World Economy Research Articles

The Democratic Deficit of the Global Dominance of Producer-Driven Society

AbstractThe argument of this paper is sequential. Democracy is associated with openness in trade, investment, and entrepreneurship. This is because of its support of property rights, contract enforcement, open governance, and civil society operational freedoms. However, these institutions are potentially open to capture by producer-driven interests. Institutions and political processes are not fixed but change over time and are the products of political contestation including the global projection of national producer interests. It is essential to see the world economy as a complex system that evolves under pressures of political, economic, technological, and societal changes. Democratic control of powerful producer-driven interests is not a given. Addressing the potential democratic deficit is one of global society’s “Grand Challenges”.

Formulating and Developing China's Education Policies in the Context of Sino-American Educational Backgrounds

Under the framework of global economic power dynamics, the United States and China stand out as two dominant economic giants, significantly influencing the progress and development of the world economy. For both nations, higher education plays a crucial role in international development and social prosperity. Therefore, this paper focuses on an objective analysis of higher education in the United States and China through a review of relevant literature. The findings indicate that China's higher education system is relatively equitable, and the achievements of its compulsory education effectively open future pathways for its citizens. However, the system faces immense pressure, with a prevailing emphasis on scores among faculty and students. In contrast, the U.S. higher education system is rich in content and diverse in structure, yet it also grapples with significant issues of inequality because of the distinctive distribution of opportunities and expensive tuition fees

The Role of The Greenhouse Gas Emissions Trading System in the Carbon Regulation of the European Union

The relevance of the study is due to the need to study the features of low-carbon development of the world economy, to understand the mechanisms and tools of decarbonization, including the formation of a comprehensive policy providing for a wide range of measures to transition to a green economy with minimizing negative consequences. The subject of the study is the EU quota trading system as an economic instrument for regulating greenhouse gas emissions. The purpose of the work is to analyze the stages of development of the European quota trading system, identify the existing advantages and disadvantages of this system. As a result of the conducted research, the existing problems of the European quota trading system are identified; measures to improve the functioning of this system are described; the boundary carbon correction mechanism (as part of the development of the system) is investigated, including its impact on exporters to the EU.

Pola Penggunaan Media Sosial Masyarakat Desa Bligo, Kecamatan Ngluwar, Kabupaten Magelang, Jawa Tengah

The aim of this research is to describe the social media usage patterns of the Bligo Village community. Social media is a communication medium that is widely used by the public. With various features and applications that continue to grow, making this social media one of the mainstay media for people around the world., in which from this social media the world economy, and even communication becomes very easy, with the various advantages that this media has. Behind all the conveniences offered by the media, making social media an inseparable part of society, both urban and rural communities. The ease of accessing social media among this community, makes people waste a lot of their time, since they have got addicted in accessing social media content. This research employed descriptive qualitative research method, which describes the current conditions. Then, the research results state that the pattern of social media usage of the Bligo village community, does not show excessive use of social media and is still a necessity, with a pattern of using one to two hours during the day and night, and only a small portion that utilizes more than 4 (four) hours each day. In terms of application usage, WhatsApp application is the first choice before TikTok. In terms of media content patterns, news information becomes community consumption, and religion content becomes the choice of Bligo village community.

Development of the educational system of a training organisation in the context of realisation of pre-professional pedagogical training of schoolchildren

