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Building a new development pattern based on the "double-cycle" is a major strategic plan of China. Under the background of the new development pattern of the "double-cycle" and the context of environmental constraints, this paper tries to explore the impact of marine economic development on marine cultural industry and marine innovation development, the extent of the impact of marine cultural industry on marine economic growth, and the internal relationship between them under the new development pattern of double circulation. In this paper, Fujian Province is taken as the research object to construct an indicator system of the marine culture development to reflect the living standard, employment level, and spiritual and cultural levels of people in the marine area, and the external influence of the marine economy and marine culture industry is taken as the indicator variable to measure the integrated development. The internal changes are regarded as the index to assess the integration level of the two, and the evaluation theoretical model of the dynamic evolution level of the marine economy and marine cultural industry is constructed. The vector autoregression model and impulse response function are used to study the interactive correlation between the growth of the marine economy and the development of the cultural industry. The results show the following: In the long run, there is a cointegration relationship between the marine culture industry and the gross ocean product (GOP), which is a long-term balanced and stable relationship. The development level of the marine economy and the development of marine culture industry are mutually influencing and promoting. [ABSTRACT FROM AUTHOR]

At present, the circular economy is emerging as a strategy for sustainable development. What is important in promoting the circular economy is to assess its current level and take measures for assessment. This paper discusses some methodological issues in comparing and assessing the efforts for the circular economy at the international level. To this end, the authors explain the theoretical premise related to the assessment of efforts for the circular economy, establish an indicator system for assessing the efforts for the circular economy, and suggest a method for comprehensively assessing the efforts for the circular economy by country. The conclusions are that (a) the comparative evaluation of activities related to the circular economy by country requires a unified standard or category that can cover these activities, including all factors that meet sustainable development; the outcome, process, and guarantee of the circular economy, and this can be the circular economy effort and (b) the circular economy effort of a given country must synthetically be assessed by using the indicators capable of showing all aspects. These conclusions may contribute to establishing a new theoretical foundation that can include various aspects of the circular economy activities and to setting a practical and methodological foundation for evaluating each country's various activities related to the circular economy at the international level and can serve as a policy basis for identifying the weak and strong aspects of circular economy activities at the domestic or international level and establishing technological and economic measures to strengthen the weak aspects. [ABSTRACT FROM AUTHOR]

Highlights • Forest resource Metabolism Network model isdeveloped for ecological and economic analysis. • Exploitation index is developed to reveal the weaker sectors in the ecological relations. • A case study of Guangdong province, China isconducted to illustrate the potential benefits. • Scientific Basis are provided to allocate forestresources and stabilize industrial structure. Abstract Integrating forest resources into the socio-economic system correctly and reasonably is of vital importance to tackle the increasingly scarce forest resources. In this paper, forest resource input-output model and forest resource metabolism network model are established to provide new insights into the relationships among the systems, industries and sectors related to forest resources. A promising indicator named exploitation index is developed to reveal the weaker sectors in the ecological relations, which will further help to provide better corrective actions and integrated strategic measures. Guangdong is taken as an example to verify the availability of the model and solve the problem. The results show that the primary manufacturing consumes more direct timber, while advanced manufacturing and the service sector utilize timber indirectly. In addition, Guangdong forest metabolism system shows a negative correlation and the whole network does not achieve the mutualism state, leading to competition relationships between pairwise sectors that should not appear, such as Forestry sector and Papermaking and Paper Products sector. These results provide the corresponding reference for helping the decision makers to allocate forest resources and coordinate ecological and economic development. [ABSTRACT FROM AUTHOR]

Knowledge accumulation is considered a crucial factor for generating sustained economic growth. Therefore, both knowledge spillovers and externalities are considered drivers of economic development. Standardization is a vital feature of technological progress. It involves triggering adoptions of innovation by reducing market uncertainty between consumers and producers. Standards cannot be implemented without using technology covered by the claims of patents. This paper investigates knowledge spillover through the inward and outward knowledge flow from technology standards. Studies have investigated the quantitative and qualitative effects of technological standards. However, there still exists a lack of understanding regarding the knowledge spillover and externality that results from technological standardization. The aim of this paper is to fill this gap in the literature by elucidating the codified knowledge spillover that underlies patented technologies at the technical, organizational, and industrial standard levels. This paper explores the characteristic patterns of knowledge spillover associated with technology standards. [ABSTRACT FROM AUTHOR]

The model-based optimization of the waterflooding process has found significant scope for improving the economic life-cycle performance of oil fields due to geological and economic uncertainties compared to conventional reactive strategies. This paper proposes a new frequency-based system identification method to identify a robust multi-input, multi-output (MIMO) surrogate model for an oil reservoir under waterflooding process so as to describe all the injector-producer relationships. In contrast to the conventional modeling methods, the proposed data-driven modeling approach uses the available injection and production rates as the reservoir input-output data. Meanwhile, it includes a structured-bounded uncertainty model in the form of norm-bounded state-space function blocks to account for uncertainties, facilitating the identified model employed in robust control methodology using linear matrix inequality (LMI) problem formulation so as to eliminate the effect of model uncertainty. The identified MIMO surrogate model is integrated with a desired nonlinear net present value (NPV) objective function in a multi-input, single-output (MISO) system configuration to synthesize a model-based optimization prediction for economical operation and production of oil from oil reservoirs under both geological and economic uncertainties. The introduced approach is implemented on the "EGG model" as a well-recognized three-dimensional synthetic oil reservoir with eight water injection wells and four oil production wells. The results demonstrate that economic performance prediction of the oil reservoir, having an uncertain permeability field, lies in the evaluated bound of the uncertainty model. Waterflooding is a well-known method for increasing oil production. A significant amount of time and effort is required even for high-performance processors to numerically simulate a reservoir with thousands of grid blocks. On the other hand, there is a high uncertainty level in oil reservoir model-based economic optimization due to limited information about geological model parameters. Employing robust control methods can provide robustness for the performance and stability of the control system against model norm-bounded uncertainty. However, in all standard identification methods, it is assumed that the uncertainties in the model can be accommodated in the form of noise. Therefore, the challenge of using the models estimated from the standard identification approach in robust control methods can mainly be considered an essential subject. This paper presents a new frequency-based modeling approach to identify a surrogate model and uncertainty modeling for the waterflooding process with the ease of being employed in robust control methods. A desirable relationship is obtained between the injection rate and the economic production function to model the dynamics of the reservoir using the identification of the surrogate model. Then, the concept of structure bounded uncertainty modeling is presented to describe the model geological uncertainty. [ABSTRACT FROM AUTHOR]

