Search results for: Economic crises

Authors: Irena Palić

Abstract:

The main objective of the research in this paper is to empirically assess the causal relationship of private savings and economic growth in the Republic of Croatia. Households’ savings are approximated by household deposits in banks, while domestic income is approximated by industrial production volume indices. Vector Autoregression model and Granger causality tests are used to in order to analyse the relationship among private savings and economic growth. Since ADF unit root tests have shown that both mentioned series are non stationary at levels, series are first differenced in order to become stationary. Therefore, VAR model is estimated with percentage change in private savings and percentage change in domestic income, which can be interpreted as economic growth in case of positive percentage change in domestic income. The Granger causality test has shown that there is no causal relationship among private savings and economic growth in Croatia. The impulse response functions have shown that the impact of shock in domestic income on private savings change is stronger than the impact of private saving on growth. Variance decompositions show that both economic growth and private saving change explain the largest part of its own forecast variance. The research has shown that the link between private savings economic and growth in Croatia is weak, what is in line with relevant empirical research in small open economies.

Keywords: Economic growth, Granger causality, innovation analysis, private savings, Vector Autoregression model.

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Authors: Ilias A. Makris

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In this work, we attempt to analyze the contribution of innovative activities to firm performance and growth. We examine economic data from some of the economies that were heavily affected by current economic crisis: the countries of southern Europe (Portugal, Italy, Greece and Spain) and Ireland. Following literature, an appropriate econometric model is developed and several indicators are tested in order to disclose possible relation with innovative activity. Findings confirm the crucial effect of innovative process in economic activity, in firm and country level.

Keywords: Eurozone Periphery, Firm Performance, Innovative activity, R&D.

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Authors: Jagabondhu Hazra, Avinash Sinha

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Economic dispatch problem is an optimization problem where objective function is highly non linear, non-convex, non-differentiable and may have multiple local minima. Therefore, classical optimization methods may not converge or get trapped to any local minima. This paper presents a comparative study of four different evolutionary algorithms i.e. genetic algorithm, bacteria foraging optimization, ant colony optimization and particle swarm optimization for solving the economic dispatch problem. All the methods are tested on IEEE 30 bus test system. Simulation results are presented to show the comparative performance of these methods.

Keywords: Ant colony optimization, bacteria foraging optimization, economic dispatch, evolutionary algorithm, genetic algorithm, particle swarm optimization.

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Authors: Debasis Neogi

Abstract:

India-s North-Eastern part, comprising of seven states, is a lowly developed, tribal population dominated region in India. Inspite of the common Mongoloid origin and lifestyle of majority of the population residing here, sharp differences exist in the status of their socio-economic development. The present paper, through a state-wise analysis, makes an attempt to find out the extent of this disparity, especially on the socio-economic front. It illustrates the situations prevailing in health, education, economic and social cohesion sector. Discussion on the implications of such disparity on social stability finds that the causes of frequent insurgency activities, that have been penetrating the region for a long time, thereby creating communal conflicts, can be traced in the economic deprivation and disparity. In the last section, the paper makes policy prescription and suggests how by taking care of disparity and deprivation both poverty and the problem of communal conflicts can be controlled.

Keywords: Disparity, development, deprivation, communal conflicts.

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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. Erkomaishvili

Abstract:

This paper discusses small entrepreneurship development strategy in Georgia and the tools and regulations that will encourage development of small entrepreneurship. The current situation in the small entrepreneurship sector, as well as factors affecting growth and decline in the sector and the priorities of state support, are studied and analyzed. The objective of this research is to assess the current situation of the sector to highlight opportunities and reveal the gaps. State support of small entrepreneurship should become a key priority in the country’s economic policy, as development of the sector will ensure social, economic and political stability. Based on the research, a small entrepreneurship development strategy is presented; corresponding conclusions are made and recommendations are developed.

Keywords: Economic policy for small entrepreneurship development, small entrepreneurship, regulations, small entrepreneurship development strategy.

