential for this product. The comfort properties of this new bedsheet are very good especially its steam permeability and hydrostatic resistance.

Keywords: bed sheet, hydrostatic resistance, nanofiber membrane, water vapour permeable

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6102 Factors Associated with Self-Reported Pregnancies among Secondary School Teenagers in South Africa: Evidence from General Household Surveys

Authors: Sathiya Susuman Appunni

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Background: This article reviews the self-reported pregnancies among teenage girls currently attending secondary school in South Africa. The study aim is to examine the demographic and socio-economic factors associated with self-reported pregnancies among teenage girls currently attending secondary school in the study area. Data and Methods: Secondary data drawn from the General Household Surveys 2016 and Community Survey 2016 as well as 10 % sample data from the 2011 South African census were used. Bivariate, and Multivariate analyses were carried in order to meet the aims of the study. Results: The independent variable identified was the number of economically active people in the household, which indicated 3.3% in 2011 and 3.6% in 2016 for the household with no economically active member. Among the provinces, Limpopo has been leading by 5.2% of self-reported pregnancies among the girls currently attending secondary school in South Africa. Conclusion: It is recommended that the needs to be special health policies and strategies in place to address this epidemic and such policies need to be targeted to the different needs of teenagers in the different demarcations of the country.

Keywords: pregnancy prevalence, demographic, household, teenage girls, socio-economic

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6101 Identifying the Faces of colonialism: An Analysis of Gender Inequalities in Economic Participation in Pakistan through Postcolonial Feminist Lens

Authors: Umbreen Salim, Anila Noor

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This paper analyses the influences and faces of colonialism in women’s participation in economic activity in postcolonial Pakistan, through postcolonial feminist economic lens. It is an attempt to probe the shifts in gender inequalities that have existed in three stages; pre-colonial, colonial, and postcolonial times in the Indo-Pak subcontinent. It delves into an inquiry of pre-colonial as it is imperative to understand the situation and context before colonisation in order to assess the deviations associated with its onset. Hence, in order to trace gender inequalities this paper analyses from Mughal Era (1526-1757) that existed before British colonisation, then, the gender inequalities that existed during British colonisation (1857- 1947) and the associated dynamics and changes in women’s vulnerabilities to participate in the economy are examined. Followed by, the postcolonial (1947 onwards) scenario of discriminations and oppressions faced by women. As part of the research methodology, primary and secondary data analysis was done. Analysis of secondary data including literary works and photographs was carried out, followed by primary data collection using ethnographic approaches and participatory tools to understand the presence of coloniality and gender inequalities embedded in the social structure through participant’s real-life stories. The data is analysed using feminist postcolonial analysis. Intersectionality has been a key tool of analysis as the paper delved into the gender inequalities through the class and caste lens briefly touching at religion. It is imperative to mention the significance of the study and very importantly the practical challenges as historical analysis of 18th and 19th century is involved. Most of the available work on history is produced by a) men and b) foreigners and mostly white authors. Since the historical analysis is mostly by men the gender analysis presented misses on many aspects of women’s issues and since the authors have been mostly white European gives it as Mohanty says, ‘under western eyes’ perspective. Whereas the edge of this paper is the authors’ deep attachment, belongingness as lived reality and work with women in Pakistan as postcolonial subjects, a better position to relate with the social reality and understand the phenomenon. The study brought some key results as gender inequalities existed before colonisation when women were hidden wheel of stable economy which was completely invisible. During the British colonisation, the vulnerabilities of women only increased and as compared to men their inferiority status further strengthened. Today, the postcolonial woman lives in deep-rooted effects of coloniality where she is divided in class and position within the class, and she has to face gender inequalities within household and in the market for economic participation. Gender inequalities have existed in pre-colonial, during colonisation and postcolonial times in Pakistan with varying dynamics, degrees and intensities for women whereby social class, caste and religion have been key factors defining the extent of discrimination and oppression. Colonialism may have physically ended but the coloniality remains and has its deep, broad and wide effects in increasing gender inequalities in women’s participation in the economy in Pakistan.

