Search results for: Economic

Authors: Burja C., Burja V.

Abstract:

The paper presents the Romanian realities and perspectives from the point of view of reaching the sustainable development model in the context of the recent accession to the European Union, based on the analysis of the indicators listed in the EU Sustainable Development Strategy. The analysis of the economic-social potential for sustainable development and of the environment aspects show that the objectives stipulated in the renewed EU Sustainable Development Strategy of 2006 can be reached, but an extra effort must be put-in in order to overcome the existing substantial gaps in several areas in relation to the developed countries of the EU. The paper-s conclusions show that even if sustainable development is not an easy target to reach in Romania, there are resources and a growing potential, which can lead to sustainable development if used rationally.

Keywords: Ecological dimension, economic-social potential, strategy, sustainable development

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Authors: A. Briseno, A, Zorrilla

Abstract:

Firms are increasingly responding to social and environmental claims from society. Practices oriented to attend issues such as poverty, work equality, or renewable energy, are being implemented more frequently by firms to address impacts on sustainability. However, questions remain on how the responses of firms vary across industries and regions between the social and the economic objectives. Using concepts from organizational theory and social network theory, this paper aims to create a theoretical framework that explains the internal and external influences that make a firm establish its objective. The framework explains why firms might have a different objective orientation in terms of its economic and social prioritization.

Keywords: Organizational identity, social network analysis, firm objective, value maximization, social responsibility.

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Authors: Thamo Sutharssan, Diogo Montalvao, Yong Chen, Wen-Chung Wang, Claudia Pisac

Abstract:

A combined heat and power (CHP) system is an efficient and clean way to generate power (electricity). Heat produced by the CHP system can be used for water and space heating. The CHP system which uses hydrogen as fuel produces zero carbon emission. Its’ efficiency can reach more than 80% whereas that of a traditional power station can only reach up to 50% because much of the thermal energy is wasted. The other advantages of CHP systems include that they can decentralize energy generation, improve energy security and sustainability, and significantly reduce the energy cost to the users. This paper presents the economic benefits of using a CHP system in the domestic environment. For this analysis, natural gas is considered as potential fuel as the hydrogen fuel cell based CHP systems are rarely used. UK government incentives for CHP systems are also considered as the added benefit. Results show that CHP requires a significant initial investment in returns it can reduce the annual energy bill significantly. Results show that an investment may be paid back in 7 years. After the back period, CHP can run for about 3 years as most of the CHP manufacturers provide 10 year warranty.

Keywords: Combined Heat and Power, Clean Energy, Hydrogen Fuel Cell, Economic Analysis of CHP, Zero Emission.

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Authors: Michalis Menicou, Stavros Christofi, Niki Chartosia, Vassos Vassiliou, Marios Charalambides

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This paper presents preliminary results of a technology assessment analysis for the use of high pressure treatment (HPT) on Halloumi cheese. In particular, it presents the importance of this traditional Cyprus cheese to the island-s economy, explains its production process, and gives a brief introduction to HPT and its application on cheese. More importantly, it offers preliminary results of HPT of Halloumi samples and a preliminary economic feasibility study on the financial implications of the introduction of such technology.

Keywords: Economic feasibility analysis, high pressure treatment, Halloumi cheese, technology assessment

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Authors: S.C. Swain, S. Panda, A.K. Mohanty, C. Ardil

Abstract:

This paper presents the applications of computational intelligence techniques to economic load dispatch problems. The fuel cost equation of a thermal plant is generally expressed as continuous quadratic equation. In real situations the fuel cost equations can be discontinuous. In view of the above, both continuous and discontinuous fuel cost equations are considered in the present paper. First, genetic algorithm optimization technique is applied to a 6- generator 26-bus test system having continuous fuel cost equations. Results are compared to conventional quadratic programming method to show the superiority of the proposed computational intelligence technique. Further, a 10-generator system each with three fuel options distributed in three areas is considered and particle swarm optimization algorithm is employed to minimize the cost of generation. To show the superiority of the proposed approach, the results are compared with other published methods.

Keywords: Economic Load Dispatch, Continuous Fuel Cost, Quadratic Programming, Real-Coded Genetic Algorithm, Discontinuous Fuel Cost, Particle Swarm Optimization.

