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The Dynamic Effect of Trade Openness, Debt, and Foreign Investment in Ghana’s Economy: An ARDL Bound Testing Approach
94-112Views:388The impact of macroeconomic factors offers insight into the performance of an economy. This study investigates the dynamic short- and long-term effect of trade openness, external debt, and foreign direct investment (FDI) within Ghana's economy. Utilizing Autoregressive Distributed Lag (ARDL) bound testing and Granger causality analysis, the study examines data spanning from 1991 to 2022. The results of the ARDL cointegration test reveal a long-term relationship among the variables. However, in the short term, the findings present a mixed effect of FDI and trade openness, with both positive and negative impacts. In the long run, FDI and external debt exhibit a positive influence, whereas trade openness appears to impede economic growth. Furthermore, the Granger causality test identifies a unidirectional causality relationship between the variables and economic growth. The study suggests that the government implement investment-oriented and trade policies to stimulate economic growth.
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Present and Future of Industrial Robotisation
13-24Views:352The following paper analyzing the installation of industrial robotisation in sectors and regions, in addition carry out forcastings on historical data. In recent years, automation and the use of industrial robotics have increased exponentially in the manufacturing sector. Given that companies prioritize enhanced production efficiency, quality assurance, and safety, it is evident that substantial investment and implementation of automation continue to occur in manufacturing facilities worldwide. The number of industrial robots globally has been growing steadily since 2010. However, the rate of growth has slowed from 2020 onwards. The impact of the Covid-19 epidemic was still felt in 2020, but the deployment of industrial robots increased significantly in 2021. Global industrial robot deployment is projected to continue to grow in the coming years, although the rate of increase may vary between regions and countries. The analysis showed a number of differences between regions in the number and growth rate of industrial robot deployments. Asia and Australia are the largest markets for robots and the number of robots deployed is expected to continue to grow in the future. Europe is the second largest market and, although growing at a slower rate, industrial robot deployment is also increasing steadily. In the Americas, growth is slower than in other regions, but still increasing. Global growth trends suggest that there will be further growth in the coming years and that the deployment of industrial robots will become more widespread in different parts of the world.
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The Impact of a Coronavirus Epidemic on China’s Public Debt Ratio Growth
151-159Views:354Public opinion in the economic profession is strongly preoccupied with the expected negative economic effects of the coronavirus epidemic. Among the consequences, special attention is paid to the increase in the gross debt of the states. Indeed, based on conventional economic knowledge, it is clear to everyone that the economic downturn and the increase in government sector expenditure will directly lead to a sharp rise in government debt. The study aims to predict an increase in China’s government debt ratio using a macroeconomic model. The study will quantify the rate of increase in China’s public debt based on four theoretically possible scenarios for the course of the coronavirus epidemic. I am aware that it is difficult to apply conventional economic knowledge to China’s state-capitalist system. This is explained by the fact that the theories of the socialist economic model do not apply to China either. At the same time, the functioning of China's economy is closer to that of market-based economies, but the country's structure as a whole cannot be integrated into this framework either. But models describing the economic development of developing national economies cannot be applied to the country either. Nonetheless, I attempt to use conventional economic economics to attempt to quantify the impact of the coronavirus epidemic on China’s sovereign debt ratio. China’s public debt growth rates calculated under different outbreak scenarios are different, but none show an increase that would call into question the financing of China’s public debt.
