Search results for: economic impact

Authors: Oduntan Kemi Olalekan

Abstract:

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: Radosław Pastusiak, Anna Kaźmierska, Magdalena Jasiniak

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The impact of Special Economic Zones (SEZs) has been analyzed for many years by researchers. There are lot of theoretical studies proving the SEZs importance for regional development, however, there is lack of empirical studies (and they are mainly focused on China market) that are based on available data. The theoretical studies indicate the various impacts of enterprises operating within SEZs on the economy. The article proves that, in case of Poland, locating SEZs in municipalities is an important part of increasing municipalities’ income. Therefore SEZs have a positive impact on regional development. Municipality income is understood as taxes paid by taxpayers who depend on SEZ companies’ performance. The analysis includes the Corporate Income Tax (CIT), Personal Income Tax (PIT) and real estate tax. The effects of SEZs on regional development were narrowed to a few variables that are most significant for the financial system. The analysis indicates the significant impact of SEZs on the amount of taxes influencing the municipality budget.

Keywords: special economic zone, local finance, municipal finance, government

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Authors: Zohreh Bang Tavakoli, Shuktika Chatterjee

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This study investigates the fiscal policy impact on countries’ economic growth in developing countries with a different external debt level. The fiscal policy effectiveness has been re-emphasized in the global financial crisis of 2008 with the external debt as its new contemporary driver (Ruščáková and Semančíková, 2016). According to Bouakez, (2014 ) different theories have proposed the economic consequence of fiscal policy, specifically for developing countries. However, fiscal policy literature is lacking research regarding the fiscal policy’s effectiveness with the external debt’s contributions through comprehensive study (Canh, 2018). Also, according to scholars, high levels of external debt will influence economic growth. First, through foreign resources and channel of investment in which high level of debt decreases the amount of foreign investment in the developing countries. Second, through the deterioration of foreign investors and fiscal policies related to a high level of debt (Cordella, et.al., 2010). Therefore, this study proposed that only countries with a low external debt level and appropriate fiscal policies and good quality institutions can gain the proper quantity and quality of foreign investors, which will help the economic growth. For this, this research is examining the impact of fiscal policy on developing countries' economic growth in the situation of different external debt levels.

Keywords: fiscal policy, external debt, gross domestic product, developing countries

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Authors: Kelly La Venture

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Destination promotion has become increasingly important to economic development in the United States. Key stakeholders of the First City on the Mississippi recognizes the importance of the visitor economy and decided to invest in destination promotion of the city as ‘True North’. The purpose of the study was to analyze the economic impact and stakeholder perceptions of destination promotion of the First City on the Mississippi as ‘True North’ using the case study method. Using a semi-structured guide consisting of 8 questions and additional probing questions, investigators engaged in 30-90 minute interviews with 20 key stakeholders. Data captured was then subjected to thematic analysis and interpretation. Through a review of literature and interview analysis, data indicate(1) there is increasing value in the visitor economy of the First City on the Mississippi,(2) the visitor economy warrants investments in destination promotion,(3) economic development can be more effective through coordination of destination promotion of as ‘True North’ and,(4) destination promotion fuels development across the entire economic spectrum. As a result, the First City on the Mississippi should prioritize marketing efforts of as ‘True North’ and coordinate these efforts with economic development initiatives. The destination promotion of the First City on the Mississippi as ‘True North’ may raise the communities profile and open doors to increased tourism, business relocation, business expansion, and entrepreneurs ready to start up a new organization.

Keywords: case study method, destination promotion, economic development, leisure and business travel

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Authors: Hanan Al-Khalaifah, Afaf Al-Nasser

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Probiotics and prebiotics claimed to serve as effective alternatives to antibiotics in the poultry. This study aims to investigate the effect of different probiotics and prebiotics on the economic impact analysis of the use of probiotics and prebiotics in broiler feed. The study involved four broiler cycles, two during winter and two during summer. In the first two cycles (summer and winter), different types of prebiotics and probiotics were used. The probiotics were Bacillus coagulans (1 g/kg dried culture) and Lactobacillus (1 g/kg dried culture of 12 commercial strains), and prebiotics included fructo-oligosaccharides (FOS) (5 g/kg) and mannan-oligosaccharide (MOS) derived from Saccharomyces cerevisiae (5 g/kg). Based on the results obtained, the best treatment was chosen to be FOS, from which different ratios were used in the last two cycles during winter and summer. The levels of FOS chosen were 0.3, 0.5, and 0.7% of the diet. From an economic point of view, it was generally concluded that in all dietary treatments, food was consumed less in cycle 1 than in cycle 2, the total body weight gain was more in cycle 1 than cycle 2, and the average feed efficiency was less in cycle l than cycle 2. This indicates that the weather condition affected better in cycle 1. Also, there were very small differences between the dietary treatments in each cycle. In cycle 1, the best total feed consumption was for the FOS treatment, the highest total body weight gain and average feed efficiency were for B. coagulans. In cycle 2, all performance was better in FOS treatment. FOS significantly reduced the Salmonella sp. counts in the intestine, where the environment was driven towards acidity. FOS was the best on the average taste panel study of the produced meat. Accordingly, FOS prebiotic was chosen to be the best treatment to be used in cycles 3 and 4. The economic impact analysis generally revealed that there were no big differences between the treatments in all of the studied indicators, but there was a difference between the cycles.

