Search results for: growth variables

Authors: F. S. Eguakun, P. O. Adesoye

Abstract:

One of the major problems being faced by human society is that the global temperature is believed to be rising due to human activity that releases carbon IV Oxide (CO2) to the atmosphere. Carbon IV Oxide is the most important greenhouse gas influencing global warming and possible climate change. With climate change becoming alarming, reducing CO2 in our atmosphere has become a primary goal of international efforts. Forest lands are major sink and could absorb large quantities of carbon if the trees are judiciously managed. The study aims at estimating the carbon sequestration capacity of Pinus caribaea (pine) and Tectona grandis (Teak) under the prevailing environmental conditions and exploring tree growth variables that influences the carbon sequestration capacity in Omo Forest Reserve, Ogun State, Nigeria. Improving forest management by manipulating growth characteristics that influences carbon sequestration could be an adaptive strategy of forestry to climate change. Random sampling was used to select Temporary Sample Plots (TSPs) in the study area from where complete enumeration of growth variables was carried out within the plots. The data collected were subjected to descriptive and correlational analyses. The results showed that average carbon stored by Pine and Teak are 994.4±188.3 Kg and 1350.7±180.6 Kg respectively. The difference in carbon stored in the species is significant enough to consider choice of species relevant in climate change adaptation strategy. Tree growth variables influence the capacity of the tree to sequester carbon. Height, diameter, volume, wood density and age are positively correlated to carbon sequestration. These tree growth variables could be manipulated by the forest manager as an adaptive strategy for climate change while plantations of high wood density species could be relevant for management strategy to increase carbon storage.

Keywords: Adaptation, carbon sequestration, climate change, growth variables, wood density.

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Authors: Amirreza Attarzadeh

Abstract:

This paper aims to investigate the relationship between economic variables, e.g., inflation rate, interest rate, trade openness and the growth rate of GDP, with domestic investment. The present study also draws on conceptual economy related theories to verify the negative effect of interest rates on domestic investment. However, trade openness and growth rate had a positive correlation, and the inflation rate may have a positive or negative impact on domestic investment.

Keywords: Inflation rate, growth rate of GDP, interest rate, trade openness, domestic investment.

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

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

Keywords: Creative industries, growth prediction model, growth determinants, growth measures.

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Authors: T. Hussain, M. W. Siddiqi, A. Iqbal

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The study is aimed to test causal relationship between growth and unemployment, using time series data for Pakistan from 1972 to 2006. Growth is considered to be a pathway to decrease the level of unemployment. Unemployment is a social and political issue. It is a phenomenon where human resources are wasted leading to deacceleration in growth. Johanson Cointegration shows that there is long run relationship between growth and unemployment. For short run dynamics and causality, the study utilizes Vector Error Correction Model (VECM). The results of VECM indicate that there is short and long run causal relation between growth and unemployment including capital, labor and human capital as explanatory variables.

Keywords: Economic Growth, Unemployment, Cointegrationand Causality.

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Authors: Shih-Ching Lo, Yu-Ping Liao

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Social-economic variables influence transportation demand largely. Analyses of discrete choice model consider social-economic variables to study traveler-s mode choice and demand. However, to calibrate the discrete choice model needs to have plenty of questionnaire survey. Also, an aggregative model is proposed. The historical data of passenger volumes for high speed rail and domestic civil aviation are employed to calibrate and validate the model. In this study, models with different social-economic variables, which are oil price, GDP per capita, CPI and economic growth rate, are compared. From the results, the model with the oil price is better than models with the other social-economic variables.

Keywords: forecasting, passenger volume, dynamic competitive model, social-economic variables, oil price.

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Authors: N. Šarlija, S. Pfeifer, M. Jeger, A. Bilandžić

