Search results for: economic dynamism

Authors: Amir Hossein Ashari, Sedighe Erfan Manesh

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One of the problems in developing countries is renovating the historical context and inducing behaviors appropriate to modern life to such a context. This study was conducted using field and library methods in 2012. Similar cases carried out in Iran and developing countries were compared to unveil the strengths and weaknesses of these projects. At present, in the historical context of Shiraz, the distance between two religious shrines of Shahcheragh (Ahmad ibn Musa) and Astaneh (Sayed Alaa al-Din Hossein), which are significant places in religious, cultural, social, and economic terms, is an area full of historic places called Bein Al-Haramein. Unfortunately, some of these places have been worn out and are not appropriate for common uses. The basic strategy of Bein Al-Haramein was to improve social development of Shiraz, to enhance the vitality and dynamism of the historical context of Bein Al-Haramein and to create tourist attractions in order to boost the city's economic and social stability. To this end, the project includes the huge Bein Al-Haramein Commercial Complex which is under construction now. To construct the complex, officials have decided to demolish places of historical value which can lead to irreparable consequences. Iranian urban design has always been based on three elements of bazaars, mosques and government facilities with bazaars being the organic connector of the other elements. Therefore, the best strategy in the above case is to provide for a commercial connection between the two poles. Although this strategy is included in the project, lack of attention to renovation principles in this area and complete destruction of the context will lead to its irreversible damage and will destroy its cultural and historical identity. In urban planning of this project, some important issues have been neglected including: preserving valuable buildings and special old features of the city, rebuilding worn buildings and context to attract trust and confidence of the people, developing new models according to changes, improving the structural position of old context with minimal degradation, attracting partnerships of residents and protecting their rights and finally using potential facilities of the old context. The best strategy for achieving sustainability in Bein Al-Haramein can be the one used in the distance between Santa Maria Novella and Santa Maria Del Fiore churches in historical context where while protecting the historic context and constructions, old buildings were renovated and given different commercial and service uses making them sustainable and dynamic places. Similarly, in Bein Al-Haramein, renovating old constructions and monuments and giving different commercial and other uses to them can help improve the economic and social sustainability of the area.

Keywords: Bein Al-Haramein, sustainability, historical context, historical context

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Authors: Vilma Deltuvaitė

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Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: banking sector, economic development, financial system’s development, stock market, private bond market

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Authors: Barkaoui Asma

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In our article, we use the economic approach of measuring advertising effectiveness to show the margin of advertising spread gained through digital communication. For economists, profit maximization depends on determining the optimal advertising budget. For this, they use the theories of the marginalist current to determine when the maximum level of benefits is reached. Using the economic approach we show the significant return on investment for advertisers. We then discuss the risks of perception of advertising pressure by consumers.

Keywords: digital advertising, economic approach, effectiveness, pressure

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Authors: Oduntan Kemi Olalekan

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Nigeria as the largest economy in Africa is still in its developing stage as its economy cannot be termed developed; it is still in search of economic policy that will positively affect the life of majority of her citizenry. Several policies have been employed to take care of the situation prominent among which is Structural Adjustment Programme (SAP) of Babangida Administration but it could not rescue the economy. Non-interest Banking otherwise known as Islamic Banking has been suggested as a means of developing Nigerian economy as it will enable more Nigerian have access to working capital and contribute positively to the growth of her economy. The paper investigated the level of Nigeria economic development and gave an overview of economic policies since independence, traced the genesis of non-interest banking in Nigeria and made recommendations on the adoption of the policy as an antidote to Nigeria economic development.

Keywords: economic development, Nigerian economy, non-interest banking, working capital, Islamic banking.

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Authors: Chiung-Ju Huang

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This study utilizes a frequency domain approach over the period of 1996 to 2013 to examine the causal relationship between governance and economic growth in ten Asian countries, which have different levels of democracy; classified as “Free”, “Partly Free”, and “Not Free” countries. The empirical results show that there is no Granger causality running from governance to economic growth in “Not Free” countries and “Partly Free” countries with the exception of Singapore. As for “Free” countries such as South Korea and Taiwan, there is a one-way causality running from governance to economic growth. The findings of this study indicate that policy makers in South Korea, Taiwan, and Singapore could use governance index to improve their predictions of the future economic growth.