Introduction. The changes in the world economy and culture and the unstable geopolitical situation that have taken shape in recent decades have actualised the problem of educating the younger generation and searching for due ways to develop educational systems in training organisations. The organisation of pre-professional pedagogical training of schoolchildren which allows for conditions for professional self-determination of high school learners is deemed to be effective. The aim of the article is to identify the pedagogical conditions in the organisation of pre-professional pedagogical training which would contribute to developing the educational system of a training organisation. Methodology and methods. To assess the state of pre-professional pedagogical training of high school learners, a survey was developed and implemented. The survey was attended by 478 students, 126 teachers and 176 parents from 49 educational institutions in eight regions of the Russian Federation. At the formative stage of the pedagogical experiment, professional development courses for pedagogues and psychologists teaching for pedagogical and psycho-pedagogical classes in the amount of 72 hours (N=185) were organised; an international conference was organised attended by teachers and scientists (N>300) from 5 countries and 25 regions of Russia. The second monitoring stage was carried out in the same educational organisations of eight regions of the Russian Federation. The statistical data processing was made using Fisher’s criterion. Results. The research revealed positive dynamics in the realisation of conditions specific for pre-professional pedagogical training; these settingswere found to influence the development of the educational system of a training organisation, namely: forming the learners’ role as subjects in the educational process; forming partner relations and favourable environment in a children’s collective body; expansion of learners’ social communication sphere; development of child-adult relations based on tutoring position of pedagogues; joint planning and discussion of the results of pre-professional training with learners; involving parents in pre-professional teacher training of schoolchildren (Fisher’s ratio test φ*emp in the range from 3 to 7 for the relevant indicators, positioned in the zone of significance (p<0,001)). The conclusion providesthe resume on the influence of the conditions specific to pre-professional teacher training on the development of the educational system and training results, namely: improvement of the educational process quality, integration and convergence of educational resources; professional self-identification of high school learners and others. These conclusions contribute to the theory of education and the practice of pre-professional training organisation.

The major integration features of banking system

The internationalization of the banking sector in developing countries brings both significant benefits and challenges. Foreign banks promote competition, efficiency and financial inclusion, which accelerates the integration of local banking systems into the global economy. However, the arrival of large international players may increase risks and force local banks to make significant changes. Studies show that the influence of foreign banks is ambiguous and depends on the level of economic development of the country. When assessing the effects of globalization, it is important to consider the differences between developed and developing countries. In periods of economic crisis, foreign banks can play a stabilizing role, but they can also import shocks from their own countries. To maximize benefits and minimize risks, it is necessary to develop a strategy that ensures a balanced presence of foreign banks, supports competition and innovation, but does not allow excessive concentration of bank capital. In this context, the internationalization of financial services becomes an important tool for strengthening and liberalizing the financial systems of developing countries, opening new opportunities for their economic growth and sustainable development. Since the collapse of the Bretton Woods system and the beginning of the era of financial liberalization, one of the most important manifestations of the process of integration of the banking sector into the world economy has been the expansion of foreign banking capital into foreign markets. Financial sector liberalization is intended to provide equal opportunities for financial institutions to access the international market or reduce restrictions from local regulators. Liberalization of the banking industry is one of the most important financial sector liberalization programs.

A Comparative Study on Economic Growth and Bilateral Trade Dynamics between India and China

This research paper attempts at analyzing bilateral trade and economic growth of India and China and explore future implications of their trade and economic cooperation. This paper examines the changes and major movements in the exports, imports, trade openness, and terms of trade and gross domestic product of both countries. Appropriate statistical methods are applied to obtain results which reveal that exports and imports of China are higher than India’s which has resulted in much better integration with the world economy for China as compared to India. The lack of significant difference in TOT implies a relatively balanced economic relationship. No significant difference in trade openness suggests that both countries are equally open to international trade. Significant difference is observed in the GDP and GDP growth over the time period under study. The large size of the economy and rapid growth shows that China has significantly scaled up its economy. Regarding bilateral trade, there has been substantial increase in bilateral exports and imports but a statistically significant difference is observed in their performance. India’s imports from China outperformed the exports from the country to China. This has resulted in trade imbalance and it is skewed in favor of China. Policy makers need to focus on other areas to improve bilateral trade such as infrastructure, reduction in barriers to trade, technology exchange, innovation, sustainable trade practices and diversification in types of goods traded.

