Search results for: endogenous economic growth

Authors: Anesha Atul Shende

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When we are aiming at high goals for economic development, such as sustainable growth and development of the economy, poverty reduction, reduction in inequality, etc., we must not forget to include each and everyone in the society in the process of achieving these goals. This study particularly talks about women participation in economic activities. The analysis is primarily done with a special focus on Indian states. The study analyses the female labour force participation rate in all many states in India. It makes a comparison between the states having low female Labour force participation with the states that have comparatively high female Labour population. In the beginning, data has been provided to know the current state of gender biases in employment. It has been found that the male workforce is dominant all across India. Further, the study highlights the major reasons for low women participation in economic activities in some of the backward states in India like Bihar, etc. These reasons basically talk about economic, cultural, and social factors that are responsible for women unemployment. Afterward, it analyses the reasons behind comparatively higher women participation in all other states in India. The case of the north-eastern state of Telangana and Tamil Nadu have been analysed in brief. These states show the improvements in female Labour participation over a few decades. This is because of government policies that have been adopted, women-friendly workplaces, availability of quality jobs for women, etc. Organization like women UN has recognized the social and economic benefits of having active women Labour force in the country. If women unemployment declines, it will improve the growth rate of the nation as well as the welfare of the society. The study discusses the reasons why an economy must try to increase women workforce participation. It further provides suggestions to improve the conditions in backward states in India, where the female unemployment rate is high. One must understand that policy interventions and government schemes are a few of the ways to recognize this issue and work on it. However, the conditions will improve only when the changes would happen from the ground level with social and moral support to the women.

Keywords: women unemployment, labour force participation, women empowerment, economic growth and development, gender disparity

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Authors: Shilpi Tripathi

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After independence, Bangladesh had to learn to survive on its own without any economic crutches (aid). Foreign direct investment (FDI) became a crucial economic tool for the country to become economically independent. The government started removing restrictions to encourage foreign investment, economic growth, international trade, and the environment. FDI is considered as a way to bridge the saving-investment gap, reduce poverty, balance trade, create jobs for its vast labour force, increase foreign exchange earnings and acquire new modern technology and management skills in the country. At the same time, spillovers of foreign investments in Bangladesh, such as low wages (compared to laborers of developed countries), poor working conditions and unbridled exploitation of the domestic resources, environmental externalities, etc., cannot be ignored. The most important adverse implications of FDI inflows noticed are the environmental problems, which are further impacting the health and society of the country. This paper empirically studies the relationship between FDI, economic growth, international trade (exports and Imports), and the environment since 1996. The first part of the paper focuses on the background and trends of FDI, GDP, trade, and environment (CO₂). The second part focuses on the literature review on the relationship between all the variables. The last part of the paper examines the results of empirical analysis like co-integration and Granger causality. The findings of the paper reveal that a uni-directional relationship exists between FDI, CO₂, and international trade (exports and imports). The direction of the causality reveals that FDI inflow is one of the major contributors to high-volume international trade. At the same time, FDI and international trade both are contributing to carbon emissions in Bangladesh. The paper concludes with the policy recommendations that will ensure environmentally friendly trade, investment, and growth in Bangladesh for the future.

Keywords: foreign direct investment, GDP, international trade, CO₂, Granger causality, environment

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Authors: Mohammad Mushir Khan, C. Satyanarayana

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Education is considered as one of the prime bottlenecks in the economic growth of India. The Ministry of Human Resource & Development, Government of India has, therefore, given special attention to this issue and the Gross Enrollment Ratio (GER) in Higher Education has increased marginally during last five years, with the efforts and various policy decisions like Right to Education (RTE) and other fee reimbursement schemes, initiated by the State Governments. But still this is one of the lowest, if assessed at the global level. It is true that the GER has improved but the survey reveals that the quality has been badly affected. This paper tries to assess the impact of lack of quality education in various sectors that affects Indian Economy and thereby signifies the need of immediate policy decision at the government level. It is to be noted that in higher education, science, management, engineering and technology plays vital role as far as shaping country’s economy is concerned and as such the quality needs to be addressed, particularly, in these streams. The paper, after carefully studying lots of survey reports and other government/ non-government documents recommends measures to be initiated by the Central Government, on priority, for improving quality of education. The quality up-gradation in higher education single handedly provides real fuel to the India’s growth Engine, as it has potential to touch each and every sector that strengthens country’s economy.

Keywords: higher education, economy, accreditation, industry, technology

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Authors: Masaaki Ii, Takashi Saito, Yasuhiko Tabata, Shintaro Nemoto

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Background: Clinical trials of autologous adipose-derived stem cell (AdSC) therapy for ischemic heart diseases (IHD) are now on-going. We have investigated the hypothesis that combination of AdSCs and statin, an agent with pleiotropic effects, could augment the therapeutic effect on myocardial infarction (MI). Methods and Results: Human AdSC functions with different doses of simvastatin-conjugated nanoparticle (STNP) uptake were evaluated by in vitro assays. STNP promoted the migration activity without changing the proliferation activity, and also up-regulated growth factors. Next, MI was induced by LAD ligation in nude mice, and the mice were assigned in the following groups 3 days after MI: 1) PBS (control), 2) NP-AdSCs (50000 cells), 3) STNP, and 4) STNP-AdSCs (50000 cells). Cardiac functional recovery assessed by echocardiography was improved at 4 weeks after surgery in STNP-AdSC group. Masson’s trichrome-stained sections revealed that LV fibrosis length was reduced, and the number of TUNEL-positive cardiomyocytes was less in STNP-AdSC group. Surprisingly, a number of de novo endogenous Nkx-2.5/GATA4 positive immature cardiomyocytes as well as massive vascular formation were observed in outer layer of infarcted myocardium despite of a few recruited/retained transfused STNP-AdSCs 4 weeks after MI in STNP-AdSC group. Finally, massive myocardial regeneration was observed 8 weeks after MI. Conclusions: Intravenously injected small number of statin nanoparticle-loaded hAdSCs exhibited a potent therapeutic effect inducing endogenous cardiac tissue regeneration.

