Top PDF Role of the domestic market and export-expansion development in economic growth”

Role of the domestic market and export-expansion development in economic growth”

Role of the domestic market and export-expansion development in economic growth”

As absolute output and exports increased, the share of foreign trade in GDP dropped from 39 % in 1980 to 34.4 % in 2000, while domestic con- sumption went up. In 20 years Greece’s share in world trade of goods went down from 0.27 % to 0.17 % in exports and from 0.54 % to 0.42 % in im- ports. Although the national debt increased to 115 % of GDP in the mid- 1990s, and the budget deficit came to 23.2 % of GDP in the 1990s, in the fi- nal analysis, at rather high inflation rates (the average annual deflator of GDP was 18.0 % in the 1980s-1990s and 10.1 % in 1991-1999), stable economic growth was ensured. The extensive specialization in the key export sectors (merchant fleet, tourism, and agriculture) was accompanied by the creation of import substitution production (telecommunication equipment, autonomous energy sources, etc.), and as these products saturated the domestic market, they were also exported. Since 1995 the government has completely rejected foreign borrowings to cover the budget deficit. Liberalization of capital flows, low level of corporate taxes, and stable legislation secured Greek a high place in the world investment ratings and facilitated the attraction of domestic and foreign investment. A new economic strategy made it possible to ensure sta- ble GDP growth, improve the external account, and stabilize the financial market. The budget deficit decreased threefold, inflation was dropping several
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Stock market development, financial development and economic growth in Portugal

Stock market development, financial development and economic growth in Portugal

Financial system and economic growth are closely related, since a lot of decades this theme had been the subject of many research. As we know financial system might be divided into two components: the stock market and the banking system. This study tests the relationship between stock market, financial system and economic growth for Portugal, using a quarterly data from 1993 to 2016, which as European country had an economy dependent on bank financing. Meanwhile to reach the central point the variables tested was real gross domestic product, stock market capitalization ratio, domestic credit ratio, investment, and for a control variable is utilized the consumer price index. Performed the unit root test to confirm the integration order and the graphical analysis of the variables is concluded that all are I(1), and they are not cointegrated (Johansen test), Vector Autoregressive (VAR) modeling is carried out, also Granger Causality, variance decomposition and impulse response function are discussed. VAR specification tests express normality, absence of autocorrelation and homoscedasticity. As consequence of the integration in the European Monetary Union, occur the physical replacement of the currency, proves to be an economic regime change but also the subprime crisis was proved. There was found an evidence of Granger bidirectional causality between stock market and economic growth. Indeed, economic growth seems to be favorable to banking system, unidirectional causality running was found from economic growth to banking financing.
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The role of entrepreneurship and enterprises for local economic development

The role of entrepreneurship and enterprises for local economic development

The main diference between the developing economy and a declining economy lies on the dynamism and ability to renovate, organize, communicate and adjust to new circumstances; in a few words, this may be called entrepreneurship . For this reason, local development policies should be focused not so much on creaion of new jobs as on creaion of an “environment” that favors spread of entrepreneurship values, a factor which favors the increase of employment and improvement of living standards. In addiion to the direct economic efects of making new services and products available and creaing employment, the SME has several equally important efects on the funcioning of transiional socieies that move through more indirect channels. The development of this sector is essenial to create the poliical and social ‘environmental condiions’ necessary to allow desirable changes to occur elsewhere in the system. The SME sector must simultaneously absorb resources and workers from the large enterprise sector and at the same ime help to create a labour market situaion in which the process of reorientaion and fundamental reorganizaion of the large enterprise sector can be carried through without threatening social peace.
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Rev. econ. contemp.  vol.21 número2

Rev. econ. contemp. vol.21 número2

Without continuing in a formulation as to how to incentivize consumption financ- ing beyond salary increases tied to productivity gains, thus ignoring the central role played by social policy in this process, Pinto merely sketches out a solution to the dam- ming of demand. This inversion of the terms of the model’s equation never gained strength among structuralists, only ex-post, during the new phase of economic growth of the 2000s. This was the missing link in the structuralist and neo-structuralist models for overcoming the obstacles of persistent structural heterogeneity, promoting the ex- pansion of the market society through social policy, just as expressed in Polanyi (1944). Not only did structuralist thinking come around slowly to the relevance and cen- trality of social policy in promoting development, it, in implementing this point with a stark delay, privileged the problem of incorporation into the consumer market in a blow to the genuine logic of equity. Therefore, it compromised the goal to overcome Latin America’s heterogeneity. Aníbal Pinto’s insight would ultimately gain adherence on the margins of the structuralist framework, through both redemocratization, forc- ing governments to consider the vote of the masses, and the prevalence of the model of social risk management (HOLZMANN and JORGENSEN, 2000) put forth by neo- liberalism, remade in the social protection floor (ILO, 2011; FAGNANI, 2015), where consumers replace citizens (LAVINAS, 2013).
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The impact of import on the development of Ukrainian domestic market

