Economic Climate Research Articles

Application of PROMETHEE Method in Evaluation of Insurance Efficiency in Serbia

The issue of evaluating the efficiency of insurance based on the methods of multi-criteria analysis is very current, complex and significant. It provides a basis for improving the efficiency of insurance by applying adequate measures in the future. With this in mind, the paper analyzes the efficiency of insurance in Serbia using the PROMETHEE method. The results obtained from the empirical research of insurance efficiency in Serbia using the PROMETHEE method show that it was most efficient in 2020. Recently, the efficiency of insurance in Serbia has been increasing continuously. This has been positively influenced by numerous factors: economic climate; living standard; employment; modern concepts of cost, income and profit management; electronic sales of insurance products; digitalization of the entire business. The negative impact of the COVID-19 pandemic on insurance efficiency in Serbia is negligible (compared to other production activities, such as tourism and hospitality) and is partly offset by increased sales of insurance products online and infrastructure (property) insurance. There is a growing understanding of the importance of insuring against potential risks of all kinds

Wood pulp industry by-product valorization for acrylate synthesis and bio-based polymer development via Michael addition reaction

It is crucial to adapt the processing of forest bio-resources into biochemicals and bio-based advanced materials in order to transform the current economic climate into a greener economy. Tall oil, as a by-product of the Kraft process of wood pulp manufacture, is a promising resource for the extraction of various value-added products. Tall oil fatty acids-based multifunctional Michael acceptor acrylates were developed. The suitability of developed acrylates for polymerization with tall oil fatty acids-based Michael donor acetoacetates to form a highly cross-linked polymer material via the Michael addition was investigated. With this novel strategy, valuable chemicals and innovative polymer materials can be produced from tall oil in an entirely new way, making a significant contribution to the development of a forest-based bioeconomy. Two different tall oil-based acrylates were successfully synthesized and characterized. Synthesized acrylates were successfully used in the synthesis of bio-based thermoset polymers. Obtained polymers had a wide variety of mechanical and thermal properties (glass transition temperature from –12.1 to 29.6 °C by dynamic mechanical analysis, Young's modulus from 15 to 1 760 MPa, and stress at break from 0.9 to 16.1 MPa). Gel permeation chromatography, Fourier-transform infrared (FT-IR) spectroscopy, matrix-assisted laser desorption/ionization-time of flight mass spectrometry, and nuclear magnetic resonance were used to analyse the chemical structure of synthesized acrylates. In addition, various titration methods and rheology tests were applied to characterize acrylates. The chemical composition and thermal and mechanical properties of the developed polymers were studied by using FT-IR, solid-state nuclear magnetic resonance, thermal gravimetric analysis, differential scanning calorimetry, dynamic mechanical analysis, and universal strength testing apparatus.

«THERMAL COUP» OF VICE-CHANCELLOR R. HABECK: CONSEQUENCES FOR GERMANY’s ECONOMICS AND POLITICS

In the face of new challenges for the energy transition, since spring 2022, the German Cabinet of Ministers has been paying special attention to the energy saving of buildings, which are one of the main sources of greenhouse gas emissions into the atmosphere. The Federal Ministry for Economic Affairs and Climate Protection has consistently increased the mandatory use of renewable energy sources for heating and electricity consumption. Since the beginning of 2023, at the initiative of its head, at the same time acting vice-chancellor, R. Habeck, a mechanism for the preferential use of heat pumps as a strategic basis for the so-called thermal transition has been discussed at the government level. The peculiarity was the absence of a traditional organized public discussion in such cases with the involvement of specialized interest groups. Moreover, facts of internal lobbying at the level of one of the state secretaries of the ministry were revealed. In April, the government coalition proposed a draft to make a number of qualitative changes to the Law on the Energy of Buildings. It provoked sharp criticism and rejection from the Free Democratic Party, the expert and business community, as well as representatives of federal subjects. Against this background, German and foreign manufacturers of heat pumps have stepped up efforts to conquer new market niches. The article examines the essence of the amendments proposed by the coalition, the prospects for their adoption, the content of criticism of the bill by specialized associations and unions, the possible consequences of the future law for economic and economic political processes in Germany.

