Search results for: agent-based economic model

Authors: S. Dhib, S. A. Addouche, T. Loukil, A. Elmhamedi

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In this paper, a reverse supply chain network is investigated for a decision making. This decision is surrounded by complex flows of returned products, due to the increasing quantity, the type of returned products and the variety of recovery option products (reuse, recycling, and refurbishment). The most important problem in the reverse logistic network (RLN) is to orient returned products to the suitable type of recovery option. However, returned products orientations from collect sources to the recovery disposition have not well considered in performance model. In this study, we propose a performance model for designing a network configuration on reverse logistics. Conceptual and analytical models are developed with taking into account operational, economic and environmental factors on designing network.

Keywords: reverse logistics, network design, performance model, open loop configuration

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Authors: Anuj Kumar Vaksha

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In the post cold war era the foreign direct investments have come to be considered as one of the most critical factors for economic development of a country particularly for the capital scarce countries like the developing and the under developed countries. The rush for foreign direct investments have led to intense competition between the countries treaties to attract foreign investments by entering into alluring Bilateral Investment Treaties (BITs). The Bilateral Investment Treaties are the intergovernmental legal framework for the promotion of private investments from one country to other. With more than 3000 BITs, the web of such BITs are the most dominant development of International Law in the post cold war era. The essence of all these BITs are bilateral cooperation for economic development and thus it is actually the theme of economic development around which the International Law had developed most dominantly in the post cold war era. Within the framework of two generally accepted premises that foreign direct investments are critical for economic development and the bilateral investment treaties are critical for promotion of foreign direct investments, the research paper seeks to explore the perspectives and paradigms on economic development as embodied in various Bilateral Investment Treaties. It seeks to address how and in what manners the perspectives on economic development as embodied in bilateral investment varies between the developed, developing and underdeveloped countries. It goes without saying that economic development is a very broad, complex and operationally intricate concept. In the paradigm of International Law it becomes much more complex and intricate. Understanding the concept of economic development from the perspectives of Bilateral Investment Treaties is a novel idea with far reaching significance. Such a perspective on economic development would help in enriching the contemporary International Law perspectives and paradigms on economic development.

Keywords: bilateral investment treaties, economic development, international Law, perspectives

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Authors: Jang kyun Cho, Jeong-dong Lee

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The advent of the Internet, mobile communications, and social network services has stimulated social interactions among consumers, allowing people to affect one another’s innovation adoptions by exchanging information more frequently and more quickly. Previous diffusion models, such as the Bass model, however, face limitations in reflecting such recent phenomena in society. These models are weak in their ability to model interactions between agents; they model aggregated-level behaviors only. The agent based model, which is an alternative to the aggregate model, is good for individual modeling, but it is still not based on an economic perspective of social interactions so far. This study assumes the presence of social utility from other consumers in the adoption of innovation and investigates the effect of individual interactions on innovation diffusion by developing a new model called the interaction-based diffusion model. By comparing this model with previous diffusion models, the study also examines how the proposed model explains innovation diffusion from the perspective of economics. In addition, the study recommends the use of a small-world network topology instead of cellular automata to describe innovation diffusion. This study develops a model based on individual preference and heterogeneous social interactions using utility specification, which is expandable and, thus, able to encompass various issues in diffusion research, such as reservation price. Furthermore, the study proposes a new framework to forecast aggregated-level market demand from individual level modeling. The model also exhibits a good fit to real market data. It is expected that the study will contribute to our understanding of the innovation diffusion process through its microeconomic theoretical approach.

Keywords: innovation diffusion, agent based model, small-world network, demand forecasting

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Authors: Ghunchq Khan

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The increase in greenhouse gas (GHGs) emissions is a main environmental problem. Diverse human activities and inappropriate economic growth have stimulated a trade-off between economic growth and environmental deterioration all over the world. The impact of economic growth on the environment has received attention as global warming and environmental problems have become more serious. The focus of this study is on carbon footprints (production and consumption) and analyses the impact of GDP per capita on carbon footprints. A balanced panel of 99 countries from 2000 to 2016 is estimated by employing autoregressive distributed lags (ARDL) model – mean group (MG) and pooled mean group (PMG) estimators. The empirical results indicate that GDP per capita has a significant and positive impact in the short run but a negative effect in the long run on the carbon footprint of production in high-income countries by controlling trade openness, industry share, biological capacity, and population density. At the same time, GDP per capita has a significant and positive impact in both the short and long run on the carbon footprint of the production of non-high-income countries. The results also indicate that GDP per capita negatively impacts the carbon footprint of consumption for high-income countries; on the other hand, the carbon footprint of consumption increases as GDP per capita grows in non-high-income countries.

