Economic Sectors Research Articles

Measuring Asymmetric Tails Under Copula Distributions

Extensive evidence has been gathered showcasing the prevalence of heavy-tailed distributions and asymmetric tail interdependence within equity and foreign exchange markets, particularly during times of crisis. Tail interdependence in financial markets often manifests as financial contagion, characterized by periods where declining prices and heightened volatility propagate across economic and financial sectors. This phenomenon causes markets that typically exhibit minimal or no correlation to behave similarly, often in opposition to fundamental principles. Instances of unwarranted contagion present a perplexing challenge, suggesting irrationality among market participants and defying conventional risk management strategies and optimal portfolio selections. Our objective is to construct a comprehensive framework for dissecting such occurrences, utilizing a metric of tail-nonexchangeable dependencies employing various copulas with diverse marginal distributions. We offer analytical insights into our measurement of tail order dependence to aid in understanding these events.

The macroeconomic impact of a dengue outbreak: Case studies from Thailand and Brazil.

Dengue is spreading in (sub)tropical areas, and half of the global population is at risk. The macroeconomic impact of dengue extends beyond healthcare costs. This study evaluated the impact of dengue on gross domestic product (GDP) based on approaches tailored to two dengue-endemic countries, Thailand and Brazil, from the tourism and workforce perspectives, respectively. Because the tourism industry is a critical economic sector for Thailand, lost tourism revenues were estimated to analyze the impact of a dengue outbreak. An input-output model estimated that the direct effects (on international tourism) and indirect effects (on suppliers) of dengue on tourism reduced overall GDP by 1.43 billion US dollars (USD) (0.26%) in the outbreak year 2019. The induced effect (reduced employee income/spending) reduced Thailand's GDP by 375 million USD (0.07%). Overall, lost tourism revenues reduced Thailand's GDP by an estimated 1.81 billion USD (0.33%) in 2019 (3% of annual tourism revenue). An inoperability input-output model was used to analyze the effect of workforce absenteeism on GDP due to a dengue outbreak in Brazil. This model calculates the number of lost workdays associated with ambulatory and hospitalized dengue. Input was collected from state-level epidemiological and economic data for 2019. An estimated 22.4 million workdays were lost in the employed population; 39% associated with the informal sector. Lost workdays due to dengue reduced Brazil's GDP by 876 million USD (0.05%). The economic costs of dengue outbreaks far surpass the direct medical costs. Dengue reduces overall GDP and inflicts national economic losses. With a high proportion of the population lacking formal employment in both countries and low income being a barrier to seeking care, dengue also poses an equity challenge. A combination of public health measures, like vector control and vaccination, against dengue is recommended to mitigate the broader economic impact of dengue.

The impact of COVID-19 on the tourism sector in Italy: A regional spatial perspective

The recent COVID-19 pandemic crisis affected all economic sectors, but tourism was hit the hardest. However, the resilience of tourism has also been recognized. In this context, the aim of the paper is (i) to analyze the impact of COVID-19 on tourism flows in Italy, by looking at NUTS-3 level data on national and international tourism arrivals and (ii) to understand whether, and to what extent, some “alternative” destinations benefited during the pandemic. Spatial autocorrelation analysis (global and local) and spatial regression models are used to capture the determinants of the variation in tourism flows in 2020 and 2021. Results demonstrate that tourism demand has different patterns across Italian provinces after COVID-19; both types of tourism have a significant path of spatial dependence that was stronger in 2020; international tourism has a more evident North/South divide and, the short-term resilience depends on the characteristics of the destination.

Value Added in Irrigated Contrary to Rainfed Corn Production

Abstract Occurred climate change and incurvation of weather patterns globally brings unpredictable production in many economic sectors, especially agriculture, or closely in crop production. In this circumstances, rainfed crop production in many countries used to become old-fashioned system of production, while implementing irrigation tends to be reality that provides long-term food security and farms’ profit stability. The main goal of research is to economically justify the appliance of irrigation in conventional corn production at the farm level. In research used dataset corresponds to South Banat region in Serbia, while used method assumes calculation of contribution margin. Comparing the values of gross financial results gained in corn growing organized in similar production conditions, but with or without applying the irrigation, achieved results show its rise for almost six times after implementing the irrigation systems. Besides, overall profitability in rainfed corn production shows much higher sensibility towards the change in obtained incomes and variable costs.

