Search results for: economic cycles

Authors: Anupam Das

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Although financial liberalization has been one of the most important policy prescriptions of international organizations like the World Bank and the IMF, the effect of financial liberalization on economic growth in developing countries is far from unanimous. Since the '80s, South Asian countries made a significant development in liberalization the financial sector. However, due to unavailability of a sufficient number of time series observations, the relationship between economic growth and financial development has not been investigated adequately. We aim to fill this gap by examining time series data of five developing countries from the South Asian region: Bangladesh, India, Pakistan, Sri Lanka, and Nepal. Applying the cointegration tests and Granger causality within the vector error correction model (VECM), we do not find unanimous evidence of financial development on positive economic growth. These results are helpful for developing countries which have been trying to liberalize the financial sector in recent decades.

Keywords: economic growth, financial development, Granger causality, South Asia

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Authors: Mingbao Chen

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The blue economy is a new comprehensive marine economy integrated with resources, industries, and regions, and is an upgraded version of the marine economy. The blue economy attaches great importance to the coordinated development of the ecological environment and the economy, which is an emerging economic form advocated by all countries in the world. This paper constructs the model including four variables：natural capital, economic capital, intellectual capital, cultural capital. Theoretically, this paper deduces the function mechanism of variables on economic growth, and empirically calculates the driving force and influence of the blue economy on the national economy by using data of China's 2006-2015 year. The results show that natural capital and economic capital remain the main factors of blue growth in the blue economy. And with the development of economic society and technological progress, the role of intellectual capital and cultural capital is bigger and bigger. Therefore, promoting the development of marine science and technology and culture is the focus of the future blue economic development.

Keywords: blue growth, natural capital, intellectual capital, cultural capital

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Authors: Jihede Haj Messaoud, Hamdi Omar, Hela Fakhfakh Ben Jemia, Chokri Yaich

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The Upper Lutetian alternating marl–limestone succession of Reineche Member was deposited over a warm shallow carbonate platform that permits Nummulites proliferation. High-resolution studies of 30 meters thick Nummulites-bearing Reineche Member, cropping out in Central Tunisia (Jebel Siouf), have been undertaken, regarding pronounced cyclical sedimentary sequences, in order to investigate the periodicity of cycles and their related orbital-scale oceanic and climatic changes. The palaeoenvironmental and palaeoclimatic data are preserved in several proxies obtainable through high-resolution sampling and laboratories measurement and analysis as magnetic susceptibility (MS) and carbonates contents in conjunction with a wireline logging tools. The time series analysis of proxies permits to establish cyclicity orders present in the studied intervals which could be linked to the orbital cycles. MS records provide high-resolution proxies for relative sea level change in Late Lutetian strata. The spectral analysis of MS fluctuations confirmed the orbital forcing by the presence of the complete suite of orbital frequencies in the precession of 23 ka, the obliquity of 41 ka, and notably the two modes of eccentricity of 100 and 405 ka. Regarding the two periodic sedimentary cycles detected by wavelet analysis of proxy fluctuations which coincide with the long-term 405 ka eccentricity cycle, the Reineche Member spanned 0,8 Myr. Wireline logging tools as gamma ray and sonic were used as a proxies to decipher cyclicity and trends in sedimentation and contribute to identifying and correlate units. There are used to constraint the highest frequency cyclicity modulated by a long term wavelength cycling apparently controlled by clay content. Interpreted as a result of variations in carbonate productivity, it has been suggested that the marl-limestone couplets, represent the sedimentary response to the orbital forcing. The calculation of cycle durations through Reineche Member, is used as a geochronometer and permit the astronomical calibration of the geologic time scale. Furthermore, MS coupled with carbonate contents, and fossil occurrences provide strong evidence for combined detrital inputs and marine surface carbonate productivity cycles. These two synchronous processes were driven by the precession index and ‘fingerprinted’ in the basic marl–limestone couplets, modulated by orbital eccentricity.

