Search results for: economic significance

Authors: Sylvia Graczka

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Waste related environmental problems are not only exploding but are also spotlighted for capacity shortages in recycling, as China announced its ban on waste imports. According to the waste hierarchy, prevention is the primary solution for waste, and also the cheapest. Waste related environmental pollution as externality puts an ever-growing burden on communities bearing the social costs. Economic policies often claim to be pro-environment, this often appears only theoretically, or at the level of principles. There are few concrete occurrences of tools in economic policies, such as green taxes, that are truly effective in stimulating the shift towards waste reduction. The paper presents theoretical economic policy tools based on literature review, and case studies on applied economic policy tools by analyzing policy papers, strategies in force, in line with ‘polluter pays’ and ‘extended producer responsibility’ principles. The study also emphasizes the differences between the broader notion of waste reduction and that of waste minimization, parallel to the difference between resource efficiency and resource savings. It also puts the issue in the context of neoclassical environmental economics and ecological economics, to present alternatives in approach. The research concludes in identifying effective economic policy tools that support the reduction of material use, and the prevention of waste. Consumer and producer awareness of waste problems and consciousness related to their choices are inevitable to make economic policy tools work effectively.

Keywords: economic policy, producer responsibility, resource efficiency, waste prevention

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Authors: Zubda Zia, Zainab Masood

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This study has investigated the relationship between renewable energy, urbanization, industrialization, and economic growth in Pakistan, through the years 1990-2016. All the three explanatory variables play a pivotal role in their contribution to growth in any economy, especially a developing one such as Pakistan. Auto-regressive distributive lag (ARDL) model has been used to determine the co-integration and relationship between the variables. The empirical results indicate that there exists a positive and significant relationship between all the three variables and economic growth and that there is a stable, long-run relationship among them. Policy suggestions that incorporate the results include having a larger share of renewable energy in the energy sector, using urbanization as a means to remove the big city trend and move towards, smaller sustainable cities, etc.

Keywords: economic growth, energy crisis, industrialization, renewable energy, SGDs, urbanization

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Authors: Badri Gechbaia

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Adaptive management as a fundamental element of the concept of the assurance of economy`s sustainability to the economic security of the system-synergetic type has been considered. It has been proved that the adaptive sustainable development is a transitional phase from the extensive one and later on from the rapid growth to the sustainable development. It has been determined that the adaptive system of the strategic assurance of the sustainability of the economy to the economic security threats is formed on the principles of the domination in its complex of the subsystems with weightier adaptive characteristics that negate the destructive influence of external and internal environmental factors on the sustainability of the national economy.

Keywords: adaptive management, adaptive properties, economic security, strategic assurance

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Authors: Hamed Movahedizadeh, Annuar Md Nassir, Mehdi Karimimalayer, Navid Samimi Sedeh, Ehsan Bagherpour

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The aim of this paper is to evaluate Tehran’s Stock Exchange (TSE) performance regarding with impact of four macroeconomic factors including world crude Oil Price (OP), World Gold Price (GP), Consumer Price Index (CPI) and total Supplied Oil by Iran (SO) from January 2006 to December 2012 that Iran faced with economic and oil sanctions. Iran's exports of crude oil and lease condensate reduced to roughly 1.5 million barrels per day (bbl/d) in 2012, compared to 2.5 million bbl/d in 2011 due to hard sanctions. Monthly data are collected and subjected to a battery of tests through ordinary least square by EViews7. This study found that gold price and oil price are positively correlated with stock returns while total oil supplied and consumer price index have negative relationship with stock index, however, consumer price index tends to become insignificant in stock index. While gold price and consumer price index have short run relationship with TSE index at 10% of significance level this amount for oil price is significant at 5% and there is no significant short run relationship between supplied oil and Tehran stock returns. Moreover, this study found that all macroeconomic factors have long-run relationship with Tehran Stock Exchange Index.