Modelling the impacts of future droughts and post-droughts on hydrology, crop yields, and their linkages through assessing virtual water trade in agricultural watersheds of high-latitude regions

This study elaborates on the effects of future drought and post-drought conditions on the reliability of global breadbaskets. The study simulates agro-hydrological processes in the Nelson River Basin, a large agricultural watershed in western Canada that supplies food for over 170 countries globally. In temperate zones of higher latitudes, future climate change scenarios suggest that global breadbaskets will likely experience increased precipitation and higher crop yields (Y). This could be perceived as an increased export potential of food from these regions. However, projected drought events in the future can affect agro-hydrological processes, Y, and, therefore, export potentials during and following the drought events. Using a process-based agro-hydrologic model, this research examines the potential impacts of future agricultural droughts and post-drought conditions on hydrological water yield (WYLD), Y, and their linkages through assessing the net virtual water export (NVWE), the water embodied in the production of crops that are destined for export. The results indicate that long-term average Y, NVWE, and WYLD are expected to improve in the future. However, droughts will become more extreme in the future, leading to considerable reductions in Y, NVWE, and WYLD. During the post-drought period, the recovery time for WYLD is considerably longer than Y and NVWE across regions. The slow recovery of WYLD, following an agricultural drought, is related to crop water uptake, which can be controlled by optimization of the cropping pattern. The continuous loss of WYLD during and after prolonged and more frequent droughts in the future can significantly affect not only the environment and several economic sectors but also the irrigated crop production and export potential from these regions. This finding highlights the connections between local hydrology and global trade systems in agricultural watersheds of higher-latitude regions. Future adaptation measures, such as changes in cropping patterns, can preserve water yields during and after droughts, supporting water and food security.

Measures to preserve the mental health of sailors when working on autonomous surface vessels

Currently, all sectors of the national economy are subject to rapid processes of digital transformation, which requires the restructuring of both production processes and the improvement of the personnel selection system. The field of maritime transport is no exception, which has recently been focused on the active development of autonomous maritime shipping. The introduction of autonomous ships into operation radically changes the working conditions of ship crew members, including due to a significant reduction in their number. As a result, in the near future, seafarers will be forced not only to work in difficult conditions caused by maritime specifics, but also to experience the additional impact of a limited ship crew. The lack of necessary skills and training among current ship crew members to work in the new realities, as well as the high risk of impairment of their mental health, shows the objective need to find new approaches to the training and selection of seafarers. In order to develop recommendations for improving the rules for training, recruiting and selecting seafarers to work in conditions of a limited ship crew, the article studied regulations and levels of autonomy of sea surface vessels. A survey was conducted among active sailors, which made it possible to identify key problems on the stated issues, and also studied the types of temperament, personality and accentuation.

Economic Whirlwinds: Navigating the Business of Sports Through the COVID-19

Abstract Sport is a key sector in the global economy with a strong influence in almost every sphere of business interest. The pandemic of COVID-19 has for a time paralysed all major branches of the economy with effects that are still felt today in some sectors. Sport being a conglomerate of business and connections, new challenges have emerged for all relevant actors involved. From the suspension of leagues to the closure of stadiums, the once-thriving sports business found itself navigating uncharted territories. This article delves into the dynamic realm where the love for sports intersects with the complexities of commerce, exploring how the industry coped with unprecedented challenges and adapted to the ever-evolving global landscape. However, sport is a rather volatile field and able to adapt to economic challenges, for example football, basketball and tennis have managed through various strategies to cope with crisis situations. The pandemic has created new opportunities and transformed the economics of sport.

Investigation on implementing the swarm nano grid system for effective utilization of solar-powered agro-industries

The agro-industry is the backbone of the global economy, even in the twenty-first century. The agro-industry would not be what it is now without irrigation. The production and use of renewable energy in this sector of the agricultural economy have also expanded rapidly in recent years. Base-load power production and conversions dominate the literature. This research examines user concerns. The swarm nano grid system fixes this. The pulse width modulation (PWM) sinusoidal inverter converted stable DC power from the bidirectional DC-DC converter into sinusoidal AC voltage for the irrigation pump induction motor. Solar panels, batteries, and converters are costly, but they pay off. The nano grid distributes excess power generated during low demand to local loads. This technique works well when the load can be disconnected from the power grid. MATLAB is used to keep an eye on the reliability and efficiency of the induction motor. In the first simulation, solar power generation is modeled using the MATLAB Simulink software in two distinct modes. A PWM sinusoidal inverter that is driven by solar energy is what provides power to the 5.67 kW induction submersible motor. The simulation result provides a conceptual model of how induction motors powered by renewable energy sources function in practice.