Sources of uncertainty and their impact on stock prices evidence from emerging economies

Abstract This study investigates the short- and long-term effects of various sources of uncertainty on the share prices of key exchanges in emerging nations. The sample comprises monthly time series data from January 2017 to December 2021 for China, India, Russia, and Brazil. The study contains a version of Autoregressive-Distributive-Lag (ARDL) with error correction as well as other relevant approaches to time series. Economic policy, climate policy, pandemics, and Twitter-based uncertainty may cause a long-term decline in SSE (Shanghai Stock Exchange) composite index and BSE (Bombay Stock Exchange) Sensex index. In China, geopolitical, climatic, and pandemic uncertainty are short-term sources of uncertainty, and in India, economic policy, geopolitical, and pandemic uncertainty. Moreover, no sources of uncertainty have a long-term impact on Russia’s Moscow Exchange (MOEX) index. All sources except climate uncertainty are short-term MOEX index contributors. Pandemics and Twitter-based uncertainty are long-term sources, whereas economic policy and Twitter-based uncertainty are short-term sources for Brazilian Stock Exchange (BOVESPA) Index. This research adds to the literature by examining the relationship between distinct sources of uncertainty and an emerging market share prices index. It provides the behavior of leading share price indexes in the presence of uncertainty. The study’s conclusions only apply to emerging economies. Future research may take into account a panel dataset consisting of a large number of emerging nations to examine the same set of variables.

PENERAPAN SANKSI HUKUM TERHADAP PELANGGARAN KETERBUKAAN YANG DILAKUKAN OLEH EMITEN DI PASAR MODAL INDONESIA

This study focuses on the application of legal sanctions against disclosure violations committed by issuers in the Indonesian capital market.The type of research used in this research is Normative Research with Statute Approach, Conceptual Approach. This study also uses legal materials which consist of primary legal materials, namely legal materials in the form of Law No. 8 of 1995 concerning Capital Markets and Law No. 21 of 2011 concerning the Financial Services Authority. Secondary Legal Materials, namely literature and scientific articles relating to the issues raised in this study and Tertiary Legal Materials consisting of legal dictionaries and encyclopedias. The technique for collecting legal materials used in this research is a Documentation Study with Analysis of Legal Materials, namely Qualitative Descriptive Analysis. The results of this study are that renewal in the form of reconstruction of legal sanctions in the form of increasing the length of imprisonment and increasing the amount of fines for violations of openness in the Capital Market is absolutely necessary in strengthening the existence of the Capital Market in Indonesia so as to create a healthy economic climate and attract investors to invest in the Indonesian Capital Market. The mechanism for imposing sanctions on issuers who violate transparency in the Capital Market has been regulated normatively in Article 101 of Law No. 8 of 1995 concerning Capital Markets and reaffirmed in Article 9 of Law No. 21 of 2011 concerning the Financial Services Authority and Circular Letters Financial Services Authority of the Republic of Indonesia Number: 7 /SEOJK.04/2022 Concerning Procedures for Examination in the Capital Markets Sector. This is done in order to create substantive justice in the field of the Indonesian Capital Market.

Uncertainty in the drylands: Rethinking in/formal insurance from pastoral East Africa

Amidst climatic and economic volatility, agricultural development and climate adaptation policies have increasingly turned to weather microinsurance to manage uncertainties, particularly in dryland pastoral and agricultural settings. While the political embrace of insurance has been cause for concern amongst those who fear insurance will undermine embedded coping mechanisms and moral economies, economists have puzzled over low insurance adoption rates amongst target populations. This article argues for an approach that scrutinizes insurance in relation to dynamic social practices and norms for responding to uncertainty. We employ this approach to investigate pastoralists’ encounters with index-based livestock insurance in Northern Kenya and Southern Ethiopia. Drawing on interview, ethnographic, and survey data, we demonstrate how insurance is understood within larger moral economies and collective imaginaries for living with and managing uncertainty in the drylands. Relational understandings shape pastoralists’ participation in risk-sharing arrangements, collective and individual decisions about livestock insurance purchase, and eventual uses of insurance payouts. Payouts also support a broad array of social reproductive purposes and investments in social and political life. As we conclude, these findings upset the binary between formal and informal insurance, revealing how “formal” index insurance must be negotiated with embedded social affiliations, rights, obligations, and understandings of uncertainty.

