The role of a halal lifestyle is a form of personal awareness in implementing practices following Islamic teachings. This is related to a person's lifestyle in making an investment decision. The purpose of this study is to see how the role of an investor's halal lifestyle in their investment decisions, seen from Islamic financial literacy, and also their financial behavior. This study examines an investor, a student at Cokroaminoto University, who invests in the stock market. This study employs a qualitative approach, utilizing a case study design. The findings of this study indicate that the role of a halal lifestyle, as reflected in Islamic financial literacy and the financial behavior of investors, can influence the decisions made in their investments.
I discuss economic and social sources of inequality and elaborate on the role of social networks in inequality, economic immobility, and economic inefficiencies. The lens of social networks clarifies how the entanglement of people's information, opportunities, and behaviors with those of their friends and family leads to persistent differences across communities, resulting in inequality in education, employment, income, health, and wealth. The key role of homophily in separating groups within the network is highlighted. A network perspective's policy implications differ substantially from a narrower economic perspective that ignores social structure. I discuss the importance of ``policy cocktails'' that include aspects that are aimed at both the economic and social forces driving inequality.
This paper explores how ethical consumption can transform democratic governance toward sustainability by challenging traditional economic models centered on utility and efficiency. As societal values shift toward transparency equity and environmental responsibility ethical consumers increasingly influence markets. Drawing on Whites Kantian economic framework and Ingleharts theory of value change the paper proposes a model integrating moral imperatives into economic theory. Using a vector bundle approach it captures evolving ethical preferences advocating for an inclusive sustainability focused economic paradigm aligned with post materialist values.
The article is devoted to stimulating the development of housing construction through mortgage lending. The purpose of the article is to determine the role of mortgage lending in the development of the housing sector, in particular through its impact on supply and demand in the real estate market and pricing in this sector. In the course of the research, data analysis, correlation analysis, and methods of forecasting economic trends were used. Graphical methods were also used to provide a clear understanding of how changes in the mortgage market affect the development of the real estate sector. The results of the study show that mortgage lending is a key element in stimulating the development of the housing sector, as it not only directly facilitates access to finance for potential property buyers, but also indirectly affects the pricing and investment attractiveness of the housing sector. The paper shows that fluctuations in mortgage rates have a significant impact on the dynamics of supply and demand in the residential real estate market, as well as on price trends. In particular, rising mortgage rates tend to reduce demand for housing, as households expect better investment opportunities. There is also a strong correlation between mortgage rate increases and slower price growth. The expansion of the mortgage lending market and, consequently, a reduction in mortgage rates boosts supply in the real estate market. Nevertheless, it is found that such changes can have complex and ambiguous consequences, including the risks of market overheating and the formation of price "bubbles" that threaten the stability of the sector in the long run. In addition, the study found that mortgage lending facilitates the implementation of new construction projects and the expansion of the housing stock, which is an important factor in stimulating economic growth. At the same time, the analysis showed that the impact of mortgage rates on the real estate market depends on a wide range of factors, including the economic situation, central bank policy, consumer confidence and other macroeconomic indicators. The practical significance of the publication is to provide recommendations for the development of a balanced policy in the field of mortgage lending aimed at supporting the stable development of the housing sector and preventing potential destabilising factors in the real estate market.
Marta Sjeničić, Marko Milenković, Sofija Nikollić Popadić
Neformalni negovatelj je svaka osoba koja pruža negu – obično bez naknade – drugoj osobi sa hroničnom bolešću, invaliditetom ili drugom potrebom za dugotrajnom negom. Neformalni negovatelji su potpuno neprepoznati u pravnom sistemu Republike Srbije. Shodno tome, u Srbiji ne postoje zvanični podaci o broju neformalnih negovatelja. Postoje brojni aspekti neformalne brige koji predstavljaju izazov. Narušena ravnoteža između poslovnog i privatnog života može uticati na sposobnost neformalnih negovatelja da učestvuju na tržištu rada i održavaju društvene kontakte. Ovo može dalje dovesti do socijalne isključenosti i rizika od siromaštva. Konačno, zdravlje i dobrobit neformalnih negovatelja takođe mogu biti pogođeni. COVID-19 kriza dodatno je razotkrila fundamentalne nedostatke u sistemu zbrinjavanja starijih osoba i slabosti u regulisanju pružanja neformalne nege. Koristeći ograničene raspoložive podatke o neformalnoj nezi u Srbiji, komparativne podatke i primere o položaju neformalnih negovatelja, članak nastoji da prevashodno doprinese otvaranju društvene debate o položaju neformalnih negovatelja, potencijalnoj formalizaciji njihovog položaja i ponudi preporuke za unapređenje položaja, a pre svega kada se radi o nezi starije populacije.
