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Aoulad Hosen
Journal of Economic Science Research, Volume 5; https://doi.org/10.30564/jesr.v5i1.3867

Abstract:
This article examines the public revenue and expenditure patterns and its nexus of a few countries. This paper employs panel unit root, panel cointegration and Vector Error Correction Model to analyze the inter-temporal association among the variables of government revenues, expenditures and the growth of GDP through the panel data of ten divergent nations over the period 2001 to 2017. The study exercised three cointegration tests and these estimates find the evidence of long run association among articulated three variables. To know the cross-section status of different nations this paper diverted Phillips-Peron test with bandwidth statistics and it asserted that, all ten countries secured the long run association among the variables. The study uncovered that, growth of GDP has escalated in 0.78% by one percentage increase in revenue expenditure; meanwhile, 1.41% lessening in GDP growth by one percentage increase in revenue income. The specified model is supported by a few diagnostic tests.
He Huang, Ailun Liang, Shiqi Fang, Jiexuan Chen, Wenbiao Li, Yuyang Ma, Yuchun Wang, Chien Chi Chu
Journal of Economic Science Research, Volume 5; https://doi.org/10.30564/jesr.v5i1.4105

Abstract:
With the development of urban-rural integration in China, the functional value of homestead bases has evolved from a single residential security value to a multiple composite values, and the property income of homestead bases has gradually become the value driver of transfer and the intrinsic demand of farm households. This paper takes Baitafan of Jinzhai County, Chongqing City, and Xiaofang Yu Village of Ji County as examples for in-depth discussion, and finds that the dominant value drivers of home base transfer mainly include three kinds: capitalization income, commercialization income, and non-farm employment income. The study concludes that it is important to give full play to the resource endowment effect and identify the dominant value of home base transfer according to local conditions to promote the standardized home base transfer and implement the rural revitalization strategy.
Kangping Wu, Mengtao Wu
Journal of Economic Science Research, Volume 5; https://doi.org/10.30564/jesr.v5i1.3796

Abstract:
Human capital, as a synthesis of wisdom and physical fitness condensed in workers, is sometimes confused with technological innovation by existing literature. This paper makes comparisons between these two terminologies. Technological innovation is a short-term activity that attaches importance to economic benefits while human capital accumulation is a long-term strategic process with lifelong benefits, and human capital is the foundation of technological innovation. In empirical part, this paper adopts Solow Residual Method to calculate stock, elasticity and growth rate of human capital of 10 countries after eliminating physical capital, labor force and technological innovation. It is found that human capital stock in the United States is the largest and human capital growth in China is the fastest. Calculation is followed by measurement. We construct a comprehensive index of human capital by using Index Weight Assignment Method and Two-level & Three-factor CES Function to measure and predict human capital level in China. Both calculating and measuring results show that growth rate of China’s human capital is around 5%. In the future, for highquality economic development, China should give priority to human capital development and comprehensively improve human capital competitiveness.
Chao Gao
Journal of Economic Science Research, Volume 5; https://doi.org/10.30564/jesr.v5i1.3746

Abstract:
In the face of the impact of the epidemic on the industrial chain and supply chain, it is an inevitable requirement for industrial development to ensure the dynamic balance of the supply chain. Supply chain is the basis for the generation of industrial chain. Industrial linkage can promote the rational layout of industries. The operation mode of supply chain is the main driving force of industrial linkage. To build a dynamic and balanced supply chain, we must focus on symbolic industries and adopt measures of chain protection, chain supplement, chain creation and chain financing.
Javier de Oña García Matres, Tuan Viet Le
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i4.3782

Abstract:
This study investigates the impact of money supply on economic growth rate, inflation rate, exchange rate and real interest rate. We used a panel of 217 countries from 1960 to 2020 and four different models to address these questions. The empirical results support the quantity theory of money. In addition, the study found evidence for a negative relationship between real interest rate and inflation and between money supply and real interest rate. Finally, our results show that lagged money growth rate is positively correlated with GDP growth rate but money growth rate is negatively correlated with GDP growth rate.
Ezebuilo Romanus Ukwueze, Uchenna Casmir Ugwu, Ogochukwu Anastasia Okafor
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i4.3116

Abstract:
The linkage between quality of institutions and economic performance of nations has generated a lot of interest among scholars, due to their influence on development of many countries and effective use of resources including foreign aid from multilateral organizations. Two strands of theories emerge on the institutions-multilateral aids nexus: those for benefits of aid to growth and development; and those for harms caused by aid. The research objective is to investigate the impact of institutional quality on multilateral aid in Nigeria. To do this, the study applied auto-regressive distributed lag (ARDL) bounds testing approach. Data for the study were sourced from the ICRG data, WGI data, QoG database, Transparency International, and World Development Indicators (WDI). The findings show that institutional quality variables do not have any influence on the multilateral aid in Nigeria, except the ‘independence of judiciary’ which appeared statistically significant. In the short-run analysis, the disequilibrium in the long-run equilibrium is corrected for in the next quarter period by about 25%; almost all the variables are statistically and significantly influencing multilateral aid. It is therefore recommended that donor agencies should consider other factors that negatively influence official development assistance (ODA) such as politics, location and colonial history.
Hope Natukunda, Peter Nareeba, Sawuya Nakijoba
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i4.3774

