Search results for: Russian economy

Authors: Ghada Abo-Zaid

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Introduction: Oil is one of the most income source in Bahrain. Low oil price influence on the economy growth and the investment rate in Bahrain. For example, the economic growth was 3.7% in 2012, and it reduced to 2.9% in 2015. Investment rate was 9.8% in 2012, and it is reduced to be 5.9% and -12.1% in 2014 and 2015, respectively. The inflation rate is increased to the peak point in 2013 with 3.3 %. Objectives: The objectives here are to build statistical models to examine the effect of the interest rate inflation rate on the growth economy in Bahrain from 2000 to 2018. Methods: This study based on 18 years, and the multiple regression model is used for the analysis. All of the missing data are omitted from the analysis. Results: Regression model is used to examine the association between the Growth national product (GNP), the inflation rate, and real interest rate. We found that (i) Increase the real interest rate decrease the GNP. (ii) Increase the inflation rate does not effect on the growth economy in Bahrain since the average of the inflation rate was almost 2%, and this is considered as a low percentage. Conclusion: There is a positive impact of the real interest rate on the GNP in Bahrain. While the inflation rate does not show any negative influence on the GNP as the inflation rate was not large enough to effect negatively on the economy growth rate in Bahrain.

Keywords: growth national product, egypt, regression model, interest rate

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Authors: Ilona Bontenbal

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In this research, the potential for societal change is researched through the idea of migrants as change agents. The viewpoint is on the potential that migrants have for affecting societal change in their country of origin through transmitting transnational peer-to-peer information. The focus is on the information that Russian migrants living in Finland transmit about their experiences and attitudes regarding the Nordic welfare state, its democratic foundation and the social rights embedded in it, to their family and friends in their country of origin. The welfare provision and level of democracy are very different in the two neighbouring countries of Finland and Russia. Finland is a Nordic welfare state with strong democratic institutions and a comprehensive actualizing of civil and social rights. In Russia, the state of democracy has on the other hand been declining, and the social and civil rights of its citizens are constantly undermined. Due to improvements in communications and travel technology, migrants can easily and relatively cheaply stay in contact with their family and friends in their country of origin. This is why it is possible for migrants to act as change agents. By telling about their experiences and attitudes about living in a democratic welfare state, migrants can affect what people in the country or origin know and think about welfare, democracy, and social rights. This phenomenon is approached through the concept of social remittances. Social remittances broadly stand for the ideas, know-how, world views, attitudes, norms of behavior, and social capital that flows through transnational networks from receiving- to sending- country communities and the other way around. The viewpoint is that historically and culturally formed democratic welfare models cannot be copied entirely nor that each country should achieve identical development paths, but rather that migrants themselves choose which aspects they see as important to remit to their acquaintances in their country of origin. This way the potential for social change and the agency of the migrants is accentuated. The empirical research material of this study is based on 30 qualitative interviews with Russian migrants living in Finland. Russians are the largest migrant group in Finland and Finland is a popular migration destination especially for individuals living in North-West Russia including the St. Petersburg region. The interviews are carried out in 2018-2019. The preliminary results indicate that Russian migrants discuss social rights and welfare a lot with their family members and acquaintances living in Russia. In general, the migrants feel that they have had an effect on the way that their friends and family think about Finland, the West, social rights and welfare provision. Democracy, on the other hand, is seen as a more difficult and less discussed topic. The transformative potential that the transmitted information and attitudes could have outside of the immediate circle of acquaintances on larger societal change is seen as ambiguous although not negligible.

Keywords: migrants as change agents, Russian migrants, social remittances, welfare and democracy

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Authors: Nazanin Forouz

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The textile industry faces increasing criticism due to its resource-intensive nature and the negative environmental and societal impacts associated with the manufacturing, use, and disposal of clothes. To address these concerns, there is a growing desire to transition towards a circular economy for textiles, implementing recycling concepts and technologies to protect resources, the environment, and people. While existing recycling processes have focused on chemical and mechanical reuse of textile fibers, bio-based processes have received limited attention beyond end-of-life composting. However, bio-based technologies hold great promise for circularizing the textile life cycle and reducing environmental impacts.

