Search results for: Kristina Johansen
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 86

Search results for: Kristina Johansen

86 An Analysis of the Relationship between Manufacturing Growth and Economic Growth in South Africa: A Cointegration Approach

Authors: Johannes T. Tsoku, Teboho J. Mosikari, Diteboho Xaba, Thatoyaone Modise

Abstract:

This paper examines the relationship between manufacturing growth and economic growth in South Africa using quarterly data ranging from 2001 to 2014. The paper employed the Johansen cointegration to test the Kaldor’s hypothesis. The Johansen cointegration results revealed that there is a long run relationship between GDP, manufacturing, service and employment. The Granger causality results revealed that there is a unidirectional causality running from manufacturing growth to GDP growth. The overall findings of the study confirm that Kaldor’s first law of growth is applicable in South African economy. Therefore, investment strategies and policies should be alignment towards promoting growth in the manufacturing sector in order to boost the economic growth of South Africa.

Keywords: cointegration, economic growth, Kaldor’s law, manufacturing growth

Procedia PDF Downloads 357
85 Enjoyable Learning Experience, but also Difficult: Young, Unaccompanied Refugees' Perspectives on Participatory Research

Authors: Kristina Johansen

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Participation is a universal right that all children and young people are entitled to, according to the Convention on the Rights of the Child. Social work and action research share participation as a core value. However, we have limited knowledge of how children and young people of refugee background experience taking part in participatory research. The point of departure of this presentation is a qualitative study involving young, unaccompanied refugees, addressing the issues of psychosocial health and participation. The research design included participatory methods and action research. The presentation highlights the perspectives of young, unaccompanied refugees on what made participating in the research process valuable, what created challenges for participation and what created challenges for the action part in the research process. Feedback from participants indicated that taking part in enjoyable experiences, being listened to, sharing experiences, and learning from each other contributed to making the participation valuable. At the same time, participants addressed challenges related to communication, sensitive topics, participation in decision-making and powerlessness. The presentation will end with implications for social work research and practice involving young refugees.

Keywords: participatory research, power, young unaccompanied refugeees, relationships, participation

Procedia PDF Downloads 57
84 Opportunities of Diversification Strategy Investment among the Top Ten Cryptocurrencies in Crypto Industry

Authors: Surayyo Shaamirova, Anwar Hasan Abdullah Othman

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This study investigates the co-integration association between the top 10 cryptocurrencies, namely Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Cardano, Litecoin, Stellar, IOTA, and NEO. The study applies Johansen Juselius co-integration test to examine the long-run co-integration and utilize the Engle and Granger casualty test to examine the short-run relationship. The findings of the study show that there is a strong co-integration relationship among the cryptocurrencies; however, in the short run, there is no causal relationship among the crypto currencies. These results, therefore, suggest that there are portfolio diversification opportunities in the cryptocurrencies industry when it comes to long run investment decisions, on the other hand, the cryptocurrencies industry shows the characteristics of efficiency in the short-run. This is an indication of a non-speculation investment in the cryptocurrencies industry in the short term investment.

Keywords: cryptocurrencies, Johansen-Juselius co-integration test, Engle and Granger casualty test, portfolio diversification

Procedia PDF Downloads 113
83 A Periodogram-Based Spectral Method Approach: The Relationship between Tourism and Economic Growth in Turkey

Authors: Mesut BALIBEY, Serpil TÜRKYILMAZ

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A popular topic in the econometrics and time series area is the cointegrating relationships among the components of a nonstationary time series. Engle and Granger’s least squares method and Johansen’s conditional maximum likelihood method are the most widely-used methods to determine the relationships among variables. Furthermore, a method proposed to test a unit root based on the periodogram ordinates has certain advantages over conventional tests. Periodograms can be calculated without any model specification and the exact distribution under the assumption of a unit root is obtained. For higher order processes the distribution remains the same asymptotically. In this study, in order to indicate advantages over conventional test of periodograms, we are going to examine a possible relationship between tourism and economic growth during the period 1999:01-2010:12 for Turkey by using periodogram method, Johansen’s conditional maximum likelihood method, Engle and Granger’s ordinary least square method.

