High Economic Growth Research Articles

Territorial Cohesion and the Pandemic in Romania

Abstract Convergence and economic and social cohesion remain priorities for the EU, beyond failures to achieve the objectives of the ‘Europe 2020’ strategy. Convergence and territorial cohesion, as a prerequisite for sustainable and durable development, have been the fundamental objectives that generated and developed the strategic planning in the EU, including through the two global strategies, ‘Lisbon’ and ‘Europe 2020’. The sustainability of these processes, even in periods of high economic growth, is questionable since real national convergence is based in many countries, including Romania, on large and widening divergences between regions and counties. In recent years, Romania has seen one of the most enhanced improvements in convergence compared to the EU average, from 60% in 2016 to 69% of the European average in 2019 respectively. During the same period, disparities between regions and counties have deepened. More than 10 years after EU accession and participation in the Community cohesion policy, there is still a third of the counties with less than 70% of the national average of gross domestic product per capita. The health crisis has deeply affected economic activity, but in a differentiated way, depending on the specific territorial economic structures. As a result, the objective of improved and sustainable real convergence, by bringing regions and counties closer together in terms of their level of development, is receding. The economic situation in the counties in 2020 indirectly provides support for assessing the impact of the pandemic on the territorial cohesion process. The implicit conclusion revealed by the latest statistical data is that the level of development has been the support for better resilience to the health crisis. Although the restrictions on international movement and the closure of tourist and industrial capacities have had general validity, the counties with a higher degree of disparity have been more affected.

Inclusive Economic Growth Diagnosis Of Jambi Province

High economic growth is an achievement that is always expected and targeted by a country or region. However, whether this economic growth has been in line with the reduction in poverty, the decrease in unemployed people, and the provision of many and quality jobs is still in question. Thus, the problem that can be studied is whether Jambi Province has been in inclusive economic growth. And, what factors are calculated and analyzed in determining its inclusiveness. The method and data used are the adaptation of the main variables used by the Asian Development Bank (ADB) and the measure of the quality of economic growth is assessed from the IGI (Inclusive Growth Index). The result shows that IGI Jambi Province has an increasing trend during the 2016 – 2020 period, although it is stagnant at a satisfactory level of progress and at the level of satisfaction in 2019 it experienced growth compared to the previous year accompanied by an increase in several sub-dimensions such as the sub-dimension of productive workforce, economic infrastructure, poverty, health, education, sanitation and social protection.Meanwhile, the level of satisfaction with economic growth grew negatively, as well as the subdimensions of gender equality and constant income inequality. Keywords: Economic Growth, IGI, Inclusive Economic, Jambi.

Inclusive Growth in Northern and Southern Central Java

Inclusive growth is one of the visions of sustainable development. Economic growth of a region is said to be inclusive if it is able to reduce poverty, reduce inequality and absorb more labour. Central Java is one of the regions with fairly high economic growth but has various social problems. Therefore, this study wants to see the inclusiveness of economic growth in the North and South Central Java region. The research is based on data from 35 districts in Central Java, which adopts the concept formulated by Klasen (2010) regarding the Poverty-Equivalent Growth Rate (PEGR). The research shows that during the 2018-2020 period, Central Java had not consistently has inclusive growth. Meanwhile, inclusive growth for the three indicators in 2018 mostly occurred in the northern part of Central Java but was more and more balanced.

Relationship between Emissions of Carbon Dioxide from the Cement Industry, Health Expenditures and Economic Growth in Pakistan

Carbon Dioxide emissions are not suitable for human health, and it also creates hurdles in the economic growth of any economy. The current study aims to reinvestigate the impact of greenhouse gases like CO2 emissions, including other gases, in the cement industry of Pakistan and its outcome in the shape of an increase in the health expenditures of the citizens. The study employs the ARDL methodology to find the empirical results in the short and long run. For the empirical analysis, the study used time-series data from the WDI database and covered the range from 1990 to 2019. The study finds a strong relationship between CO2 emissions from the cement industry, health expenditures, and economic growth in Pakistan. There is a uni-directional causality running from CO2 emission to health expenses in both the short and long run. The present study makes a significant contribution to the literature on industrial economics and energy economics and its effects on the well-being of people in society. The study explains the changes in the health expenditures of people by considering the emission of CO2 from the cement industry, which is a new dimension in the case of Pakistan. Moreover, the study suggested that the government and policymakers should make environment-friendly and eco-friendly policies to clean the environment for better health and high economic growth. The government should encourage investors to invest in green technology to increase production capacity and improve the environment.