Keywords: magnetic susceptibility, cyclostratigraphy, orbital forcing, spectral analysis, Lutetian

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Authors: Asraful Islam

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Extended dependency graph (EDG) is a state-of-the-art isomorphic graph to represent normal logic programs (NLPs) that can characterize the consistency of NLPs by graph analysis. To construct the vertices and arcs of an EDG, additional renaming atoms and rules besides those the given program provides are used, resulting in higher space complexity compared to the corresponding traditional dependency graph (TDG). In this article, we propose an extended labeled dependency graph (ELDG) to represent an NLP that shares an equal number of nodes and arcs with TDG and prove that it is isomorphic to the domain program. The number of nodes and arcs used in the underlying dependency graphs are formulated to compare the space complexity. Results show that ELDG uses less memory to store nodes, arcs, and cycles compared to EDG. To exhibit the desirability of ELDG, firstly, the stable models of the kernel form of NLP are characterized by the admissible coloring of ELDG; secondly, a relation of the stable models of a kernel program with the handles of the minimal, odd cycles appearing in the corresponding ELDG has been established; thirdly, to our best knowledge, for the first time an inverse transformation from a dependency graph to the representing NLP w.r.t. ELDG has been defined that enables transferring analytical results from the graph to the program straightforwardly.

Keywords: normal logic program, isomorphism of graph, extended labelled dependency graph, inverse graph transforma-tion, graph colouring

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Authors: Soo Hyung Park, Seong Beom Kim, Wontae Lee, Jin Chul Joo, Jungmin Lee, Jongsoo Choi

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A newly-developed electromagnetically vibrated solid-phase microextraction (SPME) device for extracting nonpolar organic compounds from aqueous matrices was evaluated in terms of sorption equilibrium time, precision, and detection level relative to three other more conventional extraction techniques involving SPME, viz., static, magnetic stirring, and fiber insertion/retraction. Electromagnetic vibration at 300~420 cycles/s was found to be the most efficient extraction technique in terms of reducing sorption equilibrium time and enhancing both precision and linearity. The increased efficiency for electromagnetic vibration was attributed to a greater reduction in the thickness of the stagnant-water layer that facilitated more rapid mass transport from the aqueous matrix to the SPME fiber. Electromagnetic vibration less than 500 cycles/s also did not detrimentally impact the sustainability of the extracting performance of the SPME fiber. Therefore, electromagnetically vibrated SPME may be a more powerful tool for rapid sampling and solvent-free sample preparation relative to other more conventional extraction techniques used with SPME.

Keywords: electromagnetic vibration, organic compounds, precision, solid-phase microextraction (SPME), sorption equilibrium time

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Authors: Parth Shah

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The author examines the recent trend where business organizations are significantly reducing their developmental cycle times to stay competitive in today’s global marketspace. The author proposes a rapid systems engineering framework to address late design changes and allow for flexibility (i.e. to react to unexpected or late changes and its impacts) during the product development cycle using a Systems Engineering approach. A System Engineering approach is crucial in today’s product development to deliver complex products into the marketplace. Design changes can occur due to shortened timelines and also based on initial consumer feedback once a product or service is in the marketplace. The ability to react to change and address customer expectations in a responsive and cost-efficient manner is crucial for any organization to succeed. Past literature, research, and methods such as concurrent development, simultaneous engineering, knowledge management, component sharing, rapid product integration, tailored systems engineering processes, and studies on reducing product development cycles all suggest a research gap exist in specifically addressing late design changes due to the shortening of life cycle environments in increasingly competitive markets. The author’s research suggests that 1) product development cycles time scales are now measured in months instead of years, 2) more and more products have interdepended systems and environments that are fast-paced and resource critical, 3) product obsolesce is higher and more organizations are releasing products and services frequently, and 4) increasingly competitive markets are leading to customization based on consumer feedback. The author will quantify effectiveness with respect to success factors such as time-to-market, return-of-investment, life cycle time and flexibility in late design changes by complexity of product or service, number of late changes and ability to react and reduce late design changes.

