Expansion Of Demand Research Articles

Monetary Neutrality with Sticky Prices and Free Entry

Abstract Monetary policy is neutral even with fixed prices if free entry determines product variety optimally, as in Dixit and Stiglitz (1977). Entry substitutes for price flexibility in the welfare-based price index when individual prices are sticky. In response to aggregate demand expansions, the intensive (quantity produced of each good) and ex tensive (number of goods being produced) margins move in offsetting ways, leaving aggregate production unchanged. Price stickiness thus generates deviations from monetary neutrality only in conjunction with entry frictions: when variety is not optimally determined (preferences are not Dixit-Stiglitz) or when entry is subject to sunk costs and lags. Wage stickiness instead implies nonneutrality even in the frictionless-entry benchmark.

크리스탈 사이클과 수요, 기술의 공진화: TFT-LCD 산업의 역사 친화적 모형

This paper aims at building a history-friendly model which replicates the history of the Thin Film Transistor-Liquid Crystal Display (TFT-LCD) industry focusing on the industrial business cycle(crystal cycle) and co-evolution of demand and technology. The model is distinctive compared to existing models addressing industrial business cycles in two points: 1) endogenous demand and technological change are incorporated 2) industrial cycle affects evolution of demand and technology as well as are caused by the change of demand and technology, that is, we consider industrial business cycle as a medium of co-evolution of demand and technology. The simulation results show that it can successfully replicate the crystal cycle, and investment-production delay, price delay and endogenous change of demand are factors of the crystal cycle. Moreover, we can see positive feedback between demand expansion and technological advance through medium of the cycle.

European outbound tourism expansion on the islands of Cape Verde

The main objective of this article is to shed light on the determinants of international tourism demand expansion in Cape Verde. The research involves cointegration analysis to test the existence of a long-term equilibrium relationship between the variables included in tourism demand using the autoregressive distributed lag bounds testing approach. The results showed high income elasticity and price inelastic demand. Moreover, turmoil in traditional tourist destinations in non-European Mediterranean basin countries, coupled with the investments of tour operators and hotel groups who are key players in the European source markets, significantly and positively affected international tourism demand. Supply side changes associated with foreign investment were necessary to increase the number of tourists. Finally, lower level of income in European countries following the financial crisis of 2008 might have favored the shift of European tourists from more expensive destinations to Cape Verde. The concentration of tourism, economic growth, jobs creation, and population growth on two islands may have affected island communities, resources, and other aspects of inter- and intraisland relationships.

SYNTHESIS OF THE LOW-FREQUENCY VIBRATION EXCITER

The article is devoted to synthesis of the low-frequency vibration exciter for checking of sensors of acceleration. In many areas of the modern equipment sensors of acceleration working in very low range of frequencies are widely used. For checking and graduation of such sensors the vibration exciter capable to provide rectilinear horizontal harmonic oscillations of the calibrated accelerometer in so low range of frequencies are required. Low frequencies of fluctuations cause the necessity of creation of big amplitudes of movements for ensuring the acceptable values of amplitudes of accelerations. The low-frequency electrodynamic vibration exciter with a magnetic suspension of mobile part which is a component of the National Standard of the vibration movement of the Russian Federation is so far created. However, development of the modern equipment demands expansion of frequency ranges to the area of ultralow frequencies. One of requirements shown to the vibration exciter working in the ultralow range of frequencies is increase in amplitude of horizontal movements of a mobile part as with small amplitudes the speed and acceleration of the harmonious law of the movements proportional according to the frequency of fluctuations and a square of this frequency, will have small amplitude values. One of problems of realization of a control system of the electric drive of the vibration exciter consists in that a mobile part possesses indifferent position of balance. The centre of fluctuations of a mobile part is not defined and can be in any point on magnetic conductor length. That fluctuations had the steady centre in an average point of a magnetic conductor without use of a mechanical spring, the drive is supplied with an additional control system of fluctuations, or a so-called electromagnetic spring.

