Search results for: Sufficiency Economy Philosophy

Authors: Kurotimi Maurice Fems, Abara Onu, Francis W. D. Poazi

Abstract:

Scholars and development economists believe that the development of an economy depends largely on the creative and innovative ingenuity of its entrepreneurs. Others however, are of the opinion that the lack of entrepreneurs or entrepreneurial activities is not a constraint to economic development in any economy, particularly Nigeria. This paper sets out to explore the connectivity between entrepreneurship and economic development from a theoretical point of view, principally in Nigeria. A desk research approach was adopted where a conglomerate of literatures was reviewed on how entrepreneurship can spur economic growth or otherwise. The findings reveal that entrepreneurship is vital to the development of Nigeria and that, universities and other Higher Education Institutions must play the vital role of educating the people on entrepreneurship skills and competences. However, the problems and difficulties entrepreneurs face in Nigeria and the same problems suffocating the growth and development of its economy. Therefore, entrepreneurship cannot be said to be the sole cure for economic under-development in Nigeria but rather other factors such as empowering and granting the institutions autonomy and the provision of infrastructural capability, such as consistent electricity generation and supply, good system of transportation, implementing proposed economic policies in an effective and efficient manner etc., the cultural beliefs and mindset of the citizenry, was also found to be key in the development of any economy.

Keywords: Entrepreneurship, entrepreneurial, economic underdevelopment, unemployable, oil boom, infrastructural under-development, SMEs.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1582

Authors: Haotian Wu

Abstract:

This article examines the figure Zhao Tao in Jia Zhangke’s films in light of Carl Jung’s psychoanalytical theory. Zhao is a recurring aesthetic trope in Jia’s films, and the characters she plays often have an intimate relationship with the past. Nevertheless, this relationship has not been systematically investigated, especially its symbolism of the typical relationship between the past and the self in post-social China. To fill this research gap, the article will explore how Zhao’s characters discover, preserve, and adapt the past in I Wish I knew (2010), Mountains May Depart (2015), and Ash Is Purest White (2018). Through a Jungian lens, these three levels of engagement with the past will be demonstrated as corresponding with Jung’s psychoanalytical theory of self-realisation, which entails the confrontation with the shadow, the embodiment of the archetype, and individuation. Thus, by articulating a film-philosophy dialogue between Jia and Jung, this article will develop a philosophy of self-realisation based on the symbolism of Zhao. Through the reintegration of the past, the individuals can overcome the fragmentation of temporality and selfhood in the postmodern world and achieve self-realisation.

Keywords: Jia Zhangke, Jung, psychoanalysis, self-realisation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 656

Authors: Reinhard Neck, Guido Schäfer

Abstract:

In this paper, we explore the macroeconomic effects of the European Single Market on Austria by simulating the McKibbin-Sachs Global Model. Global interdependences and the impact of long-run effects on short-run adjustments are taken into account. We study the sensitivity of the results with respect to different assumptions concerning monetary and fiscal policies for the countries and regions of the world economy. The consequences of different assumptions about budgetary policies in Austria are also investigated. The simulation results are contrasted with ex-post evaluations of the actual impact of Austria’s membership in the Single Market. As a result, it can be concluded that the Austrian participation in the European Single Market entails considerable long-run gains for the Austrian economy with nearly no adverse sideeffects on any macroeconomic target variable.

Keywords: Macroeconomics, European Union, simulation, sensitivity analysis.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1734

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: Rehan Jamil, Irfan Jamil, Ming Li, Zhao Jinquan

Abstract:

Energy is the important source for the development of the society and it‘s the basic support of national economy and the base for human living. As the development of economy, abrupt increase of population and continuous improvement of living standards, the demand of energy increases continuously, which caused the impetuous scramble of energy source in the world, and urged the attention of the countries for current status and development trends of energy.