Keywords: colonialism, economic participation, gender inequalities, women

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6100 Education as a Factor Which Reduces Poverty

Authors: E. V. Fakhrutdinova, Y. S. Kolesnikova, E. A. Karasik, V. M. Zagidullina

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Poverty as the social and economic phenomenon exists in any society and represents a many-sided problem. In this sense it is universal and for many centuries serves as a research objects for scientists. Special attention to a problem of poverty in Russia is caused, first of all, by the critical growth of inequality and by scales of expansion of poverty, considerable decrease in the level and quality of life of the population, decrease in availability of education during the period of reforming. The expansion of poverty on the working members of society, youth, which has to provide reproduction of the population is alarming. As poverty is the reason of weakening of national security of the country, degradation of the population, decline in the quality of the human capital, complication of a demographic situation, strengthening of social contradictions in society, so far as the reduction of poverty, so, the increase in production. Poverty: the characteristic of an economic situation of the individual or social group at which they can't satisfy certain minimum requirements necessary for life, preservations of working capacity and reproduction. Poverty became one of the critical factors expelling people from the system of the institutional interactions reducing social space in which their relations were building breaking their social identity. Complication of the problem of poverty in modern society happened due to penetration of the related relations into many spheres of life. It is known that negative consequences of poverty display not only at the personal level of the poor person, but also at the level of interpersonal social interactions, decline in the quality and level of development of the human capital, and also at social and economic system in general. We conducted a research on the influence of education on the change of poverty level of the population. We consider education as a resource for an increase of the income and social mobility. Dependence of the income of the population on the level of education, availability of education (level of education and quality of education) on the level of income of families is found. Differentiation of quality and number of educational services for children depending on the level of the income of families is revealed. Influence of a factor of poverty on the availability of education is also studied. We consider expenses on education as the limiter of access to education. We consider education as a factor of fixation and aggravation of a property inequality. In the solution of problems of poverty the defining condition is the state regulation of social and economic development by means of creation of the effective institutional environment. The state has to develop measures for an increase of availability of various services to all categories of citizens, in particular services of health care and education, especially for poor citizens enters. The special attention regarding an increase of availability of education services has to be paid to creation of system of social elevators.

Keywords: poverty, education, human capital, quality of life

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6099 Value at Risk and Expected Shortfall of Firms in the Main European Union Stock Market Indexes: A Detailed Analysis by Economic Sectors and Geographical Situation

Authors: Emma M. Iglesias

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We have analyzed extreme movements of the main stocks traded in the Eurozone in the 2000-2012 period. Our results can help future very-risk-averse investors to choose their portfolios in the Eurozone for risk management purposes. We find two main results. First, we can clearly classify firms by economic sector according to their different estimated VaR values in five of the seven countries we analyze. In special, we find sectors in general where companies have very high (telecommunications and banking) and very low (petroleum, utilities, energy and consumption) estimated VaR values. Second, we only find differences according to the geographical situation of where the stocks are traded in two countries: (1) all firms in the Irish stock market (the only financially rescued country we analyze) have very high estimated VaR values in all sectors; while (2) in Spain all firms have very low estimated VaR values including in the banking and the telecommunications sectors. All our results are supported when we study also the expected shortfall of the firms.

Keywords: risk management, firms, pareto tail thickness parameter, GARCH-type models, value-at-risk, extreme value theory, heavy tails, stock indexes, eurozone

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6098 Short Review on Models to Estimate the Risk in the Financial Area

Authors: Tiberiu Socaciu, Tudor Colomeischi, Eugenia Iancu

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Business failure affects in various proportions shareholders, managers, lenders (banks), suppliers, customers, the financial community, government and society as a whole. In the era in which we have telecommunications networks, exists an interdependence of markets, the effect of a failure of a company is relatively instant. To effectively manage risk exposure is thus require sophisticated support systems, supported by analytical tools to measure, monitor, manage and control operational risks that may arise. As we know, bankruptcy is a phenomenon that managers do not want no matter what stage of life is the company they direct / lead. In the analysis made by us, by the nature of economic models that are reviewed (Altman, Conan-Holder etc.), estimating the risk of bankruptcy of a company corresponds to some extent with its own business cycle tracing of the company. Various models for predicting bankruptcy take into account direct / indirect aspects such as market position, company growth trend, competition structure, characteristics and customer retention, organization and distribution, location etc. From the perspective of our research we will now review the economic models known in theory and practice for estimating the risk of bankruptcy; such models are based on indicators drawn from major accounting firms.