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Authors: Samat Turganbekov, Zhakan Mol

Abstract:

This article examines the emergence and development of the Kazakhstan species of humanism. The biggest challenge for Kazakhstan in terms of humanism is connected with advocating human values in parallel to promoting national interests; preserving the continuity of traditions in various spheres of life, business and culture. This should be a common goal for the entire society, the main direction for a national intelligence, and a platform for the state policy. An idea worth considering is a formation of national humanist tradition model; the challenges are adapting people to live in the context of new industrial and innovative economic conditions, keeping the balance during intensive economic development of the country, and ensuring social harmony in the society.

Keywords: Kazakh humanism, humanist tradition, national culture, spiritual and moral priority, national interest.

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Authors: M. A. Spielmann, L. Schebek

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In order to reach the long-term national climate goals of the German government for the building sector, substantial energetic measures have to be executed. Historically, those measures were primarily energetic efficiency measures at the buildings’ shells. Advanced technologies for the on-site generation of heat (or other types of energy) often are not feasible at this small spatial scale of a single building. Therefore, the present approach uses the spatially larger dimension of a quarter. The main focus of the present paper is the long-term economic-ecological assessment of available decentralized heat-generating (CHP power plants and electrical heat pumps) technologies at the quarter level for the German unrefurbished residential buildings. Three distinct terms have to be described methodologically: i) Quarter approach, ii) Economic assessment, iii) Ecological assessment. The quarter approach is used to enable synergies and scaling effects over a single-building. For the present study, generic quarters that are differentiated according to significant parameters concerning their heat demand are used. The core differentiation of those quarters is made by the construction time period of the buildings. The economic assessment as the second crucial parameter is executed with the following structure: Full costs are quantized for each technology combination and quarter. The investment costs are analyzed on an annual basis and are modeled with the acquisition of debt. Annuity loans are assumed. Consequently, for each generic quarter, an optimal technology combination for decentralized heat generation is provided in each year of the temporal boundaries (2016-2050). The ecological assessment elaborates for each technology combination and each quarter a Life Cycle assessment. The measured impact category hereby is GWP 100. The technology combinations for heat production can be therefore compared against each other concerning their long-term climatic impacts. Core results of the approach can be differentiated to an economic and ecological dimension. With an annual resolution, the investment and running costs of different energetic technology combinations are quantified. For each quarter an optimal technology combination for local heat supply and/or energetic refurbishment of the buildings within the quarter is provided. Coherently to the economic assessment, the climatic impacts of the technology combinations are quantized and compared against each other.

Keywords: Building sector, heat, LCA, quarter level, systemic approach.

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Authors: A. Buruzs, A. Torma

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The relationship of the automotive industry with raw material supply is a major challenge and presents obstacles. Automobiles are ones of the most complex products using a large variety of materials. Safety, eco-friendliness and comfort requirements, physical, chemical and economic limitations set the framework in which this industry continuously optimizes the efficient and responsible use of resources. The concept of circular economy covers the issues of waste generation, resource scarcity and economic advantages. However, circularity is already known for the automobile industry – several efforts are done to foster material reuse, product remanufacturing and recycling. The aim of this study is to give an overview on how the producers comply with the growing demands on one hand, and gain efficiency and increase profitability on the other hand from circular economy.

Keywords: Automotive industry, circular economy, international requirements, natural resources.

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Authors: Rade M. Ciric, Nikola L. J. Rajakovic

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This paper presents a curriculum of the subject small power plants and renewable energy sources, dealing with the concept of distributed generation, renewable energy sources, hydropower, wind farms, geothermal power plants, cogeneration plants, biogas plants of agriculture and animal origin, solar power and fuel cells. The course is taught the manner of connecting small power plants to the grid, the impact of small generators on the distribution system, as well as economic, environmental and legal aspects of operation of distributed generators.

Keywords: Distributed generation, renewable energy sources, techno-economic analysis, energy policy, curriculum.

