Modern Economy

This article presents an Analysis of Economic Growth Indices in Nigeria using the Solow's Model. The model uses key indices of economic growth such as Capital formation, Labor Supply and Total factor productivity to estimate the real Gross Domestic Product (GDP) per capita of the Nigerian economy. Nigeria's economic growth has fluctuated in recent decades, with periods of rapid expansion followed by stagnation. The study utilizes the Augmented Cobb-Douglas production function to model Nigeria's economic growth from 2005 to 2022. The research used MATLAB and Excel spreadsheet to simulate growth using 2005 as base year and to compare the results obtained with World Bank data. The results of the study showed that the model was able to track the trends in Nigeria's Labor Force data and Total Factor Productivity with a relatively stable growth rate of approximately 2.63% per year. But the model tends to overestimate observed Capital Formation, Original Research Article with an average annual growth rate of 14.49%. The Solow's model showed a growth pattern of Nigeria with an average growth rate of 4.53%, and an estimated real Gross Domestic Product (GDP) per capita of $20,190.50 in 2022, indicating the model's ability to predict the economic growth rate of Nigeria. Nigeria policymakers should adopt strategies that improves these key drivers of economic growth in order to boost the overall production of the country.

This study investigates the determinants of growth and competitiveness of Zambia's flower exports to three main export destinations-the Netherlands, the UK and Germany-using annual time series data from 1990 to 2010. Acknowledging that time series data are often nonstationary, leading to misleading economic analyses, the study employs cointegration and error correction models to establish factors of conditions growth and competitiveness of Zambia's flower exports. The results show that supply and competitiveness of flower exports are positively influenced by domestic flower production, real GDP and population of importing countries, relative depreciation of domestic currency and world export prices. In contrast, exports from competing countries and real interest rates were found to negatively influence flower exports. This seems to suggest that monetary policies and exchange rate regimes that promote trade are required for enhancing and fostering an environment favorable for flower production and exporting. In addition, the replacement of Zambia's flower exports by those from other countries dictates that there must be a quality improvement so the country's exports can compete favorably with those from other countries.

Innovativeness is the degree of adoption and benefiting from innovations by an individual earlier than others. The early adoption of agricultural innovations contributes to a more effective and efficient production structure for farmers by increasing productivity, quantity, and quality. Although many studies have been conducted in the literature regarding innovation in producing different agricultural products, more research must be undertaken on buffalo production. This study aims to determine innovativeness among farmers raising buffalo in Samsun Province and to reveal the factors affecting it. The data consists of surveys of 184 farmers drawn by stratified random sampling. The research findings showed that large-scale farmers are more innovative than small-scale farmers. The factors affecting innovativeness are socioeconomic characteristics such as the age of the farmer, monthly income, and number of animals they own; and communication behaviors included the frequency of meeting with extension staff, the frequency of reading newspapers, the frequency of using the internet, and seeking the opinions of others on agricultural issues. Measures to be taken in the study area to diffuse innovations in buffalo farming are to provide support to farmers such as breeding animals, milking machines, and cooling tanks; to make farmer organizations more effective in the region, and to take adequate measures for the protection and sustainable use of pasture lands in the area, emphasizing the importance of environmental conservation and the role of farmers in achieving it.

This paper aims to discuss some issues of morality and sense of justice present in the Economic Theory of Crime with the lens of the methodological positive and normative dichotomy in Economics. There has already been done some works describing the differences in positive and normative Law and Economics, but we believe that the Economics of Crime, considered as a topic inside Law and Economics, has some specific open and important debates that could be enlightened by the discussion of positive and normative economics. Through a literature review of critics of Economic Theory of Crime, we pointed out the main criticized topics and then use the positive-normative dichotomy in Law and Economics to analyze how those critics can be interpreted on both perspectives and how both perspectives are able (or not) to provide a complete and realistic interpretation of criminal behavior and law enforcement.