The Role of Accounting and Audit in Sustainable Development

Abstract The involvement of accountants and auditors in sustainable development has become more and more present in the literature specialised forums. Sustainability accounting works in the same direction with corporate practices and the evolution of best practices for financial standards. Accountants and auditors contribute to the standardization of uniform procedures for all the nations. Our study will present the responsibilities and work area of accountants and auditors in the economic sector for sustainability. The traditional role of accountants and auditors is evolving towards a more comprehensive spectrum that also includes a sustainability role. We considered the analysis of specialized literature to identify the involvement of sustainability in different fields, sustainability being a subject of interdisciplinary interest.. The current role of accountants and auditors in promoting sustainable development by examining actions set by accounting regulatory authorities and representatives of the accounting profession through a qualitative analysis. Our research aims to enrich the specialized literature in academic financial research. The actual case study will present the involvement of accountants and auditors in the area of sustainable development that desire to achieve the standards proposed by the UN. The importance of work performed by accountants and auditors for international businesses for sustainable development will be also presented. Although it is really important to keep in mind that the actual paper has boundaries that could provide new interesting opportunities for research areas.

Mapping Circular Economy Performance: EU Member States Analysis and Insights

Abstract The concept of the circular economy was created around the desire to extend the life of products and, implicitly, their use in an economy. The waste reduction process is founded on the basis of the three R's - reduce, reuse, recycle, which aims to conserve natural resources. In order to determine the contribution made by the European Union (EU) states regarding the circular economy sector, a descriptive analysis was carried out at the level of the member countries, followed by the identification of their ranking regarding the performances recorded in accordance with the analyzed indicators, a final step being the realization of a cluster analysis through which to determine the similarities and differences between them. Among the results obtained, it was found that the countries in the center of the EU have among the highest values in terms of private investment related to circular economy sectors, but also for resource productivity, although they have among the lowest percentages of people employed in this field, but and among the largest greenhouse gas emissions from production activities.

The mediating effect of employee engagement and well-being on turnover intention in Indonesia

Employee turnover is challenging for firms, and it is usually fueled by employee stress due to their heavy workload. To minimize turnover, firms can implement various initiatives, such as employee well-being and employee engagement programs. Previous studies have examined the influence of work stress, employee engagement, or employee well-being separately on turnover intention. By exploring these factors simultaneously, this study aims to explain the roles of employee well-being and engagement as mediators in alleviating the impact of work stress on turnover. Data were collected from 425 employees working in various economic sectors (e.g., finance, education, research and development, retail, and business) in Indonesia and analyzed using the structural equation modeling (SEM) with the Lisrel 8.8 software. The results confirmed that work stress and employee engagement are factors that can directly influence turnover intention. Nevertheless, employee well-being does not have a direct impact on reducing turnover. The role of employee engagement in mediating the impact of work stress and employee well-being on turnover intention has been proven to be significant. This indicates that the company can withstand the stress that leads to employee turnover by creating jobs that make employees enthusiastically enjoy their work. Furthermore, company initiatives to create employee well-being will only be effective if those initiatives encourage employee engagement. Based on these findings, companies can develop strategies to reduce employee turnover. This can be achieved by prioritizing work stress management and improving employee well-being and engagement.

Inclusive-Based Deductive Training Model for Tour Guide in Goa Pindul

Tourism is an important industrial sector for the country's economy. Yogyakarta is a province with numerous tourist attractions, including Pindul Cave. Pindul Cave is a popular tourist destination with both domestic and international visitors. Tourism managers must be able to provide the best facilities for a wide range of visiting tourists, including those with special needs (disabilities), given the growing number of tourists. The goals of this study are to 1) find a consensual model of deductive training for tourist guides at Pindul Cave that is inclusive, and 2) to create an inclusive tourist guidebook. This is a multi-year study, and in the first year, the research team only reached the limits of identification and conceptual model. The research method used was qualitative, with focus group discussions with targets. Data was collected using observation, focus group interviews, documentation, and questionnaires. Meanwhile, four data analysis techniques are used: data collection, data reduction, data presentation, and conclusion. The research findings yielded a conceptual model of inclusive-based training for tour guides that includes three components: (1) identifying needs, (2) training planning, (3) implementing training programs, and (4) evaluating training. Meanwhile, the guidebook will be used for testing in the second year of this study.