Telemonitoring of patients after COVID-19 hospitalization: study design and baseline characteristics

Abstract Funding Acknowledgements Type of funding sources: Public grant(s) – National budget only. Main funding source(s): This study is part of the research and development project “Telemed50000” and is supported by the German Federal Ministry of Economic affairs and Climate Action on the basis of a decision by the German Bundestag. Background There is a robust evidence about the beneficial effects of telemedicine in heart failure (HF) patients causing an implementation process of this method of digital care in the health care systems of several European countries. It remains unclear whether it’s feasible to prevent complications of pre-existing comorbidities as well as detecting the onset of other clinical complications after discharge due to COVID-19 using telemonitoring on a daily basis. Purpose The primary endpoint of this study is to detect unplanned clinical events during a one year follow-up after hospitalization due to COVID-19 with a standard non-invasive telemonitoring system used for HF patients. The definition of unplanned clinical event includes: telemedical emergency interventions, admission to emergency room, unplanned hospitalization and all-cause death. Methods and study design Inclusion criteria were age ≥18 years and a PCR- positive Sars-CoV-2 infection with acute respiratory symptoms requiring hospitalization. The follow-up period was one year with a clinical onsite visit at baseline, a telemedical visit after 6 months (phone-call) and a final onsite visit after 12 months. Recruitment took place from February 2021 until February 2022 at 5 hospitals located in 3 different federal states across Germany (Figure 1). The telemedical system, including 5 telemedical devices, was installed at the patient´s home during a nurse-led visit (n=83) or it was installed by themselves, video-guided, after sending the telemedical equipment by a parcel service (n=26). The daily transferred vital parameter, included body weight, systolic and diastolic blood pressure, pulse rate, a three channel electrocardiogram (ECG) and peripheral capillary oxygen saturation (SPO2). A 2-miutes voice recording of standardized text was required once a week. Data were sent to a telemedicine centre (TMC). All parameters were reviewed by physicians and nurses of the TMC from Monday to Friday (8 am to 4 pm). A six minutes walking test (6MWT) was performed during the nurse led home visit at baseline (n=37), if the patients were able to do the test. A second 6MWT was required at final visit. Health-related quality of life was measured by the Patient Reported Outcomes Measurement Information System (PROMIS)-29 questionnaire at baseline, after 6 and 12 months. Telemedical interventions were only initiated in case of a life-threatening emergency. Conclusions The established telemedical approach for HF patients, is also an appropriate tool to investigate the long-term recovery process, in particular to detect systemic sequelae in a cohort of COVID-19 patients. The Telemed-COVID-19 trial will provide prospective epidemiological data about the frequency of unplanned clinical events after hospitalization due to COVID-19 because of the daily telemedical transfer of vital parameters.

Salient ingredients for direct water reclamation from treated municipal wastewater for potable reuse: Diepsloot Township case study

Across the world population growth, expansion of economic activities and climate change have become a concern for future water supply. To address the issue, many countries are investigating strategies to augment current water supplies. Water reclamation has been identified as a plausible sustainable solution to meet potable water supply demand, in turn achieving SDG 6.3. This study identifies some of the critical success factors for consideration of municipal waste water reclamation. This was undertaken in the growing township of Diepsloot, in Johannesburg (South Africa). Diepsloot is densely populated with over 350,000 people as recorded in 2022. As a result, water shortages are common due to insufficient bulk water facilities to supply the area. A direct potable water reclamation plant from treated municipal wastewater has been proposed to augment the water supply. Aqueous Material Balance (AqMB)®, a process modelling simulator software for water treatment processes to predict water quality and quantity, was used to design and simulate the water reclamation plant process. Our findings show that, the quantity and quality of water, as well as the choice of treatment technology are key. The simulations treatment process proposed here-in indicated successful removal of the contaminants to acceptable SANS 241:2015 drinking water standards. The variation in seasonal feed data did not show any difference in the performance of the proposed process. Furthermore, the plant has the potential to provide 109 L/day of clean water per person for a population of 350,000. Therefore, direct potable water reclamation shows great potential to augment current water supply to support growing populations where natural water sources are scarce.