Keywords: statin, drug delivery system, stem cells, cardiac regeneration

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Authors: Sanja Pfeifer, Nataša Šarlija, Marina Jeger, Ana Bilandžić

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The purpose of this study is to explore the different facets of growth among micro, small and medium-sized firms in Croatia and to analyze the differences between models designed for all micro, small and medium-sized firms and those in creative industries. Three growth prediction models were designed and tested using the growth of sales, employment and assets of the company as dependent variables. The key drivers of sales growth are: prudent use of cash, industry affiliation and higher share of intangible assets. Growth of assets depends on retained profits, internal and external sources of financing, as well as industry affiliation. Growth in employment is closely related to sources of financing, in particular, debt and it occurs less frequently than growth in sales and assets. The findings confirm the assumption that growth strategies of small and medium-sized enterprises (SMEs) in creative industries have specific differences in comparison to SMEs in general. Interestingly, only 2.2% of growing enterprises achieve growth in employment, assets and sales simultaneously.

Keywords: creative industries, growth prediction model, growth determinants, growth measures

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Authors: Ismatilla Mardanov

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There are three types of countries, the first of which is willing to attract foreign direct investment (FDI) in enormous amounts and do whatever it takes to make this happen. Therefore, FDI pours into such countries. In the second cluster of countries, even if the country is suffering tremendously from the shortage of investments, the governments are hesitant to attract investments because they are at the hands of local oligarchs/cartels. Therefore, FDI inflows are moderate to low in such countries. The third type is countries whose companies prefer investing in the most efficient locations globally and are hesitant to invest in the homeland. Sorting countries into such clusters, the present study examines the essential institutions and economic factors that make these countries different. Past literature has discussed various determinants of FDI in all kinds of countries. However, it did not classify countries based on government motivation, institutional setup, and economic factors. A specific approach to each target country is vital for corporate foreign direct investment risk analysis and decisions. The research questions are 1. What specific institutional and economic factors paint the pictures of the three clusters; 2. What specific institutional and economic factors are determinants of FDI; 3. Which of the determinants are endogenous and exogenous variables? 4. How can institutions and economic and political variables impact corporate investment decisions Hypothesis 1: In the first type, country institutions and economic factors will be favorable for FDI. Hypothesis 2: In the second type, even if country economic factors favor FDI, institutions will not. Hypothesis 3: In the third type, even if country institutions favorFDI, economic factors will not favor domestic investments. Therefore, FDI outflows occur in large amounts. Methods: Data come from open sources of the World Bank, the Fraser Institute, the Heritage Foundation, and other reliable sources. The dependent variable is FDI inflows. The independent variables are institutions (economic and political freedom indices) and economic factors (natural, material, and labor resources, government consumption, infrastructure, minimum wage, education, unemployment, tax rates, consumer price index, inflation, and others), the endogeneity or exogeneity of which are tested in the instrumental variable estimation. Political rights and civil liberties are used as instrumental variables. Results indicate that in the first type, both country institutions and economic factors, specifically labor and logistics/infrastructure/energy intensity, are favorable for potential investors. In the second category of countries, the risk of loss of assets is very high due to governmentshijacked by local oligarchs/cartels/special interest groups. In the third category of countries, the local economic factors are unfavorable for domestic investment even if the institutions are well acceptable. Cluster analysis and instrumental variable estimation were used to reveal cause-effect patterns in each of the clusters.

Keywords: foreign direct investment, economy, institutions, instrumental variable estimation

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Authors: Ciolomic Ioana Andreea, Farcas Teodora, Tiron-Tudor Adriana

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Investments in research and innovation are widely acknowledged as being crucial drivers for economic growth, for job-creation and to secure social and economic welfare. The aim of this article is to disseminate the results of a Leonardo da Vinci Innovation Transfer project, AdapTykes Adaptation of trainings based up on the Finnish Workplace Development Programme. This project aims to analyses the adaptability of the Finnish model to the economic and political environment of the two emergent countries Romania and Hungary, in order to develop workplace innovation. The focus of this paper is to present the adaptability of the Finnish model to the Romanian context.

