Conjuncture Research Articles

How Entrepreneurial University Model is changing the Indian COVID–19 Fight?

It is indeed a great misnomer to analyze the dimensions of academic capitalism with the steady rise of entrepreneurial university in lines with Western educational policies. It is indeed a long treaded journey in emerging underdeveloped economies which has given the notion of a dream of the next superpower wherein entrepreneurial universities are a very recent concept post liberalization of economy and change in governmental practices and loosing hold over bureaucratic affairs which has led more stronger the innovation landscape of industry–education–government nexus in building the nation. Recent years have seen the great crisis of COVID pandemic which has changed the ideologies and theoretical models underlying economic welfare states and the velocity of money running through society. Amidst huge literature in entrepreneurial university studies, very little work has been done which answers the very pertinent question and research gap of how the triple helix model arrived in India and how the central government in India changed its beliefs globally by inheriting such model in its innovation practices to champion the cause of bringing new products, economic welfare, product development; which transformed India’s idea of being an importer of healthcare facilities to an expert and exporter of medical facilities thus completely reversing the cycle of trade and global logistics in healthcare economic practices. This paper works on such exploratory case study concerning India’s success story in employing triple helix model of innovation in national policy practices and world economy.

ENTRAVES AO CUMPRIMENTO DO ARTIGO 68 DA ADCT PELO ITERMA: CIPOAL LEGAL, INSEGURANÇA JURÍDICA E O CONTEXTO REGIONAL: BARRIES FACE BY ITERMA TO COMPLY WITH THE ARTICLE 68 OF THE ADCT: LEGAL CIPOAL, LEGAL INSECURITY AND THE REGIONAL CONTEXT

With the promulgation of the State Constitution in 1989, the State of Maranhao forced itself to recognize and legalize the lands occupied by the remaining quilombo communities, through its State Land Institute (Iterma), despite being an ethnic right. The present article aims to reflect on the obstacles of the land titling process carried out by Iterma, today, crossed by the national and regional economic conjuncture, which feeds the need to allocate the State's public lands to the market and agribusiness. In addition to the collection, collection and analysis of documents (such as: reports, technical notes, statistical data and legal proceedings), interviews were conducted with lawyers from social organizations and conversations with attorneys.

Musikalische Neubauten des 21. Jahrhunderts

This article deals with the global building boom of new concert halls and opera houses. Their spectacular architecture, often designed by the same star architects, obeys the general rules of globalized urban planning, acts as an indicator of urbanity, supports culturally driven urban renewal and attracts mass tourism. However, in this connection music plays a secondary role.

Modeling Economic Growth Based on a One-Good Model Taking into Account Behavioral Factors

As part of theoretical study, a simple mathematical model of economic growth is developed by combining alternative methodological traditions. This article was prepared to put forward a new approach to the growth theory and to provide the scientific community with more information about the fundamental problems of economic dynamics. The main part of the study involves a multi-step analysis of the subject. The first step is building a discrete-time constant-rate growth model in the form of a functional dependence of the output rate on the labour stock growth for invariable technology. The growth function also includes the influence of behavioural factors – ​intertemporal preferences and the entrepreneur-employee consumption ratio. Macro- and microeconomic formulas are used to demonstrate how the deviation of the actual behavioural variable values from the formal optimum leads to disequilibrium growth. The second step is the microeconomic rationale for growth. Here, the author creates an effective entrepreneurship model for determining the optimal number of entrepreneurs at the intersection of the descending profit rate curve and the horizontal interest rate graphic. The third step involves theoretical modelling of the output dynamics along a changing trajectory. Two abstract examples of a changing growth trajectory are given: one due to changes in the labour stock, and the other – ​labour productivity. The transition to a new equilibrium trajectory (switching path) is accompanied by exogenous shocks – ​excess output and (or) underemployment. Economic shocks on the growth trajectory are associated with the force of habit in entrepreneurs’ behaviour, which slows down the adaptation of intertemporal consumption preferences to unexpected changes in resource constraints in a growing economy. The author suggests combining the growth theory with the business fluctuations theory and considering dynamic disequilibrium as a phenomenon of a related economic research field.