Keywords: cointegration, economic growth, periodogram ordinate, tourism

Procedia PDF Downloads 242
82 Government Final Consumption Expenditure Financial Deepening and Household Consumption Expenditure NPISHs in Nigeria

Authors: Usman A. Usman

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Undeniably, unlike the Classical side, the Keynesian perspective of the aggregate demand side indeed has a significant position in the policy, growth, and welfare of Nigeria due to government involvement and ineffective demand of the population living with poor per capita income. This study seeks to investigate the effect of Government Final Consumption Expenditure, Financial Deepening on Households, and NPISHs Final consumption expenditure using data on Nigeria from 1981 to 2019. This study employed the ADF stationarity test, Johansen Cointegration test, and Vector Error Correction Model. The results of the study revealed that the coefficient of Government final consumption expenditure has a positive effect on household consumption expenditure in the long run. There is a long-run and short-run relationship between gross fixed capital formation and household consumption expenditure. The coefficients cpsgdp financial deepening and gross fixed capital formation posit a negative impact on household final consumption expenditure. The coefficients money supply lm2gdp, which is another proxy for financial deepening, and the coefficient FDI have a positive effect on household final consumption expenditure in the long run. Therefore, this study recommends that Gross fixed capital formation stimulates household consumption expenditure; a legal framework to support investment is a panacea to increasing hoodmold income and consumption and reducing poverty in Nigeria. Therefore, this should be a key central component of policy.

Keywords: household, government expenditures, vector error correction model, johansen test

Procedia PDF Downloads 27
81 Factors That Determine International Competitiveness of Agricultural Products in Latin America 1990-2020

Authors: Oluwasefunmi Eunice Irewole, Enrique Armas Arévalos

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Agriculture has played a crucial role in the economy and the development of many countries. Moreover, the basic needs for human survival are; food, shelter, and cloth are link on agricultural production. Most developed countries see that agriculture provides them with food and raw materials for different goods such as (shelter, medicine, fuel and clothing) which has led to an increase in incomes, livelihoods and standard of living. This study aimed at analysing the relationship between International competitiveness of agricultural products, with the area, fertilizer, labour force, economic growth, foreign direct investment, exchange rate and inflation rate in Latin America during the period of 1991-to 2019. In this study, panel data econometric methods were used, as well as cross-section dependence (Pesaran test), unit root (cross-section Augumented Dickey Fuller and Cross-sectional Im, Pesaran, and Shin tests), cointergration (Pedroni and Fisher-Johansen tests), and heterogeneous causality (Pedroni and Fisher-Johansen tests) (Hurlin and Dumitrescu test). The results reveal that the model has cross-sectional dependency and that they are integrated at one I. (1). The "fully modified OLS and dynamic OLS estimators" were used to examine the existence of a long-term relationship, and it was found that a long-term relationship existed between the selected variables. The study revealed a positive significant relationship between International Competitiveness of the agricultural raw material and area, fertilizer, labour force, economic growth, and foreign direct investment, while international competitiveness has a negative relationship with the advantages of the exchange rate and inflation. The economy policy recommendations deducted from this investigation is that Foreign Direct Investment and the labour force have a positive contribution to the increase of International Competitiveness of agricultural products.

Keywords: revealed comparative advantage, agricultural products, area, fertilizer, economic growth, granger causality, panel unit root

Procedia PDF Downloads 77
80 Twin Deficits Hypothesis: The Case of Turkey

Authors: Mehmet Mucuk, Ayşen Edirneligil

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Budget and current account deficits are main problems for all countries. There are different approaches about the relationship between budget deficit and current account deficit. While Keynesian view accepts that there is a casual link between these variables, Ricardian equivalence hypothesis rejects it. The aim of this study is to analyze the validity of Keynesian view for Turkish Economy using VAR analysis with the monthly data in the period of 2006-2014. In this context, it will be used Johansen Cointegration Test, Impulse-Response Function and Variance Decomposition Tests.

Keywords: budget deficit, current account deficit, Turkish economy, twin deficits

Procedia PDF Downloads 405
79 Short-Long Term between Gross Domestic Product and Consumption in Indonesia

Authors: Teguh Sugiarto, Ahmad Subagyo, Ludiro Madu, Amir Mohammadian Amiri

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Recently, the significant fluctuations accosiated with Indonesian economy justifies the need for paying more attention to this issue. In this regard, the main objective of this study is to investigate the relationship between two issues related to the macro Indonesia economy called consumption and GDP during the period of 1967 to 2014. This research method exploits short term and long term relationships using Granger and subsequently, models them by the causality method . However, using analysis of Granger with Johansen shows that there is not only a long term, but also a short-long relationship between GDP and consumption using lags the interval 5.