Ky studim synon të trajtojë figurën dhe mendimin ekonomik të Paul A. Samuelson, një nga ekonomistët më me ndikim të shekullit XX, dhe të aplikojë parimet e tij teorike në analizën e sfidave ekonomike aktuale në Shqipëri. Nëpërmjet një qasjeje kritike dhe krahasuese, studimi eksploron dallimet ndërmjet politikave ekonomike amerikane dhe evropiane -sidomos në drejtim të politikës fiskale, rolit të shtetit dhe mirëqenies qytetare -dhe analizon se si këto modele mund të shërbejnë si referencë për reformimin e qasjes ekonomike shqiptare. Një fokus i veçantë i këtij punimi është shqyrtimi i drejtësisë fiskale në Shqipëri në dritën e teorisë së Samuelson, me vëmendje mbi taksimin e qytetarëve të varfër, ndarjen e barrës për shpenzimet publike (si rindërtimi pas tërmetit dhe rikonstruksioni i fasadave), si dhe ndikimin që këto vendime kanë mbi standardin e jetesës, sidomos për pensionistët dhe shtresat vulnerabël. Gjithashtu, studimi ndalet te konceptet e mirëqenies sociale, ndikimi i politikës monetare dhe rëndësia e progresivitetit në sistemin tatimor. Përmes krahasimeve konkrete, analogjive teorike dhe referencave të mirëfillta, punimi nxjerr në pah nevojën për një rikonceptim të rolit të shtetit në Shqipëri, bazuar në parimet e drejtësisë sociale dhe efikasitetit ekonomik të promovuar Paul Anthony Samuelson lindi më 15 maj 1915 në Gary, Indiana, SHBA, në një familje hebreje me prejardhje të thjeshtë. Ai tregoi prej fëmijërie një interes të jashtëzakonshëm për matematikën dhe shkencat sociale. Pas përfundimit të shkollës së mesme, Samuelson hyri në Universitetin e Chicagos, ku studioi matematikën dhe ekonominë, duke marrë diplomën bachelor në vitin 1935. Më pas vazhdoi studimet për doktoratë në Massachusetts Institute of Technology (MIT), ku u diplomua në vitin 1941, duke filluar një karrierë që do të ndikonte thellë teorinë dhe praktikën ekonomike. Samuelson u ndikua nga teoritë e ekonomistëve të njohur si John Maynard Keynes dhe Irving Fisher, por ai ishte i pari që solli një qasje të thellë matematikore në ekonominë moderne. Ai u përpoq të krijonte një lidhje midis modeleve matematikore dhe fenomeneve ekonomike reale, duke u bërë një nga themeluesit e "sintezës neoklasike" që bashkonte teorinë kejnesiane me ekonominë klasike. Gjatë jetës së tij akademike, Samuelson punoi në universitete prestigjioze amerikane si Universiteti i Chicagos dhe MIT, ku dha kontribut të madh në edukimin e brezave të rinj të ekonomistëve. Ai gjithashtu u angazhua si këshilltar i qeverive amerikane, duke ndihmuar në formësimin e politikave ekonomike gjatë administratave të presidentëve John F. Kennedy dhe

This research paper presents a new model of analysis to study the trend of regional integration from a global perspective. This new model is called the Global Dimension of Regional Integration Model (GDRI-Model). The rationale for the creation of this model is the necessity to study regional integration from political, social, economic, and technological perspectives simultaneously. There are four basic phases in the implementation of the GDRI-Model. The first phase is the design of the multi-input database table. The second phase is the measurement of individual Regional Global Development Indexes (X i ), which include the Regional Global Political Development Index (X 1 ), Regional Global Social Development Index (X 2 ), Regional Global Economic Development Index (X 3 ) and Regional Global Technological Development Index (X 4 ). The third phase is the measurement of the Regional Global Development (RGD) index. The last phase is the measurement of Regional Integration Stage (RIS) index. The general objective of the GDRI-Model is to offer policy-makers and researchers a new analytical tool to study the evolution and stages of any regional integration process from a global perspective-based on a group of indexes and graphs. The GDRI-Model is not intended to be a forecasting model in any case. However, its application is not limited to the study of a special group of countries or regions. It is not constrained by issues about the region or the development stages of any member in a region that is interested in integrating into a single regional trade bloc. The GDRI-Model, in effect, is a simple and flexible scheme, which can be applied to any case of regional integration.

The rationale of Econographication revolves around the efficacy of multidimensional graphs as the most effective visual tool to understand any economic phenomenon from a multidimensional view. The main motivation behind the creation of Econographication is to evaluate multidimensional graphs evolved so far in economics and to develop new type of multidimensional graphs to facilitate the study of economics, as well as finance and business. Thereby, the mission of Econographication is to offer academics, researchers and policy maker's an alternative multidimensional graphical modeling approach to the research and teaching-learning process of economics, finance and business from a multidimensional perspective. Hence, this alternative multidimensional graphical modeling approach is offering a set of multidimensional coordinate spaces to build different types of multidimensional graphs to study any economic phenomenon. The following new types of multi-dimensional coordinate spaces are presented: the pyramid coordinate space (five axes and infinite axes); the diamond coordinate space(ten axes and infinite axes); the 4-dimensional coordinate space (vertical position and horizontal position); the 5-dimensional coordinate space (vertical position and horizontal position); the infinity-dimensional coordinate space (general approach and specific approach); the inter-linkage coordinate space; the cube-wrap coordinate space; the mega-surface coordinate space. All these multi-dimensional coordinate spaces mentioned previously, they are available to represent graphically 4-dimensions, 5-dimensions, 8-dimensions, 9-dimensions until infinity-dimensions.