Keywords: consumer price index, gold price, macroeconomic, oil price, sanction, stock market, supplied oil

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Authors: Jonardan Koner

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The study attempts to find out the impact of infrastructural investment on state economic growth in India. It further tries to determine the magnitude of the impact of infrastructural investment on economic indicator, i.e., per-capita income (PCI) in Indian States. The study uses panel regression technique to measure the impact of infrastructural investment on per-capita income (PCI) in Indian States. Panel regression technique helps incorporate both the cross-section and time-series aspects of the dataset. In order to analyze the difference in impact of the explanatory variables on the explained variables across states, the study uses Fixed Effect Panel Regression Model. The conclusions of the study are that infrastructural investment has a desirable impact on economic development and that the impact is different for different states in India. We analyze time series data (annual frequency) ranging from 1991 to 2010. The study reveals that the infrastructural investment significantly explains the variation of economic indicators.

Keywords: infrastructural investment, multiple regression, panel regression techniques, economic development, fixed effect dummy variable model

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Authors: Fabiha Tanzeem

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BACKGROUND: Osteoporosis is a skeletal disease that is associated with a reduction in bone mass and microstructures of the bone and deterioration of bone tissue. Fragility fracture due to osteoporosis is the most significant complication of osteoporosis. The increasing prevalence of fragility fractures presents a growing burden on the global economy. There is a rapidly evolving need to improve awareness of the costs associated with these types of fractures and to review current policies and practices for the prevention and management of the disease. This systematic review will identify and describe the direct and indirect costs associated with osteoporotic fragility fractures from a global perspective from the included studies. The review will also find out whether the costs required for the treatment of fragility fractures due to osteoporosis impose an economic burden on the global healthcare system. METHODS: Four major databases were systematically searched for direct and indirect costs of osteoporotic fragility fracture studies in the English Language. PubMed, Cochrane Library, Embase and Google Scholar were searched for suitable articles published between 1990 and July 2020. RESULTS: The original search yielded 1166 papers; from these, 27 articles were selected for this review according to the inclusion and exclusion criteria. In the 27 studies, the highest direct costs were associated with the treatment of pelvic fractures, with the majority of the expenditure due to hospitalization and surgical treatments. It is also observed that most of the articles are from developed countries. CONCLUSION: This review indicates the significance of the economic burden of osteoporosis globally, although more research needs to be done in developing countries. In the treatment of fragility fractures, direct costs were the main reported expenditure in this review. The healthcare costs incurred globally can be significantly reduced by implementing measures to effectively prevent the disease. Raising awareness in children and adults by improving the quality of the information available and standardising policies and planning of services requires further research.

Keywords: systematic review, osteoporosis, cost of illness

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Authors: Emma Serwaa Obobisaa, Haibo Chen

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International trade and outward foreign direct investment are important factors which are generally recognized in the economic growth and development. Though several scholars have struggled to reveal the influence of trade and outward foreign direct investment (FDI) on economic growth, most studies utilized common econometric models such as vector autoregression and aggregated the variables, which for the most part prompts, however, contradictory and mixed results. Thus, there is an exigent need for the precise study of the trade and FDI effect of economic growth while applying strong econometric models and disaggregating the variables into its separate individual variables to explicate their respective effects on economic growth. This will guarantee the provision of policies and strategies that are geared towards individual variables to ensure sustainable development and growth. This study, therefore, seeks to examine the causal effect of China-Africa trade and Outward Foreign Direct Investment on the economic growth of Africa using a robust and recent econometric approach such as system dynamics model. Our study impanels and tests an ensemble of a group of vital variables predominant in recent studies on trade-FDI-economic growth causality: Foreign direct ınvestment, international trade and economic growth. Our results showed that the system dynamics method provides accurate statistical inference regarding the direction of the causality among the variables than the conventional method such as OLS and Granger Causality predominantly used in the literature as it is more robust and provides accurate, critical values.

Keywords: economic growth, outward foreign direct investment, system dynamics model, international trade

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Authors: Sara Sousa

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The environmental goods and services have often been neglected in crucial decisions affecting the environment mainly because the difficulty in estimating their economic value, since we are dealing with non-market goods and, thus, without a price associated. Nevertheless, the inexistence of prices does not necessarily mean these goods have no value. The environment is a key element in today's society that seeks to be as sustainable as possible, where the environmental assets have both use and non-use values. To estimate the use value, researchers may apply the revealed preference methods. This paper provides a theoretical review of the main concepts and methodologies on the economic valuation of the environment, with particular emphasis on the revealed preference techniques. Based on a detailed literature review, this study concludes that, despite some inherent limitations, the revealed preference methodologies – travel cost, hedonic price, and averting behaviour – represent essential tools for the researchers who accept the challenge to estimate the use value of environmental goods and services based on the actual individuals` behaviour. The main purpose of this study is to contribute to an increased theoretical information on the economic valuation of environmental assets, allowing researchers and policymakers to improve future decisions regarding the environment.