Rafki Rasyid, Syafruddin Karimi, Werry Darta Taifur
et al.
This study investigates the privatization situation in Indonesia between 1996 and 2020. This study conducts a comparative analysis to see the impact of privatization on companies’ performance and, with regard to the crisis that occurred with respect to the companies that have been privatized, its economic impact. Furthermore, the determinants of the government’s decision to release its share from state-owned companies are also identified using the regression method. This study found, with regard to the state-owned enterprises in Indonesia, the impact of the economy as there were no differences in the companies’ performance before and during the crisis. This study found that the ability of the company to generate profits declined after privatization, but the company’s efficiency improved. Otherwise, the debt ratio of state-owned companies decreased after the privatization was carried out. Almost the same results were found when comparing the long-term performance with the short-term performance of the privatized SOEs. The determining factors that influenced the Indonesian government’s decision to divest its shares in state-owned companies were Indonesia’s corruption perception index ranking, the company’s ability to generate profits on its sales, and government ownership percentage stock in SOEs.
Julio Cesar Ramírez Montañez, Jaime Enrique Sarmiento Suarez, Alejandra Suarez Quintero
La Alianza del Pacífico es un acuerdo de integración entre Colombia, Chile, Perú y México que se concreta desde el año 2012, cuyo propósito es aumentar la interdependencia entre los países, con mayor cooperación entre sí. El objetivo de esta investigación es presentar los asuntos más relevantes del comercio intrarregional de las partidas arancelarias con mayor dinámica en las exportaciones e importaciones del departamento de Santander, en el periodo 2020-2021, con los países miembros de la Alianza del pacifico. La metodología implementada fue de carácter exploratorio y descriptivo. Dentro de los hallazgos más representativos se puede destacar el bajo nivel de intercambio comercial en las exportaciones e importaciones que llevan a cabo entre Santander y los países de la Alianza del Pacífico. De igual manera, se pudo constatar que los principales productos de exportación de Santander hacia la Alianza del Pacifico son los Carburo reactores tipo gasolina para reactores y turbinas, siendo México el principal socio comercial en la dinámica tanto importadora como exportadora del departamento, observándose una mayor participación de las exportaciones correspondientes al sector metalmecánico, donde los conductores eléctricos para una tensión inferior a 1000 V de cobre es el principal producto importado desde los países de la Alianza del Pacifico. Se pudo determinar de igual forma que México es el principal proveedor de bienes y servicios desde la Alianza del Pacifico.
Djordje Bogdanović, Marija Dimitrijević Ćirić, Voja Radovanović
et al.
We address the problem of UV/IR mixing in noncommutative quantum field theories from the perspective of braided $L_\infty$-structures and the Batalin-Vilkovisky formalism. We describe the example of braided noncommutative scalar field theory and its quantization using braided homological perturbation theory. The formalism is illustrated through one-loop calculations of the two-point functions for $φ^4$-theory in four dimensions and $φ^3$-theory in six dimensions. In both cases we find that there are no non-planar diagrams and no UV/IR mixing.
This paper presents a novel machine learning approach to GDP prediction that incorporates volatility as a model weight. The proposed method is specifically designed to identify and select the most relevant macroeconomic variables for accurate GDP prediction, while taking into account unexpected shocks or events that may impact the economy. The proposed method's effectiveness is tested on real-world data and compared to previous techniques used for GDP forecasting, such as Lasso and Adaptive Lasso. The findings show that the Volatility-weighted Lasso method outperforms other methods in terms of accuracy and robustness, providing policymakers and analysts with a valuable tool for making informed decisions in a rapidly changing economic environment. This study demonstrates how data-driven approaches can help us better understand economic fluctuations and support more effective economic policymaking. Keywords: GDP prediction, Lasso, Volatility, Regularization, Macroeconomics Variable Selection, Machine Learning JEL codes: C22, C53, E37.