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Authors: Zoaib Mirza

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Half of the Muslim countries in the world have declared Islam the state religion in their constitutions. Yet, none of these countries have implemented authentic Islamic laws in line with the Quran (Holy Book), practices of Prophet Mohammad (P.B.U.H) called the Sunnah, and his four successors known as the Rightly Guided - Khalifa. Since their independence, these countries have adopted different government systems like Democracy, Dictatorship, Republic, Communism, and Monarchy. Instead of benefiting the people, these government systems have put these countries into political, social, and economic crises. These Islamic countries do not have equal representation and membership in worldwide political forums. Western countries lead these forums. Therefore, it is now imperative for the Muslim leaders of all these countries to collaborate, reset, and implement the original Islamic form of government, which led to the prosperity and success of people, including non-Muslims, 1400 years ago. They should unite as one nation under Khalifat, which means establishing the authority of Allah (SWT) and following the divine commandments related to the social, political, and economic systems. As they have declared Islam in their constitution, they should work together to apply the divine framework of the governance revealed by Allah (SWT) and implemented by Prophet Mohammad (P.B.U.H) and his four successors called Khalifas. This paper provides an overview of the downfall and the end of the Khalifat system by 1924, the ways in which the West caused political, social, and economic crises in the Muslim countries, and finally, a summary of the social, political, and economic systems implemented by the Prophet Mohammad (P.B.U.H) and his successors, Khalifas, called the Rightly Guided – Hazrat Abu Bakr (RA), Hazrat Omar (RA), Hazrat Usman (RA), and Hazrat Ali (RA).

Keywords: Khalifat, Khilafat-e-Rashida, The Rightly Guided, colonization, capitalism, neocolonization, government systems.

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Authors: Hanadi Mubarak AL-Mubaraki, Aruna, M., Michael Busler

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The objective of this paper is twofold: (1) discuss and analyze the successful case studies worldwide, and (2) identify the similarities and differences of case studies worldwide. Design methodology/approach: The nature of this research is mainly method qualitative (multi-case studies, literature review). This investigation uses ten case studies, and the data was mainly collected and organizational documents from the international countries. Finding: The finding of this research can help incubator manager, policy maker and government parties for successful implementation. Originality/value: This paper contributes to the current literate review on the best practices worldwide. Additionally, it presents future perspective for academicians and practitioners.

Keywords: Incubators, Economic Development, Entrepreneurship, Innovation.

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Authors: A. G. Matveev

Abstract:

The copyrights system is a combination of different elements. The number, content and the correlation of these elements are different for different legal orders. The models of copyrights systems display this system in terms of the interaction of economic and author's moral rights. Monistic and dualistic models are the most popular ones. The article deals with different points of view on the monism and dualism in copyright system. A specific model of the copyright in Switzerland in the XXth century is analyzed. The evolution of a French dualistic model of copyright is shown. The author believes that one should talk not about one, but rather about a number of dualism forms of copyright system.

Keywords: Copyright, exclusive copyright, economic rights, author's moral rights, rights of personality, monistic model, dualistic model.

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Authors: Vijay Kumar, Jagdev Singh, Yaduvir Singh, Sanjay Sood

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In a practical power system, the power plants are not located at the same distance from the center of loads and their fuel costs are different. Also, under normal operating conditions, the generation capacity is more than the total load demand and losses. Thus, there are many options for scheduling generation. In an interconnected power system, the objective is to find the real and reactive power scheduling of each power plant in such a way as to minimize the operating cost. This means that the generator’s real and reactive powers are allowed to vary within certain limits so as to meet a particular load demand with minimum fuel cost. This is called optimal power flow problem. In this paper, Economic Load Dispatch (ELD) of real power generation is considered. Economic Load Dispatch (ELD) is the scheduling of generators to minimize total operating cost of generator units subjected to equality constraint of power balance within the minimum and maximum operating limits of the generating units. In this paper, genetic algorithms are considered. ELD solutions are found by solving the conventional load flow equations while at the same time minimizing the fuel costs.

Keywords: ELD, Equality constraints, Genetic algorithms, Strings.

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Authors: Nikoloudi Anastasia, Tsalampouni Aikaterini

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The present paper aims to present the significant role that the concept of governance can play in order to combine naturals resources as useful funding basis for the formation of a stable and effective welfare state model. The combination of those two different fields aims to represent the modern trends of our era as the means to solve the severe financial and economic issues caused mostly due to the malfunction of the welfare state and its public sector. European Union and Asian countries (especially China) are the main areas of interest since EU experiences a fiscal and economic crisis while China rules the area of the natural resources exploiting 97% of rare earths elements worldwide.

