Hasil untuk "Regional economics. Space in economics"

Anton Samokish, Valeriy Egorushkin

This paper develops a unified framework in which economic dynamics is treated as evolutionary process analogous to those studied in natural sciences, including physics. Using methods from gauge field theory and plasticity, we show that the traditionally elusive influence of the invisible hand in economic markets can be made explicit and mathematically tractable. Derived equations demonstrate that market adaptation proceeds through localized nonlinear waves processes, closely resembling self-induced transparency in electrodynamics. Taken together, the results provide a physically grounded interpretation of the invisible hand as a real, dynamically operating field mechanism governed by choice, competition, and profit.

Constantin Chilarescu

The main purpose of this paper is to generalize some recent results obtained by Chilarescu and Manuel Gomez. Essentially, we are trying to study the effect of elasticity of substitution on the parameters of economic growth, based on its two possible values - lower and higher than one. We show that a higher elasticity of substitution increases per capita income, the relative share of physical capital, the common growth rate and the share of human capital allocated to the production sector, and this property is not affected by the position of the elasticity of substitution - below or above one.

Nikolay Gospodinov, Ignacio Lopez Gaffney, Serena Ng

Variations in the low- and high-frequency components of temperature may have distinct impacts on economic outcomes. Parametric and non-parametric estimates from three panels of data all find significant heterogeneity in the relative importance of the two components, but there is clear evidence in each panel of a common, slowly evolving low-frequency factor that is highly correlated with the low-frequency factor of economic activity. In regressions that quantify the output effects of the components, we find that one-way clustered standard errors often lead to size distortions, and that an additive fixed effect specification does not adequately control for common time effects. Using bootstrap inference to assess estimates from our preferred interactive fixed effect specification, we only find a marginally significant effect of the high-frequency component on growth in the U.S. panel. However, the effect of the low-frequency component is significant in the European and International panels, suggesting that the increase in the low-frequency temperature component over the post-1980 period is associated with a reduction in economic growth of approximately 1.3 percentage points. The findings are corroborated by time series estimation using data at the unit and national levels.

Guan Gong, Yu Zhao

Abstract This study employs China's Yangtze River Economic Belt strategy as a quasi‐natural experiment to investigate the impact of prioritizing green development on economic growth. Our empirical findings show that the strategy significantly reduces urban industrial wastewater discharge. It helps transition the region's industries towards technology‐driven service sectors while maintaining a steady economic growth rate. On average, cities in the Yangtze River Economic Belt see a 21.9% decrease in annual industrial wastewater discharge, a 1.9% increase in economic growth rate, a 4.9% rise in the proportion of service industries' contribution to GDP, and a 2.4% increase in the number of employees in productive service industries. Moreover, our empirical results highlight the heterogeneity in the effects of the strategy across different regions, which can be attributed to factors such as population density, infrastructure, levels of human capital, and government governance. The implementation of the Yangtze River Economic Belt strategy offers valuable insights for developing countries on how to balance between economic development and environmental protection.

Gabriela Daiana Christ, Moacir Piffer, Lucir Reinaldo Alves et al.

A Agenda 2030 para o desenvolvimento sustentável chama a atenção para oportunidades de aprendizagem ao longo de seu processo de implementação. Nesse cenário, estão as instituições de ensino superior (IES). Como elas estão agindo para sua implementação é uma questão em aberto. Partindo de tal perspectiva, o objetivo do presente trabalho é compreender a percepção da gestão da Unioeste quanto aos drivers e barreiras na implementação da Agenda 2030 na instituição. Este estudo de caso único de abordagem qualitativa utilizou-se de análise de conteúdo a partir de entrevistas semiestruturadas com quatorze gestores em função de liderança na IES. Como resultado, identificaram-se dez drivers e quatorze barreiras. Na prática, esta pesquisa poderá apoiar a tomada de decisão no que toca à gestão da sustentabilidade na Universidade. Conclui-se que os estudos não se esgotam, uma vez que ainda existe a necessidade de expansão de pesquisas acerca da temática.

Manish Jha, Jialin Qian, Michael Weber et al.

We use generative AI to extract managerial expectations about their economic outlook from 120,000+ corporate conference call transcripts. The resulting AI Economy Score predicts GDP growth, production, and employment up to 10 quarters ahead, beyond existing measures like survey forecasts. Moreover, industry and firm-level measures provide valuable information about sector-specific and individual firm activities. A composite measure that integrates managerial expectations about firm, industry, and macroeconomic conditions further significantly improves the forecasting power and predictive horizon of national and sectoral growth. Our findings show managerial expectations offer unique insights into economic activity, with implications for both macroeconomic and microeconomic decision-making.

Iram Gleriaa, Sergio Da Silvab, Leon Brenig et al.

