Search results for: Economic Freedoms

Authors: Mei-Se Chien, Chien-Chiang Lee, Sin-Jie Cai

Abstract:

The main purpose of this paper is to investigate thelong-run equilibrium and short-run dynamics of international housing prices when macroeconomic variables change. We apply the Pedroni’s, panel cointegration, using the unbalanced panel data analysis of 33 countries over the period from 1980Q1 to 2013Q1, to examine the relationships among house prices and macroeconomic variables. Our empirical results of panel data cointegration tests support the existence of a cointegration among these macroeconomic variables and house prices. Besides, the empirical results of panel DOLS further present that a 1% increase in economic activity, long-term interest rates, and construction costs cause house prices to respectively change 2.16%, -0.04%, and 0.22% in the long run.Furthermore, the increasing economic activity and the construction cost would cause strongerimpacts on the house prices for lower income countries than higher income countries.The results lead to the conclusion that policy of house prices growth can be regarded as economic growth for lower income countries. Finally, in America region, the coefficient of economic activity is the highest, which displays that increasing economic activity causes a faster rise in house prices there than in other regions. There are some special cases whereby the coefficients of interest rates are significantly positive in America and Asia regions.

Keywords: House prices, Macroeconomic Variables, Panel cointegration, Dynamic OLS.

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

Abstract:

This paper presents a new optimization technique based on quantum computing principles to solve a security constrained power system economic dispatch problem (SCED). The proposed technique is a population-based algorithm, which uses some quantum computing elements in coding and evolving groups of potential solutions to reach the optimum following a partially directed random approach. The SCED problem is formulated as a constrained optimization problem in a way that insures a secure-economic system operation. Real Coded Quantum-Inspired Evolution Algorithm (RQIEA) is then applied to solve the constrained optimization formulation. Simulation results of the proposed approach are compared with those reported in literature. The outcome is very encouraging and proves that RQIEA is very applicable for solving security constrained power system economic dispatch problem (SCED).

Keywords: State Estimation, Fuzzy Linear Regression, FuzzyLinear State Estimator (FLSE) and Measurements Uncertainty.

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Authors: Abdulrahman A. Bahaddad, Mohammed Beshir

Abstract:

The objective of this paper is to demonstrate and describe eight different types of power generation technologies and to understand the history and future trends of each technology. In addition, a comparative analysis between these technologies will be presented with respect to their cost analysis and associated performance.

Keywords: Conventional power generation, economic analysis, environmental impact, renewable energy power generation.

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Authors: V. Sulakatko, F. U. Vogdt, I. Lill

Abstract:

Construction technology and on-site construction activities have a direct influence on the life cycle costs of energy efficiently renovated apartment buildings. The systematic inadequacies of the External Thermal Insulation Composite System (ETICS) which occur during the construction phase increase the risk for all stakeholders, reduce mechanical durability and increase the life cycle costs of the building. The economic effect of these shortcomings can be minimised if the risk of the most significant on-site activities is recognised. The objective of the presented ETICS economic assessment concept is to evaluate the economic influence of on-site shortcomings and reveal their significance to the foreseeable future repair costs. The model assembles repair techniques, discusses their direct cost calculation methods, argues over the proper usage of net present value over the life cycle of the building, and proposes a simulation tool to evaluate the risk of on-site activities. As the technique is dependent on the selected real interest rate, a sensitivity analysis is anticipated to determine the validity of the recommendations. After the verification of the model on the sample buildings by the industry, it is expected to increase economic rationality of resource allocation and reduce high-risk systematic shortcomings during the construction process of ETICS.

Keywords: Activity-based cost estimating, Cost estimation, ETICS, Life cycle costing.

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Authors: Miguel Amado, João Freitas, Eveline Rodrigues, Rosario Ribeiro

Abstract:

The United Nations has defined the inclusive community as “…promoting growth with equity, a place where everyone, regardless of their economic means, gender, race, ethnicity or religion, is enabled and empowered to fully participate in the social, economic and political opportunities that cities have to offer”. In this paper, the concept of walkability is viewed as an important tool towards the planning and future development of more inclusive communities. Walking is the cheapest and cleanest mode of travel available to all providing large benefits to both health and local economic development. To demonstrate the validity of this strategy a set of parameters, selected from existing research, were measure, compared and discussed in the existing and proposed scenarios of a Portuguese small town using GIS software.

Keywords: GIS, Inclusiveness, Planning, Sustainability, Walkability.