Unwatchable: Alfredo Jaar, Lament of the Images (2002), and the Ends of Representation

Alfredo Jaar’s Lament of the Images (2002), commissioned for and first exhibited at Documenta11, draws upon the Chilean-born artist’s longstanding interests at the crossroads of photography, the cinematic, and the architectural in search of a spectatorial ethics in the face of contemporary image flows. Jaar’s installation inquires into the possibilities for what Abigail Solomon-Godeau has termed an “ethics of representation” capable of resisting a critical enervation born of an excessive visuality. More specifically, it does so at a historical conjuncture where there is apparently no end to the surfeit of images constituting the mediascape that is our lived environment, yet in which authority over images and their technologies of production is increasingly concentrated within the hands of private corporations and government entities. My claim is that Lament of the Images in particular, and in a broader sense Jaar’s artistic practice since the mid-1990s, anticipates and negotiates what media theorists Nicholas Baer, Maggie Hennefeld, Laura Horak, and Gunnar Iversen have recently identified as a contemporary crisis of “unwatchable” imagery.

Sport as a strategy for sustainable local development: The experience of the 2018 Youth Olympic Games in Buenos Aires, Argentina

ABSTRACT Sport, as a complex and polysemic concept, offers an arena from which to explore socio-physical relationships, traversed by political dynamics that are structured between local and global in a given context. The international community has early recognized sport as a means to achieve peaceful coexistence and promote healthy lifestyles. Modern mega sporting events, in particular, often express the policy orientations of a social conjuncture, in dialog with the realities imposed by globalization. At the same time, mega sporting events help to establish positive discursive links at a global level, achieving consensus on key political issues. In this sense, the United Nations works to promote – among the Member States – sports initiatives that allow synergy with the goals proposed in the 2030 Agenda for Sustainable Development, paying special attention to the contributions of sports practices in what they have to do with: alleviation of poverty, improvement on universal education, achievement of gender equality, prevention of diseases, commitment to environmental sustainability, guarantee of peace, and achievement of peaceful resolution of conflicts. Taking the above into account, this article aims to offer the reader a theoretical reflection that immerses itself in the potential of sport as a catalyst for sustainable local development and peace. In order to accomplish that, the unique experience of the City of Buenos Aires (Argentina) as host of the Youth Olympic Games during 2018 will be reviewed, selecting those issues that would allow recognizing this edition of the youth games as an initiative for local development and for the promotion of values in pursuit of sustainability.

Ефективність сільського господарства України: порівняльний аналіз в розрізі країн

Abstract. Introduction. Agriculture plays prominent role to supply people with food and industry with raw. The development of this branch depends on as economic conjuncture as nature conditions. Ukraine agriculture have developed in two directions during the period of 1991-2018. After several years of declining this branch has started reviving since 2009. The question is how successful this process is flowing. Various investigations cover analysis of dynamics, structure, correlations between indicators, forecasting and juxtaposing with other economic branches. Studying experience of other economies that had downs, but then accumulated their strengths and made economical leap, is the example for own start in development. What caused the growth and what made countries prosperous? This experience must be studied and implemented by scientists, government, and farmers. Most nowadays successful countries started from revision of existing styles of agricultural management and farm holding. They initiated reforms and adopted laws that had to support development of farms. Some of countries, that have been under influence of Soviet Union's style of management, being independent now are in the category of countries with middle or high world level of income. In contrary, Ukraine during almost thirty years of independence is fighting problems in economic development caused by negative factors including crises. To study features of countries’ growth and eliminate influence of inflation or incomparable indicators on results of analysis it is reasonable to investigate the same indicators for the similar period in determined currency. This article presents comparison results made for Ukraine Poland, Belarus, Moldova, Estonia, Lithuania, Latvia despite their size and political preferences. Information for analysis used in this exploration is on the World Bank official site. Data cover the period of 1995-2019 years. Purpose. The main aim of this article is to compare indicators of agriculture development in Ukraine with other countries in order to find how successful and sufficient economic efforts of Ukraine are to raise agriculture sector on the higher level of development. Results. Conducted analysis revealed that other countries compared with Ukraine get bigger value added per worker or per unit of agriculture land. Moreover, they not only feed own country, but also sell their production abroad. Conclusions. Ukraine has the biggest soils squares to plant crops, vegetable, fruit, but it gets the least amount of profit from land usage. Ukraine has positive tendency in agriculture development, but as comparison with other countries proved the existing way of land using or cultivation, farm holding, and agriculture management is insufficient to become a prosperous country. Crop and livestock production need to be investigated deeper.

