Search results for: Economic value of information

Authors: Bubaker F. Shareia, Almuetaz R. Boubakr

Abstract:

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

Keywords: Accounting, economic development, globalisation theory, information system.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 984

Authors: Dimitris Balios, Stefanos Tantos

Abstract:

Economic growth and social evolution are connected to trust relationships in a society. The quality of the accounting information, the tax information system and the tax audit mechanism evolve multiple benefits in an economy. Tax evasion, the illegal practice where people and companies do not pay taxes, is a crime because of the negative effect in economy and society. In this paper, we describe a theoretical framework on the characteristics of a fair and efficient tax auditing information system which could be a tool against tax evasion, a tool for an economy to grow, especially in countries that face fluctuations in economic activity. We conclude that a fair and efficient tax auditing information system increases the reliability of tax administration, improves taxpayers’ tax compliance and causes a developmental trajectory for the economy.

Keywords: Auditing information system, auditing mechanism, tax evasion, taxation, quality of accounting information.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1113

Authors: Eva Kotlánová

Abstract:

After recession that began in 2007 in the United States and subsequently spilled over the Europe we could expect recovery of economic growth. According to the last estimation of economic progress of European countries, this recovery is not strong enough. Among others, it will depend on economic policy, where and in which way, the economic indicators will proceed. Economic theories postulate that the economic subjects prefer stably, continual economic policy without repeated and strong fluctuations. This policy is perceived as support of economic growth. Mostly in crises period, when the government must cope with consequences of recession, the economic policy becomes unpredictable for many subjects and economic policy uncertainty grows, which have negative influence on economic growth. The aim of this paper is to use panel regression to prove or disprove this hypothesis on the example of five largest European economies in the period 2008–2012.

Keywords: Economic Crises in Europe, Economic Policy, Uncertainty, Panel Analysis Regression.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1530

Authors: Petr Teply, Ondrej Vejdovec

Abstract:

There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2977

Authors: Usha Sridhar, Sridhar Mandyam

Abstract:

We propose a multi-agent based utilitarian approach to model and understand information flows in social networks that lead to Pareto optimal informational exchanges. We model the individual expected utility function of the agents to reflect the net value of information received. We show how this model, adapted from a theorem by Karl Borch dealing with an actuarial Risk Exchange concept in the Insurance industry, can be used for social network analysis. We develop a utilitarian framework that allows us to interpret Pareto optimal exchanges of value as potential information flows, while achieving a maximization of a sum of expected utilities of information of the group of agents. We examine some interesting conditions on the utility function under which the flows are optimal. We illustrate the promise of this new approach to attach economic value to information in networks with a synthetic example.

Keywords: Borch's Theorem , Economic value of information, Information Exchange, Pareto Optimal Solution, Social Networks, Utility Functions

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1506

Authors: Bangbo Hu

Abstract:

This paper discusses applications of a revolutionary information technology, Geographic Information Systems (GIS), in the field of the history of cartography by examples, including assessing accuracy of early maps, establishing a database of places and historical administrative units in history, integrating early maps in GIS or digital images, and analyzing social, political, and economic information related to production of early maps. GIS provides a new mean to evaluate the accuracy of early maps. Four basic steps using GIS for this type of study are discussed. In addition, several historical geographical information systems are introduced. These include China Historical Geographic Information Systems (CHGIS), the United States National Historical Geographic Information System (NHGIS), and the Great Britain Historical Geographical Information System. GIS also provides digital means to display and analyze the spatial information on the early maps or to layer them with modern spatial data. How GIS relational data structure may be used to analyze social, political, and economic information related to production of early maps is also discussed in this paper. Through discussion on these examples, this paper reveals value of GIS applications in this field.

Keywords: Cartography, GIS, history, maps.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3159

Authors: Rasim M. Alguliyev, Alovsat G. Aliyev

Abstract:

In the paper, information on economic development trends in developed countries are analyzed. The current status of information society and economy of the country is reviewed and some recommendations are given for future development. The problems of Information Society and establishment of its innovative economy are studied. In this turn, development trends information economy in developed countries are analyzed.