Keywords: product development, rapid systems engineering, scalability, systems engineering, systems integration, systems life cycle

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Authors: Elnaz Entezar, Reza Ezzati

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In recent decades, trade flows, capital, workforce, technology and information have increased between international borders and the globalization has turned to an undeniable process in international economics. Meanwhile, despite the positive aspects of globalization, the critics of globalization opine that the risks and costs of globalization for developing vulnerable economies and the world's impoverished people are high and significant. In this regard, this study by using the data of KOF Economic Institute and the World Bank for 113 different countries during the period 2002-2012, by taking advantage of panel smooth transition regression, and by taking the gross domestic product as transmission variables discuss the nonlinear relationship between research variables. The results have revealed that globalization in low regime (countries with low GDP) has negative impact whereas in high regime (countries with high GDP) has a positive impact. In spite of the fact that in the early stages of growth, control of corruption has a positive impact on economic growth, after a threshold has a negative impact on economic growth.

Keywords: globalization, corruption, panel smooth transition model, economic growth, threshold, economic convergence

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Authors: Defne Uz

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Horizontal Tail of helicopter is exposed to repeated oscillatory loading generated by aerodynamic and inertial loads, and bending moments depending on operating conditions and maneuvers of the helicopter. In order to ensure that maximum stress levels do not exceed certain fatigue limit of the material and to prevent damage, a numerical analysis approach can be utilized through the Finite Element Method. Therefore, in this paper, fatigue analysis of the Horizontal Tail model is studied numerically to predict high-cycle and low-cycle fatigue life related to defined loading. The analysis estimates the stress field at stress concentration regions such as around fastener holes where the maximum principal stresses are considered for each load case. Critical element identification of the main load carrying structural components of the model with rivet holes is performed as a post-process since critical regions with high-stress values are used as an input for fatigue life calculation. Once the maximum stress is obtained at the critical element and the related mean and alternating components, it is compared with the endurance limit by applying Soderberg approach. The constant life straight line provides the limit for several combinations of mean and alternating stresses. The life calculation based on S-N (Stress-Number of Cycles) curve is also applied with fully reversed loading to determine the number of cycles corresponds to the oscillatory stress with zero means. The results determine the appropriateness of the design of the model for its fatigue strength and the number of cycles that the model can withstand for the calculated stress. The effect of correctly determining the critical rivet holes is investigated by analyzing stresses at different structural parts in the model. In the case of low life prediction, alternative design solutions are developed, and flight hours can be estimated for the fatigue safe operation of the model.

Keywords: fatigue analysis, finite element method, helicopter horizontal tail, life prediction, stress concentration

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Authors: N. Demertzis, J. L. Bowen

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Sepsis is a complex and rapidly evolving condition, resulting from uncontrolled prolonged activation of host immune system due to pathogenic insult. The aim of this study is the development of a multiplex electrochemical sensing platform, capable of detecting both pathogen associated and host immune markers to enable the rapid and definitive diagnosis of sepsis. A combination of aptamers and molecular imprinting approaches have been employed to generate sensing systems for lipopolysaccharide (LPS), c-reactive protein (CRP) and procalcitonin (PCT). Gold working electrodes were mechanically polished and electrochemically cleaned with 0.1 M sulphuric acid using cyclic voltammetry (CV). Following activation, a self-assembled monolayer (SAM) was generated, by incubating the electrodes with a thiolated anti-LPS aptamer / dithiodibutiric acid (DTBA) mixture (1:20). 3-aminophenylboronic acid (3-APBA) in combination with the anti-LPS aptamer was used for the development of the hybrid molecularly imprinted sensor (apta-MIP). Aptasensors, targeting PCT and CRP were also fabricated, following the same approach as in the case of LPS, with mercaptohexanol (MCH) replacing DTBA. In the case of the CRP aptasensor, the SAM was formed following incubation of a 1:1 aptamer: MCH mixture. However, in the case of PCT, the SAM was formed with the aptamer itself, with subsequent backfilling with 1 μM MCH. The binding performance of all systems has been evaluated using electrochemical impedance spectroscopy. The apta-MIP’s polymer thickness is controlled by varying the number of electropolymerisation cycles. In the ideal number of polymerisation cycles, the polymer must cover the electrode surface and create a binding pocket around LPS and its aptamer binding site. Less polymerisation cycles will create a hybrid system which resembles an aptasensor, while more cycles will be able to cover the complex and demonstrate a bulk polymer-like behaviour. Both aptasensor and apta-MIP were challenged with LPS and compared to conventional imprinted (absence of aptamer from the binding site, polymer formed in presence of LPS) and non-imprinted polymers (NIPS, absence of LPS whilst hybrid polymer is formed). A stable LPS aptasensor, capable of detecting down to 5 pg/ml of LPS was generated. The apparent Kd of the system was estimated at 17 pM, with a Bmax of approximately 50 pM. The aptasensor demonstrated high specificity to LPS. The apta-MIP demonstrated superior recognition properties with a limit of detection of 1 fg/ml and a Bmax of 100 pg/ml. The CRP and PCT aptasensors were both able to detect down to 5 pg/ml. Whilst full binding performance is currently being evaluated, there is none of the sensors demonstrate cross-reactivity towards LPS, CRP or PCT. In conclusion, stable aptasensors capable of detecting LPS, PCT and CRP at low concentrations have been generated. The realisation of a multiplex panel such as described herein, will effectively contribute to the rapid, personalised diagnosis of sepsis.