Keywords: Energy, Energy Supply Situation, Energy Production & Consumption.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2268

Authors: Mustafa Yildiz, Murat Tekin, Hasan Şahan, Ahmet Şahin, Mehmet Şaker, Buket Ulucan, Osman Mutlu

Abstract:

The purpose of this study is to examine the self and decision making levels of students receiving education in schools of physical training and sports. The population of the study consisted 258 students, among which 152 were male and 106 were female ( X age=19,3713 + 1,6968), that received education in the schools of physical education and sports of Selcuk University, Inonu University, Gazi University and Karamanoglu Mehmetbey University. In order to achieve the purpose of the study, the Melbourne Decision Making Questionnary developed by Mann et al. (1998) [1] and adapted to Turkish by Deniz (2004) [2] and the Self-Esteem Scale developed by Aricak (1999) [3] was utilized. For analyzing and interpreting data Kolmogorov-Smirnov test, t-test and one way anova test were used, while for determining the difference between the groups Tukey test and Multiple Linear Regression test were employed and significance was accepted at P<0,05. SPSS (Statistical package for social sciences) package software was used for evaluating the data and finding out the calculated values. In conclusion of the present study, while cautious, avoidant and postponing decision making levels of male students were found out to be higher than female students, panic decision making levels of female students were found out to be higher than that of male students. While cautious, avoidant and panicdriven decision making levels of the students attending to the first grade were found out to be higher than these of the fourth grades, for the students attending to the fourth grade influential decision making levels were found out to be higher. While male students were found out to be having relatively higher self value, self confidence and self sufficiency levels, for female students achieving, productivity and depressive affect were found out to be higher in comparison with male students. While self values, achieving and productivity levels of the students attending to the first grade were found out to be higher than those of fourth grade students, fourth grade students were determined to have higher self-confidence, depressive affection and self-sufficiency levels. It was also determined that there is a significant relation between decision making levels and self levels.

Keywords: Physical Education And Sports, Student, Self, Decision Making

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2320

Authors: Shahzadah Fahad Qureshi, Jianqing Zhang

Abstract:

The wisest economic decision of United States in the 20th century was establishing the favorable international monetary system, and capturing the leadership position in it. This decision gave economic hegemony to the US for the next more than 7 decades. The continuation of this hegemony till the next decade seems difficult as the US economy is under continuous streams of recessions since 2007. On the other hand, Chinese economy is progressing with a very fast speed and is estimated to pass the US economy till 2025, in various aspects. Will the US be able to continue its leadership in the IMS? Will China replace US in the international monetary system? The answers to these questions have been explored by comparing the economic competitiveness of US and China, with respect to each other. The paper concludes that the change in global economic environment will compel US to share the leadership of international monetary system with China. This sharing will solve most problems of the current IMS, but will also birth some new problems.

Keywords: Economic competitiveness, Global economic environment (GEE), International monetary fund (IMF), International monetary system (IMS)

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1620

Authors: P. Ahern, D. Collery

Abstract:

The implementation of lean thinking in the manufacturing industry revolutionized the traditional approach to large-scale production through the process of identifying the waste in each task and putting in place mitigation measures to eliminate the waste in all its forms. The Irish construction industry, however, has been much slower to adopt the principles of lean, opting instead to stick with the traditional approach to construction project delivery which is inherently wasteful. Lean thinking holds the potential to revolutionize the construction industry in a similar manner to the adoption of lean manufacturing. Lean principles present opportunities for reduced project duration, reduced project cost, improved quality, and elimination of re-works and non-value-added activities. This research has been designed to accumulate research data through available literature, electronic surveys, and interviews. The results show an industry reluctant to accept change and an undefined path to successful lean construction implementation.