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Authors: Hazlina Hamdan, Fatimah Yusof, Dasimah Omar, Faizul Abdullah, Naasah Nasrudin, Ishak Che Abullah

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In the globalization context and competitiveness, the role of a university is further enhanced. University is no longer confined to traditional roles. Universities need to interact with others in order to be relevant and progressive. Symbiosis relationships between the university and industry are very significant because the relationship between those two can foster economic development of a nation. In a world of fast changing technology and competition, it is necessary for the university to collaborate with industry to combine efforts fostering the diffusion of knowledge, increasing research and development, patenting innovation and commercializing products. It has become increasingly accepted that the necessity of close university-industry interactions as a mean of national economic prosperity. Therefore, this paper is aim to examine the level of linkages in university-industry interactions to which promotes the regional economic growth and development. This paper will explore the formation of linkages between the Higher Education Institution (University Technology MARA) and industries located in the Klang Valley region of Malaysia. It will present the university-industry linkages with emphasis on the type of linkages existed, the benefits of having such linkages to promote regional economic development and finally the constraints that might impede the linkages and potentials to enhance the linkages towards economic growth and development.

Keywords: Industry, Interaction, Linkages, Regional development, University

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Authors: N. Rugthaicharoencheep, S. Auchariyamet

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Distributed Generation (DG) in the form of renewable power generation systems is currently preferred for clean power generation. It has a significant impact on the distribution systems. This impact may be either positively or negatively depending on the distribution system, distributed generator and load characteristics. In this works, an overview of DG is briefly introduced. The technology of DG is also listed while the technical impacts and economic impacts are explained.

Keywords: Distributed Generation, Technical Impacts, Economic Impacts.

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Authors: Navid Javidtash, Abdolmohamad Davodi, Mojtaba Hakimzadeh, Abdolreza Roozbeh

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Economic dispatch (ED) is considered to be one of the key functions in electric power system operation. This paper presents a new hybrid approach based genetic algorithm (GA) to economic dispatch problems. GA is most commonly used optimizing algorithm predicated on principal of natural evolution. Utilization of chaotic queue with GA generates several neighborhoods of near optimal solutions to keep solution variation. It could avoid the search process from becoming pre-mature. For the objective of chaotic queue generation, utilization of tent equation as opposed to logistic equation results in improvement of iterative speed. The results of the proposed approach were compared in terms of fuel cost, with existing differential evolution and other methods in literature.

Keywords: Economic Dispatch(ED), Optimization, Fuel Cost, Genetic Algorithm (GA).

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

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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.

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Authors: Siyanda S. Biyela, Willie A. Cronje

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This paper presents a desktop study of comparing two different wave energy to electricity technologies (WECs) using a techno-economic approach. This techno-economic approach forms basis of a framework for rapid comparison of current and future technologies. The approach also seeks to assist in investment and strategic decision making expediting future deployment of wave energy harvesting in South Africa.

Keywords: Cost of energy, tool, wave energy converter, WEC-Sim.

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Authors: Bahaa Khalil, Taha B. M. J. Ouarda, André St-Hilaire

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The world economic crises and budget constraints have caused authorities, especially those in developing countries, to rationalize water quality monitoring activities. Rationalization consists of reducing the number of monitoring sites, the number of samples, and/or the number of water quality variables measured. The reduction in water quality variables is usually based on correlation. If two variables exhibit high correlation, it is an indication that some of the information produced may be redundant. Consequently, one variable can be discontinued, and the other continues to be measured. Later, the ordinary least squares (OLS) regression technique is employed to reconstitute information about discontinued variable by using the continuously measured one as an explanatory variable. In this paper, two record extension techniques are employed to reconstitute information about discontinued water quality variables, the OLS and the Line of Organic Correlation (LOC). An empirical experiment is conducted using water quality records from the Nile Delta water quality monitoring network in Egypt. The record extension techniques are compared for their ability to predict different statistical parameters of the discontinued variables. Results show that the OLS is better at estimating individual water quality records. However, results indicate an underestimation of the variance in the extended records. The LOC technique is superior in preserving characteristics of the entire distribution and avoids underestimation of the variance. It is concluded from this study that the OLS can be used for the substitution of missing values, while LOC is preferable for inferring statements about the probability distribution.

Keywords: Record extension, record augmentation, monitoringnetworks, water quality indicators.

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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: K. Assis, K. P. Chong, A. S. Idris, C. M. Ho

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Oil palm or Elaeis guineensis is considered as the golden crop in Malaysia. But oil palm industry in this country is now facing with the most devastating disease called as Ganoderma Basal Stem Rot disease. The objective of this paper is to analyze the economic loss due to this disease. There were three commercial oil palm sites selected for collecting the required data for economic analysis. Yield parameter used to measure the loss was the total weight of fresh fruit bunch in six months. The predictors include disease severity, change in disease severity, number of infected neighbor palms, age of palm, planting generation, topography, and first order interaction variables. The estimation model of yield loss was identified by using backward elimination based regression method. Diagnostic checking was conducted on the residual of the best yield loss model. The value of mean absolute percentage error (MAPE) was used to measure the forecast performance of the model. The best yield loss model was then used to estimate the economic loss by using the current monthly price of fresh fruit bunch at mill gate.