Keywords: Information economy, ICT sector, ICT infrastructure, innovation, innovation system hi-tech products, antimonopoly policy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2131

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

Abstract:

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

Keywords: Economic integration, industrial development, Cabinda industry, Angola.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 885

Authors: H. Buluthan Cetintas

Abstract:

Corporate identity, which has several advantages such that the employees become integrated with their corporations, corporation is distinguished from its competitors and it is recognized by the masses, is the total of the distinctive corporate features that and corporation has. That the information takes part in production as a more important component than labor and capital has required that the corporations are reorganized as information-based. Therefore, information and its management have reached a basic and prevalent position in having sustainable competitive advantage. Thanks to the information management which regulates the information and makes it reachable and available, information will be produced in line with a specific purpose in the corporations and be used in all the corporate processes. As an auxiliary power for increase in the economic potential, efficiency and productivity of the corporation, corporate identity consists of four components. These are corporate philosophy, corporate design, corporate behavior and corporate communication. In this study, the effects of the information management on corporate identity are discussed from the point of these four elements.

Keywords: Corporate identity, information management.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1488

Authors: Mario Gómez, José Carlos Rodríguez

Abstract:

The causality between energy consumption and economic growth has been an important issue in the economic literature. This paper studies the causal relationship between electricity consumption and economic growth in Mexico for the period of 1971-2011. In so doing, unit root and causality tests are applied. The results show that energy consumption and economic growth series are stationary and there is also a causality relationship running from economic growth to electricity consumption. Therefore, any energy conservation policy would have little or no impact at all on economic growth in México.

Keywords: Causality, economic growth, electricity consumption, Mexico.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2875

Authors: Yu-Chi Shiue, Jyong Lin, Shih-Chang Chen

Abstract:

With the increase of economic behavior and the upgrade of living standar, the ratio for people in Taiwan who own automobiles and motorcycles have recently increased with multiples. Therefore, parking issues will be a big challenge to facilitate traffic network and ensure urban life quality. The Parking Guidance and Information System is one of important systems for Advanced Traveler Information Services (ATIS). This research proposes a parking guidance and information system which integrates GPS and 3G network for a map on the Geographic Information System to solution inadequate of roadside information kanban. The system proposed in this study mainly includes Parking Host, Parking Guidance and Information Server, Geographic Map and Information System as well as Parking Guidance and Information Browser. The study results show this system can increase driver-s efficiency to find parking space and efficiently enhance parking convenience in comparison with roadside kanban system.

Keywords: Geographic Information System, 3G, GPS, parkinginformation

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1817

Authors: Kamila Janovská, Šárka Vilamová, Petr Besta, Iveta Vozňáková, Roman Kozel

Abstract:

Quantitative methods of economic decision-making as the methodological base of the so called operational research represent an important set of tools for managing complex economic systems,both at the microeconomic level and on the macroeconomic scale. Mathematical models of controlled and controlling processes allow, by means of artificial experiments, obtaining information foroptimalor optimum approaching managerial decision-making.The quantitative methods of economic decision-making usually include a methodology known as structural analysis -an analysisof interdisciplinary production-consumption relations.

Keywords: economic decision-making, mathematical methods, structuralanalysis, technical coefficient

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1443

Authors: R. Gvelesiani, I. Gogorishvili

Abstract:

The concept of economic policy and the practical economic policy diverge from each other at a certain stage of development. This is related to the concept of realization of the underlying problems. It comes with all the problems emerged in the market oriented economic order due to the political processes based on social welfare policy. The realization of the concept of economic policy is impeded by economic and political obstacles. If you want to fill the appeared between the concept and reality, it is necessary to identify and avoid these obstacles. It requires the following: increase of the level of the knowledge of prevention technology in understanding of economic relations, as well as political aspects of the formation of ideas; perfection of economic policy toolkit, and political methods. It is necessary to realize what is the main precondition of implementation and further development of the concept of economic policy, as well as the formation of opinions about economic and public safety. This is a broad consensus on the basic values of the content and the scale of action, which the general public wants to be realized.

Keywords: Economic Policy, Basic Problems, Social Welfare Policy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1274

Authors: Chidera G. Eze, Kennedy K. Abrokwa, Chimaobi V. Okolo

Abstract:

This paper empirically examines the dynamic relationship between financial deepening and economic growth in a monetary union. We find positive but weak evidence of impacts of financial deepening on growth for Gambia, Gabon and Sierra Leone. There is no evidence of any positive significant impact for Ghana and Nigeria. We argue that, the weak evidence between financial deepening and economic growth can be a consequence of the inability of assessing credit (long-term loans), credit worthiness, lack of information and low level of bank deposits by the private sector despite the improvement in the financial sector.