Keywords: aptamer, electrochemical impedance spectroscopy, molecularly imprinted polymers, sepsis

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Authors: Karen Bell

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While there is broad agreement among governments and civil society globally about the need to develop more sustainable societies, the best way to achieve this is still contested. In particular, there are differences regarding whether to continue to implement market-based approaches or to move to alternative redistributive-based approaches. In this paper, ‘Green Economy’ and ‘Living Well’ strategies are compared as examples of these two different strategies for achieving social, ecological and economic sustainability. The paper is based on a 3-year ESRC funded project on transitions to sustainability which examines the implementation of the ‘Green Economy’ paradigm in South Korea and the 'Living Well' paradigm in Bolivia. As well as outlining and analysing secondary data, the paper also draws on over 100 interviews with a range of local stakeholders in these countries carried out by the author between and including 2016 and 2018. The work indicates that the Living Well paradigm seems to better integrate social, ecological and economic concerns and may better deliver sustainability in the time frame necessary than the dominant Green Economy paradigm. This seems to be primarily because Living Well emphasises redistribution to reduce inequality and ensure human needs are met; living in harmony with nature, taking into account natural limits and cycles; respecting traditional values and practices where these support sustainability and human well-being; sovereignty and local control of natural resources; and participative decision-making, based on grassroots community organising. It is, therefore, argued that to achieve inclusive, just and effective transitions to sustainability we should aim to foster equality, respect planetary limits, build on local traditions, bring resources into public ownership and enhance participatory democracy. This will require a radically different approach to that offered within the market-based agenda currently dominating global sustainability debates and activities.

Keywords: environmental transition, green economy, inclusive sustainability, living well, sustainable transition

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Authors: Ivana Lolic, Petar Soric, Mirjana Cizmesija

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Based on Business and Consumer Survey (BCS) data, the European Commission (EC) regularly publishes the monthly Economic Sentiment Indicator (ESI) for each EU member state. ESI is conceptualized as a leading indicator, aimed ad tracking the overall economic activity. In calculating ESI, the EC employs arbitrarily chosen weights on 15 BCS response balances. This paper raises the predictive quality of ESI by applying nonlinear programming to find such weights that maximize the correlation coefficient of ESI and year-on-year GDP growth. The obtained results show that the highest weights are assigned to the response balances of industrial sector questions, followed by questions from the retail trade sector. This comes as no surprise since the existing literature shows that the industrial production is a plausible proxy for the overall Croatian economic activity and since Croatian GDP is largely influenced by the aggregate personal consumption.