In this study, we analyze the relationship between human population growth and economic dynamics. To do so, we present a modified version of the Verhulst model and the Solow model, which together simulate population dynamics and the role of economic variables in capital accumulation. The model incorporates support and foraging functions, which participate in the dynamic relationship between population growth and the creation and destruction of carrying capacity. The validity of the model is demonstrated using empirical data.

MB Hendrie Anto, Faaza Fakhrunnas, Yunice Karina Tumewang

Purpose ― This study aims to assess the home financing credit risk performed by Islamic banks in Indonesia. Methods ― A panel dynamic analysis is adopted to measure the bad loan performance before and during the Covid-19 pandemic. The observation period started from January 2016 to September 2020 with 1,881 observation periods of monthly panel data from the province level. Findings ― The study finds a difference in bad loan performance before and during the Covid-19 pandemic. Before this pandemic, inflation has a positive and significant influence on non-performing financing in real estate, rental business, and company service. However, during the Covid-19 pandemic, a substantial and positive effect of inflation is found on the bad loan for personal flat and apartment ownership. On the other hand, a significant and negative impact of inflation is found on the bad home loan for personal business shop ownership. Implication ― This analysis could trigger the government to provide financial assistance for those affected by the Covid-19 crisis. In addition to that, an Islamic bank is also expected to give financing allowances for them by providing an option of debt restructuration and rescheduling. Originality ― This paper analyses the Islamic bank’s credit risk performance for home financing before and during the Covid-19 pandemic. This issue has not been presented in the literature to the best of our knowledge.

Emilio Soria-Olivas, José E. Vila Gisbert, Regino Barranquero Cardeñosa et al.

This paper presents a sandbox example of how the integration of models borrowed from Behavioral Economic (specifically Protection-Motivation Theory) into ML algorithms (specifically Bayesian Networks) can improve the performance and interpretability of ML algorithms when applied to Behavioral Data. The integration of Behavioral Economics knowledge to define the architecture of the Bayesian Network increases the accuracy of the predictions in 11 percentage points. Moreover, it simplifies the training process, making unnecessary training computational efforts to identify the optimal structure of the Bayesian Network. Finally, it improves the explicability of the algorithm, avoiding illogical relations among variables that are not supported by previous behavioral cybersecurity literature. Although preliminary and limited to 0ne simple model trained with a small dataset, our results suggest that the integration of behavioral economics and complex ML models may open a promising strategy to improve the predictive power, training costs and explicability of complex ML models. This integration will contribute to solve the scientific issue of ML exhaustion problem and to create a new ML technology with relevant scientific, technological and market implications.

Philipp Andreas Gunkel, Claire-Marie Bergaentzlé, Dogan Keles et al.

This paper investigates volumetric grid tariff designs under consideration of different pricing mechanisms and resulting cost allocation across socio-techno-economic consumer categories. In a case study of 1.56 million Danish households divided into 90 socio-techno-economic categories, we compare three alternative grid tariffs and investigate their impact on annual electricity bills. The results of our design consisting of a time-dependent threshold penalizing individual peak consumption and a system peak tariff show (a) a range of different allocations that distribute the burden of additional grid costs across both technologies and (b) strong positive outcomes, including reduced expenses for lower-income groups and smaller households.

Fangxuan Chen, Zhiwei Ma, Hadi Nasrabadi et al.

Hydrogen is an integral component of the current energy transition roadmap to decarbonize the economy and create an environmentally-sustainable future. However, surface storage options (e.g., tanks) do not provide the required capacity or durability to deploy a regional or nationwide hydrogen economy. In this study, we have analyzed the techno-economic feasibility of the geologic storage of hydrogen in depleted gas reservoirs, salt caverns, and aquifers in the Intermountain-West (I-WEST) region. We have identified the most favorable candidate sites for hydrogen storage and estimated the volumetric storage capacity. Our results show that the geologic storage of hydrogen can provide at least 72% of total energy consumption of I-WEST region in 2020. We also calculated the capital and levelized costs of each storage option. We found that a depleted gas reservoir is the most cost-effective candidate among the three geologic storage options. Interestingly, the cushion gas type and volume play a significant role in the storage cost when we consider hydrogen storage in saline aquifers. The levelized costs of hydrogen storage in depleted gas reservoirs, salt caverns, and saline aquifers with large-scale storage capacity are approximately $1.3, $2.3, and $3.4 per kg of H2, respectively. This work provides essential guidance for the geologic hydrogen storage in the I-WEST region.