Evidence on clean energy consumption and business cycle: A global perspective

AbstractThis paper aims to investigate the heterogeneous patterns of clean energy consumption at business cycle frequencies from 1970 to 2017. Specifically, the paper provides a systematic analysis of this relationship in a comprehensive cross‐country panel by extracting the cyclical components of the clean energy consumption and gross domestic product (GDP) series based on the Hodrick–Prescott filter. Focusing on the cyclical components, we conclude the stylised facts as follows: (a) clean energy consumption is procyclical in advanced economies and developing economies, but acyclical in the Organization of the Petroleum Exporting Countries (OPEC); (b) clean energy consumption is cyclically more volatile than GDP in a typical country; (c) the correlation between cyclicality of clean energy consumption and GDP per capita is more intricate in different country groups; and (d) clean energy consumption is positively correlated with the oil price in advanced economies and developing economies, and negatively correlated in OPEC. These stylised facts are potentially important for establishing empirical and theoretical models to exploit the consequences and impacts of clean energy consumption.

Predictability of Stock Market Excess Returns With Household’s Obligation Ratio

In this study, I test the predictability of stock market excess returns with households’ obligations ratio. Using U.S stock market data, I show that household’s debt service ratio can predict stock market returns at short horizon and over business cycle frequencies. I show that between 1980 and 2016, mean deviations from debt service ratio is a better forecaster of future returns both in-sample and out-of-sample than dividend-price ratio, dividend yield, earnings-price ratio, investment-capital ratio, and several other popular forecasting variables. The results remain significant using quarterly data and annual data.

Economic Cycle and Financial Risk Prevention：An Analysis from the Perspective of Stock Price Crash Risk

How to prevent systemic financial risks and smoothly promote the New Normal Development of Economy has become an important problem that needs to be solved urgently in the current society under complex and changeable international situation and economic globalization. Chinese economy development presents certain volatility. Macroeconomic expansion not only affects the mental behavior of managers, but also has a certain impact on corporate investment and financing. Eventually, it can affect corporate stock price crash risk. Therefore, taking stock price crash risk as the breakthrough point, this paper explores and clarifies the relationship between economic cycle and financial risks for preventing financial risks and promoting economic stability.Based on this, taking A-share listed companies in China’s capital market from 2011 to 2017 as research samples, this paper empirically tests the relationship between economic cycle and financial risks from the perspective of stock price crash risk. The results show that enterprises have higher stock price crash risk during economic expansion, and stock price crash risk shows obvious pro-cyclical characteristic. This pro-cyclical characteristic is more obvious in regions with higher economic policy uncertainty and higher regional economic development level, while industry monopoly significantly weakens the pro-cyclical characteristic of stock price crash risk. Further investigation shows that the influence path of economic expansion cycle on the risk of corporate stock price crash is to improve corporate over-investment, earnings management, bank loans, corporate financialization and information environment.The possible contribution of this paper is mainly reflected in the following three aspects: First, the existing literature mainly studies economic cycle from the perspective of corporate behavior (Chen, 2013; Dang and Wu, 2015). Taking stock price crash risk as the breakthrough point, this paper explores the relationship between economic cycle and financial risks from a deeper level, which not only enriches the relevant literature in the field of economic cycle, but also helps to prevent and control financial risks and promote stable economic development. Second, compared with the literature on the influencing factors of stock price crash risk (Yin and Tian, 2015; An, et al., 2017), based on the current development status and macro reality of China, this paper empirically tests the relationship between economic cycle and financial risks from the perspective of stock price crash risk. It deepens and expands the research about the influencing factors of stock price crash risk. Third, combined with several situational factors and key mechanisms of the impact of economic cycle on stock price crash risk, this paper enriches the understanding of the issues related to macroeconomic cycle, and at the same time provides a certain reference for the government’s macro-control and corporate optimization of resource allocation in different regions.This paper has the following three policy recommendations: First, investors and managers should actively pay attention to the increase of stock price crash risk caused by economic expansion cycle and its negative effects. It could avoid stock price crash risk caused by blind investment expansion and promote the stability of financial market. Second, government regulators should strengthen policy guidance during economic expansion. Specifically, they should control the market macroscopically to ensure the stability of financing and investment for preventing financial risks. Third, managers and regulators should consider several situational factors such as industry monopoly, economic policy uncertainty and regional economic development level to make reasonable decisions and policy guidance for avoiding financial market turmoil caused by excessive stock price crash risk.