Keywords: antibiotic, economic impact, prebiotic, probiotic, broiler

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Authors: Ma. Karen Jimeno, Erika Kate Co, Ma. Claudia Alexis Frani, Shane Rosshel Guzman, Marie Jaye Constance Selga

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Home sharing continues to gain traction in the Philippines at the expense of traditional lodging options, to which the hospitality industry has reacted in stages. This study aims to describe the social and economic impact of home sharing in Metro Manila from the perspective of hosts. A cross-sectional survey questionnaire consisting of five-point Likert items was administered to 120 hosts in Metro Manila. Kruskal-Wallis test, together with Dunn’s pairwise comparison, was used in the analysis of data. Results show that there is a significant difference in the median scores between increased awareness of Filipino food/heritage and the pursuit of enjoyable life in terms of social impact. Economic-wise, the respondents, did not perceive that their businesses as an additional source of income for the local government. These findings can be used for further exploratory studies and formulation of sustainable business policies conducive for the entrepreneurs and the hospitality industry alike.

Keywords: bed-and-breakfast, home sharing, marketing, tourism

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Authors: Christia C. Baltar

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Everybody goes to primary education but not all proceed to secondary education because of poverty and it is evident in the Philippines. Moreover, the number goes down when they reach higher education. The researcher believes that higher education may improve the standard of living of the family looking at the economic benefits of it. Once one graduated from a particular degree, one may employ with higher wage than those who are non-degree holder. Every year the Philippines produce more than five hundred thousand graduates of higher education and it keeps on increasing every year. Thus, the competition in the employment is really high. It is then important to pursue higher education than settling to a high school graduate because a degree is what most of the employer is looking for. The Philippine government through the Department of Labor and Employment is offering job fairs to all cities as much as possible just to cater employment for those graduates away from urban areas like in Manila and even the privates sectors also proposing for job fairs. Researcher conducted a survey in her institution and she further used secondary information to strengthen the findings of her survey. Researcher used descriptive measures, chi-square test for independence, and the correlation coefficient to analyze the data in her survey. In the survey conducted results show that there was an increase on the income of the family of the graduates of higher education. The graduates believed that their standard of living improved because they were able to work in a better job. The data were analyzed and the results show that there was no significant relationship on sex, age and marital status of the graduates to their economic status but the degree program they enrolled in the tertiary education affects their economic status. The impact of earning higher education can be seen indirectly to the economic growth of the Philippines. Finally, researcher concludes that there is direct and indirect impact of the higher education to the economic status of the graduates.

Keywords: economic, economic benefits, higher education, standard of living

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Authors: Christia C. Baltar

Abstract:

Everybody goes to primary education but not all proceed to secondary education because of poverty and it is evident in the Philippines. Moreover, the number goes down when they reach higher education. The researcher believes that higher education may improve the standard of living of the family looking at the economic benefits of it. Once one graduated from a particular degree, one may employ with higher wage than those who are non-degree holder. Every year the Philippines produce more than five hundred thousand graduates of higher education and it keeps on increasing every year. Thus, the competition in the employment is really high. It is then important to pursue higher education than settling to a high school graduate because a degree is what most of the employer is looking for. The Philippine government through the Department of Labor and Employment is offering job fairs to all cities as much as possible just to cater employment for those graduates away from urban areas like in Manila and even the privates sectors also proposing for job fairs. Researcher conducted a survey in her institution and she further used secondary information to strengthen the findings of her survey. Researcher used descriptive measures, chi-square test for independence, and the correlation coefficient to analyze the data in her survey. In the survey conducted results show that there was an increase on the income of the family of the graduates of higher education. The graduates believed that their standard of living improved because they were able to work in a better job. The data were analyzed and the results show that there was no significant relationship on sex, age and marital status of the graduates to their economic status but the degree program they enrolled in the tertiary education affects their economic status. The impact of earning higher education can be seen indirectly to the economic growth of the Philippines. Finally, researcher concludes that there is direct and indirect impact of the higher education to the economic status of the graduates.