Keywords: ARDL, carbon footprint, economic growth, industry share, trade openness

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Authors: V. Benidze

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After the Rose Revolution of 2003, Georgia has achieved an unparalleled socioeconomic success. However, economic growth since 2012 has been sluggish and certainly not enough to rapidly improve the county’s standard of living that still remains substantially low compared to that in developed nations. Recent poor economic performance has shown that some key challenges need to be addressed if Georgia is to achieve high future economic growth that will decrease the poverty rate and create a middle class in the country. This paper offers in detail analysis of the economic performance of Georgia since 2012 and identifies key challenges facing the country’s economy. The main challenge going forward will be transforming Georgia from a consumption-driven to a production-oriented economy. It is identified that mobilizing domestic investment through savings, attracting foreign investment in tradable sectors and expanding the country’s export base will be crucial in the facilitation of the above-mentioned structural transformation. As the outcome of the research, the paper suggests a strategy for accelerating Georgia’ future economic growth and offers recommendations based on the relevant conclusions.

Keywords: challenges, development, economic growth, economic policy, Georgia

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Authors: Hugo Rodríguez

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The patenting of inventions is the result of an organized effort to achieve technological improvement and its consequent positive impact on the population's standard of living. Technology exports, either of high-tech goods or of Information and Communication Technology (ICT) services, represent the level of acceptance that world markets have of that technology acquired or developed by a country, either in public or private settings. A quantitative measure of the above variables is expected to have a positive and relevant impact on the level of economic development of the countries, measured on this first occasion through their level of Gross Domestic Product (GDP). And in that sense, it not only explains the performance of an economy but the difference between nations. We present an econometric model where we seek to explain the difference between the GDP levels of 178 countries through their different performance in the outputs of the technological production process. We take the variables of Patenting, ICT Exports and High Technology Exports as results of the innovation process. This model achieves an explanatory power for four annual cuts (2000, 2005, 2010 and 2015) equivalent to an adjusted r2 of 0.91, 0.87, 0.91 and 0.96, respectively.

Keywords: Development, exports, patents, technology

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Authors: Antonio Abatemarco, Francesca Stroffolini

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In the economic literature, Rawls’ Theory of Justice is usually interpreted in a two-stage setting, where a priority to the worst off individual is imposed as a distributive value judgment. In this paper, instead, we model Rawls’ Theory in a three-stage setting, that is, a separating line is drawn between the original position, the educational stage, and the working life. Hence, in this paper, we challenge the common interpretation of Rawls’ Theory of Justice as Fairness by showing that this Theory goes well beyond the definition of a distributive value judgment, in such a way as to embrace efficiency issues as well. In our model, inequalities are shown to be permitted as far as they stimulate a greater effort in education in the population, and so economic growth. To our knowledge, this is the only possibility for the inequality to be ‘bought’ by both the most-, and above all, the least-advantaged individual as suggested by the Difference Principle. Finally, by recalling the old tradition of ‘universal ex-post efficiency’, we show that a unique optimal social contract does not exist behind the veil of ignorance; more precisely, the sole set of potentially Rawls-optimal social contracts can be identified a priori, and partial justice orderings derived accordingly.

Keywords: justice, Rawls, inequality, social contract

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Authors: Diego Cruz, Helbert Arevalo, Diana Vernot