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Authors: Samson Davoyan, Tatevik Sahakyan

Abstract:

The purpose of this report is to suggest a new methodology for the assessment of the comparative efficiency of the reforms made in different countries by an integral index. We have highlighted the reforms made in post-crisis period in 21 former socialist countries. The integral index describes the social-economic development level. The integral index contains of six indexes: The Global Competitiveness Index, Doing Business, The Corruption Perception, The Index of Economic Freedom, The Human Development, and The Democracy Index, which are reported by different international organizations. With the help of our methodology we first summarized the above-mentioned 6 indexes and attained 1 general index, besides, our new method enables us to assess the comparative efficiency of the reforms made in different countries by analyzing them. The purpose is to reveal the opportunities and threats of socialeconomic reforms in different directions.

Keywords: Assessment, comparative, effectiveness, reforms

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Authors: L. Basha, E. Gjika

Abstract:

The exchange rate is one of the most important economic variables, especially for a small, open economy such as Albania. Its effect is noticeable on one country's competitiveness, trade and current account, inflation, wages, domestic economic activity and bank stability. This study investigates the fluctuation of Albania’s exchange rates using monthly average foreign currency, Euro (Eur) to Albanian Lek (ALL) exchange rate with a time span from January 2008 to June 2021 and the macroeconomic factors that have a significant effect on the exchange rate. Initially, the Random Forest Regression algorithm is constructed to understand the impact of economic variables in the behavior of monthly average foreign currencies exchange rates. Then the forecast of macro-economic indicators for 12 months was performed using time series models. The predicted values received are placed in the random forest model in order to obtain the average monthly forecast of Euro to Albanian Lek (ALL) exchange rate for the period July 2021 to June 2022.

Keywords: Exchange rate, Random Forest, time series, Machine Learning, forecasting.

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Authors: Shorena Pharjiani

Abstract:

Present empirical paper investigates the relationship between FDI and economic growth by 10 selected industries in 10 Central and Eastern European countries from the period 1995 to 2012. Different estimation approaches were used to explore the connection between FDI and economic growth, for example OLS, RE, FE with and without time dummies. Obtained empirical results leads to some main consequences: First, the Central and East European countries (CEEC) attracted foreign direct investment, which raised the productivity of industries they entered in. It should be concluded that the linkage between FDI and output growth by industries is positive and significant enough to suggest that foreign firm’s participation enhanced the productivity of the industries they occupied. There had been an endogeneity problem in the regression and fixed effects estimation approach was used which partially corrected the regression analysis in order to make the results less biased. Second, it should be stressed that the results show that time has an important role in making FDI operational for enhancing output growth by industries via total factor productivity. Third, R&D positively affected economic growth and at the same time, it should take some time for research and development to influence economic growth. Fourth, the general trends masked crucial differences at the country level: over the last 20 years, the analysis of the tables and figures at the country level show that the main recipients of FDI of the 11 Central and Eastern European countries were Hungary, Poland and the Czech Republic. The main reason was that these countries had more open door policies for attracting the FDI. Fifth, according to the graphical analysis, while Hungary had the highest FDI inflow in this region, it was not reflected in the GDP growth as much as in other Central and Eastern European countries.

Keywords: Central and East European countries (CEEC), economic growth, FDI, panel data.

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Authors: Alessandro Lanteri, Salvatore Rizzello

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The choice of studying economics instead of another subject should be motivated by the fact that economics training equips students with skills and knowledge that other disciplines do not provide. Which are these skills and knowledge, however, is not always very clear. This article clarifies such issue by first exploring the philosophical foundations and the defining features of the discipline, and then by investigating in which ways these are transferred to the students. In other words, we study what is meant by the 'economic way of thinking' that is passed on to the students.

Keywords: Economists, Expertise, Politics, Surveys.

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Authors: Apirada Chinprateep

Abstract:

The ASEAN Economic Community (AEC) is the goal of regional economic integration by 2015. In the region, tourism is an activity that is important, especially as a source of foreign currency, a source of employment creation and a source of income bringing to the region. Given the complexity of the issues entailing the concept of sustainable tourism, this paper tries to assess tourism sustainability with the ASEAN, based on a number of quantitative indicators for all the ten economies, Thailand, Myanmar, Laos, Vietnam, Malaysia, Singapore, Indonesia, Philippines, Cambodia, and Brunei. The methodological framework will provide a number of benchmarks of tourism activities in these countries. They include identification of the dimensions; for example, economic, socio-ecologic, infrastructure and indicators, method of scaling, chart representation and evaluation on Asian countries. This specification shows that a similar level of tourism activity might introduce different implementation in the tourism activity and might have different consequences for the socioecological environment and sustainability. The heterogeneity of developing countries exposed briefly here would be useful to detect and prepare for coping with the main problems of each country in their tourism activities, as well as competitiveness and value creation of tourism for ASEAN economic community, and will compare with other parts of the world.