The impact of import on the development of Ukrainian domestic market

Determination of the problem. The dynamics of Ukraine’s economic development is characterized by the high level of dependence on external environment and parameters of cooperation with the entities of international regional economy. The share of import in the goods and services trade in Ukraine grows more intensively, nowadays, than the export one. This fact requires examination of maintenance strategy efficient, consideration of dependence of national economy on import and the trends towards extension of domestic market capacity. The terms of international regional economic integration set the task for Ukraine to use domestic market more efficiently as an instrument of strengthening competitive ability of national economy. In this context the development of competitive environment by considering bouth interest of producers and importers as well as contraction of shadow market should become instruments of modern economy growth strategy for Ukraine.
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Causal Nexus Between Economic Growth, Inflation, Stock Market Development and Banking Sector Development

Causal Nexus Between Economic Growth, Inflation, Stock Market Development and Banking Sector Development

The relationship between economic growth, inflation, stock market development and banking sector development was studied in a panel of 21 high income countries classified by the World Bank for the period 2001-2014 by using annual data. All the data used is from the World Development Indicators. It was used Gross Domestic Product per capita constant in order to study economic growth, inflation at the end of period to study inflation and it was used principal component analysis for the construction of two single variables that allows the assessment of stock market development and banking sector development in a panel vector auto-regressive model, for testing the interdependence between variables as well as the Granger causalities, finding the presence of both unidirectional and bidirectional causality links among them. It is also used impulse response functions and variance decomposition. The research supports that the stock market development and the banking sector development stimulates economic growth.
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The role of FDI in Indian growth and infrastructure development

The role of FDI in Indian growth and infrastructure development

Infrastructure requirements are increasing more and more within developing countries due to the rise in economic growth. In order to sustain this growth, continuous infrastructure development is crucial. It is seen as a significant driver in economic development, which allows for increased productivity and provides a better quality of life (Mohan, 2004). Countries throughout the world have realised that introducing the private sector into the development of infrastructure is a necessity due to the scale and financing that cannot be achieved by the public sector (Ahluwalia, 1997). When talking about investment from the private sector, this includes both FDI and local private capital. The rise in private sector investment into infrastructure grew enormously in the 1990’s in various sectors including telecommunications and transport. This occurred especially within developing countries such as India, where the government accepted certain provisions in order to facilitate the inflow of private investment. Out of the top 25 FDI inflows in infrastructure sectors through private sector investment via domestic firms between January 2000 and December 2009, Idea Cellur Ltd, a telecommunications company, is top (Appendix A).
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Economic growth, inflation and stock market development: a panel var approach

Economic growth, inflation and stock market development: a panel var approach

Since the beginning of the existence of stock markets had an important role in the economy. When stock markets started did not traded real stocks but promissory notes and bonds. With the increase of the demand was necessary to organize a marketplace where people could make their trades people used to go to a coffee shops where the debt issues and shares sales were fixed in the coffees doors or mailed as a newsletter. From there to the creation of an official stock market exchange was just a question of time due the necessity of regulation and the increase of the volume of trade stocks. Due the importance that a stock market has in the economy of a country researchers have turn their attention to study how a stock market influence economic growth. In the last decades, the relationship between economic growth, inflation and Stock market development has been object of many studies. The results of this studies are heterogeneous, hence that every study uses different methodology, data and time span. In this study the variables used were Real Gross Domestic (as a proxy of economic growth), Inflation and to measure stock market development was used a composite variable created from market capitalization of listed domestic and turnover ratio. This kind of issues usually was studied by using two variables with time series, in this study a Panel Vector Autoregressive approach was used which allows to use all the variables at the same time. Using a panel constituted by 31 countries worldwide with a time span from 2000 to 2014. The empirical research of casual relationship between economic growth, inflation and stock market development showed significance causality between these variables. Thought the analysis of Impulse-Response functions and variance decomposition revealed the impact that each variable has in the others.
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The comparison of the structure and microhardness of the tool steel C90 and HS 6-5-2 remelted with the electric arc