Keywords: Financial deepening, economic growth, dynamics, innovation accounting.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1808

Authors: T. Niracharapa, W. Angkana

Abstract:

Since information and communication technology (ICT) plays a critical role in enhancing national competitiveness, it is a driving force for social and economic growth and prosperity. The ASEAN Economic Community (AEC) will integrate this into ASEAN countries as a new mechanism and a measure that will improve economic performance as a global economy. Government policies may support or impede such harmonization. This study was to investigate, analyze the status of Thai IT entrepreneurs and define key strategies to enhance their competitive advantage. Data were collected based on in-depth interviews, questionnaires, focus groups, seminars and fieldwork on information technology excluding communication. SWOT was used as a tool to analyze the study. The results of this study can be used to enable the government to guide policy, measures and strategies for creating a competitive advantage for Thailand’s IT entrepreneurs in the global market.

Keywords: AEC, ASEAN, competitive advantage, IT entrepreneurs.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2084

Authors: Ugur Karakaya, Hasan Bulent Kantarcı

Abstract:

In this study, firstly democratic thoughts which directly or indirectly affect economic development and/or the interaction between authoritarian regimes and the economic development and the direction and channels of this interaction were studied and then the study tried to determine how democracy affects economic development. It was concluded that the positive contributions of democracy to economic development were more determinant than the effects that were either negative or restrictive in terms of development. When compared to autocracy, since democracy is more successful in managing social conflicts, ensuring political stability and preventing social disasters such as famine, it contributes more to economic development. Democracy also facilitates delegation of authority, provides a stable investment environment and accelerates mobilization of resources in accordance with economic growth/development. Democracy leads to an increase in human capital accumulation and increases the growth rate through reducing income inequality. It can be said that democratic regimes are the most appropriate ones in terms of increasing economic performance and supporting economic development through their strong institutional structures and the assurance they will ensure in property rights.

Keywords: Autocratic Regime, Democracy, Economic Development, Economic Freedom.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 5621

Authors: Yahya A. Sadiq, Grace F. Balogun, Olufemi J. Anjorin

Abstract:

This study analyzed the spatial distribution of socio-economic factors in Kogi state with a view to examining its implications on the development of the state. Consequently, questionnaires were administered on both the selected individual respondents (784) in the state and on the administrative offices (local council offices, 21) to solicit relevant information on the spatial distribution of socio-economic factors in their areas. The collected data were tabulated and analyzed using percentages. The study revealed commerce/trade, education, and health care, etc. as the major socio-economic factors in the state but with marked variation/imbalance in their spatial distribution across the study area. The rural-based local government areas have far less of such important facilities. Conclusively, it was recommended that there is need for socio-economic transformation of living conditions of people in the study area especially by positively redistributing local political power and the resources that are abound in the state will be felt by everybody including the commoners.

Keywords: Development, local government areas, socio-economic factors, spatial distribution.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1797

Authors: Ahmet Ay, Hakan Acet, Ceyhun Can Özcan

Abstract:

Economic freedoms, most emphasized issue in the recent years, are considered to affect economic growth and performance via institutional structure. In this context, a model that includes Turkey and Middle East Countries, and where the effects of economic freedom on growth are examined, was formed. For the groups of countries determined, in the study carried out by using the dataset belonging the period of 2004 - 2009, between economic freedoms and growth, a negative relationship was observed as group. In the sense of individual effects, it was identified that there was a positive relationship in terms of some Middle East Countries and Turkey.

Keywords: Economic Freedoms, Economic Growth, Freedoms.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1783

Authors: Zh.Mingaleva, K.Balkova

Abstract:

Innovations and innovative activity get the increasing value for successful financial and economic activity of the countries and regions. The level of innovative sphere development determines place of a country or a region in world economy and forms a basis of steady economic growth. This article is devoted to different aspects of organization of the national economic safety in the conditions of innovative development, its problems, risks and threats. Economy can be considered as aspiring for transition to innovative way only with finding of economic safety: financial independence, power stability and technological progress. There are statistical indicators, defining the level of economic security and factors, threatening economic safety of the state. The research is based on the analysis of factors and indicators in conditions of innovative development. The paper is illustrated by the examples of possible estimated system of the economic safety level.

Keywords: Economic safety, innovative activity, innovative development, innovative economy

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1536

Authors: H. Fallah, Z. Naddaf Baghdadabadi

Abstract:

Planning of economic activities development has various dimensions one of which determines adequate capacity of economic activities in provinces regarding the government-s goals. Paralleling planning goals of economic activities development including subjects being focused on the view statement is effective to better realize the statement's goals. Current paper presents a native framework for economic activities development in provincial level. Triple steps within the framework are concordant with the view statement-s goals achievement. At first step of the proposed framework, economic activities are being prioritized in terms of employment indices, and secondly economic activities regarding to the province's relative advantages are being recognized. In the third step, desirable capacity of economic activities is determined with regards to the government's goals and effective constraints in economic activities development. Development of economic activities related to the provinces- relative advantages, contributes on regional balance and on equal development of economic activities. Furthermore, results of the framework enable more confident investment, affect employment development and remove unemployment concern as the main goals of the view statement.