Marcel Ausloos, Philippe Bronlet

We recall the historically admitted prerequisites of Economic Freedom (EF). We have examined 908 data points for the Economic Freedom of the World (EFW) index and 1884 points for the Index of Economic Freedom (IEF); the studied periods are 2000-2006 and 1997-2007, respectively, thereby following the Berlin wall collapse, and including Sept. 11, 2001. After discussing EFW index and IEF, in order to compare the indices, one needs to study their overlap in time and space. That leaves 138 countries to be examined over a period extending from 2000 to 2006, thus 2 sets of 862 data points. The data analysis pertains to the rank-size law technique. It is examined whether the distributions obey an exponential or a power law. A correlation with the country Gross Domestic Product (GDP), an admittedly major determinant of EF, follows, distinguishing regional aspects, i.e. defining 6 continents. Semi-log plots show that the EFW-rank relationship is exponential for countries of high rank ($\ge 20$); overall the log-log plots point to a behaviour close to a power law. In contrast, for the IEF, the overall ranking has an exponential behaviour; but the log-log plots point to the existence of a transitional point between two different power laws, i.e., near rank 10. Moreover, log-log plots of the EFW index relationship to country GDP is characterised by a power law, with a rather stable exponent ($γ\simeq 0.674$) as a function of time. In contrast, log-log plots of the IEF relationship with the country's gross domestic product point to a downward evolutive power law as a function of time. Markedly the two studied indices provide different aspects of EF.

M. S. Tedesco, M. A. Nunez-Ochoa, F. Ramos et al.

The benefits of using complex network analysis (CNA) to study complex systems, such as an economy, have become increasingly evident in recent years. However, the lack of a single comparative index that encompasses the overall wellness of a structure can hinder the simultaneous analysis of multiple ecosystems. A formula to evaluate the structure of an economic ecosystem is proposed here, implementing a mathematical approach based on CNA metrics to construct a comparative measure that reflects the collaboration dynamics and its resultant structure. This measure provides the relevant actors with an enhanced sense of the social dynamics of an economic ecosystem, whether related to business, innovation, or entrepreneurship. Available graph metrics were analysed, and 14 different formulas were developed. The efficiency of these formulas was evaluated on real networks from 11 different innovation-driven entrepreneurial economic ecosystems in six countries from Latin America and Europe and on 800 random graphs simulating similarly constructed networks.

E. Dvoryadkina, E. Belousova

Several decades have seen negative trends in spatial economic development of rural municipalities not only in Russia, but in the majority of developed countries. Such a situation is due to the concomitant transformation of the settlement system during the change of socio-economic development stages and requires searching for the relevant management methods and mechanisms. The paper focuses on designing a mechanism for controlling spatial economic development of a rural municipality considering the case of Russia’s municipal districts and allowing for the condition of the economic space outside cities and changes in the regional governance paradigm. Spatial economics and regional governance paradigm constitute the methodological basis of the research. The methods include systematisation, functional and comparative analysis, deduction, elements of the regulatory impact assessment. The research allows concluding that it is beneficial for the regional government to take into account the values and methods of the post-new public management (post-NPM) and to incorporate them into management of municipalities’ spatial economic development. The most important characteristics of such management include focus on social problems (specific for the territory and related to its identity), their priority over economic growth; long-term strategic thinking given there is an objective to embrace interests of the inhabitants; centralized collection of various timely objective information about citizens’ needs with the aim of sustainable development of a region; participatory approach in the sphere of interaction between citizens and local authorities; networking between government authorities, business, inhabitants and consultancy infrastructure. The study of the strategic framework of spatial economic development reveals that at national level the principal role of municipalities is to reinforce the settlement system. In line with the findings of the research, the authors build a concept and a mechanism for implementation of a municipal programme that understands the regional governance paradigm changes and trends in spatial development of rural municipalities.

L. Nazarova, I. Nusratullin, A. A. Aksenova et al.

The purpose of this study is to analyze the functioning of socio-economic development mechanism on the example of the Russian Federation, to provide conceptual justification of measures to improve the interactive response to the sustainable development of the territory using a cluster approach in the economic context. The study was implemented using a set of methods: including principles allowing for the use of general scientific and economic methods, which are a synthesis of abstract-theoretical analysis, system, factor, and structural-functional analysis, logical approach, statistical methods, simulation, situational and quantitative approaches. The author also applied private methodological tools of economic and mathematical modeling and others. The study substantiates measures to improve the regional mechanism of socio-economic development in a specific socio-economic space of the Russian Federation, which allows initiating the emergence of a significant multiplier effect in managing the economics of state development. Theoretical conclusions and suggestions can be used for further scientific development of the problem of regional socio-economic policy and allow an economic interpretation of the problems of sustainable socio-economic development of the territory. The results of the analysis and the identified trends presented in this study work are of independent value since they can serve as a basis for improving the efficiency of economists’ management decisions and developing the state socio-economic system when developing strategic guidelines for the socio-economic policy of sustainable development of the Russian Federation.