Keywords: Governance, natural resources, rare earths elements, welfare state.

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Authors: Nahid-Al-Masood, Rifat Mirza, Jubaer Ahmed, Amina Hasan Abedin, S.R. Deeba, Faeza Hafiz, Mahmuda Begum, A. Hasib Chowdhury

Abstract:

Bangladesh is a developing country with large population. Demand of electrical energy is increasing day by day because of increasing population and industrialization. But due to limited resources, people here are suffering from power crisis problem which is considered as a major obstacle to the economic development. In most of the cases, it is extremely difficult to extend high tension transmission lines to some of the places that are separated from the mainland. Renewable energy is considered to be the right choice for providing clean energy to these remote settlements. This paper proposes a cost effective design of off-grid wind-diesel hybrid power system using combined heat and power (CHP) technology in a grid isolated island, Sandwip, Bangladesh. Design and simulation of the wind-diesel hybrid power system is performed considering different factors for the island Sandwip. Detailed economic analysis and comparison with solar PV system clearly reveals that wind-diesel hybrid power system can be a cost effective solution for the isolated island like Sandwip.

Keywords: renewable energy, off-grid, wind-diesel hybrid system, CHP technology, economic analysis

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Authors: M. Bouguerra, F. Laaouad, I. Habi, R. Azaizia

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In Algeria, now, the oil pumping plants are fed with electric power by independent local sources. This type of feeding has many advantages (little climatic influence, independent operation). However it requires a qualified maintenance staff, a rather high frequency of maintenance and repair and additional fuel costs. Taking into account the increasing development of the national electric supply network (Sonelgaz), a real possibility of transfer of the local sources towards centralized sources appears.These latter cannot only be more economic but more reliable than the independent local sources as well. In order to carry out this transfer, it is necessary to work out an optimal strategy to rebuilding these networks taking in account the economic parameters and the indices of reliability.

Keywords: Optimization, reliability, electric network.

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Authors: Beata Hornickova, Sona Lorencova

Abstract:

The study deals with the presentation of the results of qualitatively oriented research, which was carried out in the scope of determining the attitudes of parents to preschool education in the Czech Republic. The research is conceived as an entry into the field of the researched issue and aimed to support the effectiveness of the items of the questionnaire, which was subsequently created based on the parents’ statements from interviews. The research method was interview with 15 parents of preschool children. The main aim of the interviews was to find out their views on the compulsory attendance of their children in kindergarten. Compulsory pre-school attendance has been introduced in the Czech Republic since 2017/18 with the aim of reducing delays in the entry of children into primary school and eliminating subsequent school failures. The findings offered a look at the differing views on compulsory kindergarten school influenced by the different socio-economic status of parents. Parents with a higher socio-economic status attached greater importance to the educational component of compulsory preschool attendance as a preparation for primary school, while parents with a lower socio-economic status emphasized the educational component. An interesting finding is also a statement from interviews of a parent who does not find benefits in compulsory preschool attendance.

Keywords: Compulsory pre-school education, education of preschool children, kindergarten, parents’ opinions on pre-school education.

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Authors: Morteza Raei Dehaghi, Seyed Mohammad Mirhashemi

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The current study explored the effect of economic development, financial development and institutional quality on environmental destruction in upper-middle income countries during the time period of 1999-2011. The dependent variable is logarithm of carbon dioxide emissions that can be considered as an index for destruction or quality of the environment given to its effects on the environment. Financial development and institutional development variables as well as some control variables were considered. In order to study cross-sectional correlation among the countries under study, Pesaran and Friz test was used. Since the results of both tests show cross-sectional correlation in the countries under study, seemingly unrelated regression method was utilized for model estimation. The results disclosed that Kuznets’ environmental curve hypothesis is confirmed in upper-middle income countries and also, financial development and institutional quality have a significant effect on environmental quality. The results of this study can be considered by policy makers in countries with different income groups to have access to a growth accompanied by improved environmental quality.