Flexible Manufacturing System (FMS) is a modern innovation in manufacturing technology that allows a factory to switch at no cost between manufacturing different products. This paper presents a simple numerical model of manufacturing and production economics with illustrated demand and cost curves. The model shows industry long-run equilibrium ( ( ) 0 E π = ) for manufacturing and production to supply hypothetical demand schedules for two products: 1 and 2. The model has two plant types: old non-FMS Plant 2L that can produce only product 2 and modern FMS Plant K that can switch easily between manufacturing products 1 and 2. The model assumes linear total cost curves with absolute capacity limits for the two plant types.

This paper proves mathematically in a defined model with restrictive assumptions that consumers are better off when they have more food for the Sabbath at the expense of having less food for the other six days of the week! Like the manna that fell from heaven for forty years in the desert-an omer to a person, Sunday through Friday with double portions on Friday-we assume that consumers buy standardized semi-perishable food baskets, one basket per person per day, Sunday through Friday with extra baskets for the Sabbath. We analyze benefits to consumers according to two alternative pricing schemes, whereby consumer expenditures and weekly food consumed are the same. We prove that consumers are better off according to the pricing scheme that allows for more food for the Sabbath day. This agrees with business cycle theories that urge social focus on increasing and prolonging cyclical peaks. This supports John M. Clark's workable competition thesis and will surprise supporters of SR marginal-cost pricing.

John M. Clark in his classic 1923 Economics of Overhead Costs asks if anyone knows what it costs to supply demand irregularity. He also asks if consumers need demand irregularity, consciously or unconsciously. We provide a model for a plausible theoretical basis to begin to answer each question. The models permit mathematical proofs and graphic demonstrations of the costs to society of supplying for demand irregularity and of the willingness to pay on the part of consumers for demand irregularity. JEL (D24).

This article compares numerical results for an original model of an industry using marginal cost pricing versus workable competition pricing with fluctuating demand with two alternative technologies. The article is a thought experiment in economics, carried out only in the imagination. The article presents a detailed numerical model of a basic industry, cement manufacturing with large numbers of sellers, cement manufacturers, and large numbers of buyers, the construction industry, operating independently with full knowledge of supply and demand conditions. In the model cement plants have linear total cost functions with absolute capacity limits. The article considers two alternative technologies: 1) plant L old plants with low fixed costs and high marginal costs and 2) plant K new plants with high fixed costs and low marginal costs. This study argues in support of John M. Clark workable competition theory in contrast to marginal cost competition theory. The study examines likely equilibrium conditions under two alternate pricing systems: a) short-run marginal cost pricing and b) John M. Clark's concept of workable competition. Workable competition raises prices above marginal costs in the off peak period and lowers prices in the peak periods. The study assumes frequency of off periods 6/7 and frequency of peak periods 1/7. The study claims, under the assumptions of the model, workable competition pricing add to consumer surplus over the cycle.

This paper presents a simple numerical model of the economics of business cycles with illustrated demand and cost curves. This is a purely theoretical model inspired by the writings of John M. Clark (1884Clark ( -1963)). The model shows industry long-run equilibrium ( ( ) 0 E π = ) under perfect competition

Flexible manufacturing system is a wonderful development in manufacturing technology that permits a modern factory to switch easily to making different products. I present a simple numerical example to illustrate flexible manufacturing system (K) and inflexible manufacturing system (L). K can produce product 1 or product 2 with the same machinery and with zero setup costs in changing output from product 1 to 2 or from product 2 to 1. L can produce only one product, product 2. I assume large numbers of producers and buyers of products 1 and 2, open market systems, each acting to his/her interest to secure profits and consumer welfare with minimal government interference/ regulation. I assume both K and L have linear total costs with absolute capacity limits. If prices are above SRMC then plants produce at capacity. Producers are price takers only. If price equals or below SRMC plants shutdown. I assume demand for products 1 and 2 are random and alternate, meaning never at the same. I assume ease of entry/exit of producers. Long-run equilibrium requires zero expected profits for all producers.

We discuss globalization and the current recession in manufacturing and construction. We present a theoretical model of globalization, of two countries, X and Y, each with open-market systems domestically and internationally. We compare two pricing policies in each country: short-run marginal cost, SRMC, versus prices fixed, P , over the business cycle. We present a proposition and proof. We give a detailed numerical example with graphs for each country. The main result is that P over the business cycle increases the volatility of Q demand over the cycle and increases consumer surplus in both countries under certain conditions. The numerical example shows a drawback of SRMC pricing under demand fluctuations-that the required price in high-demand times to balance accounts becomes extremely high. Consumers are better off with P , paying a small increase over SRMC in the off-peak, 6/7 th of the time, to avoid the extremely large required price of SRMC in the peak times, because it's only 1/7 of the time. The surprising point is that though peak times are infrequent, the prices and quantities at peak times determine which pricing arrangement is better for consumers.