Keywords: cointegration, Granger causality, GDP, consumption

Procedia PDF Downloads 325
78 Trade Policy and Economic Growth of Turkey in Global Economy: New Empirical Evidence

Authors: Pınar Yardımcı

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This paper tries to answer to the questions whether or not trade openness cause economic growth and trade policy changes is good for Turkey as a developing country in global economy before and after 1980. We employ Johansen cointegration and Granger causality tests with error correction modelling based on vector autoregressive. Using WDI data from the pre-1980 and the post-1980, we find that trade openness and economic growth are cointegrated in the second term only. Also the results suggest a lack of long-run causality between our two variables. These findings may imply that trade policy of Turkey should concentrate more on extra complementary economic reforms.

Keywords: globalization, trade policy, economic growth, openness, cointegration, Turkey

Procedia PDF Downloads 324
77 The External Debt in the Context of Economic Growth: The Sample of Turkey

Authors: Ayşen Edirneligil, Mehmet Mucuk

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In developing countries, one of the most important restrictions about the economic growth is the lack of national savings which are supposed to finance the investments. In order to overcome this restriction and achieve the higher rate of economic growth by increasing the level of output, countries choose the external borrowing. However, there is a dispute in the literature over the correlation between external debt and economic growth. The aim of this study is to examine the effects of external debt on Turkish economic growth by using VAR analysis with the quarterly data over the period of 2002:01-2014:04. In this respect, Johansen Cointegration Test, Impulse- Response Function and Variance Decomposition Tests will be used for analyses. Empirical findings show that there is no cointegration in the long run.

Keywords: external debt, economic growth, Turkish economy, time series analysis

Procedia PDF Downloads 370
76 Comparative Analysis of Real and Virtual Garment Fit

Authors: Kristina Ancutiene

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The goal of this research is to perform comparative analysis between the virtual fit of the woman's dress and the fit on a real person. The dress fitting was done using mechanical and structural parameters of the 100 % linen fabric and using Modaris_3D_Fit software (CAD Lectra). The dress was also sawn after which garment fit differences of real and virtual dress was researched. Four respondents whose figures were similar were used to evaluate the ease and strain deformations of the real and virtual dress. The scores that were given by the respondents wearing the real dress were compared to the ease and strain results that were given by the software. The main result was that respondents feel similar to the virtual stretch deformations but their ease feeling is not always matching the virtual ones. The results may be influenced by psychological factors and different understanding about purpose of garment.

Keywords: virtual garment, 3D CAD, garment fit, mechanical properties

Procedia PDF Downloads 300
75 Use of Adjunctive Cannabinoids in Opioid Dosing for Patients with Chronic Pain

Authors: Kristina De Milt, Nicole Huang, Jihye Park

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Opioids have been a mainstay of the treatment of chronic pain, but their overprescription and misuse have led to an opioid epidemic. Recently, as an attempt to decrease the number of opioids prescribed, the use of cannabinoid therapy has become an increasingly popular adjunctive chronic pain management choice among providers. This review of literature investigates the effects of adjunctive cannabinoids to opioids in the management of chronic pain. The nine articles are included in the literature review range from observational studies to meta-analyses published in the year 2016 and after. A majority of the studies showed a decrease in the need for opioids after adjunctive cannabinoids were introduced and, in some instances, the cessation of opioid consumption. More high-quality evidence is needed to further support this stance and providers should weigh the benefits and risks of adjunctive cannabinoids according to the clinical picture.

Keywords: cannabis, chronic pain, opioids, pain management

Procedia PDF Downloads 221
74 Is the Okun's Law Valid in Tunisia?

Authors: El Andari Chifaa, Bouaziz Rached

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The central focus of this paper was to check whether the Okun’s law in Tunisia is valid or not. For this purpose, we have used quarterly time series data during the period 1990Q1-2014Q1. Firstly, we applied the error correction model instead of the difference version of Okun's Law, the Engle-Granger and Johansen test are employed to find out long run association between unemployment, production, and how error correction mechanism (ECM) is used for short run dynamic. Secondly, we used the gap version of Okun’s law where the estimation is done from three band pass filters which are mathematical tools used in macro-economic and especially in business cycles theory. The finding of the study indicates that the inverse relationship between unemployment and output is verified in the short and long term, and the Okun's law holds for the Tunisian economy, but with an Okun’s coefficient lower than required. Therefore, our empirical results have important implications for structural and cyclical policymakers in Tunisia to promote economic growth in a context of lower unemployment growth.