Keywords: economic growth, frequency domain, governance, granger causality

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Authors: Kacper Tomasz Kröber-Mulawa

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This paper will address the topic of data ownership from an economic perspective, and examples of economic limitations of data property rights will be provided, which have been identified using methods and approaches of economic analysis of law. To properly build a background for the economic focus, in the beginning a short perspective of data and data ownership in the EU’s legal system will be provided. It will include a short introduction to its political and social importance and highlight relevant viewpoints. This will stress the importance of a Single Market for data but also far-reaching regulations of data governance and privacy (including the distinction of personal and non-personal data, data held by public bodies and private businesses). The main discussion of this paper will build upon the briefly referred to legal basis as well as methods and approaches of economic analysis of law.

Keywords: antitrust, data, data ownership, digital economy, property rights

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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: 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: 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: B. C. Biermann

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This in-depth exploration investigates the transformative integration of urban vibrancy into contemporary interior design through the strategic incorporation of vivid wall pieces. Bridging the gap between public dynamism and private tranquility, this study delves into the nuanced methodologies, creative processes, and profound impacts of this innovative approach. Drawing inspiration from street art's dynamic language and the timeless allure of natural beauty, these artworks serve as conduits, orchestrating a dialogue that challenges traditional boundaries and redefines the relationship between external chaos and internal sanctuaries. The fusion of urban vibrancy with contemporary interior design represents a paradigm shift, where the inherent dynamism of public spaces harmoniously converges with the curated tranquility of private environments. This paper aims to explore the underlying principles, creative processes, and transformative impacts of integrating vivid wall pieces as instruments for bringing the "outside in." Employing an innovative and meticulous methodology, street art elements are synthesized with the refined aesthetics of contemporary design. This delicate balance necessitates a nuanced understanding of both artistic realms, ensuring a synthesis that captures the essence of urban energy while seamlessly blending with the sophistication of modern interior design. The creative process involves a strategic selection of street art motifs, colors, and textures that resonate with the organic beauty found in natural landscapes, creating a symbiotic relationship between the grittiness of the streets and the elegance of interior spaces. This groundbreaking approach defies traditional boundaries by integrating dynamic street art into interior spaces, blurring the demarcation between external chaos and internal tranquility. Vivid wall pieces serve as dynamic focal points, transforming physical spaces and challenging conventional perceptions of where art belongs. This redefinition asserts that boundaries are fluid and meant to be transcended. Case studies illustrate the profound impact of integrating vivid wall pieces on the aesthetic appeal of interior spaces. Urban vibrancy revitalizes the atmosphere, infusing it with palpable energy that resonates with the vivacity of public spaces. The curated tranquility of private interiors coexists harmoniously with the dynamic visual language of street art, fostering a unique and evolving relationship between inhabitants and their living spaces. Emphasizing harmonious coexistence, the paper underscores the potential for a seamless dialogue between public urban spaces and private interiors. The integration of vivid wall pieces acts as a bridge rather than a dichotomy, merging the dynamism of street art with the curated elegance of contemporary design. This unique visual tapestry transcends traditional categorizations, fostering a symbiotic relationship between contrasting worlds. In conclusion, this paper posits that the integration of vivid wall pieces represents a transformative tool for contemporary interior design, challenging and redefining conventional boundaries. By strategically bringing the "outside in," this approach transforms interior spaces and heralds a paradigm shift in the relationship between urban aesthetics and contemporary living. The ongoing narrative between urban vibrancy and interior design creates spaces that reflect the dynamic and ever-evolving nature of the surrounding environment.

Keywords: Art Integration, Contemporary Interior Design, Interior Space Transformation, Vivid Wall Pieces

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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: 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: Xiaoqing Li

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Social entrepreneurship drives the global movement as social enterprises create best ways to satisfy social needs through connecting international resources. However, what determines social enterprises to internationalize is underexplored. This study aims to answer this question by conducting a systematic review of studies of past 20 years on social enterprises' internationalization. Findings reveal that factors at the individual (entrepreneur), firm, and environment (home and host country) levels determine the degree of social enterprises' internationalization. Future research is challenged by: a. adopting an integrated approach examining the three levels to explain social enterprises' internationalization; b. the different nature of social enterprises from commercial businesses demands scholars to refine and develop appropriate theoretical models to capture the dynamism of social enterprises' internationalization behavior.