Nexus of Renewable Energy Consumption, Economic Growth, Population Growth, FDI, and Environmental Degradation in South Asian Countries: New Evidence from Driscoll-Kraay Standard Error Approach

Environmental degradation is the most prominent area nowadays, especially in developing counties where high renewable energy consumption and population growth deteriorate the atmosphere of the country. Thus, the current study investigates the nexus among renewable energy consumption, economic growth (EG), population growth, foreign direct investment (FDI), and environmental degradation in South Asian countries. The covariance matrix estimators that are developed by “Driscoll and Kraay” are used in this study. The primary property of this estimator is that it does not account for the cross-sectional dependence; thus, it provides substantial, robust outcomes among the cross-sectional units while in the presence of cross-sectional dependence. The data was collected from the World Development Indicators (WDI) from 2001 to 2019. The findings exposed that positive nexus among the population growth, FDI, and environmental degradation while renewable energy consumption and EG has negative nexus with environmental degradation and also not supported the EKC hypothesis in South Asian countries. These findings suggested that the regulators should develop policies that reduce environmental degradation in the presence of high EG, energy consumption, FDI, and population growth.

Economic Growth and Poverty in West Kalimantan

Ideally, the economic development that has been carried out will produce high economic growth as well as improve the welfare of the community. However, based on existing realities, the benefits of economic growth cannot be felt directly, resulting in poverty. In an effort to analyze economic growth and poverty, this study was performed by collecting samples of all districts/cities in West Kalimantan Province from 2010 to 2020, which were then analyzed using two-stages simultaneous equations. The endogenous variables in this study were economic growth and poverty, while the exogenous variables were household consumption, investments, per capita income, and agriculture sector growth. The results showed that poverty had a negative impact on economic growth, but household consumption and investment had no effect. At the same time, per capita income economic growth has a negative effect on poverty, while economic growth and agriculture sector growth has no effects on poverty. Therefore, the quality of economic growth in West Kalimantan must be further improved by focusing on the poor (pro poor).

Determining the key success factors in the organization of BP Tapera

The purpose of this paper is to determine the Key Success Factors in the operationalization of BP. Tapera (Public Housing Savings Implementing Agency), so that solutions to the challenges faced by institutions in the future will be found, as well as ways to achieve successful performance. As results of external analysis research, showing several key success factors, including high economic growth, large population, implementation of mandatory Tapera membership, high yielding Tapera fund accumulation, transparent and accountable Tapera administration principles, the culture of mutual cooperation and humanity, availability of adequate office/branch services, availability of integrated IT, Decrease Termination of Employment, Employment Increase, Price Stability, Equitable Development Results, Participant Awareness and Trust, Employer Support, Land Bank Availability. As a follow-up study, BP. Tapera must immediately develop and perform strategies to implement these key success factors.