Background: China now faces an increasingly aging society which may exert economic pressure in the long run. This study illustrates the spatial pattern and evolution of population aging and economic development in China. The coupling coordination degree of population aging and economic development at the national and provincial levels are calculated and demonstrated, and the spatial patterns and characteristics are investigated. Methods: This paper presents a coupling analysis of the elderly population rate (EPR) and per capita Gross Regional Product (GRPpc) in China by using the coupling and coordination model. Further, the spatial pattern and evolution of population aging and economic development are investigated based on the standard deviational ellipse. The collected data is at the level of provincial administrative units in mainland China covering the period 2002 to 2020. Results: The results reveal the spatial difference in the coupling and coordination degree between EPR and GRPpc across provinces. The eastern coastal areas are higher than the central and western regions of China. The orientation and directions of EPR are more than GRPpc, indicating that the polarization in population aging is more severe than economic development. Significant positive correlations between coupling coordination degree and sustainable competitiveness are detected. Conclusions: Policymakers should fully consider regional differences and sustainable development in policy formulation of China. The western and northeastern provinces should be given priority in the regional sustainable development plan. At the same time, the coordination between population aging and economic development also requires to be examined especially. [ABSTRACT FROM AUTHOR]

While promoting the economic growth, energy has also brought pollution problems to the world environment, which has gradually become a bottleneck impeding sustainable economic development. In view of the rapid evolution of urbanization and industrialization, economic growth is increasingly dependent on the energy consumption, the development of the two is difficult to coordinate, and the internal contradictions are becoming increasingly serious, which hinders the sustainable development of economic growth. This study establishes the relationship between energy consumption and economic growth according to the energy Kuznets curve and studies the future trend of China's sustainable development through the comparative analysis of the energy Kuznets curve of the United States and Germany. The results show that, at the turning point of energy consumption, China's energy economic rate is higher than that of Germany and the United States. In addition, in terms of urbanization rate and industrial structure, although China's tertiary industry has made a breakthrough, it is still lower than that of the United States and Germany, but the level of urbanization rate has made significant progress. In short, China has obvious advantages in future economic development and has a late developing advantage compared with the United States and Germany. This paper makes an empirical analysis of the relationship between energy consumption and economic growth in OECD countries and finds out the turning point of energy consumption, so as to provide a theoretical basis for coordinating China's energy consumption and economic growth. [ABSTRACT FROM AUTHOR]

The changing population age structure has a significant influence on the economy, society, and numerous other aspects of a country. This paper has innovatively applied the method of compositional data forecasting for the prediction of population age changes of the young (aged 0–14), the middle-aged (aged 15–64), and the elderly (aged older than 65) in China, India, and Vietnam by 2030 based on data from 1960 to 2016. To select the best-suited forecasting model, an array of data transformation approaches and forecasting models have been extensively employed, and a large number of comparisons have been made between the aforementioned methods. The best-suited model for each country is identified considering the root mean squared error and mean absolute percent error values from the compositional data. As noted in this study, first and foremost, it is predicted that by the year 2030, China will witness the disappearance of population dividend and get mired in an aging problem far more severe than that of India or Vietnam. Second, Vietnam’s trend of change in population age structure resembles that of China, but the country will sustain its good health as a whole. Finally, the working population of India demonstrates a strong rising trend, indicating that the age structure of the Indian population still remains relatively “young”. Meanwhile, the continuous rise in the proportion of elderly population and the gradual leveling off growth of the young population have nevertheless become serious problems in the world. The present paper attempts to offer crucial insights into the Asian population size, labor market and urbanization, and, moreover, provides suggestions for a sustainable global demographic development. [ABSTRACT FROM AUTHOR]

The paper clarifies the conditions and factors of the development of the institutional environment through modern interdisciplinary analysis. The authors revise the studies of the problem under consideration in the history of science and reveal the decisive role of religion in the development of national business cultures. The study highlights the fundamental postulates, i.e. the canons of theology, and argues for the need to consider them in the context of the analysis of national business cultures. The authors put forward and prove theoretical and methodological principles of the determinant influence of national business cultures and religion on the development of countries (the socio-economic phenomenon of the "economic miracle"). The content of the category "Polish economic miracle" is revealed through analysis of the influence of Catholicism, Orthodoxy and Protestantism on other "economic miracles" known from history. The authors conclude that Catholicism currently encourages entrepreneurial initiative of both individuals and organisations, which contributes to the sustainable economic development of countries. [ABSTRACT FROM AUTHOR]

Remittances are a critical source of foreign exchange for developing countries. As the volume of remittance transfers to many countries surpasses that of foreign private capital and official development assistance (ODA), there is a consensus that remittances have been a key stimulant of economic growth in many developing nations. With data from 1970q1 to 2017q4, this paper analyzes the impact of remittances on Nigeria's economic growth. Remittances from Nigerians are estimated to reach $24.3 billion in 2018, ranking second only to oil exports as a source of foreign exchange. To determine the responsiveness of output growth to remittances (REM), the empirical model draws on Giuliano and Ruiz-Arranz (2009) and other studies which use gross fixed capital formation as a proxy for investment in physical and human capital, external sources of capital represented by foreign aid, FDI, and openness of the economy as measured by the ratio of the sum of imports and exports to GDP. For this study, the model is modified to include a vector of other control variables that affect real GDP [used as proxy for economic growth]. These variables include domestic investment (INV); openness (OPN), measured as the ratio of exports plus imports to GDP; FDI; and exchange rate (EXCH). Unit root tests were conducted on all the variables of interest and showed that the variables were nonstationary in their levels but stationary after their first difference at the 5% level of significance. Next, the appropriate lag length was determined, and an error correction model was estimated to account for the dynamics of the model. The variables included were four lags each of ΔGDPt, ΔREMt, ΔFDIt, ΔINVt, ΔEXCHt, and ΔOPNt. The study finds that worker remittances have a positive impact on economic growth in Nigeria, with a 1% increase in REM increasing RGDP by 0.0238%. Remittances in the short and long run are statistically significant and cointegrated with economic growth, but with low elasticities of 0.02 and 0.03, respectively. To fully harness the benefits of remittance inflows, the Nigerian government should reduce the costs of receiving funds sent by Nigerian emigrants overseas and also provide an environment conducive to investment. [ABSTRACT FROM AUTHOR]

This paper focuses on community development and its relationship to eco-tourism as a means of creating a sustainable future for local Cuban communities. If communities control local resources to create economic opportunities for local goals, there is a greater chance that community development will be more effective and sustainable. Local empowerment can play a key role in community development through ecological and cultural tourism. The focus of this paper is Cuba's potential to develop into a major ecological and cultural tourism center within international tourism. Recent policy announcements regarding the intention to diversify Cuba's economy and move people into private enterprise will require new employment opportunities, especially those with lower opportunity costs and resources. The growth of small paladares (restaurants run by self-employed owners) and casas particulares (rooms for rent in private homes), which provide low environmental impact and resource use, are compatible with ecocultural tourism's emphasis on the local. In an era of increasing environmental costs and resource scarcity, eco-cultural tourism offers a sustainable alternative to conventional tourism. [ABSTRACT FROM AUTHOR]