Keywords: innovation, human resources, education, tools

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Authors: Deenadayalan Govender

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In South Africa, similar to nations globally, the prevailing tangible link between people and the state is public infrastructure. Services delivered through infrastructure to the people and to the state form a critical enabler for social development in communities and economic development in the country. In this regard, infrastructure, being the backbone to a nation’s prosperity, ideally should be effectively maintained for seamless delivery of services. South African infrastructure is in a state of deterioration, which is leading to infrastructure dysfunction and collapse and is negatively affecting development of the economy. This infrastructure deterioration stems from deficiencies in maintenance practices and strategies. From the birth of South African democracy, government has pursued socio-economic transformation and the delivery of critical basic services to decrease the broadening boundaries of disparity. In this regard, the National Infrastructure Plan borne from strategies encompassed in the National Development Plan is given priority by government in delivering strategic catalytic infrastructure projects. The National Infrastructure Plan is perceived to be the key in unlocking opportunities that generate economic growth, kerb joblessness, alleviate poverty, create new entrepreneurial prospects, and mitigate population expansion and rapid urbanisation. Socio-economic transformation benefits from new infrastructure spend is not being realised as initially anticipated. In this context, South Africa is currently in a state of weakening economic growth, with further amassed levels of joblessness, unremitting poverty and inequality. Due to investor reluctance, solicitation of strategic infrastructure funding is progressively becoming a debilitating challenge in all government institutions. Exacerbating these circumstances further, is substandard functionality of existing infrastructure subsequent to inadequate maintenance practices. This in-depth multi-sectoral study into the state of infrastructure is to understand the principal reasons for infrastructure functionality regression better; furthermore, prioritised investigations into progressive maintenance strategies is focused upon. Resultant recommendations reveal enhanced maintenance strategies, with a vision to capitalize on infrastructure design life, and also give special emphasis to socio-economic development imperatives in the long-term. The research method is principally based on descriptive methods (survey, historical, content analysis, qualitative).

Keywords: infrastructure, maintenance, socio-economic, strategies

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Authors: Simon Strande Henriksen

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When a city and country decide to undertake an Olympic Games, they do so with the notion that hosting the Olympics will provide direct financial benefits to the city, country, and national companies. Like many activities, the Olympic Games tend to be more popular when it is warm, and the athletes are known, and therefore this paper will only focus on the two latest Olympic Summer Games. Cities and countries continue to invest billions of dollars in infrastructure to secure the role of being Olympic hosts. The multiple investments expect to provide both economic growth and a lasting legacy for the citizens. This study aims to determine whether host country companies experience superior economic impact from the Olympics. Building on existing work within the Olympic field of research, it asks: Do companies in host countries of the Olympic Summer Games experience a superior increase in operating revenue and return on assets compared to other comparable countries? In this context, comparable countries are the two candidates following the host city in the bidding procedure. Based on methods used by scholars, a panel data regression was conducted on revenue growth rate and return on assets, to determine if host country companies see a positive relation with hosting the Olympic Games. Combined with an analysis of motivation behind hosting the Olympics, the regression showed no significant positive relations across all analyses, besides in one instance. Indications of a relationship between company performance and economic motivation were found to be present. With the results indicating a limited effect on company growth, it is recommended that prospective host cities and countries carefully consider possible implications the role of being an Olympic host might have on national companies.

Keywords: cross-country analysis, mega-event, multiple regression, quantitative analysis

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Authors: Sachin K. Samuchiwal, Barbara Balestrieri, Amanda Paskavitz, Hannah Raff, Joshua A. Boyce

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IL-33, a recently discovered member of the IL-1 cytokine family, binds to the TLR/IL1R super family receptor ST2 and induces type 2 immune responses. IL-33 is constitutively expressed in structural cells at barrier sites such as skin, lung, and intestine, and also inducibly expressed by hematopoietic cells including macrophages. Stimulation of macrophages by Lipopolysaccharide (LPS) can induce de novo IL-33 expression, and also causes the production of prostaglandin-E2 (PGE2) via cyclooxygenase (COX)-2 and microsomal PGE2 synthase-1 (mPGES-1). Because PGE2 can regulate macrophage functions through both autocrine and paracrine mechanisms, the potential interplay of endogenous PGE2 on IL-33 production was explored. Bone-marrow derived murine macrophages (bmMF) that lack either mPGES-1 or EP2 receptor expression were stimulated with LPS in the absence or presence of exogenous PGE2 along with pharmacological agonists and antagonists. The study results demonstrate that endogenous PGE2 markedly enhances LPS-induced IL-33 production by bmMFs via EP2 receptors. Moreover, exogenous PGE2 can amplify LPS-induced IL-33 expression dominantly by EP2 and partly by EP4 receptors by a pathway involving cAMP and exchange protein activated by cAMP (EPAC), but not protein kinase A (PKA). Though both IL-33 production and PGE2 generation in response to LPS require activation of both p38 MAPK and NF-κB, PGE2 did not influence this activation. In conclusion, it is demonstrated that endogenous PGE2 signaling through EP2 and EP4 receptors is a prerequisite for LPS-induced IL-33 production in bmMFs and the underlying cAMP mediated pathway involves EPAC. Since IL-33 is a critical pro-inflammatory cytokine in various pathological disorders, this PGE2-EP2/EP4-cAMP mediated pathway can be exploited to intervene in IL-33 driven pathologies.