Keywords: economic valuation, environmental goods, revealed preference methods, total economic value

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Authors: Sinem Bagce, Ensar Yilmaz

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As a well-known fact, neoclassical economics excludes 'what is humanized' out of the literature for a long time. Rationality is defined in a very narrow context in the mainstream economics. Identity economics is one of the challenges raised against this tradition. The concept of 'identity' has been introduced to economics by Akerlof and Kranton (2000). The identity-based analysis mainly searches the links between economic welfare and decision of the actors in question related to ethnic, racial, gender and immigrant issues. This is more about discrimination and its repercussions on economic decisions of the relevant actors in a social sphere. In this article, we, in the context of identity economics, search the economic welfare and decisions of Romani people in Turkey. It is plainly observed that identity is clearly the major determinant for Romani people in economic and social life. They have their own distinctive rationality in making economic decisions. For a more scrutinized and academic analysis, we aim to trace their economic identity in their real social environment. This study is an extension of surveys conducted on Romani people in Turkey. Using data similar to SILC (Statistics for Income and Living Conditions) conducted on Romani people across the whole Turkey, we look for some questions about the income/welfare distribution among them, consumer preferences/habits, living conditions, occupations, education and as such. For this, by employing econometric and statistical analytical tools, we aim to obtain the answers for these questions. We think these analytic results will provide us to evaluate the links between their economic state and their identity more thoroughly. JEL Codes: D1, J 15, R23.

Keywords: identity economics, Romani people, discrimination, social identity and preferences

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Authors: Mahsa Karimpour, Martin Belusko, Ke Xing, Frank Bruno

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Traditionally the embodied energy of design choices which reduce operational energy were assumed to have a negligible impact on the life cycle energy of buildings. However with new buildings having considerably lower operational energy, the significance of embodied energy increases. A life cycle assessment of a population of house designs was conducted in a mild and mixed climate zone. It was determined not only that embodied energy dominates life cycle energy, but that the impact on embodied of design choices was of equal significance to the impact on operational energy.

Keywords: building life cycle energy, embodied energy, energy design measures, low energy buildings

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Authors: Shehu Usman Rano Aliyu

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Despite the significance of finance as a major trade lubricant, evidence in the literature alludes to its scarcity and increasing cost, especially in developing countries where small and medium-scale enterprises are worst affected. The creation of the African Continental Free Trade Area (AFCFTA) in 2018, an organ of the African Union (AU), was meant to serve as a beacon for deepening economic integration through the removal of trade barriers inhibiting intra-African trade and movement of persons, among others. Hence, this research explores the role Islamic trade finance (ITF) could play in spurring intra- and inter-African trade. The study involves six countries; Egypt, Kenya, Malaysia, Morocco, Nigeria, and Saudi Arabia, and employs survey research, a total of 430 sample data, and SmartPLS Structural Equation Modelling (SEM) techniques in its analyses. We find strong evidence that Shari’ah, legal and regulatory compliance issues of the ITF institutions rhythm with the internal, national, and international compliance requirements equally as the unique instruments applied in ITF. In addition, ITF was found to be largely driven by global economic and political stability, socially responsible finance, ethical and moral considerations, risk-sharing, and resilience of the global Islamic finance industry. Further, SMEs, Governments, and Importers are the major beneficiary sectors. By and large, AfCFTA’s protocols align with the principles of ITF and are therefore suited for the proliferation of Islamic finance in the continent. And, while AML/KYC and BASEL requirements, compliance to AAOIFI and IFSB standards, paucity of Shari'ah experts, threats to global security, and increasing global economic uncertainty pose as major impediments, the future of ITF would be shaped by a greater need for institutional and policy support, global economic cum political stability, robust regulatory framework, and digital technology/fintech. The study calls for the licensing of more ITF institutions in the continent, participation of multilateral institutions in ITF, and harmonization of Shariah standards.