Keywords: Development, economic activity, regional planning, view statement.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1298

Authors: B. Zvirbule, I. Vilka

Abstract:

The Baltic States regained independence and started the pathway from command economy to market economy and entered European Union at the same time. Latter internationally recognized evaluations for the countries are diverse. The present diversity of the Baltic States -Economic Development is a subject of interest because of the similarities – all three are small, open economies, countries have similar geographic location and initially likewise historical and political backgrounds. This article explains relationship between social environment, business environment and economic growth. It argues that the elements of social environment underlie more successful economic development. It researches the causes, why Estonia has performed better in economic outcomes and development. The article analyses selection of socio-economic indicators of all three Baltic States – Latvia, Lithuania and Estonia for the time period of ten years to include the influence of economic cycles.

Keywords: Baltic States, economic development, economic growth, level of education, social environment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2296

Authors: Bubaker F. Shareia

Abstract:

The aim of this paper is to trace the historical development of the accounting profession in Libya, in order to identify challenges facing the profession as the country moves from a closed to emerging economy. The study is based on a literature review and archival research. Accounting information has a vital role to play in the achievement of economic goals in developing and emerging economies, but a well qualified accounting profession is required. In the context of institutional instability and unique cultural factors, the accounting profession in Libya faces educational and legal challenges if it is to achieve its potential in assisting the country to reach its economic goals. This study focuses on one country, which does limit its generalisability. However, it also suggests fruitful research areas in considering the impact and challenge of historic factors on the accounting profession in emerging economies. Centrally planned economies require a body of well trained professional accountants if they are to emerge onto the global economic arena. Studies on the accounting profession have focused primarily on those in developed economies, where the need for meaningful accounting information for decision making is taken for granted and there is a well trained, professional workforce. This study of the profession in an emerging economy highlights the efforts that will be needed to ensure the contribution of the profession to the economic wellbeing of other emerging economies.

Keywords: Accounting profession, developing countries, culture, planned economy, emerging economy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3501

Authors: Gabriela-Alina Dumitrel, Teodor Todinca, Carmen Holotescu, Cosmina-Mariana Militaru

Abstract:

The paper presents a computational tool developed for the evaluation of technical and economic advantages of an innovative cleaning and conditioning technology of fluidized bed steam/oxygen gasifiers outlet product gas. This technology integrates into a single unit the steam gasification of biomass and the hot gas cleaning and conditioning system. Both components of the computational tool, process flowsheet and economic evaluator, have been developed under IPSEpro software. The economic model provides information that can help potential users, especially small and medium size enterprises acting in the regenerable energy field, to decide the optimal scale of a plant and to better understand both potentiality and limits of the system when applied to a wide range of conditions.

Keywords: biomass, CHP units, economic evaluation, gasification.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1793

Authors: Vujica Lazovic, Tamara Djurickovic

Abstract:

Creation of information society, or in other words, a society based on knowledge, has wide consequences, both on individual and complete society, and in general – on a economy of one country. Development and implementation of ICT represents a stimulant for economic growth. On individual level, knowledge, skills and information gathered using ICT, are expanding individual possibilities of persons, enabling them to have access to timely sensitive information, such as market prices or investment conditions, possibilities to access Government-s or private development funds, etc. By doing so, productivity is increased both on individual and national level and therefore social wellbeing in general. In one word, creation of information society - a knowledge society is happening. This work will describe challenges and strategies that will follow the development as well as obstacles in creating information society – knowledge society in Montenegro.

Keywords: eDevelopment, eTransformation, informationsociety, knowledge economy

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1609

Authors: Amna Javed, Hisashi Masuda, Youji Kohda

Abstract:

This study examines the value analysis in Islamic and conventional banking services in Pakistan. Many scholars have focused on co-creation of values in services but mainly economic values not non-economic. As Islamic banking is based on Islamic principles that are more concerned with non-economic values (well-being, partnership, fairness, trust worthy, and justice) than economic values as money in terms of interest.  This study is important to know the providers point of view about the co-created values, because, it may be more sustainable and appropriate for today’s unpredictable socio-economic environment. Data were collected from 4 banks (2 Islamic and 2 conventional banks). Text mining technique is applied for data analysis, and values with 100% occurrences in Islamic banking are chosen. The results reflect that Islamic banking is more centric towards non-economic values than economic values and it promotes team work and partnership concept by applying Islamic spirit and trust worthiness concept.