Keywords: textile industry, circular economy, bio-based processes, recycling, environmental impacts

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Authors: Vakhtang Charaia, Mariam Lashkhi

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Foreign direct investment (FDI) plays a vital role in global business. It provides firms with new markets and advertising channels, cheaper production facilities, admission to new technology, products, skills and financing. FDI can provide a recipient country/company with a source of new technologies, capital, practice, products, management skills, and as such can be a powerful drive for economic development. It is one of the key elements of stable economic development in many countries, especially in developing ones. Therefore the size of FDI inflow is one of the most crustal factors for economic perfection in small economy countries (like, Georgia), while most of developed ones are net exporters of FDI. Since, FDI provides firms with new markets; admission to new technologies, products and management skills; marketing channels; cheaper production facilities, and financing opportunities. It plays a significant role in Georgian economic development. Increasing FDI inflows from all over the world to Georgia in last decade was achieved with the outstanding reforms managed by the Georgian government. However, such important phenomenon as world financial crisis and Georgian-Russian war put its consequence on the over amount of FDI inflow in Georgia in the last years. It is important to mention that the biggest investor region for Georgia is EU, which is interested in Georgia not only from the economic points of view but from political. The case studies from main EU investor countries show that Georgia has a big potential of investment in different areas, such as; financial sector, energy, construction, tourism industry, transport and communications. Moreover, signing of Association Agreement between Georgia and EU will further boost all the fields of economy in Georgia in both short and long terms. It will attract more investments from different countries and especially from EU. The last, but not least important issue is the calculation of annual FDI inflow to Georgia, which it is calculated differently by different organizations, based on different methodologies, but what is more important is that all of them show significant increase of FDI in last decade, which gives a positive signal to investors and underlines necessity of further improvement of investment climate in the same direction.

Keywords: foreign direct investment (FDI), Georgia, investment development path, investment climate

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Authors: Supaporn Prajongjai, Pannarungsri Inpayoung

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This research attempts to explore the perception and satisfaction of international tourists toward Thai economy, politics and Bangkok attributes. Due to tourism industry provides a high rate of revenue for Thailand, and the outcome from this business drives every section of Thailand such as business, residents’ living level. Unfortunately, some incidents in the country, such as some turmoil, have ruined the city’s image which obviously impacts to the tourism industry, the major source of revenue. The size of this research was 400 international tourists who visit Bangkok, Thailand during the 1st – 20th March 2009 and age between 20 – 65 years. The results reveal that tourists satisfy with all of Bangkok’s attributes including general attractions, heritage attraction, maintenance factors and cultural attraction. Also, tourists’ perception toward Thai politics is significantly related to their satisfaction of Bangkok’s attributes, but their perception toward Thai economy is not significantly correlated to their satisfaction of Bangkok’s attributes.

Keywords: international tourists' perception, tourists' satisfactions, Thai economy, tourism destination

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Authors: Marianys Fernandez

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Gastronomic experiences generate a positive impact on the dynamization of the economy when they are managed in a sustainable manner, given that they value the identity of the destination, strengthen cooperation between stakeholders in the sector, contribute to the preservation of gastronomic heritage, and encourage the implementation of competitive and sustainable public policies. Having as its main aim the analysis of sustainable management of gastronomic experiences, this study analyses different elements associated with the promotion of the local economy. For this purpose, a systematic literature review was carried out to identify, select, synthesise, and evaluate the studies that respond to the research objectives in order to select more reliable articles for research and reduce the potential for bias within the review of literature. To obtain reliable, updated and relevant sources for scientific research, the Web of Science and Scopus databases were used, taking into account the following key words: (1) experiential tourism, (2) gastronomy experience, (3) sustainable destination management, (4) sustainable gastronomy, (5) sustainable economy, in which we obtained a final list of 76 articles. The analysis of the literature allowed us to identify the most pertinent elements referring to the objective of the study: (a) need for competitive policies in the gastronomic sector to promote sustainable local economic development, (b) incentive for cooperation between stakeholders in the gastronomic sector, to guarantee the competitiveness of the destination, (c) propose sustainable standards in the gastronomic tourism sector that link the local economy. Gastronomic experiences constitute a dynamic element of the local economy and promote sustainable tourism. We can highlight that sustainability is a mechanism for the preservation of regional identity in the gastronomic sector through the valuation of the attributes of gastronomy, promotion of the local economy, strengthening of strategic alliances between the stakeholders of the gastronomic sector and its relevant contribution to the competitiveness of the destination. The theoretical implications of the study are focused on suggesting planning, management, and policy criteria to promote the sustainable management of gastronomic experiences in order to promote the local economy. In the practical context, research integrates different approaches, tools, and methods to encourage the active participation of local actors in the promotion of the local economy through the sustainable management of gastronomic tourism.