David J. Amaral

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Jussi T. S. Heikkilä

How does economics research help in solving societal challenges? This brief note sheds additional light on this question by providing ways to connect Journal of Economic Literature (JEL) codes and Sustainable Development Goals (SDGs) of the United Nations. These simple linkages illustrate that the themes of SDGs have corresponding JEL classification codes. As the mappings presented here are necessarily imperfect and incomplete, there is plenty of room for improvements. In an ideal world, there would be a JEL classification system for SDGs, a separate JEL code for each of the 17 SDGs.

Juan Dominguez-Moran, Rouven Geismar

Interactive simulation toolkits come in handy when teaching macroeconomic models by facilitating an easy understanding of underlying economic concepts and offering an intuitive approach to the models' comparative statics. Based on the example of the IS-LM model, this paper demonstrates innovative browser-based features well-suited for the shift in education to online platforms accelerated by COVID-19. The free and open-source code can be found alongside the standalone HTML files for the AD-AS and the Solow growth model at https://gitlab.tu-berlin.de/chair-of-macroeconomics/.

Victor Olkhov

We introduce the price probability measure η(p;t) that defines the mean price p(1;t), mean square price p(2;t), price volatility σp2(t)and all price n-th statistical moments p(n;t) as ratio of sums of n-th degree values C(n;t) and volumes U(n;t) of market trades aggregated during certain time interval Δ. The definition of the mean price p(1;t) coincides with definition of the volume weighted average price (VWAP) introduced at least 30 years ago. We show that price volatility σp2(t) forecasting requires modeling evolution of the sums of second-degree values C(2;t) and volumes U(2;t). We call this model as second-order economic theory. We use numerical continuous risk ratings as ground for risk assessment of economic agents and distribute agents by risk ratings as coordinates. We introduce continuous economic media approximation of squares of values and volumes of agents trades and their flows aggregated during time interval Δ. We take into account expectations that govern agents trades and introduce aggregated expectations alike to aggregated trades. We derive equations for continuous economic media approximation on the second-degree trades. In the linear approximation we derive mean square price p(2;t) and volatility σp2(t) disturbances as functions of the first and second-degree trades disturbances. Description of each next n-th price statistical moment p(n;t) with respect to the unit price measure η(p;t) depends on sums of n-th degree values C(n;t) and volumes U(n;t) of market trades and hence requires development of the corresponding n-th order economic theory.

Yongjun Liu

Rural regional culture contains rich and colorful folk customs. Which has profound connotation and far-reaching significance. The reconstruction and design of rural landscape should be established on the basis of rural humanistic characteristics. It relies on the construction of laws and regulations and institutions, re-create the traditional rural space and landscape elements, and create local cultural characteristics due to the situation and local conditions. 1. Cultural Heritage of Chinese Villages 1.1. The Regional Culture of the Countryside In the process of building beautiful countryside, local cultural characteristics should be respected and protected. The regional culture of each place is a unique feature formed by the long-term development of a place. The rural regional culture contains rich and colorful folk customs. Some of them have a long history as the local culture, with profound connotation and far-reaching significance, and those are the spiritual food highly valued by local villagers. Therefore, we should respect the original local landscape and carry out reasonable design and optimization on this basis. We should not destroy the local folk customs that have been maintained and protect the local characteristic culture. To eliminate the cookie-cutter planning and design style is not only the requirement of contemporary designers, but also the demand of human ecology. 1.2. Collation and Research of Rural Related Literature The development and change of each village has left many meaningful and valuable events at different times, and the record of these events is very important. The main method is to collect and organize through text, pictures, videos, etc.. These contain the development and change of buildings, construction of bridges and roads, changes in people's living standards and lifestyles, changes in transportation, changes in demographic structure, and changes of customs. For example, The history and development of the village is engraved on stone tablets , so the people will remember and understand. This make the rural culture and folk customs well known through various ways of propaganda, The work on related aspects has been carried out consciously. 1.3. The Inheritance and Development of Rural Folk Customs Rural landscape change is not just a simple architecture and road planning. Folk-custom folkway and rural cultural characteristics should also be considered, such as some important festival custom, application protection and refinement of ancient buildings and ancient bridge modeling elements, the collection show and recreating of traditional object. Carry out inheritance and development through publicity boards and venue construction to create local characteristics. For example, Anhui's hui-style architecture, Hongcun scenic spot and its surrounding landscape planning and renovation are all reasonable and scientific planning and building based on the comprehensive consideration of traditional architecture features, landscape features and folk customs. They all reflect the regional characteristics. 5th Annual International Conference on Management, Economics and Social Development (ICMESD 2019) Copyright © 2019, the Authors. Published by Atlantis Press. This is an open access article under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/). Advances in Economics, Business and Management Research, volume 87