Keywords: AfCFTA, islamic trade finance, murabaha, letter of credit, forwarding

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Authors: Enva Doda

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Recent statistical analyses within the European Union (EU) underscore the enduring significance of the Gender Pay Gap in amplifying the Gender Pension Gap, a phenomenon resisting proportional reduction over time. This study meticulously calculates the Pension Gap, scrutinizing contributing variables within diverse pension systems. Furthermore, it investigates whether the "unexplained" segment of the Gender Gap correlates with political institutions, economic systems, historical events, or discrimination, utilizing quantitative methods and the Blinder-Oaxaca Decomposition Method to pinpoint potential discriminatory factors. The descriptive analysis reveals a conspicuous Gender Pension Gap across European nations, displaying notable variation. While an overall reduction in the Gender Gap is observed, the degree of improvement varies among countries. Subsequent analyses will delve into the specific reasons or variables influencing distinct Gender Gap percentages, forming the basis for nuanced policy recommendations. This comprehensive research enriches the ongoing discourse on gender equality and economic equity. By focusing on the root causes of the Pension Gap, the study has the potential to instigate policy adjustments, urging policymakers to reassess systemic structures and contribute to informed decision-making. Emphasizing gender equality as essential for a flourishing and resilient economy, the research aspires to drive positive change on academic and policy fronts.

Keywords: blinder Oaxaca decomposition method, discrimination, gender pension gap, quantitative methods, unexplained gender gap

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Authors: Muhammed Ashiq Villanthenkodath, Shreya Pal

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Purpose: This study scrutinizes the impact of economic globalization on ecological footprint while endogenizing economic growth and energy consumption from 1990 to 2018 in India. Design/methodology/approach: The standard unit root test has been employed for time series analysis to unveil the integration order. Then, the cointegration was confirmed using autoregressive distributed lag (ARDL) analysis. Further, the study executed the dynamic ARDL simulation model to estimate long-run and short-run results along with simulation and robotic prediction. Findings: The cointegration analysis confirms the existence of a long-run association among variables. Further, economic globalization reduces the ecological footprint in the long run. Similarly, energy consumption decreases the ecological footprint. In contrast, economic growth spurs the ecological footprint in India. Originality/value: This study contributes to the literature in many ways. First, unlike studies that employ CO2 emissions and globalization nexus, this study employs ecological footprint for measuring environmental quality; since it is the broader measure of environmental quality, it can offer a wide range of climate change mitigation policies for India. Second, the study executes a multivariate framework with updated series from 1990 to 2018 in India to explore the link between EF, economic globalization, energy consumption, and economic growth. Third, the dynamic autoregressive distributed lag (ARDL) model has been used to explore the short and long-run association between the series. Finally, to our limited knowledge, this is the first study that uses economic globalization in the EF function of India amid facing a trade-off between sustainable economic growth and the environment in the era of globalization.

Keywords: economic globalization, ecological footprint, India, dynamic ARDL simulation model

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Authors: Selin Guney, Andres Riquelme

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The traditional bio-economic method for fisheries modeling uses some estimate of the growth parameters and the system carrying capacity from a biological model for the population dynamics (usually a logistic population growth model) which is then analyzed as a traditional production function. The stock dynamic is transformed into a revenue function and then compared with the extraction costs to estimate the maximum economic yield. In this paper, the logistic population growth model for the population is combined with a forecast of the abundance and location of the stock by using a generalized additive model approach. The paper focuses on the Chilean hake population. This method allows for the incorporation of climatic variables and the interaction with other marine species, which in turn will increase the reliability of the estimates and generate better extraction paths for different conservation objectives, such as the maximum biological yield or the maximum economic yield.