Keywords: experiential tourism, gastronomy experience, sustainable destination management, sustainable economy, sustainable gastronomy

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Authors: Kemi Olalekan Oduntan

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Transformation is a strong word that portends a radical, structural and basic reappraisal of the basic assumptions that underline our economic reform and developmental efforts. The challenges before government are how to move the nation away from an oil-dominated economy, institute the basics for a private sector-driven economy, build the local economy on international best practices, transform a passive oil industry to a more pro-active one and reposition the country along the lines of a more decentralized federalism. But beyond this, Nigeria is faced with management and leadership challenges to contend with building an efficient and effective polity, inspiring a shared vision, remodeling a corrupt polity, redefining the essentials of transformational leadership and creating Nigerian dream that will inspire patriotism and commitment in the citizenry.

Keywords: economic, economic growth, patriotism, polity, transformational

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Authors: Ekaterina Lukianchenko

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The present article addresses the nuances of teaching English vocabulary to Russian-speaking students. The experiment involving 39 participants aged 17 to 21 proves that the key to understanding spoken coinages is not only the knowledge of their constituents, but rather the understanding of the context and co-text. The volunteers who took part knew the constituents, but did not know the meaning of the words. The assumption of the authors consists in the fact that the structure of the concept has a direct relation with the form of the particular vocabulary unit, but its form is secondary to its meaning, if the word is a spoken coinage, which is partly proved by the fact that in modern slang words have multiple meanings, as well as one notion can have various embodiments that have virtually nothing in common. The choice of vocabulary items that youngsters use is not exactly arbitrary, but, even if complex nominals are taken into consideration, whose meaning seems clear, as it looks like a sum of their constituents’ meanings, they are still impossible to understand without any context or co-text, as a lot of them are idiomatic, non-transparent. It is further explained what methods might be effective in teaching students how to deal with new words they encounter in real-life situations and how student’s knowledge of vocabulary might be enhanced.

Keywords: spoken language, cognitive linguistics, complex nominals, nominals with the incorporated object, concept, EFL, communicative language teaching

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Authors: Khajeerat Phumphruk

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This research aims to study the knowledge, attitude toward household accounting philosophy of sufficiency economy and study the Expense Behavior Changing of household accounting in Banbolang Samut Songkhram Province. The samples of this research are chief of villages and householders in Banbolang Samut Songkhram. The sampling revealed that chief of villages and 60 of householders. The random sampling was used to collect the data. Tools of this research are structure interview and questionnaires that verified by specialist as the content validity and reliability. The result found that the reasons of doing the household accounting are finding the revenue and expenditure in order to in develop the wealthy of the family and follow the philosophy of sufficiency economy of His Majesty. The reasons of not doing the household accounting are less understanding of the household accounting, less time and useless. Moreover, there are householders who interesting in training about household accounting.

Keywords: expense behavior changing, household accounting, samut songkhram province, sufficiency economy philosophy

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Authors: Natalia Khvorostianov, Nelly Elias

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The present study seeks to analyze representation of social work in immigrant media, focusing on the case of online newspapers established by immigrants from the Former Soviet Union (FSU) in Israel. This immigrant population is particularly interesting because social work did not exist as a profession practiced in the USSR and hence most FSU immigrants arrive in Israel without a basic knowledge of the essence of social work, the services it provides and the logic behind its treatment methods. The sample of 37 items was built through a Google search of the Russian online newspapers and portals originated in Israel by using keywords such as “social worker,” “social work services” and the like. All items were analyzed by using qualitative content analysis. Principal analytical categories used for the analysis were: Assessment of social work services (negative, positive, neutral); social workers’ professionalism and effectiveness; goals and motives underlying their activity; cross-cultural contact with immigrants and methods used in working with immigrants. On this basis, four dominant images used to portray Israeli social work services and social workers were identified: Lack of professionalism, cultural gaps between FSU immigrants and Israeli social workers, repressive character of social work services and social workers’ involvement in corruption and crime.

Keywords: FSU immigrants, immigrant media, media images, social workers

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Authors: Pantelis Sklias, Panagiota Chatzimichailidou