The comparison of the structure and microhardness of the tool steel C90 and HS 6-5-2 remelted with the electric arc

The samples were remelted on the surface with the electric arc with the use of the FALTIG 315AC/DC apparatus. The single remelting was applied. The treatment parameters were used: amperage of the electric arc I = 100 A, speed of the electrode movement v=200 mm/min. As the plasma formative gas, the argon was used. The treatment has been conducted at the depart- ment of Foundry and Welding of Rzeszow University of Tech- nology. After the remelting, there has been the conventional tempering done 1x1 hour in a temperature of 200°C for the steel C90 and 2x2 hours in the temperature of 560 °C for the steel HS 6- 5-2. Parameters of tempering (temperature, time and multiplicity) of the tested steels were selected according to the standard PN-EN ISO 4957:2002U. The microhardeness measurements were made with the Hanemanna objective mph 100. The load used was 0,064 N, the operating time of the load was 10 s. Metallographic tests were conducted on the optical microscope - Neophot 2 and Tesla BS-340 electronic scanning microscope.
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Internationalization and Networks in Small and Medium-Sized Enterprises: the role of ethnic ties

Internationalization and Networks in Small and Medium-Sized Enterprises: the role of ethnic ties

Uppsala model, in particular the cases of small and medium enterprises (SME), whose growth depends on external resources and relationships with other actors. It is worth noting that the network approach offers a new perspective for studies on the internationalization of SME, whose international integration implies facing many obstacles arising from their natural needs. The main barriers in relation to large organizations are the difficulties of modernization and efficiency gain to compete internationally, exposure to risks typical of international operations, dealing with the diversity of foreign culture and technical standards, in addition to the high cost of actions to promote business abroad. It is believed that such barriers can be reduced or overcome by the networks (COVIELLO, MUNRO, 1995; RAUCH, 2001). This is corroborated by Barbosa, Fuller and Ferreira (2005) for whom the network approach is most suitable to explain the internationalization of Brazilian SME. For these authors, the complex resources demanded by internationalization actions can be provided more rationally by the synergy of the network, or shared in order to make them feasible for a larger group of companies associated with the same network. Amal, Freitag and Miranda (2008) also sought to describe the internationalization process of Brazilian SME from the network perspective. The results of the study highlight that the participation of the SME in international business networks is crucial in the early stages of the internationalization process (first exports), when the company must overcome their natural limitations imposed by their own lack of knowledge of the international business practices.
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Financial development and economic growth

Financial development and economic growth

Empirically, Levine (1999) uses the legal determinants of banking development as instrumental variables for financial intermediation indicators to control for simultaneity bias. A positive impact of financial development on economic growth is not found, but it is found that the exogenous component of financial development is strongly related with per-capita income growth, productivity improvement and capital formation. Controversially, in other study, Levine et al. (2000), using generalized methods of moments (GMM) estimators, find strong evidence of financial development affecting economic growth positively. Later, Easterly and Levine (2005) conclude that countries with developed financial systems tend to experience faster economic growth than those with poorly developed financial systems. Such faster economic growth appears as a result of higher productivity and higher per-capita income. Although many studies suggest a positive relationship between financial development and economic growth, Singh (1997) argues that financial development may not be beneficial for economic growth. Firstly, the volatility of the stock market pricing process in developing countries makes it a poor guide to efficient investment allocation. Secondly, interactions between stock markets and currency markets can create economic shocks and exacerbate macroeconomic instability, and consequently reduce long-run growth. De Gregorio and Guidotti (1995) also find a negative impact of financial development on the Latin American economic growth.
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Canopy growth

Canopy growth

medical education programs for healthcare professionals, and with the chief medical officer, Dr. Mark Ware, responsible for the research advancement of the Company, having served as the Director of Clinical Research at McGill University and acted as an advisor on medical cannabis policy for the Canadian government since 2001 and generally being recognised as a leader of medical cannabis research. Overall, we believe that the Company will be able to maintain its current medical market share, due to its first mover advantage, expertise and quality of their medical research team as well as being among the top cannabis companies in terms of numbers of IP related filings and licensing. Moreover, the strong marketing strategy, with the help of Constellation Brands in this department, can push its products further to physicians, patients and pharmacies alike. Canopy Growth is also at an advantage in terms of the cash reserves, as IP filings and drug development are expensive and smaller players are unlikely to afford these costs.
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An Analysis Of The Difference In Gender Level Of Cassava Production And Access To Land In Abia State Nigeria