The Chinese Economy From the Underside: Funny Money and Institutional Transformation in the Xi Jinping Era

This special issue of American Behavioral Scientist examines the irregular transactions and informal institutions that constitute the essential underside of the Chinese economy. Contributors with a range of disciplinary backgrounds explore shadow banking, social welfare and rural development by private enterprise, NGO financing, the credit/debt cycle of informal international trade, and offshore investment by Chinese state-owned enterprises. The question posed by all contributors is as follows: How, in China through the 2010s, do irregular or nonlegal financial transactions influence political authority? Institutions, the rules and norms by which we live, are found to be key. This “Introduction” sketches the conceptual links between money, rules, and ruling in the context of the heightened authoritarianism and institutional formalization of the 2010s—the Xi Jinping era.

MODERN DEMOCRACY AND EXPANDING THE DEMOCRATIC EXPERIENCE

The article examines some political and socio-economic asumptions for the establishment of modern democracy in its classical version and its defining elements. Particular attention is paid to the analysis of topics on the expansion of the democratic experience in several European states and on the American continent (England, France and the USA) from the XVII-XVIII centuries, during which the birth of modern liberal democracy takes place. It is concluded that modern democracy is based on three historical (political) models from the XVII-XIX centuries (English, French and American), closely related to the form of government (monarchy, republic), state structure (centralized or federal), political regime of government (democratic and undemocratic) or various historical and geopolitical conjunctures.

Predicting sovereign credit ratings for portfolio stress testing

This paper analyses the relationship between macroeconomic and credit cycles. It is not a straightforward relationship, particularly in sovereign credit assessment. Modelling such a relationship requires blending scenario analysis and stress testing, together with dynamic modelling of macroeconomic and credit variables. The novelty of the presented approach is its ability to cross-pollinate machine learning and Monte Carlo (MC) simulation as part of a process that overcomes the challenges faced by risk managers. The result is a probabilistic forward-looking view of credit risk scenarios that can guide action. Sovereign credit ratings are expert opinions based on relevant macroeconomic, financial and policy information. We introduce a predictive machine learning model of sovereign credit ratings that lends itself naturally to MC simulations and stress testing. The Least Absolute Shrinkage and Selection Operator (LASSO) allows considering many variables simultaneously in a nonlinear fashion as candidates for predicting sovereign ratings. The portfolio stress testing capability comes in by augmenting the set of variables used in the MC simulations to include external shock variables common to the sovereigns in the portfolio, for example, relevant global commodity prices. The resulting rating distribution can be used to calculate different relevant risk metrics, including credit-sensitive measures of risk-weighted assets.

Economies with complex property rights

We discuss the exclusion core, a solution concept for object-allocation and object-exchange problems. The exclusion core is based on the right of exclusion and is especially useful for the analysis of economies with complicated property arrangements, such as those with shared ownership. The exclusion core coincides with the (strong) core in classic settings, and is closely related to the celebrated Top Trading Cycles algorithm.