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This study intents to clarify the nexus of adult education and economic development within the methodological framework of political economy within EU. The main logic behind this study is that economies with a higher level of adult education have higher levels of economic development. Despite the assumption that policy making in adult education will clearly be facilitated by any ‘proofs’ of efficiency, mainly monetary, this study acknowledges the limitations following the use of the narrow economic approaches embedded in the neoclassical framework and proposes that the methodological framework of political economy is the most relevant to explore the correlation between adult education and economic development. Focusing only on neoclassical economics to explore the financial impact of adult education, it will marginalize the consideration of its history, producing a short of historical amnesia, besides the social harm, namely the devaluation of its socio-cultural influences. On the other side the political economy perspective offers a wider perception of adult education’s profits from a quantitative and a qualitative perspective too. The understanding of adult education engages questions of political economy because it is identified mainly as means of transformation, either personal or societal, serving humanistic values, besides its accepted monetary attributes. The political economy elevates questions regarding how the three institutional arrangements -the state, the market, and the civil society, are engaged in promoting adult education and therefore how adult education could reinforce economic development. Here the economic substance is still considered but it is placed into a wider social spectrum, where politics, economy, and history interact with one another. This study restricts itself in EU and explores the role of the three institutional arrangements both in the formulation of policy planning, and in the mental transformational process of the individual learners, which opens the path to a deeper understanding of the interaction between the individual and the social action, and therefore between adult education and economic development. This study also elevates the idea that economic development can have a positive impact on the unification of Europe, which encompasses economic, political, and cultural components.

Keywords: adult education, economic development, EU, political economy, unification of Europe

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Authors: S. Alotaibi, S. Omer, Y. Su

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The conventional Internal Combustion Engine (ICE) based vehicles are a threat to the environment as they account for a large proportion of the overall greenhouse gas (GHG) emissions in the world. Hence, it is required to replace these vehicles with more environment-friendly vehicles. Electric Vehicles (EVs) are promising technologies which offer both human comfort “noise, pollution” as well as reduced (or no) emissions of GHGs. In this paper, different types of EVs are reviewed and their advantages and disadvantages are identified. It is found that in terms of fuel economy, Plug-in Hybrid EVs (PHEVs) have the best fuel economy, followed by Hybrid EVs (HEVs) and ICE vehicles. Since Battery EVs (BEVs) do not use any fuel, their fuel economy is estimated as price per kilometer. Similarly, in terms of GHG emissions, BEVs are the most environmentally friendly since they do not result in any emissions while HEVs and PHEVs produce less emissions compared to the conventional ICE based vehicles. Fuel Cell EVs (FCEVs) are also zero-emission vehicles, but they have large costs associated with them. Finally, if the electricity is provided by using the renewable energy technologies through grid connection, then BEVs could be considered as zero emission vehicles.

Keywords: electric vehicles, zero emission car, fuel economy, CO₂ footprint

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Authors: Godwin Chigozie Okpara, William Chimee Nwaoha

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The paper set out to stress on how financial inclusion index could be calculated and also investigated the impact of inclusive finance on inclusive growth in an emerging economy. In the light of these objectives, chi-wins method was used to calculate indexes of financial inclusion while co-integration and error correction model were used for evaluation of the impact of financial inclusion on inclusive growth. The result of the analysis revealed that financial inclusion while having a long-run relationship with GDP growth is an insignificant function of the growth of the economy. The speed of adjustment is correctly signed and significant. On the basis of these results, the researchers called for tireless efforts of government and banking sector in promoting financial inclusion in developing countries.

Keywords: chi-wins index, co-integration, error correction model, financial inclusion

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Authors: Kwok Tak Kit

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Construction and demolition (C&D) waste generated in the process of urbanization which only contribute to approx. 25–35 per cent of municipal solid waste (MSW), and the action to reduce the generation of other MSW is considered more critical. Developed and cities produce a higher percentage of inorganic waste rather than organic waste. Most of the MSW was disposed in landfill, and a large number of the landfills are not effectively and efficiently operated to receive the untreated incoming waste. It is also a global problem that the demands for enhancement of basic infrastructure for waste collection, treatment, and disposal, including rehabilitation of the dump sites, is the urgent priority. This paper is to review the factors taken into consideration of waste management development in relation to circular economy development on development countries and green recovery in the post-pandemic era for further researches use.

Keywords: waste management, waste reduction, circular economy, developed countries, sustainable design goals

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Authors: Alif Nur Irvan, M. Varaby Wahyu

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Indonesia is a country that have a lot of natural resources and as one of the most populous people in the world. In the last few years, the world economic is growing rapid, and then Indonesia must be able to develop his economy like the other country. The number of graduates in Indonesia always increase every year and the employment in Indonesia is getting decreased, this situation leads to rise unemployment in Indonesia. Limited employment makes people look for the ways to live decently. From this situation, entrepreneurs become an alternative in Indonesia to develop the economy. Being an entrepreneur means being able to find opportunities to utilize existing resources to take advantage of these opportunities. With the increasing number of entrepreneurs in Indonesia can increase employment, improve the quality of life, income distribution, utilize and mobilize resources to improve national productivity, and improve the welfare of government. The main sources for economic growth are the investments that improve the quality of capital or human resources, which in turn managed to increase the quantity of productive resources and can raise the productivity of all resources through new discoveries, innovations, creativity and technological progress. This paper is talking about the topic, discussions, and it offers the solutions to support entrepreneurs in Indonesia, and also talk about entrepreneurial problems that occurred in Indonesia, and the right solution to solve the problems of entrepreneurship in Indonesia and also discusses the role of government to support entrepreneurship to encourage the economy in Indonesia.