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In 2013, the Food and Agriculture Organization of the United Nations (FAO) said that insect production for food and feed could become an economic opportunity for rural women in developing countries. However, since then, just a few initiatives worldwide had tried to implement this kind of project in zones of tropical countries without previous experience in cricket production and insect human consumption, such as Colombia. In this project, ArthroFood company and the University of La Sabana join efforts to make a holistic multi-perspective analysis from biological, economic, culinary, and social sides of the Gryllodes sigillatus production by rural women of the municipality of La Mesa, Cundinamarca, Colombia. From a biological and economic perspective, G. sigillatus production in a 60m2 greenhouse was evaluated considering the effect of rearing density and substrates on final weight and length, developing time, survival rate, and proximate composition. Additionally, the production cost and labor hours were recorded for five months. On the other hand, from a socio- economic side, the intention of the rural women to implement cricket farms or micro-entrepreneurship around insect production was evaluated after developing ethnographies and empowerment, entrepreneurship, and cricket production workshops. Finally, the results of the elaboration of culinary recipes with cricket powder incorporating cultural aspects of the context of La Mesa, Cundinamarca, will be presented. This project represents Colombia's first attempt to create a social business model of cricket production involving rural women, academies, the private sector, and local authorities.

Keywords: cricket production, developing country, edible insects, entrepreneurship, insect culinary recipes

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Authors: Aimilia Vlami

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This paper examines the tourist economic development of Greece on the basis of the analysis of the main characteristics of the financing and development processes and the spatial and temporal structure of supply and demand. Taking into consideration the evolution of the economic planning and the policy for the tourist development of Greece over time, we study at the same time: the composition, the changes and the dynamics of the hotel industry in the last 20 years and especially the period of the economic adjustment programmes, where tourism has become a key pillar of development. It is clearly evident that this paper is written in a specific economic situation, which directs as much the emphases as the flow of arguments around the central question of balance of interventions in the tourist space, between the need for planning and practice of policy for sustainable tourist growth and in the de facto adaptation of fragmentary and urgent interventions of shaping and transforming the tourist space, as they are shaped by the requirements of various institutions and interest groups.

Keywords: development, Greece, hospitality, economic policy, tourism investments

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Authors: Nirali Shukla, Neel Shah

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The World Bank Institute (WBI) is undertaking a review of government interventions aimed at facilitating sustainable investment in public private partnerships (PPPs) in various under developed countries. The study presents best practice for applying financial model to make PPPs financially viable. The lessons presented here, if properly implemented, can help countries use limited funds to attract more private investment, get more infrastructure built and, as a result, achieve greater economic growth. The four countries Brazil, Colombia, Mexico, and India in total develop an average of nearly US$50 billion in PPPs per year. There are a range of policies and institutional arrangements governments use to provide subsidies to PPPs. For example, some countries have created dedicated agencies, or ‘funds’, capitalized with money from the national budget to manage and allocate subsidies. Other countries have established well-defined policies for appropriating subsidies on an ad hoc basis through an annual budget process. In this context, subsidies are direct fiscal contributions or grants paid by the government to a project when revenues from user fees are insufficient to cover all capital and operating costs while still providing private investors with a reasonable rate of return. Without subsidies, some infrastructure projects that would provide economic or social gains, but are not financially viable, would go undeveloped. But the Financial model of BOLT (PPP) model described in this study suggests that it is most feasible option rather than going for subsidy schemes for making infrastructure projects financially viable. The major advantage for implementing this model is the government money is saved and can be used for other projects as well as the private investors are getting better rate of return than subsidized schemes.

Keywords: PPP, BOLT, subsidy schemes, financial model

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Authors: Natnael Debalklie Teshome

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The purpose of the study was to empirically investigate the impacts of export performance and its volatility on economic growth in the Ethiopian economy. To do so, time-series data of the sample period from 1974/75 – 2017/18 were collected from databases and annual reports of IMF, WB, NBE, MoFED, UNCTD, and EEA. The extended Cobb-Douglas production function of the neoclassical growth model framed under the endogenous growth theory was used to consider both the performance and instability aspects of export. First, the unit root test was conducted using ADF and PP tests, and data were found in stationery with a mix of I(0) and I(1). Then, the bound test and Wald test were employed, and results showed that there exists long-run co-integration among study variables. All the diagnostic test results also reveal that the model fulfills the criteria of the best-fitted model. Therefore, the ARDL model and VECM were applied to estimate the long-run and short-run parameters, while the Granger causality test was used to test the causality between study variables. The empirical findings of the study reveal that only export and coefficient of variation had significant positive and negative impacts on RGDP in the long run, respectively, while other variables were found to have an insignificant impact on the economic growth of Ethiopia. In the short run, except for gross capital formation and coefficients of variation, which have a highly significant positive impact, all other variables have a strongly significant negative impact on RGDP. This shows exports had a strong, significant impact in both the short-run and long-run periods. However, its positive and statistically significant impact is observed only in the long run. Similarly, there was a highly significant export fluctuation in both periods, while significant commodity concentration (CCI) was observed only in the short run. Moreover, the Granger causality test reveals that unidirectional causality running from export performance to RGDP exists in the long run and from both export and RGDP to CCI in the short run. Therefore, the export-led growth strategy should be sustained and strengthened. In addition, boosting the industrial sector is vital to bring structural transformation. Hence, the government has to give different incentive schemes and supportive measures to exporters to extract the spillover effects of exports. Greater emphasis on price-oriented diversification and specialization on major primary products that the country has a comparative advantage should also be given to reduce value-based instability in the export earnings of the country. The government should also strive to increase capital formation and human capital development via enhancing investments in technology and quality of education to accelerate the economic growth of the country.

