Search results for: Economic dispatch

Authors: Ahmet Ay, Hakan Acet, Ceyhun Can Özcan

Abstract:

Economic freedoms, most emphasized issue in the recent years, are considered to affect economic growth and performance via institutional structure. In this context, a model that includes Turkey and Middle East Countries, and where the effects of economic freedom on growth are examined, was formed. For the groups of countries determined, in the study carried out by using the dataset belonging the period of 2004 - 2009, between economic freedoms and growth, a negative relationship was observed as group. In the sense of individual effects, it was identified that there was a positive relationship in terms of some Middle East Countries and Turkey.

Keywords: Economic Freedoms, Economic Growth, Freedoms.

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Authors: Zh.Mingaleva, K.Balkova

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Innovations and innovative activity get the increasing value for successful financial and economic activity of the countries and regions. The level of innovative sphere development determines place of a country or a region in world economy and forms a basis of steady economic growth. This article is devoted to different aspects of organization of the national economic safety in the conditions of innovative development, its problems, risks and threats. Economy can be considered as aspiring for transition to innovative way only with finding of economic safety: financial independence, power stability and technological progress. There are statistical indicators, defining the level of economic security and factors, threatening economic safety of the state. The research is based on the analysis of factors and indicators in conditions of innovative development. The paper is illustrated by the examples of possible estimated system of the economic safety level.

Keywords: Economic safety, innovative activity, innovative development, innovative economy

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Authors: H. Fallah, Z. Naddaf Baghdadabadi

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Planning of economic activities development has various dimensions one of which determines adequate capacity of economic activities in provinces regarding the government-s goals. Paralleling planning goals of economic activities development including subjects being focused on the view statement is effective to better realize the statement's goals. Current paper presents a native framework for economic activities development in provincial level. Triple steps within the framework are concordant with the view statement-s goals achievement. At first step of the proposed framework, economic activities are being prioritized in terms of employment indices, and secondly economic activities regarding to the province's relative advantages are being recognized. In the third step, desirable capacity of economic activities is determined with regards to the government's goals and effective constraints in economic activities development. Development of economic activities related to the provinces- relative advantages, contributes on regional balance and on equal development of economic activities. Furthermore, results of the framework enable more confident investment, affect employment development and remove unemployment concern as the main goals of the view statement.

Keywords: Development, economic activity, regional planning, view statement.

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Authors: B. Zvirbule, I. Vilka

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The Baltic States regained independence and started the pathway from command economy to market economy and entered European Union at the same time. Latter internationally recognized evaluations for the countries are diverse. The present diversity of the Baltic States -Economic Development is a subject of interest because of the similarities – all three are small, open economies, countries have similar geographic location and initially likewise historical and political backgrounds. This article explains relationship between social environment, business environment and economic growth. It argues that the elements of social environment underlie more successful economic development. It researches the causes, why Estonia has performed better in economic outcomes and development. The article analyses selection of socio-economic indicators of all three Baltic States – Latvia, Lithuania and Estonia for the time period of ten years to include the influence of economic cycles.

Keywords: Baltic States, economic development, economic growth, level of education, social environment.

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Authors: Sara Mohtashami, Habib Rajabi Mashhadi

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With the growth of electricity generation from gas energy gas pipeline reliability can substantially impact the electric generation. A physical disruption to pipeline or to a compressor station can interrupt the flow of gas or reduce the pressure and lead to loss of multiple gas-fired electric generators, which could dramatically reduce the supplied power and threaten the power system security. Gas pressure drops during peak loading time on pipeline system, is a common problem in network with no enough transportation capacity which limits gas transportation and causes many problem for thermal domain power systems in supplying their demand. For a feasible generation scheduling planning in networks with no sufficient gas transportation capacity, it is required to consider gas pipeline constraints in solving the optimization problem and evaluate the impacts of gas consumption in power plants on gas pipelines operating condition. This paper studies about operating of gas fired power plants in critical conditions when the demand of gas and electricity peak together. An integrated model of gas and electric model is used to consider the gas pipeline constraints in the economic dispatch problem of gas-fueled thermal generator units.