Keywords: economic benefits, economic status, graduate, higher education

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Authors: Santiago Martínez Hernández

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The establishment of the European Union signified the culmination of the supra-national power addressing economic, political, legal and humanitarian matters within and above a national territory. Human rights have taken a protagonist role as one of the pressing concerns that the EU addresses, and one of the most critical problems is that of human trafficking. This multi-billion dollar criminal business represents $31.6 per year made out of 2.5 million trafficked persons worldwide, making it one of the most crucial human rights problems in the world to address. The EU has developed strategies to tackle this issue through supra-national governance, however, how have they fared? What is the impact of its development on the issue? This paper will address the direct and indirect impact of the formation of the European Union as a supranational political and economic entity on the illicit industry of human trafficking in Europe. It attempts to analyse first, the situation of human trafficking in Europe, as an attempt to understand its importance in the region, addressing its root causes and the role of the states addressed. Second, the paper will examine the impact of the EU on human breaking down its policy-making at a supranational level, the role of the economic integration of the region, and the change of migration patterns since its inception.

Keywords: human trafficking, human rights, European union, criminal business

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Authors: Abm Mostafa, Rumbidzai Mukono, Peijie Wang

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Using 285 respondents from two microfinance institutions, this research aims to assess the impact of microfinance on women’s economic empowerment in Bangladesh. Empirical measures of economic empowerment used in this paper are underpinned by a bargaining theory of household. Questionnaire is used for data collection following purposive sampling. Descriptive statistics, chi-square test, Kruskal-Wallis test, binary, and ordinal logistic regressions are deployed for data analysis. The findings of this study show that around three quarters of respondents have increased household income. They have increased their savings overwhelmingly; nonetheless, many of them are found to have a very small amount of savings. Still, more than half of the respondents are reported to have increased their savings when it is checked against at least 500 BDT per month. On the contrary, the percentage of women is moderate in terms of increasing control over finances. Empirical findings demonstrate the evidence of a relationship between the amount of loan and women’s household income, their savings, and control over finances. Nonetheless, no relationship is found in women’s areas. This study infers that women’s access to financial resources is fundamental to empower them in economic dimension.

Keywords: microfinance, women, economic, empowerment, Bangladesh

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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: Abdullateef Abdulkarim Jimoh, Muhammad Lawal A., Usman Muhammad, Hamisu Abdullahi, Nuhu Abdullahi Jega

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Smart city projects can be aided by urban development policies in public facilities, but economic resources to finance urban system reorganization is an issue to various governments. This is further compounded with the impact of the slowing down of national economies. The aim of this paper is to emphasize the need to prioritize the economic benefits of smart city projects and, specifically, in towns transforming into cities like Birnin kebbi. The smart-city projects can aim at developing a new form of ‘‘modernity and civilization’’ of the productive economy. This study adopts the descriptive statistical approach to identify the key performance indicators (KPI) for tracking the progress of cities and its developmental objectives. It has been established that numerous aspects of the modernization policies can enhance the competitiveness of territories, particular in aspects of social cohesion, the diffusion of knowledge, creativity, accessibility, etc.

Keywords: economy, economic policy, public facilities, smart city, urbanization

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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: K. Bokreta, D. Benanaya

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The objective of this study is to examine the relative effectiveness of monetary and fiscal policy in Algeria using the econometric modelling techniques of cointegration and vector error correction modelling to analyse and draw policy inferences. The chosen variables of fiscal policy are government expenditure and net taxes on products, while the effect of monetary policy is presented by the inflation rate and the official exchange rate. From the results, we find that in the long-run, the impact of government expenditures is positive, while the effect of taxes is negative on growth. Additionally, we find that the inflation rate is found to have little effect on GDP per capita but the impact of the exchange rate is insignificant. We conclude that fiscal policy is more powerful then monetary policy in promoting economic growth in Algeria.