This paper intends to evaluate if the Latin American structuralist approach is still relevant to understand capital accumulation dynamics of peripheral countries and their insertion in the global value chains. It's a theoretical paper that strives to improve the building blocks of structuralism with the incorporation of elements from different approaches to establish a nexus to understand capital accumulation dynamics in the periphery. Considering the relevance of technological accumulation, its impacts over the productive structure and over the international insertion, we strive to analyze factors that perpetuate income diversion in relation to the center. Under this perspective, we conclude that the particularities of peripheral economies changed their form of manifestation without effectively overcome the dependence relation. [ABSTRACT FROM AUTHOR]

Non-banking deposit taking institutions play a vital role in the economic development of Mauritius and it is thus central to ascertain the determinants that commonly effect on the overall profitability of these institutions. This paper investigates empirically the elements that conclude the profitability of Mauritian Non-Banking Deposit Taking Institutions (NBDTIs) for the period of 2007-2015 based on the set of information acquired from the annual reports and financial accounts of NBDTIs while bearing in mind internal and external variables. The empirical examination uses the accounting measure Return on Assets (ROA) and Return on Equity (ROE) to represent NBDTIs' indicators. The outcomes obtained by employing multiple linear regression model and Generalised Least Square on panel data to the sample show that internal variables explain largely the variation in profitability. The research discovers that with ROE, capitalisation, and size, deposits and real interest rate are substantial to influence the profitability of the NBDTIs while GDP is not conclusive. On the other hand, with ROA it was found that size, capitalisation, deposits and macro-economic variables such as real GDP growth rates and real interest rate have significant impact on NBDTIs' profitability. Conversely, it is to be noted that these institutions listed on the Stock Exchange of Mauritius have no effect on the profitability. The implication of this paper is that profitability of NBDTIs is influenced by size, capitalisation, deposits as well as the macroeconomic surroundings such as GDP and real interest rate prevalent in the nation. The verdicts of the paper clinched that the variable used in investigating the profitability of Mauritian NBDTIs lead to a significant increase in their profitability. For this reason, executives of NBFIs must take into matter these features in their administration strategies since they have the capability to considerably effect on profitability. Forthcoming research might also need to contemplate other measures of risks so as to broaden the understanding on the concerns established in this paper. [ABSTRACT FROM AUTHOR]

Adapting methods from complex system analysis, this paper analyzes the features of the complex relationship between wage inequality and the development and industrialization of a country. Development is understood as a combination of a monetary index, GDP per capita, and a recently introduced measure of a country’s economic complexity: Fitness. Initially the paper looks at wage inequality on a global scale, over the time period 1990–2008. Our empirical results show that globally the movement of wage inequality along with the ongoing industrialization of countries has followed a longitudinally persistent pattern comparable to the one theorized by Kuznets in the fifties: countries with an average level of development suffer the highest levels of wage inequality. Next, the study narrows its focus on wage inequality within the United States. By using data on wages and employment in the approximately 3100 US counties over the time interval 1990–2014, it generalizes the Fitness-Complexity metric for geographic units and industrial sectors, and then investigates wage inequality between NAICS industries. The empirical time and scale dependencies are consistent with a relation between wage inequality and development driven by institutional factors comparing countries, and by change in the structural compositions of sectors in a homogeneous institutional environment, such as the counties of the United States. [ABSTRACT FROM AUTHOR]

Research has pointed out how tourism destinations in northern, sparsely populated areas are typically developed in accordance with the ideals of growth. This hinders efforts towards sustainable development in destination communities. The objective of this paper is to look into the large-scale growth-focused path creation process by studying how such tourism path creation appears from the perspective of various tourism actors in a destination community. The research draws on insights from local tourism actors in the case study area of the Ylläs in Finnish Lapland. This paper approaches tourism path creation by combining poststructural political economy thinking with evolutionary economic geography perspectives. The analysis highlights the existence of alternative economic knowledge on tourism development in the Ylläs tourism destination community, which deviates from the strongly growth-focused tourism path. The paper proposes that if regional economies of northern sparsely populated areas are to be developed in line with the goals of sustainability, tourism path creation should appreciate such alternative economic thinking existing in the community. In doing so, the paper suggests there is a possibility for less resource-intensive and more locally-led path creation through tourism in the sparsely populated north. [ABSTRACT FROM AUTHOR]

Copper (Cu) and zinc (Zn) with their unique properties are central for economic growth, quality of life, and the creation of new jobs. The base-metal producing sector is, however, under growing public pressure in respect to energy and water requirements and needs to meet several challenges, including increased demand and lower ore grades, which are generally associated with larger resource use. The development of technologies for metal production from secondary sources is often motivated by increased sustainability, and this paper aims to provide further insights about one specific aspect of sustainability--namely, climate change. The paper presents a review of carbon footprints (CF) for Cu and Zn produced from primary and secondary raw materials by analyzing data taken from scientific literature and the Ecoinvent database. Comparisons are carried out based on the source of data selected as a reference case. The data available in the literature indicate that secondary production of Cu and Zn has the potential to be more beneficial compared to primary production regarding the impact on climate change. However, the technologies used today for the production of both metals from secondary sources are still immature, and more research on this topic is needed. The general variation of data suggests that the standardization of a comparison is needed when assessing the environmental benefits of production in line with the principles of waste valorization, the zero waste approach, and circular economy. [ABSTRACT FROM AUTHOR]

There is few significant attempt to integrate environmental regulation, government financial support, and corporate technological innovation in a methodological framework. Employing the data of the industrial enterprises with an annual turnover of over 20 million yuan from 30 Chinese provinces or municipalities between 2008 and 2016, this paper applies the fixed effect regression model to reveal the relationships between environmental regulation, government financial support, and corporate technological innovation simultaneously. Results show that: (1) there exists a U-shaped relation between environmental regulation intensity and technological innovation of enterprises which declines first and then climbs up, and China is still at the stage of inhibition before the “inflection point”. (2) government financial support does not significantly work on technological innovation directly, but environmental regulation drives this effect to be achieved; when the value of lnER is higher than 3.69, government financial support can significantly facilitate corporate technological innovation. (3) the comparison between regional samples reveals that heterogeneity exists in the influence of environmental regulation intensity and government financial support on corporate technological innovation. The threshold value of enabling effects of environmental regulation in eastern region is higher than that of the central and western region. These results remain consistent after we experiment several robustness checks. Theory and policy implications of our work are discussed. [ABSTRACT FROM AUTHOR]

