Search results for: systemic transformations
Commenced in January 2007
Frequency: Monthly
Edition: International
Paper Count: 199

Search results for: systemic transformations

139 The Transformative Impact of Telecommunication in Africa: Connecting Nations, Empowering Lives

Authors: I. M. Mungadi, M. S. Argungu

Abstract:

This study delves into the transformative impact of telecommunication in Africa, illuminating its role in connecting nations and empowering lives across the continent. Over recent decades, the rapid expansion of telecommunication infrastructure has become a powerful force, fostering socio-economic growth and development. Beyond the exchange of information, this digital revolution has influenced education, healthcare, commerce, governance, and social interaction. The abstract explores the multifaceted dimensions of telecommunication's influence on Africa, addressing both its positive transformations and the challenges it presents. By examining the dynamic interplay between technological advancements and societal changes, this research contributes to a nuanced understanding of how telecommunication is shaping a more interconnected, informed, and empowered Africa.

Keywords: Transformative, telecommunication, nations, empowering, connecting.

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138 Improving the Flexibility of Employment in Polish Economic Practice

Authors: A. Bodak, A. Cierniak-Emerych, M. Gableta, A. Pietroń-Pyszczek, K. Piwowar-Sulej

Abstract:

Modern organizations operate under the pressure of dynamic and often unpredictable changes, both in external and internal environment. Market success, in this context, requires a particular competence in the form of flexibility, interpreted here both on the level of individuals and on the level of organization. This paper addresses the changes taking place in the sphere of employment, as observed in economic entities operating on Polish market. Based on own empirical studies, the authors focus on the progressing trend of ‘flexibilization’ of employment, particularly in the context of transformations in organizational structure, designed to facilitate the transition into management by projects and differentiation of labor forms.

Keywords: Flexibility of employment, changes in organizational structure, forms of employment, social effects of flexibility.

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137 Post Earthquake Volunteer Learning That Build Up Caring Learning Communities

Authors: Naoki Okamura

Abstract:

From a perspective of moral education, this study has examined the experiences of a group of college students who volunteered in disaster areas after the magnitude 9.0 Earthquake, which struck the Northeastern region of Japan in March, 2011. The research, utilizing the method of grounded theory, has uncovered that most of the students have gone through positive changes in their development of moral and social characters, such as attaining deeper sense of empathy and caring personalities. The study expresses, in identifying the nature of those transformations, that the importance of volunteer work should strongly be recognized by the colleges and universities in Japan, in fulfilling their public responsibility of creating and building learning communities that are responsible and caring.

Keywords: Moral development, moral education, service learning, volunteer learning.

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136 Concerns Regarding the Adoption of the Model Driven Architecture in the Development of Safety Critical Avionics Applications

Authors: Benjamin Gorry

Abstract:

Safety Critical hard Real-Time Systems are ever present in the avionics industry. The Model Driven Architecture (MDA) offers different levels of model abstraction and generation. This paper discusses our concerns relating to model development and generation when using the MDA approach in the avionics industry. These concerns are based on our experience when looking into adopting the MDA as part of avionics systems development. We place emphasis on transformations between model types and discuss possible benefits of adopting an MDA approach as part of the software development life cycle.

Keywords: Model Driven Architecture, Real-Time AvionicsApplications.

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135 An Automated High Pressure Differential Thermal Analysis System for Phase Transformation Studies

Authors: T. K. Mondal, N C Shivaprakash

Abstract:

A piston cylinder based high pressure differential thermal analyzer system is developed to investigate phase transformations, melting, glass transitions, crystallization behavior of inorganic materials, glassy systems etc., at ambient to 4 GPa and at room temperature to 1073 K. The pressure is calibrated by the phase transition of bismuth and ytterbium and temperature is calibrated by using thermocouple data chart. The system developed is calibrated using benzoic acid, ammonium nitrate and it has a pressure and temperature control of ± 8.9 x 10 -4 GPa , ± 2 K respectively. The phase transition of Asx Te100-x chalcogenides, ferrous oxide and strontium boride are studied using the indigenously developed system.