Keywords:

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Authors: Amna Javed, Hisashi Masuda, Youji Kohda

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This study examines the value analysis in Islamic and conventional banking services in Pakistan. Many scholars have focused on co-creation of values in services but mainly economic values not non-economic. As Islamic banking is based on Islamic principles that are more concerned with non-economic values (well-being, partnership, fairness, trust worthy, and justice) than economic values as money in terms of interest.  This study is important to know the providers point of view about the co-created values, because, it may be more sustainable and appropriate for today’s unpredictable socio-economic environment. Data were collected from 4 banks (2 Islamic and 2 conventional banks). Text mining technique is applied for data analysis, and values with 100% occurrences in Islamic banking are chosen. The results reflect that Islamic banking is more centric towards non-economic values than economic values and it promotes team work and partnership concept by applying Islamic spirit and trust worthiness concept.

Keywords: Economic values, Islamic banking, Non-economic values, Value system.

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Authors: Chiung-Ju Huang

Abstract:

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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Authors: Afonso, S. C., Fernandes, P. O., Monte, A. P.

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Modern times call organizations to have an active role in the social arena, through Corporate Social Responsibility (CSR). The objective of this research was to test the hypothesis that there is a positive relation between social performance and economic performance, and if there is a positive correlation between social performance and financial-economic performance. To test these theories a measure of social performance, based on the Green Book of Commission of the European Community, was used in a group of nineteen Portuguese top companies, listed on the PSI 20 index, through a period of five years, since 2005 to 2009. A clusters analysis was applied to group companies by their social performance and to compare and correlate their economic performance. Results indicate that companies that had a better social performance are not the ones who had a better economic performance, and suggest that the middle path might provide a good relation CSR-Economic performance, as a basis to a sustainable development.

Keywords: Corporate Social Responsibility, Economic Performance, Win-Win relationship

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Authors: Sara Tessitore, Tiberio Daddi, Fabio Iraldo

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The article aims to investigate the presence of a correlation between eco-innovation and economic performance within industrial districts. The case analyzed in this article is based on a study concerning a sample of 54 Italian industrial clusters entitled "Eco-Districts" that has compiled a list of the most eco-efficient districts at the national level. After selecting two districts, this study assesses the economic performance of the last three years through the analysis of trends in four indicators. The results show that only in some cases there is a connection between eco innovation and economic performance.

Keywords: clusters, industrial districts, eco-innovation, economic performance.

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Authors: Dmitri Men, Byong-soon Chun, Soon-ok Myong

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The article deals with the problems of political and economic processes in Kazakhstan since independence in the context of globalization. It analyzes the geopolitical situation and selfpositioning processes in the world after the end of the "cold war". It examines the problems of internal economization of the Republic for 20 years of independence. The authors argue that the reforms proceeded in the economic sphere have brought ambiguous and tangible results. Despite the difficult economic and political conditions facing a world economical crisis the country has undergone fundamental and radical transformations in the whole socio-economic system

Keywords: Globalization, Kazakhstan, integration, economic processes, financial crisis, multi-vector.

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Authors: Amna Javed, Katsuhiro Umemoto, Youji Kohda

Abstract:

The purpose of this paper is to examine co-creation of non-economic values in Islamic banking services and their significance for service science by comparing Islamic and conventional banking services. Although many scholars have discussed co-creation of values in services, most of them have focused on only economic values.

Following Sharia (Islamic principles that are based on Qur’an and Sunnah) traditions, Islamic banking is more concerned with such non-economic values as well-being, partnership, fairness, trust, and justice, than such economic values as money in terms of interest.  Therefore, it may be more sustainable and suitable for today’s unpredictable socio-economic environments.

We also argue that Islamic banking is essentially a value co-creation business model that fits better with the so-called Service-Dominant Logic (SDL) than conventional banking. This paper explores a new frontier of value co-creation in services, thereby contributing to further development of service science.

Keywords: Value co-creation, Islamic banking, Non-economic values, Service science.

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Authors: M. R. AlRashidi, M. F. AlHajri, M. E. El-Hawary

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An enhanced particle swarm optimization algorithm (PSO) is presented in this work to solve the non-convex OPF problem that has both discrete and continuous optimization variables. The objective functions considered are the conventional quadratic function and the augmented quadratic function. The latter model presents non-differentiable and non-convex regions that challenge most gradient-based optimization algorithms. The optimization variables to be optimized are the generator real power outputs and voltage magnitudes, discrete transformer tap settings, and discrete reactive power injections due to capacitor banks. The set of equality constraints taken into account are the power flow equations while the inequality ones are the limits of the real and reactive power of the generators, voltage magnitude at each bus, transformer tap settings, and capacitor banks reactive power injections. The proposed algorithm combines PSO with Newton-Raphson algorithm to minimize the fuel cost function. The IEEE 30-bus system with six generating units is used to test the proposed algorithm. Several cases were investigated to test and validate the consistency of detecting optimal or near optimal solution for each objective. Results are compared to solutions obtained using sequential quadratic programming and Genetic Algorithms.