This paper analyses the effect of credit on monetary policy responses for different regimes in Turkey. To do so, the Taylor rule augmented with the credit gap is estimated by using a Markov regime switching model from January 2006 to December 2019. The empirical findings identify two regimes: the low- and high-interest rate regimes. The prevalence of the former indicates policy authorities’ growth priorities. Furthermore, differing responses across the regimes reflect that the Central Bank of the Republic of Turkey has an asymmetric policy stance. In the low-interest rate regime, the monetary policy only significantly responds to inflation. In the high-interest rate regime, both inflation and credit have significant positive impacts on interest rate setting. This indicates that credit conditions affected the tightening of the monetary policy stance in Turkey despite the use of macroprudential tools after the global financial crisis.
This research is devoted to assessing regional economic disparities in Ukraine, where regional economic inequality is a crucial issue the country faces in its medium and long-term development, recently, even in the short term. We analyze the determinants of regional economic growth, mainly industrial and agricultural productions, population, human capital, fertility, migration, and regional government expenditures. Using panel data estimations from 2004 to 2020 for 27 regions of Ukraine, our results show that the gaps between regions in Ukraine have widened last two decades. Natural resource distribution, agricultural and industrial productions, government spending, and migration can explain the disparities. We show that regional government spending is highly concentrated in Kyiv, and the potential of the other regions, especially the Western ones, needs to be used sufficiently. Moreover, despite its historical and economic opportunity, the East region performed little development during the last two decades. The inefficient and inconsistent regional policies played a crucial role in these disparities.
Abstract For a number of reasons, businesses affected by minimum wage may have a particularly hard time during the coronavirus pandemic. We have found that minimum wage establishments were more frequently affected by the Corona pandemic than the rest of the economy at the beginning of 2021 due to the industry composition of these establishments rather than to minimum wage itself. The findings also indicate that minimum-wage establishments use short-time work more often and that the volume of work is reduced more frequently than in other establishments by cutting back on overtime. Finally, salary increases and special payments are also reduced or suspended more frequently.
Economic theory. Demography, Social history and conditions. Social problems. Social reform
Stephan Zheng, Alexander Trott, Sunil Srinivasa
et al.
AI and reinforcement learning (RL) have improved many areas, but are not yet widely adopted in economic policy design, mechanism design, or economics at large. At the same time, current economic methodology is limited by a lack of counterfactual data, simplistic behavioral models, and limited opportunities to experiment with policies and evaluate behavioral responses. Here we show that machine-learning-based economic simulation is a powerful policy and mechanism design framework to overcome these limitations. The AI Economist is a two-level, deep RL framework that trains both agents and a social planner who co-adapt, providing a tractable solution to the highly unstable and novel two-level RL challenge. From a simple specification of an economy, we learn rational agent behaviors that adapt to learned planner policies and vice versa. We demonstrate the efficacy of the AI Economist on the problem of optimal taxation. In simple one-step economies, the AI Economist recovers the optimal tax policy of economic theory. In complex, dynamic economies, the AI Economist substantially improves both utilitarian social welfare and the trade-off between equality and productivity over baselines. It does so despite emergent tax-gaming strategies, while accounting for agent interactions and behavioral change more accurately than economic theory. These results demonstrate for the first time that two-level, deep RL can be used for understanding and as a complement to theory for economic design, unlocking a new computational learning-based approach to understanding economic policy.
Marian Siminică, Marioara Avram, Luminița Popescu
et al.