Keywords: double stage crystallization, Phase transition, Quasi hydrostatic, Rigidity percolation

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134 Social Structure, Involuntary Relations, and Urban Poverty

Authors: Mahmood Niroobakhsh

Abstract:

This article deals with special structuralism approaches to explain a certain kind of social problem. Widespread presence of poverty is a reminder of deep-rooted unresolved problems of social relations. The expected role from an individual for the social system recognizes poverty derived from an interrelated social structure. By the time, enabled to act on his role in the course of social interaction, reintegration of the poor in society may take place. Poverty and housing type are reflections of the underlying social structure, primarily structure’s elements, systemic interrelations, and the overall strength or weakness of that structure. Poverty varies based on social structure in that the stronger structures are less likely to produce poverty.

Keywords: Absolute poverty, relative poverty, social structure, urban poverty.

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133 Block Cipher Based on Randomly Generated Quasigroups

Authors: Deepthi Haridas, S Venkataraman, Geeta Varadan

Abstract:

Quasigroups are algebraic structures closely related to Latin squares which have many different applications. The construction of block cipher is based on quasigroup string transformation. This article describes a block cipher based Quasigroup of order 256, suitable for fast software encryption of messages written down in universal ASCII code. The novelty of this cipher lies on the fact that every time the cipher is invoked a new set of two randomly generated quasigroups are used which in turn is used to create a pair of quasigroup of dual operations. The cryptographic strength of the block cipher is examined by calculation of the xor-distribution tables. In this approach some algebraic operations allows quasigroups of huge order to be used without any requisite to be stored.

Keywords: quasigroups, latin squares, block cipher and quasigroup string transformations.

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132 Metallographic Analysis of Laser and Mechanically Formed HSLA Steel

Authors: L.C. Kgomari, R.K.K.Mbaya

Abstract:

This research was conducted to develop a correlation between microstructure of HSLA steel and the mechanical properties that occur as a result of both laser and mechanical forming processes of the metal. The technique of forming flat metals by applying laser beams is a relatively new concept in the manufacturing industry. However, the effects of laser energy on the stability of metal alloy phases have not yet been elucidated in terms of phase transformations and microhardness. In this work, CO2 laser source was used to irradiate the surface of a flat metal then the microstructure and microhardness of the metal were studied on the formed specimen. The extent to which the microstructure changed depended on the heat inputs of up to 1000 J/cm2 with cooling rates of about 4.8E+02 K/s. Experimental results revealed that the irradiated surface of a HSLA steel had transformed to austenitic structure during the heating process.

Keywords: Laser, Forming, Microstructure

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131 The Effect of Carbon on Molybdenum in the Preparation of Microwave Induced Molybdenum Carbide

Authors: Abd. Rahim Yacob, Mohd Khairul Asyraf Amat Mustajab, Nurshaira Haifa Suhaimi

Abstract:

This study shows the effect of carbon towards molybdenum carbide alloy when exposed to Microwave. This technique is also known as Microwave Induced Alloying (MIA) for the preparation of molybdenum carbide. In this study ammonium heptamolybdate solution and carbon black powder were heterogeneously mixed and exposed to microwave irradiation for 2 minutes. The effect on amount of carbon towards the produced alloy on morphological and oxidation states changes during microwave is presented. In this experiment, it is expected carbon act as a reducing agent with the ratio 2:7 molybdenum to carbon as the optimum for the production of molybdenum carbide alloy. All the morphological transformations and changes in this experiment were followed and characterized using X-Ray Diffraction and FESEM.

Keywords: Carbon, molybdenum carbide, microwave induced alloying.

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130 Transonic Flutter Analysis Using Euler Equation and Reduced Order Modeling Technique

Authors: D. H. Kim, Y. H. Kim, T. Kim

Abstract:

A new method identifies coupled fluid-structure system with a reduced set of state variables is presented. Assuming that the structural model is known a priori either from an analysis or a test and using linear transformations between structural and aeroelastic states, it is possible to deduce aerodynamic information from sampled time histories of the aeroelastic system. More specifically given a finite set of structural modes the method extracts generalized aerodynamic force matrix corresponding to these mode shapes. Once the aerodynamic forces are known, an aeroelastic reduced-order model can be constructed in discrete-time, state-space format by coupling the structural model and the aerodynamic system. The resulting reduced-order model is suitable for constant Mach, varying density analysis.

Keywords: ROM (Reduced-Order Model), aero elasticity, AGARD 445.6 wing.

