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 inthe mid- 1990s, andthe budget deficit came to 23.2 % of GDP inthe 1990s, inthe fi- nal analysis, at rather high inflation rates (the average annual deflator of GDP was 18.0 % inthe 1980s-1990s and 10.1 % in 1991-1999), stable economicgrowth was ensured. The extensive specialization inthe 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 thedomesticmarket, 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 inthe world investment ratings and facilitated the attraction ofdomesticand 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
Financial system andeconomicgrowth 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 marketandthe banking system. This study tests the relationship between stock market, financial system andeconomicgrowth 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 andthe graphical analysis ofthe 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 ofthe integration inthe European Monetary Union, occur the physical replacement ofthe 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 marketandeconomicgrowth. Indeed, economicgrowth seems to be favorable to banking system, unidirectional causality running was found from economicgrowth to banking financing.
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. Thedevelopmentof this sector is essenial to create the poliical and social ‘environmental condiions’ necessary to allow desirable changes to occur elsewhere inthe 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 ofthe large enterprise sector can be carried through without threatening social peace.
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 ofthe terms ofthe model’s equation never gained strength among structuralists, only ex-post, during the new phase ofeconomicgrowthofthe 2000s. This was the missing link inthe structuralist and neo-structuralist models for overcoming the obstacles of persistent structural heterogeneity, promoting the ex- pansion ofthemarket 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 marketin 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 ofthe structuralist framework, through both redemocratization, forc- ing governments to consider the vote ofthe masses, andthe prevalence ofthe model of social risk management (HOLZMANN and JORGENSEN, 2000) put forth by neo- liberalism, remade inthe social protection floor (ILO, 2011; FAGNANI, 2015), where consumers replace citizens (LAVINAS, 2013).
Determination ofthe problem. The dynamics of Ukraine’s economicdevelopment 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 inthe goods and services trade in Ukraine grows more intensively, nowadays, than theexport one. This fact requires examination of maintenance strategy efficient, consideration of dependence of national economy on import andthe trends towards extension ofdomesticmarket capacity. The terms of international regional economic integration set the task for Ukraine to use domesticmarket more efficiently as an instrument of strengthening competitive ability of national economy. In this context thedevelopmentof 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.
The relationship between economicgrowth, inflation, stock marketdevelopmentand 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 economicgrowth, 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 marketdevelopmentand banking sector developmentin 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 marketdevelopmentandthe banking sector development stimulates economicgrowth.
Infrastructure requirements are increasing more and more within developing countries due to the rise ineconomicgrowth. In order to sustain this growth, continuous infrastructure development is crucial. It is seen as a significant driver ineconomicdevelopment, 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 thedevelopmentof 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 inthe 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 ofthe 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).
Since the beginning ofthe existence of stock markets had an important roleinthe economy. When stock markets started did not traded real stocks but promissory notes and bonds. With the increase ofthe 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 inthe 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 andthe increase ofthe volume of trade stocks. Due the importance that a stock market has inthe economy of a country researchers have turn their attention to study how a stock market influence economicgrowth. Inthe last decades, the relationship between economicgrowth, inflation and Stock marketdevelopment 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 ofeconomicgrowth), Inflation and to measure stock marketdevelopment was used a composite variable created from market capitalization of listed domesticand 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 economicgrowth, inflation and stock marketdevelopment showed significance causality between these variables. Thought the analysis of Impulse-Response functions and variance decomposition revealed the impact that each variable has inthe others.
The samples were remelted on the surface with the electric arc with the use ofthe FALTIG 315AC/DC apparatus. The single remelting was applied. The treatment parameters were used: amperage ofthe electric arc I = 100 A, speed ofthe 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 inthe temperature of 560 °C for the steel HS 6- 5-2. Parameters of tempering (temperature, time and multiplicity) ofthe 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 ofthe load was 10 s. Metallographic tests were conducted on the optical microscope - Neophot 2 and Tesla BS-340 electronic scanning microscope.
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 ofthe 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 ofthe study highlight that the participation ofthe SME in international business networks is crucial inthe early stages ofthe internationalization process (first exports), when the company must overcome their natural limitations imposed by their own lack of knowledge ofthe international business practices.
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 economicgrowth 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 economicgrowth positively. Later, Easterly and Levine (2005) conclude that countries with developed financial systems tend to experience faster economicgrowth than those with poorly developed financial systems. Such faster economicgrowth appears as a result of higher productivity and higher per-capita income. Although many studies suggest a positive relationship between financial developmentandeconomicgrowth, Singh (1997) argues that financial development may not be beneficial for economicgrowth. Firstly, the volatility ofthe 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 economicgrowth.
medical education programs for healthcare professionals, and with the chief medical officer, Dr. Mark Ware, responsible for the research advancement ofthe 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 ofthe cash reserves, as IP filings and drug development are expensive and smaller players are unlikely to afford these costs.
From the analysis, it was found that lands were acquired majorly by inheritance andthe 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 ofthe 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 inthe study area and females had better production in cassava than male.
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.
In my definition ofdevelopment 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 economicgrowth, 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 economicdevelopment. 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 economicdevelopment 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.
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.
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 andgrowth) following financial liberalization (Gemech and Struthers, 2003). The World Bank (1989) also defends this view and suggests that efficient financial systems help economicgrowth, partly by mobilizing additional financial resources and partly by attracting those resources to the best use.