Keywords: Economic Development, Environmental Destruction, Financial Development, Institutional Development, Seemingly Unrelated Regression.

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Authors: Ahmad Sharif Ahmadi, Yoshitaka Kajita

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With massive population expansion and fast economic development in last decade, urban land has increasingly expanded and formed high informal development territory in Kabul city. This paper investigates integrated urbanization trends in Kabul city since the formation of the basic structure of the present city using GIS and remote sensing. This study explores the spatial and temporal difference of urban land expansion and land use categories among different time intervals, 1964-1978 and 1978-2008 from 1964 to 2008 in Kabul city. Furthermore, the goal of this paper is to understand the extent of urban land expansion and the factors driving urban land expansion in Kabul city. Many factors like population expansion, the return of refugees from neighboring countries and significant economic growth of the city affected urban land expansion. Across all the study area urban land expansion rate, population expansion rate and economic growth rate have been compared to analyze the relationship of driving forces with urban land expansion. Based on urban land change data detected by interpreting land use maps, it was found that in the entire study area the urban territory has been expanded by 14 times between 1964 and 2008.

Keywords: GIS, Kabul city, land use, urban land expansion, urbanization.

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Authors: F. Di Pillo, G. Capece, L. Cricelli, N. Levialdi

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The liberalization and privatization processes have forced public utility companies to face new competitive challenges, implementing strategies to gain market share and, at the same time, keep the old customers. To this end, many companies have carried out mergers, acquisitions and conglomerations in order to diversify their business. This paper focuses on companies operating in the free energy market in Italy. In the last decade, this sector has undergone profound changes that have radically changed the competitive scenario and have led companies to implement diversification strategies of the business. Our work aims to evaluate the economic and financial performances obtained by energy companies, following the beginning of the liberalization process, verifying the possible relationship with the implemented diversification strategies.

Keywords: Business diversification strategies, M&A, the Italian energy market liberalization, economic and financial performances.

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Authors: R.Balamurugan, S.Subramanian

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This paper presents the solution of power economic dispatch (PED) problem of generating units with valve point effects and multiple fuel options using Self-Adaptive Differential Evolution (SDE) algorithm. The global optimal solution by mathematical approaches becomes difficult for the realistic PED problem in power systems. The Differential Evolution (DE) algorithm is found to be a powerful evolutionary algorithm for global optimization in many real problems. In this paper the key parameters of control in DE algorithm such as the crossover constant CR and weight applied to random differential F are self-adapted. The PED problem formulation takes into consideration of nonsmooth fuel cost function due to valve point effects and multi fuel options of generator. The proposed approach has been examined and tested with the numerical results of PED problems with thirteen-generation units including valve-point effects, ten-generation units with multiple fuel options neglecting valve-point effects and ten-generation units including valve-point effects and multiple fuel options. The test results are promising and show the effectiveness of proposed approach for solving PED problems.

Keywords: Multiple fuels, power economic dispatch, selfadaptivedifferential evolution and valve-point effects.

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Authors: Jordan Georgiev Deliversky

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Human trafficking and smuggling of migrants are criminal activities, which are on the rise over recent years. The number of legal migrants arrived in Europe from outside the European Union are far less than those who want to come and settle in Europe. The objective of this paper is to present the impact on economic and social life of significant measures influencing the smuggling of migrants. The analysis is focused on various complex factors which have multiple origins and are highly influential as regard to the process of migration and the smuggling of migrants. The smuggling of migrants is a criminal activity, directly related to migration. The main results show that often the routes chosen for smuggling of migrants are circuitous, as smugglers carefully avoid strictly controlled roads, checkpoints, and countries or jurisdictions where there is efficiency of justice, with particular emphasis on the law on trafficking of persons and smuggling of migrants.

Keywords: Corruption, migration, security, smuggling.