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129 Some Characteristics of Systolic Arrays

Authors: Halil Snopce, Ilir Spahiu

Abstract:

In this paper is investigated a possible optimization of some linear algebra problems which can be solved by parallel processing using the special arrays called systolic arrays. In this paper are used some special types of transformations for the designing of these arrays. We show the characteristics of these arrays. The main focus is on discussing the advantages of these arrays in parallel computation of matrix product, with special approach to the designing of systolic array for matrix multiplication. Multiplication of large matrices requires a lot of computational time and its complexity is O(n3 ). There are developed many algorithms (both sequential and parallel) with the purpose of minimizing the time of calculations. Systolic arrays are good suited for this purpose. In this paper we show that using an appropriate transformation implicates in finding more optimal arrays for doing the calculations of this type.

Keywords: Data dependences, matrix multiplication, systolicarray, transformation matrix.

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128 A Robust Wavelet-Based Watermarking Algorithm Using Edge Detection

Authors: John N. Ellinas

Abstract:

In this paper, a robust watermarking algorithm using the wavelet transform and edge detection is presented. The efficiency of an image watermarking technique depends on the preservation of visually significant information. This is attained by embedding the watermark transparently with the maximum possible strength. The watermark embedding process is carried over the subband coefficients that lie on edges, where distortions are less noticeable, with a subband level dependent strength. Also, the watermark is embedded to selected coefficients around edges, using a different scale factor for watermark strength, that are captured by a morphological dilation operation. The experimental evaluation of the proposed method shows very good results in terms of robustness and transparency to various attacks such as median filtering, Gaussian noise, JPEG compression and geometrical transformations.

Keywords: Watermarking, wavelet transform, edge detection.

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127 A Theoretical Hypothesis on Ferris Wheel Model of University Social Responsibility

Authors: Le Kang

Abstract:

According to the nature of the university, as a free and responsible academic community, USR is based on a different foundation —academic responsibility, so the Pyramid and the IC Model of CSR could not fully explain the most distinguished feature of USR. This paper sought to put forward a new model— Ferris Wheel Model, to illustrate the nature of USR and the process of achievement. The Ferris Wheel Model of USR shows the university creates a balanced, fairness and neutrality systemic structure to afford social responsibilities; that makes the organization could obtain a synergistic effect to achieve more extensive interests of stakeholders and wider social responsibilities.

Keywords: USR, Achievement model, Ferris wheel model.

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126 Regular Data Broadcasting Plan with Grouping in Wireless Mobile Environment

Authors: John T. Tsiligaridis

Abstract:

The broadcast problem including the plan design is considered. The data are inserted and numbered at predefined order into customized size relations. The server ability to create a full, regular Broadcast Plan (RBP) with single and multiple channels after some data transformations is examined. The Regular Geometric Algorithm (RGA) prepares a RBP and enables the users to catch their items avoiding energy waste of their devices. Moreover, the Grouping Dimensioning Algorithm (GDA) based on integrated relations can guarantee the discrimination of services with a minimum number of channels. This last property among the selfmonitoring, self-organizing, can be offered by servers today providing also channel availability and less energy consumption by using smaller number of channels. Simulation results are provided.

Keywords: Broadcast, broadcast plan, mobile computing, wireless networks, scheduling.

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125 Current Cosmetic Treatments in Pregnancy

Authors: Daniela F. Maluf, Fernanda Roters, Luma C. F. Silva

Abstract:

The goal of this work is to report the main dermatological alterations occurring during pregnancy and actual cosmetic protocols available and recommended for safe use. Throughout pregnancy, woman's body undergoes many transformations such as hormonal changes and weight gain. These alterations can result in undesirable skin aspects that end up affecting the future mother's life. The main complaints of pregnant women involve melasma advent, varicose veins, edema, and natural skin aging. Even if most of the time is recommended to wait for the birth to use cosmetics, there are some alternatives to prevent and to treat these alterations during pregnancy. For all these cases, there is a need to update information about safety and efficacy of new actives and technologies in cosmetic products. The purpose of this study was to conduct a literature review about the main skin alterations during pregnancy and actual recommended treatments, according to the current legislation.

Keywords: Pregnancy, cosmetic, treatment, physiological changes.

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124 A New Secure Communication Model Based on Synchronization of Coupled Multidelay Feedback Systems

Authors: Thang Manh Hoang

Abstract:

Recent research result has shown that two multidelay feedback systems can synchronize each other under different schemes, i.e. lag, projective-lag, anticipating, or projectiveanticipating synchronization. There, the driving signal is significantly complex due that it is constituted by multiple nonlinear transformations of delayed state variable. In this paper, a secure communication model is proposed based on synchronization of coupled multidelay feedback systems, in which the plain signal is mixed with a complex signal at the transmitter side and it is precisely retrieved at the receiver side. The effectiveness of the proposed model is demonstrated and verified in the specific example, where the message signal is masked directly by the complex signal and security is examined under the breaking method of power spectrum analysis.