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Assessment of Fibre Characteristics and Suitability of Sida acuta Burm F. for Pulp and Paper Production
1-11Views:291The ever-increasing demand for paper and paper products and alarming rate of global population growth necessitates research into non-wood fibre to augment the popular wood fibres in short supply. Sida acuta obtained at two locations, samples collected from 3 areas per location. Samples of dimension 10 x 10 x 20 mm macerated in equal volumes of glacial acetic acid and 30% hydrogen peroxide at 80oC in an oven. Twenty-five whole fibres in swollen condition were measured. Derivatives of fibre dimensions viz: Runkel ratio, flexibility and slenderness were also evaluated. Pooled mean fibre length was 1.04mm, pooled fibre diameter was 25.02μm, pooled fibre lumen width was 14.69μm and fibre cell wall thickness was 5.17μm. Runkel ratio was 0.73, coefficient of suppleness (flexibility) was 60.05 while felting power (slenderness) was 42. Values obtained connote that S. acuta’s fibre morphology is good for pulping much more that its Runkel ratio (0.73) is less than 1, coefficient of suppleness (60.05) is greater than 50 and its felting power (42) is greater than 33. Specific Gravity ranged from 0.416–0.468. With reference to the above, S. acuta is fairly suitable for pulp and paper making.
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Strategies and Effects of LEDS (Low Emission Development Strategy) in Fortaleza, Brazil
110-121Views:267When it comes to climate change, the built environment, together with transport, and waste and water management play a significant role as Greenhouse Gases (GHG) emitting sectors, reflecting the strong need to address such issues by local governments. A notable action that has been taken in this regard is the Urban Low Emission Development Strategies (Urban LEDS), which consists of a project implemented by the UN-Habitat and the International Council for Local Environmental Initiatives (ICLEI) that selected eight model cities and twenty-one satellite cities around the world and aims to support integrated and ambitious climate action, encouraging low-carbon efforts in emerging economies through the collaboration among them. In addition, eight European cities also participated in the project in its first phase, contributing with their expertise and experience with climate change mitigation. Since 2012, the city of Fortaleza in Brazil is a model city of the Urban LEDS project and it has sustainably integrated and developed many projects, making it a more resilient city, stimulating its economic growth and improving its quality of life. This paper aims to present the milestones that Fortaleza has already met within Urban LEDS and its main priorities in the next years, identifying best practices in three European cities (Copenhagen, Zagreb and Hannover) that could also be implemented in its geographical, social and cultural context, as well as indicate lessons that other cities can learn from Fortaleza.
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Operating a Webshop in Rural Areas
242-251Views:310The importance of e-commerce in Hungary is unquestionable. 66% of the population is regular internet users (I3), every fourth person uses it on a daily basis. Online sales have increased from 137 billion HUF in 2010 to 427 billion HUF in 2016, while offline sales were not able to reach this growth (I1). Undoubtedly, online sale has become a very valuable market. The age group really valuable as consumers spends about 6 hours a day online, out of which 3 hours are active usage (I2). The Internet is also the most important source of information and keeping in contact, as 41% of the population uses it method. The availability of the Internet in Hungary is literally independent of the geographic location, thanks to the Digital Renewal Action Plan in Hungary's current strategy, as one of its main chapters is "Enhanced and Secure Infrastructure for All." (Botos 2013) plan. There are many unfavorable processes in Hungary's rural areas. Of these, emigration and the abandonment of the local economy are outstanding. To stop these processes, the "National Rural Strategy" (2012-2020) was created. Its most important areas are employment growth, balanced and diverse land and forest management, production structure, restoration of local food production and food markets, local energy production, strengthening the local communities, improvement of population patterns and conservation of natural systems and the biodiversity. The integration of rural economies into the on-line marketplace and their linkage to different DBEs not only vertically but horizontally can be one of the keys to their survival and development. The situation of businesses on the on-line marketplace in the countryside is very special. On the one hand, they are more favourable in many aspects of their operation, but in some cases they have disadvantages that fundamentally threaten their survival. The purpose of this article is to get to know this environment, map its benefits and drawbacks. For this, we use the results of in-depth interviews conducted with businesses operating on an on-line market in rural settlements.