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Authors: Mosses E. Lufuke, Lorna M. Kamau

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This paper attempted to assess whether the size of the regional economic bloc has an impact to the flow of trade to a particular country. Two different sized blocs (COMESA and EAC) and one country (Tanzania) have been used as the point of references. Using the results from of the analyses, the paper also was anticipated to establish whether it was rational for Tanzania to withdraw its membership from COMESA (the larger bloc) to join EAC (the small one). Gravity model has been used to estimate the relationship between the variables, from which the bilateral trade flows between Tanzania and the eighteen member countries of the two blocs (COMESA and EAC) was employed for the time between 2000 and 2013. In the model, the dummy variable for regional bloc (bloc) at which the Tanzania trade partner countries belong are also added to the model to understand which trade bloc exhibit higher trade flow with Tanzania. From the findings, it was noted that over the period of study (2000-2013) Tanzania acknowledged more than 257% of trade volume in EAC than in COMESA. Conclusive, it was noted that the flow of trade is explained by many other variables apart from the size of regional bloc; and that the size by itself offer insufficient evidence in causality relationship. The paper therefore remain neutral on such staggered switching decision since more analyses are required to establish the country’s trade flow, especially when if it had been in multiple membership of COMESA and EAC.

Keywords: Economic Bloc, Flow of Trade, Size of Bloc, Switching.

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Authors: Ayşe Coban, Orhan Coban, Haldun Soydal, Sükrü Sürücü

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While health is a source of prosperity for individuals, it is also one of the most important determinants of economic growth for a country. Health, by increasing the productivity of labor, contributes to economic growth. Therefore, countries should give the necessary emphasis to health services. The primary aim of this study is to analyze the changes occurring in health services in Turkey by examining the developments in the sector. In this scope, the second aim of the study is to reveal the place of health expenditures in the Turkish economy. As a result of the analysis in the dataset, in which the 1999-2013 periods is considered, it was determined that some increase in health expenditures took place and that the increase in the share of health expenditures in GDP was too small. Furthermore, analysis of the results points out that in financing health expenditures, the public sector is prominent compared to the private sector.

Keywords: Healthcare, health service, health expenditures, Turkey.

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Authors: A. Chirita, L. Alexandru, D. Marcoci, C. Ene-Draghici

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Minor law breaking seems more and more to be a part of adolescence behavior. An important risk factor which seems to influence delinquency appears to be the socio-economic one. According to Romanian statistics, during the first six months of 2012, 1,378 minors have committed various crimes, the most common being theft, sexual offenses and violent assaults. Drug-related offenses did not reach the gravity of those from high income countries of the European Union, but have a continuous upward during the last years. The aim of our research was to examine whether delinquency in adolescence is correlated to mental disorders or socio-economic and familial factors. Forensic psychiatric expertise was performed to 79 adolescents who committed offenses between 01 January 2012 and 31 December 2012. Teenagers, with ages between 12 and 17, were examined by day hospitalization in the University Clinic of Psychiatry Craiova.

Keywords: Adolescents, criminal behavior, mental illness.

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Authors: Mevlüt Gül, Hilal Yılmaz, M. Göksel Akpınar, Ayse Karadağ Gürsoy, Özge Bayındır

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Milk is a very important nutrient. Low productivity is a problem of Turkish dairy farming. During recent years, Turkish government has supported cooperatives that assist milk producers and encouraged farmers to become cooperative members. Turkish government established several ways to support specially smallholders. For example Ministry of Agriculture and Rural Affairs (MARA) provided two to four cows to villagers on a grant or loan basis with a long repayment period at low interest rates by cooperatives. Social Support Project in Rural Areas (SSPRA) is another support program targeting only disadvantaged people, especially poor villager. Both programs have a very strong social support component and similar objectives. But there are minor differences between them in terms of target people, terms and conditions of the credit supplied Isparta province in Mediterranean region of Turkey is one of the supported regions. MARA distributed dairy cows to 1072 farmers through 16 agricultural cooperatives in Isparta province in the context of SSPRA. In this study, economic-social impacts on dairy cattle project implemented through cooperatives were examined in Isparta. Primary data were collected from 12 cooperatives- president. The data were obtained by personal interview through a questionnaire and to cooperatives and given to farms benefiting from the project in order to reveal the economic and social developments. Finding of the study revealed that project provided new job opportunities and improved quality of livestock. It was found that producers who benefited from the project were more willing to participate in cooperative or other producer organizations.

Keywords: ooperative, Dairy Cattle, Economic Impact, Livestock Support Project, Social Impact.