This paper proves mathematically in a defined model with restrictive assumptions that consumers are better off when they have more food for the Sabbath at the expense of having less food for the other six days of the week! Like the manna that fell from heaven for forty years in the desert-an omer to a person, Sunday through Friday with double portions on Friday-we assume that consumers buy standardized semi-perishable food baskets, one basket per person per day, Sunday through Friday with extra baskets for the Sabbath. We analyze benefits to consumers according to two alternative pricing schemes, whereby consumer expenditures and weekly food consumed are the same. We prove that consumers are better off according to the pricing scheme that allows for more food for the Sabbath day. This agrees with business cycle theories that urge social focus on increasing and prolonging cyclical peaks. This supports John M. Clark's workable competition thesis and will surprise supporters of SR marginal-cost pricing.

John M. Clark in his classic 1923 Economics of Overhead Costs asks if anyone knows what it costs to supply demand irregularity. He also asks if consumers need demand irregularity, consciously or unconsciously. We provide a model for a plausible theoretical basis to begin to answer each question. The models permit mathematical proofs and graphic demonstrations of the costs to society of supplying for demand irregularity and of the willingness to pay on the part of consumers for demand irregularity. JEL (D24).

Flexible Manufacturing System (FMS) is a modern innovation in manufacturing technology that allows a factory to switch at no cost between manufacturing different products. This paper presents a simple numerical model of manufacturing and production economics with illustrated demand and cost curves. The model shows industry long-run equilibrium ( ( ) 0 E π = ) for manufacturing and production to supply hypothetical demand schedules for two products: 1 and 2. The model has two plant types: old non-FMS Plant 2L that can produce only product 2 and modern FMS Plant K that can switch easily between manufacturing products 1 and 2. The model assumes linear total cost curves with absolute capacity limits for the two plant types.

In the 21st century, emergency management leaders must recognize and respond to birthing threats to our global society, in contrast to the past practices of rigid, bureaucratic command and control of emergency management, whereby systemic challenges through transformative processes generally lead to ineffective emergency response. This qualitative study utilizes leadership theories to explore critical perspectives in emergency management across the USA on pressing needs for vital systemic transformation. The emerging model points to 10 leadership theories central to emergency management and suggests that contextualizing leadership is significant to an organization's success.

For the sample period annual data between 1977 to 2020 ,for Papua new Guinea , there is a long-run relationship (cointegration) between the exports , the real GDP , the PGK/USD exchange rate , the variability of the exchange rate , the consumer prices , the imports , and the money supply .Most of the aforesaid relationships or the signs of the coefficients of the variables in the cointegrating vector , after transformation into equation form are as expected from the theory .For example , the depreciation of the exchange rate of PGK /USD increases the exports ; but the increase in the variability of the PGK/USD rate decreases the exports by discouraging the exporters from the heightened uncertainty as the exporters are risk averse. The increase in the consumer prices and money supply decreases the exports. The increase in GDP has of course a positive favourable effect on the exports. Granger-causality using the Errorcorrection model has established that the change in natural log of the exports from Papua New Guinea are Granger-caused by the past level or the past trend of other variables in the system, namely the money supply, kina-dollar exchange rates depreciation, and the real GDP., the consumer prices and the variability of the exchange rate.

In as much as most countries benefit from external sources of funds and grants, her major reliable source of fund is the one generated internally. In a developing country, taxation is one of the major forces behind which the country can develop. Whiles Ghana Revenue Authority is one of the agencies which can mobilize such funds for the benefit of the nations; it is not easy to find tax payers for assessment and eventually to pay their taxes. This study evaluated the efficiency and effectiveness of the tax administration system of the Ghana Revenue Authority (GRA). The field of the tax administration is of major importance to any tax system. The research brought to light that there is lack of the characteristics of a good tax system that is equity, certainty, convenience and economy. The legal structure is complex and includes axes -related laws, decrees, and rulings.

We study the relationship between Credit Risk Management and the performance of financial institutions in South Sudan using measures of institutional performance and Credit Risk Management. Using the ARDL model, we establish compliance with the basel accord significantly affecting the performance of finance institutions while monitoring corporate credit risk and risk management environment seem not to significantly exact influence the performance of financial institutions in South Sudan. On the other hand, credit risk operational practices seem to negatively and insignificantly affect the performance of financial institutions in the country.

In Pakistan, health care system is vulnerable and under developing phase. Corporate social responsibility (CSR) activities influence the health insurance sector's competitiveness. This study attempts to investigate the connection between CSR practices and the long-term competitive advantage of Pakistani health insurance carriers. To create a lasting competitive advantage, it aims to pinpoint the precise CSR actions that significantly affect consumer perception, brand reputation, and market placement. The rising significance of CSR in business and its potential effects on the health insurance sector are the driving forces behind this study. Customers are drawn to businesses that show a commitment to ethical business practices as society's consciousness regarding environmental and social concerns rises. To get in-depth understanding of health insurance firms' CSR practices and attitudes, the study uses a qualitative technique. Interviews and focus groups have used to gather data and Thematic analysis has been used as an analysis tool. The themes obtained through thematic analysis are Initiatives to Promote Community Health, Sustainability in corporate sector and social impact, Healthcare accessibility and Affordability, Healthcare Sustainability Promotion, Collaboration and social engagement among corporate stakeholders. CHASS theoretical model has developed based on obtained factors. Future potential for the study includes offering vital information to health insurance firms on the best CSR projects to engage in, strengthening their competitive posture in the market.