Meta-Analysis of the Impact of Debt Utilisation on Corporate Valuation: Unravelling Patterns Across Industries and Economic Conditions

Optimum composition of debt and equity is an important factor in assessing the valuation of the company. Companies often faced a problem in choosing the optimum amount of debt in their capital structure. This paper aimed at investigating the relationship between debt and earnings of the company using meta-analysis to ascertain what has been accounted in previous literatures. Using Forest Plot, Confidence Interval: Hypothesis Testing, Test of Heterogeneity and Publication Bias analysis and a sample of published journal articles, it is evident that the Value of business is independent of Debt usage and firms cannot increase the value of its business by increasing the level of Debt. However, an increase in debt-to-equity ratio beyond a certain level will negatively affect their businesses as it increases the level of risk in the business. Therefore, capital structure is not a good fit in explaining changes in the valuation of a company. While capital structure remains an important concern for businesses looking to improve their financial performance, our findings indicate that it may not be the only factor influencing changes in company valuation. In today’s changing economic world, educated decision-making and long-term business success require a comprehensive grasp of the intricate interplay between debt, profitability, and risk factors.

Monetary processes in the world economy following the end of the Bretton Woods System

July 2024 marked the 80th anniversary of the creation of the Bretton Woods System (BWS). Its implementation proved to be the milestone for the history of the international monetary system, as it offered a giant step toward fiat money. This anniversary presents a good opportunity to assess its impact on the further sequence of events in the international monetary system. The BWS was far from being flawless. However, its imperfections offered strong incentives to search for new solutions aimed at making the entire system operate more smoothly. Subsequently, there can be talk about the intellectual heritage of the BWS and its impact on the most recent history in the area of the external use of money. The aim of this paper is to review this heritage by focusing above all on the years which followed its demise in the early 1970s until the early 2020s.

An increasing mutual promotion of economic growth between China and the world observed from nighttime light remote sensing

ABSTRACT Assessing the promotion of economic growth between China and the world is challenging given data limitations and the lack of consideration of time delay. Based on the time-series nighttime light (NTL) data from satellites covering more than 100 months, we found that the world is lighting in most countries, even after a sudden jump due to the outbreak of COVID-19. Then, we conducted the convergent cross-mapping before COVID-19 (2014.1-2019.12) and during/after COVID-19 (2020.1-2022.11), we found that the influences from China to the world economic growth in these two phases are widely expanded to more and more economies, the number of which increases from 65 to 73, with a longer time lag, which averagely increased from 4.6 to 6.6 months. On the contrary, the number of economies, which can influence China’s economy, is increasing from 48 to 55 but the average lag time is stable at around 4.5 months. Meanwhile, a regional multilateral economic network related to China’s economy was found. The economies with mutual causalities with China were mostly concentrated in Asia, Africa, and Europe. China indeed can warm the world economy partially, especially in developing countries and has also benefited from the multilateral economy.

SCIENTIFIC-THEORETICAL ISSUES IN THE FORMATION OF A GREEN ECONOMY

The late 20th and early 21st centuries witnessed significant global changes, including transformative shifts that have profoundly impacted the world economy. Energy consumption plays a pivotal role in both the competitiveness of goods and the achievement of sustainable economic growth. In this context, the concept of a green economy has gained increasing prominence amid deepening globalization. Since the 2020s, rising carbon emissions have underscored the urgent need for enhanced decarbonization efforts. For the first time in history, global calls to prioritize decarbonization are surpassing concerns over energy security. This shift reflects growing ecological imbalances and environmental stress caused by excessive carbon emissions. During the mid-20th century, economic crises and geopolitical tensions were largely centered on controlling energy resources. While this led to the development of numerous oil and gas fields, contemporary challenges associated with traditional energy sources have accelerated efforts toward decarbonization. Global climate change further compounds these challenges, making the transition to renewable energy and green technologies imperative. The formation of a green economy is thus crucial to restoring ecological balance and fostering sustainable development.