Keywords: economic growth, monetary policy, fiscal policy, VECM

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Authors: Marwen Ghouil, Jamel Eddine Mkadmi

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Banking performance is the pillar and goal of all banking activity and its impact on economic policy. First, researchers defined the principles for assessing and modeling bank performance, and then theories and models explaining bank performance were developed. The importance of credit as a means of financing businesses in most developing countries has led to questions about the effects of financial liberalisation on increased banking competition. In Tunisia, as in many other countries, the liberalization of financial services in general and of banks' activities has not ceased to evolve. The objective of this paper is to examine the determinants of banking performance for 8 Tunisian banks and their impact on economic policy during the Arab Spring. We used cointegration analysis and the ARDL Panel model, explaining using total assets, bank credits, guarantees, and bank size as performance drivers. The correlation analysis shows that there is a positive correlation relationship between total assets, bank credits, guarantees, and bank size and bank performance. Long-term empirical results show that bank loans, guarantees, bank size, and total assets have a positive and significant impact on bank performance. This means that bank credits, guarantees, bank size, and total assets are very important determinants of bank performance in Tunisia.

Keywords: bank performance, economic policy, finance, economic

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Authors: Philippe Gugler

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This contribution reflects some important questions regarding inter alia the economic development occurring in the light of the ASEAN’s goal of creating the ASEAN Economic Community (AEC) by 2015. We observe a continuing economic growth of GDP per capita over recent years despite the negative effects of the world economic crisis. IMF forecasts indicate that this trend will continue. The paper focuses on the analysis and comparison of economic growth trends of ASEAN countries.

Keywords: ASEAN, convergence, divergence, economic growth, globalization, integration

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Authors: Finn Lannon, Jenny Roth, Roland Deutsch, Eric Igou

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The world continues to be rife with economic inequality, which has an impact on how people think and behaves in response to large and often growing gaps in wealth. Large gaps in earnings between groups within a particular organization, area or society can create tension between groups. Collective action tendencies (to protest, sign a petition, vote on behalf of an ingroup etc.) are also a growing phenomenon globally. Research shows that economic inequality promotes social processes such as appraisals of illegitimacy, which are recognized antecedents of collective action. This paper examines different types of collective action intentions among middle-status group members in response to economic inequality in two studies. Study 1 (N = 72) demonstrates a causal link between high economic inequality and collective action intentions of middle-status group members both to reduce inequality and to improve group status. A second pre-registered study (N = 432) examines key drivers of these relationships, including illegitimacy appraisals and direction of intergroup comparison. Adding to the current understanding of the topic, distinctions between the illegitimacy of one’s group status and the illegitimacy of societal inequality are found to mediate key relationships between economic inequality and relevant collective action types. The direction of intergroup comparison (upwards vs. downwards) is also shown to have a significant impact on collective action intentions to improve group status. Findings add to the understanding of the consequences of economic inequality and drivers of collective action intentions.

Keywords: economic inequality, collective action, legitimacy, social psychology

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Authors: Jasmine Latiolais

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Much of the disaster-related literature finds a positive relationship between the impact of a natural disaster and the growth of wages. Panel datasets are often used to explore these effects. However, natural disasters do not impact a single variable in the economy. Rather, natural disasters affect all facets of the economy, simultaneously, upon impact. It is difficult to control for all factors that would be influenced by the impact of a natural disaster, which can lead to lead to omitted variable bias in those studies employing panel datasets. To address this issue of omitted variable bias, an interrupted time series analysis is used to test the short-run relationship between the impact of Hurricanes Katrina and Rita on parish wage levels in Southern Louisiana, inherently controlling for economic conditions. This study provides evidence that natural disasters do increase wages in the very short term (one quarter following the impact of the hurricane) but that these results are not seen in the longer term and are not robust. In addition, the significance of the coefficients changes depending on the parish. Overall, this study finds that previous literature on this topic may not be robust when considered through a time-series lens.

Keywords: economic recovery, local economies, local wage growth, natural disasters

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Authors: Nesrine Bouguerra

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Entrepreneurship is seen as a necessary ingredient for stimulating economic growth and employment opportunities in all societies. SMEs account for a wide share of economic activity and development. they are the primary engine of job creation, income growth and poverty reduction. Indeed, government support for entrepreneurship is a strategic option to foster economic growth and females’ input in this regard, is of equal significance not only for employability and productivity but also to narrow the gender gap created by social attitudes and beliefs. This study investigates the impact of socio–cultural factors, among other barriers on female entrepreneurial intention in Algeria. Data will be collected using a mixed method approach (Questionnaires and Interviews) from women intending to become entrepreneurs and those already in the field. This study has conceptual, theoretical and empirical contributions to the field of entrepreneurship which will be unveiled throughout.