Keywords: AEC, ASEAN, sustainable, tourism, competitiveness.

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Authors: U. Yerlikaya, R. T. Balkan

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In this research, a method is developed to obtain high-dimensional configuration space for path planning problems. In typical cases, the path planning problems are solved directly in the 3-dimensional (D) workspace. However, this method is inefficient in handling the robots with various geometrical and mechanical restrictions. To overcome these difficulties, path planning may be formalized and solved in a new space which is called configuration space. The number of dimensions of the configuration space comes from the degree of freedoms of the system of interest. The method can be applied in two ways. In the first way, the point clouds of all the bodies of the system and interaction of them are used. The second way is performed via using the clearance function of simulation software where the minimum distances between surfaces of bodies are simultaneously measured. A double-turret system is held in the scope of this study. The 4-D configuration space of a double-turret system is obtained in these two ways. As a result, the difference between these two methods is around 1%, depending on the density of the point cloud. The disparity between the two forms steadily decreases as the point cloud density increases. At the end of the study, in order to verify 4-D configuration space obtained, 4-D path planning problem was realized as 2-D + 2-D and a sample path planning is carried out with using A* algorithm. Then, the accuracy of the configuration space is proved using the obtained paths on the simulation model of the double-turret system.

Keywords: A* Algorithm, autonomous turrets, high-dimensional C-Space, manifold C-Space, point clouds.

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Authors: Kawinphat Lertpongmanee

Abstract:

The development of One Tambon One Product (OTOP) became the policy of the government in 1997 after the former Prime Minister had been in power. The strategy of sections is currently set for the policy. OTOP has become the part of the way of community lives around the country. OTOP may be developed under changing into ASEAN economic community in 2015 because of the flow of capitals, productions, and many workers in the region. All sectors are improved for the change. The purposes of study were to study the strength and weakness of the OTOP-creating process via its policy and to lead to the strategy to be able to apply before changing. The methodology is qualitative to study its policy including document and to interview experienced persons. The findings showed that the effort of improvement of all sectors obviously involves with OTOP development. Particularly, the strategic administration of OTOP is in every level of the state, central sector, region, and community.

Keywords: ASEAN Economic Community – AEC, One Tambon One Product – OTOP.

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Authors: Insaf Mehani, Bachir Bouchekima

Abstract:

The fight against climate change and the replacement of fossil energies nearing exhaustion gradually emerge as major societal and economic challenges. It is possible to develop common dates of low commercial value, and put on the local and international market a new generation of products with high added values such as bio ethanol. Besides its use in chemical synthesis, bio ethanol can be blended with gasoline to produce a clean fuel while improving the octane.

Keywords: Bio energy, waste dates, bio ethanol.

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Authors: Ali Alotaibi, Francis Edum-Fotwe, Andrew Price /

Abstract:

Mega construction projects create buildings and major infrastructure to respond to work and life requirements while playing a vital role in promoting any nation’s economy. However, the industry is often criticised for not balancing economic, environmental and social dimensions of their projects, with emphasis typically on one aspect to the detriment of the others. This has resulted in many negative impacts including environmental pollution, waste throughout the project lifecycle, low productivity, and avoidable accidents. The identification of comprehensive Social Responsibility (SR) indicators, which combine social, environmental and economic aspects, is urgently needed. This is particularly the case in the context of the Kingdom of Saudi Arabia (KSA), which often has mega public construction projects. The aim of this paper is to develop a set of wide-ranging SR indicators which encompass social, economic and environmental aspects unique to the KSA. A qualitative approach was applied to explore relevant indicators through a review of the existing literature, international standards and reports. A list of appropriate indicators was developed, and its comprehensiveness was corroborated by interviews with experts on mega construction projects working with SR concepts in the KSA. The findings present 39 indicators and their metrics, covering 10 economic, 12 environmental and 17 social aspects of SR mapped against their references. These indicators are a valuable reference for decision-makers and academics in the KSA to understand factors related to SR in mega construction projects. The indicators are related to mega construction projects within the KSA and require validation in a real case scenario or within a different industry to demonstrate their generalisability.