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Enterprise growth is generally considered as a key driver of competitiveness, employment, economic development and social inclusion. As such, it is perceived to be a highly desirable outcome of entrepreneurship for scholars and decision makers. The huge academic debate resulted in the multitude of theoretical frameworks focused on explaining growth stages, determinants and future prospects. It has been widely accepted that enterprise growth is most likely nonlinear, temporal and related to the variety of factors which reflect the individual, firm, organizational, industry or environmental determinants of growth. However, factors that affect growth are not easily captured, instruments to measure those factors are often arbitrary, causality between variables and growth is elusive, indicating that growth is not easily modeled. Furthermore, in line with heterogeneous nature of the growth phenomenon, there is a vast number of measurement constructs assessing growth which are used interchangeably. Differences among various growth measures, at conceptual as well as at operationalization level, can hinder theory development which emphasizes the need for more empirically robust studies. In line with these highlights, the main purpose of this paper is twofold. Firstly, to compare structure and performance of three growth prediction models based on the main growth measures: Revenues, employment and assets growth. Secondly, to explore the prospects of financial indicators, set as exact, visible, standardized and accessible variables, to serve as determinants of enterprise growth. Finally, to contribute to the understanding of the implications on research results and recommendations for growth caused by different growth measures. The models include a range of financial indicators as lag determinants of the enterprises’ performances during the 2008-2013, extracted from the national register of the financial statements of SMEs in Croatia. The design and testing stage of the modeling used the logistic regression procedures. Findings confirm that growth prediction models based on different measures of growth have different set of predictors. Moreover, the relationship between particular predictors and growth measure is inconsistent, namely the same predictor positively related to one growth measure may exert negative effect on a different growth measure. Overall, financial indicators alone can serve as good proxy of growth and yield adequate predictive power of the models. The paper sheds light on both methodology and conceptual framework of enterprise growth by using a range of variables which serve as a proxy for the multitude of internal and external determinants, but are unlike them, accessible, available, exact and free of perceptual nuances in building up the model. Selection of the growth measure seems to have significant impact on the implications and recommendations related to growth. Furthermore, the paper points out to potential pitfalls of measuring and predicting growth. Overall, the results and the implications of the study are relevant for advancing academic debates on growth-related methodology, and can contribute to evidence-based decisions of policy makers.

Keywords: Growth measurement constructs, logistic regression, prediction of growth potential, small and medium-sized enterprises.

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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.

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Authors: S. Bouharati, F. Allag, M. Belmahdi, M. Bounechada

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In terms of ecology forecast effects of desertification, the purpose of this study is to develop a predictive model of growth and adaptation of species in arid environment and bioclimatic conditions. The impact of climate change and the desertification phenomena is the result of combined effects in magnitude and frequency of these phenomena. Like the data involved in the phytopathogenic process and bacteria growth in arid soil occur in an uncertain environment because of their complexity, it becomes necessary to have a suitable methodology for the analysis of these variables. The basic principles of fuzzy logic those are perfectly suited to this process. As input variables, we consider the physical parameters, soil type, bacteria nature, and plant species concerned. The result output variable is the adaptability of the species expressed by the growth rate or extinction. As a conclusion, we prevent the possible strategies for adaptation, with or without shifting areas of plantation and nature adequate vegetation.

Keywords: Climate changes, dry soil, Phytopathogenicity, Predictive model, Fuzzy logic.

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Authors: Ronit Chakraborty, Sugata Banerji

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There has been a marked increase in the reported prevalence of Autism Spectrum Disorder (ASD) among children in the US over the past two decades. This research has analyzed the growth in state-level ASD prevalence against 45 different potentially explanatory factors including socio-economic, demographic, healthcare, public policy and political factors. The goal was to understand if these factors have adequate predictive power in modeling the differential growth in ASD prevalence across various states, and, if they do, which factors are the most influential. The key findings of this study include (1) there is a confirmation that the chosen feature set has considerable power in predicting the growth in ASD prevalence, (2) the most influential predictive factors are identified, (3) given the nature of the most influential predictive variables, an indication that a considerable portion of the reported ASD prevalence differentials across states could be attributable to over and under diagnosis, and (4) Florida is identified as a key outlier state pointing to a potential under-diagnosis of ASD.

Keywords: Autism Spectrum Disorder, ASD, clustering, Machine Learning, predictive modeling.

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Authors: Mosses E. Lufuke

Abstract:

This paper attempted to investigate whether there is Granger-causality running from trade to environment as evidenced in the changing climatic condition and land degradation. Using Tanzania as the reference, VAR-Granger-causality test was employed to rationalize the conundrum of causal-effect relationship between trade and environment. The changing climatic condition, as the proxy of both nitrous oxide emissions (in thousand metric tons of CO₂ equivalent) and land degradation measured by the size of arable land were tested against trade using both exports and imports variables. The result indicated that neither of the trade variables Granger-cause the variability on gas emissions and arable land size. This suggests the possibility that all trade concerns in relation to environment to have been internalized in domestic policies to offset any likely negative consequence.

Keywords: Trade, growth, impact, environment.