Keywords: business and consumer survey, economic sentiment indicator, leading indicator, nonlinear optimization with constraints

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Authors: Marianna Maiaru, Gregory M. Odegard, Josh Kemppainen, Ivan Gallegos, Michael Olaya

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Ceramic matrix composites (CMCs) are typically used in applications that require long-term mechanical integrity at elevated temperatures. CMCs are usually fabricated using a polymer precursor that is initially polymerized in situ with fiber reinforcement, followed by a series of cycles of pyrolysis to transform the polymer matrix into a rigid glass or ceramic. The pyrolysis step typically generates volatile gasses, which creates porosity within the polymer matrix phase of the composite. Subsequent cycles of monomer infusion, polymerization, and pyrolysis are often used to reduce the porosity and thus increase the durability of the composite. Because of the significant expense of such iterative processing cycles, new generations of CMCs with improved durability and manufacturability are difficult and expensive to develop using standard Edisonian approaches. The goal of this research is to develop a computational process-modeling-based approach that can be used to design the next generation of CMC materials with optimized material and processing parameters for maximum strength and efficient manufacturing. The process modeling incorporates computational modeling tools, including molecular dynamics (MD), to simulate the material at multiple length scales. Results from MD simulation are used to inform the continuum-level models to link molecular-level characteristics (material structure, temperature) to bulk-level performance (strength, residual stresses). Processing parameters are optimized such that process-induced residual stresses are minimized and laminate strength is maximized. The multiscale process modeling method developed with this research can play a key role in the development of future CMCs for high-temperature and high-strength applications. By combining multiscale computational tools and process modeling, new manufacturing parameters can be established for optimal fabrication and performance of CMCs for a wide range of applications.

Keywords: digital engineering, finite elements, manufacturing, molecular dynamics

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Authors: Smriti Mishra, Jaydip Barman, Shashi Kant Pandey

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Many scholars suggest that waterfront development projects have an all round impact on cities. However, their research stops short of considering the perception of local residents, of what they think about the impact of such developments and the kind of waterfront development which they would prefer to support. Therefore, this paper attempts to address this imbalance in the literature by analysing a survey of residents' perceptions of such developments. The paper discusses the issue in the Indian context by considering Sabarmati Riverfront Development Project (SRFD) of Ahmadabad. It gives an overview of the project components of the SRFD; discusses its development issues and concerns associated with it. It further examines the structural relationship between socio-economic and demographic attributes of local residents and their attitudes and perception towards the economic impact of such developments. The study suggests that the economic component that riverfront development will attract more investment in their community and that riverfront development will increase real estate tax revenue emerged as strong components. While the economic component of substantial premiums to developers, land owners and local government and the other of cost of developing riverfront facilities are too much of a burden on government and public sector agencies appear to be weaker economic components of the perceived economic impacts of urban riverfront development. This paper also gives an overview of the urban waterfront development in the global scenario. It highlights the need to consider residents perception in the development of such projects.

Keywords: urban waterfront development, riverfront, economic impact, resident perception, SRFD

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Authors: Tamar Lazariashvili

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There are a number of factors that determine the growth and development of the country's economy; however, trade and economic relations with other countries are the most important of all these factors. The paper analyzes the trade and economic relations between Georgia and Germany, identifies the impediments caused by the Covid pandemic, and substantiates the need for further economic cooperation between the countries. Research objectives. The objective of the research is to develop recommendations and reveal the prospects of further cooperation between Georgia and Germany based on identifying the problems in the field of trade and economy in the post-crisis situation. The research object is Georgian German economic relations. Germany is Georgia's largest trading partner in the European Union. Georgia and Germany actively cooperate within the framework of international organizations as well. The paper analyzes the multilateral and intensive economic relations between Germany and Georgia; evaluates the investments of German companies in Georgia and the activities of Georgian companies in Germany. Research methods. The paper uses general and specific research methods; in particular, analysis, synthesis, induction, deduction, comparison, statistical (selection, grouping, observation, trend), and other research methods.SWOT analysis is used to determine development opportunities between countries. As a result of the research economic ranking of Georgia and Germany are determined according to the above criteria, the causes of the impediments due to the pandemic are studied; the main problems in the field of trade and economy are identified. The paper provides conclusions on the problems in the trade relations between Georgia and Germany and suggests recommendations regarding the prospects for improving these relations.