Abstract:
The empowerment of women is crucial for the development of a nation .This study is about women empowerment and household income in Kira Municipality of Uganda. The objectives were to establish the strategies of women empowerment, the effect of women empowerment on household income and the challenges to women empowerment. We adopted a cross-sectional survey design, considering a sample size of 72 respondents who were randomly sampled. Findings revealed that strategies for women empowerment included women being encouraged to join group saving groups. It was revealed that women were not adequately trained as dispute settlers, linkers, motivators, facilitators, and negotiators to help implement women empowerment projects in as far as empowering them was concerned. Regarding the impact of women empowerment, findings revealed that skills have been enhanced through training received from women empowerment implementers and programs have reduced employment among these women through skills attained. However, key challenges to women empowerment emerged including but not limited to There is inadequate finance and inappropriate funding of activities, limited access to credit sources to expand our activities, poorly trained community projects facilitators and unnecessary hinder project activities and political interests which affect women group leadership such as interference from community political forces. It is recommended that more efforts should be put to economic empowerment as a process of increasing women’s access to economic resources and opportunities including jobs, financial services, property and other productive assets, skills development and market information. Lastly women should be encouraged to participate in enterprise activities to gain a greater economic role in decision-making. Exercising control over these financial matters enables women to optimize their own and the household’s welfare.
Weining Li, Sirui Zhang, Weizhe Ou, Yujin Zhang
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i4.3634

Abstract:
Compared with those major policies that need to be practiced over the years, the street stall economy is more like a special means after the epidemic, resulting in a “short and brilliant” heat. Nevertheless, the street stall economy revives is facing several dilemmas. This paper reveals the dilemma of the prosperity and development of the stall economy before and after the epidemic, followed by the international experience and enlightenment of promoting the normalization of street stall economy, ranging from street vendor’s legal status and road administrative promotion to street food safety and environmental protection. To sum up, employment is the foundation of people’s livelihood and the source of wealth, hence, stall economy plays an indispensable role to create a win-win working world and promote the formation of a sustainable economic.
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i4.3618

Abstract:
The Chinese sent-down movement between the mid 1950s to the late 1970s is a suffering period for Chinese sent-down youths. Using the treatment effect model and the ordered probit model, we examine the impact of sent-down experience on sent-down youths’ income and happiness based on the sample of CGSS2003 and CGSS2006. By doing so, we can explore the long-term consequences of one’s suffering experience. The overall sample regression results show that sent-down experience increase 42% of individuals’ income, while reducing 13% of individuals’ happiness. Sub-sample analysis results are robust to the collusion that the sent-down experience makes a positive impact on income and a negative impact on happiness. This study provides objective evidence for the historical evaluation of sent-down movement, new interpretation for the Easterlin paradox from the view of personality latitude, new empirical evidence for supporting the new human capital theory, useful inspiration for the current sent-down policy of college graduates’ employment.
Yixuan Chen, Lingfeng Liu, Hao Liu, Yukun Sun
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i4.3708

Abstract:
The ground-floor economy has a long history as a significant part of the informal economy. Due to the dependence on its own social status and relationship to the government's political and economic objectives, it has developed precariously in recent years. In the face of post-epidemic problems, a shortcut is to learn from international experience. This paper used the structural theory and drew from the secondary data, demonstrating the background of informal economy and exploring the rational ways to maintain and develop street vending. Spatialization, legalization and network digitization are proven international approaches, which display the empirical and theoretical implications to urban practice and studies.
Yan Liu
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i3.3331

Abstract:
The study of spatial econometrics has developed rapidly and has found wide applications in many different scientific fields, such as demography, epidemiology, regional economics, and psychology. With the deepening of research, some scholars find that there are some model specifications in spatial econometrics, such as spatial autoregressive (SAR) model and matrix exponential spatial specification (MESS), which cannot be nested within each other. Compared with the common SAR models, the MESS models have computational advantages because it eliminates the need for logarithmic determinant calculation in maximum likelihood estimation and Bayesian estimation. Meanwhile, MESS models have theoretical advantages. However, the theoretical research and application of MESS models have not been promoted vigorously. Therefore, the study of MESS model theory has practical significance. This paper studies the quasi maximum likelihood estimation for matrix exponential spatial specification (MESS) varying coefficient panel data models with fixed effects. It is shown that the estimators of model parameters and function coefficients satisfy the consistency and asymptotic normality to make a further supplement for the theoretical study of MESS model.
Saleh Abdullahi, Jibo Mohammed Ibrahim, Ahmad Muhammad El-Hafeez, Bako Bulus Danladi, Muhammad Abbas Muhammad
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i3.3127

Abstract:
The study examined profitability of tomato production in Yamaltu-Deba Local Government Area of Gombe State. A three-stage sampling technique was used to select 96 tomato producers. Data were collected using a structured questionnaire and were analysed using descriptive statistics, farm budget model, and t-test analysis. The results revealed that, the mean age of tomato producers was 38.94 years, 92.48% were males, 71.56% were married with the majority (95.44%) had family size ranging from 1 – 6 persons, and had 6.55 mean years of farming experience, having an average of 0.6 ha farm size holding. Furthermore, the result revealed that only 8.74% that have attained tertiary education. The results also revealed average variable costs constituted 88.98% and 88.84% of the average total costs of production in the dry and rainy seasons respectively. The per hectare average net income realised were found to be ₦ 154,444.20 ($ 398.05) and ₦ 39,725.14 ($ 102.38) in the dry and rainy seasons respectively. Hence, the returns per naira invested was ₦ 0.67 ($0.00173) in dry season and ₦ 0.18 ($0.00046) in rainy season (P<0.05). Moreover, the results revealed positive and desirable gross and operating ratios of < 1; implying the tomato farms in the study area maintained profitability levels both in the short and long run. However, inadequate capital was critical; which was attributed to lack of affordable sources of credits. Lack of storage and processing facilities were among the impediments to large scale tomato production in the study area. However, improvement in the existing patterns and as well as the provision of adequate essential factors of production will help expand the present scale of operations. Therefore, governments and other financial institutions should do more to provide soft loans to the farmers to improve efficiency.
Omer Allagabo Omer Mustafa
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i3.3243