Endogenous fluctuations in demand and distribution: An empirical investigation

This paper empirically investigates the possibility of self-sustained oscillations at business cycle frequency. The theoretical model considers aggregate economic activity and the functional income distribution in the spirit of Goodwin (1967). In the empirical investigation, we utilize four measures each of economic activity and the labor share for the US post-war macroeconomy. Using Schuster’s periodogram, we first show that these time series have an important frequency peak at about forty quarters. We therefore detrend them with wavelet methods. To allow for nonlinear dynamic interaction, we introduce a feedforward neural network (FNN). This method is first shown to correctly identify stability or a limit cycle in simulations of the theoretical model with reasonable noise and sample size. Estimation results provide some support for a limit cycle in the post-war US, but this evidence is not independent of detrending methods used.

Swap dynamics in single-peaked housing markets

This paper focuses on the problem of fairly and efficiently allocating resources to agents. We consider a specific setting, usually referred to as a housing market, where each agent must receive exactly one resource (and initially owns one). In this framework, in the domain of linear preferences, the Top Trading Cycle (TTC) algorithm is the only procedure satisfying Pareto-optimality, individual rationality and strategy-proofness. Under the restriction of single-peaked preferences, Crawler enjoys the same properties. These two centralized procedures might however involve long trading cycles. In this paper we focus instead on procedures involving the shortest cycles: bilateral swap-deals. In such swap dynamics, the agents perform pairwise mutually improving deals until reaching a swap-stable allocation (no improving swap-deal is possible). We prove that in the single-peaked domain every swap-stable allocation is Pareto-optimal, showing the efficiency of the swap dynamics. In fact, this domain turns out to be maximal when it comes to guaranteeing this property. Besides, both the outcome of TTC and Crawler can always be reached by sequences of swaps. However, some Pareto-optimal allocations are not reachable through improving swap-deals. We further analyze the outcome of swap dynamics through social welfare notions, in our context the average or minimum rank of the resources obtained by agents in the final allocation. We start by providing a worst-case analysis of these procedures. Finally, we present an extensive experimental study in which different versions of swap dynamics are compared to other existing allocation procedures. We show that they exhibit good results on average in this domain, under different cultures for generating synthetic data.

The Rise of Authoritarian Corporate Populism

Authoritarian populism in the early twenty-first century is rooted in a global conjuncture of convergent social and ecological crises, but the ways in which the crises shape authoritarian populist politics and vice versa vary across socio-ecological formations worldwide. An analysis of the politics behind the rise of the flex sugarcane and oil palm complexes in Guatemala since the mid-2000s shows that an authoritarian corporate populist agenda is on the rise. Authoritarian corporate populism is especially keen on manufacturing the consent of working people to the elites-led sustainability and development pathway. This involves political concessions to the underprivileged through public grants and multistakeholder governance as in other populist political regimes but additionally, and distinctively, meaningful concessions to working people and the environment in the sphere of private relations of production. Although these concessions go beyond mere greenwashing, they do not compromise and ultimately enhance the flex cane and palm complexes’ profitability and ability to stay in business and the racialized class hegemony of the elites. Violence, however, remains foundational to this political agenda, even if it is now cloaked in the rule of law. Thus, the concept of authoritarian corporate populism showcases a form of politics in which big business, intimately linked to the state and elites, plays a major role in mainstream sustainability transitions. El populismo autoritario a principios del siglo XXI está arraigado en una coyuntura global de crisis sociales y ecológicas convergentes, pero las formas en que dichas crisis dan forma a la dinámica política populista autoritaria y viceversa difieren en diversas formaciones socioecológicas a través del mundo. Mi análisis de la dinámica política tras el avance de los complejos corporativos de los cultivos comodín de caña de azúcar y palma aceitera en Guatemala desde mediados de la década de 2000 muestra cómo una agenda corporativa populista autoritaria está en auge. El populismo corporativo autoritario busca fabricar el consentimiento popular a la perspectiva sobre sustentabilidad y desarrollo de la oligarquía. Esto implica concesiones políticas a la población desfavorecida a través de programas sociales públicos y sistemas de gobernanza multipartes al igual que en otros regímenes políticos populistas, pero adicional y distintivamente, a través de concesiones a las y los trabajadores y el medio ambiente en el ámbito de las relaciones privadas de producción. Aunque estas concesiones van más allá del simple lavado de imagen verde, las mismas lejos de comprometer fortalecen la rentabilidad y capacidad de los complejos corporativos de la caña y de la palma para seguir en el negocio, a la vez que contribuyen a reproducir la hegemonía racializada de las élites. Sin embargo, la violencia sigue siendo parte fundamental de esta agenda política, aunque ahora se trate de justificar su uso como parte del ejercicio del estado de derecho. Es así como el concepto de populismo corporativo autoritario da cuenta de una dinámica política en la que grandes corporaciones íntimamente vinculadas al estado y a las élites desempeñan un papel clave en las transiciones a la sustentabilidad convencionales.