Keywords: bio-economic, fisheries, GAM, production

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Authors: I. L. Yakushev

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Economic sanctions are an integral part of the foreign policy repertoire of States. Increasingly, States and international organizations are resorting to sanctions to address a variety of issues -from fighting corruption to preventing the use of nuclear weapons. Over time, the ways in which economic sanctions have been used have changed, especially over the past two decades. In the late 1990s, the recognition of the humanitarian harm of economic sanctions and the "War on Terrorism" after the events of September 11, 2001, led to serious changes in the structure and mechanisms of their application. Questions about how these coercive tools work, when they are applied, what consequences they have, and when they are successful are still being determined by research conducted in the second half of the 20th century. The conclusions drawn from past cases of sanctions may not be fully applicable to the current sanctions policy. In the second half of the 20th century, most cases of sanctions were related to the United States, and it covered restrictions on international trade. However, over the past two decades, the European Union, the United Nations, and China have also been the main initiators of sanctions. Modern sanctions include targeted and financial restrictions and are applied against individuals, organizations, and companies. Changing the senders, targets, stakeholders, and economic instruments used in the sanctions policy has serious implications for effectiveness and results. The regulatory and bureaucratic infrastructure necessary to implement and comply with modern economic sanctions has become more reliable. This evolution of sanctions has provided the scientific community with an opportunity to study new issues of coercion and return to the old ones. The economic sanctions research program should be developed to be relevant for understanding the application of modern sanctions and their consequences.

Keywords: global analysis, economic sanctions, targeted sanctions, foreign policy, domestic policy, United Nations, European Union, USA, economic pressure

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Authors: Elisavet Anastasiadou

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Global citizenship refers to an economic, social, political, and cultural interconnectedness, and it is inextricably intertwined with social justice, respect for human rights, peace, and a sense of responsibility to act on a local and global level. It aims to be transformative, enhance critical thinking and participation with pedagogical approaches based on social justice and democracy. The purpose of this study is to explore how Global Citizenship Education (GCE) is presented and implemented in two educational contexts, specifically in the curricula and pedagogical practices of primary education in Finland and Scotland. The impact of GCE is recognized as means for further development by institution such as and Finnish and Scottish curricula acknowledge the significance of GCE, emphasizing the student's ability to act and succeed in diverse and global communities. This comparative study should provide a good basis for further developing teaching practices based on informed understanding of how GCE is constrained or enabled from two different perspectives, extend the methodological applications of Practice Architectures and provide critical insights into GCE as a theoretical notion adopted by national and international educational policy. The study is directly connected with global citizenship aiming at future and societal change. The empirical work employs a multiple case study approach, including interviews and analysis of existing documents (textbook, curriculum). The data consists of the Finnish and Scottish curriculum. A systematic analysis of the curriculum in relation to GCE will offer insights into how the aims of GCE are presented and framed within the two contexts. This will be achieved using the theory of Practice Architectures. Curricula are official policy documentations (texts) that frame and envisage pedagogical practices. Practices, according to the theory of practice architectures, consist of sayings, doings, and relatings. Hence, even if the text analysis includes the semantic space (sayings) that are prefigured by the cultural-discursive arrangements and the relating prefigured by the socio-political arrangements, they will inevitably reveal information on the (doings) prefigured by the material-economic arrangements, as they hang together in practices. The results will assist educators in making changes to their teaching and enhance their self-conscious understanding of the history-making significance of their practices. It will also have a potential reform and focus on educationally relevant to such issues. Thus, the study will be able to open the ground for interventions and further research while it will consider the societal demands of a world in change.

Keywords: citizenhsip, curriculum, democracy, practices

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Authors: I. A. Farhat

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The dynamic economic dispatch (DED) problem is one of the complex, constrained optimization problems that have nonlinear, con-convex and non-smooth objective functions. The purpose of the DED is to determine the optimal economic operation of the committed units while meeting the load demand. Associated to this constrained problem there exist highly nonlinear and non-convex practical constraints to be satisfied. Therefore, classical and derivative-based methods are likely not to converge to an optimal or near optimal solution to such a dynamic and large-scale problem. In this paper, an Artificial Immune System technique (AIS) is implemented and applied to solve the DED problem considering the transmission power losses and the valve-point effects in addition to the other operational constraints. To demonstrate the effectiveness of the proposed technique, two case studies are considered. The results obtained using the AIS are compared to those obtained by other methods reported in the literature and found better.