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Relationship between Population Growth and Urbanization
527-541Views:610The main purpose of this article is to examine how to respond to and change the field of urbanization. Creating dwindling new opportunities and challenges for globalization, new sector introductions and agricultural dominance. In relation to changing trends in urban and rural environments, people's preferences are very diverse and their lives are changing. The difference between a big city and a small city can test different lifestyles. It is a fundamentally important infrastructure personality insurance system (both cities), important from the point of view of larger cities and very different from small towns in terms of quality. The benefits of small towns can be a unique lifestyle and a healthy lifestyle, which can certainly be felt. Among the different characteristics of urbanization in developing and developed countries, we can mention the different time course and magnitude [1]. Namely, in developed countries the urban explosion has taken place for a long time and with fewer people than in developing countries [2]. The rate of urban population growth in the latter group will be 4.04% between 1950 and 1975, 3.6% between 1975 and 2000, and 2.4% between 2000 and 2030. The Earth and all of humanity are facing many challenges these days, and this trend will continue in the future. The planet's overpopulation and changing eating habits put great pressure on agriculture and the countryside. Research focused on the countryside focuses on analyzing the various functions of rural areas.
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Food Security and Economic Growth: An Income Level Comparison
16-29Views:283Food security is a fundamental but often neglected aspect of economic growth and sustainable development. This paper examines the effect of food security on productivity (GDP/capita) over time, while taking the income level of various countries into account. Dynamic panel regression analyses suggest that food security is positively related to productivity, but this effect is stronger in more developed countries. The study highlights the complexity of the economic problems faced by the least developed countries, where increasing the consumption and supply of food is insufficient for significantly increasing economic performance.
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Evaluating the Entrepreneurial Performance in South America. Case of Chile
13-28Views:318The research objective is to explore Chile's entrepreneurial landscape by assessing individual characteristics and institutional factors through a 'pillars' framework and compare it against Colombia, and Brazil; to identify socio-economic, individual, and institutional differences using the Global Entrepreneurship Index (GEI); to apply bottleneck approach to highlight areas requiring policy intervention. GEI features individual and institutional stage variables in a method where every variable collaboratively interacts, incorporating 14 foundational elements and three sub-indexes: attitudes, abilities, and aspirations. Ranking 18th on the GEI globally and the best in Latin America, Chile excels in key entrepreneurial pillars, showcasing strengths in innovation and a robust entrepreneurial culture. Brazil closely rivals Chile in competition and networking, emphasizing political and economic influence. Colombia surpasses Chile in internationalization and growth-stimulating policies but faces challenges like historical conflicts and wealth distribution. This study identified areas where immediate policy intervention may be necessary by examining Chiles's entrepreneurial ecosystem. The Penalty for Bottleneck (PFB) technique identified the weakest pillars highlighting process innovation, competition, and internationalization. The primary component identified as a bottleneck for resource allocation is Process Innovation, accounting for 73% of the allocation, followed by Competition at 23%. The findings show that allocating more resources to process innovation may improve greatly the overall GEI score.
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Entrepreneurial Climate – Management of Women's Entrepreneurship
69-74Views:195Entrepreneurship, which people can have without formal economic education, is a tendency acquired through upbringing in the family, competition in school, implies risk and constant self-affirmation through the acquisition of profits and losses, so that it represents the sum of successes and failures, victory and defeat. In the last thirty years, female entrepreneurship has been developing more and more, especially in less developed countries, the reason for such growth is primarily reflected in the promotion of equality between men and women, the right to education, and the development of democracy. Female entrepreneurship is a significant factor in economic development, so the national economy becomes richer. The subject of this research are the entrepreneurial climate in the Balkans compared to the world in terms of female entrepreneurship, what is the role of the family in starting a small business, as well as its survival and growth. In the study the results of previous research in this area. The research method is based on a comparative analysis of studies dealing with this problem from the territory of Balkans. It can be concluded that in the Balkans, female entrepreneurship is still in its infancy, it is about a very small percentage of female entrepreneurs, although according to research, it is evident that there has been no major progress in the last 15 years. Recommendation In the countries of the Balkans, there is a good entrepreneurial climate for the development of female entrepreneurship, especially because women can work from home, and in the future it is necessary to go in this direction.