Keywords: Particle Swarm Optimization, Optimal Power Flow, Economic Dispatch.

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Authors: Anant Oonsivilai, Kenedy A. Greyson

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The demand of the energy management systems (EMS) set forth by modern power systems requires fast energy management systems. Contingency analysis is among the functions in EMS which is time consuming. In order to handle this limitation, this paper introduces agent based technology in the contingency analysis. The main function of agents is to speed up the performance. Negotiations process in decision making is explained and the issue set forth is the minimization of the operating costs. The IEEE 14 bus system and its line outage have been used in the research and simulation results are presented.

Keywords: Agents, model, negotiation, optimal dispatch, powersystems.

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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: Muhamad Nugraha

Abstract:

Economic growth always correlate positively with the magnitude of the unemployment rate. This is caused by labor which one of important variable to keep growth in the real sector of the region. Meanwhile, the economic structure in districts of Jember showed an increase of economic activity began to shift towards the industrial sector and some other economic sectors, so they have an affects to considerations for policy makers to increase economic growth in Jember as an autonomous region in East Java Province. At the fact, SMEs is among the factors driving economic growth in the region. This is shown by the high amount of SMEs. However, employment in the sector grew slightly slowed. It is caused by a lack of productivity in SMEs. Through the analysis of the transformation of economic structure theory, and the theory of Triple Helix using descriptive analytical method Location Quotient and Shift - Share, found that the results of the economic structure in Jember slowly shifting from the agricultural sector to the industrial sector, because it is dominated by trade sector, hotel and restaurant sector. In addition, SMEs is the potential sector of economic growth in Jember. While to maximizing role and functions of the institution's Research and Development Center of SMEs, there are three points to be known, that are Business Landscape, Business Architecture and Value Added.

Keywords: Economic Growth, SMEs, Labor, Research and Development Center of SMEs.

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Authors: Maria E. Eggink

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It is the aim of this paper to place the role of innovation in economic development in its theoretical context through a literature review. The review compares classical economic theory and the neoclassical theories of “equilibrium in the markets” and “perfectly competitive markets” with the Schumpeterian theory. It was found that Schumpeter’s role in contributing towards economic development theories, and by creating awareness of the role of innovation in these theories is of immeasurable importance. His contribution led to a change in economic thinking, although this was only realized much later than when his theories were first published. The neo-Schumpeterian thinking expanded on the Schumpeterian theory by studying innovation within a system of interaction among different role players. Studies on innovation should be founded in the neo-Schumpeterian school of thought in order to accommodate the complexity of the innovation system concept.

Keywords: Economic development, evolutionary economics, innovation, Schumpeter.

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Authors: Shih-Ching Lo, Yu-Ping Liao

Abstract:

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: Petr Teply, Ondrej Vejdovec

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There are three main ways of categorizing capital in banking operations: accounting, regulatory and economic capital. However, the 2008-2009 global crisis has shown that none of these categories adequately reflects the real risks of bank operations, especially in light of the failures Bear Stearns, Lehman Brothers or Northern Rock. This paper deals with the economic capital allocation of global banks. In theory, economic capital should reflect the real risks of a bank and should be publicly available. Yet, as discovered during the global financial crisis, even when economic capital information was publicly disclosed, the underlying assumptions rendered the information useless. Specifically, some global banks that reported relatively high levels of economic capital before the crisis went bankrupt or had to be bailed-out by their government. And, only 15 out of 50 global banks reported their economic capital during the 2007-2010 period. In this paper, we analyze the changes in reported bank economic capital disclosure during this period. We conclude that relative shares of credit and business risks increased in 2010 compared to 2007, while both operational and market risks decreased their shares on the total economic capital of top-rated global banks. Generally speaking, higher levels of disclosure and transparency of bank operations are required to obtain more confidence from stakeholders. Moreover, additional risks such as liquidity risks should be included in these disclosures.