For the sample period annual data between 1977 to 2020 ,for Papua new Guinea , there is a long-run relationship (cointegration) between the exports , the real GDP , the PGK/USD exchange rate , the variability of the exchange rate , the consumer prices , the imports , and the money supply .Most of the aforesaid relationships or the signs of the coefficients of the variables in the cointegrating vector , after transformation into equation form are as expected from the theory .For example , the depreciation of the exchange rate of PGK /USD increases the exports ; but the increase in the variability of the PGK/USD rate decreases the exports by discouraging the exporters from the heightened uncertainty as the exporters are risk averse. The increase in the consumer prices and money supply decreases the exports. The increase in GDP has of course a positive favourable effect on the exports. Granger-causality using the Errorcorrection model has established that the change in natural log of the exports from Papua New Guinea are Granger-caused by the past level or the past trend of other variables in the system, namely the money supply, kina-dollar exchange rates depreciation, and the real GDP., the consumer prices and the variability of the exchange rate.

Extreme weather phenomena are increasing due to climate change and having a severe impact on critical infrastructure, including airports. In this context, conducting climate risk assessments is an essential step to implement appropriate adaptation strategies. In the present study, a climate-risk assessment framework is applied to evaluate the risk of extreme precipitation events for specific Italian airports: Malpensa, Bergamo, Linate, Fiumicino, Ciampino, Napoli, Catania, Palermo, and Cagliari. This analysis is based on the definition of risk as reported by Sixth Assessment Report of IPCC. The assessment of the climate hazard over the recent-past period (1981-2010) is evaluated through indicators developed from re-analysis data, using the Uncertainties in Ensemble of Regional Re-Analyses dataset are provided by Copernicus Climate Change Service. The expected climate variations are evaluated using an ensemble of high-resolution climate projections from the EURO-CORDEX initiative for the short-(2021-2050), medium-(2041-2070), and long-term future period (2071-2100), under RCP 2.6, RCP 4.5, and RCP 8.5 climate scenarios. The information related to exposure and vulnerability indicators are collected from official documents and website of selected airports, and are freely available. The final risk index provides elements allowing stakeholders to implement adaptation measures to increase their resilience.

This study analyses the impact of trade openness on labour productivity in Indonesia. In addition to the main objective, another macroeconomic variable, such as the share of export to GDP, the share of import to GDP, human capital, capital formation, and government expenditure are also included in this study. The analysis is based on the data in Indonesia from 1978 to 2017 by using Ordinary Least Squares method to define the long-run relationship among variables. The empirical results show that trade openness and the share of export to GDP have a positive and significant impact on labour productivity. Meanwhile, there is no evidence that the share of import to GDP has an impact on labour productivity. Therefore, the policymaker should give more attention to trade and export capacity improvement to promote labour productivity in Indonesia.

This paper aims to present the results of the evaluation of the financial sector development operations of the African Development Bank during 2011-2018 to assess if the policy and strategy approved in 2014 made a difference. To this end, the paper analyzes the financial sector development portfolio while comparing the pre and post 2014 policy and strategy periods. The evaluation found that the structure and the evolution of the portfolio had many positives in line with the 2014 financial sector development policy and strategy. It makes recommendations to improve the design of the new strategy as well as the design and the implementation of the operations.

Assessing the financial performance of insurance firms during periods of global economic difficulty has been a topic of great importance to the insurance industry. Interest in sound finance practices peaked in the years following the recession of 2008. Yet, there has been relatively little analysis of the UAE insurance industry and its performance during the financial crisis. The aim of this study is to measure the financial performance of three insurance companies operating in United Arab Emirates during the financial years 2006 to 2009, with the specific goal being to measure the impact of the financial crisis on performance. The analysis examines company performance on key performance indicators such as profitability, liquidity, capital structure and market performance indicators over the years 2006 to 2009. The findings show generally high levels of instability for profitability indicators. Regarding both liquidity and capital structure indicators, the firms in question experienced lower levels of variability and instability across the board. Performance on the earnings per share measure experienced a higher level of volatility, in contrast to the market value per share indicator which remained relatively stable throughout the period in question. Furthermore, profitability levels showed a systemic & notable decline in the crisis year 2008.