Keywords: export, economic growth, export diversification, instability, co-integration, granger causality, Ethiopian economy

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Authors: Ivan Gunass Govender, Andrea Giampiccoli

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A developmental state should use community engagement to facilitate socio-economic development for disadvantaged groups and individual members of society through empowerment, social justice, sustainability, and self-reliance. In this regard, community-based tourism (CBT) as a growing market should be an indigenous effort aided by external facilitation. Since this form of tourism presents its own preconditions, characteristics, and challenges, it could be guided by higher education institutions engagement. In particular, the facilitation should not only serve to assist the community members to reach their own goals; but rather also focus on learning through knowledge creation and sharing with the engagement of higher education institutions. While the increased relevance of CBT has produced various CBT manuals (or handbooks/guidelines) documents aimed to ‘teach’ and assist various entities in CBT development, this research aims to analyse the current monitoring & evaluation (M&E) manuals and thereafter, propose an M&E model for CBT. It is important to mention that all too often effective monitoring is seldom carried out thus risking the long-term sustainability and improvement of the CBT ventures. Therefore, the proposed model will also consider some inputs external to the tourism field, but in relation to local economic development (LED) matters from the previously proposed development monitoring and evaluation system framework. M&E should be seen as fundamental components of any CBT initiative, and the whole CBT intervention should be evaluated. In this context, M&E in CBT should go beyond strict ‘numerical’ economic matters and should be understood in a holistic development. In addition, M&E in CBT should not consider issues in various ‘compartments’ such as tourists, tourism attractions, CBT owners/participants, and stakeholder engagement but as interdependent components of a macro-ecosystem. Finally, the external facilitation process should be structured in a way to promote community self-reliance in both the intervention and the M&E process. The research will attempt to propose an M&E model for CBT so as to enhance the CBT possibilities of long-term growth and success through effective collaborations with key stakeholders.

Keywords: community-based tourism, community-engagement, monitoring and evaluation, stakeholders

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Authors: Aleksandra Aleksandrovna Filimonova, Lev Sergeevich Kazarinov, Tatyana Aleksandrovna Barbasova

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A method of effective planning and control of industrial facility energy consumption is offered. The method allows to optimally arrange the management and full control of complex production facilities in accordance with the criteria of minimal technical and economic losses at the forecasting control. The method is based on the optimal construction of the power efficiency characteristics with the prescribed accuracy. The problem of optimal designing of the forecasting model is solved on the basis of three criteria: maximizing the weighted sum of the points of forecasting with the prescribed accuracy; the solving of the problem by the standard principles at the incomplete statistic data on the basis of minimization of the regularized function; minimizing the technical and economic losses due to the forecasting errors.