Угрозы для национальных экономик со стороны бесконтрольного движения капитала и механизмы их купирования

The financial authorities of many countries involved in the process of globalizing the world economy are observing the positive consequences of including their country in a single financial network, forgetting about the need to monitor potential threats. The increasing volume of cross-border transactions creates the illusion of improving the national economy, since along with capital imported from abroad, the country gets the opportunity to boost its economic development. The international movement of capital (IMC), being an integral part of globalization, creates the misconception that there are inexhaustible resources for the development and further accumulation of national wealth, but foreign investors are not always interested in the development of the economy of their host country. False expectations from capital coming from abroad create excessively high risks for the national economy, which is confirmed by numerous examples of the implementation of these risks in many countries that have entrusted their economic well-being to the process of globalization. The purpose of this article is to substantiate the existence of risk from uncontrolled cross-border transactions. The practical significance of the article is expressed in the assessment of the effectiveness of the control mechanisms used in different countries for MDK in crisis situations. This article examines examples of the negative impact of the IMC on the economies of Argentina (2011-2016), India (1991-1995) and Malaysia (1997-1998) based on statistics from the IMF and the World Bank, as well as the experience of these countries in overcoming financial problems that arose due to insufficiently strict capital control policies. The analysis made it possible to assess the need and effectiveness of using strict administrative control mechanisms for IMC in a crisis. However, this article does not provide a universal methodology for determining the most effective control mechanisms, which may be the subject of study in future studies.

Роль и значение международной торговли в экономическом развитии государства

This article studies the factors of international economic development based on the analysis of the dynamics of export and import of goods, taking into account the main trends in the development of the world economy. The authors examine the fundamental principles of international trade and outline the advantages of international trade. The main trends of world trade are analyzed, the main leaders in export and import are identified, and Russia's place is determined. Based on the results of the study, the authors draw a conclusion about the role and importance of international trade in the development of the state.

Why do we not want to work onboard? An explanation of generational changes in seafarers’ work values

The shortfall of seafarers is a constant challenge in the shipping industry. With the development of the world economy and changes in employees’ psychological indicators, seafarers’ spiritual needs play an increasingly important role in their work intentions. This study proposed that seafarers’ work values should be a useful explanation for the shortfall of seafarers. This study investigated the work values of seafarers (N = 368) and college students majoring in navigation technology and marine engineering (N = 322), as well as their relationships with participants’ work intentions. The results showed that conservation and self-transcendence had positive influences on (quasi)seafarers’ willingness to work onboard. The results also showed that participants’ conservation and self-transcendence values decreased generation by generation. Accordingly, researchers and managers should pay enough attention to seafarers’ work values. Maritime schools and shipping companies may incorporate work values into the processes of seafarers’ recruitment, training and education, and performance management.

СУРХОНДАРЁ ВИЛОЯТИДА ИЖТИМОИЙ-ИҚТИСОДИЙ РИВОЖЛАНИШ ТЕНДЕНЦИЯЛАРИ

In the article, the large-scale reforms implemented in the Surkhandarya region in the socio-economic spheres and their social significance are scientifically analyzed. In the period of globalisation, the integration of the world economy and expansion of cooperation in the economic sphere, the reforms and changes in the socio-economic spheres are scientifically analyzed.

Promising areas of scientific and technological transformation of the world's largest economies

Subject. The article addresses indicators characterizing the level of scientific and technological development of the world's major economies as of 2023. Objectives. The purpose is to examine trends and promising areas of scientific and technological transformation of the world's largest economies within the framework of global relevant concepts. Methods. The study employs methods of descriptive statistics, correlation and regression analysis, with the construction of a dendrogram of distribution of countries into clusters by the Ward's method. The statistical databases of the World Bank for 2022–2023 served as an information base. Results. The paper presents an overview of popular areas of domestic and foreign research within the topic under consideration, determines the circle of the largest economies in the world by the largest volume of GDP at purchasing power parity, assesses the level of scientific and technological development of the world's largest economies, defines the key parameters of scientific and technological transformation, and classifies countries by level of development based on methods of economic and mathematical modeling, provides a developed conceptual model of global scientific and technological transformation. Conclusions. The findings are of interest to government-specific governance structures and can be integrated into programs for scientific and technological transformation of industry within the framework of global concepts, taking into account potential spillover effects expressed in the form of expanding opportunities for diversification and commercialization of domestic research and development.