АНАЛИЗ АССОРТИМЕНТА И ЭФФЕКТИВНОСТИ ПРЕДОСТАВЛЯЕМЫХ БАНКОВСКИХ ПРОДУКТОВ ДЛЯ ФИЗИЧЕСКИХ ЛИЦ В ПАО «СБЕРБАНК РОССИИ»

One of the main instruments of the economy that stimulates demand and is a factor of economic development is lending. Offering the market such a type of lending as retail lending is for most commercial banks a way to generate basic income. This fact encourages banks to develop, improve and offer customers new types of credit products. Taking into account the current realities, lending to individuals is one of the most popular types of banking products, the analysis of which will identify the main problems and outline the development directions of this segment of banking services. The analysis of the range and effectiveness of the credit products provided to individuals in the Public Joint Stock Company Sberbank of Russia, carried out in the framework of this study, will allow us to assess the current situation, and in the period of economic recovery and the expansion of effective demand will contribute to the promotion of lending to individuals.

Analytic Hierarchy Process Analysis for Industrial Application of LNG Bunkering: A Comparison of Japan and South Korea

From January 2020, the International Maritime Organization has regulated ship emissions to reduce sulfur content. As an alternative to this, LNG bunkering was proposed, and infrastructure and ships were deployed. Therefore, we used analytic hierarchy process AHP techniques to determine optimal methods of LNG bunkering for shipyard safety. First, we conducted a literature survey on the concept and type of LNG bunkering, global LNG bunkering trends, and features of Japan and South Korea cases and compared them. Thereafter, an expert survey was conducted, and survey data was analyzed using AHP techniques. Finally, we derived optimal methods applicable to shipyard industry. The analytical results revealed that the derived priority of the optimal LNG bunkering method of shipyard was in the order of the STS method, TTS method, and the PTS method. The result of this study can serve as a theoretical basis to make LNG bunkering safer and more economical in shipyards to prepare for the expansion of demand of LNG-fueled ships and LNG. However, this study inevitably has limitations of ranking reversals paradox as it was conducted by experts, assuming no weights to STS, TTS, or PTS.

Application Research of Integrated Prefabricated Module Computer Room Solution Based on Computer Communication

Modular machine room is to divide the whole machine room into several independent areas. The scale, power load and configuration of each area are customized according to the requirements [1]. A module is a single, independent, small data center. With the continuous expansion of business demand, independent modules are added, which can be combined flexibly to meet the different requirements of different customers for reliability level, power density and security level, so as to realize the purpose of rapid construction.

Analysis of the Structural Decomposition of the Textile-Clothing Industry in Bangladesh

Purpose: This paper aims to introduce the technology’s role and the final demand in the textile clothing industry’s growth path (TCI) of Bangladesh. Methodology: This study applies structural decomposition analysis in the input-output framework to measure Bangladesh’s textile–clothing industry structural changes. Structural decomposition analysis is also known as growth accounting in literature. Findings: This paper finds that, from 1975 to 1995, the TCI has grown due to huge domestic demand, from 1995 to 2015, this industry has grown due to export expansion. The technology was never a key factor over low–cost labor for the development of TCI in Bangladesh. Implications: For the sustainable development of the TCI in Bangladesh, domestic demand expansion is significant. Private and public policies should reflect this expansionary (domestic demand expansion) strategy. Originality: Previous studies on the TCI were mainly descriptive; there was no decomposition analysis in the input-output framework. Moreover, this paper decomposes the growth of the TCI into technical effect and final demand effect, which are new in the ready-made garment industry of Bangladesh.

How Do Bonus Payments Affect the Demand for Auto Loans and Their Delinquency?

This article studies how receiving a bonus changes consumers’ demand for auto loans and their risk of future delinquency. Unlike traditional consumer products, auto loans have a long-term impact on consumers’ financial state because of the monthly payment obligation. Using a large consumer panel data set of credit and employment information, the authors find that receiving a bonus increases auto loan demand by 21%. These loans, however, are associated with higher risk, as the delinquency rate increases by 18.5%–31.4% depending on different measures. In contrast, an increase in consumers’ base salary will increase their demand for auto loans but not their delinquency. By comparing consumers with bonuses with those without bonuses, the authors find that bonus payments lead to both demand expansion and demand shifting on auto loans. The empirical findings help shed light on how consumers make financial decisions and have important implications for financial institutions on when demand for auto loans and the associated risk arise.