Keywords: Okun’s law, validity, unit root, cointegration, error correction model, bandpass filters

Procedia PDF Downloads 292
73 Co-Integration Model for Predicting Inflation Movement in Nigeria

Authors: Salako Rotimi, Oshungade Stephen, Ojewoye Opeyemi

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The maintenance of price stability is one of the macroeconomic challenges facing Nigeria as a nation. This paper attempts to build a co-integration multivariate time series model for inflation movement in Nigeria using data extracted from the abstract of statistics of the Central Bank of Nigeria (CBN) from 2008 to 2017. The Johansen cointegration test suggests at least one co-integration vector describing the long run relationship between Consumer Price Index (CPI), Food Price Index (FPI) and Non-Food Price Index (NFPI). All three series show increasing pattern, which indicates a sign of non-stationary in each of the series. Furthermore, model predictability was established with root-mean-square-error, mean absolute error, mean average percentage error, and Theil’s unbiased statistics for n-step forecasting. The result depicts that the long run coefficient of a consumer price index (CPI) has a positive long-run relationship with the food price index (FPI) and non-food price index (NFPI).

Keywords: economic, inflation, model, series

Procedia PDF Downloads 216
72 A Study of Islamic Stock Indices and Macroeconomic Variables

Authors: Mohammad Irfan

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The purpose of this paper is to investigate the relationship among the key macroeconomic variables and Islamic stock market in India. This study is based on the time series data of financial years 2009-2015 to explore the consistency of relationship between macroeconomic variables and Shariah Indices. The ADF (Augmented Dickey–Fuller Test Statistic) and PP (Phillips–Perron Test Statistic) tests are employed to check stationarity of the data. The study depicts the long run relationship between Shariah indices and macroeconomic variables by using the Johansen Co-integration test. BSE Shariah and Nifty Shariah have uni-direct Granger causality. The outcome of VECM is significantly confirming the applicability of best fitted model. Thus, Islamic stock indices are proficiently working for the development of Indian economy. It suggests that by keeping eyes on Islamic stock market which will be more interactive in the future with other macroeconomic variables.

Keywords: Indian Shariah Indices, macroeconomic variables, co-integration, Granger causality, vector error correction model (VECM)

Procedia PDF Downloads 256
71 Sustainable Building Design for Energy Efficiency and Healthier Electromagnetic Environment

Authors: Riadh Habash, Kristina Djukic, Gandhi Habash

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Sustainable design is one of the emerging milestones in building construction. This concept is defined as buildings that on a yearly average consume as much energy as they generate using renewable energy sources. Realization of sustainable buildings requires a wide range of technologies, systems and solutions with varying degrees of complexity and sophistication, depending upon the location and surrounding environmental conditions. This paper will address not only the role of the above technologies and solutions but will provide solutions to reduce the electromagnetic fields (EMFs) in the building as much as possible so that the occupiers can recover from electro-hyper-sensitivity, if any. The objective is to maximize energy efficiency, optimize occupant comfort, reduce dependency on the grid and provide safer and healthier EMF environment especially for hypersensitive people. Creative architectural and engineering solutions that capitalize on the design of energy efficient technologies; combined cooling, heating and power (CCHP) microgrid (MG); and EMF mitigation will be presented.

Keywords: sustainable buildings, energy efficiency, thermal simulation, electromagnetic environment

Procedia PDF Downloads 276
70 Direct Growth Rates of the Information Model for Traffic at the Service of Sustainable Development of Tourism in Dubrovacko-Neretvanska County 2014-2020

Authors: Vinko Viducic, Jelena Žanic Mikulicic, Maja Racic, Kristina Sladojevic

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The research presented in this paper has been focused on analyzing the impact of traffic on the sustainable development of tourism in Croatia's Dubrovacko-Neretvanska County by the year 2020, based on the figures and trends reported in 2014 and using the relevant variables that characterise the synergy of traffic and tourism in, speaking from the geographic viewpoint, the most problematic county in the Republic of Croatia. The basic hypothesis has been confirmed through scientifically obtained research results, through the quantification of the model's variables and the direct growth rates of the designed model. On the basis of scientific insights into the sustainable development of traffic and tourism in Dubrovacko-Neretvanska County, it is possible to propose a new information model for traffic at the service of the sustainable development of tourism in the County for the period 2014-2020.