Keywords: artificial immune system, dynamic economic dispatch, optimal economic operation, large-scale problem

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Authors: Javier Donoso-Bravo, Camila Cortés-Zambrano

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In this paper, we analyze socioterritorial inequalities in the region of Valparaiso (Chile) using secondary data to account for these inequalities drawing on economic, social, educational, and environmental dimensions regarding the thirty-six municipalities of the region. We looked over a wide-ranging set of secondary data from public sources regarding economic activities, poverty, employment, income, years of education, post-secondary education access, green areas, access to potable water, and others. We found sharp socioterritorial inequalities especially based on the economic performance in each territory. Analysis show, on the one hand, the existence of a dual and unorganized development model in some territories with a strong economic activity -especially in the areas of finance, real estate, mining, and vineyards- but, at the same time, with poor social indicators. On the other hand, most of the territories show a dispersed model with very little dynamic economic activities and very poor social development. Finally, we discuss how socioterritorial inequalities in the region of Valparaiso reflect the level of globalization of the economic activities carried on in every territory.

Keywords: socioterritorial inequalities, development model, Chile, secondary data, Region of Valparaiso

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Authors: Jiraporn Weenuttranon

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The ASEAN Economic Community (AEC) shall be the goal of regional economic integration among ASEAN countries. The goal of establishing AEC is to transform the region into a single market and production base with a highly competitive advantage to make it a stable and prosperous region. However, with the wild range of economic conditions in each country, the implementation of its objectives under the limited resources available in the past showed the weakness of the region. For this reason, the group of countries in the region should allocate its rich potential of the region by collaborating effectively.

Keywords: impact, AEC, influence, direction, politics, Thailand

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Authors: Al Mutawa A. Amir, Liaqat Ali, Faisal Ali

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After the World War II, the world economy was disrupted and changed due to oil and its prices. The research in this paper presents the basic statistical features and economic characteristics of the Gulf economy. The main features of the Gulf economies and its heavy dependence on oil exports, its dualism between modern and traditional sectors and its rapidly increasing affluences are particularly emphasized.  In this context, the research in this paper discussed the problems of growth versus development and has attempted to draw the implications for the future economic development of this area.

Keywords: oil prices, GCC, economic growth, gulf oil

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Authors: Shan Zhou, Wenju Li, Kehui Chai

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Along with economic globalization, marketization and regional development, strengthen planning and construction of the New Town, which is always the main way to optimize the structure and function of metropolitan spatial configuration. But, the new town is often of high-intensity development, bringing a series of natural, ecological and environmental issues, so it is difficult to achieve sustainable development. In this paper, taking the administrative center of Jiangping in Dongxing as an example. It is analyzed from the following three aspects：Vertical design of road traffic，Space layout of mountain buildings，and the design of landscape. The purpose is to elaborate the hillside design methods guided by low-intensity damage, and explore the guiding significance of sustainable development of the hillside construction in the future.

Keywords: low-intensity damage, new town construction，hillside，sustainable development, natural, ecology

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Authors: Ilias A. Makris

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In this work, we attempt to analyse the contribution of innovative activities to firm performance and growth. We examine economic data from some of the economies that were heavily affected by current economic crisis: the countries of southern Europe (Portugal, Italy, Greece, and Spain) and Ireland. Following literature, an appropriate econometric model is developed and several indicators are tested in order to disclose possible relation with innovative activity. Findings confirm the crucial effect of innovative process in economic activity, in firm and country level.

Keywords: Eurozone periphery, firm performance, innovative activity, R&D

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Authors: Gylych Jelilov

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This paper investigates the effect of foreign debt on economic growth. Example has been chosen from Africa, Nigeria. By conducting cointegration test we have tested for a long-run relationship between. GDP = Real gross domestic product, EXTDEBT = External debt, INT = Interest rate, CAB = Current account balance, and EXCHR = Real exchange rate over the period 1990 to 2012. It was found out by the study that there is a negative but insignificant relationship between external debt and real gross domestic product. While a positive relationship exists between external debt and economic growth. Also, showed a negative and significant relationship between interest rate and real gross domestic product and there was a positive but insignificant relationship between current account balance and real gross domestic product.