ЭНЕРГЕТИЧЕСКИЙ ПЕРЕХОД И ЭНЕРГОСБЕРЕЖЕНИЕ НА НОВОМ ЭТАПЕ РАЗВИТИЯ

The problem of increasing energy efficiency in the Russian Federation is considered. The USSR energy system was unique in size and efficiency; due to large interconnected energy facilities and the development of district heating, it made it possible to efficiently consume fuel, which resulted in annual savings of 40-60 million tons of standard fuel and 10-15 GW of capacity. After a period of decline in the 90s of the last century, over the past 15 years the country's energy consumption has increased by a third, and structural changes have occurred in the main energy-intensive sectors of the Russian economy. It is noted that industry accounts for about 45% of the Russian energy balance, which is many times more than thermal power engineering (21%). The country's reserves for energy saving and energy efficiency can be divided into two groups. System reserves, consisting of an increase in the capacity and load of “carbon-free” sources - hydroelectric power stations and nuclear power plants, active use of losses and heat from technological processes, optimization of heat supply schemes, account for more than two-thirds of the potential for increasing energy efficiency. The second group consists of the use of renewable energy sources, waste, and biofuels. The country’s energy strategy should not consist in the quick payback of energy-saving projects, but in working on the systemic, multiplier effects of industrial development and infrastructure projects, the growth of large and small cities, and the development of hard-to-reach areas.

THE ENVIRONMENTAL COMPONENT IN THE SYSTEM OF ENSURING SUSTAINABLE DEVELOPMENT UNDER THE PRISM OF MODERN CHALLENGES

The article substantiates the importance of the ecological component in the system of sustainable development goals. The powerful potential of Ukraine's ecosystem and environmental problems, problems of ensuring an ecologically safe environment for people's life and health are outlined. Global challenges for ecosystems are characterized (destruction of the ozone layer of the atmosphere, global climate changes, melting of glaciers, rising sea levels, harmful emissions, air and ocean pollution, drinking water problems, etc.). The significant negative impact of the Russian Federation's war against Ukraine on the environment is described. Environmental threats from nuclear energy manipulations are singled out; from waste storage facilities, coal mines, chemical plants and other branches of heavy industry, especially those located in the zone of active hostilities. It is noted that the destruction/damage of water supply systems, sewage and waste storage facilities, etc. provoke significant damage with long-term consequences for the environment and human health. It is founded that most problems of environmental direction are problems of a global level. Directions for achieving climate neutrality within the framework of the European Green Course are indicated. The results of Ukraine in achieving climate neutrality are analyzed. The state and problems of environmental protection financing are analyzed. It was found that in the structure of expenditures from the state budget of Ukraine for all types of financing of environmental protection measures, current expenditures significantly prevail over capital investments. In the structure of current expenses, the largest share is spent on waste management. It is noted that since the beginning of the full-scale war of the Russian Federation on the territory of Ukraine, the amount of funding for environmental protection has significantly decreased, which is justified by the great need for defense funding. It is founded that the transition to a climate-neutral economy is a challenge for the modernization of economic sectors, requires a rethinking of the role of each member of society, but is at the same time an opportunity to ensure development based on the principles of sustainability. A system of measures to protect the environment and ensure environmental safety is outlined.

Information aggregation as potential for value addition to organizations: A review

In the development of Kenya Vision 2030 Third Medium Term Plan (MTP III) 2018-2022, the Blue Economy (BE) sector was recognised as one of the emerging economic fronts that are expected to significantly contribute to Kenya’s economic growth. Subsequently, there were calls to develop and manage a BE database. Despite these calls, there is currently no comprehensive database containing BE related data for Kenya, in an accessible manner to the public. As a response to these calls, our research team sought to explore different types of information aggregators. The study adopted exploratory design and reports the review of three aggregators. From the review results, the study proposed the design and development of a digital platform for aggregating information on the BE ecosystem in Kenya. The digital platform provides potential value addition to the host organisation in the form of: attracting external funding; raising its reputation and online visibility and adding value to the community.