We study the evolution of topics in economics and their geographical specialization by analyzing 13,233 papers from seven top journals between 1985 and 2012 and their forward citations. The share of U.S. publications declines from 75% to 64% with a corresponding increase of the European share from 12% to 24%. We use topic modeling and document the evolution of the discipline over 27 years. We estimate, with a quasi‐structural model, the citation lag distribution for 18 different topics and three large geographical areas. The modal citation lag is about 6.7 years in the entire sample and 4.8 years for citations from the top 100 journals. We quantify (1) the home bias effect in citations, (2) how it fades away over time, (3) the long lasting impact of U.S. publications vis‐à‐vis other geographical areas, and (4) the higher speed of diffusion and faster obsolescence in the United States. [ABSTRACT FROM AUTHOR]

Along with further advancement of the integration of regional resources, industrial layout, and the reform on the industrial supply side, the maritime port cluster effect has played more and more distinct function in the economic development of offshore areas. Based on the grey correlation model, this paper describes the interaction between the maritime port cluster effect and the economic development in offshore areas. Here is an instance for testing the economic development level in the offshore areas. Several concrete conclusions come here: the formation of the maritime port cluster effect attributes to the combination of congenital geographical advantages and acquired conditions, it has a dynamic and multi-feedback relationship with the economic development in the offshore areas; per capita GDP and seaport cargo throughput can respond to the clustering development level at the maritime ports, that is, the higher the clustering development level, the greater the per capita GDP growth rate. In return, the offshore economy can provide a strong support for the development of maritime port clusters. The maritime port cluster effect and the economic development in the offshore areas are two-way interactive. This study traces the theory of the economic development in the offshore areas in concert with the port cluster effect profoundly and extensively. [ABSTRACT FROM AUTHOR]

China is facing severe pressure on its water resources and water environments. Calculating the industrial water efficiency of each province is an important index for the central government to evaluate local governments. In the traditional water resources evaluation index, the industrial water use efficiency and pollutant discharge are evaluated separately. In this paper, we collected industrial input data, output data and pollutant discharge data with a four-stage data envelopment analysis to calculate China's industrial water use efficiency with and without considering pollutant discharge, and then analyzed the factors influencing the industrial water use efficiency. The results show that the eastern coastal provinces of China have the highest water use efficiency and are less affected by pollutant discharge than other provinces. The industrial water use efficiency of the central and western provinces is lower than that of the other provinces, and the industrial water use efficiency in the central provinces is greatly affected by pollutant discharge. Factor endowment, economic development level, scientific and technological progress, industrial structure, proportion of foreign investment, water consumption per 10000 yuan of value-added by industry, industrial sewage treatment capacity and educational investment have a significant influence on the industrial water use efficiency of China. We suggest that the government strengthen the construction of sewage plants and other related infrastructure in central provinces when conducting the industrial transfer of heavy polluting enterprises. [ABSTRACT FROM AUTHOR]

Highlights • The internal relationship between decoupling theory and EKC hypothesis was studied. • A two-dimensional decoupling theory was established. • China and US were taken as a case to study. Abstract The current decoupling theory cannot distinguish the decoupling state of a region with different economic development level. To overcome this problem, this paper first studies the internal relationship between decoupling theory and EKC hypothesis. Furthermore, we establish a two-dimensional decoupling theory of economic development and CO 2 emissions. Finally, taking China and US as a case, this theory is used to explore the decoupling relationship between economic development and CO 2 emissions over the period 1965–2016. If the EKC curve satisfies the inverted U type characteristic, the critical point between strong decoupling and weak decoupling can be approximately obtained at the extreme point of EKC curve. Based on the Tapio decoupling theory and extreme point of EKC curve, the two-dimensional decoupling model with 16 kinds of decoupling sates is established. For China and the United States, the EKC curve of carbon emissions and per capita GDP satisfies the inverted U type characteristic. The threshold value of per capita GDP for China and the United States are $7999.5 and $50980.52, respectively. At present, China's economy is experiencing a low level of economic development. The development of the United States in 2014–2015 and 2015–2016 presented strong decoupling with high level of economic development. [ABSTRACT FROM AUTHOR]

The main thesis of this paper is that low, stable inflation, implying price stability, is important for promoting and sustaining economic growth in the midst of shocks of both domestic and foreign origin. The paper makes an overview of inflation, inflation volatility and monetary policy in Malaysia since the late 1950s and provides some evidence for a link between inflation volatility and economic growth. As part of determining the appropriate strategy of monetary policy for price stability, the paper investigates some monetary relations—namely the stability of the money-demand function and the linkages among money, output and prices—which form the foundation of a money-based monetary policy strategy under a flexible exchange rate system. The empirical results suggest that the narrow money-demand function in Malaysia remained stable over the period 1971–2012 and that cointegral-causal linkages existed in this country among money, output and prices throughout this period. These results give credence to deployment of monetary aggregates as an instrument of monetary policy, especially when the flexibility, effectiveness of a zero-bound interest rate remains doubtful as an instrument of monetary policy in a low-inflation environment. Nevertheless, Malaysia has apparently taken the stance that money does not matter insofar as inflation and its volatility are concerned. The money growth rate has remained volatile in this country and contributed to high and volatile inflation for most of the time over the study period. Some empirical results suggest that despite the impression of rule-based monetary strategy, Malaysia did not conduct a rule-based monetary policy—within either monetary targeting or inflation targeting—to keep inflation low and stable. Instead, the Bank Negara Malaysia (central bank of Malaysia) used discretionary monetary policy to achieve multiple objectives, including rapid economic growth. An outcome of this policy was elevated inflation volatility, which affected real interest and exchange rates and raised output volatility. The paper concludes that improved monetary policy transparency and elevated monetary policy credibility are expected to make a rule-based monetary policy more effective and keep inflation low and stable. [ABSTRACT FROM AUTHOR]

Interest rate uncertainty has adverse effects on stock market performance. Despite the considerable studies on the relationship between interest rate and stock market return, the relationship between interest rate volatility and stock market development still is enigma. This paper investigates the effect of interest rate uncertainty on stock market development. We examine the long-run and short-run relationship between these variables using Pesaran et al (2001) bounds testing approach to cointegration and error-correction modeling for 12 emerging economies over the period 1980-2011. This methodology has two main advantages over other cointegration methods which have made it unique: first there is no need to do pre-unit root resting, which is an essential requirement in other methods, and second, we are able to distinguish short -run effects from its long- run effect. Diagnostic statistics applied in this study indicate that our models are stable, well specified and normally distributed residual free of autocorrelation. The estimated results here show a significant short-run effect of interest rate uncertainty on stock market developing in all of 12 emerging economies under study. Furthermore, our results indicate that in 9 out of 12 countries the short-run effects have been seen in the long-run as well, and the cointegration relationship is confirmed in almost all of the models by either the F-test results or negative sign of error correction term. Also, the long run real income estimated elasticity is significantly positive in all countries (except for Brazil, Chile and Thailand) which would be a major long-run factor affecting stock market development in most of emerging economies in this study. Moreover, we found a mixed long- run effect of interest rate on stock market development. The results obtained in this paper suggest that emerging economies need to be cautious in implementing financial market and interest rate policies. A well-developed financial system improves capital formation and the efficiency of resource allocation, enhancing investment, and therefore economic growth. Interest rate uncertainty significantly affects stock market development. Therefore, a sound monetary policy creates a safer investment environment and stock market development. The role of stock market development towards achieving economic growth is crucial. [ABSTRACT FROM AUTHOR]