Keywords: georgia-germany, trade and economic relations, economic ranking, perspective directions

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Authors: Deng Tingting

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The coordinated and integrated development of regions is an inevitable requirement for China to move towards high-quality, sustainable development. As one of the regions with the best economic foundation and the strongest economic strength in western China, it is a typical area with national importance and strong network connection characteristics in terms of the comprehensive effect of linking the inland hinterland and connecting the western and national urban networks. The integrated development of the Chengdu-Chongqing economic circle is of great strategic significance for the rapid and high-quality development of the western region. In the context of new urbanization, this paper takes 16 urban units within the economic circle as the research object, based on the 5-year panel data of population, regional economy, and spatial construction and development from 2016 to 2020, using the entropy method and Theil index to analyze the three target layers, and cause analysis. The research shows that there are temporal and spatial differences in the Chengdu-Chongqing economic circle, and there are significant differences between the core city and the surrounding cities. Therefore, by reforming and innovating the regional coordinated development mechanism, breaking administrative barriers, and strengthening the "polar nucleus" radiation function to release the driving force for economic development, especially in the gully areas of economic development belts, not only promote the coordinated development of internal regions but also promote the coordinated and sustainable development of the western region and take a high-quality development path.

Keywords: Chengdu-Chongqing economic circle, new urbanization, coordinated regional development, Theil Index

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Authors: Ruchika Yadav

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Street vendors are the integral component of urban economies of the world. They are the distributors of affordable goods and services and provide convenient and accessible retail options to the customers and form a vital part of the social and economic life of a city. A street vendor as an occupation existed for hundreds of years and considered to be as a cornerstone of many cities. In this paper, our objective is to analyze the socio-economic profile of street vendors, identification of their problems and to suggest remedial measures for the betterment based on the observation and suggestions of the street vendors. To conduct this study, primary data has been collected with the help of field survey and direct questionnaire to the respondents in Aligarh City which contains all the information relevant to social and economic conditions. The overall analysis of this study reveals street vendors are the backward sections of the society possess medium to the low-level standard of living due to illiteracy; their working environment and social security issues are not addressed properly. They are unaware of many of the governmental schemes launched for poverty alleviation and their poor accessibility in basic amenities leads to the backward socio-economic status in the society. The results found in this study can be very useful and helping tool for the policymakers to know the socio-economic conditions of the street vendors in detail.

Keywords: abject poverty, socio-economic conditions, street vendors, vulnerability

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Authors: Sylvia Graczka

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

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

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Authors: Zubda Zia, Zainab Masood

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

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

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Authors: Badri Gechbaia

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

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

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Authors: Jonardan Koner

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

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

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Authors: Emma Serwaa Obobisaa, Haibo Chen

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

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

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Authors: Sara Sousa

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

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

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Authors: Sinem Bagce, Ensar Yilmaz

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

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

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Authors: Stella Nkechi Ezeaku, Ifunanya Nkechi Ohamobi

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This study investigated the impact of economic crisis on education in Anambra state. The population of the study comprised of all principals and teachers in Anambra state numbering 5,887 (253 principles and 5,634 teachers). To guide the study, three research questions and one hypothesis were formulated correlational design was adopted. Stratified random sampling technique was used to select 200 principals and 300 teachers as respondents for the study. A researcher-developed instrument tagged Impact of Economic Crisis on Education questionnaire (IECEQ) was used to collect data needed for the study. The instrument was validated by experts in measurement and evaluation. The reliability of the instrument was established using randomly selected members of the population who did not take part in the study. The data obtained was analyzed using Cronbach alpha technique and reliability co-efficient of .801 and .803 was obtained. The data were analyzed using simple and Multiple Regression Analysis. The formulated hypothesis was tested at .05 level of significance. Findings revealed that: there is a significant relationship between economic crisis and realization of goals of secondary education. The result also shows that economic crisis affect students' academic performance, teachers' morale and productivity and principals' administrative capability. This study therefore concludes that certain strategies must be devised to minimize the impact of economic crisis on secondary education. It is recommended that all stakeholders to education should be more resourceful and self-sufficient in order to cushion the effects of economic crisis currently gripping most world economies Nigeria inclusive.