Keywords: Barriers, lean construction, lean implementation, lean manufacturing, lean philosophy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 310

Authors: Francesca Affortunato, Edgardo Bucciarelli, Mariateresa Ciommi, Gianfranco Giulioni

Abstract:

The paper represents a reflection on how to select proper indicators to assess the progress of regional contexts towards a knowledge-based society. Taking the first research methodologies elaborated at an international level (World Bank, OECD, etc.) as a reference point, this work intends to identify a set of indicators of the knowledge economy suitable to adequately understand in which manner and to which extent the territorial development dynamics are correlated with the knowledge-base of the considered local society. After a critical survey of the variables utilized within other approaches adopted by international or national organizations, this paper seeks to elaborate a framework of variables, named Regional Knowledge Economy Indicators (ReKEI), necessary to describe the knowledge-based relations of subnational socio-economic contexts. The realization of this framework has a double purpose: an analytical one consisting in highlighting the regional differences in the governance of knowledge based processes, and an operative one consisting in providing some reference parameters for contributing to increasing the effectiveness of those economic policies aiming at enlarging the knowledge bases of local societies.

Keywords: Knowledge economy, knowledge society, information society, regional innovation system, territorial competitiveness, local development.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1738

Authors: M. W. Siddiqi, M. Ilyas

Abstract:

Availability and mobilization of revenue is the main essential with which an economy is managed and run. While planning or while making the budgets nations set revenue targets to be achieved. But later when the accounts are closed the actual collections of revenue through taxes or even the non-tax revenue collection would invariably be different as compared to the initial estimates and targets set to be achieved. This revenue-gap distorts the whole system and the economy disturbing all the major macroeconomic indicators. This study is aimed to find out short and long term impact of revenue gap on budget deficit, debt burden and economic growth on the economy of Pakistan. For this purpose the study uses autoregressive distributed lag approach to cointegration and error correction mechanism on three different models for the period 1980 to 2009. The empirical results show that revenue gap has a short and long run relationship with economic growth and budget deficit. However, revenue gap has no impact on debt burden.

Keywords: Revenue Gap, Economic Growth, Budget Deficit, Debt Burden

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2820

Authors: Ilhan Keskin, Hasan Bulent Kantarcı

Abstract:

In this study, one of the tools of Islamic financing known as “Sukuk” a non-interest bearing investment which has started to be implemented in Turkey and the world as a whole is discussed. In order to increase the vitality and efficiency of the economy, by taking lessons from the recent economic crisis new developments in the banking and investment sector are being expanded. The purpose of all investors is to obtain more revenue through the use of capital. The inability of traditional investment tools to meet the expectations of investors and the interest based financial system where one investor benefits at the expense of another there has been the need for a different, reliable and noninterest bearing financial market that is consistent with the Islamic rule. As a result an alternative and more reliable interest free financing tool “Sukuk” rental certificates covering people who are sensitive to Islamic rules, appeal to all segments, hidden remaining capital that contributes to the economy, reduce disparities in income distribution, common risk sharing system of profit and loss sharing has emerged. Today, for the structural countries by examining the state of the world market economy the applicability, enactment and future issues associated with this attractive kind of Islamic finance namely the “Sukuk” market has been explained.

Keywords: Islamic finance, Islamic markets, non-interest bearing, rental certificates.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2620

Authors: E. Muneera, A. Anuar, A. S. Zulkiflee

Abstract:

The evolution in project management was triggered by the changes in management philosophy and practices in order to maintain competitive advantage and continuous success in the field. The purpose of this paper is to highlight the practicality of cognitive style and unlearning approach in influencing the achievement of project success by project managers. It introduces the concept of planning, knowing and creating style from cognitive style field in the light of achieving time, cost, quality and stakeholders appreciation in project success context. Further it takes up a discussion of the unlearning approach as a moderator in enhancing the relationship between cognitive style and project success. The paper bases itself on literature review from established disciplines like psychology, sociology and philosophy regarding cognitive style, unlearning and project success in general. The analysis and synthesis of literature in the subject area a conceptual paper is utilized as the basis of future research to form a comprehensive framework for project managers in enhancing the project management competency.