Keywords: Economic values, Islamic banking, Non-economic values, Value system.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3257

Authors: Chiung-Ju Huang

Abstract:

This study utilizes the panel vector error correction model (PVECM) to examine the relationship among corruption, economic growth, and income inequality experienced within ten Asian countries over the 1995 to 2010 period. According to the empirical results, we do not support the common perception that corruption decreases economic growth. On the contrary, we found that corruption increases economic growth. Meanwhile, an increase in economic growth will cause an increase in income inequality, although the effect is insignificant. Similarly, an increase in income inequality will cause an increase in economic growth but a decrease in corruption, although the effect is also insignificant.

Keywords: Corruption, economic growth, income inequality, panel vector error correction model

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 3368

Authors: Afonso, S. C., Fernandes, P. O., Monte, A. P.

Abstract:

Modern times call organizations to have an active role in the social arena, through Corporate Social Responsibility (CSR). The objective of this research was to test the hypothesis that there is a positive relation between social performance and economic performance, and if there is a positive correlation between social performance and financial-economic performance. To test these theories a measure of social performance, based on the Green Book of Commission of the European Community, was used in a group of nineteen Portuguese top companies, listed on the PSI 20 index, through a period of five years, since 2005 to 2009. A clusters analysis was applied to group companies by their social performance and to compare and correlate their economic performance. Results indicate that companies that had a better social performance are not the ones who had a better economic performance, and suggest that the middle path might provide a good relation CSR-Economic performance, as a basis to a sustainable development.

Keywords: Corporate Social Responsibility, Economic Performance, Win-Win relationship

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2417

Authors: Dimitrios J. Dimitriou

Abstract:

It is widely recognised that the assets portfolio development is helping to enhance economic growth, productivity and competitiveness. While numerous studies and reports certify the positive effect of investments in large infrastructure investments on the local economy, still, the methodology to estimate the contribution in economic development is a challenging issue for researchers and economists. The key question is how to estimate those economic impacts in each economic system. This paper provides a compact and applicable methodological framework providing quantitative results in terms of the overall jobs and income generated into the project life cycle. According to a deterministic mathematical approach, the key variables and the modelling framework are presented. The numerical case study highlights key results for a new motorway project in Greece, which is experienced economic stress for many years, providing the opportunity for comparisons with similar cases.

Keywords: Quantitative modelling, economic impact; large transport infrastructure; economic assessment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 884

Authors: Ayşen Edirneligil, Mehmet Mucuk

Abstract:

In developing countries, one of the most important restrictions about the economic growth is the lack of national savings which are supposed to finance the investments. In order to overcome this restriction and achieve the higher rate of economic growth by increasing the level of output, countries choose the external borrowing. However, there is a dispute in the literature over the correlation between external debt and economic growth. The aim of this study is to examine the effects of external debt on Turkish economic growth by using VAR analysis with the quarterly data over the period of 2002:01-2014:04. In this respect, Johansen Cointegration Test, Impulse- Response Function and Variance Decomposition Tests will be used for analyses. Empirical findings show that there is no cointegration in the long run.

Keywords: Economic growth, external debt, time series analysis, Turkish economy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2227

Authors: A. K. Al-Othman, K. M. EL-Nagger

Abstract:

Direct search methods are evolutionary algorithms used to solve optimization problems. (DS) methods do not require any information about the gradient of the objective function at hand while searching for an optimum solution. One of such methods is Pattern Search (PS) algorithm. This paper presents a new approach based on a constrained pattern search algorithm to solve a security constrained power system economic dispatch problem (SCED). Operation of power systems demands a high degree of security to keep the system satisfactorily operating when subjected to disturbances, while and at the same time it is required to pay attention to the economic aspects. Pattern recognition technique is used first to assess dynamic security. Linear classifiers that determine the stability of electric power system are presented and added to other system stability and operational constraints. The problem is formulated as a constrained optimization problem in a way that insures a secure-economic system operation. Pattern search method is then applied to solve the constrained optimization formulation. In particular, the method is tested using one system. Simulation results of the proposed approach are compared with those reported in literature. The outcome is very encouraging and proves that pattern search (PS) is very applicable for solving security constrained power system economic dispatch problem (SCED).

Keywords: Security Constrained Economic Dispatch, Direct Search method, optimization.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2209