Keywords: Anglo-Saxon models, continental models, national models, statistical models

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6097 Factors Affecting the Quality of Life of Residents in Low-Cost Housing in Thailand

Authors: Bundit Pungnirund

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The objectives of this research were to study the factors affecting life quality of residents who lived in the low-cost housing in Thailand. This study employed by quantitative research and the questionnaire was used to collect the data from 400 sampled of the residents in low-cost housing projects in Thailand. The descriptive statistics and multiple regression analysis were used to analyze data. The research results revealed that economic status of residents, government’s policy on dwelling places, leadership of community leaders, environmental condition of the community, and the quality of life were rated at the good level, while the participation of residents, and the knowledge and understanding of community members were rated at the high level. Furthermore, the environmental condition, the government’s policy on dwelling places, knowledge and understanding of residents, leadership of community leaders, economic status of the residents, and participation of community members had significantly affected the quality of life of residents in the low-cost housing.

Keywords: quality of life, community leadership, community participation, low-cost housing

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6096 Associated Factors to Depression of the Elderly in Ladboakao Sub-District, Banpong District, Ratchaburi Province, Thailand

Authors: Yadchol Tawetanawanich

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Depression of elderly is a mental health problem that impacts tremendously on the elderly themselves, their family, and society. the purposes of this descriptive research were to examine prevalence rate of elderly depression and to study factors related to depression in elderly including 1) individual factors: sex, education, marital status, 2) economic factors: occupation, adequate income 3) health factors: chronic illnesses , disability, 4) social factors: family relationship, community relationship, 5) knowledge of depression, and 6) self-care behavior. The subject in this study included 273 elderly in Ladboakao sub-district, Banpong district, Ratchaburi province, Thailand. Data were collected through questionnaires and were analyzed using percentage, mean, standard deviation, chi-square, and one-way ANOVA. The results of the study revealed that: The prevalence rate of elderly depression were 21.61%, factors included economic factors, health factors, knowledge about depression, and self-care behavior were statistically significant positively related to depression of elderly (p<0.05), but individual factors and social factors were not significantly related to depression. It is also important for nurses to assess factors related to depression of the elderly in order to develop the model of care and use self-care strategies to contribute the positive outcomes.

Keywords: associated factors, depression, elderly, self-care

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6095 Women's Entrepreneurship in Mena Region: Gem Key Learnings

Authors: Fatima Boutaleb

Abstract:

Entrepreneurship proves to be crucial for the economic growth and development, since it contributes to job creation and the improvement of the overall productivity thus generating a positive impact upon society at various levels. Promoting entrepreneurship stimulates therefore economic diversity that is key to the betterment and/or maintaining of the standard of living. In fact, recent research suggests that entrepreneurship contributes to development by creating businesses and jobs, stimulating innovation, creating social capital across borders, and channeling political and financial capital. However, different research studies indicate that among the main factors impeding the entrepreneurship are politico-economic as socio-cultural problems, with an intensity for those related to young people and to women. In the MENA region, discrimination inherent in gender is alarming: Only one woman in eight runs her own business against 1 in 3 men. In most countries, young women and young men are facing problems involving access to finance, inadequate infrastructure, lack of support and, in general, an ecosystem that is rather unfavorable. According to the International Labor Organization, North Africa and the Middle East has the highest unemployment rate in all other regions of the world. In other hand, nearly a quarter of the population under 30 is unemployed and youth unemployment costs more than $40 billion each year to the region. In the current context, the situations in the Middle East and North Africa region are singular, both in terms of demographic trends and socio-economic issues around the employment of a large and better trained youth, but still strongly affected by unemployment and under-employment. According to a study published in 2015 by McKinsey, the world gain 26% of additional GDP (47% in the MENA region), more than 28 trillion dollars by 2025, if women came to participate, as well as men, to the economy. Promoting entrepreneurship represents an excellent alternative for the countries whose productive fabric fails to integrate the contingent of young people entering the job market each year. The MENA region, presenting entrepreneurial activity rates below those of other regions in terms of comparable development, has undoubtedly leeway at this level, even though the region displays large national heterogeneity, namely in the priority given to the promotion of entrepreneurship. The objective of this article is therefore to examine the women entrepreneurial vocation in the MENA region, to see to what extent research on the determinant of gender can provide information on the trend of the emerging entrepreneurial activity whether driven by necessity or by opportunity and, on this basis, to submit public policy proposals for the improvement of the mechanisms of inclusion among the youth women people. The objective is not to analyze the causality models but rather to identify the entrepreneurial construct specific to the MENA region via the analysis of GEM data from 2017 to 2019 among adults belonging to 10 countries of the MENA region. Notably, the study shows that inclusion of young women may be enhanced. These disadvantaged segments frequently intend to become entrepreneurs, but they tend not to enact their vocational intentions.