Keywords: Cognitive Style, Project Managers, Project Success, Unlearning.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2030

Authors: Vakhtang Charaia

Abstract:

The article focuses on the role of FDI in Georgia’s economic development for the last decade. To attract as much FDI as possible a proper investment climate should be on the place - institutional, policy and regulatory environment. Well developed investment climate is the chance and motivation for both, local economy and foreign companies, to generate maximum income, create new work places and improve the quality of life. FDI trend is one of the best indicators of country’s economic sustainability and its attractiveness. Especially for small and developing countries, the amount of FDI matters, therefore most of such countries are trying to compete with each other through improving their investment climate according to different world famous indexes. As a result of impressive reforms since 2003, Georgian economy was benefited with large invasion of FDI, however the level of per capita GDP is still law in comparison to Eastern European countries and it should be improved. The main idea of the paper is to show a real linkage between FDI and employment ration, on the case of Georgian economy.

Keywords: Foreign Direct Investment, Sustainable Development, Corruption, Employment/Unemployment.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 2511

Authors: Subramaniam Chandran

Abstract:

This paper explores the features of political economy in the dynamics of representative politics in India. Politics is seen as enhancing economic benefits through acquiring and maintenance of power in the realm of democratic set up. The system of representation is riddled with competitive populism. Emerging leaders and parties are forced to accommodate their ideologies in coping with competitive politics. Electoral politics and voting behaviour reflect series of influences mooted by the politicians. Voters are accustomed to expect benefits outs of state exchequer. The electoral competitors show a changing phase of investment and return policy. Every elector has to spend and realize his costs in his tenure. In the case of defeated electors, even the cost recovery is not possible directly; there are indirect means to recover their costs. The series of case studies show the method of party funding, campaign financing, electoral expenditure, and cost recovery. Regulations could not restrict the level of spending. Several cases of disproportionate accumulation of wealth by the politicians reveal that money played a major part in electoral process. The political economy of representative politics hitherto ignores how a politician spends and recovers his cost and multiples his wealth. To be sure, the acquiring and maintenance of power is to enhance the wealth of the electors.

Keywords: Political economy, representative politics, costrecovery, electoral politics

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1551

Authors: Phusit Phukamchanoad, Chutchai Ditchareon, Suwaree Yordchim

Abstract:

This research was to study on background and social and cultural context of Kamchanoad community for sustainable tourism management. All data was collected through in-depth interview with village headmen, community committees, teacher, monks, Kamchanoad forest field officers and respected senior citizen above 60 years old in the community who have lived there for more than 40 years. Altogether there were 30 participants for this research. After analyzing the data, content from interview and discussion, Kamchanoad has both high land and low land in the region as well as swamps that are very capable of freshwater animals’ conservation. Kamchanoad is also good for agriculture and animal farming. 80% of Kamchanoad’s land are forest, freshwater and rice farms. Kamchanoad was officially set up as community in 1994 as “Baan Nonmuang”. Inhabitants in Kamchanoad make a living by farming based on sufficiency economy. They have rice farm, eucalyptus farm, cassava farm and rubber tree farm. Local people in Kamchanoad still believe in the myth of Srisutto Naga. They are still religious and love to preserve their traditional way of life. In order to understand how to create successful tourism business in Kamchanoad, we have to study closely on local culture and traditions. Outstanding event in Kamchanoad is the worship of Grand Srisutto, which is on the fullmoon day of 6th month or Visakhabucha Day. Other big events are also celebration at the end of Buddhist lent, Naga firework, New Year celebration, Boon Mahachart, Songkran, Buddhist Lent, Boon Katin and Loy Kratong. Buddhism is the main religion in Kamchanoad. The promotion of tourism in Kamchanoad is expected to help spreading more income for this region. More infrastructures will be provided for local people as well as funding for youth support and people activities.

Keywords: Social and Culture Area, Tourism Management, Kamchanoad Community.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1862

Authors: Al Mutawa A. Amir, Liaqat Ali, Faisal Ali

Abstract:

After the World War II, the world economy was disrupted and changed due to oil and its prices. The research in this paper presents the basic statistical features and economic characteristics of the Gulf economy. The main features of the Gulf economies and its heavy dependence on oil exports, its dualism between modern and traditional sectors and its rapidly increasing affluences are particularly emphasized.  In this context, the research in this paper discussed the problems of growth versus development and has attempted to draw the implications for the future economic development of this area.