In the aftermath of the Global Financial Crisis (GFC) 2007/2008 the sales of Road to Serfdom quadrupled, a clear indication of renewed public interest in the views of (neo-) Austrian economists on macro-economic crises, especially financial crises. It is also true that several economists associated with the Austrian school, or those using neo-Austrian insights, correctly predicted the U.S. housing bubble and the subsequent GFC, apparently, a clear vindication of (neo-) Austrian cycle theory . More surprising is that even relatively fierce opponents of neo-Austrian macro-theory have meanwhile begun to accept some Austrian insights. We thus ought to ask, what are the basic tenets of the Austrian Business Cycle Theory (ABCT) and how did it enable some economists to correctly predict the U.S. subprime crisis and its aftermath? In contrast, it is also true that mainstream macro-economists, although struggling heavily to come up with a suitable theoretical explanation of the GFC, neither accept the neo-Austrian explanation of crises, nor its policy implications. Therefore, we also need to ask why mainstream economists dismiss ABCT. Is it the alleged neo-Austrian bias towards the supremacy of an unfettered market economy which is rejected by the mainstream, or is it rather the lack of correspondence between ABCT and the stylized facts of business cycles, such as the positive correlation between consumption and investment? We also need to ascertain to what extent the basic Mises-Hayek cycle theory can be applied to an explanation of the U.S. subprime crisis and the GFC? For example, the neo-Austrian economist Salerno (2012: p. 41) has stated that the unprecedented monetary inventions by the U.S. Federal Reserve (Fed) and the enormous government deficits run by U.S. administrations since the Great Recession (GR) must at some point *We are grateful to an anonymous referee for very helpful comments on to improve an earlier version of this paper in style and substance.

The paper aims at highlighting some major trends in the air transport system in Northern Italy, and then at presenting examples of urban development and planning issues related to airports, focusing on the case study of "Giuseppe Verdi" airport in Parma. In the last years there has been a significant increase in air passengers in Northern Italy, with a sharp growth in International and European traffic. Parma airport, despite being built in late nineteenth century, has one of the lowest traffic in Italy and suffers an important financial crisis. The case study can therefore be useful to analyse the dynamics of many so-called "service" airports, questioning their possible development and necessary integration at the National and International level, justified by the presence of key managerial, commercial, industrial and also tourist centres. Furthermore, the case study of Parma is useful to single out conflicts and incoherencies between airport planning and urban planning, which are unlikely usual in current competitive and bottom-up planning system, and to draft possible improvements.

The idea of transparency in monetary policy has gained significant attention in the last two decades both in the academia and Central Banking Circle. As such, a number of Central Banks in the World, CBN inclusive subscribed to the trend toward a more transparent monetary policy framework. The degree of transparency is claimed to vary across Central Banks and monetary policy framework. Therefore, its effects may likely vary. This study measures monetary policy transparency using the case of Nigeria's apex Bank (CBN) by employing the Eijffinger and Geraat (2006) Index. We based our analysis on information provided by CBN from 2007-2015. The result indicates that CBN had a score of 11 out of 15 points. Considering the aggregate score, CBN can be regarded as being transparent in its monetary policy. However, looking at specific transparency dimensions, it is clear that CBN exhibits weak performance in the economic and operational dimensions which constitute important aspects of transparency. The release of accurate data on key economic variables and disclosure of policy models used for policy analysis would enhance the process of coordinating private agents' expectation toward fundamentals as well as strengthen their confidence on the monetary authority, thereby boost credibility. We recommend on this basis for CBN to partner with National Bureau of Statistics to gain access to data on unemployment and capacity utilization and on more frequent manner. This paper generally recommend that CBN should explicitly provide wide-ranging and accurate information on monetary policy, data on key variables relevant for policy decisions and macroeconomic model used for policy analysis in a timely and more frequent manner.

Successful completion of project can be linked up with timely completion of the project. This paper highlights on causes of delays in motorable bridge construction of Postal Highway Project under Department of Roads in Nepal. Out of 80 bridges under the project, 36are completed and others are under construction. Questionnaires were distributed to 75respondents from employers, consultants and contractors involved in Postal Highway Project. Data were analyzed based on 57 questionnaires received from questionnaire survey; interview with concerned Project Manager, Consultants, Contractors and progress reports. The main causes of delay are unusual low bid by contractors, lack of planned pre-execution of the project, delay in receiving clearances from various government authorities, poor site management and supervision by contractors due to large number of work in hand.

This paper estimates the effect of Chinese Yuan devaluation on the trade balance of China.  For that a regression equation is developed in which domestic income, foreign income, domestic money supply, foreign money supply and real effective exchange rate are used as explanatory variable with trade balance as the dependent variable. In order to test the J-curve phenomenon the lagged values of exchange rata are also included.  Quarterly time series data from 1999 to 2016 are used.  Before estimating the model the time series properties of the data are diagnosed and an error correction model is developed and estimated.  The estimated results show that the contemporaneous effect of devaluation is positive, but the total effect is insignificant.  A J-curve pattern of adjustment of the trade balance is also detected.