PENGARUH TEKNOLOGI TERHADAP PERTUMBUHAN EKONOMI

The Effect of Technology on Economic Growth. The research objective was to qualitatively analyze the effect of technological progress on economic growth, as well as the positive and negative impacts of technological developments on the economy. The research model used is a qualitative research method, namely research based on theories contained in the literature, more in the nature of descriptive and narrative descriptions. The theoretical foundation is used as a guide.
 Data collection uses literature studies or library research (Library Research, which is a technique of gathering information through data collection by tracing important documents that are related and relevant to the object under study. Data and information are obtained from literature books, articles scientific research, theses, dissertations, encyclopedias, internet, and other sources Data and information obtained from library studies in the form of academic texts, photos, graphics, journals, policy briefs, or pamphlets, banners, and journalistic reports. data reduction, data presentation and drawing conclusions / verification
 The research results show that technology is very influential on the economy of a country. The economy is measured by Economic Growth or the value of GDP and GDP per capita. Developed countries (America, China, Japan, South Korea, Germany, Singapore) with their modern technology, their economic growth rate is always positive and stable, although it can experience negative growth, the growth gap is not too big. GDP per capita is very high. Likewise, poor and underdeveloped countries (African continent) have started to catch up by starting to make business innovations using modern technologies. The impact felt by their economy began to move up, marked by high economic growth (YoY GDP), GDP per capita also started to move up.
 
 Keywords: technology, per capita income, economic growth, GDP

INVITED POLICY ECONOMICS PAPER — ECONOMICS IN ASIA 1995–2020

Over the last 25 years, Asia’s economic rise has been extraordinary. Its share of global gross domestic product (GDP) has risen from 5.8% to 22.9%. 1 The first phase of high economic growth — up to 1995 — saw Asia enter the global supply chain primarily with labor-intensive/low-cost manufacturing. Domestic consumption was a fairly low share of GDP; Asia was manufacturing mainly for consumption in the US and Europe. As such, it was primarily a rule-taker. In the second phase — from 1995 to 2020 — it gradually turned into an economic force joining the US and Europe in shaping the global economy, exercising significant influence upon the value chain, the cycles of the global economy, transport and logistics, the global capital markets and consumption patterns (consumer preferences and tastes). While not yet among the leading rule-makers, it had become difficult for policymakers (public and private) to make decisions without Asia’s consent. To form an opinion of today’s emerging third phase — post 2020 — the intriguing question is whether the Asian countries have adopted what may be termed Anglo-American economic thinking (basically, the primacy of the market). Or whether behind the curtain, the Asian economy works in its own way diverging from the American and British economic schools. Since demographics and sheer economic scale mean that Asia will dominate the global economy in the years to come, the nature of the Asian economy will be of crucial importance for the future global economy. The conclusion of this paper is that “Asia” in many respects differs — and fundamentally so — from market economy principles. How this prospect should be interpreted is also evolving, as circumstances change. Certainly, the repercussions of COVID-19 have not been the same in the US, Europe, East Asia and South Asia — and this may suggest that socio-political structures have a stronger impact on economic outcomes than economic theory teaches, thus calling into question the global validity of market economy principles.

Artificial Intelligence in the Context of Global Resource Mobility. What Can Be Expected from It?

The impact of artificial intelligence (AI) on business, government, and society is getting more attention. The leading AI sectors have higher productivity but a lower share of GDP than those lagging in digitization and AI. There is a technological gap, with still unknown consequences concerning the social contract, the expected new digital welfare profile, as well as the business strategy about globalization. The hypothesis is that while digitization was already in motion (2000–2005), capital outflow from the US to MHGEs (market high-growth economies) in Asia negatively affected its productivity outcome. Additionally, it is expected that AI will give more market power to multinationals, reshaping the social contract. Thus, the current western social contract will no longer be able to cope with the consequences of the weakness of the nation-state, its policymakers, or the powerful profit-driven multinationals to deal with the overall effect of AI. We aim to look at the impact of this new state of technology on the social contract, focusing on the proper actions of government and business to deal with it. We used a descriptive approach based on desk research concerning productivity data, European government policies, trade model analysis, and business approach to AI. We expect to demonstrate the dynamic interaction of the K/L ratio within the prevailing status of global resources mobility, and the dangers unregulated AI represents to labor. Policy actions are needed concerning the legal status of AI and how to avert the collapse of the social contract and the rise of oligarchic cyber‑autocracies.
 Our general conclusion is as follows: While capital investments, which would have contributed to improved total factor productivity (TFP) in the USA, went to MHGEs, increasing their GDP growth in less than a decade, the broad use of Artificial Intelligence (AI) will reverse massive offshoring, and new types of manufacturing processes will emerge in developed countries.