Keywords: determinants, entrepreneurship, internationalization, social enterprises

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Authors: Takao Maeda, Tomofumi Tohara, Shigeaki Mishima

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Focusing on the “SME management consultants” in Japan, this study intends (1) to clarify implications as to their self-actualization, motivation and (2) to revitalize SMEs, on which local economies depend. On the basis of these study purposes, the presenters conducted an interview survey of several SME management consultants and SME managers. This survey identified the current circumstances and challenges as follow: SME management consultants are high-level professionals who acquired very difficult national qualifications (examination pass rate 4%) to provide consultation and business analysis for SMEs. Nevertheless, only 20% of the qualified consultants run their business independently, while the rest (80%) are corporate employees as in-house consultants, the majority of whom belong to big companies. They acquired the qualification merely for the purpose of self-development. Therefore, they have few opportunities to demonstrate their expertise inside and outside their companies.On the other hand, the SMEs, which are to receive analysis and consultation from SME management consultants, constitute 99.7% of all industries, and are very important to local communities, for they sustain the economy and provide employment. SMEs used to be supported by the consultants in company management due to their scarce managerial resources compared with big companies. Nowadays, however, SMEs are regarded as the source of Japanese economic dynamism. To have the same degree of managerial skills as big companies, therefore, SMEs now need analysis and consultation by the consultants in more active ways, such as discovering and utilizing their dormant technologies. Partly because SME management consultants have not been fully utilized in Japan, the number of SMEs has been on a long-term downward trend since 1986. Utilizing expertise of the in-house consultants, who have rich experience in their big companies and deep knowledge regarding SMEs obtained through qualification, will potentially lead to revitalization of SMEs and consequently to economic growth in Japan. Through detailed analysis of the interview results, this study revealed short-term and long-term challenges regarding how to utilize SME management consultants. The most urgent issue is to study managerial approaches that will provide the consultants serving in big companies with more “opportunities to demonstrate their expertise.” The long-term issue is to enable the consultants to demonstrate their expertise in financial institutions, or financial supporter of SMEs, to examine farsighted and innovative financing strategy and criteria based on managers’ personalities and their business plans, instead of the conventional financing based on prompt fund collection.

Keywords: small and medium enterprise（SME), SME managemant consultant, self-actualization, motivation

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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: Young Sik Kim, Tae Kwon Ha

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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

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Authors: Mutaju Marobhe, Pastory Dickson

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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

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Authors: Henrique Alpalhão

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This paper attempts to model the widely studied relationship between a country's economic growth and its level of democracy, with an emphasis on possible non-linearities. We adopt the concept of 'political capital' as a measure of democracy, which is extremely uncommon in the literature and brings considerable advantages both in terms of dynamic considerations and plausibility. While the literature is not consensual on this matter, we obtain, via panel Arellano-Bond regression analysis on a database of more than 60 countries over 50 years, significant and robust results that indicate that the impact of democratization on economic growth varies according to the stage of democratic development each country is in.

Keywords: democracy, economic growth, political capital, political economy

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Authors: Bubaker F. Shareia, Almuetaz R. Boubakr

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The aim of this paper is to show how Libya’s legal, economic, political, social, and cultural systems have shaped Libyan development. This will provide a background to develop an understanding of the current role of the accounting information system in Libya and the challenges facing the design of the aeronautical information system to meet the development needs of Libya. Our knowledge of the unified economic operating systems of the world paves the way for the economic development of every developing country. In order to achieve this understanding, every developing country should be provided with a high-efficiency communications system in order to be able to interact globally. From the point of view of the theory of globalization, Libya's understanding of its socio-economic and political systems is vital in order to be able to adopt and apply accounting techniques that will assist in the economic development of Libya.

Keywords: accounting, economic development, globalisation theory, information system

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Authors: Burcu Guvenek, Volkan Alptekin

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Turkey is a country in the process of development and its economy has undergone structural reforms in order to realize a sustainable development and energy has vital role as a basic input for this aim. Turkey has been in the process of economic growth and development and, because of this, has an increasing energy need. This paper investigates relationship between economic growth and electricity consumption using annual data for Turkey between 1970-2008 by using bounds test. As economic growth and energy consumption variables used in empirical analysis was different order of integration I(0) and I(1), we employed bounds test approach. We have not found co-integration relationship between the variables.

Keywords: bounds test, economic growth, energy consumption, Turkey

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Authors: Mohammad Reza Fooladi

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The patent system which fits with industrial and economic situation in the country, by strengthening research and development, technology transfer and increasing foreign investment can provide economic and industrial growth of the countries. However, the extent and manner of support should be commensurate with the country's conditions and comply with significant rules to have a positive effect on research and development, technology transfer and the amount of foreign investment. The present article tries to while reviewing the state of effectiveness of the patent system on economic growth, to illustrate the characteristics of the patent system fits Afghanistan and according to this matter provide the necessary recommendations about the improvement of laws and regulations related to the patent in Afghanistan.