The tendency of depletion of non-renewable resources and the environment’s continuous
degradation have been considered in the last centuries acceptable as side effects for achieving
the economic growth and satisfying the human needs in the conditions of demographic
growth following an upward trend. An adequate response to all these challenges is related to
increasing the share of green GDP in total GDP, to green procurement and to the large-scale
promotion of circular economy. At EU level, there are appropriate legislation and programs
and packages aimed at implementing green procurement and the circular economy. There are
also "prize-winner" countries that have adopted National Green Procurement Plans before
they became mandatory, countries that have found it harder to adopt this type of plans, but
also countries that have not adopted National Green Procurement Plans such as Estonia,
Greece, Hungary, Luxembourg and Romania.
The article focuses on an analysis of the impact of national green procurement plans adoption
on circular economy in the European Union member states for the period 2007-2018, with the
help of an unrestricted VAR panel (PVAR), based on three hypotheses according to which the
impact of these plans’ adoption is positive on economic growth, CO2 emissions and circular
economy. Data taken from Eurostat and processed using E-Views 9 econometric software
allowed the validation of research hypotheses, confirming the positive impact of the adoption
and implementation of green procurement national plans on some significant indicators
characterizing the circular economy, which is likely to encourage the generalization of
concerns regarding the adoption of coherent public policies in all Member States
A gazdaságpolitika tökéletlen informáltsága esetén mikor hatékonyabb kvótával
és mikor hatékonyabb Pigou-adóval szabályozni az ipari környezetszennyezés
mértékét? Egy mikroökonómiai modell bemutatása útján bizonyítjuk, hogy
amennyiben a határprofit- és az externálishatárköltség-görbe egyszerre alulbecsült, vagy egyszerre felülbecsült (a kormányzat tökéletlen informáltsága miatt),
akkor kvótaszabályozás alkalmazásával közelebb kerülhet a gazdaság a Paretohatékony egyensúlyi állapothoz, mint Pigou-adó alkalmazásával. Ha viszont a
határprofit- és az externálishatárköltség-görbe ellentétes irányban felül- vagy alulbecsült, akkor inkább a Pigou-adó használata a célszerűbb. Az elméletnek gyakorlati gazdaságpolitikai haszna is van, ugyanis a kormányzatnak lehetnek arra eszközei, hogy megállapítsa, a becsült MNPB és MEC függvények milyen irányban térnek el a valóságtól. Ezután, a modell segítségével áttekintjük azt is, hogy középtávon melyik szabályozó eszköz ösztönzi jobban a vállalatot arra, hogy end-of-pipe
típusú szűrőberendezéseket szereljen fel. A tanulmány második részét a következő számban közöljük.
Economic theory. Demography, Economic history and conditions
Known results are reviewed about the bounded and convex bounded variants, bT and cbT, of a topology T on a real Banach space. The focus is on the cases of T = w(P*, P) and of T = m(P*, P), which are the weak* and the Mackey topologies on a dual Banach space P*. The convex bounded Mackey topology, cbm(P*, P), is known to be identical to m(P*, P). As for bm(P*, P), it is conjectured to be strictly stronger than m(P*, P) or, equivalently, not to be a vector topology (except when P is reflexive). Some uses of the bounded Mackey and the bounded weak* topologies in economic theory and its applications are pointed to. Also reviewed are the bounded weak and the compact weak topologies, bw(Y, Y*) and kw(Y, Y*), on a general Banach space Y, as well as their convex variants (cbw and ckw).
Proof-of-work blockchains need to be carefully designed so as to create the proper incentives for miners to faithfully maintain the network in a sustainable way. This paper describes how the economic engineering of the Conflux Network, a high throughput proof-of-work blockchain, leads to sound economic incentives that support desirable and sustainable mining behavior. In detail, this paper parameterizes the level of income, and thus network security, that Conflux can generate, and it describes how this depends on user behavior and "policy variables'' such as block and interest inflation. It also discusses how the underlying economic engineering design makes the Conflux Network resilient against double spending and selfish mining attacks.
We provide a concrete introduction to the topologised, graded analogue of an algebraic structure known as a plethory, originally due to Tall and Wraith. Stacey and Whitehouse showed this structure is present on the cohomology operations for a suitable generalised cohomology theory. We compute an explicit expression for the plethory of operations for complex topological K-theory. This is formulated in terms of a plethory enhanced with structure corresponding to the looping of operations. In this context we show that the familiar lambda operations generate all the operations.