Influence of Net Working Capital on Trade Profitability in Serbia

The problem of managing working capital, i.e. net working capital in trade, is very specific, challenging, current, significant and complex. In order to achieve the target financial performance, it is necessary to manage working capital as efficiently as possible. Based on that, this paper analyses the dynamics of size and the impact of net working capital on the profitability of trade in Serbia. In the period 2013 - 2021, in the trade of Serbia, the maximum amount of net working capital was achieved in 2021, the maximum percentage of net working capital from assets was achieved in 2021, the maximum percentage of net working capital from sales was achieved in 2021, and the maximum profitability was achieved in 2021. In the specific case, there is a strong correlation between profitability and net working capital of trade in Serbia. The coefficient of determination is high (Adjusted R Square .941; Sig. F Change .000). The influence of net working capital on the profitability of trade in Serbia is very significant (Sig. .000). This means, in other words, that more efficient management of net working capital can have a significant impact on the profitability of trade in Serbia. Observed dynamically, the amount of net working capital of trade in Serbia has increased recently. This had a positive impact on its liquidity, solvency, efficiency and profitability. Recently, the productivity of trade in Serbia has also increased. The factors that influenced it were: favourable economic climate, foreign retail chains, application of new business models, new concepts of management of costs, income, profit, customers, product categories, application of the concept of sustainable development and digitization of the entire business.

CONSOLIDATION PROCESSES IN THE BANKING SECTOR

The process of globalization in the banking sector has been an integral part of international economic and financial relations over the last few decades and has been growing rapidly ever since. Globalization offers opportunities for various integration processes in the regions, one of which is the consolidation process. Mergers and acquisitions banking is one of the means for banks to consolidate their processes, to manage their resources more efficiently, to gain a more competitive advantage and increase their profits by entering foreign capital markets. The ongoing consolidation processes in the banking sector are affecting economic growth and stability, and with the constant changes of the global economic climate, the banking sector is adapting, hence it is important to assess the factors behind the consolidation process and identify further developments in bank consolidation. In the article the following tasks were to be accomplished: 1) based on the analysis of the scientific literature, to identify the factors and reasons that promote the consolidation process, the execution of mergers and acquisitions in a global environment; 2) to perform a comparative analysis of the ratio of the share price and the value of tangible assets of banks of different regions engaged in mergers and acquisitions; 3) after evaluating the results of the comparative analysis, indicate further directions for mergers and acquisitions in different regions. After accomplishing the specified tasks, the most important factors were identified, which were attributed to internal and external motives, and the possibilities for consolidation processes in the banking regions were presented. The following research methods are used in the article – analysis of scientific literature, comparative analysis, analysis and evaluation of financial statements.

Integrated design optimization framework for green lightweight concrete

The increasing global concern for the environment and advancements in computational tools and techniques are transforming the way building structures are designed and constructed. The current economic climate and growth of the Architecture, Engineering, and Construction (AEC) industry demand the creation of environmentally sustainable and efficient buildings, starting from the design stage. Despite the AEC industry being a thriving sector in many countries, it is vulnerable to environmental degradation due to the impact of building materials. This paper presents a decision support framework for the optimal structural design of green concrete buildings using recycled plastic aggregates and lightweight concrete. The framework considers uncertainties such as design safety, architectural requirements, material efficacy, cost-effectiveness, and environmental impact. The approach evaluates four concrete aggregate materials with varying characteristics: Natural Weight Aggregate, Lightweight Volcanic Aggregate, and Plastic-Based Green Lightweight Aggregates. The proposed approach is demonstrated through a prototype model, which shows cost savings of up to 5% per floor compared to the conventional concrete mix. The results provide quantitative evidence of the direct financial benefits of using green concrete in lieu of the optimization framework, which is expected to encourage construction professionals to use environmentally friendly concrete and take part in greening the construction industry.

Oil, gas and new energy: how to transform holistically for a more efficient and sustainable future

Oil, gas and new energy companies are facing multiple competing priorities and challenges, from ongoing high-injury rates, a challenging economic climate, reduced capital funding, increasing social pressures and disengaged talent – all leading to pressure to transform at pace. Riding the commodity price cycle and taking a piecemeal approach to transformation is no longer a viable operating strategy. An integrated approach is required, to improve safety, risk, unit cost, growth, culture and decarbonisation performance concurrently, whilst making new energy assets viable. Critical to this integrated approach is an agile, well-designed operating system. Operating systems are not new to the oil, gas and new energy industry; however, dss+ has witnessed the limited effectiveness many of them have in enabling businesses to transform holistically and rapidly. Through this presentation, dss+ will give practical guidance on the elements critical to an effective operating system, using the real-life example of a recent project which saw dss+ partnering with a global oil and gas operator to deliver a reduction in tier 1 and tier 2 safety events, reduce business operating expenditure by US$90 m, reduce capital expenditure by US$20 m and deliver an additional 350 000 boe above budget at a critical asset in the region.