"Implications of adopting CLOUD accounting on the quality of information provided by the accounting model"

"From accounting model perspective, the information provided contributes to the knowledge of the entity, and determines useful elements in the economic strategy for decision making. The basis for measuring economic and financial performance at the level of economic entity is represented by the accounting model as a source of specific information. The complex work involved in organizing the accounting model at the level of the economic entity is done in an easy way by choosing one of the many traditional software. The use of a classic accounting software does not imply the use of an internet connection to access the information, the activity taking place offline. The performance of the accounting model depends directly on the use of an information system that provides useful information to substantiate the decisions taken. Within this system, accounting information occupies the most important share. The accounting model involves a lot of data produced during the activity and before the actual development of the transactions, aiming at directing the commercial activity from the perspective of the economic conjuncture, a special situation being that of the crisis periods. The purpose of the article is to analyze the technological progress in accounting and its impact on the accounting model."

The constitution of the city and the critique of critical urban theory

A theoretical account of the genesis and internal spatial structure of cities is given. The essence of the urbanisation process is described in terms of the following main developmental phases: (a) the emergence of relationships based on specialisation and interdependence in society; (b) the pre-eminent role of the division of labour within these relationships and its recomposition in dense spatial nodes of human activity; and (c) the concomitant formation of the networked intra-urban spaces of the city. These phases are then contextualised within three intertwined dimensions of urban materiality, namely, an internal dimension (the internal organisation and spatial dynamics of the city), a socially ambient dimension (the relational structure of society at large) and an exogenous dimension (the geographic outside of the city). In light of this account, an evaluative review of what I designate ‘the new critical urban theory’ is carried out, with special reference to planetary urbanisation, postcolonial urban theory and comparativist methodologies. I argue that while every individual city represents a uniquely complex combination of social conjunctures, there are nonetheless definite senses in which urban phenomena are susceptible to investigation at the highest levels of theoretical generality.

Some Considerations on the Issue of Economic and Social Sustainability

To be implemented and analyzed, according to the good rules of relationship with nature, sustainability must be equipped with a theoretical scheme able of helping to understand the dynamics of this relationship together with the opportunities offered to improve the development of the economic system. Essentially, it’s about acknowledging that, just like physics, also the economy is subject to some general and abstract laws. This is the case of the core inflation value, defined by Central Banks as a value close to 2%. So, if the economy moves along the track indicated by this value, we have confirmation that growth is regularly developing. This core inflation value is implicitly defined without a clear specification. We can therefore admit that it’s an ideal value like the great universal constants, which reports about an economic system that develops according to the rules of natural compatibility. According to this point of view, the core inflation close to 2% is essentially a utopia, because it can only be achieved if the global economic growth moves in full accordance with the nature around us. It follows that even if we can verify on field the realization of a base value close to 2%, actually we are not in the best conditions, especially if the global economy is suffering from deflation as today. The deflation, that is the tendency of prices to fall, is part of the complex messages sent by the nature and economic systems to signal that the economy is not doing well and has become unstable. Both inflation and deflation are messages that never contribute to the economic development course, but they are born and evolving in parallel with the appearance of the economic cycle in daily activity. In summary, a mechanism that has the responsibility, by imposing pauses on the system, to reduce the instability of the systems and to facilitate the return to the natural development condition. A correction system based on the economic conjuncture that obviously distinguishes the stability by the way that the economy grows and develops in a linear and constant inclination depending on differentials.