Keywords: bone marrow macrophages, EPAC, IL-33, PGE2

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Authors: Justus Enninga

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Enthusiasts and skeptics about economic growth have not much in common in their preference for institutional arrangements that solve ecological conflicts. This paper argues that agreement between both opposing schools can be found in the Bloomington Schools’ concept of polycentricity. Growth-enthusiasts who will be referred to as Simons after the economist Julian Simon and growth-skeptics named Ehrlichs after the ecologist Paul R. Ehrlich both profit from a governance structure where many officials and decision structures are assigned limited and relatively autonomous prerogatives to determine, enforce and alter legal relationships. The paper advances this argument in four steps. First, it will provide clarification of what Simons and Ehrlichs mean when they talk about growth and what the arguments for and against growth-enhancing or degrowth policies are for them and for the other site. Secondly, the paper advances the concept of polycentricity as first introduced by Michael Polanyi and later refined to the study of governance by the Bloomington School of institutional analysis around the Nobel Prize laureate Elinor Ostrom. The Bloomington School defines polycentricity as a non-hierarchical, institutional, and cultural framework that makes possible the coexistence of multiple centers of decision making with different objectives and values, that sets the stage for an evolutionary competition between the complementary ideas and methods of those different decision centers. In the third and fourth parts, it is shown how the concept of polycentricity is of crucial importance for growth-enthusiasts and growth-skeptics alike. The shorter third part demonstrates the literature on growth-enhancing policies and argues that large parts of the literature already accept that polycentric forms of governance like markets, the rule of law and federalism are an important part of economic growth. Part four delves into the more nuanced question of how a stagnant steady-state economy or even an economy that de-grows will still find polycentric governance desirable. While the majority of degrowth proposals follow a top-down approach by requiring direct governmental control, a contrasting bottom-up approach is advanced. A decentralized, polycentric approach is desirable because it allows for the utilization of tacit information dispersed in society and an institutionalized discovery process for new solutions to the problem of ecological collective action – no matter whether you belong to the Simons or Ehrlichs in a green political economy.

Keywords: degrowth, green political theory, polycentricity, institutional robustness

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Authors: Wondmnew Derebe

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Increased adoption of modern beehives improves the livelihood of smallholder farmers whose income largely depends on mixed crop-livestock farming. Improved beehives have been disseminated to farmers in many parts of Ethiopia. However, its impact on income is less investigated. Thus, this study estimates how adopting improved beehives impacts rural households' income. Survey data were collected from 350 randomly selected households' and analyzed using an endogenous switching regression model. The result revealed that the adoption of improved beehives is associated with a higher annual income. On average, improved beehive adopters earned about 6,077 (ETB) more money than their counterparts. However, the impact of adoption would have been larger for actual non-adopters, as reflected in the negative transitional heterogeneity effect of 1792 (ETB). The result also indicated that the decision to adopt or not to adopt improved beehives was subjected to individual self-selection. Improved beehive adoption can increase farmers' income and can be used as an alternative poverty reduction strategy.

Keywords: impact, adoption, endogenous switching regression, income, improved

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Authors: Kebene K. Wodajo

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The right to development (RTD) has gone through different phases of metamorphoses, from the right to economic growth to full human development. Despite the fact that Africa has taken the lead in articulating and recognizing the RTD in a binding multilateral human rights treaty, realization of the right poses a challenge at the operational level. The challenge is worse in Sub-Saharan Africa, mainly because governments often tend to set economic growth as their ultimate goal, with very little consideration to the local peoples’ welfare in their territory. Ethiopia is not an exception to this. While recording a fast economic growth, yet this has been accompanied by increasing severity of multidimensional poverty. This paper explores the place of the ‘people’ in the development trajectory Ethiopia is pursuing and if and how a right-based approach to development could be brought to practice beyond the rhetoric. By inquiring into the place of the ‘people’, the paper attempts to show whether the people are at the center or at the periphery, beneficiary or victims of the ongoing development. In doing so, it divulges the gulf between the rhetoric and the reality of development practice. By asking/discussing if and how a right-based approach to development could bridge the gap, the paper shows how this approach could translate ‘people’s’ need into right, and recognize them as active subjects and stakeholders of the process of development. As an instance of showing the gap, the paper takes the Lower Omo valley sugar plantation project as a case in point. Through analysis the paper demonstrates that the development trajectory being followed by Ethiopia falls short of fitting into the human development discourse of UN Declaration on the Right to Development (DRD), the African Charter on People and Human Rights (the Charter) and the Ethiopian constitution. The paper argues that Ethiopia’s development efforts must take account of both the constitutive and prescriptive nature of the RTD if social equity is to be met.

Keywords: development, Ethiopia, lower Omo valley, right-based approach, right to development, people, people’s right

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Authors: Fatemeh Abbasi, Sahand Daneshvar

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Productivity is one of the essential goals of companies to improve performance, which as a strategy-oriented method, determines the basis of the company's economic growth. The history of productivity goes back centuries, but most researchers defined productivity as the relationship between a product and the factors used in production in the early twentieth century. Productivity as the optimal use of available resources means that "more output using less input" can increase companies' economic growth and prosperity capacity. Also, having a quality life based on economic progress depends on productivity growth in that society. Therefore, productivity is a national priority for any developed country. There are several methods for calculating productivity growth measurements that can be divided into parametric and non-parametric methods. Parametric methods rely on the existence of a function in their hypotheses, while non-parametric methods do not require a function based on empirical evidence. One of the most popular non-parametric methods is Data Envelopment Analysis (DEA), which measures changes in productivity over time. The DEA evaluates the productivity of decision-making units (DMUs) based on mathematical models. This method uses multiple inputs and outputs to compare the productivity of similar DMUs such as banks, government agencies, companies, airports, Etc. Non-parametric methods are themselves divided into the frontier and non frontier approaches. The Malmquist productivity index (MPI) proposed by Caves, Christensen, and Diewert (1982), the Hicks–Moorsteen productivity index (HMPI) proposed by Bjurek (1996), or the Luenberger productivity indicator (LPI) proposed by Chambers (2002) are powerful tools for measuring productivity changes over time. This study will compare the Malmquist, Hicks–Moorsteen, and Luenberger indices theoretically and empirically based on DEA models and review their strengths and weaknesses.