Timely completion is main concern for any project though it is a global issue basically for infrastructure construction projects. It is keen area of interest for Local and International professional and Researchers still it is a problem yet to overcome. The study confined to the Literature review followed by key informant experience through discussion with a view to strengthen the depth analysis of existing knowledge in the area to produce contextual content for smooth operation of infrastructure construction projects. The study revealed that the uniqueness of projects is the main cause of projects delay. We are attempting to reach at society 5.0 where machine will be molding our activities. Our needs and wants would be cared by machine through data produced and sensitized. In this regard, the uniqueness of projects should be decoded after knowing the exact distribution of data on the basis of long-term data assessment. Still, it is one area where several research are needed to convert uncertainty into risk through appropriate risk probability allocation. Archrivals of projects should be systematically stored in project bank for future utilization. This research draws the attention for further empirical research and share solution on similarity of problems existing in infrastructure projects.

Timely completion is main concern for any project though it is a global issue basically for infrastructure construction projects. It is keen area of interest for Local and International professional and Researchers still it is a problem yet to overcome. The study confined to the Literature review followed by key informant experience through discussion with a view to strengthen the depth analysis of existing knowledge in the area to produce contextual content for smooth operation of infrastructure construction projects. The study revealed that the uniqueness of projects is the main cause of projects delay. We are attempting to reach at society 5.0 where machine will be molding our activities. Our needs and wants would be cared by machine through data produced and sensitized. In this regard, the uniqueness of projects should be decoded after knowing the exact distribution of data on the basis of long-term data assessment. Still, it is one area where several research are needed to convert uncertainty into risk through appropriate risk probability allocation. Archrivals of projects should be systematically stored in project bank for future utilization. This research draws the attention for further empirical research and share solution on similarity of problems existing in infrastructure projects.

South Korea is recently under serious situation in supplying electricity with enough power reserve. A single fault of power plant at a peak-load time may lead to a total blackout for whole area connected by a single electric grid and isolated from other grids. Despite of the seriousness of blackout, however, there are scarce studies with ex-ante analysis of the economic costs from blackout. In order to evocate the seriousness, we calculate the economic costs for both industrial and household sectors with using some survey data and statistical methodologies. As a result, total economic costs are 39.23 trillion KRW (35.83 trillion KRW for industrial sector, 3.40 trillion KRW for household sector).

South Korea is recently under serious situation in supplying electricity with enough power reserve. A single fault of power plant at a peak-load time may lead to a total blackout for whole area connected by a single electric grid and isolated from other grids. Despite of the seriousness of blackout, however, there are scarce studies with ex-ante analysis of the economic costs from blackout. In order to evocate the seriousness, we calculate the economic costs for both industrial and household sectors with using some survey data and statistical methodologies. As a result, total economic costs are 39.23 trillion KRW (35.83 trillion KRW for industrial sector, 3.40 trillion KRW for household sector).

In this paper, we present a stylized model for understanding the relationship between capacity strengthening and economic growth in an endogenous growth framework. Endogenous growth theory provides a novel starting point for combining individual, organizational, and enabling environmental issues as part of attaining the capacity-strengthening goal. Our results indicate that although donors can play an important role in aiding countries to develop their existing capacities or to generate new ones, under certain conditions, the potential also exists for uncoordinated and fragmented donor activities to erode country capacities. From the policy exercises, we demonstrate that improving economy-wide learning unambiguously increases the rate of growth of output, technology, capital stock, and capacity. Moreover, a donor's intervention has the maximum impact on the above variables when the economy's capacity is relatively low. In contrast, donor intervention can lead to "crowding-out effects" when the economy's capacity is moderately high. Under such a situation, the economy never reaches a new steady state. Our results not only lend support to diminishing returns to aid but also to an S model of development aid and country capacity relationship.

This paper provides the results from an application of stated preference methods to estimate households' preference for improved electricity supply in major cities of Ethiopia. The authors present results from the contingent valuation method that shows households' willingness to pay for improved electricity supply. The discrete choice experiment allows examination of the value that urban Ethiopian households attach to changes in the various attributes of outages. Finally, the policy implications of the findings of the study are discussed.

The concept of this study is to note whether financial risk assessment tools impact a shipping firm's performance, competitiveness and efficiency. Stochastic Frontier Analysis (SFA) is used in the evaluation of such issues. The shipping industry has been classified in three segments, namely dry bulk, tankers (including LPG and LNG) and containers. The influence of the risk assessment indicators on market and operational efficiency is subsequently determined by using a panel regression. This assists to determine whether different asset allocation and risk management techniques improve the performance of shipping firms. Our sample consists of 82 international shipowning firms drawn from Bloomberg database for the period of 2001-2014. Through estimating efficiency, our model shows that containerized cargo firms have better performance in market and operating efficiency as well.

The paper aims to investigate the impact of macroeconomic variables toward agricultural productivity in Malaysia using annually data spanning the period 1980 to 2014. Agriculture sector plays a decisive role in economic growth and development. This sector still significantly becomes the main engine or a contributor to gross domestic product (GDP). The specific aims of this study are to examine the short run and long run links between agricultural productivity and some key macroeconomic fundamentals in Malaysia. Through the Autoregressive-Distributed Lag (ARDL) approach, we find that there is a long-run relationship between agricultural productivity and macroeconomic variables, namely net export, inflation rate, interest rate, nominal exchange rate, government expenditure and money supply. The notable result is only nominal exchange rate shows significant impact on agricultural productivity in the long run while the other variables do not have a significant impact upon agricultural productivity in the long run. In addition, net export, government expenditure, and inflation rate seem to influence agricultural productivity in the short run.