Efficiency stagnation in global steel production urges joint supply- and demand-side mitigation efforts

Steel production is a difficult-to-mitigate sector that challenges climate mitigation commitments. Efforts for future decarbonization can benefit from understanding its progress to date. Here we report on greenhouse gas emissions from global steel production over the past century (1900-2015) by combining material flow analysis and life cycle assessment. We find that ~45 Gt steel was produced in this period leading to emissions of ~147 Gt CO2-eq. Significant improvement in process efficiency (~67%) was achieved, but was offset by a 44-fold increase in annual steel production, resulting in a 17-fold net increase in annual emissions. Despite some regional technical improvements, the industry’s decarbonization progress at the global scale has largely stagnated since 1995 mainly due to expanded production in emerging countries with high carbon intensity. Our analysis of future scenarios indicates that the expected demand expansion in these countries may jeopardize steel industry’s prospects for following 1.5 °C emission reduction pathways. To achieve the Paris climate goals, there is an urgent need for rapid implementation of joint supply- and demand-side mitigation measures around the world in consideration of regional conditions.

Identification of development drivers of using “green” technologies in investment and construction projects of the Russian Federation

A high level of energy consumption per GDP unit is typical for the territories of the Russian Federation. Technical wear and tear and obsolescence of technological and energetic equipment, high energy losses in buildings and structures are the main reasons that caused a high level of energy intensity of GDP. Rapid population growth and competition for limited resources have further increased the need to design and construct buildings using sustainable construction technologies. These buildings must be able to maintain quality of life and ultimately ensure longterm human survival. The construction industry plays an important role in preserving the environment through the rational use of resources and assets that require the immediate massive implementation of the principles and methods of sustainable construction. One of the components of the principles of sustainable construction is the use of “green” technologies in construction projects, reconstruction, and overhaul of structures. The Russian Federation has a huge potential in reducing the negative impact of the construction industry on the environment and the social sphere. That is why it is very important to develop methodological foundations which are conducive to the successful development of the so-called “green” construction market in all regions of the country. Therefore, it is necessary to identify the main constraints to the development of “green” technologies. This article is intended to identify obstacles to the implementation of the “green” construction from the general contractors’ point of view. The article identifies points of growth based on the identified problem areas. Growth points are needed to form further positive dynamics of construction volumes using “green” technologies. The identified development drivers will contribute to the expansion of demand and provide a multiplicative stimulating effect on related sectors of the investment and construction complex soon.

Electricity generation potential of municipal solid wastes produced in the province of Edirne

As a result of Turkey's economic growth, industrial development has accelerated across the country and this has ultimately led to the environmental sector and waste management gaining importance. In Turkey, where there is a depletion of natural resources, the expansion of energy demand, and the orientation in environmental technologies, waste is no longer a problematic issue that needs to be eliminated; but it has become a source of raw materials whose processing and recycling can be achieved with today's technology. In the scope of sustainable development, the waste hierarchy includes the three priority targets. These are prevention of waste production, reuse, recycling, or recovery respectively. The method for non-recoverable wastes is landfilling with energy recovery if possible. In this context, this study aims to investigate the electricity generation potential of the solid wastes disposed at the Edirne Solid Waste Landfill Facility. When the amount of waste to be sent to the facility, which was assumed to have a 20-year economic life, increases by 5% in parallel with the population profile, it is seen that electricity production will go up rapidly until 2040. However, the results of the study present that the potential of methane production will fall as the stored waste age increases so that a significant decrease in electricity production should be expected from 2045 onwards. Once it is considered that the facility continues to produce electricity for a hundred years beyond 2040, the electricity generated from the facility will contribute to the electricity network and provide the avoidance of approximately 25 thousand tons of CO2 on a national basis.