Keywords: energy consumption, energy efficiency, energy management system, forecasting model, power efficiency characteristics

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Authors: Abubakar O. Sulaiman

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Agriculture was the main stay of Nigeria’s economy before the oil boom of the 1970s caused a gradual but steady shift from agriculture to crude oil as the major source of revenue and foreign exchange. The economy later experienced many symptoms of the 'Dutch disease', with exchange rate appreciation and erosion of competitiveness of the non-oil tradable goods. In order to reverse the worsening economic situations -high unemployment, galloping inflation, deteriorating balance of payment, declining economic growth, and fiscal deficits among others- the government, embarked on austerity measures in 1982 and Structure Adjustment Programme (SAP) in 1986. One of the cornerstones of SAP is the diversification of the economy from oil to non-oil. In the form of stocktaking, this paper investigates the impact of non-oil revenue on economic growth in Nigeria using quarterly time-series data from 1980 to 2019. The findings revealed that a long-run relationship exists between the variables (non-oil variables) and economic growth in Nigeria. Among the variables, (agriculture revenue, manufacturing revenue, revenue from services, and company income tax) contributed substantially to economic growth. The paper recommends that the government should continue to intensify efforts and policies in the diversification of the economy as it will bring about sustainable non-oil revenue and economic growth.

Keywords: non-oil revenue, economic growth, export, long run relationship

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Authors: Ida Bagus Ilham Malik, Bart Julian Dewancker

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The road construction will affect the development of the region along the new road. With this principle, the government developed Antasari Street in order to become one of the main economic corridors for the city of Bandar Lampung. Since its construction in 1997, Antasari Street developed into one of the main economic corridors that greatly affect the economic condition of the city, in addition to other economic corridors such as Pagar Alam Street and Teuku Umar Street. The data shows that the construction of roads affects economic development in the corridor that with the advent of commercial buildings in large quantities. Among them are shops, office, restaurants, and a car showroom. This study proves that the road construction could accelerate the economic progress of the road corridor, especially in the construction and development of urban roads.

Keywords: road development, commercial area, Antasari street, Bandar Lampung

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Authors: Marula Tsagkari

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Greece finds itself in challenging times, facing a severe economic slowdown since 2009. Despite the fact that Greece is in the epicenter of the global interest, to the best of our knowledge there is no extend research on how the crisis has affected the Greek environment (directly and indirectly), the past years. Thus, the present study aims to fill the aforementioned research gap by examining a number of environmental indicators related with air emissions, waste, water and energy. Our results indicate that the crisis affected the Greek environment in both positive and negative ways. For Greece, the main challenge is to recover from the present economic recession as soon as possible, but not at any cost to the environment. In this context, this research unfolds the interrelation between the economic and the environmental crisis and suggests a sustainable restructuring of the Greek economy.

Keywords: Greece, economic crisis, environmental policy, environmental indicators

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Authors: Lynndee Kemmet

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The U.S. military plays an increasing role in supporting political stability efforts, and this includes efforts to prevent the food insecurity that can trigger political and social instability. This paper presents a model that assists military commanders in identifying variables that impact food production and distribution in their areas of operation (AO), in identifying connections between variables and in assessing the impacts of those variables on food production and distribution. Through use of the model, military units can better target their data collection efforts and can categorize and analyze data within the data categorization framework most widely-used by military forces—PMESII-PT (Political, Military, Economic, Infrastructure, Information, Physical Environment and Time). The model provides flexibility of analysis in that commanders can target analysis to be highly focused on a specific PMESII-PT domain or variable or conduct analysis across multiple PMESII-PT domains. The model is also designed to assist commanders in mapping food systems in their AOs and then identifying components of those systems that must be strengthened or protected.

Keywords: food security, food system model, political stability, US Military

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Authors: Wenjuan Lu

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China and Hungary have risen from a friendly and comprehensive cooperative relationship to a comprehensive strategic partnership in recent years, and the economic and trade relations between the two countries have developed smoothly. As an important country along the ‘Belt and Road’, Hungary and China have strong economic complementarities and have unique advantages in carrying China's industrial transfer and economic transformation and development. The construction of the China-Hungary Economic and Trade Cooperation Zone, which was initiated by the ‘Sino-Hungarian Borsod Industrial Zone’ and the ‘Hungarian Central European Trade and Logistics Cooperation Park’ has promoted infrastructure construction, optimized production capacity, promoted industrial restructuring, and formed brand and agglomeration effects. Enhancing the influence of Chinese companies in the European market has also promoted economic development in Hungary and even in Central and Eastern Europe. However, as the China-Hungary Economic and Trade Cooperation Zone is still in its infancy, there are still shortcomings such as small scale, single function, and no prominent platform. In the future, based on the needs of China's cooperation with ‘17+1’ and China-Hungary cooperation, on the basis of appropriately expanding the scale of economic and trade cooperation zones and appropriately increasing the number of economic and trade cooperation zones, it is better to focus on optimizing and adjusting its functions and highlighting different economic and trade cooperation. The differentiated function of the trade zones strengthens the multi-faceted cooperation of economic and trade cooperation zones and highlights its role as a platform for cooperation in information, capital, and services.