Abstract:
The relationship between wage inflation and unemployment (Phillips Curve) is controversial in economic thought, and the controversy is centered around whether there is always a trade-off or not. If this relationship is negative it is called The short-run Fillips Curve. However, in the long run, this relationship may probable not exist. The matter of how inflation and unemployment influence economic growth, is debatably among macroeconomic policymakers. This study examines the behavior of the Phillips Curve in Sudan and its effect on economic growth.
Sudan Kumar Oli, Yuantao Xie
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i3.3359

Abstract:
This study examines the relationship between domestic savings, investment, and economic growth in Nepal by using time series data covering from the period 1975 to 2019. The vector error correction model (VECM) has been used to investigate the long-run and short-run causal relationship between the variables. The Johansen cointegration test results confirmed that there is a long-run relationship between savings, investment, and economic growth. Therefore, further analysis has to be set for the VEC model to analyze both long-run and shortrun causality. The VECM equation result is -0.1363 which is the adjustment speed of disequilibrium towards the equilibrium in long run. The coeffi cient of savings and investments are positive with economic growth which also indicates that both variables have a positive impact on economic growth in the short run. The results of the Jarque-Bera test show the residual distribution is normally distributed. For the model stability test, the study performed recursive estimation applying CUSUM and CUSUM of square, and both tests move within the 5 percent level of upper and lesser bound significance indicating that the model is stable over the observation period. Overall, the study suggests that in Nepal, domestic savings and investment growth have a positive contribution to economic growth. The central bank, planning commission, and ministry of finance should focus on stimulating the capital formation and productive sector investment for sustainable economic growth in Nepal.
Saoussen Aguir Bargaoui, Fethi Zouheir Nouri
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i3.3120

Abstract:
The evolution of man and nature relationship during human history has allowed human beings to be sheltered from the threats of their natural environments and has permitted them to exercise their powers there but has against part the breakdown of this relationship because of the excessive exploitation of natural resources, discharges and waste that cause nature pollution. This rupture caused climate change due to the evolution of the production model from the primitive model to the capitalist model. The objective of this paper is to shed light on the evolution of the relationship between human beings and their natural environment and the awareness of the climate change problem. This research allows appreciating and comparing the effectiveness of the resolutions that can help researchers understanding the climate change context, serve as a springboard for empirical studies, and represent a decision tool for policymakers. To this end, we use a knowledge synthesis methodology to make an inventory of our research problem.
Oumar Keita, Baorong Yu
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i3.3147

Abstract:
The recent economic and financial hardship has resuscitated controversies over the role of Foreign Capital in economic growth and welfare enhancement in emerging nations, particularly in Guinea. The literature that scrutinizes the causal interaction among FDI and poverty alleviation is relatively abundant, the fundamental statement shared by these empirical studies is that GDP growth is assumed to be relevant proxy of people well-being. However, Guinea and its FDI attraction policies have not been well approached by some of these paper. This empirical study examines the interaction between FDI inflows and poverty alleviation in Guinea from 1990 to 2017. The Human Development Index (HDI) and the per capita FDI net inflows are respectively employed as key welfare and FDI indicators.The findings from the Error Correction Model (ECM) confirm that, in the long term the variables converge in the same direction. The outcomes also exhibit that per capita FDI in the long run, negatively impacts welfare but not significantly, while Inflation’s coefficient remains positive and significant. With trade openness, we still found the same positive interaction but not significant. The results from the Auto Regressive Distributed Lag Model (ARDL) exhibit that per capita FDI flows [current value and L2.] have positive but not significant impact on HDI whereas FDI [L1] has a negative interaction with welfare at 10% significance level. The trade openness variable [current value] is negatively but not significantly associated with HDI, while inflation [L1 and L2] influence on human advancement is positive and significant.Overall, Foreign direct investment in Guinea is still resource seeking investment which impact on the domestic economy is very limited. Hence, government should introduce new policies and incentives in order to attract more market seeking or other types of FDI that may promote inclusive growth and alleviate poverty.
Yuxiang Zheng, Xiu Chen
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i2.2956

Abstract:
The ocean has become a new theme of the world economic competition. The development of marine industry is an inevitable measure to stabilize the sustainable and healthy development of China’s national economy. As a leading industry of marine economy, marine tourism has great potential for development.Marine tourism products are the foundation and power source of marine tourism development. The optimization of tourism products plays the most direct and key role in the upgrading of tourism industry. Shanghai, located in the center of Yangtze River Delta, is one of the most developed regions in China. However, with the increasing competition in the tourism market, the development of marine tourism is inevitable.This paper analyzes the general situation of marine tourism resources and the development status of tourism products in Shanghai, and probes into the specific countermeasures for the upgrading of its products, so as to promote the high-efficiency development of marine economy in Shanghai.
Samwel Alananga Sanga
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i2.1359

Abstract:
The 2008 financial crisis aroused concerns over the performance of public sector organisations operating under different cost recovery regimes. These concerns were linked to potential failure in attaining cost recovery targets as a result of declining revenues during economic downturn. Using LME models on data from the World Bank website and from six Land Administration Organisations (LAOs), it is established that a global financial crisis that is associated with declining GDP and higher inflation rate can insignificantly reduce the level of cost recovery for LAOs while persistent decline in GDP growth rate significantly eliminate potentials for cost recovery. However prospects for recovery can be traced within the cost-revenue microstructures of LAOs themselves. With a significantly negative relationship between spending in information and technology as a ratio of GDP to the degree of cost recovery, LAOs need only to eliminate rigidities in their cost-revenue structure which tie them to macro-instabilities of the real estate market. Such flexibility can be attained through elastic cross-substitution in the LAO’s gross cost-revenues schedules for registration tasks in favour of information delivery tasks.
Danlin Ruan
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i2.2927