Keywords: Ganoderma, oil palm, regression model, yield loss, economic loss.

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Authors: A. Bobirca, A. Draghici

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The objective of this paper is to construct a creativity composite index designed to capture the growing role of creativity in driving economic and social development for the 27 European Union countries. The paper proposes a new approach for the measurement of EU-27 creative potential and for determining its capacity to attract and develop creative human capital. We apply a modified version of the 3T model developed by Richard Florida and Irene Tinagli for constructing a Euro-Creativity Index. The resulting indexes establish a quantitative base for policy makers, supporting their efforts to determine the contribution of creativity to economic development.

Keywords: European Creativity Index, talent, technology, tolerance

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Authors: C. Ardil

Abstract:

In this research, the Balkan peninsula countries' developmental integration into European Union represents the strategic economic development objectives of the countries in the region. In order to objectively analyze the level of economic development competition of Balkan Peninsula countries, the mathematical compromise programming technique of multicriteria evaluation is used in this ranking problem. The primary aim of this research is to explain the role and significance of the multicriteria method evaluation using a real example of compromise solutions. Using the mathematical compromise programming technique, twelve countries of the Balkan Peninsula are economically evaluated and mutually compared. The economic development evaluation of the countries is performed according to five evaluation criteria forming the basis for economic development evaluation. The multiattribute model is solved using the mathematical compromise programming technique for producing different Pareto solutions. The results obtained by the multicriteria evaluation gives the possibility of identification and evaluation of the most eminent economic development indicators for each country separately. Finally, in this way, the proposed method has proved to be a successful model for the evaluation of the Balkan peninsula countries' economic development competition.

Keywords: Balkan peninsula countries, standard deviation, multicriteria decision making, mathematical compromise programming, multicriteria decision making, multicriteria analysis, multicriteria decision analysis.

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Authors: Ahmed R. Ismail, Hatem A. El Tawil, Nevin G. Rezk

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Historic paths in today's cities are facing the pressure of the urban development due to the rapid urban growth. Every new development is tearing the old urban fabric and the socio-economic character of the historic paths. Furthermore, in some cases historic paths suffer from negligence and decay. Kom El Dekka historic path was one of those deteriorated paths in the city of Alexandria, Egypt, in spite of its high heritage and socio-economic value. Therefore, there was a need to develop urban regeneration strategies as a part of a wider sustainable development vision, to handle the situation and revitalize the path as a livable space in the heart of the city. This study aims to develop a comprehensive assessment methodology to evaluate the different values of the path and to create community-oriented and economic-based analysis methodology for its socio-economic values. These analysis and assessments provide strategies for any regeneration action plan for Kom El Dekka historic path.

Keywords: Community-oriented, economic-based, syntactical analysis, urban regeneration.

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Authors: Farhad Namdari, Reza Sedaghati

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Economic dispatch (ED) has been considered to be one of the key functions in electric power system operation which can help to build up effective generating management plans. The practical ED problem has non-smooth cost function with nonlinear constraints which make it difficult to be effectively solved. This paper presents a novel heuristic and efficient optimization approach based on the new Bat algorithm (BA) to solve the practical non-smooth economic dispatch problem. The proposed algorithm easily takes care of different constraints. In addition, two newly introduced modifications method is developed to improve the variety of the bat population when increasing the convergence speed simultaneously. The simulation results obtained by the proposed algorithms are compared with the results obtained using other recently develop methods available in the literature.

Keywords: Non-smooth, economic dispatch, bat-inspired, nonlinear practical constraints, modified bat algorithm.

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Authors: Revaz Gvelesiani

Abstract:

The intrinsic contradictions of entrepreneurship development and self-development strategies complicate the task of reaching compliance between the state economic policy and the company entrepreneurship policy: on the one hand, there is a contradiction between the social and the competitive order within economic order policy and on the other hand, the contradiction exists between entrepreneurship strategy and entrepreneurship culture within entrepreneurship policy.

