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How to measure the environmental and health risk of exposure to future epidemics in cities?
Full text linkAbstract. This paper suggests a metrics that measures the environmental risk of exposure of cities to future waves of COVID-19 and epidemics of similar vital agents. The proposed index combines environmental, socioeconomic and health risk factors of cities to assess their vulnerability to the diffusion of infectious diseases. The statistical evidence here seems in general to support the predictive results of the index in assessing the risk of exposure of cities to the spread of infectious diseases. The metrics here can be important to help policymakers in decision making to constrain new waves of the COVID-19 and/or diffusion of new infectious diseases similar to COVID-19 with appropriate control measures on environment and socioeconomic system.Keywords. COVID-19, Vulnerability index, Infectious diseases, Public health, Risk assessment, Critical decisions.JEL. Q12, Q13, Q15, Q18
Towards an explanation of the Euro FX market reaction in the EU: A review of European integration during the EU crises
Full text linkWe review market participants' actions and the EU afterthe introduction of the euro and during the crises period and Brexit process. The crucial factor is the feedback effect in the reactions of the market participants and the EU. The euro was introduced in a compromised monetary union agreement, essentially underlining the European integrative process issues that were highlighted by the euro crises. Hence, for this reason, it is hard to explain the euro crises without referencing the European integration theories. On the other hand, it is difficult to understate the behavioural factors, including greed and fear, in the full explanation of thecrises. At the heart of this research is the introduction of a new model of testing the stability of the market extending the variance bound test of (Fakhry & Richter, 2015) underpinned by a Markov Switching GARCH model. We analyse the stability of the Euro FX Market from 1st January 1999 to 31st December 2019. We found a mixture of over and under reactions defining the three sub-periods which given the Euro heuristic influencing both the market participants’ and EU’s views seem to be an acceptable result.Keywords. Behavioural Finance, EU Integration, Euro, Euro Crises, Long/Short Run, Market Stability.JEL. C51, D81, G01, G02, H77
The Privatization of Social Security in Chile 1980-Present
Full text linkThe following paper is an analysis of Chile’s pension reform from 1980 to today, in 2019. In this paper, the authors analyze the structure, implementation, and transition process of the reform, while also highlighting strengths and identifying weaknesses that can be improved upon. This information can be used to assist Chile in its current pension reform, as well as be used as a potential model for future countries looking to overhaul their pension system.Keywords. Privatization, Social security, Chile.JEL. F21, F68, O53, K23
AHP analysis of classifying and positioning the crucial influential factors of brand establishment in the semiconductor industry
Full text linkAbstract. This study categorizes the crucial influencing factors and positions them according to their importance in achieving the impact of semiconductor brand establishment on improving corporate performance and meeting customer needs. This study conducted an in-depth literature review that recognizes the crucial factors necessary for implementing influence in establishing a semiconductor brand. This study identifies five main variables and 17 subvariables, including “Customer value”, “Brand equity”, “Brand loyalty”, “Brand orientation” and “Brand performance”, and provides experts’ suggestions. The positioning of 17 subvariables and 5 main variables representing crucial influential factors was performed using an analytical hierarchy process (AHP) technique per their relevance in crucial influential factor implementation. The results show that 5 main variables and 17 subvariables play a vital role in the successful implementationof the impact of establishing a semiconductor brand, and “Customer value” has gained more weight compared to the other main variables. ‘Addressing problem’, ‘Superior value’ and ‘New product development’ are more important than are other subvariables. The limitation of this study is that, first, although this study consults experts from the semiconductor industry and academia of various countries, their opinions are only relevant to their regions. Second, the development of this model only applies to the semiconductor industry. Third, only expert opinion variables were used for pairwise comparisons. This study compensates for the lack of key factors in establishing a semiconductor brand, using the literature and expert questionnaires to obtain the weight of each factor through the AHP method and ranking them in order of importance. It examines the overall situation of the practice of building brand comprehension, missing no factor, understanding where the key points areand using them effectively. This research advances the implementation focus of the key factors that affect the establishment of semiconductor brands. According to the results of the literature review, this study is the first on implementing key factors affecting the establishment of a semiconductor brand. This study attempts to fill this gap.Keywords. Crucial influential factors, Establishing semiconductor brand, AHP.JEL. C44, M21, M31, D81, L29
New underlying trends in China’s cross-border investments
Full text linkAbstract. As global macroeconomic uncertainties grow, there are notable shifts and oscillations in Chinese outbound investment and cross-border investment flows. This study shows China’s key investment characteristics including geographical preferences, investment compositions, and structural changes in industrial and foreign policies, such as Made in China 2025, financial liberalization, and OBOR. While these trends seem contradictory at times, opportunities are available for nimble and creative players who could capitalize on China’s increasing demand in the new economy (“xin jing ji”), with adequate consideration of regulatory scrutinies.Keywords. Cross-border, China, Outbound, Investments, Regulations.JEL. F21, F68, O53, K23
Mapping sources, types and importance of ecosystem services from Bulgarian agriculture
Full text linkAbstract. Agricultural ecosystems of different types and their specific “agro-ecosystem” services are among the most widespread in the world. However, in Bulgaria the state of practical progression of the studies of agricultural services in mostly at the methodological level and very limited to general classification and qualitative “assessments”. This article tries to fill the gap and present initial results of large scale studies on mapping the sources, types and importance of agroecosystem services in Bulgaria. The identification of the type, size, efficiency and importance of “produced” services of agro-systems is based on the assessments of the managers of 324 “typical” farms of different legal status, size, production specialization, ecological and geographical location. The study has found out that there are significant differences in the participation and contribution of agricultural holdings in the protection and provision of agro-ecosystem services in the various specific and principled ecosystems of the country, and major subsectors of agricultural production. The latter requires special measures to improve, diversify and intensify this activity of farmers through training, information, exchange of experience, public incentives and support, etc. Analyzes of the structure and importance of agro-ecosystem services in the country are to be expanded by improving the accuracy and representativeness of the information by increasing the number of surveyed farms, avoiding “double” accounting, applying statistical methods to verify the reliability, special "training" of and those involved in surveys, applying direct field measurements experts and stakeholders involvement etc.Keywords. Ecosystem services, Agriculture, Ammount, Structure, Importance, Bulgaria.JEL. Q12, Q13, Q15, Q18
Jonathon Conlin, Great Economic Thinkers: An Introduction from Adam Smith to Amartya Sen
Full text linkAbstract. Every generation of economists builds on its forebears and as the field develops. Colins uses a variety of views, leading to a more comprehensive perspective on the history of economic thought. Standard and new scholars in the history of economic thought are considered. Mathematics, econometrics, and deduction are leading tools in the economic tool kit. Nonetheless, to keep the history of economic thought as a vital tool in the economic methodology, economics is enriched by the inductive, historical perspective.Keywords. Generation of economists, Great Economic Thinkers, Adam Smith, Amartya Sen.JEL. A13, C70, D11
Cost overruns in infrastructure projects: Evidence and implications
Full text linkIn recent years, there has been a sharp growth in both the magnitude and frequency of major infrastructure investments worldwide. Despite this boom in infrastructure spending, major projects continue to systematically underperform, as demonstrated in numerous empirical studies. In this paper, the author will discuss the factors underlying this growth in public spending, evaluate the empirical evidence on project cost overruns, and discuss the broader macroeconomic implications of this phenomenon.Keywords. Macroeconomic implications, Major infrastructure investments, Growth.JEL. H73, J42, J61, J62, J68, F22, F42