Keywords: global crisis, economic capital, risk management, risk allocation, bank

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Authors: Wei Lo, Ming-En Kuo

Abstract:

While to minimize the overall project cost is always one of the objectives of construction managers, to obtain the maximum economic return is definitely one the ultimate goals of the project investors. As there is a trade-off relationship between the project time and cost, and the project delivery time directly affects the timing of economic recovery of an investment project, to provide a method that can quantify the relationship between the project delivery time and cost, and identify the optimal delivery time to maximize economic return has always been the focus of researchers and industrial practitioners. Using genetic algorithms, this study introduces an optimization model that can quantify the relationship between the project delivery time and cost and furthermore, determine the optimal delivery time to maximize the economic return of the project. The results provide objective quantification for accurately evaluating the project delivery time and cost, and facilitate the analysis of the economic return of a project.

Keywords: Time-Cost Trade-Off, Genetic Algorithms, Resource Integration, Economic return.

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Authors: Shahzadah Fahad Qureshi, Jianqing Zhang

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

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

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Authors: Christina Babatsou, Efthimios Zervas

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Since 2008 a new economic crisis is present is the entire planet. This crisis affects several domains of the economic but also of the social life. Consumption decreases due to the lack of necessary resources of households to increase their expenditures. The car manufacturing is one of the main industrial activities in European Union (EU) and the present crisis particularly affects it. The present study examines the correlations between several socio-economic indicators and car market in European Union. The target is to find out the impact of the present economic crisis on the car market in EU.

Keywords: European Union, Passenger cars, Social indicators, Correlations

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Authors: S. Thongkeaw, M. Boonthienthong

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This paper presents the techniques for voltage control in distribution system. It is integrated in the distribution management system. Voltage is an important parameter for the control of electrical power systems. The distribution network operators have the responsibility to regulate the voltage supplied to consumer within statutory limits. Traditionally, the On-Load Tap Changer (OLTC) transformer equipped with automatic voltage control (AVC) relays is the most popular and effective voltage control device. A static synchronous compensator (STATCOM) may be equipped with several controllers to perform multiple control functions. Static Var Compensation (SVC) is regulation slopes and available margins for var dispatch. The voltage control in distribution networks is established as a centralized analytical function in this paper. 

Keywords: Voltage Control, Reactive Power, Distribution System.

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Authors: Md. Emaj Uddin

Abstract:

This study compared socio-economic status attainment between the Muslim and Santal couples in rural Bangladesh. For this we hypothesized that socio-economic status attainment (occupation, education and income) of the Muslim couples was higher than the Santal ones in rural Bangladesh. In order to examine the hypothesis 288 couples (145 couples for Muslim and 143 couples for Santal) selected by cluster random sampling from Kalna village, Bangladesh were individually interviewed with semistructured questionnaire method. The results of Pearson Chi-Squire test suggest that there were significant differences in socio-economic status attainment between the two communities- couples. In addition, Pearson correlation coefficients also suggest that there were significant associations between the socio-economic statuses attained by the two communities- couples in rural Bangladesh. Further crosscultural study should conduct on how inter-community relations in rural social structure of Bangladesh influence the differences among the couples- socio-economic status attainment

Keywords: Bangladesh, Couple, Cross-Cultural Comparison, Muslim, Socio-Economic Status Attainment, Santal.

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Authors: M. Ilyas, M. W. Siddiqi

Abstract:

This study employs auto-regressive distributed lag (ARDL) bounds approach to cointegration for long run and errorcorrection modeling (ECM) for short run analysis to examine the relationship between revenue gap and economic growth for Pakistan using annual time series data over the period 1980 to 2008. The short and long run results indicate that revenue gap is statistical significant and negatively effect economic growth. The significant and negative coefficient of error correction term in ECM indicates that after a shock, the long rum equilibrium will again converge towards equilibrium about 10.406 percent within a year.

Keywords: ARDL cointegration, Economic Growth, RevenueGap, Pakistan.