This paper is an exposition of the theoretical Cobb-Douglas production function, showing how Philippine growth patterns and productivity are compared with other ASEAN countries. The derivation of the aggregates of growth and productivity highlights the development of Cobb-Douglas production function as espoused by Samuelson. Data consideration follows Cobb and Douglas theoretical limits. Extension of the derivation is the empirically tested Solow Growth model. Cobb-Douglas production used in this paper is extended with Human capital. The interest on this section is the estimates of absolute levels of TFP as residuals that are closely related to levels of output per person. GDP growth is highly affected by technical or technological growth, aside from growth drawn from physical capital, labor and human capital. Singapore has a very low relative growth drawn from its physical capital, labor and human capital, but it has coped up through the industrialization it has experienced. Philip...

In this paper we will present a new model of social policy related with productive, civil economy clusters able to generate an evolved community welfare, currently experimented in the area of the Strait of Messina. The approach is based on anthropological postulates much more complex than the concept of homo oeconomicus and it focuses on mesoscopic socio-economic-ecological systems. The theoretical description is supported by a mathematical model completely self-consistent and therefore is able to generate predictions easily verifiable through "experimental measurements". The logical scheme is based on the idea that local, human and economic development feeds on and amplifies social capital, people's instrumental freedoms and the economic resources of the analyzed clusters.

This study aims to analyse the circular economy as a tool to enhance the sustainability of supply chains in Kingdom of Saudi Arabia in order to achieve the Saudi Vision 2030, applied on a sample of experts and stakeholders in the field of circular economy and food supply chains in a group of different Saudi factories. The descriptive approach was used in this study and relied on a questionnaire to collect data that serves the purpose of the study, as it included 60 food factory owners (30 fresh factory owners, 30 dry factory owners) representing factory owners from various sectors of the food supply chain. This objective of this study is to know the current state of knowledge about the circular economy and the challenges it faces. The study reveals the possibility of practicing the circular economy to enhance sustainability within supply chains.

This paper investigated the effect of Real Effective Exchange Rate (REER) volatility on Uganda's Trade Balance for the period 1993Q4 to 2015Q4 by employing the GARCH and ARDL methodology. The ARDL results revealed a negative relationship between the trade balance and the volatility of the real effective exchange rate in the short run. The Impulse Response Function results show evidence of the J-Curve on Uganda's Trade Balance. Also, the results on the REER indicate that the Marshal-Lerner Condition holds for Uganda's case. The study therefore recommends that developing a well-developed hedging facility like forward markets and institutions is critical in protecting exporters against exchange rate risk in the short run by reducing volatility of the real effective exchange rate with the aim of improving Uganda's trade balance.

This study examined the effect of market risks on performance of 15 banks in Nigeria spanning from 2011 to 2020. The study relied on secondary data derived from the selected banks' financial statements to determine and measure the effect of fluctuations in market risks on Nigerian banks performance in this era of 4 th industrial revolution by applying an all-inclusive panel least square estimate. The study used the ex-post facto research design. The data were obtained from annual reports of the 15 sampled banks. Accordingly, four (4) specific objectives and hypotheses were stated and the data obtained were subjected to some preliminary tests such as descriptive, correlation analysis and variance inflation factor. The hypotheses were tested and analyzed using panel least square estimate. The empirical analysis covered 150 bank-year observations and the results shows that interest rate risk (IRSK), foreign exchange rate risk (FXRSK) and capital adequacy risk (CARSK) have negative yet noticeable effect on the Nigerian banks' performance while equity risk (EQRSK) have positive yet minimal effects on Nigerian banks' performance on the short run. Meanwhile, on the Kao Cointegration test evidenced that, market risk has a long run effect on banks' performance in Nigeria. Consequently, market risk measured by IRSK, FXRSK, and CASK decreases the likelihood for Nigerian banks to make huge profit to a very large extent in the periods under review. As such, if Nigerian banks desire higher income especially in this era of 4 th industrial revolution, they need to optimally manage their market risks.

We perform robust bilateral Granger causality tests for the US stock prices, home prices, and private consumption. The robust test procedures involve the use of recently developed time series analysis of non-stationary data with possible structural breaks. We find the underlying data to be generally non-stationary and non-cointegrated. The empirical results indicate the presence of bilateral causality between stock prices and home prices and between stock prices and consumer spending. The results show unilateral causality from home prices to consumer spending. Our findings support the reinforcing effects of stock and home price movements on private consumption, as well as the feedback effect of consumer spending on stock prices.