Keywords: Oil prices, Gulf Cooperation Council, economic growth, Gulf oil.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1155

Authors: E. N. Vetrova, L.V. Lapochkina, N. V. Nikulina

Abstract:

In the national economy, entrepreneurship plays the role of a buffer between economy and policy for it contributes to improving budget effectiveness and decreasing dependence of economy on the state. Entrepreneurship in industry makes it possible to increase the added value that is formed in production chains and to decrease dependence on import. Under the current circumstances, when sanctions are being imposed, this is especially relevant for Russia and for the realization of projects in the Russian Arctic. However, development of entrepreneurship in industry requires an enlightened state policy. The purpose of the research is elaboration of recommendations for improving economic effectiveness of the realization of the Arctic projects on the basis of conceptual proposals for the development of entrepreneurship in industry. The paper presents the studies of the extractive industry role in the Russian economy and proves its raw material character. The analysis of production chains in industry on the basis of the conception of the added value global chains demonstrated a low added value formed by Russian companies. The study of changes in the structure of economy based on systemic, statistical and comparative analyses revealed no positive changes in the structure of economy over the period under consideration. This is a manifestation of ineffectiveness of the Russian industrial policy in general and within the Arctic region in particular. The authors identified the problems information and implementation of the state industrial policy in the Arctic region and in the development of national entrepreneurship, analyzed the shortcomings of the current state policy in the sphere of the Russian industry. On the basis of the conducted studies, the authors formulated conceptual approaches to change the state policy in the Arctic. The basic idea of the authors is to substantiate the focus of the state regulation on the development of entrepreneurship in industry in the process of the Russian Arctic exploration. At the same time another problem is solved–that of the development of the manufacturing industry in the southern regions of the northwestern part of Russia. The criterion of effectiveness in this case is the economic effectiveness.

Keywords: Entrepreneurship in industry, global chains of the added value, government regulation, industrial policies, production chains in the Arctic region, economic effectiveness.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1312

Authors: V. Charaia

Abstract:

This article presents SWOT analysis for Georgian - South Ossetian conflict. The research analyzes socio-economic aspects and considers future prospects for all sides including neighbor countries and regions. Also it includes the possibilities of positive intervention of neighbor countries to solve the conflict or to mitigate its negative results. The main question of the article is: What will it take to award Georgians and South Ossetians with a peace dividend?

Keywords: Conflict economics, Georgian economy, international organizations, peace building, S. Ossetian economy.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1450

Authors: Arash Derakhshanmehr

Abstract:

Nowadays, efficiency, effectiveness and economy are regarded as the main objectives of managers and the secret of the continuity of an organization in competing economy. In such competing settings, it is essential that the management of an organization has not been neglected and been obliged to identify quickly the opportunities for improving the operation of organization and remove the shortcomings of their managed system in order to use the opportunities for development. Operational auditing is a useful tool for system adjustment and leading an organization toward its objectives. Operational auditing is indeed a viewpoint which identifies the causes of insufficiencies, weaknesses and deficiencies of system and plans to eliminate them. Operational auditing is useful in the effectiveness and optimization of executive managers- decisions and increasing the efficiency and economy of their performance in the future and prevents the waste and incorrect use of resources. Evidence shows that operational auditing is used at a limited level in Iran. This matter raises some questions like the following ones in the minds. Why do a limited number of corporations use operational auditing? Which factors can guarantee its full implementation? What obstacles are there in its implementation? The purpose of this article is to determine executive objectives, the operation domain of operational auditing, the components of operational auditing and the executive obstacles to operational auditing in Iran.