An Analysis Of The Difference In Gender Level Of Cassava Production And Access To Land In Abia State Nigeria

From the analysis, it was found that lands were acquired majorly by inheritance and the resultant effect of this is the fragmentation of land during the acquisition and sharing of either family or community lands. The evident of this was seen on the sizes of the land cultivated by both the male and female farmers of which majority of both sexes cultivate a small farm size of 0.1-2.0ha of land with just a few who cultivate a reasonable land size this can also be seen on the number of bag of both garri and fufu produced yearly. However this Land holding in hectares favors more males than females in the study area and females had better production in cassava than male.
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The Existence Of Leading Islands Securing And The Border Areas Unitary State Of Indonesia An Analysis In Law Perspective

The Existence Of Leading Islands Securing And The Border Areas Unitary State Of Indonesia An Analysis In Law Perspective

www.ijstr.org can support the management of coastal areas, so it can be arranged on the setting, management, utilization, preservation and protection and security of marine areas and determination of Indonesia‘s borders area. To be comprehend the existence of territory of a country that called as maritime country in which it consists of securing a territorial waters, leading islands and natural resources outcomes such as fishing become rights and obligations of all government and relevant agencies to handle the management of coastal areas and leading small islands of various foreign ships or parties that violate a cross-border waters the other party‘s interests that can threaten the state‘s sovereignty.
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Development, progress and economic growth

Development, progress and economic growth

In my definition of development I didn’t include the achievement of happiness, because this is not a political objective – it is not something that can be achieved collectively. Happiness is a state of mind; it is contentment with ourselves that comes and goes incessantly throughout our lives. Researchers have being trying to measure happiness, but if it is difficult to measure economic growth, let alone progress, what to say of happiness? Yet one thing that emerges from such research is that poor people tend to be less happy or more unhappy, but once their basic needs are satisfied, happiness loses any relationship with economic development. This makes sense. Like personal realization, happiness is an individual achievement that requires certain basic material conditions to be met, but not great wealth. Such a finding supports the moral condemnation of consumerism, but, given the difficulty of distributing income evenly, much more economic development will be required to enable everyone to achieve the reasonable minimum of living conditions, and more moral progress will be required for men and women to change their values and discover other forms of personal realization than becoming wealthy and powerful.
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Human Capital and the Recent Fall of Earnings Inequality in Brazil

Human Capital and the Recent Fall of Earnings Inequality in Brazil

We use data from the National Household Survey (Pesquisa Nacional por Amostra de Domicílios – PNAD/IBGE) from 1995 to 2009, conducted by the Brazilian Institute of Geography and Statistics 3 . The worker sample consists of men from 25 to 60 years old, with strictly positive principle job income and workweek. We split the sample into 1980 cells, defined by the survey year, worker age (in years) and education, grouped into four categories: zero to three; four to seven; eight to 11 and 12 or more years of study. To measure labor income we use the logarithm of real hourly wages, at 2005 prices (lw) 4 , and our measures of inequality will be the variance of (log) wages, which is perfectly decomposable. Table 1 presents the basic descriptive statistics of this variable.
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Financial deepening and economic growth in Mozambique

Financial deepening and economic growth in Mozambique

High reserve requirements and interest rates ceilings are the main instruments of financial repression. Selective and sectoral credit schemes, as well as capital controls on foreign exchange, are also typical components of financial repression. Financial repression can lead to dualism in which firms that have access to subsidized funding will tend to choose relatively capital-intensive technologies, whereas the others not favored by policy will only be able to implement high-yield projects with short maturity. McKinnon and Shaw assumed that liberalization would stimulate savings with the underlying assumption that savings are responsive to interest rates. Therefore, according to this view, we should expect to see higher saving rates (as well as higher levels of investment and growth) following financial liberalization (Gemech and Struthers, 2003). The World Bank (1989) also defends this view and suggests that efficient financial systems help economic growth, partly by mobilizing additional financial resources and partly by attracting those resources to the best use.
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Sanitary engineering in Latin America

Sanitary engineering in Latin America

The increase in economic development, including building, trans- portation, public works and industrial expansion, in which the engineer has taken a leading part, [r]

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THE ROLE OF THE GOVERNMENT IN PORTUGUESE ECONOMIC GROWTH 1851-1939

THE ROLE OF THE GOVERNMENT IN PORTUGUESE ECONOMIC GROWTH 1851-1939

Government action to faster economic growth in Portugal during the second half of the 19th century and the years of the 20th century before the Second World War [r]

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