Keywords: entrepreneurship, economy, employment, government

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Authors: Noah G. Akhimien, Eshrar Latif

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The natural environment is in need for an urgent rescue due to dilapidation and recession of resources. Passive design strategies have proven to be one of the effective ways to reduce CO₂ emissions and to improve building performance. On the other hand, there is a huge drop in material availability due to poor recycling culture. Consequently, building waste pose environmental hazard due to unrecycled building materials from construction and deconstruction. Buildings are seen to be material banks for a circular economy, therefore incorporating circular economy into passive housing will not only safe guide the climate but also improve resource efficiency. The study focuses on incorporating a circular economy in passive design strategies for an affordable energy and resource efficient residential building in Nigeria. Carbon dioxide (CO₂) concentration is still on the increase as buildings are responsible for a significant amount of this emission globally. Therefore, prompt measures need to be taken to combat the effect of global warming and associated threats. Nigeria is rapidly growing in human population, resources on the other hand have receded greatly, and there is an abrupt need for recycling even in the built environment. It is necessary that Nigeria responds to these challenges effectively and efficiently considering building resource and energy. Passive design strategies were assessed using simulations to obtain qualitative and quantitative data which were inferred to case studies as it relates to the Nigeria climate. Building materials were analysed using the ReSOLVE model in order to explore possible recycling phase. This provided relevant information and strategies to illustrate the possibility of circular economy in passive buildings. The study offers an alternative approach, as it is the general principle for the reworking of an economy on ecological lines in passive housing and by closing material loops in circular economy.

Keywords: building, circular, efficiency, environment, sustainability

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Authors: Saule Mussabekova, Samal Abzhanova

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The Kazakh Language Fluency Test, based on the IELTS exam, was implemented in 2012 at Nazarbayev University in Astana, Kazakhstan. We would like to share our experience in developing this exam and some exam results with other language instructors. In this paper, we will cover all these peculiarities and their related issues. The Kazakh Language Fluency Test is a young exam. During its development, we faced many difficulties. One of the goals of the university and the country is to encourage fluency in the Kazakh language for all citizens of the Republic. Nazarbayev University has introduced a Kazakh language program to assist in achieving this goal. This policy is one-step in ensuring that NU students have a thorough understanding of the Kazakh language through a fluency test based on the International English Language Testing System (IELTS). The Kazakh Language Fluency Test exam aims to determine student’s knowledge of Kazakh language. The fact is that there are three types of students at Nazarbayev University: Kazakh-speaking heritage learners, Russian-speaking and English-speaking students. Unfortunately, we have Kazakh students who do not speak Kazakh. All students who finished school with Russian language instruction are given Kazakh Language Fluency Test in order to determine their Kazakh level. After the test exam, all students can choose appropriate Kazakh course: Basic Kazakh, Intermediate Kazakh and Upper-Intermediate Kazakh. The Kazakh Language Fluency Test consists of four parts: Listening, Reading, Writing and Speaking. They are taken on the same day in the abovementioned order.

Keywords: diagnostic test, kazakh language, placement test, test result

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Authors: Yusuf Abdullahi

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The contribution of entrepreneurship in the economic development cannot be over-emphasized neither it should be underestimated for any reason as this is already a known fact that it plays an important role as a change agent and as a prime mover of economy. In developed or underdeveloped economy, the essence of entrepreneurship is highly significant as this exist in both private as well as public sectors of any economy. The roles of entrepreneurship are worldly acclaimed but yet as laudable as these roles there can be no significant success by any entrepreneur except with availability of finance. Nonetheless, mere availability of finance also cannot guarantee the success of an enterprise but there must be in place appropriate financial strategies for the funding/investment needs of an enterprise. Thus, little has been said when it comes to strategies needed to access various sources of finance. This paper, therefore, establishes appropriate strategies to obtain funds sources of finance by both small and as well as medium enterprises.