Keywords: chaos synchronization, time-delayed system, chaosbasedsecure communications

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123 An Optimization Modelling to Evaluate Flights Scheduling at Tourist Airports

Authors: Dimitrios J. Dimitriou

Abstract:

Airport’s serving a tourist destination are an essential counterpart of the tourist demand supply chain, and their productivity is related to the region’s attractiveness and is enhanced by the air transport business. In this paper, the evaluation framework of the scheduled flights between two tourist airports is taken into consideration. By adopting a systemic approach, the arrivals from an airport that its connectivity heavily depended on the departures of another major airport are reviewed. The methodology framework, based on inventory control theory and the numerical example, promotes the use of the modelling formulation. The results would be essential for comparison and exercising to other similar cases.

Keywords: Airport connectivity, inventory control, optimization, optimum allocation.

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122 Whole Body CT for a Patient with Sepsis

Authors: Y. Yanagawa, K. Aihara, S. Watanabe, M. Takemoto, T. Naito, T. Iba, H. Tanaka

Abstract:

This study retrospectively investigated the significance of whole body CT (WCT) for patients with sepsis. A medical chart review was retrospectively performed for all patients with systemic inflammatory response syndrome that were treated initially between April 2011 and March 2012. The subjects were divided into a WCT group that underwent WCT on arrival and a control group. Results of this study suggested that WCT for sepsis was useful for elderly patients whose chief complaint or physiological findings could not suggest the anatomical site of infection, to determine the infectious focus and indications/method for surgery, to diagnose the basic diseases associated with opportunistic infections and to evaluate complicated diseases

Keywords: Sepsis, CT, outcome.

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121 Stepwise Refinement in Executable-UML for Embedded System Design: A Preliminary Study

Authors: Nurul Azma Zakaria, Masahiro Kimura, Noriko Matsumoto, Norihiko Yoshida

Abstract:

The fast growth in complexity coupled with requests for shorter development periods for embedded systems are bringing demands towards a more effective, i.e. higher-abstract, design process for hardaware/software integrated design. In Software Engineering area, Model Driven Architecture (MDA) and Executable UML (xUML) has been accepted to bring further improvement in software design. This paper constructs MDA and xUML stepwise transformations from an abstract specification model to a more concrete implementation model using the refactoring technique for hardaware/software integrated design. This approach provides clear and structured models which enables quick exploration and synthesis, and early stage verification.

Keywords: Hardware/software integrated design, model driven architecture, executable UML, refactoring.

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120 Functional and Efficient Query Interpreters: Principle, Application and Performances’ Comparison

Authors: Laurent Thiry, Michel Hassenforder

Abstract:

This paper presents a general approach to implement efficient queries’ interpreters in a functional programming language. Indeed, most of the standard tools actually available use an imperative and/or object-oriented language for the implementation (e.g. Java for Jena-Fuseki) but other paradigms are possible with, maybe, better performances. To proceed, the paper first explains how to model data structures and queries in a functional point of view. Then, it proposes a general methodology to get performances (i.e. number of computation steps to answer a query) then it explains how to integrate some optimization techniques (short-cut fusion and, more important, data transformations). It then compares the functional server proposed to a standard tool (Fuseki) demonstrating that the first one can be twice to ten times faster to answer queries.

Keywords: Data transformation, functional programming, information server, optimization.

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119 Seamless MATLAB® to Register-Transfer Level Design Methodology Using High-Level Synthesis

Authors: Petri Solanti, Russell Klein

Abstract:

Many designers are asking for an automated path from an abstract mathematical MATLAB model to a high-quality Register-Transfer Level (RTL) hardware description. Manual transformations of MATLAB or intermediate code are needed, when the design abstraction is changed. Design conversion is problematic as it is multidimensional and it requires many different design steps to translate the mathematical representation of the desired functionality to an efficient hardware description with the same behavior and configurability. Yet, a manual model conversion is not an insurmountable task. Using currently available design tools and an appropriate design methodology, converting a MATLAB model to efficient hardware is a reasonable effort. This paper describes a simple and flexible design methodology that was developed together with several design teams.