Urban agriculture, local economic development and climate change: conceptual linkages

ABSTRACTGlobally, cities have become hubs for economic activity, productivity, and important platforms for achieving sustainable development goals. The potential of urban agriculture (UA) in improving urban local economies and urban micro-climate has been acknowledged in the literature. The study looked at how the concepts of UA, local economic development (LED), and climate change can be treated in unison. Based on the review of credible published papers on the various concepts of UA, LED, climate change and nature-based solutions (NBS), a proposed conceptual framework was developed in this paper showing the linkages. The paper established that UA could boost LED, build resilient urban settlements, and promote social inclusiveness, but with social challenges. It is therefore recommended that policymakers make UA a crucial aspect of their agenda in the coming years to address the local economic and climate challenges now and in the future.

The Effects of Climate Change to Weather-Related Environmental Hazards: Interlinkages of Economic Factors and Climate Risk

Climate change has become an increasingly intense global phenomenon in recent years. A great number of researchers support the idea that climate change is strongly connected to some environmental hazards, and specifically, those correlated to extreme weather events. Following the Paris Agreement, and due to the increased concern regarding climate change impacts, several indices have been established. The Climate Change Performance Index (CCPI) includes 59 countries and the EU, which cumulatively emit 92% of global greenhouse gases (GHGs), while the Global Climate Risk Index (CRI) analyzes to what extend countries have been affected by impacts of weather-related loss events. Both indices provide annual scores to each country and rank them based on those scores indicating the existing environmental situation. Our main purpose is to examine whether there is an interconnection between those two indices as well as testify whether economic growth is a great contributor to country’s environmental performance and as a result to climate risk. Using a sample of the reported countries for the year 2019, the latest reported year for both indices, and following a cross-sectional econometric analysis, we provide evidence regarding the connection of CCPI and CRI by using graphs, mapping visualization and econometric estimations in order to draw lines between indices. Moreover, we examine the interlinkages, and we estimate the influence caused by socio-economic factors and emissions levels per country. We provide evidence regarding the high-ranked and low-ranked countries and how they perform not only to an environmental base, but also to an economic base. Regarding the major finding, based on our analysis, no proven causality between CRI and CCPI was observed. Economic growth appears to have a significant impact on CRI but not on the CCPI, for the year 2019, while population density has an impact on both indices. Regarding greenhouse gas emissions, the econometric estimations provide evidence of significance for CRI but not for CCPI. An in-depth understanding of the current situation as well as of the factors affecting the climate conditions will give us the needed elements in order to minimize the adverse impact, if not improve the current situation. It is well known and stated that climate action should be taken so that we bequeath a safer and more sustainable planet to the next generations.

Analysis of Inflation and Poverty Levels on the Climate of Economic Growth in Jambi Province

Inflation is the tendency of prices to rise generally and continuously. Based on data from BPS, the amount of inflation in Jambi City in 2022 is 0.79 %. CPI (Consumer Price Index) In Jambi City was 114.90. It shows that the growth of the Islamic economy is relatively low. The purpose of this study is to find out and analyze how the effect of inflation on the climate of Islamic economic growth in Jambi Province. This quantitative research was conducted in time series from 2011 to 2022. From the data obtained, the poverty rate influences 59% of the climate index of Islamic economic growth in Jambi Province. Showing that inflation does not affect Islamic economic growth because when the climate rate of Islamic economic growth increases by 1%, the inflation rate decreases by 1.55, which certainly has a very positive impact on the Islamic economic growth climate. Efforts are needed to increase the value of the Climate Index of Islamic economic growth, hoping that human progress will continue to develop.