Keywords: environment protection, hotel industry, private sector, quantification

Procedia PDF Downloads 251
69 Investigation of Garment Fit Using Virtual Try-On Technology

Authors: Kristina Ancutiene, Agne Lage, Ada Gulbiniene

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Virtual garment fitting has gotten considerable attention for researchers currently. Virtual try-on technologies provide the opportunity to check garment fit using various fabrics and sizes. Differences in fabric mechanical properties produce differences in garment fit. This research aimed to investigate the virtual garment fit concerning the fabric's mechanical properties by determining distance ease between the body and the garment. In this research, virtual women mannequin was covered with straight fit virtual dress stitched in Modaris 3D (CAD Lectra). Garment fitting was investigated using seven cotton/cotton blended plain weave fabrics. Ease allowance value at bust, waist and hip girths in 2D basic patterns was changed uniformly from 0 cm to 8 cm. The values of distance ease in 3D virtual garments at the three main girths were investigated. Distance ease distribution in the virtual garment was investigated also. It was defined that by increasing of 2D patterns ease allowance, 3D garment distance ease changes proportionally but differently using various fabrics. Correlation analysis between 3D garment ease and mechanical properties showed that tensile strain in weft direction had the strongest relation.

Keywords: 3D CAD, distance ease, fabric, garment fit, virtual try-on

Procedia PDF Downloads 138
68 Band Gap Tuning Based on Adjustable Stiffness of Local ‎Resonators ‎

Authors: Hossein Alimohammadi, Kristina Vassiljeva, Hassan HosseinNia, Eduard Petlenkov

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This research article discusses the mechanisms for bandgap tuning of beam-type resonators to achieve ‎broadband vibration suppression through adjustable stiffness. The method involves changing the center of ‎mass of the cantilever-type resonator to achieve piezo-free tuning of stiffness. The study investigates the ‎effect of the center of masses variation (δ) of attached masses on the bandgap and vibration suppression ‎performance of a non-uniform beam-type resonator within a phononic structure. The results suggest that the ‎cantilever-type resonator beam can be used to achieve tunability and real-time control and indicate that ‎varying δ significantly impacts the bandgap and transmittance response. Additionally, the research explores ‎the use of the first and second modes of resonators for tunability and real-time control. These findings examine ‎the feasibility of this approach, demonstrate the potential for improving resonator performance, and provide ‎insights into the design and optimization of metamaterial beams for vibration suppression applications.

Keywords: bandgap, adjustable stiffness, spatial variation, tunability

Procedia PDF Downloads 58
67 Energy Consumption and Economic Growth: Testimony of Selected Sub-Saharan Africa Countries

Authors: Alfred Quarcoo

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The main purpose of this paper is to examine the causal relationship between energy consumption and economic growth in Sub-Saharan Africa using panel data techniques. An annual data on energy consumption and Economic Growth (proxied by real gross domestic product per capita) spanning from 1990 to 2016 from the World bank index database was used. The results of the Augmented Dickey–Fuller unit root test shows that the series for all countries are not stationary at levels. However, the log of economic growth in Benin and Congo become stationary after taking the differences of the data, and log of energy consumption become stationary for all countries and Log of economic growth in Kenya and Zimbabwe were found to be stationary after taking the second differences of the panel series. The findings of the Johansen cointegration test demonstrate that the variables Log of Energy Consumption and Log of economic growth are not co-integrated for the cases of Kenya and Zimbabwe, so no long-run relationship between the variables were established in any country. The Granger causality test indicates that there is a unidirectional causality running from energy use to economic growth in Kenya and no causal linkage between Energy consumption and economic growth in Benin, Congo and Zimbabwe.

Keywords: Cointegration, Granger Causality, Sub-Sahara Africa, World Bank Development Indicators

Procedia PDF Downloads 20
66 Food Security from a Spatial Perspective; The Situation in Advanced and Less Advanced Economies

Authors: Kristina Thorell

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Food security has been one of the most important policy issues on the global arena after the Second World War. The overall aim of this presentation is to describe preconditions for a sustainable food supply from a spatial perspective. Special attention is paid to the differences between advanced and less advanced economies around the world. The theoretical framework is based upon models which are explaining complex systems of factors that affect the preconditions for agricultural productions. In additions to this, theories about how population and environmental pollution change through different stages of societal development are explained. The results are based upon data of agricultural practices, population growth, hunger and nutrition levels from different countries around the world. The analysis shows that factors which affect preconditions for agricultural production are dynamic. Factors which support the food security in the near future are a decreasing population growth, technological development and innovation but the environmental crisis is associated to high risks. It is, therefore, important to develop environmental policies and improved methods for organic farming. A final conclusion is that the spatial pattern is clear; the food supply is sufficient within advanced economies but rather complicated in development countries.