Keywords: ‘One Belt, One Road’ Initiative, China-Hungary economic and trade cooperation zone, function optimization, Central and Eastern Europe

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Authors: Okwan Frank

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Maternal health outcome is one of the major population development challenges in Sub-Saharan Africa. The region has the highest maternal mortality ratio, despite the progressive economic growth in the region during the global economic crisis. It has been hypothesized that increase in economic growth will reduce the level of maternal mortality. The purpose of this study is to investigate the existence of the negative relationship between health outcome proxy by maternal mortality ratio and economic growth in Sub-Saharan Africa. The study used the Pooled Mean Group estimator of ARDL Autoregressive Distributed Lag (ARDL) and the Kao test for cointegration to examine the short-run and long-run relationship between maternal mortality and economic growth. The results of the cointegration test showed the existence of a long-run relationship between the variables considered for the study. The long-run result of the Pooled Mean group estimates confirmed the hypothesis of an inverse relationship between maternal health outcome proxy by maternal mortality ratio and economic growth proxy by Gross Domestic Product (GDP) per capita. Thus increasing economic growth by investing in the health care systems to reduce pregnancy and childbirth complications will help reduce maternal mortality in the sub-region.

Keywords: economic growth, maternal mortality, pool mean group, Sub-Saharan Africa

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Authors: Parma Chakravartti

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

Keywords: government spending, fiscal policy, multiplier, growth

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Authors: Sahbi Farhani

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This study investigates the relationship between external debt and military spending in case of India over the period of 1970–2012. In doing so, we have applied the structural break unit root tests to examine stationarity properties of the variables. The Auto-Regressive Distributed Lag (ARDL) bounds testing approach is used to test whether cointegration exists in presence of structural breaks stemming in the series. Our results indicate the cointegration among external debt, military spending, debt servicing, and economic growth. Moreover, military spending and debt servicing add in external debt. Economic growth helps in lowering external debt. The Vector Error Correction Model (VECM) analysis and Granger causality test reveal that military spending and economic growth cause external debt. The feedback effect also exists between external debt and debt servicing in case of India.

Keywords: external debt, military spending, ARDL approach, India

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Authors: Yapegue Bayogo, Ahmadou Halassi Dicko, Brahima Songore

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In developing countries, the road transportation system occupies an important place because of its flexibility and the low prices of infrastructure and rolling stock. While road transport is necessary for economic development, the movement of people and their goods, it is urgent to use transportation systems that minimize carbon emissions in order to ensure sustainable development. One of the main objectives of OEDC and the Word Bank is to ensure sustainable economic’ development. This paper aims to develop a road transport network taking into account environmental impacts. The methodology adopted consists of formulating a model optimizing the flow of goods and then collecting information relating to the transport of products. Our model was tested with data on product transport in CMDT areas in the Republic of Mali. The results of our study indicate that emissions from the transport sector can be significantly reduced by minimizing the traffic volume. According to our study, optimizing the transportation network, we benefit from a significant amount of tons of CO₂.

Keywords: road transport, transport sustainability, pollution, flexibility, optimized network

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Authors: Safdar Muhammad Usman, Youji Kohda, Katsuhiro Umemoto

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Electronic market place plays an important intermediary role for connecting dealers and retail customers. The main aim of this paper is to design a value co-creation model in used-car auctions. More specifically, the study has been designed in order to describe the process of value co-creation in used-car auctions, to explore the co-created values in used-car auctions, and finally conclude the paper indicating the future research directions. Our analysis shows that economic values as well as non-economic values are co-created in used-car auctions. In addition, this paper contributes to the academic society broadening the view of value co-creation in service science.