Keywords: Design methodology, high-level synthesis, MATLAB, verification.

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118 Development of Admire Longitudinal Quasi-Linear Model by using State Transformation Approach

Authors: Jianqiao. Yu, Jianbo. Wang, Xinzhen. He

Abstract:

This paper presents a longitudinal quasi-linear model for the ADMIRE model. The ADMIRE model is a nonlinear model of aircraft flying in the condition of high angle of attack. So it can-t be considered to be a linear system approximately. In this paper, for getting the longitudinal quasi-linear model of the ADMIRE, a state transformation based on differentiable functions of the nonscheduling states and control inputs is performed, with the goal of removing any nonlinear terms not dependent on the scheduling parameter. Since it needn-t linear approximation and can obtain the exact transformations of the nonlinear states, the above-mentioned approach is thought to be appropriate to establish the mathematical model of ADMIRE. To verify this conclusion, simulation experiments are done. And the result shows that this quasi-linear model is accurate enough.

Keywords: quasi-linear model, simulation, state transformation approach, the ADMIRE model.

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117 State-Space PD Feedback Control

Authors: John Florescu

Abstract:

A challenged control problem is when the performance is pushed to the limit. The state-derivative feedback control strategy directly uses acceleration information for feedback and state estimation. The derivative part is concerned with the rateof- change of the error with time. If the measured variable approaches the set point rapidly, then the actuator is backed off early to allow it to coast to the required level. Derivative action makes a control system behave much more intelligently. A sensor measures the variable to be controlled and the measured in formation is fed back to the controller to influence the controlled variable. A high gain problem can be also formulated for proportional plus derivative feedback transformation. Using MATLAB Simulink dynamic simulation tool this paper examines a system with a proportional plus derivative feedback and presents an automatic implementation of finding an acceptable controlled system. Using feedback transformations the system is transformed into another system.

Keywords: Feedback, PD, state-space, derivative.

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116 Radiation Effect on MHD Casson Fluid Flow over a Power-Law Stretching Sheet with Chemical Reaction

Authors: Motahar Reza, Rajni Chahal, Neha Sharma

Abstract:

This article addresses the boundary layer flow and heat transfer of Casson fluid over a nonlinearly permeable stretching surface with chemical reaction in the presence of variable magnetic field. The effect of thermal radiation is considered to control the rate of heat transfer at the surface. Using similarity transformations, the governing partial differential equations of this problem are reduced into a set of non-linear ordinary differential equations which are solved by finite difference method. It is observed that the velocity at fixed point decreases with increasing the nonlinear stretching parameter but the temperature increases with nonlinear stretching parameter.

Keywords: Boundary layer flow, nonlinear stretching, Casson fluid, heat transfer, radiation.

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115 Understanding Narrative Transformations of Ebola in Negotiations of Epidemic Risk

Authors: N. W. Paul, M. Banerjee

Abstract:

Discussing the nexus between global health policy and local practices, this article addresses the recent Ebola outbreak as a role model for narrative co-constructions of epidemic risk. We will demonstrate in how far a theory-driven and methodologically rooted analysis of narrativity can help to improve mechanisms of prevention and intervention whenever epidemic risk needs to be addressed locally in order to contribute to global health. Analyzing the narrative transformation of Ebola, we will also address issues of transcultural problem-solving and of normative questions at stake. In this regard, we seek to contribute to a better understanding of a key question of global health and justice as well as to the underlying ethical questions. By highlighting and analyzing the functions of narratives, this paper provides a translational approach to refine our practices by which we address epidemic risk, be it on the national, the transnational or the global scale.

Keywords: Ebola, Epidemic Risk, Medical Ethics, Medical Humanities.

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114 Quantitative Analysis of Weld Defect Images in Industrial Radiography Based Invariant Attributes

Authors: N. Nacereddine, M. Tridi, S. S. Belaïfa, M. Zelmat

Abstract:

For the characterization of the weld defect region in the radiographic image, looking for features which are invariant regarding the geometrical transformations (rotation, translation and scaling) proves to be necessary because the same defect can be seen from several angles according to the orientation and the distance from the welded framework to the radiation source. Thus, panoply of geometrical attributes satisfying the above conditions is proposed and which result from the calculation of the geometrical parameters (surface, perimeter, etc.) on the one hand and the calculation of the different order moments, on the other hand. Because the large range in values of the raw features and taking into account other considerations imposed by some classifiers, the scaling of these values to lie between 0 and 1 is indispensable. The principal component analysis technique is used in order to reduce the number of the attribute variables in the aim to give better performance to the further defect classification.