Abstract:
This paper briefly summarizes the current situation of China’s Sharing Economy(SE) during the COVID-19 pandemic, then analyzes new challenges and opportunities that it currently faces in different fields, and expounds its role in China’s economic development in the future. Based on various data and findings, this paper finally points out the way forward for the Sharing Economy industry in China.
Aoulad Hosen
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i2.2698

Abstract:
This paper applies panel unit root test, country Pedroni cointegration test (PCT), Phillips-Peron cross section test (PPCST), vector error correction test and Johansen normalized cointegrating test (JNCT) for estimates the coefficients in the short-run and in the long-run to examine the inter-temporal relationship between the government revenues income and GDP. The paper took into account fifteen asymmetric countries with three income groups over the period from 2001 to 2016. The study justified the long run relationship between the articulated variables in the country PCT and the test results unearthed that four statistics out of seven on different indexes exhibited one percent level of significance. In the upper middle income country category, other than Brazil and Sri Lanka, rest of three countries showed a long run relationship, i.e. the study outcome reconnoitered the existence of a long run relationship between the two articulated variables. Decisively, the outcome of JNCT suggests that in the long run if the government revenue upsurge one percentage point then GDP growth rate will rise 0.037 and 0.28 percentage point for the countries that belong to high income and the upper middle income respectively. Meanwhile, the test find a negative result that allied to lower middle income nations, GDP growth rate will plummet 0.039 percent point due to one percent rise in revenue income.
Yang Yue, Haomiao Niu, Zhaoyun Gu
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i2.2775

Abstract:
To assess the economic impact of the different policies of the Trump and Biden candidates, we formulate metrics on five aspects: Covid-19 prevention and control measures, environmental protection policies, taxation, health care reform, foreign trade. Moreover, each metric is subdivided into several secondary metrics, making a three-tier hierarchical structure. Take environmental protection policy as an example: Without direct data under Biden’s policies, we collected data on U.S. CO2 emissions and U.S. oil consumption during Obama’s presidency as Biden’s legacy. First, use the analytic hierarchy process (AHP) to select indicators that can reflect the U.S. economy and determine the weight of each indicator. For the U.S. economy, Biden scored 2.6498, Trump 2.3502, suggesting that the election of Biden might make things better for the economy. For China’s economy, Biden scored 0.6810 and Trump 0.3245, meaning Biden could give the Chinese economy more room to grow. To reduce the influence of AHP subjectivity on the results, the Pearson correlation coefficient is introduced to establish the P-AHP model. Take the impact on China’s economy. Biden scored 0.5846 and Trump 0.4154.
Yuxiang Zheng, Yue Zhu
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i1.2651

Abstract:
Taking 13 prefecture-level cities in Jiangsu Province as the research object, based on the theory of spatial dislocation, the gravity model and two-dimensional composite matrix method are used to analyze the spatial dislocation between tourism resources, permanent population and other factors in Jiangsu Province and tourism revenue. The results show that the population center, the center of tourism resources, the center of tourist numbers, the center of economic development, and the center of tourism revenue of Jiangsu Province are all biased toward the southern part of Jiangsu Province. From the analysis of four sets of two-dimensional composite matrixes, 13 prefecture-level cities have synchronized coordination and also have positive and negative dislocation types. Southern Jiangsu has the best synchronization and coordination, and northern Jiangsu has a strong negative dislocation trend; the combination of tourist numbers and tourism revenue is the strongest, but the dislocation is weak; population and tourism revenue have a strong positive dislocation trend; there is a strong negative dislocation trend between economic development and tourism revenue; the matrix combination of Nanjing, Wuxi and Suzhou has good synchronization; the city of Xuzhou in northern Jiangsu has a strong negative dislocation. In view of the results of spatial dislocation analysis, suggestions for improvement and optimization are put forward to promote the high-quality development of tourism in Jiangsu Province.
Wenxiu Wang, Yi Ding
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i1.2696

Abstract:
A dynamic pricing model was established based on forecasting the demand for container handling of a specific shipping company to maximize terminal profits to solve terminal handling charges under the changing market environment. It assumes that container handling demand depends on the price and the unknown parameters in the demand model. The maximum quasi-likelihood estimation(MQLE) method is used to estimate the unknown parameters. Then an adaptive dynamic pricing policy algorithm is proposed. At the beginning of each period, through dynamic pricing, determining the optimal price relative to the estimation value of the current parameter and attach a constraint of differential price decision. Meanwhile, the accuracy of demand estimation and the optimality of price decisions are balanced. Finally, a case study is given based on the real data of Shanghai port. The results show that this pricing policy can make the handling price converge to the stable price and significantly increase this shipping company's handling profit compared with the original "contractual pricing" mechanism.
Leonard Mushunje
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i1.2700

Abstract:
Stock price volatility is considered the main matter of concern within the investment grounds. However, the diffusivity of these prices should as well be considered. As such, proper modelling should be done for investors to stay healthy-informed. This paper suggest to model stock price diffusions using the heat equation from physics. We hypothetically state that, our model captures and model the diffusion bubbles of stock prices with a better precision of reality. We compared our model with the standard geometric Brownian motion model which is the wide commonly used stochastic differential equation in asset valuation. Interestingly, the models proved to agree as evidenced by a bijective relation between the volatility coefficients of the Brownian motion model and the diffusion coefficients of our heat diffusion model as well as the corresponding drift components. Consequently, a short proof for the martingale of our model is done which happen to hold.
Zhengliang Zhang, Shijian Wu, Jia Liu, Shujian Zhang
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i1.2626