Keywords: economic growth, foreign debt, Nigeria, sustainable development, economic stability

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Authors: Rafat Fazeli, Reza Fazeli

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This paper focuses on the study of the welfare state and social wage in the leading liberal economy of the United States. The welfare state acquired a broad acceptance as a major socioeconomic achievement of the liberal democracy in the Western industrialized countries during the postwar boom period. The modern and modified vision of capitalist democracy offered, on the one hand, the possibility of high growth rate and, on the other hand, the possibility of continued progression of a comprehensive system of social support for a wider population. The economic crises of the 1970s, provided the ground for a great shift in economic policy and ideology in several Western countries, most notably the United States and the United Kingdom (and to a lesser extent Canada under Prime Minister Brian Mulroney). In the 1980s, the free market oriented reforms undertaken under Reagan and Thatcher greatly affected the economic outlook not only of the United States and the United Kingdom, but of the whole Western world. The movement which was behind this shift in policy is often called neo-conservatism. The neoconservatives blamed the transfer programs for the decline in economic performance during the 1970s and argued that cuts in spending were required to go back to the golden age of full employment. The agenda for both Reagan and Thatcher administrations was rolling back the welfare state, and their budgets included a wide range of cuts for social programs. The question is how successful were Reagan and Thatcher’s efforts to achieve retrenchment? The paper involves an empirical study concerning the distributive role of the welfare state in the two countries. Other studies have often concentrated on the redistributive effect of fiscal policy on different income brackets. This study examines the net benefit/ burden position of the working population with respect to state expenditures and taxes in the postwar period. This measurement will enable us to find out whether the working population has received a net gain (or net social wage). This study will discuss how the expansion of social expenditures and the trend of the ‘net social wage’ can be linked to distinct forms of economic and social organizations. This study provides an empirical foundation for analyzing the growing significance of ‘social wage’ or the collectivization of consumption and the share of social or collective consumption in total consumption of the working population in the recent decades. The paper addresses three other major questions. The first question is whether the expansion of social expenditures has posed any drag on capital accumulation and economic growth. The findings of this study provide an analytical foundation to evaluate the neoconservative claim that the welfare state is itself the source of economic stagnation that leads to the crisis of the welfare state. The second question is whether the increasing ideological challenges from the right and the competitive pressures of globalization have led to retrenchment of the American welfare states in the recent decades. The third question is how social policies have performed in the presence of the rising inequalities in the recent decades.

Keywords: the welfare state, social wage, The United States, limits to growth

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Authors: Huei-Wen Lin, Huei-Fu Lu

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Event sport tourism (EST) has become an especially important economic sector around the world. As the magnitude continues to grow, attracting more tourists, media, and investment for the host community, and many local areas/regions and states have identified the expenditures by visitors as a potential source of economic or employment growth. The main purposes of this study are to investigate stakeholders’ insights into the feature of hosting EST and using them as a regional development strategy. Continuing the focus of previous literature on the regional development and economic benefits by hosting EST, a total of fıve semi-structured interview questions are designed and a thematic analysis is employed to conduct with eight key sport and tourism decision makers in Atlanta during July to August 2016. Through the depth interviews, the study will contribute to a better understanding of stakeholders’ decision-making, identifying benefits and constraints as well as leveraging the impacts of hosting EST. These findings have provided stakeholders’ perspectives of hosting EST and using them as a reference of regional development in emerging sport tourism markets in the US. Additionally, this study examines key considerations and issues that affect and are critical to reliable understanding of the economic impacts of hosting EST on the regional development, and it will be able to benefit future management authorities (i.e. governments and communities) in their sport tourism development endeavors in defining and hosting successful EST. Furthermore, the insights gained from the qualitative analysis could help other cities/regions analyzing the economic impacts of hosting EST and using it as an instrument of city development strategy.

Keywords: economic impacts, event sport tourism, regional economic development, longitudinal analysis

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Authors: Ernest Nweke, Enkhtuya Bavuudorj

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The Mongolia Stock Exchange (MSE) serves as a vehicle for executing the privatization policy of Mongolian Government as it transitioned from socialist to free market economy. It was also the intention of the Government to develop the investment and securities market through its establishment and to further boost the ailing Mongolian economy. This paper focuses on the contributions of the Mongolian Stock Exchange (MSE) to the industrial and economic development of Mongolia via Corporate fund mobilization for listed companies in Mongolia. A study of this nature is imperative as economic development in Mongolia has been accelerated by corporate investments. The key purpose of the research was to critically analyze the operations of the MSE to ascertain the extent to which the objectives for which it was established have been accomplished and to assess its contributions to industrial and economic development of Mongolia. In achieving this, secondary data on the activities of the MSE; its market capitalization over the years were collected and analyzed vis-à-vis the figures for Mongolia’s macro-economic data for the same time period to determine whether the progressive increase in market capitalization of the MSE has positively impacted on Mongolia’s economic growth. Regression analysis package was utilized in dissecting the data. It was proven that the Mongolian Stock Exchange has contributed positively and significantly to Mongolia’s economic development though not yet to the desired level. Against the findings of this research, recommendations were made to address, the problems facing the MSE and to enhance its performance and ultimately its contributions to industrial and economic development of the Mongolian nation.