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Authors: Himali N. Balasooriya, Kithsiri B. Dassanayake, Saman Seneweera, Said Ajlouni

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Increase in atmospheric CO₂ concentration [CO₂] and ambient temperature associated with changing climatic conditions will have significant impacts on agriculture crop productivity and quality. Independent effects of the above two environmental variables on the growth, yield and quality of strawberry were well documented. Higher temperatures over the optimum range (20-25ºC) lead to crop failures, while elevated [CO₂] stimulated plant growth and yield but compromised the physical quality of fruits. However, there is very limited understanding of the interaction between these variables on the plant growth, yield and quality. Therefore, this study was designed to investigate the interactive effect of high temperature and elevated [CO₂] on growth, yield and quality of strawberries. Strawberry cultivars ‘Albion’ and ‘San Andreas’ were grown under six different combinations of two temperatures (25 and 30ºC) and three [CO₂] (400, 650 and 950 µmol mol^-1) in controlled-environmental growth chambers. Plant growth measurements such as plant height, canopy area, number of flowers, and fruit yield were measured during phonological development. Photosynthesis and transpiration, the ratio of intercellular to atmospheric [CO₂] (Ci/Ca) were measured to estimate the physiological adjustment to climate stress. The impact of temperature and [CO₂] interaction on growth and yield of strawberry was significant (p < 0.05). Across both cultivars, highest fruit yields were observed at 650 µmol mol^-1 [CO₂], which was particularly clear at 25°C. The fruit yield gradually decreased at 30°C under all the treatment combinations. However, photosynthesis rates were highest at 650 µmol mol^-1 [CO₂] but no increment was found at 900 µmol mol^-1 [CO₂]. Interestingly, Ci/Ca ratio increased with increasing atmospheric [CO₂] which was predominant at high temperature. Similarly, fruit yield was substantially reduced at high [CO₂] under high temperature. Our findings suggest that increased Ci/Ca ratio at high temperature is likely reduces the photosynthesis and thus yield response to elevated [CO₂].

Keywords: Atmospheric [CO2], fruit yield, strawberry, temperature.

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

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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: Okwan Frank

Abstract:

Maternal health outcome is one of the major population development challenges in Sub-Saharan Africa. The region has the highest maternal mortality ratio, despite the progressive economic growth in the region during the global economic crisis. It has been hypothesized that increase in economic growth will reduce the level of maternal mortality. The purpose of this study is to investigate the existence of the negative relationship between health outcome proxy by maternal mortality ratio and economic growth in Sub-Saharan Africa. The study used the Pooled Mean Group estimator of ARDL Autoregressive Distributed Lag (ARDL) and the Kao test for cointegration to examine the short-run and long-run relationship between maternal mortality and economic growth. The results of the cointegration test showed the existence of a long-run relationship between the variables considered for the study. The long-run result of the Pooled Mean group estimates confirmed the hypothesis of an inverse relationship between maternal health outcome proxy by maternal mortality ratio and economic growth proxy by Gross Domestic Product (GDP) per capita. Thus increasing economic growth by investing in the health care systems to reduce pregnancy and childbirth complications will help reduce maternal mortality in the sub-region.

Keywords: Economic growth, maternal mortality, pool mean group, Sub-Saharan Africa.

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Authors: Bita Mashayekhi, Zeynab Lotfi Aghel

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The determinants of Earnings Response Coefficient (ERC), including firm size, earnings growth, and earnings persistence are studied in this research. These determinants are supposed to be moderator variables that affect ERC and Return Response Coefficient. The research sample contains 82 Iranian listed companies in Tehran Stock Exchange (TSE) from 2001 to 2012. Gathered data have been processed by EVIEWS Software. Results show a significant positive relation between firm size and ERC, and also between earnings growth and ERC; however, there is no significant relation between earnings persistence and ERC. Also, the results show that ERC will be increased by firm size and earnings growth, but there is no relation between earnings persistence and ERC.

Keywords: Earnings response coefficient, return response coefficient, firm size, earnings growth, earnings persistence.

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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: V. Vidučić, T. Brešan Ančić, M. Tomelić Ćurlin

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Prior to quantifying the variables of the information model for using school terminology in Croatia's region of Dalmatia from 1884 to 2014, the most relevant model variables had to be determined: historical circumstances, standard of living, education system, linguistic situation, and media. The research findings show that there was no significant transfer of the 1884 school terms into 1949 usage; likewise, the 1949 school terms were not widely used in 2014. On the other hand, the research revealed that the meaning of school terms changed over the decades. The quantification of the variables will serve as the groundwork for creating an information model for using school terminology in Dalmatia from 1884 to 2014 and for defining direct growth rates in further research.