Keywords: Social responsibility, construction projects, economic, social, environmental, indicators.

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Authors: Roger L Goodwin

Abstract:

The US Consumer Price Indices (CPIs) measures hundreds of items in the US economy. Many social programs and government benefits index to the CPIs. The purpose of this project is to modernize an existing process. This paper will show the development of a small, visual, software product that documents the Economic Price Adjustment (EPA) for longterm contracts. The existing workbook does not provide the flexibility to calculate EPAs where the base-month and the option-month are different. Nor does the workbook provide automated error checking. The small, visual, software product provides the additional flexibility and error checking. This paper presents the feedback to project.

Keywords: Consumer Price Index, Economic Price Adjustment, contracts, visualization tools, database, reports, forms, event procedures.

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Authors: A. K. Al-Othman

Abstract:

This study presents a new approach based on Tanaka's fuzzy linear regression (FLP) algorithm to solve well-known power system economic load dispatch problem (ELD). Tanaka's fuzzy linear regression (FLP) formulation will be employed to compute the optimal solution of optimization problem after linearization. The unknowns are expressed as fuzzy numbers with a triangular membership function that has middle and spread value reflected on the unknowns. The proposed fuzzy model is formulated as a linear optimization problem, where the objective is to minimize the sum of the spread of the unknowns, subject to double inequality constraints. Linear programming technique is employed to obtain the middle and the symmetric spread for every unknown (power generation level). Simulation results of the proposed approach will be compared with those reported in literature.

Keywords: Economic Dispatch, Fuzzy Linear Regression (FLP)and Optimization.

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Authors: Emmanuel Dele Balogun

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This paper analyzes, using descriptive statistics and econometrics data which span the period 1981 to 2014 to gauge the effects of trade policy incentives on economic growth in Nigeria. It argues that the provided incentives penalize economic growth during pre-trade liberalization eras, but stimulated a rapid increase in total factor productivity during the post-liberalization period of 2000 to 2014. The trend analysis shows that Nigeria maintained high tariff walls in economic regulation eras which became low in post liberalization era. The protections were in favor of infant industries, which were mainly appendages of multinationals but against imports of competing food and finished consumer products. The trade openness index confirms the undue exposure of Nigeria’s economy to the vagaries of international market shocks; while banking sector recapitalization and new listing of telecommunications companies deepened the financial markets in post-liberalization era. The structure of economic incentives was biased in favor of construction, trade and services, but against the real sector despite protectionist policies. Total Factor Productivity (TFP) estimates show that the Nigerian economy suffered stagnation in pre-liberalization eras, but experienced rapid growth rates in post-liberalization eras. The regression results relating trade policy incentives to TFP growth rate yielded a significant but negative intercept suggesting that a non-interventionist policy could be detrimental to economic progress, while protective tariff which limits imports of competing products could spur productivity gains in domestic import substitutes beyond factor growth with market liberalization. The main constraint to the effectiveness of trade policy incentives is the failure of benefiting industries to leverage on the domestic factor endowments of the nation. This paper concludes that there is the need to review the current economic transformation strategies urgently with a view to provide policymakers with a better understanding of the most viable options that could make for rapid success.

Keywords: Trade Policies, macroeconomic incentives, total factor productivity and economic growth.

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Authors: Jan Ceselsky

Abstract:

Construction and reconstruction of settlements and individual municipalities, environmental management and the creation, deployment of the forces of production and building transport and technical equipment requires a large expenditure of material and human resources. That is why the economic aspects of the majority decision in these planes built in the foreground and are often decisive. Thereby but more serious is that the economic aspects of the settlement, the creation and function remain in their whole, unprocessed, and cannot speak of a set of individual techniques and methods traditional indicators and experiments with new approaches. This is true both at the level of the national economy, and in their own urban designs. Still a few remain identified specific economic shaping patterns of settlement and the less it is possible to speak of their control. Also practical assessing economics of specific solutions are often used non-apt indicators in addition to economics usually identifies with the lowest acquisition cost or high-intensity land use with little regard for functional efficiency and little studied much higher operating and maintenance costs".

Keywords: Investment, municipal engineering, value for money.