Africa is a continent with huge resource endowments and prospects for growth. However, the continent battles with myriads of problems such as poverty, food insecurity and dwindling commodity prices among others. This is because Africa's export is dominated by primary products that are majorly climate-dependent and vulnerable to price volatility. This paper therefore examined the economic situations of Africa considering the dwindling commodity prices in the face of the threat posed by climate change. Climate change remains one of the greatest environmental problems with economic, social, health, security and environmental implications. The paper employed a combination of both secondary and historical information obtained from different sources (UNDP, UNECA, NBS, Trade reviews etc). Analytical method used include descriptive statistics such as tables, averages and percentages. Despite the declining Africa's contribution to global market, commodity prices have been plummeting with very devastating impact on the livelihood of households and general wellbeing of the inhabitants of many of these countries. Countries relying on mineral resources such as oil, copper, gold and platinum to mention just a few have been the worst hit. Therefore, African countries' local currencies and trade balance have weakened against the dollar leading to high inflation in the continent. The terms of trade is declining as Africa continues to import commodities it should be producing because of the weak productive base, decaying infrastructure and the worsening climate conditions. This implies that households' welfare in these countries is likely to be compromised because of more job losses emanating from declining profits accruing to the solid mineral sector in the affected countries. The paper recommends increased investment in infrastructure facilities and human capital development for skills enhancement in Africa. Also, climate change adaptation policies should be formulated and implemented by African governments at all tiers and encouragement of value addition in exportable commodities to enhance favourable trade balance. [ABSTRACT FROM AUTHOR]

Cooperative farming led by smallholder farmers might be the future of Bangladesh's agriculture. The paper examines rice-farming surveys from Kurigram Sadar, Bangladesh, and explores the potential of cooperative farming and mechanization. It reveals that a number of informal, community-supported cooperative practices are already in place, although rice farming is still labor intensive and inefficient. The paper argues that mechanization of key activities and institutionalization of cooperative farming may reverse the situation and improve food security. Kurigram Sadar rice farming is relevant to other parts of rural Bangladesh as well, as most of the country is employing similar agricultural practices. [ABSTRACT FROM AUTHOR]

Over the past decades, the Hungarian pig sector has undergone remarkable changes. In the 1980s, the Hungarian pig sector was the main pork product provider of the Eastern bloc, but after the political and economic transition, the sector lost its main markets and the size of pig herds decreased radically. The economic changes have brought negative impacts for all the players of the pork supply chain: the producers have been mostly affected, but slaughterhouses and the processing industry had to face new circumstances as well. The goal of this paper is to review the present situation and the current problems of the Hungarian pig-producing sector and to draw up the main prospects and favourable directions of the future by the findings of the SWOT analysis of the Hungarian pig sector and based on the proposed directions of the government's new pork strategy. As the pig sector is an important pillar of the Hungarian agriculture and the rural communities, it is worth to summarize the sector's present market position and to set those opportunities, which could give advantages for Hungary in the international competition. The paper concluded that the most prominent problems of the pig sector are caused by the economic and structural problems of the sector, based on the problem tree and sector's SWOT analysis the main external and internal factors were detected, and the results were compared to some measures of the government's pork strategy. [ABSTRACT FROM AUTHOR]

Understanding the causality between energy consumption, carbon emissions and economic growth is helpful for policymakers to formulate energy, environmental and economic policies. For the first time, based on nonlinear dynamics, this paper employs multispatial convergent cross mapping (CCM) to revisit the energy-carbon-economy causation for China, India and the G7 countries using both aggregate data and per capita data. The findings indicate that there are significant differences between developing countries and developed countries. A bidirectional nexus between energy consumption, carbon emissions and economic growth is found in China and India, but various causal relationships are identified in the G7 countries, including bidirectional, unidirectional and neutral nexus. The results confirm that the decoupling phenomenon is common in most G7 countries. By leveraging a variety of samples and a new approach, this study provides new evidence for policy authorities to formulate country-specific policies to obtain better environmental quality while achieving sustainable economic growth. [ABSTRACT FROM AUTHOR]

This paper combines a Granger causality test and a VAR model to investigate the relationships among oil price shocks, global economic policy uncertainty (GEPU), and China’s industrial economic growth. Based on monthly data from 2000 to 2017, we reveal that GEPU and world oil prices jointly Granger cause China's industrial economic growth; world oil prices have a positive effect on China's industrial economic growth, while GEPU has a negative effect. Further analyses investigate the asymmetry effect of oil prices and find that the negative component shows a more significant impact on China's industrial economic growth. The results are robust to different oil price and EPU proxies. [ABSTRACT FROM AUTHOR]

Based on the calculation of the inclusive financial development level of 22 provinces and 4 municipalities in China from 2004 to 2017, this paper uses the Kernel density estimation method to further analyze the evolution of the inclusive financial index. Based on the above analysis, we make empirical analysis of the impact of China's inclusive financial inclusion development index on farmers' entrepreneurship using static panel and dynamic panel estimation method. The empirical conclusions show that there are certain differences in inclusive financial inclusion development level in various provinces in China. Improving the inclusion development level of inclusive finance can better promote farmers' entrepreneurship. Urbanization level, economic openness and regional economic development level have a significant positive effect on farmers' entrepreneurship, while farmers' income and education level have a significant negative effect on farmers' entrepreneurship. It is possible to promote farmers' entrepreneurship by improving the inclusive development level of inclusive finance, combining urbanization, increasing government investment in productive fixed assets, increasing economic openness and improving regional economic development. [ABSTRACT FROM AUTHOR]

The accumulation of knowledge required to produce economic value is a process that often relates to nations economic growth. Some decades ago many authors, in the absence of other available indicators, used to rely on certain measures of human capital such as years of schooling, enrollment rates, or literacy. In this paper, we show that the predictive power of years of education as a proxy for human capital started to dwindle in 1990 when the schooling of nations began to be homogenized. We developed a structural equation model that estimates a metric of human capital that is less sensitive than average years of education and remains as a significant predictor of economic growth when tested with both cross-section data and panel data. [ABSTRACT FROM AUTHOR]