Keywords: Operational Auditing, Iran

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1567

Authors: P. Naderi, S.M.T. Bathaee, R. Hoseinnezhad, R. Chini

Abstract:

Using electrical machine in conventional vehicles, also called hybrid vehicles, has become a promising control scheme that enables some manners for fuel economy and driver assist for better stability. In this paper, vehicle stability control, fuel economy and Driving/Regeneration braking for a 4WD hybrid vehicle is investigated by using an electrical machine on each non-driven wheels. In front wheels driven vehicles, fuel economy and regenerative braking can be obtained by summing torques applied on rear wheels. On the other hand, unequal torques applied to rear wheels provides enhanced safety and path correction in steering. In this paper, a model with fourteen degrees of freedom is considered for vehicle body, tires and, suspension systems. Thereafter, powertrain subsystems are modeled. Considering an electrical machine on each rear wheel, a fuzzy controller is designed for each driving, braking, and stability conditions. Another fuzzy controller recognizes the vehicle requirements between the driving/regeneration and stability modes. Intelligent vehicle control to multi objective operation and forward simulation are the paper advantages. For reaching to these aims, power management control and yaw moment control will be done by three fuzzy controllers. Also, the above mentioned goals are weighted by another fuzzy sub-controller base on vehicle dynamic. Finally, Simulations performed in MATLAB/SIMULINK environment show that the proposed structure can enhance the vehicle performance in different modes effectively.

Keywords: Hybrid, pitch, roll, regeneration, yaw.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1874

Authors: Kehinde Damilola Ilesanmi, Dev Datt Tewari

Abstract:

South Africa is in its post-industrial era moving from the primary and secondary sector to the tertiary sector. The study investigated the impact of the disaggregated energy consumption (coal, oil, and electricity) on the primary, secondary and tertiary sectors of the economy between 1980 and 2012 in South Africa. Using vector error correction model, it was established that South Africa is an energy dependent economy, and that energy (especially electricity and oil) is a limiting factor of growth. This implies that implementation of energy conservation policies may hamper economic growth. Output growth is significantly outpacing energy supply, which has necessitated load shedding. To meet up the excess energy demand, there is a need to increase the generating capacity which will necessitate increased investment in the electricity sector as well as strategic steps to increase oil production. There is also need to explore more renewable energy sources, in order to meet the growing energy demand without compromising growth and environmental sustainability. Policy makers should also pursue energy efficiency policies especially at sectoral level of the economy.

Keywords: Causality, economic growth, energy consumption, hypothesis, sectoral output.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1655

Authors: Rajinder Singh, Ram Valluru

Abstract:

Chain Ladder (CL) method, Expected Loss Ratio (ELR) method and Bornhuetter-Ferguson (BF) method, in addition to more complex transition-rate modeling, are commonly used actuarial reserving methods in general insurance. There is limited published research about their relative performance in the context of Mortgage Insurance (MI). In our experience, these traditional techniques pose unique challenges and do not provide stable claim estimates for medium to longer term liabilities. The relative strengths and weaknesses among various alternative approaches revolve around: stability in the recent loss development pattern, sufficiency and reliability of loss development data, and agreement/disagreement between reported losses to date and ultimate loss estimate. CL method results in volatile reserve estimates, especially for accident periods with little development experience. The ELR method breaks down especially when ultimate loss ratios are not stable and predictable. While the BF method provides a good tradeoff between the loss development approach (CL) and ELR, the approach generates claim development and ultimate reserves that are disconnected from the ever-to-date (ETD) development experience for some accident years that have more development experience. Further, BF is based on subjective a priori assumption. The fundamental shortcoming of these methods is their inability to model exogenous factors, like the economy, which impact various cohorts at the same chronological time but at staggered points along their life-time development. This paper proposes an alternative approach of parametrizing the loss development curve and using logistic regression to generate the ultimate loss estimate for each homogeneous group (accident year or delinquency period). The methodology was tested on an actual MI claim development dataset where various cohorts followed a sigmoidal trend, but levels varied substantially depending upon the economic and operational conditions during the development period spanning over many years. The proposed approach provides the ability to indirectly incorporate such exogenous factors and produce more stable loss forecasts for reserving purposes as compared to the traditional CL and BF methods.