Keywords: economic development, entrepreneurial activity, GEM, gender, informal sector

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6094 Public-Private Partnership in Tourism Development: Kuwait Experience within 2035 Vision

Authors: Obaid Alotaibi

Abstract:

Tourism and recreation have become one of the important and influential sectors in most of the modern economies. This sector has been accepted as one of the alternative sources of national income, employment, and foreign exchange. Kuwait has many potentialities in tourism and recreation, and exploitation of this leads to more diversification of the economy besides augmenting its contribution to the GDP. It is an import-oriented economy; it requires hard currencies (foreign exchange) to meet the import costs as well as to maintain stability in the international market. To compensate for the revenue fall stemmed from fluctuations in oil prices -where the agriculture, fisheries, and industrial sectors are too immune and inelastic- the only alternative solution is the regeneration of the tourism and recreation to surface. This study envisages the characteristics of tourism and recreation, the economic and social importance for the society, the physical and human endowments, as well as the tourist pattern and plans for promoting and sustaining tourism in the country. The study summarizes many recommendations, including the necessity of establishing authority or a council for tourism, linking the planning of tourism development with the comprehensive planning for economic and social development in Kuwait in the shadow of 2035 vision, and to encourage the investors to develop new tourist and recreation projects.

Keywords: Kuwait, public-private, partnership, tourism, 2035 vision

Procedia PDF Downloads 128
6093 Higher Education and the Economy in Western Canada: Is Institutional Autonomy at Risk?

Authors: James Barmby

Abstract:

Canada’s westernmost provinces of British Columbia and Alberta are similar in many respects as they are both reliant on volatile natural resources for major portions of their economies. The two provinces have banded together to develop mutually beneficial trade, investment and labour market mobility rules, but in terms of developing systems of higher education, the two provinces are attempting to align higher education programs to economic development objectives by means that are quite different. In British Columbia, the recently announced initiative, B.C’s Skills for Jobs Blueprint will “make sure education and training programs are aligned with the demands of the labor market.” Meanwhile in Alberta, the province’s institutions of higher education are enjoying the tenth year of their membership in the Campus Alberta Quality Council, which makes recommendations to government on issues related to post-secondary education, including the approval of new programs. In B.C., public institutions of higher education are encouraged to comply with government objectives, and are rewarded with targeted funds for their efforts. In Alberta, the institutions as a system tell the government what programs they want to offer and government can agree or not agree to fund these programs through a ministerial approval process. In comparing the two higher education systems, the question emerges as to which one is more beneficial to the province: the one where change is directed primarily by financial incentives to achieve economic objectives or the one that makes recommendations to the government for changes in programs to achieve institutional objectives? How is institutional autonomy affected in each strategy? Does institutional autonomy matter anymore? In recent years, much has been written in regard to academic freedom, but less about institutional autonomy, which is seen by many as essential to protecting academic freedom. However, while institutional autonomy means freedom from government control, it does not necessarily mean self-government. In this study, a comparison of the two higher education systems is made using recent government policy initiatives in both provinces, and responses to those actions by the higher education institutions. The findings indicate that the economic needs in both provinces take precedence over issues of institutional autonomy.