Economic and Political Influences on the Socialist Republic of Romania of the Drastic Changes in Eastern Europe

The Revolutions of 1989 in Eastern Europe are very important, marking the end of the Cold War. Many communist regimes changed into democratic regimes. The global market has been formed, and the order of the political and economic world was reshaped. This event contributed to the global democratization. The purpose of this article is to understand the drastic changes of Eastern Europe. Taking Romania as an example, this article discusses the reasons of the revolutions, with a focus on the advantages and disadvantages of the revolution, which could offer some theoretical insights and provide some experience and reference for social revolutions. In conclusion, the government should pay attention to human rights and become more democratic. The government could learn from the collapse of Romania, which shows the importance of caring about peoples voices and become open. The countries could learn to cooperate with other countries through free market economy, so that they can increase their economic growth together.

SP500 Forecast Based on ARIMA and ETS Models

Prediction of stock price, as a core issue in the financial sector, is deeply affected by the Federal Reserve's interest rate decision. As an important engine of the world economy, the United States' economic policies and decisions undoubtedly play a pivotal role on the global economic stage. The Fed's rate cut had a profound impact on global capital markets. Under the current macro background of the US interest rate cut, it is particularly critical to study and build an effective stock price forecasting model. In this paper, ARIMA and ETS models are used to predict SP500, and the results show that the RMSE value of ETS model fitting is lower than that of ARIMA model fitting. The ETS model can provide better prediction results in predicting SP500. This paper combines ARIMA and ETS models to provide a new perspective for stock price forecasting and a new idea for stock price forecasting under the background of US interest rate reduction.

INFORMATION SECURITY AND ITS COMPONENTS

The modern development of the world economy is increasingly defined by its reliance on vast and complex information flows. In today's interconnected global marketplace, the seamless exchange of data underpins almost every aspect of economic activity, from financial transactions and supply chain management to customer interactions and business intelligence. As a result, the importance of addressing issues related to safeguarding data flows and ensuring the confidentiality, integrity, and availability of information during its processing and transmission is growing at an unprecedented pace. Information security has emerged as a multifaceted and intricate challenge, encompassing technical, organizational, legal, and ethical dimensions. The rapid advancement of electronic technologies has led to the proliferation of tools designed for processing, storing, and securing information. Innovations in artificial intelligence, blockchain, cloud computing, and quantum cryptography are revolutionizing the way organizations manage and protect their data assets. Despite these advancements, the sophistication of threats to information security continues to evolve, creating an ongoing arms race between defenders and attackers.

Preface: 5th International Conference on World Economy and Project Management (WEPM 2024)

The 2024 5th International Conference on World Economy and Project Management (WEPM 2024) was successfully held from 21-22, December, 2024 in Singapore. This conference is the premier forum for the presentation of new advances and research results in the fields of world economy, economic policy, financial investment, project management, innovation management, e-business management, and social science. The events brought together researchers, scientists, experts, and scholars from various areas to discuss problems and solutions in these fields, to identify new issues, and to shape future directions for research. WEPM 2024 was composed of 3 sessions with 6 keynote speeches and 27 oral reports presented in this conference. Each keynote speech and oral report took 20-30 minutes and 5-10 minutes, respectively. All papers included in the conference proceedings were peer reviewed according to international standards. We would like to deeply acknowledge all the parties involved in making WEPM 2024 successfully held. Besides, we wish to thank all authors and participants for providing their valuable contributions for this proceeding as well as the reviewers for their constructive recommendations and criticism aiding to improve the presented papers. With best regards, WEPM Conference Organizing Committees Singapore