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Authors: Fatma Didin Sonmez, Pinar Sener

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Technology transfer by international trade and foreign direct investment is the most important positive outcome of open economy. It is widely accepted that new technology and knowledge have an important role in enhancing economic growth. Human capital is the other important factor assisting economic growth. In this study, the role of human capital in the growth process is examined in a view of new endogenous growth theory emphasizing on the technology transfer resulting from international trade. Using the panel data of 10 developed and 10 developing countries, impact of human capital and openness on the rate of economic growth of different countries is analysed. Evidence suggests the view that human capital and openness contribute to the economic growth in both developing and developed countries, but with different rates.

Keywords: economic growth, human capital, openness, technology

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Authors: Troy L. Story

Abstract:

A mathematical model for the Dynamics of Economic Profit is constructed by proposing a characteristic differential oneform for this dynamics (analogous to the action in Hamiltonian dynamics). After processing this form with exterior calculus, a pair of characteristic differential equations is generated and solved for the rate of change of profit P as a function of revenue R (t) and cost C (t). By contracting the characteristic differential one-form with a vortex vector, the Lagrangian is obtained for the Dynamics of Economic Profit.

Keywords: Differential geometry, exterior calculus, Hamiltonian geometry, mathematical economics, economic functions, and dynamics

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Authors: Azhar E. Serikkaliyeva, Nurzhamal A. Aldabek

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The purpose of this article is to analyze economic and political tendencies of development of integration processes with different developing level and speed on the Eurasian space, by considering two organizations at the region – Eurasian Economic Community and Shanghai Cooperation Organization, by considering the interests of participations in organizations of Russia and China as a global powers and Kazakhstan as a leader among the Central Asian countries. This article investigates what certain goals Eurasian countries (especially Russia, Kazakhstan and China) are waiting from integration within the SCO and the EurAsEC, linking the process with the theories of regional integration. After European debt crisis it is more topically to research the integration within the specific region's conditions.

Keywords: Eurasian Economic Community, China, Kazakhstan, Shanghai Cooperation Organization, Regional integration, Russia.

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Authors: Ehigiamusoe, Uyi Kizito

Abstract:

The paper examines the impact of money market on economic growth in Nigeria using data for the period 1980-2012. Econometrics techniques such as Ordinary Least Squares Method, Johanson’s Co-integration Test and Vector Error Correction Model were used to examine both the long-run and short-run relationship. Evidence from the study suggest that though a long-run relationship exists between money market and economic growth, but the present state of the Nigerian money market is significantly and negatively related to economic growth. The link between the money market and the real sector of the economy remains very weak. This implies that the market is not yet developed enough to produce the needed growth that will propel the Nigerian economy because of several challenges. It was therefore recommended that government should create the appropriate macroeconomic policies, legal framework and sustain the present reforms with a view to developing the market so as to promote productive activities, investments, and ultimately economic growth.

Keywords: Economic Growth, Investments, Money Market, Money Market Challenges, Money Market Instruments.

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Authors: Kamila Janovská, Šárka Vilamová, Petr Besta, Iveta Vozňáková, Roman Kozel

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Quantitative methods of economic decision-making as the methodological base of the so called operational research represent an important set of tools for managing complex economic systems,both at the microeconomic level and on the macroeconomic scale. Mathematical models of controlled and controlling processes allow, by means of artificial experiments, obtaining information foroptimalor optimum approaching managerial decision-making.The quantitative methods of economic decision-making usually include a methodology known as structural analysis -an analysisof interdisciplinary production-consumption relations.

Keywords: economic decision-making, mathematical methods, structuralanalysis, technical coefficient

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Authors: Seyed Mohammad Reza Hosseini

Abstract:

The new institutional Economics helps generalization and expansion of new classic by adding the institution theories to Economic. It is clear that the appropriate institution is among the factors that lead to success in Economic programs. If the institutional are appropriate, the society will save the source and when we make use of time to apply the program, there will be welfare and average revenue product will also increase. In Economy, one should not expect the real manifestation of Economic programs only with a model for estimating and predicting rather institutions of the same purpose and along with production are needed to form the process of growth and development costs. In this research, the institution role in transaction costs, financial markets, distribution of revenue and capital and its influence on the process of growth and development are investigated so that handicaps and problems of Iran Economic Institutions can be recognized. In other words, incapability, non productivity and ambiguity of the institution in Iran Economic are some of the factors that handicap Economic growth and development. For example, Iran government as an important institution while having 20 ministries,83 organizations and 60 years of programming could not go along the growth and development but why?

Keywords: Institution, New institutional economics, Transaction costs.

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