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Authors: Nese Dikmen

Abstract:

Post-disaster reconstruction projects offer opportunities to facilitate physical, social and economic development and to reduce future hazard vulnerability long after the disasters. Sustainability of post-disaster reconstruction project conducted in the villages of Dinar following the 1995 earthquake was investigated in this paper. Officials of the Government who were involved in the project were interviewed. Besides, two field surveys were done in 12 villages of Dinar in winter months of 2008. Beneficiaries were interviewed and physical, socio-cultural and economic impacts of the reconstruction were examined. The research revealed that the postdisaster reconstruction project has negative aspects from the point view of sustainability. The physical, socio-cultural and economic factors were not considered during decision making process of the project.

Keywords: Dinar, Post-disaster reconstruction, Sustainable development, Turkey.

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Authors: Evy Latifah, Eko Widaryanto, M. Dawam Maghfoer, Arifin

Abstract:

Tomato (Lycopersicon esculentum Mill.) is potential vegetables to develop, because it has high economic value and has the potential to be exported. There is a decrease in tomato productivity due to unfavorable growth conditions such as bacterial wilt, fusarium wilt, high humidity, high temperature and inappropriate production technology. Grafting technology is one alternative technology. In addition to being able to control the disease in the soil, grafting is also able to increase the growth and yield of production. Besides, it is also necessary to know the economic benefits if using grafting technology. A promising eggplant rootstock for tomato grafting is Solanum torvum. S. torvum is selected as a rootstock with high compatibility. The purpose of this research is to know the effect of grafting several varieties of tomatoes with Solanum torvum as a rootstock. The experiment was conducted in Agricultural Extension Center Pare. Experimental Garden of Pare Kediri sub-district from July to early December 2016. The materials used were tomato Cervo varieties, Karina, Timoty, and Solanum torvum. Economic analysis, growth, and yield including plant height, number of leaves, percentage of disease and tomato production were used as performance measures. The study showed that grafting tomato Timoty scion with Solanum torvum as rootstock had higher production. Financially, grafting tomato Timoty and Cervo scion had higher profit about. 28,6% and 16,3% compared to Timoty and Cervo variety treatment without grafting.

Keywords: Grafting technology, economic analysis, growth, yield of tomato, Solanum torvum.

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Authors: K. Bokreta, D. Benanaya

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

Keywords: Economic growth, fiscal policy, monetary policy, VECM.

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Authors: Y. Duvarci, S. Mizokami

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Traffic enforcement units (the Police) are partly responsible for the severity and frequency of the traffic accidents via the effectiveness of their safety measures. The Police claims that the reductions in accidents and their severities occur largely by their timely interventions at the black spots, through traffic management or temporary changes in the road design (guiding, reducing speeds and eliminating sight obstructions, etc.). Yet, some other external factors than the Police measures may intervene into which such claims require a statistical confirmation. In order to test the net impact of the Police contribution in the reduction of the number of crashes, Chi square test was applied for 25 spots (streets and intersections) and an average evaluation was achieved for general conclusion in the case study of Izmir city. Separately, the net impact of economic crisis in the reduction of crashes is assessed by the trend analysis for the case of the economic crisis with the probable reduction effects on the trip generation or modal choice. Finally, it was proven that the Police measures were effective to some degree as they claimed, though the economic crisis might have only negligible contribution to the reductions in the same period observed.

Keywords: Road Safety, Police, Enforcement units, Chi Squaretest, Economic Impact.

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Authors: Mojahid F. Saeed Osman

Abstract:

Repairable items inventory system is a management tool used to incorporate all information concerning inventory levels and movements for repaired and new items. This paper presents development of an effective simulation model for managing the inventory of repairable items for a production system where production lines send their faulty items to a repair shop considering the stochastic failure behavior and repair times. The developed model imitates the process of handling the on-hand inventory of repaired items and the replenishment of the inventory of new items using Economic Order Quantity and Reorder Point ordering policy in a flexible and risk-free environment. We demonstrate the appropriateness and effectiveness of the proposed simulation model using an illustrative case problem. The developed simulation model can be used as a reliable tool for estimating a healthy on-hand inventory of new and repaired items, backordered items, and downtime due to unavailability of repaired items, and validating and examining Economic Order Quantity and Reorder Point ordering policy, which would further be compared with other ordering strategies as future work.

Keywords: Inventory system, repairable items, simulation, maintenance, economic order quantity, reorder point.

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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.

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Authors: Kiyohiro Yamazaki

Abstract:

A purpose of this study is to examine how a firm without fundamental technology is able to gain the competitive advantage. This paper examines three case studies, Sony in the flat display TV industry, Casio in the digital camera industry and Nintendo in the home game machine industry. This paper maintain the firms without fundamental technology construct two advantages, economic advantage and organizational advantage. An economic advantage involves the firm can select either high-tech or cheap devices out of several device makers, and change the alternatives cheaply and quickly. In addition, organizational advantage means that a firm without fundamental technology is not restricted by organizational inertia and cognitive restraints, and exercises the characteristic of strength.