Keywords: data envelopment analysis, Hicks–Moorsteen productivity index, Leuenberger productivity indicator, malmquist productivity index

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Authors: Loretta Baryeh

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Unprecedented disruptions to world economies unfolded consequently to the pandemic that hit the globe in 2020. The severe sickness with no cure at the time led to record deaths, and this affected everyday life for most people, stifling production, hospitality, entertainment, and most sectors of the economy. This paper was an extension of Baryeh 2021, that studied the pandemic effect on economic growth and if that was exacerbated by corruption. It was found that there was a positively high significant correlation between countries that reported high cases of the virus and countries that reported more deaths due to the virus. Furthermore, it was shown that countries with high COVID-19 cases were highly corrupt. Additionally, there was a negative association between high COVID-19 cases and economic development.

Keywords: COVID-19, corruption, economic, performance

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Authors: Zahra Bakhtiari

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Middle East countries confront a multitude of main environmental challenges which are inevitable. The unstable economic and political structure which dominates numerous middle East countries makes it difficult to react effectively to unfavorable climate change impacts. This study applies a qualitative methodology and relies on secondary literature aimed to investigate how countries in the Middle East are balancing economic security and climatic security in terms of budgeting, infrastructure investment, political engagement (domestically through discourses or internationally in terms of participation in international organizations or bargaining, etc.) There has been provided an outline of innovative measures in both economic and environmental fields that are in progress in the Middle East countries and what capacity they have for economic development and environmental adaptation, as well as what has already been performed. The primary outcome is that countries that rely more on infrastructure investment such as negative emissions technologies (NET) through green social capital enterprises and political engagement, especially nationally determined contributions (NDCs) commitments and United Nations Framework Convention on Climate Change (UNFCCC), experience more economic and climatological security balance in the Middle East. Since implementing these measures is not the same in all countries in the region, we see different levels of balance between climate security and economic security. The overall suggestion is that the collaboration of both the bottom-up and top-down approaches helps create strategic environmental strategies which are in line with the economic circumstances of each country and creates the desired balance.

Keywords: climate change, economic growth, sustainability, the Middle East, green economy, renewable energy

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Authors: Fikre Belay Tekulu

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This thesis presents the socio-economic and environmental impacts of urban sprawl in the case of Adigrat city, Tigray Region, Ethiopia. The main objective of this research is to assess major causes, trends and socio-economic and environmental impacts of the urban sprawl of Adigrat city. The study employed both quantitative and qualitative methods as questionnaires, interviews and observation used for data collection. Simple random sampling has been used to select the participants. The land use and land cover change for agricultural land and forest and grassland resource analysis is done with the aid of GIS. Urban sprawl is mainly caused by the rapid population growth, increase in the living and property cost in the core of the city, land demand and land speculation and the growth of transport and an increase in income of people and demand of more living space. The study indicates 15726.24 hectares (515.49 per cent) of new land added to the city jurisdiction from its adjacent Gantafeshum Wereda between 1986 and 2018. The population of Adigrat city increased by 9.045 per cent per year, while the city expanded 16.01 per cent per annum and the LCR was 0.0233 hectares per person between 1986 and 2018.Built-up area increased by 35.27 per cent per annum, while agricultural land, forests and grassland cover decreased by 1.68 per cent and 1.26 per cent per annum respectively in the last thirty three years. This rapid growth of urban sprawl brought social-economic and environmental change in the city that has been observed by the city residents. Therefore, the city administration should need strong, integrated, effective and efficient work, with its neighbor rural area and also done timely preparation, implementation, supervision, and evaluation of the structural plan of the city to bring out sustainable development of the city.

Keywords: cause, , trends, urban sprawl, land use land cover, GIS

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Authors: Hanee Ryu

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The former president Lee Myung-bak's administration of Korea presented “green growth” as a catchphrase from 2008. He declared “low-carbon, green growth” the nation's vision for the next decade according to United Nation Framework on Climate Change. The government designed omnidirectional policy for low-carbon and green growth with concentrating all effort of departments. The structural change was expected because this slogan is the identity of the government, which is strongly driven with the whole department. After his administration ends, the purpose of this paper is to quantify the policy effect and to compare with the value of the other OECD countries. The major target values under direct policy objectives were suggested, but it could not capture the entire landscape on which the policy makes changes. This paper figures out the policy impacts through comparing the value of ex-ante between the one of ex-post. Furthermore, each index level of Korea’s low-carbon and green growth comparing with the value of the other OECD countries. To measure the policy effect, indicators international organizations have developed are considered. Environmental Sustainable Index (ESI) and Environmental Performance Index (EPI) have been developed by Yale University’s Center for Environmental Law and Policy and Columbia University’s Center for International Earth Science Information Network in collaboration with the World Economic Forum and Joint Research Center of European Commission. It has been widely used to assess the level of natural resource endowments, pollution level, environmental management efforts and society’s capacity to improve its environmental performance over time. Recently OCED publish the Green Growth Indicator for monitoring progress towards green growth based on internationally comparable data. They build up the conceptual framework and select indicators according to well specified criteria: economic activities, natural asset base, environmental dimension of quality of life and economic opportunities and policy response. It considers the socio-economic context and reflects the characteristic of growth. Some selected indicators are used for measuring the level of changes the green growth policies have induced in this paper. As results, the CO2 productivity and energy productivity show trends of declination. It means that policy intended industry structure shift for achieving carbon emission target affects weakly in the short-term. Increasing green technologies patents might result from the investment of previous period. The increasing of official development aids which can be immediately embarked by political decision with no time lag present only in 2008-2009. It means international collaboration and investment to developing countries via ODA has not succeeded since the initial stage of his administration. The green growth framework makes the public expect structural change, but it shows sporadic effect. It needs organization to manage it in terms of the long-range perspectives. Energy, climate change and green growth are not the issue to be handled in the one period of the administration. The policy mechanism to transfer cost problem to value creation should be developed consistently.