Keywords: Actuarial loss reserving techniques, logistic regression, parametric function, volatility.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 416

Authors: Daurenbek Kuleimenov

Abstract:

Urban life is characterized by rapid changes and high influence of market institutions on livelihood strategies of households to get sustainability, especially in countries of former Soviet Union challenged transformation of economy to the market type. Moving from socialistic worldviews to capitalistic ones which as usual regulated by free markets has been enough big challenge for households in urban area, which have to face with adaptation to new systems. Influence of market institutions on everyday life and planning system of households can destroy traditional household dispositions of the sustainable managing of a family budget. New changes of economy system can lead to splitting up large social networks and appearing new risky livelihood strategies of households. Urban households from Astana that is the capital city of Kazakhstan were interviewed within international research project “Livelihoods Strategies of Private Households in Central Asia. A Rural-Urban Comparison in Kazakhstan and Kyrgyzstan”, which enables to explore urgent issues of livelihood strategies of urban households in current Kazakhstan under influence of the spreading of market institutions from the micro level research focus of their everyday life.

Keywords: Market institutions, Sustainability, Transformation economy, Urban households.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1849

Authors: Ari Lindeman, Melina Maunula, Jani Kiviranta, Ronja Pölkki

Abstract:

The aim of this paper is to build a vision of the utilization of creative industry competences in industrial and services firms connected to Kymenlaakso region, Finland, smart specialization focus areas. Research indicates that creativity and the use of creative industry’s inputs can enhance innovation and competitiveness. Currently creative methods and services are underutilized in regional businesses and the added value they provide is not well grasped. Methodologically, the research adopts a qualitative exploratory approach. Data is collected in multiple ways including a survey, focus groups, and interviews. Theoretically, the paper contributes to the discussion about the use creative industry competences in regional development, and argues for building regional creative economy ecosystems in close co-operation with regional strategies and traditional industries rather than as treating regional creative industry ecosystem initiatives separate from them. The practical contribution of the paper is the creative vision for the use of regional authorities in updating smart specialization strategy as well as boosting industrial and creative & cultural sectors’ competitiveness. The paper also illustrates a research-based model of vision building.

Keywords: Business, cooperation, creative economy, regional development, vision.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 825

Authors: J. Arneric, E. Jurun, L. Kordic

Abstract:

This paper deals with econometric analysis of real retail trade turnover. It is a part of an extensive scientific research about modern trends in Croatian national economy. At the end of the period of transition economy, Croatia confronts with challenges and problems of high consumption society. In such environment as crucial economic variables: real retail trade turnover, average monthly real wages and household loans are chosen for consequence analysis. For the purpose of complete procedure of multiple econometric analysis data base adjustment has been provided. Namely, it has been necessary to deflate original national statistics data of retail trade turnover using consumer price indices, as well as provide process of seasonally adjustment of its contemporary behavior. In model establishment it has been necessary to involve the overcoming procedure for the autocorrelation and colinearity problems. Moreover, for case of time-series shift a specific appropriate econometric instrument has been applied. It would be emphasize that the whole methodology procedure is based on the real Croatian national economy time-series.

Keywords: Consumption society, multiple econometric model, real retail trade turnover, second order autocorrelation.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1468

Authors: S. Alotaibi, S. Omer, Y. Su

Abstract:

The conventional Internal Combustion Engine (ICE) based vehicles are a threat to the environment as they account for a large proportion of the overall greenhouse gas (GHG) emissions in the world. Hence, it is required to replace these vehicles with more environment-friendly vehicles. Electric Vehicles (EVs) are promising technologies which offer both human comfort “noise, pollution” as well as reduced (or no) emissions of GHGs. In this paper, different types of EVs are reviewed and their advantages and disadvantages are identified. It is found that in terms of fuel economy, Plug-in Hybrid EVs (PHEVs) have the best fuel economy, followed by Hybrid EVs (HEVs) and ICE vehicles. Since Battery EVs (BEVs) do not use any fuel, their fuel economy is estimated as price per kilometer. Similarly, in terms of GHG emissions, BEVs are the most environmentally friendly since they do not result in any emissions while HEVs and PHEVs produce less emissions compared to the conventional ICE based vehicles. Fuel Cell EVs (FCEVs) are also zero-emission vehicles, but they have large costs associated with them. Finally, if the electricity is provided by using the renewable energy technologies through grid connection, then BEVs could be considered as zero emission vehicles.