Thermal Energy Storage in Phase Change Material Integrated Solar Collectors for Air Heating Application

Solar energy is an abundant source of renewable energy which can able to support the expansion of energy demand. This review paper represents a complete literature review on recent developments in the phase change material (PCM) based solar collectors for air heating applications such as building heating, greenhouse heating, etc. In this paper thermal efficiency of various types of storage based collector and their performance for air heating (SAH) applications have been discussed. Based on the literature, it has been found that compared to basic solar air heating (SAH) systems, the collector-storage based air heating systems are able to provide higher efficiency with their capacity to recover and utilize the stored heat at night or cold weather conditions. These storage based collectors can be efficiently utilized for applications requiring medium operating temperature range during daytime as well as night times.

To own or not to own: Stock loans around dividend payments

In a standard stock loan, the borrower reimburses the lender any dividends paid while the loan is outstanding. Since these substitute dividends may be taxed differently than dividend payments themselves, some investors have incentives to either remove their shares from lendable supply–if they pay high taxes on substitute dividends–or lend out their shares to arbitrageurs–if they pay high taxes on dividends. Consistent with these incentives, we find a significant tightening of the equity lending market on dividend record days driven by both a contraction of supply and an expansion of demand–although the demand effect appears to dominate. We then exploit the plausibly exogenous nature of these shifts to causally link tightness in the lending market to wider effective spreads in the stock market.

KSUTraffic: A Microscopic Traffic Simulator for Traffic Planning in Smart Cities

Simulation is a powerful tool for improving, evaluating and analyzing the performance of new and existing systems. Traffic simulators provide tools for studying transportation systems in smart cities as they describe the evolution of traffic to the highest level of detail. There are many types of traffic simulators that allow simulating traffic in modern cities. The most popular traffic simulation approach is the microscopic traffic simulation because of its ability to model traffic in a realistic manner. In many cities of Saudi Arabia, traffic management represents a major challenge as a result of expansion in traffic demands and increasing number of incidents. Unfortunately, employing simulation to provide effective traffic management for local scenarios in Saudi Arabia is limited to a number of commercial products in both public and private sectors. Commercial simulators are usually expensive, closed source and inflexible as they allow limited functionalities. In this project, we developed a local traffic simulator “KSUtraffic” for traffic modeling, planning and analysis with respect to different traffic control strategies and considerations. We modeled information specified by GIS and real traffic data. Furthermore, we designed experiments that manipulate simulation parameters and the underlying area. KSUTraffic visualizes traffic and provides statistical results on the simulated traffic which would help to improve traffic management and efficiency.

Retail Lending In January-April 2021: Growth of Debt Burden Indicator

The growth rate of lending to individuals increased significantly in 2021 contributing to the expansion of consumer demand. Certain concern is caused by the growth of lending that is largely due to loans to high-debt borrowers. In this regard, the Bank of Russia decided to return macroprudential premiums on unsecured loans to the level preceding the pandemic.

TOWARDS ENSURING THE SUSTAINABILITY OF SOUTH AFRICAN SMALL AND MEDIUM ENTERPRISES IN THE FOURTH INDUSTRIAL REVOLUTION ERA

The reality of the presence of disruptive technologies of the fourth industrial revolution (4IR) era has dawned on everyone. However, the narratives have centered on how these technologies will aid the production and delivery of goods and services in a more efficient and transparent manner based on increased data accumulation and analysis. The focus of these technologies has been on how large manufacturing and service organizations can automate the development of processes, products and services. The question is “how will the small and medium enterprises survive in the 4IR era?” This paper will attempt to answer this question by considering and examining how the South African small and medium enterprises can seize the opportunities provided by the technologies of the fourth industrial revolution era for their development and sustainability thereby contributing to the socio-economic development and growth of the South African nation. The findings show that in spite of the concerns with respect to perceived threats of loss of jobs, increase in inequality, unemployment and poverty in view of the emerging technologies of the 4IR, the development of a well-articulated policy directions and strategy on the fourth industrial revolution by government coupled with a positive response by the business community will afford the entrepreneurs the opportunity to participate in the newly created supply chains and markets. Furthermore, the new technologies of the 4IR will result in the expansion of labor demand through increased productivity thereby creating new jobs that will far outweigh the old jobs lost through digitalization.