Abstract:
Hong Kong has a long history with its high efficiency and clean and self-disciplined government. Within the past over 20 years, different social development trend has occurred in Hong Kong. The article observed the relationship between political trust from residence and public service efficiency of government in Hong Kong from 1992 to 2015 and found that the value of public service efficiency has a significant effect on political trust in Hong Kong government, the higher the efficiency of public services, the higher the political trust. The author tried to find the path for the Hong Kong government to improve its public service quality and efficiency after testifying the positive correlation between public service efficiency and residential political trust with empirical analysis.
Kingsley Appiah, Rhoda Appah, Oware Kofi Mintah, Benjamin Yeboah
Journal of Economic Science Research, Volume 4; https://doi.org/10.30564/jesr.v4i1.2716

Abstract:
The study scrutinized correlation between electricity production, trade, economic growth, industrialization and carbon dioxide emissions in Ghana. Our study disaggregated trade into export and import to spell out distinctive and individual variable contribution to emissions in Ghana. In an attempt to investigate, the study used time-series data set of World Development Indicators from 1971 to 2014. By means of Autoregressive Distributed Lag (ARDL) cointegrating technique, study established that variables are co-integrated and have long-run equilibrium relationship. Results of long-term effect of explanatory variables on carbon dioxide emissions indicated that 1% each increase of economic growth and industrialization, will cause an increase of emissions by 16.9% and 79% individually whiles each increase of 1% of electricity production, trade exports, trade imports, will cause a decrease in carbon dioxide emissions by 80.3%, 27.7% and 4.1% correspondingly. In the pursuit of carbon emissions’ mitigation and achievement of Sustainable Development Goal (SDG) 13, Ghana need to increase electricity production and trade exports.
Bingjie Zhang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2122

Abstract:
Salt culture is the main component of traditional culture in Zigong,Sichuan.With centuries of history, it has accumulated rich cultural connotations. At present, Zigong salt culture, as a precious traditional cultural wealth, has taken cultural and creative industries as a new carrier of communication in the rapid development of digital new media technology, giving full play to the resource advantages of its traditional culture. This article focuses on the study of the development path of Zigong salt cultural and creative industry in the new digital media era. Combining digital new media technology with cultural and creative industries, Zigong salt culture actively uses virtual technology to realize the innovative development of cultural and creative industries, promote the cultivation of cultural and creative brands based on digital new media technology. This article aims to give relevant strategies with reference value, so as to make corresponding contributions to the development path of Zigong salt culture in the future.
Xueying Liu
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2267

Abstract:
There is very little research on the perception and willingness of Chinese consumers to purchase organic wine.The research aims to understand the factors which influence Chinese consumers’ willingness on organic wine purchase. Based on the TRA and TPB, combine with SCT, a conceptual model is established to solve research problems.
Pengpeng Li, Shidong Liang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2311

Abstract:
Based on the analog between the stochastic dynamics and quantum harmonic oscillator, we propose a market force driving model to generalize the Black-Scholes model in finance market. We give new schemes of option pricing, in which we can take various unexpected market behaviors into account to modify the option pricing. As examples, we present several market forces to analyze their effects on the option pricing. These results provide us two practical applications. One is to be used as a new scheme of option pricing when we can predict some hidden market forces or behaviors emerging. The other implies the existence of some risk premium when some unexpected forces emerge.
Jiangyu Huang, Ning Xue
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2433

Abstract:
The development of big data has brought unprecedented challenges and opportunities to the teaching reform of higher education. Property insurance course is the core course of economics and management,and it is the guarantee for the supply of talents in the health financial market. Big data technology and data economy put forward innovative requirements for its teaching objectives, teaching content, and teaching system. In China's new round of double-first-class universities and disciplines, big data is an important foundation and driving force. The comprehensive integration of property insurance and big data is reflected in: Cultivate students' big data thinking; Cultivate students' practical application ability based on market employment needs; Build a new discipline system of applied economics, and achieve good coordination between property insurance courses and other disciplines; The government, enterprises and universities form a strategic partnership to jointly participate in the development and construction of courses; The formulation of government policies can have a better governance effect on the development of higher education and talent training.
Changli Lu, Yingdong Xiang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2434

Abstract:
It has been four years since the concept of "new retail" was proposed, and the layout of "new retail" of several major domestic enterprises has been intensified, which has a "unique landscape" compared to the foreign retail landscape. "The trend. However, the sudden outbreak and continued spread of the COVID-19 has dealt a serious blow to the global economic development, from the domestic point of view, the epidemic caused by the decline in GDP, leading to a negative year-on-year growth in the total retail sales of consumer goods, the new retail industry is still in the development stage suffered a blow. On the other hand, however, the sinking of the new retail market driven by the consumer economy, the surge of private domain traffic on platforms and the rise of the "house economy" prompted the new retail industry to create new development opportunities during the epidemic, clarifying the development of the new retail industry in the post-epidemic era and pointing out the direction.
Eric Irakoze, Baorong Yu
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.1937

Abstract:
This study analyzes how Foreign Direct Investment affects the rate of economic development among nations in the EAC with the empirical evidence of Burundi. The paper indicates that there is a link between foreign direct investment(FDI), gross domestic product(GDP), human capital, and openness with support of yearly time-series data from 1989 to 2017. The results from the Vector Error Correction Model (VECM) analysis technics discover that all the variables in long-term they move together. The findings also discovered that there is short-term causality running from GDP and human capital to FDI and no short-run causality found from openness to FDI as a result of Burundi’s policies that do not implement market seeker FDI. For VECM validation, the paper went through some post estimation diagnostic tests such as Lagrange multiplier tests and Jarque-Bera test, the results did not indicate any autocorrelation among the variables as the residuals were normally distributed. Openness being an important factor to attracting foreign investors, it is very crucial for Burundi to revise its trade policies and encourage a conducive environment that promotes foreign investment penetration by promoting and encouraging both domestic and foreign investors and keep improving human capital for more FDI attraction as a goal for Burundi economic growth.
Xun Han, Kexin Chen, Xianjing Huang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2413