Impact of Trade Deficit on Economic Growth: A Case of some selected Countries

Trade has a significant role in the economy and promotes economic growth. This paper expresses the relationship between the trade deficit and the economic development of some selected countries. For this purpose, we used a random-effects model to estimate the analysis. The outcome of the study indicates that trade deficit has a negative impact on economic growth. The study suggested that countries be more concerned about the trade deficit to minimize it for better performance and high economic growth.

Spillover effect of greenhouse gas emissions across five major continents.

There are some studies that either examine the convergence or spillover effect of greenhouse gas emissions (GHGEs) at the country or multiple country level but research on the spillover effect of GHGEs is very limited particularly for the agriculture sector across the major continents. Therefore, this study examined the connectedness across the five major continents namely Asia, Africa, Europe, Oceania and Americas for the period 1961-2018. To achieve the objective, this study applies a very recent time-varying parameter vector autoregressive (TVP-VAR) model. The results obtained from TVP-VAR modelindicate that all the five continents are highly interconnected in GHGEs. In particular, thefindings show that Asia, Africa and Americas are the main transmitters and Europe and Oceania are the main receivers of GHGEs. The findings suggest that Asia, Africa and Americas should use the economic profits received from the economic integration for the environmental protection policies with more attention. This might help for high economic growth and development with a clean environment.

FINANCIAL BEHAVIOR OF HOUSEHOLDS: NATURE AND FEATURES

Introduction. Boosting the investment activity and research of households as an institutional unit is quite essential for qualitative socio-economic development and high economic growth paces in current conditions. The households, along with the state and real economy sector, are important participants of economic activity and play an essential role in securing the economic growth in the country. The purpose of the study is to outline the economic content of interpretation of households’ financial behavior and features of financial behavior of domestic households. Results. The paper examines the nature of the households’ financial behavior concept based on a generalization of scientific-theoretical approaches to its interpretation. The features of financial behavior of households are specified based on the process approach, including consumer behavior, saving behavior, investment behavior, and credit behavior through the determination of their revenues, expenditures, and borrowed funds. Moreover, the list of factors impacting the investment and saving behavior of households is defined. The paper substantiates the author’s definition of the households’ financial behavior. The major problems of forming the households’ financial behavior in Ukraine are revealed. Conclusions. When choosing the most relevant and optimal financial behavior, the households adapt to crises and unstable conditions. Yet, it is worth mentioning that the households sometimes fail to make the right decision due to the lack of financial knowledge or insufficient financial education or experience, and the complex nature of financial information. Since access to financial information is limited and requires material inputs, domestic households do not have enough knowledge and cannot independently analyze the processes related to the generation of investment and saving behavior to conduct investment activity on the financial market. Keywords: households, financial behavior, saving behavior of households, investment behavior, savings.

Revisiting inflation and growth nexus: an asymmetric cointegration based on Non-linear ARDL approach in case of Bangladesh

Sustainable high economic growth is the major objective of a country. Whereas inflation is one of the critical factors that affect economic development. Growth-inflation nexus is one of the most controversial topics in this present world. This study re-investigates the link between inflation and the economic development of Bangladesh by employing a non-linear autoregressive distributed lagged (NARDL) approach. For this study, we use annual time series data set on the growth rate of per capita gross domestic product, and the inflation rate for the time range from 1986 to 2017. The asymmetric cointegration result based on the NARDL approach shows the confirmation of long-run integration between the GDP growth rate and inflation rate (CPI). The study finds a positive and robust nexus between growth rate and inflation rate. The relationship exists both in the long-run as well as in the short-run. The results also have statistically significant. This study further explores that there is an asymmetric relationship between the rate of inflation and the rate of economic growth. The nonlinear ARDL approach shows that the GDP growth rate responds more with an upward change in inflation than that of a downward change.
 Furthermore, in the short-run, the positive change in inflations has a significant and positive influence on the growth rate. Still, the influence of an adverse change in inflations has statistically insignificant. Both the policymakers of Bangladesh (Bangladesh Bank) and development partners working in the country can be benefited from these results in the context of policy implementation. This study recommends that to boosting up the economic growth in the context of Bangladesh, the inflation rate can be treated as a significant determination.