Keywords: Firm without fundamental technology, economic advantage, organizational advantage, Sony, Casio, Nintendo.

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Authors: Maia Margvelashvili, Kakhaber Cheishvili, Ineza Vatsadze

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In Capitalism all economic activity rests upon a set of core institutional foundations, main from which are privately owned capital assets and profit. How these core institutional foundations are working in former soviet countries, in particular in Travel and Tourism Industry of Georgia? The role of Travel and Tourism as a key pillar of economic growth is being increasingly recognized by governments in all regions of the world. For the last few years Georgia succeeded in the World Bank and IFC “Doing Business” rankings. Despite of that, during decades totally different statistical data of the tourism sector were provided by the different State bodies; economic parameters were published few, or not published at all. The frequency and extent of property rights violation in Georgia has repeatedly been the subject of concern for the last decade. Total value of abrogated by the former Georgian Government private property is estimated approximately in US$4-5 billion. Thus, if economic profitability is unknown and property rights are not protected – that means that the main institutional foundations of capitalism in Georgia, are not working properly yet, that cause management problems at all levels of the national Travel and Tourism industry of Georgia.

Keywords: Institutional foundations of capitalism, Tourism management, Transition stage.

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Authors: Joko Pitono, Adi Soeprijanto, Takashi Hiyama

Abstract:

This paper present an efficient and reliable technique of optimization which combined fuel cost economic optimization and emission dispatch using the Sigmoid Decreasing Inertia Weight Particle Swarm Optimization algorithm (PSO) to reduce the cost of fuel and pollutants resulting from fuel combustion by keeping the output of generators, bus voltages, shunt capacitors and transformer tap settings within the security boundary. The performance of the proposed algorithm has been demonstrated on IEEE 30-bus system with six generating units. The results clearly show that the proposed algorithm gives better and faster speed convergence then linearly decreasing inertia weight.

Keywords: Optimal Power Flow, Combined Economic Emission Dispatch, Sigmoid decreasing Inertia Weight, Particle Swarm Optimization.

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Authors: Josip Visković, Ana Rimac Smiljanić, Ines Ivić

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Housing loans play an important role in CEE countries’ economies. This fact is based on their share in total loans to households and their importance for economic activity and growth in CEE countries. Therefore, it is important to find out key determinants of housing loans demand in these countries. The aim of this study is to research and analyze the determinants of the demand for housing loans in Croatia. In this regard, the effect of economic activity, loan terms and real estate prices were analyzed. Also, the aim of this study is to find out what motivates people to take housing loans. Therefore, primarily empirical study was conducted among the Croatian residents. The results show that demand for housing loans is positively affected by economic growth, higher personal income and flexible loan terms, while it is negatively affected by interest rate rise.

Keywords: CEE countries, Croatia, demand determinants, housing loans.

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Authors: Daurenbek Kuleimenov, Elmira Otar

Abstract:

Market institutions extension within transit societies  contributes to constituting the new type of middle class and  households livelihood strategies. The middle class households as an  example of prosperity in many cases encourage the ordinary ones to  do the same economic actions. Therefore, practices of using market  institutions by middle class households in transit societies, which are  mostly characterized by huge influence of traditional attitudes, can  carry habitual features for the whole society. Market institutions  consumption habit of the middle class households makes them  trendsetters of economic habits of other households while adapting to  the market economy. Moreover different social-economic positions  of households lead them to different consuming results such as  worsening or improving household economy due to indebtedness.

 

Keywords: Middle class, Households, Market institutions, Transition.

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Authors: Sevilay Konya, Sadife Güngör, Zeynep Karaçor

Abstract:

Turkish economy is occurred depending on different factors from time to time and the banking crises of different magnitudes. Foremost among the factors which hinder the development of countries and societies- crises in the country's economy. Countries' economic growth rates affect inflation, unemployment and external trade. In this study, effect of November 2000, February 2001 and 2008 banking crisis on Turkey's economy and banking crisis will be examined and announced as conceptual. In this context, this study is investigates Turkey's GDP, inflation, unemployment and foreign trade figures. Turkey's economy affected have been identified from 2000 November 2001 February and 2008 banking crisis.

Keywords: Banking crises, Turkey’s economy, economic effects, Turkey.

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