Keywords: entrepreneurship, Nigeria, financial strategies, economic development

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Authors: Oded Hochman

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We first show that current measures of welfare changes in the whole economy do not apply to an economy with cities. In addition, since such measures are defined over a partial equilibrium, they capture only partially the effect of a welfare change. We then define a unique and additive measure that we term the modified economic surplus (mES) which fully captures the welfare effects caused by a change in the price of a nationally traded good. We show that the price change causes, on the one hand a change of land rents in the economy and, on the other hand, an equal change of mES that can be estimated by measuring areas in the price-quantity national demand and supply plane. We construct for each city a cost function from which we derive a city’s and, after aggregation, an economy-wide demand and supply functions of nationwide prices and of either the unearned incomes (Marshalian functions) or the utility levels (compensated functions).

Keywords: city cost function, welfare measures, modified compensated variation, modified economic surplus, unearned income function, differential land rents, city size

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Authors: Davood Karimipour

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Since long ago, Russia has been one of the most influential actors in regional equations in South West Asia. The geographic affinity of its vital interests with Western Asia has caused Moscow to have a high sensitivity to the balance of power in the Middle East, as its role in the Syrian crisis clearly demonstrated the importance. In recent years, Moscow has tried to use the energy diplomacy tool in maintaining the balance of power between the major powers in the region. The paper, based on the qualitative case study method, investigates how Russia’s energy diplomacy plays a role in the balance of regional forces in the Middle East, studying the country’s conduct towards Iran, Saudi Arabia, Turkey, and Israel. The hypothesis presented that Russia, using energy tools, is trying to push the regional powers toward cooperation in order to increase the influence in the region, increase power in global markets, and controlling the US to restore power balance in the region. Its cooperation in the Iranian gas industry, the country’s relations with Saudis in the framework of OPEC, cooperation with the Turkish Kurds and the presence in the Israeli gas industry are an example of these Russian energy diplomacy initiatives in West Asia, which is the common point of the Moscow approach to South West Asia.

Keywords: Russia, balance of power, energy diplomacy, Middle East

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Authors: Lorena Munoz

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Since the 1990s cities in the global south have implemented revanchist neoliberal urban regeneration policies that cater to urban elites based on “recovering” public space for capital accumulation purposes. These policies often work to reify street vending as survival strategies of ‘last resort’ for marginalized people and as an unorganized, unsystematic economic activities that needs to be disciplined, incorporated and institutionalized into the formal economy. This paper suggests, that by moving away from frameworks that reify formal/informal spheres of the economy, we are able to disrupt and rethink normative understandings of economic practices categorized as ‘informal’. Through queering economies, informal workers center their own understandings of self-value and legitimacy informing their economic lives and contributions to urban life. As such, queering the economy opens up possibilities of rethinking urban redevelopment policies that incorporate rather than remove street vendors, as their economic practices are incorporated into the everyday fabric and aesthetic of urban life.

Keywords: queering economies, street vendors, immigrant economies, race and nationality

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Authors: Wei-Neng Wang, Jhy-Yuan Shieh, Jhy-Hwa Chen, Juin-Jen Chang

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This paper incorporate tax evasion into a one-sector real business cycle (RBC) model to explores the quantitative interrelations between income tax rate and equilibrium (in)determinacy, and income tax rate is endogenously determined in order to balance the government budget. We find that the level of the effective income tax rate is key factor for equilibrium (in)determinacy, instead of the level of income tax rate in a tax evasion economy. Under an economy with tax evasion, the higher income tax rate is not sufficiently to lead to equilibrium indeterminate, it must combine with a necessary condition which is the lower fraction of tax evasion and that can result in agents' optimistic expectations to become self-fulfilling and sunspot fluctuation more likely to occur. On the other hand, an economy with tax evasion can see its macroeconomy become more stabilize, and a higher fraction of income tax evasion may has a stronger stabilizing effect.

Keywords: tax evasion, balanced-budget rule, equlibirium (in)determinacy, effective income tax rate

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Authors: Andrey Matyukhin

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Russian official statistics have been showing a steady decline in residential real estate prices for several consecutive years. Price risk in real estate markets is thus affecting various groups of economic agents, namely, individuals, construction companies and financial institutions. Potential use of property derivatives might help mitigate adverse consequences of negative price dynamics. Unless a sustainable price indicator is developed, settlement of such instruments imposes constraints on counterparties involved while imposing restrictions on real estate market development. The study addresses geographical and classification heterogeneity in real estate prices by means of variance analysis in various groups of real estate properties. In conclusion, we determine optimal sample structure of representative real estate assets with sufficient level of price homogeneity. The composite price indicator based on the sample would have a higher level of robustness and reliability and hence improving liquidity in the market for property derivatives through underlying standardization. Unlike the majority of existing real estate price indices, calculated on country-wide basis, the optimal indices for Russian market shall be constructed on the city-level.