Keywords: value co-creation, used-car auctions, non-financial values, service science

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Authors: Hossein Afzali

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Increasingly, decision analytic models are used to inform decisions about whether or not to publicly fund new health technologies. It is well noted that the accuracy of model predictions is strongly influenced by the appropriateness of model structuring. However, there is relatively inadequate methodological guidance surrounding this issue in guidelines developed by national funding bodies such as the Australian Pharmaceutical Benefits Advisory Committee (PBAC) and The National Institute for Health and Care Excellence (NICE) in the UK. This presentation aims to discuss issues around model structuring within decision making with a focus on (1) the need for a transparent and evidence-based model structuring process to inform the most appropriate set of structural aspects as the base case analysis; (2) the need to characterise structural uncertainty (If there exist alternative plausible structural assumptions (or judgements), there is a need to appropriately characterise the related structural uncertainty). The presentation will provide an opportunity to share ideas and experiences on how the guidelines developed by national funding bodies address the above issues and identify areas for further improvements. First, a review and analysis of the literature and guidelines developed by PBAC and NICE will be provided. Then, it will be discussed how the issues around model structuring (including structural uncertainty) are not handled and justified in a systematic way within the decision-making process, its potential impact on the quality of public funding decisions, and how it should be presented in submissions to national funding bodies. This presentation represents a contribution to the good modelling practice within the decision-making process. Although the presentation focuses on the PBAC and NICE guidelines, the discussion can be applied more widely to many other national funding bodies that use economic evaluation to inform funding decisions but do not transparently address model structuring issues e.g. the Medical Services Advisory Committee (MSAC) in Australia or the Canadian Agency for Drugs and Technologies in Health.

Keywords: decision-making process, economic evaluation, good modelling practice, structural uncertainty

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Authors: M. Fems Kurotimi, Agada Franklin, Godsave Aladei, Opigo Helen

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Within the last 30 years, entrepreneurship education (EE) has continued to gain massive interest both in the field of research and among policy makers. This surge in interest can be attributed to the perceived importance EE plays in the equipping of potential entrepreneurs and as a 21^st century strategy to foster economic growth and development. This paper sets out to ascertain the correlation between EE and economic growth and development. A desk research approach was adopted where a multiplicity of literatures in the field were studied intensely. The findings reveal that indeed EE has a positive effect on entrepreneurship engagement thereby fostering economic growth and development. However, some research studies reported the contrary. That although EE may be able to equip potential entrepreneurs with requisite entrepreneurial skills and competencies, it will only be successful in producing entrepreneurs if they are internally driven to become entrepreneurs, because we cannot make people what they are not. The findings also reveal that countries that adopted EE early have more innovations inspired by entrepreneurs and are more developed than those that only recently adopted EE as a viable tool for entrepreneurship and economic development.

Keywords: entrepreneurship, entrepreneurship education, economic development, economic growth, sustainable development

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Authors: Mohsin Reza, Thirunaukarasu Subramaniam, M. Rezaul Islam

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In Asia, economic and social well-being issues are rarely addressed. The major characteristics of the migrant workers in Asian countries are seriously exploited, marginalized, and infrequently looked from human rights perspective. This paper explored the opportunities and shortages of economic and social well-being for the migrant workers in Asia. A Qualitative Interpretative Meta-Synthesis (QIMS) was conducted to analyze the contextual socio-economic factors that characterized migrant workers’ economic and social well-being. It is perceived that in most of the recruiting countries, there are lacks of government commitments to the international protocols, conventions and laws that they ratified towards safeguarding migrant workers’ economic and social well-being. Results showed that the migrant workers had lack of job security, poor salary, long working hours, low access to the public services, poor health, poor living and working conditions, lack of legal rights, physical and mental threats. The finding would be important guideline to the governments, policy makers, legal rights practitioners, and human rights organizations.

Keywords: Asia, economic well-being, social well-being, migrant workers, human rights

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Authors: Syed Asif Ali Naqvi, Muhammad Azeem Tufail