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Material Stock and Flow Analysis within the Agricultural Building Sector Based on Local Database
297-320Views:226The purpose of the paper is to analyze on micro level the stream of building materials needed for raising cattle. The scope of the produced material flow chart will cover the inflow and storage of the materials. The overall objective of material flow analysis is to contribute to the data inventory development process which is needed to use these construction materials as secondary raw materials in the future. The assessment is based on a concrete new development in a Hungarian region being carried out nowadays as a development and modernization of an existing cattle raising farm. Driven by the concern of resource depletion, further research on higher level, based on larger database will be needed to verify the estimated national level results for the magnitude of growth of anthropogenic stocks.
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Submerged aquatic plant (Vallisneria spiralis and Egeria densa) utilisation as a biogas cleaner and feedstock of co-digestion
172-180Views:293Biogas was produced from sheep manure and two types of submerged aquatic plant (Vallisneria spiralis and Egeria densa). The gas cleaning was carried out by a water scrubber, where a significant part of CO2 and H2S can be separated from the gas. A part of water from the scrubber was circulated through an aquatic plant growth tank and the growth of used plants was examined. Addition of E. densa to sheep manure increased gas yield by 8% and the mixing of sheep manure and V. spiralis resulted in 21% increase in gas yield. With the used scrubber, 70-80 vol% methane content can be reached in the cleaned biogas, and the water from the scrubber (which contained dissolved CO2 and H2S) resulted in 56-87% increase in size as opposed to 12-44% increase in the control group.
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What Drives Capital Financing in Europe? Evidence from Listed Firms in Germany
14-31Views:383This article analyzed the factors that affect the capital financing of German non-financial corporations listed on the German Stock Exchange from 2017 to 2021. By applying a panel data regression model and the Generalized Least Squares (GLS) approach, the results show that the debt-to-assets ratio, equity multiplier, and long-term debt ratio are significantly impacted negatively by profitability as determined by the assets return. Firm size is positively correlated with both the equity multiplier and the long-term debt ratio, suggesting that larger companies use more long-term debt. Growth has a significant positive impact on the equity multiplier and long-term debt ratio but has little influence on the debt-to-assets ratio. Long-term debt is unaffected by liquidity, although the debt-to-assets ratio and equity multiplier are adversely impacted. The GMM method is used during the robustness check, and the findings are consistent with the major GLS findings. These results highlight how important firm-specific factors are in influencing choices about financial structure. The results of this research may be used as a guide for companies operating in Europe and offer valuable information about how to optimize capital structures in various financial contexts. Policymakers could also use the results of this investigation as a reference for creating financial laws and regulations that facilitate non-financial enterprises' access to financing and effective capital allocation.
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How Does Public Debt Change when the Next Crisis Comes - and It Will Come!/the Expected Evolution of Greece's State Debt in the Next Crisis Period/
91-104Views:312It has recently been announced that Greece may withdraw from the Euro-Zone permanent rescue fund's aid program because it has successfully met the conditions imposed on it. Creditors and credit qualifiers also agreed that the Greek economy was on a good growth path. That is why there is a chance that by 2030 the current sovereign gross debt of 182.7 per cent of GDP will fall to 123.3 per cent. The author finds this statement unfoundedly optimistic. He argues that the Greek debt ratio – despite the current optimum economic fundamentals – does not seem to be sustainable. He sees greater probability that in the near future it will again be necessary to release some of the Greek debt. Debt reduction will also mean a new orderly state bankruptcy. The study seeks to highlight how vulnerable and risked the sustainability of current Greek debt financing. Using a macroeconomic model, it shows and justifies how the Greek sovereign debt changes in the case of a crisis that is only half the extent of the previous subprime crisis. If this happens, by 2023, the state debt will rise to more than double the national product, and by 2030 only to the present, otherwise critical, level. It follows that the high risk of financing Greek state debt remains unchanged.