Intonation-grammatic deviations in modern media speech

The author of this article studies the issue of intonation and speech deviation. The relevance of addressing the problems of intonation norms is determined by the expansion of the public demand for educational services in the field of speech technology. In particular, these services are sought-after by those whose sphere of professional activity does not include ensuring media functioning, yet they show a reasonable interest in forming their own information field by speech means of self-presentation. The author believes that in these conditions, speech pedagogy faces new tasks, both practical and theoretical: determining the attitude to the use of the intonation-grammatical norm and its ontological status, as well as looking for effective ways of teaching the mastery of this norm. In this regard, it seems fruitful to refer to the phenomenon of media speech and the impact of this phenomenon on the formation, consolidation and existence of speech norms, especially intonation norms. The author attempts to address the problem of teaching correct intonation through the prism of her pedagogical experience in teaching the course “Speech Techniques”. The starting point of the pedagogue’s work is to determine, on the basis of the theoretical provisions of Russian grammar, the content of the concepts of intonation norm and deviations from it, provide reference examples and explain the reasons for certain distortions in media speech. The author analyzes ideas about the norm in general and the speech norm, revealing the concepts of intonation-grammatical norm and intonation-grammatical deviation. Based on the materials of media speech produced by subjects of media activity with different levels of mastering speech competencies (which are hereby understood as the sources of media speech), the author establishes the peculiarities of intonation and grammatical design of speech within the subject groups, draws conclusions about the specifics of deviations from the norm, identifies types of deviations and provides assumptions about possible reasons for such deviations. Among the reasons, the author lists physiological reasons for the first time. The results of the study reveal new aspects in determining the norms of modern media speech and they can be applied in the development of individual educational routes in teaching speech techniques.

The Role of the Real Estate Sector in the Structural Dynamics of the Chinese Economy: An Input–Output Analysis

AbstractMarket‐oriented housing reforms and the rapid urbanization process have led to spectacular growth in the Chinese real estate sector (RES). However, the changes in the role played by this sector in the structural dynamics of the Chinese economy have not been examined sufficiently. Accordingly, we analyze the intersectoral structural changes to the Chinese RES, its linkages with the rest of the economy, and its growth sources, using four Chinese input–output tables from 2002 to 2017. We depart from existing work on the RES by using the causative matrix approach and structural decomposition analysis, and obtain three main results. First, the RES, which received little non‐RES feedback during the 2002–2007 period, has subsequently received much more substantial feedback. Second, the impact of the RES on China's economic growth stems mainly from its forward linkages. Third, the growth in the RES has been driven mainly by domestic demand expansion. Our results highlight that the Chinese RES, which plays a key role in value chains, is highly dependent on its own final demand and a fall in its demand would impede economic development. An important implication of these results is that developing the national economy by stimulating the RES would not be as effective as developing the RES through stimulating the national economy.

Defining Sustainability in an Input–Output Model: An Application to Spanish Water Use

The continuous increase in freshwater consumption threatens water availability worldwide, especially in dry and arid regions. In this paper, we evaluate the sustainability of water use in Spain, a Mediterranean country that suffers from a permanent imbalance between water availability and water use. Our method, based on the input–output (IO) model, calculates the total water requirements of the Spanish production system. According to input–output assumptions, however, factors (i.e., labor and capital) and resources (such as natural goods or human capital) are not fully employed (not completely used), and therefore any expansion in demand is thought to always be automatically covered by production activities. This assumption seems unrealistic in water-scarce regions since it implies the following: (i) water resources are not quantitatively limited, and (ii) demand inflows can be fully produced and completely covered by the corresponding water requirements (i.e., the IO model assumes that water is always underused). To address this weakness in input–output water applications, we present a method that combines input–output analysis and sustainability criteria by incorporating physical environmental measurements that take into account thresholds in water usage. In particular, the Water Exploitation Index (WEI) evaluates whether water availability is sufficient to satisfy changes in demand in a sustainable or unsustainable way. Application of this index to Spanish water usage shows that services and manufacturing are linked to an unsustainable use of water.