Keywords: food security, agricultural geography, demography, advanced economies, population growth, agricultural practices

Procedia PDF Downloads 280
65 Health Outcomes and Economic Growth Nexus: Testing for Long-run Relationships and Causal Links in Nigeria

Authors: Haruna Modibbo Usman, Mustapha Muktar, Nasiru Inuwa

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This paper examined the long run relationship between health outcomes and economic growth in Nigeria from 1961 to 2012. Using annual time series data, Augmented Dickey-Fuller (ADF) test is conducted to check the stochastic properties of the variables. Also, the long run relationship among the variables is confirmed based on Johansen Multivariate Cointegration approach whereas the long run and short run dynamics are observed using Vector Error Correction Mechanism (VECM). In addition, VEC Granger causality test is employed to examine the direction of causality among the variables. On the whole, the results obtained revealed the existence of a long run relationship between health outcomes and economic growth in Nigeria and that both life expectancy and crude death rate as measures of health are found to have a long run negative and statistically significant impact on the economic growth over the study period. This is further buttressed by the results of Granger causality test which indicated the existence of unidirectional causality running from life expectancy and crude death rate to economic growth. The study therefore, calls for governments at various levels to create preconditions for health improvements in Nigeria in order to boost the level of health outcomes.

Keywords: cointegration, economic growth, Granger causality, health outcomes, VECM

Procedia PDF Downloads 458
64 An Empirical Investigation into the Effect of Macroeconomic Policy on Economic Growth in Nigeria

Authors: Rakiya Abba

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This paper investigates the effect of the money supply, exchange and interest rate on economic growth in Nigeria through the application of Augmented Dickey-Fuller technique in testing the unit root property of the series and Granger causality test of causation between GDP, money supply, the exchange, and interest rate. The results of unit root suggest that all the variables in the model are stationary at 1, 5 and 10 percent level of significance, and the results of Causality suggest that money supply and exchange granger cause IR, the result further reveals two – way causation existed between M2 and EXR while IR granger cause GDP the null hypothesis is rejected and GDP does not granger cause IR as indicated by their probability values of 0.4805 and confirmed by F-statistics values of 0.75483. The results revealed that M2 and EXR do not granger causes GDP, the null hypothesis is accepted at 75percent 18percent respectively as indicated by their probability values of 0.7472 and 0.1830 respectively; also, GDP does not granger cause M2 and EXR. The Johansen cointegration result indicates that despite GDP does not granger cause M2, IR, and EXR, but there existed 1 cointegrating equation, implying the existence of long-run relationship between GDP, M2 IR, and EXR. A major policy implication of this result is that economic growth is function of and money supply and exchange rate, effective monetary policies should direct on manipulating instruments and importance should be placed on justification for adopting a particular policy be rationalized in order to increase growth in economy

Keywords: economic growth, money supply, interest rate, exchange rate, causality

Procedia PDF Downloads 243
63 Long-Run Relationship among Tehran Stock Exchange and the GCC Countries Financial Markets, Before and After 2007/2008 Financial Crisis

Authors: Mohammad Hossein Ranjbar, Mahdi Bagheri, B. Shivaraj

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This study attempts to investigate the relationship between stock market of Iran and GCC countries stock exchanges. Eight markets were included: the stock market of Iran, Kuwait, Bahrain, Qatar, Saudi Arabia, Dubai, Abu Dhabi and Oman. Daily country market indices were collected from January 2005 to December 2010. The potential time-varying behaviors of long-run stock market relationship among selected markets are tested applying correlation test, Augmented Dick Fuller test (ADF), Bilateral and Multilateral Cointegration (Johansen), and the Granger Causality test. The findings suggest that stock market of Iran is negatively correlated with most of the selected markets in the whole duration. But contemporaneous correlations among the eight selected markets are increased positively in period of financial crises. Bilateral Cointegration between selected markets suggests that there is no integration between Tehran stock exchange and other selected markets. Among other markets, except the stock market of Dubai and Abu Dhabi as a one pair, are not cointegrated in whole, but in duration of financial crises integration between selected markets are increased. Finally, investigation of the casual relationship among eight financial markets suggests there are unidirectional and bidirectional causal relationship among some of stock market indices.