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Environmental Considerations in Aircraft Manufacturing Industry Through the Example of Boeing Andairbus Companies
59-66Views:225Aircraft manufacturing industry has developed dynamically in the last decades. Reinforced polymers have become the most dominant raw materials, while the recycling rate of the generated industrial waste has also increased. The fuel efficiency of the engines has increased, and the emitted CO2 per capita has significantly fallen. However, the environmental impact of the aircraft manufacturing industry seems to reach a permanent level. In this study, we have analyzed the environmental impact and the environmental considerations of the aircraft manufacturing industry through the examples of Boeing and Airbus companies. Our goal was to determine the relation between industrial growth and the environmental impact, particularly to the potential innovations.
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The role of the nonprofit economic companies in human resource management in Hungary
145-152Views:246In the changed labor market structure in the context of economic growth in Hungary, the reintegration of displaced and increasingly differentiated groups into the world of work has become an indispensable necessity, with alternative initiatives aimed at long-term profit maximization. Nonprofit economic companies replacing former public benefit companies not only determine the revenues of the whole nonprofit sector in their operations, their work goes beyond this, as most of them are engaged in socially marginalized, disadvantaged, or even disabled people, and can do other work to improve employability and employment. The aim of my study was to process the latest statistical database of the nonprofit sector issued by the KSH in order to determine the role of nonprofit economic companies in employment, by appying secondary analysis.
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Global and Domestic Status and Prospects of Green Biomass Utilization
85-105Views:233Nowadays, the energy consumption of global population is depending on fossil fuels, but the role of renewable energies has been increasing rapidly, primarily due to the depletion of fossil fuels, the appreciation of environmental problems and climate policies. Biomass is the fourth most important energy resource in the world, provided an estimated 70% of global renewable energy supply. However, the annual growth rate of biomass is lagging behind modern renewable energy sources. The type of biomass is very diverse and can be processed and utilised by different methods. Currently, in the "green chemistry" industry (the replacement of petroleum-based, synthetic chemical raw materials with bio-based compounds from plant biomass), the importance of combustion, pyrolysis, biogas, bioethanol, biodiesel and basic chemical compounds production have been increasing. The objectives of the present research is to analyse the global and domestic status of renewable energies and biomass production, furthermore the possibilities of utilization of perennial, herbaceous biomass plant, the giant reed (Arundo donax L.), with which has been conducting research for numerous years at the University of Debrecen.
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Situation Report of European Club Football (2017 – 2019)
61-71Views:392The most professional and profit oriented sector of the sports industry is football. International summary analyzes of the sector show a steady increase in revenue over the last 20 years. Yet the real turning point in terms of the profitability of European club football was in 2017, when the aggregate result of the clubs playing in the top European leagues were realized as a profit. However in recent years, the sector has faced serious competitors. The esport industry draws attention to itself with the growth rate of the base of its’ followers and related revenues. Also the fitness sector outperformed the football sector in 2019. In this article I reviewed european football between 2017 and 2019, in order to explore the characteristics of the football sector, to ascertain its revenue-generating capacity, its change in its revenue structure, and to answer the questions that if this sport will maintain its dominant position in the European sports market. My research method was document analisys of annual reports published by UEFA and Deloitte, which allowed me to examine data from more than 700 clubs in 55 countries. In overall it can be stated that the european football industry is maintaining it’s position, but it should allocate resources to stabilize its follower base instead of fearing the endagerment by other sports.
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Motivational Factors of Choosing BMX and Other Extreme Sports
426-441.Views:560Extreme sports play an increasingly important role in the supply of recreational activities, as an increased consumer demand has shown a dynamic growth over the past decades. In our research, we investigated motivational factors related to leisure time and in particular BMX sport on a sample of 237 people who do extreme sports. Our results have revealed that BMX is mostly chosen by young men as a leisure time activity. The consumers of extreme sports are characterized by internal motivation, pursuit of their own boundaries, testing of novel and exciting activities and the need for doing joint activities with acquaintances and friends.