Keywords: patent, economic growth, technology transfer, Afghanistan

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Authors: Khalid Ishola Bello

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No condition is permanent in life. This phenomenon is more evident in the socio-economic and political life of man regardless of race, colour or religious affiliation. As the economy of an individual or nation stands to be favourable at one time, it may also experience decline and become unbearable at another time. Muslims, towards the third decade of Islam, experienced economic hardship due to some natural and artificial factors. The recession, which lasted for four years, was rescued by different approaches, and economic prosperity was later regained. Some years ago, Nigeria was drastically affected by an economic recession characterized by high rates of unemployment, illiquidity and inflation, which have caused depression to many individuals and organizations. It is the aim of this paper to look into the causes and remedies of the recession in that early period of Islam in order to suggest a way out of the unfriendly economic situation of Nigeria. An analytical method is adopted to draw some lessons from the situation of Muslims of that time to address the current economic challenges in Nigeria. Though Nigeria is not under any natural disaster, the causes seem to be a deliberate reaction of some Nigerians against the government's attempts to curb corruption at all costs and lapses in some government policies.

Keywords: recession, hardship, spiritual, lessons, early period of Islam

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Authors: Dejene Gizaw Kidane

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This study examines the impact of foreign direct investment on economic growth of Ethiopia using yearly time-series data for 1974 through 2013. Economic growth is proxies by real per capita gross domestic product and foreign direct investment proxies by the inflow of foreign direct investment. Other control variables such as gross domestic saving, trade, government consumption and inflation has been incorporated. In order to fully account for feedbacks, a vector autoregressive model is utilized. The results show that there is a stable, long-run relationship between foreign direct investment and economic growth. The variance decomposition results show that the main sources of Ethiopia economic growth variations are due largely own shocks. The pairwise Granger causality results show that there is a unidirectional causality that runs from FDI to economic growth of Ethiopia. Hence, the researcher therefore recommends that, FDI facilitate economic growth, so the government has to exert much effort in order to attract more FDI into the country.

Keywords: real per capita GDP, FDI, co-integration, VECM, Granger causality

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Authors: T. H. Bitebe, T. M. Lima, F. Charrua-Santos, C. J. Matias Oliveira

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This study aims to present a proposal for an economic integration model for the development of the manufacturing industry in Cabinda, Angola. It seeks to analyze the degree of economic integration of Cabinda and the dynamics of the manufacturing industry. Therefore, in the same way, to gather information to support the decision-making for public financing programs that will aim at the disengagement of the manufacturing industry in Angola and Cabinda in particular. The Cabinda Province is the 18^th of Angola, the enclave is located in a privileged area of the African and arable land.

Keywords: economic integration, industrial development, Cabinda industry, Angola

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Authors: Caleb B. Sagwa, Tobias O. Okeno, Alexander K. Kahi

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Dairy cattle production plays an important role in the Kenyan economy. However, high incidences of mastitis is a major setback to the productivity in this industry. The current dairy cattle breeding objective in Kenya does not include mastitis resistance, mainly because the economic value of mastitis resistance has not been determined. Therefore this study aimed at estimating the economic value of mastitis resistance in dairy cattle in Kenya. Initial input parameters were obtained from literature on dairy cattle production systems in the tropics. Selection index methodology was used to derive the economic value of mastitis resistance. Somatic cell count (SCC) was used an indicator trait for mastitis resistance. The economic value was estimated relative to milk yield (MY). Economic values were assigned to SCC in a selection index such that the overall gain in the breeding goal trait was maximized. The option of estimating the economic value for SCC by equating the response in the trait of interest to its index response was considered. The economic value of mastitis resistance was US $23.64 while maximum response to selection for MY was US $66.01. The findings of this study provide vital information that is a pre-requisite for the inclusion of mastitis resistance in the current dairy cattle breeding goal in Kenya.

Keywords: somatic cell count, milk quality, payment system, breeding goal

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Authors: E. O. E. Nnadi

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Transportation is a critical factor in the economic growth and development of any nation, region or state. Good transportation network supports every sector of the economy like the manufacturing, transportation and encourages investors thereby affect the overall economic prosperity. The paper evaluates the impact of transportation on the economic growth of Nigeria using south eastern states as a case study. The choice of the case study is its importance as the commercial and industrial nerve of the country. About 200 respondents who are of different professions such as dealers in goods, transporters, contractors, consultants, bankers were selected and a set of questionnaire were administered to using the systematic sampling technique in the five states of the region. Descriptive statistics and relative importance index (RII) technique was employed for the analysis of the data gathered. The findings of the analysis reveal that Nigeria has the least effective ratio per population in Africa of 949.91 km/Person. Conclusion was drawn to improve road network in the area and the country as a whole to enhance the economic activities of the people.

Keywords: economic growth, south-east, transportation, transportation cost, Nigeria

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