Revisiting inflation and growth nexus: an asymmetric cointegration based on Non-linear ARDL approach in case of Bangladesh

Sustainable high economic growth is the major objective of a country. Whereas inflation is one of the critical factors that affect economic development. Growth-inflation nexus is one of the most controversial topics in this present world. This study re-investigates the link between inflation and the economic development of Bangladesh by employing a non-linear autoregressive distributed lagged (NARDL) approach. For this study, we use annual time series data set on the growth rate of per capita gross domestic product, and the inflation rate for the time range from 1986 to 2017. The asymmetric cointegration result based on the NARDL approach shows the confirmation of long-run integration between the GDP growth rate and inflation rate (CPI). The study finds a positive and robust nexus between growth rate and inflation rate. The relationship exists both in the long-run as well as in the short-run. The results also have statistically significant. This study further explores that there is an asymmetric relationship between the rate of inflation and the rate of economic growth. The nonlinear ARDL approach shows that the GDP growth rate responds more with an upward change in inflation than that of a downward change.
 Furthermore, in the short-run, the positive change in inflations has a significant and positive influence on the growth rate. Still, the influence of an adverse change in inflations has statistically insignificant. Both the policymakers of Bangladesh (Bangladesh Bank) and development partners working in the country can be benefited from these results in the context of policy implementation. This study recommends that to boosting up the economic growth in the context of Bangladesh, the inflation rate can be treated as a significant determination.

ANALISIS ANGGARAN PENDAPATAN BELANJA NEGARA(APBN) TERHADAP PENDANAAN KEBIJAKAN PENDIDIKAN

The State Revenue and Expenditure Budget or APBN is the annual financial plan of the state government approved by the House of Representatives. The purpose of the preparation of the APBN is as a guideline for state expenditures and revenues so that there is a dynamic balance in carrying out state activities to achieve increased production, increased employment opportunities, high economic growth and ultimately aimed at achieving a just and prosperous material and spiritual society based on Pancasila and the 1945 Constitution. “Indonesia is still behind several Asian countries in terms of education, even though 20 percent of the state budget has been spent on education for the last ten years. This is still not satisfactory. It may even be a disappointment because Indonesian education graduates do not reach the desired level. Equitable access to education and inadequate facilities and infrastructure, especially in Eastern Indonesia and the Disadvantaged, Frontier, Outermost (3T) areas. This is one of the challenges that the government will fix. The results of this research are (1) the process of formulating education funding policies reflects the lack of political will commitment from the government and the DPR. (2) Implementation of the education funding policy of 20% of the APBN. (3) Results of the education funding policy analysis. This study aims to determine how to formulate education funding policies, their implementation and analyze them. The method used in this study is a policy analysis method with a retrospective policy analysis model and the type of policy process analysis.

ASSESSMENT OF THE IMPACT OF MANAGING LARGE ENERGY-USING USERS ON NATIONAL ENERGY EFFICIENCY OF VIETNAM

Viet Nam continues to experience high economic growth compared to regional and global economies. The average gross domestic product (GDP) growth rate reached approximately 6.8 % from 2016 to present. This economic growth, in combination with urbanization and rapid population growth, has boosted demand for energy in general and electricity in particular. The Government of Viet Nam is well aware that it needs to balance the need for increasing energy supply for socio-economic growth with ensuring energy security and environmental protection. This paper reviews the assessment of the impact of managing the large-energy-users on national energy efficiency and more coherent and consistent national-level regulatory framework contributing to low carbon policy for the Vietnam industry. From the scenario assessment, this paper indicated significant potential for improving the scope of managing the large-scale enterprises on improved compliance for energy efficiency to achieve the target of energy security and sustainable development for Vietnam.Keywords: Energy Efficiency, Energy Policy, Large Energy User, Vietnam Industry.JEL Classifications: L5, P18, Q43, Q47, Q48DOI: https://doi.org/10.32479/ijeep.11356