Keywords: Economic Order Policy, Entrepreneurship, Development Contradictions, Self-Development Contradictions.

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Authors: Cruz Pascual, Enrique Regidor, Paloma Ortega, David Martínez, Paloma Astasio

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This paper evaluates the association between economic environment in the districts of Madrid (Spain) and physical inactivity, using income per capita as indicator of economic environment. The analysis included 6,601 individuals aged 16 to 74 years. The measure of association estimated was the prevalence odds ratio for physical inactivity by income per capita. After adjusting for sex, age, and individual socioeconomic characteristics, people living in the districts with the lowest per capita income had an odds ratio for physical inactivity 1.58 times higher (95% confidence interval 1.35 to 1.85) than those living in districts with the highest per capita income. Additional adjustment for the availability of sports facilities in each district did not decrease the magnitude of the association. These findings show that the widely believed assumption that the availability of sports and recreational facilities, as a possible explanation for the relation between economic environment and physical inactivity, cannot be considered a universal observation.

Keywords: Economic environment, physical inactivity, sports facilities, districts, Madrid, Spain

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Authors: Mostafa A. Elshahed, Magdy M. Elmarsfawy, Hussain M. Zain Eldain

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In this paper, a Dynamic Economic Dispatch (DED) model is developed for the system consisting of both thermal generators and wind turbines. The inclusion of a significant amount of wind energy into power systems has resulted in additional constraints on DED to accommodate the intermittent nature of the output. The probability of stochastic wind power based on the Weibull probability density function is included in the model as a constraint; A Here-and-Now Approach. The Environmental Protection Agency-s hourly emission target, which gives the maximum emission during the day, is used as a constraint to reduce the atmospheric pollution. A 69-bus test system with non-smooth cost function is used to illustrate the effectiveness of the proposed model compared with static economic dispatch model with including the wind power.

Keywords: Dynamic Economic Dispatch, StochasticOptimization, Weibull Distribution, Wind Power

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Authors: V. Vassiliou, M. Charalambides, M. Menicou

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Fish-feed is a major cost component of operating expenses for any aquaculture farm. Due to soaring prices of fish-feed ingredients, the need for better feeding schedule management has become imperative. On such factor that influences the utilization rate of fish-feed are sea currents. Up to now, practical monitoring of fishfeed loss due to sea currents is not exercised. This paper gives a description of an economic methodology that aims at quantifying the amount of fish-feed lost due to sea currents and draws on data from a Mediterranean aquaculture farm to formulate the associated model.

Keywords: Aquaculture, economic model, fish-feed loss, sea currents.

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Authors: Lisa J. Piergallini

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This project uses panel regression analyses to investigate the relationships between geography, institutions, and economic development, as guided by the theories of the 18^th century French philosopher Montesquieu. Contemporary scholars of political economy perpetually misinterpret Montesquieu’s theories on climate, and in doing so they miss what could be the key to resolving the geography vs. institutions debate. There is a conspicuous gap in this literature, in that it does not consider whether geography and institutors might have an interactive, dynamic effect on economic development. This project seeks to bridge that gap. Data are used for all available countries over the years 1980-2013. Two interaction terms between geographic and institutional variables are employed within the empirical analyses, and these offer a unique contribution to the ongoing geography vs. institutions debate within the political economy literature. This study finds that there is indeed an interactive effect between geography and institutions, and that this interaction has a statistically significant effect on economic development. Democracy (as measured by Polity score) and rule of law and property rights (as measured by the Fraser index) have positive effects on economic development (as measured by GDP per capita), yet the magnitude of these effects are stronger in contexts where a low percent of the national population lives in the geographical tropics. This has implications for promoting economic development, and it highlights the importance of understanding geographical context.

Keywords: Montesquieu, geography, institutions, economic development, political philosophy, political economy.

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

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

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

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

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

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

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Authors: G. Erkomaishvili, E. Kharaishvili, M. Chavleishvili, N. Sagareishvili

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This paper discusses the current condition of tourism and its economic policy in Georgia. It analyzes and studies wellness tourism, as one of the directions of tourism; the newest niche in the wellness industry – triggering wellness resorts with medical ideology. The paper discusses the development tendencies of medical wellness resorts in Georgia and its main economic preferences. The main finding of the research is that Georgia is a unique place in the world according to the variety of medical recourses. This makes the opportunity to create and successfully operate medical wellness resorts, as well as develop it as a brand for Georgia in the world. The research represents the development strategies of tourism and its medical wellness resorts in Georgia, and offers recommendations based on the relevant conclusions.