Keywords: comparing ex-ante between ex-post indicator, green growth indicator, implication for green growth policy, measuring policy effect

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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The objective of countercyclical capital buffer is to encourage banks to build up buffers in good times that can be drawn down in bad times. The aim of the report is to assess such decisions by banks derived from three approaches. The approaches are the aggregate credit-to-GDP ratio, credit growth as well as banking sector profits. The approaches are implemented for Estonia, Latvia and Lithuania for the time period 2000-2012. The report compares three approaches and analyses their relevance to the Baltic states by testing the correlation between a growth in studied variables and a growth of corresponding gaps. Methods used in the empirical part of the report are econometric analysis as well as economic analysis, development indicators, relative and absolute indicators and other methods. The research outcome is a cross-Baltic comparison of two alternative approaches to establish or release a countercyclical capital buffer by banks and their implications for each Baltic country.

Keywords: basel III, countercyclical capital buffer, banks, credit growth, baltic states

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Authors: Ketevan Goletiani, Parmen Khvedelidze

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discusses the importance of the topic, which is reflected in the advanced and developed countries in the formation of a new innovative stage of the distinctive mark of the modern world development. This phase includes the construction of the economy, which generates stockpiling and use is based. Intensifying the production and use of the results of new scientific and technical innovation has led to a sharp reduction in the cycle and accelerate the pace of product and technology updates. The world's leading countries in the development of innovative management systems for the formation of long-term and stable development of the socio-economic order conditions. The last years of the 20th century, the social and economic relations, modification, accelerating economic reforms, and profound changes in the system of the time. At the same time, the country should own place in the world geopolitical and economic space. Accelerated economic development tasks, the World Trade Organization, the European Union deep and comprehensive trade agreement, the new system of economic management, technical and technological renewal of production potential, and scientific fields in the share of the total volume of GDP growth requires new approaches. XX - XXI centuries Georgia's socio-economic changes is one of the urgent tasks in the form of a rise to the need for change, involving the use of natural resource-based economy to the latest scientific and technical achievements of an innovative and dynamic economy based on an accelerated pace. But Georgia still remains unresolved in many methodological, theoretical, and practical nature of the problem relating to the management of the economy in various fields for the development of innovative systems for optimal implementation. Therefore, the development of an innovative system for the formation of a complex and multi-problem, which is reflected in the following: countries should have higher growth rates than the geopolitical space of the neighboring countries that its competitors are. Formation of such a system is possible only in a deep theoretical research and innovative processes in the multi-level (micro, meso- and macro-levels) management on the basis of creation.

Keywords: georgia, innovative, socio-economic, innovative manage

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Authors: Ahmed R. Ismail, Hatem A. El Tawil, Nevin G. Rezk

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Historic paths in today's cities are facing the pressure of the urban development due to the rapid urban growth. Every new development is tearing the old urban fabric and the socio-economic character of the historic paths. Furthermore, in some cases historic paths suffer from negligence and decay. Kom El Dekka historic path was one of those deteriorated paths in the city of Alexandria, Egypt, in spite of its high heritage and socio-economic value. Therefore, there was a need to develop urban regeneration strategies as a part of a wider sustainable development vision, to handle the situation and revitalize the path as a livable space in the heart of the city. This study aims to develop a comprehensive assessment methodology to evaluate the different values of the path and to create community-oriented and economic-based analysis methodology for its socio-economic values. These analysis and assessments provide strategies for any regeneration action plan for Kom El Dekka historic path.

Keywords: community-oriented, economic-based, syntactical analysis, urban regeneration

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Authors: Derya Güler Aydin, Bahar Araz Takay

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Two different forms of competition theories can be distinguished: Those theories that emphasize the equilibrating forces created by competition, and those emphasizing the disequilibrating forces. This difference can be attributed, among other things, to the differences regarding the functioning of the market economy; that is to say, the basic problem here is whether competition should be understood as a static state or a dynamic process. This study aims to analyze the dynamic competition theories by K. Marx and J. A. Schumpeter and neo- Schumperians all of which focus on the dynamic role played by competition through creating disequilibria, endogenous structural change and social transformation as a distinguishing characteristic of the market system. With this aim, in the first section, after examining the static, neoclassical competition theory, both Marx‟s theory, which is based on profit rate differentials, and Schumpeter‟s theory, which is based on the notion of “creative destruction”, will be discussed. In the second section, the long-term fluctuations, based on creative gales of destruction, the concept will be examined under the framework of techno-economic paradigm. It is argued that the dynamic, even disequilibrium tendencies created by the competition process should be regarded in both understanding the working of capitalism and social transformation of the system.