Keywords: financial crises, Middle East, stock market integration, Granger Causality test, ARDL test

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62 The Impact of Natural Resources on Financial Development: The Global Perspective

Authors: Remy Jonkam Oben

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Using a time series approach, this study investigates how natural resources impact financial development from a global perspective over the 1980-2019 period. Some important determinants of financial development (economic growth, trade openness, population growth, and investment) have been added to the model as control variables. Unit root tests have revealed that all the variables are integrated into order one. Johansen's cointegration test has shown that the variables are in a long-run equilibrium relationship. The vector error correction model (VECM) has estimated the coefficient of the error correction term (ECT), which suggests that the short-run values of natural resources, economic growth, trade openness, population growth, and investment contribute to financial development converging to its long-run equilibrium level by a 23.63% annual speed of adjustment. The estimated coefficients suggest that global natural resource rent has a statistically-significant negative impact on global financial development in the long-run (thereby validating the financial resource curse) but not in the short-run. Causality test results imply that neither global natural resource rent nor global financial development Granger-causes each other.

Keywords: financial development, natural resources, resource curse hypothesis, time series analysis, Granger causality, global perspective

Procedia PDF Downloads 122
61 Dynamic Modeling of the Exchange Rate in Tunisia: Theoretical and Empirical Study

Authors: Chokri Slim

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The relative failure of simultaneous equation models in the seventies has led researchers to turn to other approaches that take into account the dynamics of economic and financial systems. In this paper, we use an approach based on vector autoregressive model that is widely used in recent years. Their popularity is due to their flexible nature and ease of use to produce models with useful descriptive characteristics. It is also easy to use them to test economic hypotheses. The standard econometric techniques assume that the series studied are stable over time (stationary hypothesis). Most economic series do not verify this hypothesis, which assumes, when one wishes to study the relationships that bind them to implement specific techniques. This is cointegration which characterizes non-stationary series (integrated) with a linear combination is stationary, will also be presented in this paper. Since the work of Johansen, this approach is generally presented as part of a multivariate analysis and to specify long-term stable relationships while at the same time analyzing the short-term dynamics of the variables considered. In the empirical part, we have applied these concepts to study the dynamics of of the exchange rate in Tunisia, which is one of the most important economic policy of a country open to the outside. According to the results of the empirical study by the cointegration method, there is a cointegration relationship between the exchange rate and its determinants. This relationship shows that the variables have a significant influence in determining the exchange rate in Tunisia.

Keywords: stationarity, cointegration, dynamic models, causality, VECM models

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60 Synthesis of Pyrimidine-Based Polymers Consist of 2-{3-[4,6-Bis-(4-Hexyl-Thiophen-2-yl)-Pyrimidin-2-yl]Phenyl}-Thiazolo[5,4-B]Pyridine as Electron-Deficient Unit for Photovoltaics

Authors: Hyehyeon Lee, Juwon Yu, Juwon Kim, Raquel Kristina Leoni Tumiar, Taewon Kim, Juae Kim, Hongsuk Suh

Abstract:

Recently, the development of photovoltaics is rapidly accelerating as one of green energy sources. So we designed pyrimidine-based polymers with 2-{3-[4,6-bis-(4-hexyl-thiophen-2-yl)-pyrimidin-2-yl]-phenyl}-thiazolo[5,4-b]pyridine (mPTP), as active layer substances for polymer solar cells. Polymers with push-pull types, mPTPBDT-12, mPTPBDT-EH, mPTPBDTT-EH and mPTPTTI, are comprised of electron pushing unit using benzo[1,2-b;3,4-b’]dithiophene (BDT) or 4,8-bis(5-thiophen-2-yl)benzo[1,2-b:4,5-b']dithiophene (BDTT) or 6-(2-thienyl)-4H-thieno[3,2-b]indole(TTI) and electron pulling unit using mPTP. The device including mPTPTTI-12 indicated a VOC of 0.67 V, a JSC of 2.16 mA/cm², and a fill factor (FF) of 0.30, giving a power conversion efficiency (PCE) of 0.43%. The device including mPTPBDT-EH indicated a VOC of 0.56 V, a JSC of 2.64 mA/cm², and an FF of 0.30, giving a PCE of 0.44%. The device including mPTPBDTT-EH indicated a VOC of 0.44 V, a JSC of 2.45 mA/cm², and an FF of 0.29, giving a PCE of 0.31%. The device including mPTPTTI indicated a VOC of 0.72 V, a JSC of 4.95 mA/cm², and an FF of 0.32, giving a PCE of 1.15%. Therefore, mPTPBDT-12, mPTPBDT-EH, mPTPBDTT-EH and mPTPTTI were fabricated by Stille polymerization. Their optical properties were measured and the results show that pyrimidine-based polymers have a great promise to act as donor of active layer.