Keywords: Education system, historical circumstances, linguistic situation, media, school terminology, standard of living.

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Authors: Johannes T. Tsoku, Teboho J. Mosikari, Diteboho Xaba, Thatoyaone Modise

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This paper examines the relationship between manufacturing growth and economic growth in South Africa using quarterly data ranging from 2001 to 2014. The paper employed the Johansen cointegration to test the Kaldor’s hypothesis. The Johansen cointegration results revealed that there is a long run relationship between GDP, manufacturing, service and employment. The Granger causality results revealed that there is a unidirectional causality running from manufacturing growth to GDP growth. The overall findings of the study confirm that Kaldor’s first law of growth is applicable in South African economy. Therefore, investment strategies and policies should be alignment towards promoting growth in the manufacturing sector in order to boost the economic growth of South Africa.

Keywords: Cointegration, economic growth, Kaldor’s law, manufacturing growth.

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Authors: V. Viduĉić, J. Žanić Mikuliĉić, M. Raĉić, K. Sladojević

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The research presented in this paper has been focused on analysing the impact of traffic on the sustainable development of tourism in Croatia's Dubrovacko-Neretvanska County by the year 2020, based on the figures and trends reported in 2014 and using the relevant variables that characterise the synergy of traffic and tourism in, speaking from the geographic viewpoint, the most problematic county in the Republic of Croatia. The basic hypothesis has been confirmed through scientifically obtained research results, through the quantification of the model's variables and the direct growth rates of the designed model. On the basis of scientific insights into the sustainable development of traffic and tourism in Dubrovacko- Neretvanska County, it is possible to propose a new information model for traffic at the service of the sustainable development of tourism in the County for the period 2014-2020.

Keywords: Environment protection, hotel industry, private sector, quantification.

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Authors: Ģirts Brasliņš, Ilja Arefjevs, Nadežda Tarakanova

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

Keywords: Basel III, countercyclical capital buffer, banks, credit growth, Baltic States.

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Authors: Mario Gómez, José Carlos Rodríguez

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

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

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Authors: Sahbi Farhani

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This study investigates the relationship between external debt and military spending in case of India over the period of 1970–2012. In doing so, we have applied the structural break unit root tests to examine stationarity properties of the variables. The Auto-Regressive Distributed Lag (ARDL) bounds testing approach is used to test whether cointegration exists in presence of structural breaks stemming in the series. Our results indicate the cointegration among external debt, military spending, debt servicing, and economic growth. Moreover, military spending and debt servicing add in external debt. Economic growth helps in lowering external debt. The Vector Error Correction Model (VECM) analysis and Granger causality test reveal that military spending and economic growth cause external debt. The feedback effect also exists between external debt and debt servicing in case of India.

Keywords: External debt, military spending, ARDL approach, structural breaks, India.

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Authors: Libena Cernohorska, Jan Cernohorsky

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This article aims to evaluate the impact of loans provided within the Czech banking sector on the growth of the Czech economy. The article is based on research of current scientific findings in respect to bank loans and economic development. The paper is based on data taken from the Czech Statistical Office on the development of the gross domestic product and data from the Czech National Bank on the development of loans from the period 2004-2015. Links between selected variables are tested using Granger causality tests. The results calculated confirm the hypothesis of the impact of the loans on economic growth, with a six-month delay. The results thus correspond to the standard economic findings and results of most previous studies.

Keywords: Bank, business cycle, economic growth, loans.

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Authors: G. Shojatalab

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In this paper, all variables are supposed to be integer and positive. In this modern method, objective function is assumed to be maximized or minimized but constraints are always explained like less or equal to. In this method, choosing a dual combination of ideal nonequivalent and omitting one of variables. With continuing this act, finally, having one nonequivalent with (n-m+1) unknown quantities in which final nonequivalent, m is counter for constraints, n is counter for variables of decision.

Keywords: Integer, Programming, Operation Research, Variables of decision.