Keywords: Economic policy of tourism, medical wellness resorts, tourism, wellness industry.

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Authors: S. Khamsawang, S. Jiriwibhakorn

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This paper proposes an application of the differential evolution (DE) algorithm for solving the economic dispatch problem (ED). Furthermore, the regenerating population procedure added to the conventional DE in order to improve escaping the local minimum solution. To test performance of DE algorithm, three thermal generating units with valve-point loading effects is used for testing. Moreover, investigating the DE parameters is presented. The simulation results show that the DE algorithm, which had been adjusted parameters, is better convergent time than other optimization methods.

Keywords: Differential evolution, Economic dispatch problem, Valve-point loading effect, Optimization method.

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Authors: K. P. K. S. Lahirushan, W. G. V. Gunasekara

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Main purpose of this study is to identify the impact of government expenditure on economic growth in Asian Countries. Consequently, main objective is to analyze whether government expenditure causes economic growth in Asian countries vice versa and then scrutinizing long-run equilibrium relationship exists between them. The study completely based on secondary data. The methodology being quantitative that includes econometrical techniques of cointegration, panel fixed effects model and granger causality in the context of panel data of Asian countries; Singapore, Malaysia, Thailand, South Korea, Japan, China, Sri Lanka, India and Bhutan with 44 observations in each country, totaling to 396 observations from 1970 to 2013. The model used is the random effects panel OLS model. As with the above methodology, the study found the fascinating outcome. At first, empirical findings exhibit a momentous positive impact of government expenditure on Gross Domestic Production in Asian region. Secondly, government expenditure and economic growth indicate a long-run relationship in Asian countries. In conclusion, there is a unidirectional causality from economic growth to government expenditure and government expenditure to economic growth in Asian countries. Hence the study is validated that it is in line with the Keynesian theory and Wagner’s law as well. Consequently, it can be concluded that role of government would play a vital role in economic growth of Asian Countries. However; if government expenditure did not figure out with the economy’s needs it might be considerably inspiration the economy in a negative way so that society bears the costs.

Keywords: Asian Countries, Government Expenditure, Keynesian theory, Wagner’s theory, Random effects panel OLS model.

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Authors: Safdar Muhammad Usman, Youji Kohda, Katsuhiro Umemoto

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Electronic market place plays an important intermediary role for connecting dealers and retail customers. The main aim of this paper is to design a value co-creation model in used-car auctions. More specifically, the study has been designed in order to describe the process of value co-creation in used-car auctions, to explore the co-created values in used-car auctions, and finally conclude the paper indicating the future research directions. Our analysis shows that economic values as well as non-economic values are co-created in used-car auctions. In addition, this paper contributes to the academic society broadening the view of value co-creation in service science.

Keywords: Value co-creation, Used-car auctions, Non-economic values, Service science.

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Authors: Huei-Wen Lin, Huei-Fu Lu

Abstract:

Event sport tourism (EST) has become an especially important economic sector around the world. As the magnitude continues to grow, attracting more tourists, media, and investment for the host community, and many local areas/regions and states have identified the expenditures by visitors as a potential source of economic or employment growth. The main purposes of this study are to investigate stakeholders’ insights into the feature of hosting EST and using them as a regional development strategy. Continuing the focus of previous literature on the regional development and economic benefits by hosting EST, a total of fıve semi-structured interview questions are designed and a thematic analysis is employed to conduct with eight key sport and tourism decision makers in Atlanta during July to August 2016. Through the depth interviews, the study will contribute to a better understanding of stakeholders’ decision-making, identifying benefits and constraints as well as leveraging the impacts of hosting EST. These findings have provided stakeholders’ perspectives of hosting EST and using them as a reference of regional development in emerging sport tourism markets in the US. Additionally, this study examines key considerations and issues that affect and are critical to reliable understanding of the economic impacts of hosting EST on the regional development, and it will be able to benefit future management authorities (i.e. governments and communities) in their sport tourism development endeavors in defining and hosting successful EST. Furthermore, the insights gained from the qualitative analysis could help other cities/regions analyzing the economic impacts of hosting EST and using it as an instrument of city development strategy.

Keywords: Event sport tourism, regional economic development, thematic analysis, stakeholder.

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