Keywords: alberta, British Columbia, institutional autonomy, funding

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6092 Techno-Economic Study on the Potential of Dimethyl Ether (DME) as a Substitute for LPG

Authors: Widya Anggraini Pamungkas, Rosana Budi Setyawati, Awaludin Fitroh Rifai, Candra Pangesti Setiawan, Anatta Wahyu Budiiman, Inayati, Joko Waluyo, Sunu Herwi Pranolo

Abstract:

The increase in LPG consumption in Indonesia is not balanced with the amount of supply. The high demand for LPG due to the success of the government's kerosene-to-LPG conversion program and the Covid-19 pandemic in 2020 led to an increase in LPG consumption in the household sector and caused Indonesia's trade balance to experience a deficit. The high consumption of LPG encourages the need for alternative fuels as a substitute or which aims to substitute LPG; one of the materials that can be used is Dimethyl Ether (DME). Dimethyl ether (DME) is an organic compound with the chemical formula CH 3. OCH 3 has a high cetane number and has characteristics similar to LPG. DME can be produced from various sources, such as coal, biomass and natural gas. Based on the economic analysis conducted at 10% IRR, coal has the largest NPV of Rp. 20,034,837,497,241 with a payback period of 3.86 years, then biomass with an NPV of Rp. 10,401,526,072,850 and a payback period of 5.16. the latter is natural gas with an NPV of IDR 7,401,272,559,191 and a payback period of 6.17 years. Of the three sources of raw materials used, if the sensitivity is calculated using the selling price of DME equal to the selling price of LPG, it will get an NPV value that is greater than the NPV value when using the current DME price. The advantages of coal as a raw material for DME are not only because it is profitable, namely: low price and abundant resources, but has high greenhouse gas emissions.

Keywords: LPG, DME, coal, biomass, natural gas

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6091 Research on Transverse Ecological Compensation Mechanism in Yangtze River Economic Belt Based on Evolutionary Game Theory

Authors: Tingyu Zhang

Abstract:

The cross-basin ecological compensation mechanism is key to stimulating active participation in ecological protection across the entire basin. This study constructs an evolutionary game model of cross-basin ecological compensation in the Yangtze River Economic Belt (YREB), introducing a central government constraint and incentive mechanism (CGCIM) to explore the conditions for achieving strategies of protection and compensation that meet societal expectations. Furthermore, using a water quality-water quantity model combined with factual data from the YREB in 2020, the amount of ecological compensation is calculated. The results indicate that the stability of the evolutionary game model of the upstream and downstream governments in the YREB is closely related to the CGCIM. When the sum of the central government's reward amount to the upstream government and the penalty amount to both sides simultaneously is greater than 39.948 billion yuan, and the sum of the reward amount to the downstream government and the penalty amount to only the lower reaches is greater than 1.567 billion yuan, or when the sum of the reward amount to the downstream government and the penalty amount to both sides simultaneously is greater than 1.567 billion yuan, and the sum of the reward amount to the upstream government and the penalty amount to only the upstream government is greater than 399.48 billion yuan, the protection and compensation become the only evolutionarily stable strategy for the evolutionary game system composed of the upstream and downstream governments in the YREB. At this point, the total ecological compensation that the downstream government of the YREB should pay to the upstream government is 1.567 billion yuan, with Hunan paying 0.03 billion yuan, Hubei 2.53 billion yuan, Jiangxi 0.18 billion yuan, Anhui 1.68 billion yuan, Zhejiang 0.75 billion yuan, Jiangsu 6.57 billion yuan, and Shanghai 3.93 billion yuan. The research results can provide a reference for promoting the improvement and perfection of the cross-basin ecological compensation system in the YREB.

Keywords: ecological compensation, evolutionary game model, central government constraint and incentive mechanism, Yangtze river economic belt

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6090 Convergence of Strategic Tasks of Business Tourism and Hotel Industry Development: The Case of Georgia

Authors: Nana Katsitadze, Tamar Atanelishvili, Mariam Kutateladze, Alexandre Tushishvili

Abstract:

In the modern world, tourism has emerged as one of the most powerful economic sectors, and due to its high economic performance, it is attractive to the countries with various levels of economic development. The purpose of the present paper, dedicated to discussing the current problems of tourism development, is to find ways which will contribute to bringing more benefits to the country from the sector. Georgia has been successfully developing leisure tourism for the last ten years, and at the next stage of development business, tourism gains particular importance for Georgia as a means of mitigating the negative socio-economic effects caused by the seasonality of tourism and as a high-cost tourism market. Therefore, the object of the paper is to study the factors that contribute to the development of business tourism. The paper uses the research methods such as system analysis, synthesis, analogy, as well as historical, comparative, economic, and statistical methods of analysis. The information base for the research is made up of the statistics on the functioning of the tourism market of Georgia and foreign countries as well as official data provided by international organizations in the field of tourism. Based on the experience of business tourism around the world and identifying the successful start of business tourism development in Georgia and its causing factors, a business tourism development model for Georgia has been developed. The model might be useful as a methodological material for developing a business tourism development concept for the countries with limited financial resources but rich in tourism resources like Georgia. On the initial stage of development (in absence of conventional centers), the suggested concept of business tourism development involves organizing small and medium-sized meetings both in large cities and in regions by using high-class hotel infrastructure and event management services. Relocation of small meetings to the regions encourages inclusive development of the sector based on increasing the awareness of these regions as tourist sites as well as the increase in employment and sales of other tourism or consumer products. Business tourism increases the number of hotel visitors in the non-seasonal period and improves hotel performance indicators, which enhances the attractiveness of investing in the hotel business. According to the present concept of business tourism development, at the initial stage, development of business tourism is based on the existing markets, including internal market, neighboring markets and the markets of geographically relatively near countries and at the next stage, the concept involves generating tourists from other relatively distant target markets. As a result, by gaining experience in business tourism, enhancing professionalism, increasing awareness and stimulating infrastructure development, the country will prepare the basis to move to a higher stage of tourism development. In addition, the experience showed that for attracting large customers, peculiarities of the field require activation of state policy and active use of marketing mechanisms and tools of the state.

Keywords: hotel industry development, MICE model, MICE strategy, MICE tourism in Georgia

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6089 Sustainability of High-Rise Affordable Housing: Critical Issues in Applying Green Building Rating Tools

Authors: Poh Im. Lim, Hillary Yee Qin. Tan

Abstract:

Nowadays, going green has become a trend, and being emphasized in the construction industry. In Malaysia, there are several green rating tools available in the industry and among these, GBI and GreenRE are considered as the most common tools adopted for residential buildings. However, being green is not equal to or making something sustainable. Being sustainable is to take economic, environmental and social aspects into consideration. This is particularly essential in the affordable housing sector as the end-users belong to lower-income and places importance on many socio-economic needs beyond the environmental criteria. This paper discusses the arguments in proposing a sustainability framework that is tailor-made for high-rise affordable housing. In-depth interviews and observation mapping methods were used in gathering inputs from the end-users, non-governmental organisations (NGOs) as well as the professionals. ‘Bottom-up’ approach was applied in this research to show the significance of participation from the local community in the decision-making process. The proposed sustainability framework illustrates the discrepancies between user priorities and what the industry is providing. The outcome of this research suggests that integrating sustainability into high-rise affordable housing is achievable and beneficial to the industry, society, and the environment.

Keywords: green building rating tools, high-rise affordable housing, sustainability framework, sustainable development

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6088 Driving Mechanism of Urban Sprawl in Chinese Context from the Perspective of Domestic and Overseas Comparison

Authors: Tingke Wu, Yaping Huang

Abstract:

Many cities in China have been experiencing serious urban sprawl since the 1980s, which pose great challenges to a country with scare cultivated land and huge population. Because of different social and economic context and development stage, driving forces of urban sprawl in China are quite different from developed countries. Therefore, it is of great importance to probe into urban sprawl driving mechanism in Chinese context. By a comparison study of the background and features of urban sprawl between China and developed countries, this research establishes an analytical framework for sprawl dynamic mechanism in China. By literature review and analyzing data from national statistical yearbook, it then probes into the driving mechanism and the primary cause of urban sprawl. The results suggest that population increase, economic growth, traffic and information technology development lead to rapid expansion of urban space; defects of land institution and lack of effective guidance give rise to low efficiency of urban land use. Moreover, urban sprawl is ultimately attributed to imperfections of policy and institution. On this basis, this research puts forward several sprawl control strategies in Chinese context.