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Authors: Hashibah Hamid

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The issue of classifying objects into one of predefined groups when the measured variables are mixed with different types of variables has been part of interest among statisticians in many years. Some methods for dealing with such situation have been introduced that include parametric, semi-parametric and nonparametric approaches. This paper attempts to discuss on a problem in classifying a data when the number of measured mixed variables is larger than the size of the sample. A propose idea that integrates a dimensionality reduction technique via principal component analysis and a discriminant function based on the location model is discussed. The study aims in offering practitioners another potential tool in a classification problem that is possible to be considered when the observed variables are mixed and too large.

Keywords: classification, location model, mixed variables, principal component analysis.

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Authors: Chinnaiah Madduri, Raghu V. Prakash

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This paper presents the results of corrosion fatigue crack growth behaviour of a Ni-Cr-Mn steel commonly used in marine applications. The effect of mechanical variables such as frequency and load ratio on fatigue crack growth rate at various stages has been studied using compact tension (C(T)) specimens along the rolling direction of steel plate under 3.5% saturated NaCl aqueous environment. The significance of crack closure on corrosion fatigue, and the validity of Elber-s empirical linear crack closure model with the ASTM compliance offset method have been examined. Fatigue crack growth rate is higher and threshold stress intensities are lower in aqueous environment compared to the lab air conditions. It is also observed that the crack growth rate increases at lower frequencies. The higher stress ratio promotes the crack growth. The effect of oxidization and corrosion pit formation is very less as the stress ratio is increased. It is observed that as stress ratios are increased, the Elber-s crack closure model agrees well with the crack closure estimated by the ASTM compliance offset method for tests conducted at 5Hz frequency compared to tests conducted at 1Hz in corrosive environment.

Keywords: Corrosion fatigue, oxide induced crack closure, Elber's crack closure, ASTM compliance offset method.

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Authors: Fatma Didin Sonmez

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This survey of recent literature examines the link between growth and poverty. It is widely accepted that economic growth is a necessary condition for sustainable poverty reduction. But it is the fact that the economic growth of some countries has been pro-poor while others not. Some factors such as labor market, policies and demographic factors may lead to a weak relationship between economic performance and poverty rate. In this sense pro-growth policies should be pro-poor to increase the poverty alleviation effects of the growth. The purpose of this study is to review the recent studies on the effects of macroeconomic policies on poverty and inequality and to review the poverty analyses which examine the relationship between growth, poverty and inequality. Also this study provides some facts about the relationship between economic growth, inequality and poverty from Turkey. Keywordseconomic growth, inequality, macroeconomic policy, poverty

Keywords: economic growth, inequality, macroeconomic policy, poverty

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Authors: Maqbool Hussain Sial, Maaida Hussain Hashmi, Sofia Anwar

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The present research was focused to investigate the role of investment in the course of economic growth with reference to Pakistan. The study analyzed the role of the public and private investment and impact of the political and macroeconomic uncertainty on economic growth of Pakistan by using the vector autoregressive approach (VAR). In long-run both public and private investment showed a positive impact on economic growth but the growth was largely driven by private investment as compared to public investment. Government consumption expenditure, economic uncertainty and political instability hampered the economic growth of Pakistan. In short-run the private investment positively influences the growth but there was negative and insignificant effect of the public investment and government consumption expenditure on the growth. There was a positive relationship found between economic uncertainty (proxy for inflation) and GDP in short run.

Keywords: Investment, Government Consumption, Growth, Co-integration, Pakistan.

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Authors: Yan-zhao Yang

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In this paper, some limit properties for mixing random variables sequences were studied and some results on weak law of large number for mixing random variables sequences were presented. Some complete convergence theorems were also obtained. The results extended and improved the corresponding theorems in i.i.d random variables sequences.

Keywords: Complete convergence, mixing random variables, weak law of large numbers.

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Authors: Vinko Vidučić, Ljiljana Vidučić, Damir Boras

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The goals of the research include the determination of the characteristics of SMEs finance in Croatia, as well as the determination of indirect growth rates of the information model of the entrepreneurs` perception of business environment. The research results show that cost of finance and access to finance are most important constraining factor in setting up and running the business of small entrepreneurs in Croatia. Furthermore, small entrepreneurs in Croatia are significantly dissatisfied with the administrative barriers although relatively to a lesser extent than was the case in the pre crisis time. High collateral requirement represents the main characteristic of bank lending concerning SMEs followed by long credit elaboration process. Formulated information model has defined the individual impact of indirect growth rates of the remaining variables on the model’s specific variable.

Keywords: Business environment, information model, indirect growth rates, SME finance.

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Authors: Chiung-Ju Huang

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

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

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