Keywords: female entrepreneurship, SMEs, women, socio –cultural values, barriers

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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: Luan Vardari, Dena Arapi-Vardari

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Financial stability is a critical component of economic growth and development, and it has been recognized as a key policy objective in many countries around the world. In the Western Balkans, financial stability has been a key issue in recent years, with a number of challenges facing the region, including high levels of public debt, weak banking systems, and economic volatility. Corporate finance, which refers to the financial management practices of firms, is an important factor that can impact financial stability. This paper aims to investigate corporate finance's impact on financial stability in Western Balkan countries. This study will use a mixed-methods approach to investigate the impact of corporate finance on financial stability in the Western Balkans. The study will begin with a comprehensive review of the existing literature on corporate finance and financial stability, focusing on the Western Balkan region. This will be followed by an empirical analysis of regional corporate finance practices using data from various industries and firms. The analysis will explore the relationship between corporate finance practices and financial stability, taking into account factors such as regulatory frameworks, economic conditions, and firm size. The results of the study are expected to provide insights into the impact of corporate finance on financial stability in the Western Balkans. Specifically, the study will identify the key corporate finance practices that contribute to financial stability in the region, as well as the challenges and obstacles that firms face in implementing effective corporate finance strategies. The study will also provide recommendations for policymakers and firms looking to enhance financial stability and resilience in the region.

Keywords: financial regulation, debt management, investment decisions, dividend policies, economic volatility, banking systems, public debt, prudent financial management, firm size, policy recommendations

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Authors: Siriwan Saksiriruthai

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This paper reviews and analyzes impact of foreign migration on innovation for Thailand. With the analysis of decades of industrial and economic development, Thailand has attracted investment by providing cheap labor and low cost of production. Foreign migrant substantially contribute to the development by supplying lower wages with low-skilled workers. However, it is revealed that foreign low-skilled labor influx has a negative effect on innovation. Firms concentrate on benefits from low cost of production and are not motivated to invest for innovation. Therefore, with the emerging of new economies where lower wage laborers are offered, Thailand has to promote innovation to maintain economic development sustainability.

Keywords: migration, innovation, Thailand, foreign

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Authors: Muhammad Ali Khan

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Education is a word has been derived from Latin word "Educare", means to train. Therefore, the harmonious growth of the potentialities for achieving the qualities desirable and useful in the human society is called education. It is claimed that by educating women we can develop our economy, family health and decrease population growth. To explore the socio-economic impact of education on urban women. A prospective study design was used. Over a period of six months 50 respondents were randomly selected from Hayat Abad, an urban city in the North West of Pakistan. A questionnaire was used to explore marital, educational, occupational, social, economical and political status of urban women. Of the total, 50% (25) were employed, where 56% were married and 44% unmarried. Of the employed participants, 56% were teachers fallowed by social worker 16%. Monthly income was significantly high (p=001) of women with master degree. Understanding between wife and husband was also very significant in women with masters. . 78% of employed women replied that Parda (Hija) should be on choice not imposed. 52% of educated women replied participation in social activates, such as parties, shopping etc. Education has a high impact on urban women because it is directly related to employment, decision of power, economy and social life. Urban women with high education have significant political awareness and empowerment. Improving women educational level in rural areas of Pakistan is the key for economic growth and political empowerment

Keywords: women, urban, Pakistan, socio economic

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Authors: Djehich Mohamed Yousri

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This research tries to highlight the different stages and developments of financial policy which has evolved significantly in its means and mechanism, goals as well, according to the successful developments of the society, in addition to that, the role of the country has been developed from custody to intervening country, that evolution does not impact only on financial science but it was reflected on financial system concepts, that helped fr transport it from neutral financial policy to intervening policy, since each stage was characterized by a set of characteristics, financial policy considers like reflective mirror to the role of state in all times, when the state has been absent as an organized authority to society, the role of financial policy was weakened and has been limited under the impact of ideology which exists at all time, financial role has was limited until the state intervened in all aspects of life, the state role is also influential in economic, social, and political life, this study highlighting the most important developments of financial policy under successful economic systems.

Keywords: public expenditure, government spending, taxes, revenues public, economics

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Authors: Udeh Anastasia Ifeoma

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The need to develop the rural areas in developing countries where there have been decades of neglect are on the increase. It is against this background that this paper examined the impact of micro finance contribution to Nigeria’s gross domestic product. Time series data for 12-years period 1999-2010 were collated from Central Bank of Nigeria published annual reports. The least squares (LS) regression was used to analyze the data. The result revealed that microfinance activities have negative and non-significant contribution to gross domestic product in Nigeria. The paper recommends that rural poverty is often a product of poor infrastructural facilities; therefore government should make a conscious effort towards industrializing the rural areas thereby motivating the micro finance institutions to locate their offices and extend credit facilities to rural areas thereby improving rural economic growth.