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Inadequate sanitation causes direct costs of treating illnesses and loss of income through reduced productivity. This study estimated the economic cost of health (ECH) due to poor sanitation and factors determining the lack of access to latrine for the rural, backward hamlets and slums of district Faisalabad, Pakistan. Cross sectional data were collected and analyzed for the study. As the population under study was homogenous in nature, it is why a simple random sampling technique was used for the collection of data. Data of 440 households from 4 tehsils were gathered. The ordinary least square (OLS) model was used for health cost analysis, and the Probit regression model was employed for determining the factors responsible for inaccess to toilets. The results of the study showed that condition of toilets, situation of sewerage system, access to adequate sanitation, Cholera, diarrhea and dysentery, Water and Sanitation Agency (WASA) maintenance, source of medical treatment can plausibly have a significant connection with the dependent variable. Outcomes of the second model showed that the variables of education, family system, age, and type of dwelling have positive and significant sway with the dependent variable. Variable of age depicted an insignificant association with access to toilets. Variable of monetary expenses would negatively influence the dependent variable. Findings revealed the fact, health risks are often exacerbated by inadequate sanitation, and ultimately, the cost on health also surges. Public and community toilets for youths and social campaigning are suggested for public policy.

Keywords: sanitation, toilet, economic cost of health, water, Punjab

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Authors: Young Sik Kim, Tae Kwon Ha

Abstract:

This article considers the problems of economic growth and Russian energy strategy. Also in this paper, the issues related to the economic growth prospects of Russian were discussed. Russian energy strategy without standing Russia`s stature in global energy markets, at the current production and extraction rates, will not be able to sustain its own production as well as fulfil its energy strategy. Indeed, Russia’s energy sector suffers from a chronic lack of investments which are necessary to modernize its energy supply system. In recent years, especially since the international financial crisis, Russia-EU energy cooperation has made substantive progress. Recently the break-through progress has been made, resulting mainly from long-term contributing factors between the countries and recent international economic and political situation changes. Analytical material presented in the article is intended for a more detailed or substantive analysis related to foreign economic relations of the countries and Russia as well.

Keywords: Russia, energy strategy, economic growth, cooperation

Procedia PDF Downloads 288

Authors: Mutaju Marobhe, Pastory Dickson

Abstract:

This study explores the role of Foreign Direct Investment (FDI) in stimulating economic growth of emerging economies. FDIs have been associated with higher economic growth rates in developed countries due to the presence of conducive business conditions e.g. advanced financial markets which may accelerate the rate at which FDI boosts economic growth. So this study sets out to evaluate this macroeconomic phenomenon in emerging economies using the case study of Southern Africa Development Community (SADC) countries. The study uses Ease of Doing Business Index as a variable that moderates the relationship between FDI and economic growth. Panel data ranging from 2010 to 2019 from all SADC members are used and due to the unbalanced nature of the data, fixed effects regression analysis with moderation effect is used to assess this phenomenon. The conclusions and recommendations generated by this study will enable emerging economies to depict how they can be able to significantly improve FDI’s role in accelerating economic growth similarly to developed economies.

Keywords: ease of doing business, economic growth, emerging economies, foreign direct investment

Procedia PDF Downloads 117

Authors: Mustafa Dagbasi, Olusola Bamisile, Adii Chinedum

Abstract:

The objective of this work is to examine and compare the economic and environmental feasibility of 40MW photovoltaic (PV) power plant and 40MW parabolic trough (PT) power plant to be installed in two different cities, namely Nicosia and Famagusta in Turkish Republic of Northern Cyprus (TRNC). The need for using solar power technology around the world is also emphasized. Solar radiation and sunshine data for Nicosia and Famagusta are considered and analyzed to assess the distribution of solar radiation, sunshine duration, and air temperature. Also, these two different technologies with same rated power of 40MW will be compared with the performance of the proposed Solar Power Plant at Bari, Italy. The project viability analysis is performed using System Advisor Model (SAM) through Annual Energy Production and economic parameters for both cities. It is found that for the two cities; Nicosia and Famagusta, the investment is feasible for both 40MW PV power plant and 40MW PT power plant. From the techno-economic analysis of these two different solar power technologies having same rated power and under the same environmental conditions, PT plants produce more energy than PV plant. It is also seen that if a PT plant is installed near an existing steam turbine power plant, the steam from the PT system can be used to run this turbine which makes it more feasible to invest. The high temperatures that are used to produce steam for the turbines in the PT plant system can be supplemented with a secondary plant based on natural gas or other biofuels and can be used as backup. Although the initial investment of PT plant is higher, it has higher economic return and occupies smaller area compared to PV plant of the same capacity.

Keywords: solar power, photovoltaic plant, parabolic trough plant, techno-economic analysis

Procedia PDF Downloads 253