Keywords: polymer solar cells, photovoltaics, thiazolopyridine, conjugated polymer

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59 Relationship between Electricity Consumption and Economic Growth: Evidence from Nigeria (1971-2012)

Authors: N. E Okoligwe, Okezie A. Ihugba

Abstract:

Few scholars disagrees that electricity consumption is an important supporting factor for economy growth. However, the relationship between electricity consumption and economy growth has different manifestation in different countries according to previous studies. This paper examines the causal relationship between electricity consumption and economic growth for Nigeria. In an attempt to do this, the paper tests the validity of the modernization or depending hypothesis by employing various econometric tools such as Augmented Dickey Fuller (ADF) and Johansen Co-integration test, the Error Correction Mechanism (ECM) and Granger Causality test on time series data from 1971-2012. The Granger causality is found not to run from electricity consumption to real GDP and from GDP to electricity consumption during the year of study. The null hypothesis is accepted at the 5 per cent level of significance where the probability value (0.2251 and 0.8251) is greater than five per cent level of significance because both of them are probably determined by some other factors like; increase in urban population, unemployment rate and the number of Nigerians that benefit from the increase in GDP and increase in electricity demand is not determined by the increase in GDP (income) over the period of study because electricity demand has always been greater than consumption. Consequently; the policy makers in Nigeria should place priority in early stages of reconstruction on building capacity additions and infrastructure development of the electric power sector as this would force the sustainable economic growth in Nigeria.

Keywords: economic growth, electricity consumption, error correction mechanism, granger causality test

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58 Combustion Chamber Sizing for Energy Recovery from Furnace Process Gas: Waste to Energy

Authors: Balram Panjwani, Bernd Wittgens, Jan Erik Olsen, Stein Tore Johansen

Abstract:

The Norwegian ferroalloy industry is a world leader in sustainable production of ferrosilicon, silicon and manganese alloys with the lowest global specific energy consumption. One of the byproducts during the metal reduction process is energy rich off-gas and usually this energy is not harnessed. A novel concept for sustainable energy recovery from ferroalloy off-gas is discussed. The concept is founded on the idea of introducing a combustion chamber in the off-gas section in which energy rich off-gas mainly consisting of CO will be combusted. This will provide an additional degree of freedom for optimizing energy recovery. A well-controlled and high off-gas temperature will assure a significant increase in energy recovery and reduction of emissions to the atmosphere. Design and operation of the combustion chamber depend on many parameters, including the total power capacity of the combustion chamber, sufficient residence time for combusting the complex Poly Aromatic Hydrocarbon (PAH), NOx, as well as converting other potential pollutants. The design criteria for the combustion chamber have been identified and discussed and sizing of the combustion chamber has been carried out considering these design criteria. Computational Fluid Dynamics (CFD) has been utilized extensively for sizing the combustion chamber. The results from our CFD simulations of the flow in the combustion chamber and exploring different off-gas fuel composition are presented. In brief, the paper covers all aspect which impacts the sizing of the combustion chamber, including insulation thickness, choice of insulating material, heat transfer through extended surfaces, multi-staging and secondary air injection.

Keywords: CFD, combustion chamber, arc furnace, energy recovery

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57 Speech and LanguageTherapists’ Advices for Multilingual Children with Developmental Language Disorders

Authors: Rudinë Fetahaj, Flaka Isufi, Kristina Hansson

Abstract:

While evidence shows that in most European countries’ multilingualism is rising, unfortunately, the focus of Speech and Language Therapy (SLT) is still monolingualism. Furthermore, there is sparse information on how the needs of multilingual children with language disorders such as Developmental Language Disorder (DLD) are being met and which factors affect the intervention approach of SLTs when treating DLD. This study aims to examine the relationship and correlation between the number of languages SLTs speak, years of experience, and length of education with the advice they give to parents of multilingual children with DLD regarding which language to be spoken. This is a cross-sectional study where a survey was completed online by 2608 SLTs across Europe and data has been used from a 2017 COST-action project. IBM-SPSS-28 was used where descriptive analysis, correlation and Kruskal-Wallis test were performed.SLTs mainly advise the parents of multilingual children with DLD to speak their native language at home. Besides years of experience, language status and the level of education showed to have no association with the type of advice SLTs give. Results showed a non-significant moderate positive correlation between SLTs years of experience and their advice regarding the native language, whereas language status and length of education showed no correlation with the advice SLTs give to parents.

Keywords: quantitative study, developmental language disorders, multilingualism, speech and language therapy, children, European context

Procedia PDF Downloads 58