Global climate policy effectiveness: A panel data analysis

The global energy landscape is experiencing substantial transformations, and the energy policies of various countries are also evolving under the influence of economic development and climate change mitigation. The Policies and Measures Database of the International Energy Agency assembles over 7000 pieces of information on energy policy from around the world and classifies them into four categories based on their objectives: addressing climate change policy, renewable energy policy, energy efficiency policy, and building energy efficiency policy. This paper aims to analyze the status quo of global energy policy development from these four aspects and examine the effectiveness of both aggregate and individual instruments utilizing an econometric model based on panel data analysis. Moreover, this paper analyzes the energy policy paths of six leading countries and compares the effectiveness of their policies. The results revealed that global climate policy plays a significant role in reducing carbon emission, while the performance of policies varies among different countries. Based on these findings, this paper provides reference for policymakers to formulate energy policies aligned with global and domestic requirements.

LMDI decomposition analysis of CO2 emissions in Algeria during 2000-2019 and the role of energy policy in reducing emission

This study aims to determine the forces and factors driving the change in CO2 emissions in Algeria in 2000-2019. The analytical decomposition methodology used is the logarithmic mean Divisia index (LMDI), which enables us to know the role and magnitude of the impact of economic activity, structural changes, energy intensity, energy mix, and emission factors on the change in CO2 emissions. The results revealed that the total emissions are rising during the period 2000-2019 and that economic activity is the primary driving force for the increase in CO2 emissions in Algeria. Furthermore, the deterioration of energy efficiency and the trans- formation of the Algerian economy into an energy-intensive sector (the service sector at the expense of the industrial and agricultural sector), the energy intensity factor, and the economic structure factor did not help reduce the levels of CO2 emissions. Additionally, the energy mix factor contributed to a slight increase in emissions. In the context of following up on the im- plementation of the National Program for Renewable Energy and Energy Efficiency and its role in reducing the levels of CO2 emissions, it was found that the program failed to achieve its objectives during the first half of its implementation 2011-2020. These results indicate that public policymakers in Algeria should be strict in implementing the National Energy Program by 2030 by dissolving the conflict between economic growth and climate change policy

Towards Sustainable, Competitive Production of Large‐Format Battery Cells

Towards Sustainable, Competitive Production of Large‐Format Battery Cells

Assessing nickel sector index volatility based on quantile regression for Garch and Egarch models: Evidence from the Chinese stock market 2018–2022

Assessing nickel sector index volatility in China is essential to observe the price dynamics of China's nickel industry and to promote its sound development. This study proposed a volatility analysis method based on quantile regression for Garch and Egarch models to depict the fluctuation characteristics of the nickel sector index from June 12, 2018 to June 1, 2022. Garch, Egarch, Garch-Quantile Regression (QR) and Egarch-Quantile Regression (QR) models were established. The results indicated that the nickel sector market had been weak-form efficient and it could respond to market information effectively. An ARCH effect and volatility agglomeration characteristics exist while the nickel sector index is closely related to the global economic climate and geopolitics. Alienated conditional standard deviation shows the role of special events in fueling stock prices and the abnormal rise or fall of asset fluctuations in the current period. The sensitivity of the nickel sector index to negative information is not necessarily greater than that to positive information. By comparing the volatility fitted by different estimation methods, it can be observed that the EGARCH-QR estimation method has the best fitting effect on the volatility. Therefore, a more robust estimator can be obtained. EGARCH-QR model can more accurately reflect market fluctuations and improve the robustness of risk measurement estimates. Listed companies in the domestic nickel industry should grasp the dynamics of nickel supply and demand at home and abroad, and reasonably arrange production and sales.

BAGAIMANA EKONOMI ISLAM MEMANDANG HUBUNGAN ANTARA PERTUMBUHAN EKONOMI DAN PERUBAHAN IKLIM ? (STUDI KASUS: INDONESIA)

This study aims to examine the relationship between economic growth and climate change and how Islamic economics views this relationship. This study uses a quantitative approach with the analytical method used is Vector Autoregression (VAR). The data used in this study is Indonesia's country data for the period 1990 to 2018. The results of the study show that there is a unidirectional relationship between economic growth and climate change. This indicates that climate change, which is proxied through the amount of GHG, has affected economic growth. Climate change that has been happening for a long time due to human activities is starting to have an impact on the economic sector. Therefore, it is time for humans to be aware and think forward or visionary. Islam, through its various arguments, has explained the importance of environmental sustainability. Even more specifically, Islamic economics through the concept of hifdz al-'alam from Yusuf Qardhawi has explained the importance of preserving nature.