Keywords: microfinance, rural economic growth, Nigeria, developing countries

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Authors: Henry Prihanto Nugroho

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This paper suggests education tourism as an option into developing more sustainable mass tourism. Identifying the potential of education tourism and developing a sustainable packages will have an impact on social economic development in the area. Indonesia especially Yogyakarta can increase their tourism earnings by tapping into this growing market phenomenon. Educational tourism, a growing part in the world tourism market, has attracted great attention because of its direct impact on the community and as an alternative strategy for poverty alleviation. Tourism is considered as one of the main industries and sectors highly contributing to economic development in Indonesia especially in Yogyakarta, this region can be an ideal case for studying the issue of educational tourism in Universitas Gadjah Mada. This paper tries to introduce the educational tourism as an important alternative source of the economy accelerator in the context of Yogyakarta Indonesia. This paper also aims to discuss the education tourism potential at the University of Gadjah Mada, Yogyakarta Indonesia then to create and established an Education Tourism package at Gadjah Mada University. Education Tourism is a means to empower academics, local community, local businesses, and to improve the economic welfare. Methods: Focus group discussions, direct observation, survey and best practice method. Conclusion: There is a positive relationship between attitude, environmental impact, economic impact, and socio-cultural impacts and practice in the field when the potential is seized. The findings incorporate insights into the socio-cultural and economic potential of education tourism and practices related to community development at the University of Gadjah Mada, Yogyakarta Indonesia by creating an Education Tourism Packages that will suit the needs of the tourist. Educational tourism can create sustainable development for local communities, academic society, universities, and stakeholders.

Keywords: education tourism, Gadjah Mada, sustainable, tourism

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Authors: Kemi Olalekan Oduntan

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

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

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Authors: Rizwan Fazal

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This study investigates the behavior of external sector of Pakistan economy and its impact on economic growth, using quarterly data for the period 1990:01-2010:04. External sector indices used in this study are financial integration, net foreign assets and trade integration. Augmented Ducky fuller confirms that all variables of external sector are non-stationary at level, but at first difference it becomes stationary. The co-integration test suggests one co-integrating variables in the study. The analysis is based on Vector Auto Regression model followed by Vector Error Correction Model. The empirical findings show that financial integration play important role in increasing economic growth in Pakistan economy while trade integration has negative effect on economic growth of Pakistan in the long run. However, the short run confirms that output lag accounts for error correction. The estimated CUSUM and CUSUMQ stability test provide information that the period of the study equation remains stable.

Keywords: financial integration, trade integration, net foreign assets, gross domestic product

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Authors: Mohammad Mehdi Mazaheri, Mohammad Motiee Lahromi

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Recently the two matters of how to evaluate art and what the influencing economic effects on cultural values are have attracted many researchers to investigate them. Therefore, in the present article the researcher made an attempt to answer the above questions. However, the fundamental distinction between this article and the other ones is in comparing the economic value (shown by monetary phrases) with cultural values (that reflects the aesthetic values and the importance of the artist). This article shows a different and trivial distinction that has a very clearly pivotal significance in the process of cultural policy making. The economic activities would be influenced when there are cultural values. The increase of commercial activities is measured by impact assessment. In other words, the value of culture is reflected in the satisfaction of the users of cultural activities. This kind of value is measured by “willingness to pay” researches. The researcher believes that these two values are dominant in the cultural policy but they include many aspects and are presented by different kinds of communities.

Keywords: economic influence, cultural values, monetary phrases, aesthetic values

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Authors: Dan Cristian Popescu

Abstract:

The new territorial identities and global dynamics have determined a change of policies of economics, social and cultural development from a vertical to a horizontal approach, which is based on cooperation networks between institutional actors, economic operators or civil society representatives. The European integration has not only generated a different patterns of competitiveness, economic growth, concentration of attractive potential, but also disparities among regions of this country, or even in the countryside within a region. To a better understanding of the dynamics of regional development and the impact of this concept on Romania, I chose as a case study the region Bucharest-Ilfov which is analyzed on the basis of predetermined indicators and of the impact of European programs.

Keywords: regional competition, regional development, rural, urban

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