Keywords: China, driving forces, driving mechanism, land institution, urban expansion, urban sprawl

Procedia PDF Downloads 180
6087 Trends of Conservation and Development in Mexican Biosphere Reserves: Spatial Analysis and Linear Mixed Model

Authors: Cecilia Sosa, Fernanda Figueroa, Leonardo Calzada

Abstract:

Biosphere reserves (BR) are considered as the main strategy for biodiversity and ecosystems conservation. Mexican BR are mainly inhabited by rural communities who strongly depend on forests and their resources. Even though the dual objective of conservation and development has been sought in BR, land cover change is a common process in these areas, while most rural communities are highly marginalized, partly as a result of restrictions imposed by conservation to the access and use of resources. Achieving ecosystems conservation and social development face serious challenges. Factors such as financial support for development projects (public/private), environmental conditions, infrastructure and regional economic conditions might influence both land use change and wellbeing. Examining the temporal trends of conservation and development in BR is central for the evaluation of outcomes for these conservation strategies. In this study, we analyzed changes in primary vegetation cover (as a proxy for conservation) and the index of marginalization (as a proxy for development) in Mexican BR (2000-2015); we also explore the influence of various factors affecting these trends, such as conservation-development projects financial support (public or private), geographical distribution in ecoregions (as a proxy for shared environmental conditions) and in economic zones (as a proxy for regional economic conditions). We developed a spatial analysis at the municipal scale (2,458 municipalities nationwide) in ArcGIS, to obtain road densities, geographical distribution in ecoregions and economic zones, the financial support received, and the percent of municipality area under protection by protected areas and, particularly, by BR. Those municipalities with less than 25% of area under protection were regarded as part of the protected area. We obtained marginalization indexes for all municipalities and, using MODIS in Google Earth Engine, the number of pixels covered by primary vegetation. We used a linear mixed model in RStudio for the analysis. We found a positive correlation between the marginalization index and the percent of primary vegetation cover per year (r=0.49-0.5); i.e., municipalities with higher marginalization also show higher percent of primary vegetation cover. Also, those municipalities with higher area under protection have more development projects (r=0.46) and some environmental conditions were relevant for percent of vegetation cover. Time, economic zones and marginalization index were all important. Time was particularly, in 2005, when both marginalization and deforestation decreased. Road densities and financial support for conservation-development projects were irrelevant as factors in the general correlation. Marginalization is still being affected by the conservation strategies applied in BR, even though that this management category considers both conservation and development of local communities as its objectives. Our results suggest that roads densities and support for conservation-development projects have not been a factor of poverty alleviation. As better conservation is being attained in the most impoverished areas, we face the dilemma of how to improve wellbeing in rural communities under conservation, since current strategies have not been able to leave behind the conservation-development contraposition.

Keywords: deforestation, local development, marginalization, protected areas

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6086 Analysis of Train Passenger Seat Using Ergonomic Function Deployment Method

Authors: Robertoes K. K. Wibowo, Siswoyo Soekarno, Irma Puspitasari

Abstract:

Indonesian people use trains for their transportation, especially they use economy class train transportation because it is cheaper and has a more precise schedule than any other ground transportation. Nevertheless, the economy class passenger seat raises some inconvenience issues for passengers. This is due to the design of the chair on the economic class of trains that did not adjusted to the shape of anthropometry of Indonesian people. Thus, research needs to be conducted on the design of the seats in the economic class of trains. The purpose of this research is to make the design of economy class passenger seats ergonomic. This research method uses questionnaires and anthropometry measurements. The data obtained is processed using House of Quality of Ergonomic Function Development. From the results of analysis and data processing were obtained important changes from the original design. Ergonomic chair design according to the analysis is a stainless steel frame, seat height 390 mm, with a seat width for each passenger of 400 mm and a depth of 400 mm. Design of the backrest has a height of 840 mm, width of 430 mm and length of 300 mm that can move at the angle of 105-115 degrees. The width of the footrest is 42 mm and 400 mm length. The thickness of the seat cushion is 100 mm.

Keywords: chair, ergonomics, function development, train passenger

Procedia PDF Downloads 294