Keywords: impact, economic, crisis, education

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Authors: Muhammed Ashiq Villanthenkodath, Shreya Pal

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

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

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Authors: Selin Guney, Andres Riquelme

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

Keywords: bio-economic, fisheries, GAM, production

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Authors: I. L. Yakushev

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

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

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Authors: Jeni A. Popescu, Ionut Porumbel, Valeriu A. Vilag, Cleopatra F. Cuciumita

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The paper presents a thermodynamic cycle analysis for three turboshaft engines. The first is the cycle is a Brayton cycle, describing the evolution of a classical turboshaft, based on the Klimov TV2 engine. The other two cycles aim at approaching an Ericsson cycle, by replacing the Brayton cycle adiabatic expansion in the turbine by quasi-isothermal expansion. The maximum quasi-Ericsson cycles temperature is set to a lower value than the maximum Brayton cycle temperature, equal to the Brayton cycle power turbine inlet temperature, in order to decrease the engine NOx emissions. Also, the power distribution over the stages of the gas generator turbine is maintained the same. In the first of the two considered quasi-Ericsson cycle, the efficiencies of the gas generator turbine stage. Also, the power distribution over the stages of the gas generator turbine is maintained the same. In the first of the two considered quasi-Ericsson cycle, the efficiencies of the gas generator turbine stages are maintained the same as for the reference case, while for the second, the efficiencies are increased in order to obtain the same shaft power as in the reference case. It is found that in the first case, both the shaft power and the thermodynamic efficiency of the engine decrease, while in the second, the power is maintained, and even a slight increase in efficiency can be noted.

Keywords: combustion, Ericsson, thermodynamic analysis, turbine

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Authors: I. A. Farhat

Abstract:

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

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

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Authors: Bukra Kalayci, Geraldine Brennan

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Introduction: Over the last decade, a proliferation of literature related to textile and fashion business in the context of sustainable production and consumption has emerged. However, the economic and environmental benefits of solid waste recovery have not been comprehensively searched. Therefore at the end-of-life or end-of-use textile waste management remains a gap. Solid textile waste reuse and recycling principles of the circular economy need to be developed to close the disposal stage of the textile supply chain. The environmental problems associated with the over-production and –consumption of textile products arise. Together with growing population and fast fashion culture the share of solid textile waste in municipal waste is increasing. Focusing on post-consumer textile waste literature, this research explores the opportunities, obstacles and enablers or success factors associated with closed-loop textile business systems. Methodology: A systematic literature review was conducted in order to identify best practices and gaps from the existing body of knowledge related to closed-loop post-consumer textile waste initiatives over the last decade. Selected keywords namely: ‘cradle-to-cradle ‘, ‘circular* economy* ‘, ‘closed-loop* ‘, ‘end-of-life* ‘, ‘reverse* logistic* ‘, ‘take-back* ‘, ‘remanufacture* ‘, ‘upcycle* ‘ with the combination of (and) ‘fashion* ‘, ‘garment* ‘, ‘textile* ‘, ‘apparel* ‘, clothing* ‘ were used and the time frame of the review was set between 2005 to 2017. In order to obtain a broad coverage, Web of Knowledge and Science Direct databases were used, and peer-reviewed journal articles were chosen. The keyword search identified 299 number of papers which was further refined into 54 relevant papers that form the basis of the in-depth thematic analysis. Preliminary findings: A key finding was that the existing literature is predominantly conceptual rather than applied or empirical work. Moreover, the enablers or success factors, obstacles and opportunities to implement closed-loop systems in the textile industry were not clearly articulated and the following considerations were also largely overlooked in the literature. While the circular economy suggests multiple cycles of discarded products, components or materials, most research has to date tended to focus on a single cycle. Thus the calculations of environmental and economic benefits of closed-loop systems are limited to one cycle which does not adequately explore the feasibility or potential benefits of multiple cycles. Additionally, the time period textile products spend between point of sale, and end-of-use/end-of-life return is a crucial factor. Despite past efforts to study closed-loop textile systems a clear gap in the literature is the lack of a clear evaluation framework which enables manufacturers to clarify the reusability potential of textile products through consideration of indicators related too: quality, design, lifetime, length of time between manufacture and product return, volume of collected disposed products, material properties, and brand segment considerations (e.g. fast fashion versus luxury brands).

Keywords: circular fashion, closed loop business, product service systems, solid textile waste elimination

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