The Doha Development Agenda recognizes the central role that international trade can play in the promotion of economic development. In fact, the increase of exports from developing countries to developed nations' markets has been considered a key element for developing countries to realize the potential benefits of globalization. Over the last decades, developed countries have provided preferential access to their markets to developing countries through nonreciprocal trade agreements. Moreover, developing countries have also participated in reciprocal trade agreements. This paper re-examines comparatively the effect of both kinds of trade agreements on exports from developing countries but also from the developed world. In line with other studies, our results across specifications are unstable. However, the results of our preferred specification give additional support to the argument raised by critics of nonreciprocal preference regimes who consider that developing countries should abandon their reliance on one-way trade preferences in favor of reciprocal agreements. [ABSTRACT FROM AUTHOR]

This paper uses Kaldor's first law to provide an explanation for Mexico's low economic growth over the last four decades. The starting point for analysis is the hypothesis that the lack of dynamism in total production (non-manufacturing) is due to slow momentum in manufacturing and, in particular, to the fact that the Kaldor coefficient has decreased with trade liberalization. Estimates were made (1980.1- 2017.2) using the generalized method of moments (GMM) and rolling regression (recursive estimations). These estimates have been useful in solving the problem of serial correlation and have contributed towards a better statistical evaluation of the evolution of the Kaldor coefficient. [ABSTRACT FROM AUTHOR]

Iron ore mining in the Norrbotten region of Sweden began in the early years of the twentieth century as a commercially uncertain and even dangerous proposition. But even before it began to generate profits, public debate began over the appropriate role of the state and of private capital (including foreign investors). This included whether iron ore should be exported for profit or retained for future processing in Sweden—even though the technology and infrastructure for such domestic industry did not exist. Tracing the evolution of this debate in the Swedish news media through to the First World War, this paper argues that the revenue generated by exports became more attractive than the promise of future domestic industry because that revenue could underwrite pressing political objectives. Although domestic iron ore processing remained linked to visions of future industrial prosperity, uncertain visions of future prosperity lost appeal as the capacity for export revenues to generate prosperity in the present became more potent. [ABSTRACT FROM AUTHOR]

The energy consumption-growth nexus has been widely studied in the empirical literature, though results have been inconclusive regarding the direction, or even the existence, of causality. These inconsistent results can be explained by two important limitations of the literature. First, the use of bivariate models, which fail to detect more complex causal relations, or the ad hoc approach to selecting variables in a multivariate framework; and, second, the use of linear causal models, which are unable to capture more complex nonlinear causal relationships. In this paper, we aim to overcome both limitations by analysing the energy consumption-growth nexus using a Flexible Fourier form due to Enders and Jones (2016). The analysis focuses on the US over the period 1949 to 2014. From our results we can conclude that, where the linear methodology supports the neutrality hypothesis (no causality between energy consumption and growth), the Flexible Fourier form points to the existence of causality from energy consumption to growth. This is contrary to the linear analysis, suggesting that lowering energy consumption would adversely affect US economic growth. Thus, by employing the Flexible Fourier form we find the conclusions can be quite different. [ABSTRACT FROM AUTHOR]

The new European model stipulates the achievement of an inclusive, sustainable and intelligent economic growth. Increasing the share of renewable energy is one of the factors that improve the quality of economic growth, similar to research, development and investment in human capital. In this paper we tested the correlation between economic growth and renewable energy consumption for ten European Union (EU) member states from Central and Eastern Europe (CEE) in the period 1990–2014, using Auto-regressive and Distributed Lag (ARDL) modeling procedure, a technique that captures causal relationships both on a short run and on a long run. The short run perspective reveals the transition towards a new energy paradigm, while the long run approach corresponds to the long-term equilibrium of the analyzed factors. Our results shows that, in the short run, the Gross Domestic Product (GDP) and Renewable Energy Consumption (REC) dynamics are independent in Romania and Bulgaria, while in Hungary, Lithuania and Slovenia an increasing renewable energy consumption improves the economic growth. The hypothesis of bi-directional causality between renewable energy consumption and economic growth is validated in the long run for both the whole group of analyzed countries as well as in the case of seven CEE states which were studied individually. These results allow us to look into the feasibility of the Europe 2020 goals regarding the increase of energy efficiency and to propose public policies to achieve these goals. [ABSTRACT FROM AUTHOR]

A debt-based economy cannot survive without economic growth. However, if private debt consistently grows faster than GDP, the consequences are financial crises and the current unprecedented level of global debt. This policy dilemma is aggravated by the lack of analyses factoring the impact of debt-growth cycles on the environment. What is really the relationship between debt and natural resource sustainability, and what is the role of debt in decoupling economic growth from natural resource availability? Here we present a conceptual Agent-Based Model (ABM) that integrates an environmental system into an ABM representation of Steve Keen’s debt-based economic models. Our model explores the extent to which debt-driven processes, within debt-based economies, enhance the decoupling between economic growth and the availability of natural resources. Interestingly, environmental and economic collapse in our model are not caused by debt growth, or the debt-based nature of the economic system itself (i.e. the ‘what’), but rather, these are due to the inappropriate use of debt by private actors (i.e. the ‘how’). Firms inappropriately use bank credits for speculative goals–rather than production-oriented ones–and for exponentially increasing rates of technological development. This context creates temporal mismatches between natural resource growth and firms’ resource extraction rates, as well as between economic growth and the capacity of the government to effectively implement natural resource conservation policies. This paper discusses the extent to which economic growth and the availability of natural resources can be re-coupled through a more sustainable use of debt, for instance by shifting mainstream banking forces to partially support environmental conservation as well as economic growth. [ABSTRACT FROM AUTHOR]

The objective of this study is to examine India's transformation from a colonial to a modern economy on the basis of the macro-economic changes that have occurred over the last century. This is important because it will help us to understand the associated growth performance and its impact on sectoral changes and employment in the wider context of developing economies such as India. The methodology to be followed here is derived from the aims of the study and comparisons of international statistics that provide the means by which to address the research questions and the objectives of this paper. The study found that during the colonial period, the Indian economy became subservient rather than sovereign in terms of policy matters. As a result, economic development was hampered by the removal of "surplus", along with very high land rents and tribute charges. A densely populated country like India was drawn into the orbit of exploitation in the mid-18th century. Soon after independence in 1947, the Indian government took a number of initiatives to enhance industrial and agricultural development, but the biggest failure was that it did not make any real impression on the country's huge unemployment problems. [ABSTRACT FROM AUTHOR]