Abstract:
In recent years, the frequent adjustment of the government’s economic policies and the uncertainty of foreign economic situations have made the degree of uncertainty of China’s economic policies rise continuously. The increasing degree of policy uncertainty will inevitably affect the investment and financing decisions of micro enterprises. Then, how does economic policy uncertainty (EPU) affect mergers and acquisitions (M&A) behavior? What’s the mechanism? Based on the above questions, this paper uses the data of non-financial listed companies in the Shanghai and Shenzhen stock exchanges from 2008 to 2018 as a sample to explore the relationship between EPU and M&A. The study shows that rising EPU will promote corporate M&A behavior, and this effect is more significant in slow-growth companies. The relationship between EPU and M&A is affected by corporate governance, stock price volatility and financing constraints. Specifically, the company’s M&A size is more sensitive to EPU with higher level of corporate governance, higher level of stock price volatility, and lesser financing constraints. Further research shows that the rise of EPU will significantly promote the improvement of M&A performance in the short-term, but this effect does not exist in the long-term. Various robustness checks do not change the empirical results of this paper.
Jianping Sun, Zhengjun Wang, Tran Thi Ngat
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i4.2120

Abstract:
Different from foreign capital markets, china’s domestic capital markets are special, which also determines that the research on financial pressure starts from the reform of state-owned enterprises, and draws lessons from the relevant theories of financial risk and financial fraud, thus gradually forming a more diversified research results.
Can Liu, Jiawen Fu, Miaomiao Xia
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i3.1705

Abstract:
This article mainly studies the current status of the operation of the “burning money model” of Internet products, expounds and analyzes the disadvantages of this operating model, studies the practical effects brought by the “burning money model”, and explores the development direction of future Internet products. Domestic scholars have done a lot of research on the development of Internet products in the future and have achieved certain results. This article aims to discuss the development model of China’s Internet products, summarize the current “burning money” behavior in the operation process of Internet products, and combine the development situation of China’s Internet in the new era to make suggestions for the future development of Internet products.
Run Xu
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i3.1786

Abstract:
The screw threading produce is a important process course. The economics modeling is established in this paper so this process will be investigated. In this paper modeling of process is analyzed. The Q and cost decreases with the increasing quantity while the same turn as AC>AFC>MC is found. AC and AFC is main factors to affect quantity then MC do. It fits to concept of them well. The cost AC and AFC is higher upon L=4 than L=6 while MC is higher upon L=6 than L=4. Meantime the TC and VC is higher upon L=6 than that upon L=4, is the near parallel line. The TC>VC is turn to affect cost. There is a difference for them. TC and VC is main effective costs to compare with AC ˎAFC & MC. The TC and VC become bigger upon K=5 than K=7.
Huiwen Ma, Yiming Cai
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i3.1897

Abstract:
Overall level of export fluctuations of the export-oriented countries with rising export volume partly stem from the market failure caused by free choice of export enterprises, some government intervention thus may be necessary. To reduce the level of fluctuations of the export growth rates in these countries, this paper, taking the significant differences of the exports among various markets into account and thus using a new index named relative variance to measure the export volatility risks, proposes a model of merchandise market portfolio, a modified version of Markowitz model, available to provide explicit guidelines for the firms, the industries and even the whole country to optimize the structure of their export markets. An application of this model to the case of China's apple is then discussed. The results show that the market share of China’s apple in 7 sub-markets should be redistributed drastically.
Koffi Pokou
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i3.753

Abstract:
The development of Ivorian public debt in recent years has raised concerns. Is its current level capable of boosting the economy or, on the contrary, being at the source of a recession? This paper analyzes the effect of the level of indebtedness on economic growth in Côte d’Ivoire using the Threshold Autoregressive (TAR) model over the period 1970-2018. The results obtained in the short run shed light on the no relationship between public debt and economic growth. In the long run, on the other hand, there is a bi-directional granger causality between public debt and the sustainability of economic growth. The non-linearity between the variables of interest has been studied and the results show the presence of a threshold effect: beyond 48.03 percent of GDP, any increase in public debt by 1% should reduce economic growth by 0.28%. Thus, the study questions the relevance of the criterion set by the WAEMU: public debt
Jiawen Fu, Can Liu, Yan Chen
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i3.1706

Abstract:
Since the birth of 5G, it has attracted much attention from all countries in the world. The development of 5G industry is particularly important for domestic economic development. 4G changes life, 5G changes society. 5G will not only accelerate the speed of people surfing the Internet, but also bring revolutionary changes to all aspects of social life, making people's lives, work and entertainment more convenient and diverse. The economic impact of the development of the 5G industry on China cannot be underestimated. Nowadays, information and communication technology has increasingly become a new driving force for economic development. 5G technology has already become a key technology pursuit for countries to compete for the status of world power, and it has also become an indispensable part of contemporary economic and social development. We should give full play to the government's guiding role, and work with network giants to build a new platform for cooperation, promote coordinated industrial development, achieve win-win results, and promote economic and social prosperity and development.
Jiayue Jiao, Wenzhang Wan, Guoqing Zhao
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i3.1829

Abstract:
Economic vitality is an important indicator of regional competitiveness. The demand for talents and the vitality of enterprises in different regions are obvious to all and have practical significance. Therefore, it is necessary to establish a survey data model and conduct in-depth study on improving regional economic vitality from the perspective of policy.Based on a variety of forecasting methods, this paper analyzes the short-term and long-term impact of economic policies in Northeast China, and finally puts forward the factors that affect the economic vitality of northeast policies. Finally, the paper puts forward the feasibility and targeted suggestions of strengthening regional economic vitality, obtaining long-term development and building a more competitive city in the new era.
B. J. Liyanapathirana, R.P.K. C.M. Ranasinghe
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i2.1672