Keywords: Geometric parameters, invariant attributes, principal component analysis, weld defect image.

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113 UD Covariance Factorization for Unscented Kalman Filter using Sequential Measurements Update

Authors: H. Ghanbarpour Asl, S. H. Pourtakdoust

Abstract:

Extended Kalman Filter (EKF) is probably the most widely used estimation algorithm for nonlinear systems. However, not only it has difficulties arising from linearization but also many times it becomes numerically unstable because of computer round off errors that occur in the process of its implementation. To overcome linearization limitations, the unscented transformation (UT) was developed as a method to propagate mean and covariance information through nonlinear transformations. Kalman filter that uses UT for calculation of the first two statistical moments is called Unscented Kalman Filter (UKF). Square-root form of UKF (SRUKF) developed by Rudolph van der Merwe and Eric Wan to achieve numerical stability and guarantee positive semi-definiteness of the Kalman filter covariances. This paper develops another implementation of SR-UKF for sequential update measurement equation, and also derives a new UD covariance factorization filter for the implementation of UKF. This filter is equivalent to UKF but is computationally more efficient.

Keywords: Unscented Kalman filter, Square-root unscentedKalman filter, UD covariance factorization, Target tracking.

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112 Cultural Identity - A (Re)construction?

Authors: Joanne Muscat

Abstract:

The study explored the question of who am I? As a (re)construction of cultural identity by delving into globalization, communication, and social change in Malta during a historical moment when Malta became a European Union Member State. Three objectives guided this qualitative study. Firstly the study reviewed European Union (EU) policies that regulate broadcasting and their implementation in Member States, whilst meeting the challenges of globalization and new media technology. Secondly the research investigated the changes of the media landscape via organizational structures, programs and television (TV) content. Finally the study explored the impact of these transformations taking place in the way Maltese live as they (re)construct their cultural identity. Despite the choices available to the Maltese audience, old local traditions and new foreign customs coexist as informants continue to (re)construct their cultural identity and define who they are.

Keywords: Cultural Identity, Globalization, Transnational Media.

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111 Application of Nano-Zero Valent Iron for Treating Metolachlor in Aqueous Solution

Authors: P. Suntornchot, T. Satapanajaru, S.D. Comfort

Abstract:

Water, soil and sediment contaminated with metolachlor poses a threat to the environment and human health. We determined the effectiveness of nano-zerovalent iron (NZVI) to dechlorinate metolachlor [2-chloro-n-(2-ethyl-6-methyl-phenyl)-n- (1-methoxypropan-2-yl)acetamide] in pH solution and the presence of aluminium salt. The optimum dosage of degradation of 100 mlL-1 metolachlor was 1% (w/v) NZVI. The degradation kinetic rate (kobs) was 0.218×10-3 min-1 and specific first-order rates (kSA) was 8.72×10-7 L m-2min-1. By treating aqueous solutions of metolachlor with NZVI, metolachlor destruction rate were increased as the pH decrease from 10 to 4. Lowering solution pH removes Fe (III) passivating layers from the NZVI and makes it free for reductive transformations. Destruction kinetic rates were 20.8×10-3 min-1 for pH4, 18.9×10-3 min-1 for pH7, 13.8×10-3 min-1 for pH10. In addition, destruction kinetic of metolachlor by NZVI was enhanced when aluminium sulfate was added. The destruction kinetic rate were 20.4×10-3 min-1 for 0.05% Al(SO4)3 and 60×10-3 min-1 for 0.1% Al(SO4)3.

Keywords: destruction, kinetic rate, metolachlor, nano-zerovalent iron

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110 Impact of Financial System’s Development on Economic Development: An Empirical Investigation

Authors: Vilma Deltuvaitė

Abstract:

Comparisons of financial development across countries are central to answering many of the questions on factors leading to economic development. For this reason this study analyzes the implications of financial system’s development on country’s economic development. The aim of the article: to analyze the impact of financial system’s development on economic development. The following research methods were used: systemic, logical and comparative analysis of scientific literature, analysis of statistical data, time series model (Autoregressive Distributed Lag (ARDL) Model). The empirical results suggest about positive short and long term effect of stock market development on GDP per capita.

Keywords: Banking sector, economic development, financial system’s development, stock market, private bond market.

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