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Changes in the Financial Condition of Families in Hungary between 2000 and 2019
712-722Views:395The financial condition of families living on wages is function of many factors. It is determined, among other things, by the development of wages, social benefits, tax rates and the amount of allowances that can be granted. The part of the tax system that affects the largest segment of individuals changes every year, and even during the year, reducing predictability. In recent years, discussions over the taxes have shown that the rate of personal income tax cannot be evaluated separately from the social security contribution rate. Gross average earnings - on the grounds of raising the minimum wage and the guaranteed minimum wage - have more than four-times in nearly 20 years. However the rate of growth is higher in the average net earnings due to changes in the tax system. Compulsory determined wages increased to almost six-times over the years under investigated. But in 20 years, how much has the income situation of an average family living on a salary become more favourable or more unfavourable? In our study we are looking for an answer to how the increase in the minimum wage and the changes in the law how to have affected the livelihood.
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Digital Twin and Shadow in Smart Pork Fetteners
515-520Views:408This paper introduces our ongoing research in the field of smart livestock farming. The base idea in this research is to take some industry based concepts, and adapt them into agriculture. In Industry we live the fourth industrial revolution, which is not a technical, but an organization revolution. So in this concept there are two key ideas, which are digital twin, and digital shadow. This article is about creating digital twin and digital shadow of a modern pig fattener. These models are based on the literature, and are identified on the data shared in these. However, these models can’t be used on real systems before identifying them on the actual circumstances. At this stage of research only digital twin of the product was created, and only some aspects of it. This however can simulate an average porkers feed consumption, weight growth and calculate the weight on certain stages of breeding. Further development is ongoing and our target is to make a fully functional model of a pig fattener.
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The Electric Vehicle Penetration in Hungary
551-562Views:1532During the past years I hear that the future of transport in the electric-powered vehicles. the Hungarian Goverment and the European Union is made more device is this form dissemination to the transport campaigners. EU tendering appeared in Electric Car Charging establishment, the number of multiplication of the expansion, faster recharging method of spreading. This is to depart from the common knowledge recharge time Lenght of significant, the range of motor vehicles despite low rate of population inspired make such purhase of motor vehicles. If that were not enough, the demand side cash incentive device support is, take the numbers provided consumer vehicles 1.5 million HUF state support. This endeavor though the influence of narrow you wish to inspect the car market segment of the reactions, the growth rate of the past few years. Although this is a state-pumped artificially induced market impact.
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The Possibilities of Additive Manufacturing in Medical Use
246-253Views:185Additive Manufacturing has been invented in 1981 at the University of Texas, and to this day it has grown to be the most versatile and promising manufacturing technology in the market, both the industry and health care system has noticed this. Additive Bio-Manufacturing (ABM) techniques, which can be used in health care, are highly in demand, and researches have been going on to make these technologies safer and even more versatile. For more utilization and versatility, special attention is required to develop new materials which can help in increasing the service life, bioactivity, cell growth along with the desired mechanical properties, and to find the right manufacturing parameters for creating optimal products. The aim of this review is to present the available main Additive Manufacturing technologies, and particularly the biomedical usability of Additive Manufacturing.
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A vállalati vagyon és a finanszírozás összefüggései a vagyonértékelés szempontrendszere szerint
69-79Views:299The availability for financial sources can be the key factor of competitiveness of enterprises. Under favourable conditions it can result in not only economic growth and conjunctural effects but indirectly it also has a positive influence on social level as well. In the first part of the article we make an overview on enterprise financing in both social and economic context and try to give an overall concept. In the second part we analyse the framework of financing, discuss the national and international specifications of financing, and finally, in the third part we analyse the background of enterprise financing based on the principles of asset appraisal.
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Investigation of Information and Communication Technologies (ICT) Usage in the Business Relations of the Agri-Food Econ
21-29Views:203Small and medium-sized enterprises are the engines of Europe's economy. This is demonstrated by the European Small Enterprises Charta, adopted in 2000, and by the fact that this sector employs more than 90 million people. Appropriate information and communication technology is essential to maintain their ability to function effectively and competitively. They need to know how to use these technologies for their smoot growth in productivity. The purpose of our study is to assess the regional ICT penetration of the Hungarian SME sector and compare this to that of the EU Member States.