Economic Development And Its Measurement

National development seeks to achieve fairly high economic growth, the ultimate goal of which will be to improve the quality of life and welfare for the entire community. Economic growth is interrelated with the process of increasing the production of goods and services in people's economic activities. In other words, growth is a single-dimensional development and is assessed by increasing production output and increasing income. This shows an increase in national income which is reflected by the total number of Gross Domestic Product (GDP). Indonesia, as a developing country, is in the midst of carrying out planned and gradual development, without neglecting the efforts of equity and stability in the face of the Covid-19 pandemic, which has made a number of sources of funds used to maintain public health so that for development and equitable distribution of the people's economy, the government is expected to recover immediately. People's economy slumped. Economic growth is a long-term economic problem and is a fundamental phenomenon in every country today. The process of economic growth has parameters with measurements through GNP, foreign exchange reserves, the balance of payments balance, and others. However, Islam commands humans to uphold justice in all issues related to muamalah, including economic justice. Zakat is one of the pillars in reducing the gap between the rich and the poor. QS At Taubah 60 explains that humans are entitled to receive zakat, the first 4 parties are high priority and the second 4 parties are low priority. Through the Amil Zakat Agency as an official government institution, the portrait of economic inequality can be reduced from year to year. This agency has become a reference for the international community as an innovative and massive agency or institution in helping the people.

TECHNOLOGY QUALITY MANAGEMENT OF THE INDUSTRY 4.0 AND CYBERSECURITY RISK MANAGEMENT ON CURRENT BANKING ACTIVITIES IN EMERGING MARKETS - THE CASE IN VIETNAM

Industry 4.0 and digital technology has been affecting banking activities in most of bank system in emerging markets, esp. in Vietnam, one of the countries having high economic growth in ASEAN nations;so, quality management of technology issues and cyber security management are rising. There are main technologies in 4.0 revolution to process information including: Big Data database technologies, Cloud Computing, Machine Learning, IoT, AI, Business Intelligence, Data Mining and Blockchain Technologies. These technologies are successively implemented in developed and improved security procedures IT and cybersecurity risk management. Also changes to the operating environment IT can occur suddenly and without warning, such as under the COVID-19 international emergency. As the critical sector financial is adapting to expanded remote operations, there is the potential for increased vulnerabilities and potential amplification of the effect of cybersecurity threats. Therefore, organizations need to own the ability to make in new ICT and cybersecurity investments to quickly and effectively adapt to address unforeseen circumstances for better quality management of technology.

Impact of climate change on global agricultural markets under different shared socioeconomic pathways

AbstractThis analysis quantifies changesin global agricultural markets for maize, rice, soybeans, and wheat due to yield changes triggered by climate change. The scenarios include four representative concentration pathways (RCP), five global climate models, three shared socioeconomic pathways (SSPs) capturing differences in population levels and economic growth, and enhanced CO‐fertilization. Yield projections incorporate the influence of SSPs on nitrogen application and agricultural technology. Depending on the SSP and comparing the RCP8.5 ensemble yields (with CO‐fertilization) to a no climate change scenario in 2050, price increases for maize (61.3%–80.9%), soybeans (36.7%–51.7%), and wheat (5.4%–11.1%) are observed. Large wheat producers in temperate regions expand wheat production under climate change. Rice benefits from CO fertilization resulting in a relatively uniform price decrease across scenarios of 19.5%–19.9%. Cropland expansion between 2015 and 2050 is lowest for the high economic growth scenario. Depending on the crop and region, there are significant reductions in production especially for maize. Absolute changes in trade patterns are most pronounced for wheat and least for rice. Using trade as a means to dampen the negative welfare effects of climate change will be important and so is economic growth.