Keywords: competition, techno-enomic paradigm, Schumpeter, social evolution

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Authors: El Andari Chifaa, Bouaziz Rached

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The central focus of this paper was to check whether the Okun’s law in Tunisia is valid or not. For this purpose, we have used quarterly time series data during the period 1990Q1-2014Q1. Firstly, we applied the error correction model instead of the difference version of Okun's Law, the Engle-Granger and Johansen test are employed to find out long run association between unemployment, production, and how error correction mechanism (ECM) is used for short run dynamic. Secondly, we used the gap version of Okun’s law where the estimation is done from three band pass filters which are mathematical tools used in macro-economic and especially in business cycles theory. The finding of the study indicates that the inverse relationship between unemployment and output is verified in the short and long term, and the Okun's law holds for the Tunisian economy, but with an Okun’s coefficient lower than required. Therefore, our empirical results have important implications for structural and cyclical policymakers in Tunisia to promote economic growth in a context of lower unemployment growth.

Keywords: Okun’s law, validity, unit root, cointegration, error correction model, bandpass filters

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Authors: Clifford Kwakwa Amoah, De-Graft Owusu-Manu, Prince Antwi-Afari

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Infrastructure is the lifeline for economic development of any country. Hence, obtaining infrastructure quality cannot be overemphasized. Nevertheless, challenges of infrastructure quality persist, and it is worse in developing countries despite the diverse study on the subject matter. Therefore, this study was formulated to identify the prevalent determinants of infrastructure quality using synthesis of extant literature (to identify key variables), and analysis of survey questionnaire of data collected by means of the inductive methodology approach, mean score ranking and descriptive statistics. The variables “partner with the private sector, growth stimulation and poverty reduction, and adherence to procurement core principles” were the most significant challenges that the government faces. Moreover, it would be of utmost concern to adopt some stringent measures to help improve and accelerate on the growth and development of the nation, thereby achieving the best quality required. This study is novel conducted to provide insight into some of the punitive measures, considered in ensuring that quality infrastructure is obtained in both developing (specifically) and developed economies. The research findings therefore provide some guidance for overcoming the accumulative challenges. Application of the stated findings will help bridge the gap of infrastructure challenges; this is because the study found strong empirical evidence that infrastructure plays a pivotal role in the productivity enhancement.

Keywords: challenges, development, economic growth, government, infrastructure quality

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Authors: Obaid Alotaibi

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The geographical location of the State of Kuwait contributed significantly to the suffering of Kuwait in the past, due to the scarcity of natural water resources and the inability of the State's financial resources to provide other water resources to meet the needs of the population. The problem of water scarcity in Kuwait remained until the beginning of the second half of the twentieth century, as the country's economic conditions revived with the emergence and export of oil; which was clearly reflected in the steady growth of the population. To cope with this population, increase, it was necessary to expand the various development programs to include all sectors of the state. The process of development and urbanization could not start without finding solutions to the problem of water shortage in Kuwait. The only option for officials to meet the needs of the population and the different sectors of water development is the desalination of seawater. This process necessitated the establishment of six desalination plants along the coast of Kuwait and extended freshwater arteries to reach everywhere on the land. However, this does not mean that the problem of water shortage has been completely solved. The desalination plants are not meeting the country's future water needs, especially considering the increasing population growth. These stations are nearing completion and they need to be replaced, renovation and maintenance, require significant expenses. Therefore, it was necessary for scientific research to address the issue of water in Kuwait, whether in the field of development of existing resources or in the field of rationalization of consumption and protection of available resources. The study focused on how to address the increasing demand for water resulting from population increase, the impact of water on economic and social development, the prospects of water resources in Kuwait and its ability to meet the needs of the country by 2030.

Keywords: economic, development, Kuwait, social, water resources

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Authors: Reine Suci Wulandari, Rosa Suryantini

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Albizia (Paraserianthes falcataria) is a woody plant species that has a high economic value and multifunctional. Albizia is important timber, medicinal plants and can also be used as a plant to rehabilitate critical lands. The demand value of Albizia is increased so that the large quantities and high quality of seeds are required. In vitro propagation techniques are seed propagation that can produce more seeds and quality in a short time. In vitro cultures require growth regulators that can be obtained from biological agents such as endophytic fungi. Endophytic fungi are micro fungi that colonize live plant tissue without producing symptoms or other negative effects on host plants and increase plant growth. The purposes of this research were to isolate and identify endophytic fungi isolated from the root of Albizia and to study the effect of endophytic fungus on the growth of Albizia in vitro. The methods were root isolation, endophytic fungal identification, and inoculation of endophytic fungi to Albizia plants in vitro. Endophytic fungus isolates were grown on PDA media before being inoculated with Albizia sprouts. Incubation is done for 4 (four) weeks. The observed growth parameters were live explant percentage, percentage of explant shoot, and percentage of explant rooted. The results of the research showed that 6 (six) endophytic fungal isolates obtained from the root of Albizia, namely Aspergillus sp., Verticillium sp, Penicillium sp., Trichoderma sp., Fusarium sp., and Acremonium sp. Statistical analysis found that Trichoderma sp. and Fusarium sp. affect in vitro growth of Albizia. Endophytic fungi from the results of this research were potential as plant growth promoting. It can be applied to increase productivity either through increased plant growth and increased endurance of Albizia seedlings to pests and diseases.