This paper analyzed the spreading effect of industrial sectors with complex network model under perspective of econophysics. Input-output analysis, as an important research tool, focuses more on static analysis. However, the fundamental aim of industry analysis is to figure out how interaction between different industries makes impacts on economic development, which turns out to be a dynamic process. Thus, industrial complex network based on input-output tables from WIOD is proposed to be a bridge connecting accurate static quantitative analysis and comparable dynamic one. With application of revised structural holes theory, flow betweenness and random walk centrality were respectively chosen to evaluate industrial sectors’ long-term and short-term spreading effect process in this paper. It shows that industries with higher flow betweenness or random walk centrality would bring about more intensive industrial spreading effect to the industrial chains they stands in, because value stream transmission of industrial sectors depends on how many products or services it can get from the other ones, and they are regarded as brokers with bigger information superiority and more intermediate interests. [ABSTRACT FROM AUTHOR]

This paper examines news media coverage of hydraulic fracturing in Canada over a five-year period in five newspapers. Hydraulic fracturing, or 'fracking,' has reenergized the North American oil and gas market. This technology has increased economic growth, but it also comes with unknown and uncertain environmental and public health risks. Regulation of the fracking industry varies globally. In Canada there are three provinces that engage in large volume fracking and four provinces that have placed a moratorium on fracking. This paper demonstrates that the Canadian fracking story is about five frames: water pollution, economic benefits, uncertain risks, moratoriums, and energy independence. There is a difference between coverage in the two national newspapers as well as a difference in national and provincial coverage. In Nova Scotia, where fracking is banned, the media focuses primarily on environmental issues and benefits to the local economy. In Saskatchewan, where fracking for oil is an essential part of the economy, the media focuses on economic benefits and downplays other frames. Overall, across the five papers, the media coverage is highly selective and focuses on particular stories about the economy or the environment, but not both. Quelle est la chronique de la fracturation hydraulique au Canada? Cet article fait état de la couverture médiatique liée à la fracturation hydraulique au Canada par cinq journaux sur une période de cinq ans. La fracturation hydraulique a revitalisé le marché nord-américain des hydrocarbures. Cette technologie favorise la croissance économique, mais comporte également des risques écologiques et sanitaires inconnus et incertains. La réglementation régissant l'industrie de la fracturation varie selon les pays. À l'échelle canadienne, trois provinces ont réalisé d'importantes opérations de fracturation et quatre provinces ont imposé un moratoire à la fracturation hydraulique. Cet article montre que le cadrage médiatique de la fracturation hydraulique repose sur cinq thématiques : la pollution hydrique, les retombées économiques, l'incertitude liée aux risques, les moratoires et la souveraineté énergétique. Le cadrage médiatique varie entre les deux journaux nationaux ainsi qu'entre les médias nationaux et provinciaux. En Nouvelle-Écosse, où la fracturation est interdite, les médias mettent l'accent sur les questions environnementales et les retombées pour l'économie locale. En Saskatchewan, où la fracturation pour extraire du pétrole joue un rôle économique primordial, les médias se concentrent sur les retombées économiques et minorent l'importance des autres thématiques. Dans l'ensemble, les cinq journaux appliquent un filtre sélectif dans le traitement du sujet et publient des reportages spécifiques portant sur l'économie ou sur l'environnement, mais pas les deux. [ABSTRACT FROM AUTHOR]

This paper re-examines the issue of the determinants of economic growth in the countries of the Organisation of Eastern Caribbean States (OECS) in the period 1980-2011. It answers two questions. What are the determinants of economic growth in the countries of the OECS? What are the sizes of their short-run and longrun impacts? To this end, the paper uses the cointegration autoregressive distributed lag (ARDL) approach at the country level to draw conclusions concerning each country individually and the region as a whole. External debt, natural increase rate, and private consumption are found to negatively affect economic growth in the region in the short and long runs, and trade openness and foreign direct investment (FDI) positively impact economic growth. Overall, long-run impacts are far bigger than the corresponding short-run impacts. Natural disasters have negative impacts on economic growth, but only in a handful of countries. The negative impact of budget deficit shows up in one country with a complete data set. These results have policy implications. [ABSTRACT FROM AUTHOR]

Will underdeveloped economies be able to achieve development in the twenty-first century? To advance towards a potential response to this question, this paper analyzes some aspects of the development processes of South Korea and China, pointing to the exceptional geopolitical and strategic conditions behind why their models are unsuitable to emulate. It also highlights the state authoritarianism, strict planning and discipline of both the ruling and ruled classes to guide investment and the growth of specific economic sectors. From this perspective, the paper then discusses some proposals formulated for the region by neo-developmentalism. [ABSTRACT FROM AUTHOR]

This paper reports on a study which explored the mentoring experiences of professionally unqualified practicing teachers enrolled in a part-time Post Graduate Certificate in Education (PGCE) programme at the University of KwaZulu-Natal. The study sought to understand the mentoring experiences these students received from their teacher mentors, who were also their colleagues. Data was collected through interviews towards the end of their programme. Drawing on the concept of teacher knowledge, findings indicate that some students experienced subject-specific mentoring, others received only feedback on generic pedagogic issues, and some received minimal mentoring. They reported content-specific and pedagogical mentoring as the most useful, indicating that this significantly assisted them in improving their teaching, even though they had been teaching for some time. It also emerged that some students received very limited mentoring, where mentors simply complied to fulfil university assessment requirements. The study suggests a need for more focused, comprehensive and ongoing mentor training for mentor teachers. The success of this would require collaboration between all stakeholders involved in departments of education and universities. This paper further suggests that university-school partnerships required strengthening, along with appropriate strategies put in place, towards ensuring mentoring effectiveness. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the trends and development of Bulgarian beekeeping. The study is based on official statistical data of the Ministry of Agriculture and Food and fieldwork study for the period 2009-2012. To achieve the above aim, first of all, the authors trance the changes in the production of honey until 2012 and second they analyze the distribution of farms according the number of bee colonies and prophylactic methods of their feeding up. In addition, in study was revealed the reasons for distribution of the bee colonies and identified the important problems facing the sector in term of the legislation, protection of the bee colonies, the control of the importing the queen bees and market development of the bee products. The one of main results of the study showed that the number of bee colonies in the country decrease even highly expert-oriented production of honey in Bulgaria. [ABSTRACT FROM AUTHOR]

The Coupled Climate-Economy-Biosphere (CoCEB) model described herein takes an integrated assessment approach to simulating global change. By using an endogenous economic growth module with physical and human capital accumulation, this paper considers the sustainability of economic growth, as economic activity intensifies greenhouse gas emissions that in turn cause economic damage due to climate change. Different types of fossil fuels and different technologies produce different volumes of carbon dioxide in combustion. The shares of different fuels and their future evolution are not known. We assume that the dynamics of hydrocarbon-based energy share and their replacement with renewable energy sources in the global energy balance can be modeled into the 21st century by use of logistic functions. Various climate change mitigation policy measures are considered. While many integrated assessment models treat abatement costs merely as an unproductive loss of income, we consider abatement activities also as an investment in overall energy eficiency of the economy and decrease of overall carbon intensity of the energy system. The paper shows that these efforts help to reduce the volume of industrial carbon dioxide emissions, lower temperature deviations, and lead to positive effects in economic growth. [ABSTRACT FROM AUTHOR]