Abstract:
Sri Lanka is considered a highly fluctuating economy in the South Asian region. It is vital to understand the behavior of economy in order to obtain the maximum benefit. Stock market can be considered as one of the key influencers to the economy whereas the behavior of the stock market would highly define the behaviors of the overall economic system. It is required to identify the stock market measures and their contribution for the market development in order to identify the influence of stock market.The immense importance of its actions on the market performance leads to find more about the stock market’s measures. This research contains the evidence of the study conducted to identify the development of the stock market along with the behavior of the stock market measures such as all share price index, market capitalization, dividend yield, price to earnings ratio and shares traded equity. All of these variables were used to obtain a model to describe and predict performance of stock market over the time.This study is based on the secondary data obtained from the CSE (Colombo Stock Exchange). A trend analysis was conducted for each series of data and results were used for the analysis carried on from there. Unit root test was performed to ensure the stationarity of the data. Then, a time series regression model and Granger causality tests were used to identify the relationship between the measures of stock market. Major finding of the study depicts that all the measures of the stock market have influences on the stock market development except for the dividend yield. These findings are useful in the process of decision making in many aspects.
Yi Liu, Xiaoyu You, Chunshuo Zhang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i2.1654

Abstract:
The future development of cities has a great relationship with economic vitality. To determine the size of the economic vitality and its main influencing factors. This article takes some cities in China as examples. First, determine the main factors. Aiming at many factors, this paper starts from the perspective of population changes in different cities and changes in corporate vitality. After applying the rough set theory to objectively evaluate index weights, the main factors are screened out. Then, the weights of the corresponding evaluation indexes of each group of cities are calculated by a multiple linear regression to a weighted index system, and then the cities are ranked using the gray correlation analysis method. Finally, we get the ranking of the economic vitality level of different cities. Finally, suggestions are made based on the weighting factors of major factors and economic vitality.
Yidan Wang, Jiaxing Wang, Jingli Fan, Yuhui Xia, Xian Zhang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i2.1702

Abstract:
In recent years, renewable energy has taken on an increasingly important role as a result of the depletion of traditional fossil fuels and the pressure of climate change. Due to the advantages of clean energy production and wide availability, research on renewable energy has increased worldwide. We collected data from the Web of Science and the Derwent Innovations Index to analyze research trends in the field of renewable energy. It was found that the number of research achievements in this field has developed rapidly worldwide since 2005. The United States ranks first in the quantity and quality of literature and fourth in the number of authorized patents. China ranks second and first regarding the quantity of literature and authorized patents, respectively. Biomass energy, wind energy, and solar energy are trending research topics in various stages of development. China has maintained close cooperation with the United States, the United Kingdom, Australia, and other countries.
Dan Zhao, Zhi Zhao, Zening Chen
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i2.1655

Abstract:
Regional economic vitality reflects the scale and development potential of a region’s economy. It largely determines the development of the city, and is also affected by many factors such as population competitiveness, corporate competitiveness, market vitality, innovation vitality, and environmental vitality. A pilot model was constructed with Hebei Province as the inspection area. Quantitative measurement of regional economic vitality was made by finding 21 indicators that indirectly or indirectly affect the economic vitality of Hebei Province. By analyzing the data of 21 indicators for nearly 10 years, the time series clustering is used to achieve the dimensionality reduction of the indicators. After the dimension reduction, it is divided into four categories: overall scale, development potential, market vitality, and innovation vitality. Construct the economic vitality structure model of Hebei Province, and determine the four types of contribution to economic vitality and compare them. On this basis, more accurately grasp the indicators that affect economic vitality and work out reasonable and effective action plans. From the perspective of human resources and corporate vitality, analyze how the action plan accurately affects the economic vitality of Hebei Province[1]. The 11 cities in Hebei Province are the target of regional economic vitality. The economic vitality structure model constructed uses the required contribution value to select priority indicators. Finally, the six indicators of GPD, GPD growth rate, fiscal revenue, fiscal revenue growth rate, number of industrial enterprises above designated size, and total profit of industrial enterprises above designated size were established for eleven cities in Hebei Province to construct a TOPSIS scoring model, and calculation rankings were conducted through MATLAB. Results The top three cities were Shijiazhuang, Tangshan and Cangzhou.
Danladi Jonathan Dastu, Faweya Kolapo Vincent
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i2.1611

Abstract:
The objectives of this paper are to examine the nexus between financial liberalization, balance of payment and economic growth in Nigeria. The scope of this study due to data availability, especially on measures of balance of payment, covers the period of 1986-2017. This study adopts econometrics techniques of analysis by using Panel Unit Root Tests and Co-integration analysis which is used to determine the long run relationship among economic variables. To test the co-integration relationship this study followed the methodology proposed by Pedroni (1991) who extends the Engle and Granger (1987) two step procedure to heterogeneous panel data framework. The study adopts annual time series secondary data for the period of 1986 to 2017. Balance of payment, Official Exchange Rate, Inflation rate (%), Balance of trade, Trade openness, Real Gross Domestic Product growth, and Term of Trade, all data used were obtained from the World Development Indicators. The findings of this study revealed that an increase in exchange rate,interest rate, inflation rate, and trade openness have negatively affect economic growth. Hence, changes or movements in these variables do not necessarily prompt the liberalization decision in the real sector. Therefore, the need to address balance of payment is important, in accordance with the low rate of development in Nigeria. We therefore, recommend that government should monitor both Fiscal and Monetary policies’ variables that can significantly influence economic growth in Nigeria.That is, adequate balance of payment that can encourage appropriate financial liberalization should be put in place with, Official Exchange Rate, Inflation rate (%), Balance of trade, Trade openness.
Noula Armand Gilbert, Chouafi Nguekam Orfé, Kamajou François
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i1.1066