Keywords: Electric vehicle, fuel cell electric vehicle, hybrid electric vehicle, internal combustion engine.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 538

Authors: E. Pyle

Abstract:

This paper shows that the economy of any country can be presented as three different shells such as: economic shell of a big, a medium and a small business. The new concepts were introduced such as: volume of an economic shell, coefficient of shell-s expansion (compression) etc. These shells can expansion or compress under action by internal or external powers and when shell expansions - it means the rising of a business activity and compression shows us that economy goes on recession. This process of an expansion or a compression can develop in the various ways like linear, logarithm or any other mathematical laws.

Keywords: Different kinds of deformation of macroeconomics'shells, shells of a big or a medium and a small business.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1550

Authors: Ilze Stokmane

Abstract:

Baltic competitiveness is quite controversial. In a situation with the rapid structural changes, economy develops in balance very rarely - in different fields will always be more rapid changes in another more stagnation. Analyzing different economic indices developed by international organizations the situation in three Baltic countries are described from a different competitiveness positions highlighting strengths and weaknesses of each country. Exploring the openness of the economy, it is possible to observe certain risks included in the reports describing situation of competitiveness where government policies competing in the tax system, the rates of labour market policies, investment environment, etc. This is a very important factor resulting in competitive advantage. Baltic countries are still at a weak position from a technological perspective, and need to borrow the knowledge and technology from more developed countries.

Keywords: Baltic countries, Baltic region, competitiveness, indices of competitiveness.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1599

Authors: Pınar Yardımcı

Abstract:

This paper tries to answer to the questions whether or not trade openness causes economic growth and trade policy changes are good for Turkey as a developing country in global economy before and after 1980. We employ Johansen co-integration and Granger causality tests with error correction modeling based on vector autoregressive. Using WDI data from the pre-1980 and the post-1980, we find that trade openness and economic growth are cointegrated in the second term only. Also the results suggest a lack of long-run causality between our two variables. These findings may imply that trade policy of Turkey should concentrate more on extra complementary economic reforms.

Keywords: Globalization, Trade Policy, Economic Growth, Openness, Co-integration, Turkey.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1952

Authors: Jalaluddin Abdul Malek, Mohd Asruladlyi Ibrahim, Zurinah Tahir

Abstract:

This paper is to reveal developments in the areas of urban technology in Malaysia. Developments occur intend to add value intelligent city development to the ubiquitous city (U-city) or smart city. The phenomenon of change is called the development of post intelligent cities. U-City development discourse is seen from the perspective of the philosophy of the virtuous city organized by al-Farabi. The prosperity and perfection of a city is mainly caused by human personality factors, as well as its relationship with material and technological aspects of the city. The question is, to what extent to which human factors are taken into account in the concept of U-City as an added value to the intelligent city concept to realize the prosperity and perfection of the city? Previously, the intelligent city concept was developed based on global change and ICT movement, while the U-city added value to the development of intelligent cities and focused more on the development of information and communications technology (ICT). Value added is defined as the use of fiber optic technology that is wired to the use of wireless technology, such as wireless broadband. In this discourse, the debate on the concept of U-City is to the symbiosis between the U-City and the importance of local human e-participation (U-Society) for prosperity. In the context of virtuous city philosophy, it supports the thought of symbiosis so the concept of U-City can achieve sustainability, prosperity and perfection of the city.

Keywords: Smart city, ubiquitous city, U-Society, e-participation, prosperity.

Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 1174