Research on temporal characteristics of human dynamics has attracted much attentions for its contribution to various areas such as communication, medical treatment, finance, etc. Existing studies show that the time intervals between two consecutive events present different non-Poisson characteristics, such as power-law, Pareto, bimodal distribution of power-law, exponential distribution, piecewise power-law, et al. With the occurrences of new services, new types of distributions may arise. In this paper, we study the distributions of the time intervals between two consecutive visits to QQ and WeChat service, the top two popular instant messaging services in China, and present a new finding that when the value of statistical unit T is set to 0.001s, the inter-event time distribution follows a piecewise distribution of exponential and power-law, indicating the heterogeneous character of IM services users’ online behavior in different time scales. We infer that the heterogeneous character is related to the communication mechanism of IM and the habits of users. Then we develop a combination model of exponential model and interest model to characterize the heterogeneity. Furthermore, we find that the exponent of the inter-event time distribution of the same service is different in two cities, which is correlated with the popularity of the services. Our research is useful for the application of information diffusion, prediction of economic development of cities, and so on. [ABSTRACT FROM AUTHOR]

The city is an important component in the construction of circular economy (CE), and after years of development, assessment of urban CE and calculation of an urban circular development index (UCDI) is an important task that the Chinese government has faced. However, existing research into the indicator system and evaluation methods is not enough to support calculation and subsequent publishing of UCDI. Building off current research into CE, its index systems and its evaluation, this paper puts forward an evaluation index system for urban CE development (UCDI) that uses an improved entropy methodology combining expert and entropy weightings. The index was calculated for 40 cities that were part of China's pilot CE cities program for alternating years in the five year period between 2012 and 2016 (that is, the index was calculated for 2012, 2014 and 2016). The study found that the level of urban CE increased significantly over the five year period, with that in the CE pilot cities growing at a faster rate than the national average. Results show that a certain relationship exists between UCDI, urban types and economic development, but has little relationship with industrial structure. Finally, recommendations for the promotion of urban CE are proposed. [ABSTRACT FROM AUTHOR]

Growth accounting models consider technology as exogenous which are determined outside the model. Even though Solow type model measures the contribution of technology as residual which is left over from the contribution of labor and capital, it does not provide tool to directly assess the role of technology. Endogenous growth models emerged to overcome this shortcoming. In the recent decades, many empirical studies have explored the direct role of technological change in economic growth in the long-run. Researchers have used various variables to endogenously study factors affecting economic productivity. R&D spending is considered one of those factors. However, since it takes a longer time to see the impact of R&D spending, many developing countries do not truly appreciate its importance for economic growth. This paper is aimed to provide further evidence by exploring the relationship between total factor productivity (TFP), information and communication technology (ICT) capital services, R&D expenditures, and a set of auxiliary variables (labor quantity, labor quality, non-ICT capital services) using the Pooled Mean Group approach for OECD countries. The objective is to show if and to what extent TFP is sensitive to ICT and R&D over both long- and short-term periods by controlling for auxiliary determinants. The study has found a positive significant relationship between TFP and ICT capital services over the long-run, and between TFP and both ICT capital services and R&D expenditures over the short-run. It is also found that TFP positively responds to changes in all auxiliary determinants over the short-run. The impact of all variables on TFP is smaller for short-term than long-term. The study highlights the great importance of investing in R&D by developing countries to catch up with the developed countries. The findings are expected to encourage developing countries to invest more in R&D to accomplish long-term sustainable and competitive economic growth. [ABSTRACT FROM AUTHOR]

Foreign direct investment (FDI) in renewable energy projects in 2015 has reached more than 10% of the total green-field FDI worldwide, and developing economies were increasingly at the forefront of these investments. However, there are few studies that focus on the FDI in this emerging sector. Understanding determinants behind the location decisions of the FDI would lead to creating a better investment climate and further facilitate worldwide deployment of renewable energy technologies. Thus, this paper identifies the determinants of FDI in wind and solar energy in developing economies based on a literature review and semi-structured interviews. Factors that are identified through the literature review are categorized into the following categories: institutional environment, macroeconomic environment, natural conditions, and renewable energy policies. Semi-structured interviews were conducted with experts from multinational corporations that are active in FDI in wind and solar energy. Based on these interviews, 18 factors that could be considered as important determinants are selected and presented along with expert opinions. The experts' opinions suggest strong importance of renewable energy policies when compared to traditionally argued determinants of FDI including macroeconomic environment, institutional environment and natural conditions. Among traditionally argued determinants, exchange rate stability is suggested to be one of the most important factors considering the positioning of investments in solar and wind energy in most of the companies’ investment portfolios. [ABSTRACT FROM AUTHOR]

The presented paper analyses the development of conditions for the development of a creative economy in the regions of the Czech Republic. Through the calculations of a number of sub-indicators in the area of talent, technology and tolerance (Florida's 3T model), the development of the Creativity Index in 2011-2015 has been mapped in individual regions. In the next phase the development of the average growth rate of the Creativity Index was evaluated and graphically illustrated. At the end of the research, a situational and trending matrix of creativity was compiled, dividing the regions into four quadrants (leaders, up and coming, laggards, and losing ground). The results showed the dominant position of the capital city of Prague, which reached the highest score throughout the whole period and with great precedence surpassed all other regions. Only the South Moravian Region surpassed Prague in a specific way, in the value of the R & D indicator. In this region lies the second largest city of the Czech Republic in Brno, which has a very strong position in the field of research, development and innovation. The situational matrix captured the situation in which the leader's quadrant was only Prague, while the other regions were growing in the region quadrant. On the contrary, the trend matrix has suggested that Prague is losing its leading position as it is overtaken by the South Moravian region. [ABSTRACT FROM AUTHOR]

Economics as a discipline is currently in disarray. In the aftermath of the global financial crisis, academic experts, students, commentators, practitioners and politicians all questioned the status of academic economics and many called for a 'new economic thinking'. Nearly a decade later, however, there is little evidence of a transformation in research and teaching. The present study first clarifies what is meant by a transformation of economics as a discipline, since this remains an ill-defined term and may be interpreted in very different ways. It then establishes the conditions of a successful transformation of the discipline in terms of intra-disciplinary and extra-disciplinary factors. The paper argues that economics as a discipline cannot be expected to trigger this transformation by itself (i.e. via self-regulation), since the 'market for economic ideas' is prone to market failure. In addition, the influence of external factors and actors on the market may serve to distort the congruence between the individual researcher's utility and societal welfare. External incentives are therefore required to establish constitutional guardrails that ensure fair competition between ideas. [ABSTRACT FROM AUTHOR]