Keywords: price homogeneity, property derivatives, real estate price index, real estate price risk

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Authors: Momoka Sunohara, Ashley J. Lemieux, Esther Yakobov, Andrew G. Ryder, Tomas Jurcik

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Immigration brings changes in many aspects of an individual's life, from social support dynamics, to housing and language, as well as difficulties with regards to discrimination, trauma, and loss. Past research has mostly emphasized individual differences in mental health and has neglected the impact of social-ecological context, such as acculturation and ethnic density. Purpose: The present study aimed to assess the relationship between variables associated with social integration such as perceived ethnic density and ways of coping, as well as psychological adjustment in a rapidly growing non-visible minority group of immigrants in Canada. Data: A small subset of an archival data from our previously published study was reanalyzed with additional variables. Data included information from 269 Russian-Speaking immigrants in Montreal, Canada. Method: Canonical correlation analysis (CCA) investigated the relationship between two sets of variables. SAS PROC CANCORR was used to conduct CCA on a set of social integration variables, including ethnic density, discrimination, social support, family functioning, and acculturation, and a set of psychological well-being variables, including distress, depression, self-esteem, and life satisfaction. In addition, canonical redundancy analysis was performed to calculate the proportion of variances of original variables explained by their own canonical variates. Results: Significance tests using Rao’s F statistics indicated that the first two canonical correlations (i.e., r1 = 0.64, r2 = 0.40) were statistically significant (p-value < 0.0001). Additionally, canonical redundancy analysis showed that the first two well-being canonical variates explained separately 62.9% and 12.8% variances of the standardized well-being variables, whereas the first two social integration canonical variates explained separately 14.7% and 16.7% variances of the standardized social integration variables. These results support the selection of the first two canonical correlations. Then, we interpreted the derived canonical variates based on their canonical structure (i.e., correlations with original variables). Two observations can be concluded. First, individuals who have adequate social support, and who, as a family, cope by acquiring social support, mobilizing others and reframing are more likely to have better self-esteem, greater life satisfaction and experience less feelings of depression or distress. Second, individuals who feel discriminated yet rate higher on a mainstream acculturation scale, and who, as a family, cope by acquiring social support, mobilizing others and using spirituality, while using less passive strategies are more likely to have better life satisfaction but also higher degree of depression. Implications: This model may serve to explain the complex interactions that exist between social and emotional adjustment and aid in facilitating the integration of individuals immigrating into new communities. The same group may experience greater depression but paradoxically improved life satisfaction associated with their coping process. Such findings need to be placed in the context of Russian cultural values. For instance, some Russian-speakers may value the expression of negative emotions with significant others during the integration process; this in turn may make negative emotions more salient, but also facilitate a greater sense of family and community connection, as well as life satisfaction.

Keywords: acculturation, ethnic density, mental health, Russian-speaking

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Authors: Michele Catalano, Jacopo Di Domenico, Luca Riccetti, Andrea Teglio

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We develop a data-driven agent based model (ABM) for the Italian economy. We calibrate the model for the initial condition and parameters. As a preliminary step, we replicate the Monte-Carlo simulation for the Austrian economy. Then, we evaluate the dynamic properties of the model: the long-run equilibrium and the allocative efficiency in terms of disequilibrium patterns arising in the search and matching process for final goods, capital, intermediate goods, and credit markets. In this perspective, we use a randomized initial condition approach. We perform a robustness analysis perturbing the system for different parameter setups. We explore the empirical properties of the model using a rolling window forecast exercise from 2010 to 2022 to observe the model’s forecasting ability in the wake of the COVID-19 pandemic. We perform an analysis of the properties of the model with a different number of agents, that is, with different scales of the model compared to the real economy. The model generally displays transient dynamics that properly fit macroeconomic data regarding forecasting ability. We stress the model with a large set of shocks, namely interest policy, fiscal policy, and exogenous factors, such as external foreign demand for export. In this way, we can explore the most exposed sectors of the economy. Finally, we modify the technology mix of the various sectors and, consequently, the underlying input-output sectoral interdependence to stress the economy and observe the long-run projections. In this way, we can include in the model the generation of endogenous crisis due to the implied structural change, technological unemployment, and potential lack of aggregate demand creating the condition for cyclical endogenous crises reproduced in this artificial economy.