Совершенствование моделей инновационного процесса в нефтегазодобывающей отрасли

The evolution of innovation models in the oil and gas industry is crucial for ensuring competitiveness and sustainability in the rapidly changing global market. The article presents research results on advancing models of the innovation process as applied to enterprises in the Russian oil and gas industry. The research is based on the analysis and further development of ideas from various Russian and foreign authors regarding the use of the integrated network model of the fifth generation of the innovation process – 5G. The proposals formulated in the article are grounded in the potential opportunities of digitizing oil and gas enterprises and utilizing new digital tools. In this regard, taking into account the specifics of the innovation process in the oil and gas industry, the author’s version of the innovation process model is proposed, on the basis of which it is possible to reasonably plan, organize and digitalize the management of innovative processes of enterprises. The research results contribute to expanding the range of methodologically sound models of the innovation process and are aimed at enhancing the management of innovation processes in strategically important sectors of the Russian economy. By aligning with the principles of the fifth generation of innovation models and leveraging digital technologies, this model aims to enhance the competitiveness and resilience of the Russian oil and gas industry in the global market landscape.

Usaha Mikro Kecil dan Menengah (UMKM) Berkelanjutan melalui Literasi Keuangan

MSMEs play an important role in the global and local economy, contributing to job creation, innovation and economic growth. However, many MSMEs face financial challenges that can hinder their development. This is why financial literacy is the key to empowering MSMEs to be sustainable. Micro, Small and Medium Enterprises (MSMEs) are the most strategic sector of the national economy and concern the livelihoods of many people, making them the backbone of the national economy. This research uses qualitative research methods, data collection is carried out using questionnaires, observation and documentation methods. Data analysis techniques use percentages as a basis for interpretation and description to produce research results. MSME players must develop modern business models. The government is also encouraging MSME players to develop modern business models, by building digital technology as a platform in the process of sustaining MSME activities. Strengthening digital technology to support MSME economic activities. In the sustainability strategy, digital technology must be the main platform in MSME business processes. Where, in the future it is hoped that MSMEs can use digital technology to implement financial literacy.

Classifying Economic Sectors to Improve Regional Development Priorities in Indonesia

Classifying Economic Sectors to Improve Regional Development Priorities in Indonesia

TRANSPORTATION ON THE DICLE AND FIRAT RIVERS IN ANCIENT AGES

While the Tigris and Euphrates rivers turned Mesopotamia into an agricultural paradise with the survival of people, it seems that living on these rivers with boats and rafts was no longer possible with the Chalcolithic Age. On these two rivers, which originate in Anatolia and flow into the Persian Gulf after merging, previously only the needed goods between Anatolia and Mesopotamia were transported from north to south. However, in later periods, trade began to be carried out through water connections to cities far from the Tigris and Euphrates rivers in Mesopotamia. These transportation activities, carried out with boats and rafts such as Mashoof, Isbiyah, Guffa, Kalaku, Coracle, Balams and Safinahs, turned into a major economic sector in Mesopotamia. The city of Hit, which constantly produced these vehicles for more cargo transportation and safer journeys, became an important industrial center of its time. Since the transportation services on the rivers, which became the locomotive of the Mesopotamian economy, turned into an activity that concerns almost everything, it can be seen that the periodical city authorities introduced some laws and rules for the more orderly and safe operation of these means of transportation.

Closing the Loop in the Process of Manufacturing Noise Barriers and Floating Trash Barrier - Case Study

The circular economy embodies a contemporary approach centered on sustainability and waste reduction, gradually integrating into production and consumption practices. Nonetheless, it has often remained a theoretical or abstract concept across various economic sectors. This paper focuses on the potential implementation of circularity principles, using the production process of noise barriers, manufactured by the production company based in Prešov, Slovak Republic, as an illustrative example. Through a comprehensive case study, it was determined that reintegrating generated waste into the production cycle is feasible. Moreover, there is potential for a cascading effect, where original waste could be utilized across multiple production processes. This underscores how the circular economy fosters economic efficiency, innovation, and creativity in diverse areas such as design, product diversification, input sourcing, and production planning. The paper's significance lies in its thorough examination of the production process, quantifying various types of waste to uncover innovative methods of converting waste into new input materials. Additionally, it offers insights and actionable guidance towards embracing multicircularity (via a circularity spiral), along with strategies for identifying opportunities to incorporate circularity elements into production schemes. This approach promises extensive economic, environmental, and social benefits, considering product nature and usage.