Keywords: Corporate Fund Mobilization, Gross Domestic Product (GDP), market capitalization, purchasing power, stock exchange

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Authors: G. Erkomaishvili

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This paper discusses small entrepreneurship development strategy in Georgia and the tools and regulations that will encourage development of small entrepreneurship. The current situation in the small entrepreneurship sector, as well as factors affecting growth and decline in the sector and the priorities of state support, are studied and analyzed. The objective of this research is to assess the current situation of the sector to highlight opportunities and reveal the gaps. State support of small entrepreneurship should become a key priority in the country’s economic policy, as development of the sector will ensure social, economic and political stability. Based on the research, a small entrepreneurship development strategy is presented; corresponding conclusions are made and recommendations are developed.

Keywords: economic policy for small entrepreneurship development, small entrepreneurship, regulations, small entrepreneurship development strategy

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Authors: Laraib Niaz

Abstract:

This paper analyzes the ways in which education and economic deprivation are linked to terrorism in Pakistan using data for terrorist incidents from the Global Terrorism Database (GTD). It employs the technique of negative binomial regression for the years between 1990 and 2013, presenting evidence for a positive association between education and terrorism. Conversely, a negative correlation with economic deprivation is signified in the results. The study highlights the element of radicalization as witnessed in the curriculum and textbooks of public schools as a possible reason for extremism, which in turn may lead to terrorism.

Keywords: education, Pakistan, terrorism, poverty

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Authors: Zhang Cong, Cai Runlin, Jia Fengjiao

Abstract:

The evolution of the urban agglomeration spatial structure requires strong support of the inter-city traffic system. And the inter-city traffic system can not only meet the demand of the urban agglomeration transportation but also guide the economic development. To correctly understand the relationship between inter-city traffic planning and urban agglomeration can help the urban agglomeration coordinated developing with the inter-city traffic system. The Yangtze River Delta is one of the most representative urban agglomerations in China with strong economic vitality, high city levels, diversified urban space form, and improved transport infrastructure. With the promotion of industrial division in the Yangtze River Delta and the regional travel facilitation brought by inter-city traffic, the urban agglomeration is characterized by highly increasing of inter-city transportation demand, the urbanization of regional traffic, adjacent regional transportation links breaking administrative boundaries, the networked channels and so on. Therefore, the development of inter-city traffic system presents new trends and challenges. This paper studies the interactions between inter-city traffic system and regional economic growth, regional factor flow, and regional spatial structure evolution in the Yangtze River Delta from two dimensions of time and space. On this basis, the adaptability of inter-city traffic development mode and urban agglomeration space structure is analyzed. First of all, the coordination between urban agglomeration planning and inter-city traffic planning is judged from the planning level. Secondly, the coordination between inter-city traffic elements and industries and population distributions is judged from the perspective of space. Finally, the coordination of the cross-regional planning and construction of inter-city traffic system is judged. The conclusions can provide an empirical reference for intercity traffic planning in Yangtze River Delta region and other urban agglomerations, and it is also of great significance to optimize the allocation of urban agglomerations and the overall operational efficiency.

Keywords: evolution, interaction, inter-city traffic system, spatial structure

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Authors: Libena Cernohorska, Jan Cernohorsky

Abstract:

This article aims to evaluate the impact of loans provided within the Czech banking sector on the growth of the Czech economy. The article is based on research of current scientific findings in respect to bank loans and economic development. The paper is based on data taken from the Czech Statistical Office on the development of the gross domestic product and data from the Czech National Bank on the development of loans from the period 2004-2015. Links between selected variables are tested using Granger causality tests. The results calculated confirm the hypothesis of the impact of the loans on economic growth, with a six-month delay. The results thus correspond to the standard economic findings and results of most previous studies.

Keywords: bank, business cycle, economic growth, loans

Procedia PDF Downloads 123