Keywords: agent-based models, behavioral macro, macroeconomic forecasting, micro data

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Authors: Sebastiana Viphindratin, Silvi Asna

Abstract:

The under ground economy phenomenon is exist in Indonesia. There are some factors which affect the existence this underground economy activity. One of them is a hierarchy power structure that handles the underground economy existence. The example of the existence of underground economy is the occurring informal market in Indonesia. Malang city is one of the city which has this kind of market. Junk night market (JNM) as an underground economy activity is arising in that city. The JNM is located in Gatot Subroto Sidewalk Street. The JNM is a illegal market which sell thrift, antique, imitation and black market goods. The JNM is interesting topic to be discussed, because this market is running in long time without any policy from local government. The JNM activity has their own “power” that run the market rules. Thus, it is important to analyze how the existence and power structure of JNM actors community are in Malang city. This research using qualitative method with phenomenological approach where we try to understand the phenomenon and related actors deeply. The aim of this research is to know the existence and power structure of JNM actors community in Malang. In JNM, there is no any entry barriers and tax charge from Malang government itself. Price competition also occurs because the buyer can do a bargain with the seller. In maintaining buyer loyalty, the JNM actors also do pre-order system. Even though, this market is an illegal market but the JNM actors also give the goods guarantee (without legal contract) as a formal market. In JNM actor’s community, there is no hierarchy and formal power structure. The role in JNM is managed by informal leaders who come up from the trading activity problems that are sidewalk and parking area dividing. Therefore, can be concluded that even the JNM is illegal market but it can survive with natural market pattern. In JNM development, JNM has positive and negative impact for Malang city. The positive impact of JNM is this market can open a new employment but the negative impact is there is no tax income from that market. Therefore, suggested that the government of Malang city should manage and give appropriate policies in this case.

Keywords: junk night market (JNM), Malang city, underground economy, illegal

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Authors: O. Esmen, A. Beduk, K. Eryesil, F. Karacelebi

Abstract:

Entrepreneurship is crucial for the economy of countries in development of economy, creating new jobs and increasing employment; therefore improving welfare and a modern point of view in the society. In the development of a country encouragement of entrepreneurship and entrepreneurial qualities also play a paramount role. The increase in the world population results in more production, which brings excessive use of resources and inevitably shortage of them. In addition to this; development in technology, mismanagement in production and deficiency of waste system cause negative effects on the environmental ecological balance. Nowadays, with the societies getting awareness of environment while buying products and services, they prefer companies which are careful about environment. And as a result of this, ecoentrepreneurship gains importance. In this study; ecoentrepreneurship, which we think will gain more importance in the world and Turkey, is presented with the examples from the world and Turkey.

Keywords: ecoentrepreneurship, entrepreneurship, environmental awareness, development of economy

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Authors: Asad Ullah Khalid

Abstract:

This paper encompasses the application of the concept of political economy of mass media in Pakistan. The media has developed at a massive pace and now is considered as one of the vital parts in having better administration furthermore helps in conveying the issues identified with the government to the public. Albeit Pakistani media has gained much independence after 2003 but there are many social, political and economy factors which influence the content of the media. The study employs triangulation of quantitative and qualitative methods. In terms of methods, content analysis and interview method both are used. The content of Pakistani media is analyzed quantitatively and qualitatively. Moreover, interviews with various journalists are conducted, and their findings are disclosed in this paper. Pakistan's communication landscape is neither well documented nor well understood, leaving its public off guard with regards to reviewing the role and impact of news inflow, correspondence and media in political, economic and social life. It has been found out that on particular issues some media channels have strong affiliations with certain political parties, moreover reporting and coverage have also been affected by the factors like terrorism, state policies(written and verbal), advertising/economic and demographic factors like the composition of the population.

Keywords: political economy, news media, Pakistan, electronic news media, journalism, mass media

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Authors: Miron Wolnicki

Abstract:

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

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

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Authors: Toyin Cotties Adetiba

Abstract:

Notably, China is a major global economy, thus increasing debate parlance of foreign policy that sees China as a superpower. China’s investment in Africa is visibly seen in African markets with substantial involvement of its multinationals in key commercial sectors such as infrastructure, telecoms, and agriculture. Not minding its positive economic impact on Africa, the debate around the China-African relationship has continued to be filled with some sort of inconsistency and ambiguity. This work engaged a qualitative research method while answering the question of whether the socioeconomic marriage of convenience between African states and China, is a means and the end to the Chinese control of African economy? Can China-Africa’s relationship engender Africa’s economic development or is it a threat to Africa’s development? The paper argued that through the secret dealings of the Chinese companies with African leaders, couched as palace diplomacy, the Chinese have cornered African economy. Concluding that there is need for the reform of the approaches to curtailing socio-economic and political corruption in Africa in the form of applications of ideas molded and refined to transparency in dealing with the Chinese, while economic institutions in African is empowered to effectively fight corruption.

Keywords: Africans, corruption, diplomacy, companies, development

Procedia PDF Downloads 125