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Authors: Erez Cohen

Abstract:

The study examines the socioeconomic impact of development of an advanced industry in Israel. The research method is based on data collected from the Israel Central Bureau of Statistics and from the National Insurance Institute (NII) databases, which provided information that allows to examine the Economic and Social Changes during the 1990s. The study examined the socioeconomic effects of the development of advanced industry in Israel. The research findings indicate that as a result of globalization processes, the weight of traditional industry began to diminish as a result of factory closures and the laying off of workers. These circumstances led to growing unemployment among the weaker groups in Israeli society, detracting from their income and thus increasing inequality among different socioeconomic groups in Israel and enhancement of social disparities.

Keywords: Globalization, Israeli advanced industry, public policy, socio-economic indicators.

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Authors: Ludk Benada, Jindika Sedova

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The current situation in the eurozone raises a number of topics for discussion and to help in finding an answer to the question of whether a common currency is a more suitable means of coping with the impact of the financial crisis or whether national currencies are better suited to this. The economic situation in the EU is now considerably volatile and, due to problems with the fulfilment of the Maastricht convergence criteria, it is now being considered whether, in their further development, new member states will decide to distance themselves from the euro or will, in an attempt to overcome the crisis, speed up the adoption of the euro. The Czech Republic is one country with little interest in adopting the euro, justified by the fact that a better alternative to dealing with this crisis is an independent monetary policy and its ability to respond flexibly to the economic situation not only in Europe, but around the world. One attribute of the crisis in the Czech Republic and its mitigation is the freely floating exchange rate of the national currency. It is not only the Czech Republic that is attempting to alleviate the impact of the crisis, but also new EU member countries facing fresh questions to which theory have yet to provide wholly satisfactory answers. These questions undoubtedly include the problem of inflation targeting and the choice of appropriate instruments for achieving financial stability. The difficulty lies in the fact that these objectives may be contradictory and may require more than one means of achieving them. In this respect we may assume that membership of the euro zone might not in itself mitigate the development of the recession or protect the nation from future crises. We are of the opinion that the decisive factor in the development of any economy will continue to be the domestic economic policy and the operability of market economic mechanisms. We attempt to document this fact using selected countries as examples, these being the Czech Republic, Poland, Hungary, and Slovakia.

Keywords: Currency exchange rate, Maastricht convergence criteria, monetary union, public finances.

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Authors: M. Tarafdar Haque, A.M. Kashtiban

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The electric power industry is currently undergoing an unprecedented reform. One of the most exciting and potentially profitable recent developments is increasing usage of artificial intelligence techniques. The intention of this paper is to give an overview of using neural network (NN) techniques in power systems. According to the growth rate of NNs application in some power system subjects, this paper introduce a brief overview in fault diagnosis, security assessment, load forecasting, economic dispatch and harmonic analyzing. Advantages and disadvantages of using NNs in above mentioned subjects and the main challenges in these fields have been explained, too.

Keywords: Neural network, power system, security assessment, fault diagnosis, load forecasting, economic dispatch, harmonic analyzing.

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Authors: Ujjwala Bhand, Mridula Goel

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Global Competitiveness Index (GCI) prepared by World Economic Forum has become a benchmark in studying the competitiveness of countries and for understanding the factors that enable competitiveness. Innovation is a key pillar in competitiveness and has the unique property of enabling exponential economic growth. This paper attempts to analyze how the pillars comprising the Global Competitiveness Index affect innovation and whether GDP growth can directly affect innovation outcomes for a country. The key objective of the study is to identify areas on which governments of developing countries can focus policies and programs to improve their country’s innovativeness. We have compiled a panel data set for top innovating countries and large emerging economies called BRICS from 2007-08 to 2014-15 in order to find the significant factors that affect innovation. The results of the regression analysis suggest that government should make policies to improve labor market efficiency, establish sophisticated business networks, provide basic health and primary education to its people and strengthen the quality of higher education and training services in the economy. The achievements of smaller economies on innovation suggest that concerted efforts by governments can counter any size related disadvantage, and in fact can provide greater flexibility and speed in encouraging innovation.

Keywords: Innovation, Global Competitiveness Index, BRICS, economic growth.

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