Keywords: Albizia, endophytic fungi, propagation, in vitro

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Authors: Tae Ho Kim

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Using the center of gravity method, we intend to find the center of gravity of Eurasia and North America, focusing on the local population, and study economic development plans in Eurasia and North America. By analyzing the strengths and opportunities of an industrial location for each region, we find ways for the country to grow and develop. Through economic cooperation and support between countries, we want to reduce the cause of conflict and dispute through economic growth in countries or regions. Furthermore, we want to create conditions for peaceful and happy regions or countries. Eurasia and North America are rich in resources, have great growth potential in terms of global supply chains, and have a good position to develop further. By analyzing intimacy between countries using REM, a CRM method, we intend to transform it into a region where a hopeful future of peace and prosperity begins. The future can be transformed through positive thinking or love for humanity. Indicators of intimacy between countries or regions can also be created anew if they change how they view each other. The Earth we live on is facing great risks, such as climate change and war. In order to reduce this crisis and maintain peace and prosperity, we must cooperate with each other in new directions.

Keywords: supply chain economy, REM, Indicators of intimacy, peace and prosperity

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Authors: Lina Sinevičienė

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Arising problems of countries’ public finances, social and demographic changes motivate scientific and policy debates on public spending size, structure and efficiency in order to meet the changing needs of society and business. The concept of sustainable development poses new challenges for scientists and policy-makers in the field of public finance. This paper focuses on the investigation of the relationship between government expenditure and country’s economic development in the context of sustainable development. Empirical analysis focuses on the data of the European Union (except Croatia and Luxemburg) countries. The study covers 2003 – 2012 years, using annual cross-sectional data. Summarizing the research results, it can be stated that governments should pay more attention to the needs that ensure sustainable development in the long-run when formulating public expenditure policy, particularly in the field of environment protection.

Keywords: economic development, economic growth, government expenditure, sustainable development

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Authors: N. R. Badurally Adam, S. R. Monebhurrun, M. Z. Dauhoo, A. Khoodaruth

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Transport energy demand is vital for the economic growth of any country. Globalisation and better standard of living plays an important role in transport energy demand. Recently, transport energy demand in Mauritius has increased significantly, thus leading to an abuse of natural resources and thereby contributing to global warming. Forecasting the transport energy demand is therefore important for controlling and managing the demand. In this paper, we develop a model to predict the transport energy demand. The model developed is based on a system of five stochastic differential equations (SDEs) consisting of five endogenous variables: fuel price, population, gross domestic product (GDP), number of vehicles and transport energy demand and three exogenous parameters: crude birth rate, crude death rate and labour force. An interval of seven years is used to avoid any falsification of result since Mauritius is a developing country. Data available for Mauritius from year 2003 up to 2009 are used to obtain the values of design variables by applying genetic algorithm. The model is verified and validated for 2010 to 2012 by substituting the values of coefficients obtained by GA in the model and using particle swarm optimisation (PSO) to predict the values of the exogenous parameters. This model will help to control the transport energy demand in Mauritius which will in turn foster Mauritius towards a pollution-free country and decrease our dependence on fossil fuels.

Keywords: genetic algorithm, modeling, particle swarm optimization, stochastic differential equations, transport energy demand

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Authors: Kanokwan Chancharoenchai

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Economic growth can be considered as an important element of countries’ development process. For developing countries, like Thailand, to ensure the continuous growth of the economy, the Thai government usually implements various policies to stimulate economic growth. They may take the form of fiscal, monetary, trade, and other policies. Because of these different aspects, understanding factors relating to economic growth could allow the government to introduce the proper plan for the future economic stimulating scheme. Consequently, this issue has caught interest of not only policymakers but also academics. This study, therefore, investigates explanatory variables for economic growth in Thailand from 2005 to 2017 with a total of 52 quarters. The findings would contribute to the field of economic growth and become helpful information to policymakers. The investigation is estimated throughout the production function with non-linear Cobb-Douglas equation. The rate of growth is indicated by the change of GDP in the natural logarithmic form. The relevant factors included in the estimation cover three traditional means of production and implicit effects, such as human capital, international activity and technological transfer from developed countries. Besides, this investigation takes the internal and external instabilities into account as proxied by the unobserved inflation estimation and the real effective exchange rate (REER) of the Thai baht, respectively. The unobserved inflation series are obtained from the AR(1)-ARCH(1) model, while the unobserved REER of Thai baht is gathered from naive OLS-GARCH(1,1) model. According to empirical results, the AR(|2|) equation which includes seven significant variables, namely capital stock, labor, the imports of capital goods, trade openness, the REER of Thai baht uncertainty, one previous GDP, and the world financial crisis in 2009 dummy, presents the most suitable model. The autoregressive model is assumed constant estimator that would somehow cause the unbias. However, this is not the case of the recursive coefficient model from the state space model that allows the transition of coefficients. With the powerful state space model, it provides the productivity or effect of each significant factor more in detail. The state coefficients are estimated based on the AR(|2|) with the exception of the one previous GDP and the 2009 world financial crisis dummy. The findings shed the light that those factors seem to be stable through time since the occurrence of the world financial crisis together with the political situation in Thailand. These two events could lower the confidence in the Thai economy. Moreover, state coefficients highlight the sluggish rate of machinery replacement and quite low technology of capital goods imported from abroad. The Thai government should apply proactive policies via taxation and specific credit policy to improve technological advancement, for instance. Another interesting evidence is the issue of trade openness which shows the negative transition effect along the sample period. This could be explained by the loss of price competitiveness to imported goods, especially under the widespread implementation of free trade agreement. The Thai government should carefully handle with regulations and the investment incentive policy by focusing on strengthening small and medium enterprises.

Keywords: autoregressive model, economic growth, state space model, Thailand

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