Abstract:
This study evaluates the simultaneous impact of public and private investments on economic growth in the CEMAC zone between 1984 and 2017.To attain this aim, we use the Vector Error Correction Model (VECM) to test the direction of causality between the three variables above at the level of each country. We find that the direction of causality is not the same in all the countries both in the short as in long-run. We then develop an ideal model going from the Cobb Douglas production function which we quantitatively validate using panel data estimation through the method of Pool Mean Group which takes into account individual specificities. It arises that contrary to economic theory, private sector investments have positive and significant effects in short-run. However, the impact of public investments is negative and significant. In the long-run, the effects are reversed and call on the authorities of the CEMAC zone to reinforce the political risk to strengthen the public-private partnership in the process of sustainable growth.
Stephen Lumpkin, Sebastian Schich
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i1.1113

Abstract:
This report presents an analytical framework for exploring the implications of Fintech innovations for incumbent banks and for provision of the financial safety net. The focus is on “digital banking initiatives”, that is, on Fintech initiatives that provide retail financial services akin to those traditionally provided by banks. Banks perform a wide range of functions for individual and institutional customers that help facilitate large-scale economic activity. In fact, in most economies the system of financial intermediation centres on banks and relies on their core products and services for financing of the economy and the maintenance of liquidity. On account of the central role banks play in the financial system, along with concerns about potential systemic instability linked to the riskiness of their activities, these institutions have long been regarded as “special”, as reflected in their prudential regulation and coverage under the various provisions of the financial safety net. Recent developments raise questions about the special status of banks. Two sets of questions are addressed herein: To what extent do new digital banking initiatives change the role that incumbent banks play in the financial system and the way that they perform their functions? To what extent are some of the new digital banking initiatives securing the benefits of the financial safety net without paying the commensurate price? To help address these questions the report first revisits the literature on core functions of the financial system to provide a framework for analysing recent developments. Particular attention is paid in this context to banks and their products and services. The “special” role of banks is discussed, which links to the provisions of the traditional safety net. These overview sections are followed by evidence on Fintech innovations that overlap the core banking products. Based on an examination of the characteristics of these new initiatives, the study then touches on the issue of whether banks are still special and whether some of these initiatives are or should be covered by financial safety net provisions.
Haifeng Li, Haiyi He, Yuanyuan Zhang
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i1.1557

Abstract:
As an innovative financing behavior, equity pledge breaks the limit of traditional financing, and broadens the financing channels of companies and major shareholders. This paper comprehensively considers the impact of controlling shareholder equity pledge on corporate value from three research perspectives. The main conclusions are as follows: (1) When the equity pledge is not considered, the cash flow rights and voting rights of the company owned by the controlling shareholder are positively correlated with corporate value. That is, this presents incentive effect, but the existence of the separation of the two powers brings the second type of agency problem and reduces corporate value. (2) When considering the equity pledge, the controlling shareholder’s equity pledge may weaken the incentive effect and strengthen the encroachment effect which causing a reduction of corporate value. (3) Based on the accounting point of view, the controlling shareholder’s equity pledge is negatively correlated with the corporate performance, while the concentration of ownership dilutes this negative effect. (4) The balance of equity weakens the negative effect of the controlling shareholder’s equity pledge on corporate value, thereby reduces the negative impact of the equity pledge.
Valentina Bondarenko
Journal of Economic Science Research, Volume 3; https://doi.org/10.30564/jesr.v3i1.1402

Abstract:
The article shows that the foundation of the digital economy can be a new paradigm for predicting the future from the future, i.e. from the future in which the development goal has already been achieved. This allows to minimize all costs and completely avoid incorrect system solutions of the existing trial-and-error approach. Using the achievements of the technological revolution of Industry 4.0, an effective digital economy can be formed only when it is seen as an economy of coordinated interests between the state, business, society and the interests of each individual in real time at every local level. This will make it possible to solve the problem of ensuring the high quality of life not of citizens in general, but of each individual.
Qingyang Xu
Journal of Economic Science Research, Volume 2; https://doi.org/10.30564/jesr.v2i4.838

Abstract:
This proposal expresses a standpoint concerning a discussion for the phenomenon of a poor sense of copyright in Chinese youth netizens and the suggestion. The phenomenon of a poor sense of copyright in Chinese youth netizens has disadvantages. By analyzing it, a clear status of Chinese youth netizens' problems on the poor sense of copyright will be shown. At the same time, when we consider a discussion for the phenomenon of a poor sense of copyright in Chinese youth netizens and the suggestion, we must address several main reasons that contribute to problem. These include cultural tradition restriction, incomprehensive market system, inappropriate price incentive, imperfective legal institutions and indifference education system. It is valuable for the originators feel free to create better works. Meanwhile, those factors are essential for Chinese youth netizens to consider the way to be cultivated the right spending habits. Only by analyzing all these factors together and then using these results to apply to intensity notional cultural competitiveness and form an innovative market. This paper is organized as follows: The first part will outline the poor sense of copyright in Chinese youth netizens' case studies and analyze. The second part is an introduction of the problems of the phenomenon of a poor sense of copyright in Chinese youth netizens. The reasons causing the problems are analyzed in part three. Some proposals to overcome copyright problem will be advocated in last part. This study found that enhancing copyright awareness is a very complex task for Chinese youth netizens. Cultural tradition restriction, incomprehensive market system, inappropriate price incentive, imperfective legal institutions and indifference education system are all factors which bring difficulties to promote copyright awareness in Chinese youth netizens. Combined those factors with four problems of the phenomenon in China, I offer appropriate suggestions to overcome problems and help youth netizens acquire the knowledge of copyright.
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