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Using smart people to build smarter:

Using smart people to build smarter:

Using smart people to build smarter:

Author(s): Brian Fabrègue,Léo J. Portal,Christopher Cockshaw / Language(s): English / Issue: 01/2023

Keywords: human capital; e-governance; statistics;

Smart cities have been heralded as new powerhouses of economic growth and their capacity to fill this promise strongly depends on how attractive they are to highly skilled people. In fact, talented professionals can be regarded as their precondition and the fuel of innovation. In this article, we try to articulate how outstanding smart cities have managed to consolidate and retain a highly skilled graduate workforce. To this end, we analyse recent institutional developments in the cities with smart ambitions that achieve the highest smartness scores and compare them to parallel developments in those that obtain the lowest scores or no score across four countries: Belgium, Denmark, the Netherlands and Poland. Taking from theories of economics of agglomeration and urban economics, and following a careful review of the relevant literature, we first highlight reasons that draw highly skilled workers to a smart city before identifying the cities which have proven most able to capitalise on them. In line with existing theories, this article finds that cities which enjoy greater administrative autonomy tend to successfully use this leeway to implement pro-growth policies and amplify them via a regulatory setting that itself encourages business development. Hence, our conclusion provides recommendations towards a pathway of reforms for smart cities willing to authorise more comprehensive policies in order to boost their attractiveness as locations of employment and reach their stated objectives.

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Application and Challenges of Web 3.0 in Smart Cities

Application and Challenges of Web 3.0 in Smart Cities

Application and Challenges of Web 3.0 in Smart Cities

Author(s): Joshua Olusegun Fayomi,Zainab Abdulqadir Sani / Language(s): English / Issue: 01/2023

Keywords: ICTs; technology; Lithuania; difficulties;

Citizens are becoming more directly involved in the advancement of sustainability in smart development in areas where web 3.0 promises to transform urban cities into advanced smart cities and where ICTs are integrated in strategies for participation and co-production. This study's aim is to investigate and pinpoint the applications and difficulties in using Web 3.0 technologies in smart cities in Lithuania. A systematic questionnaire with open-ended questions was created after a thorough study in order to elicit 250 replies from citizens, managers, and online workers in Lithuania. The information gathered was examined. Our research findings in this paper offer a multidisciplinary understanding of web 3.0's applications and difficulties in smart cities, as well as insights into the chances for citizen participation in decision-making and service delivery. Future cities will likely need a stronger technological connection with smart technology, with an emphasis on the rising role of the digitally "empowered" citizen. In order to improve surroundings in web 3.0 contexts, this study examines the difficulties and applications of implementing such a futuristic idea. It will be said that although much of the technology needed to realize the vision of Web 3.0 applications in smart cities is already available, further research is still required in several important areas.

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Ambient Advertising in Metaverse Smart Cities

Ambient Advertising in Metaverse Smart Cities

Ambient Advertising in Metaverse Smart Cities

Author(s): Nikola Vangelov / Language(s): English / Issue: 01/2023

Keywords: Ambient advertising; digital advertising; outdoor advertising; metaverse advertising; marketing communication; smart cities; metaverse;

The paper analyzes the main aspects of ambient advertising, metaverse and smart cities. This type of advertising is creative, relatively inexpensive and uses the context of a city’s area to provide a new experience to its residents and tourists. The article aims at displaying the overlapping of this marketing communication with the urban context and how both companies and municipalities could benefit from using it. The types of ambient advertising are studied, as well as their application in the communication of organizations with people in cities. Through content analysis and case studies the connection between ambient advertising and metaverse urban areas with its residents is studied. This paper adds on several previous studies [1, 2, 3] and some others in the context of smart cities and metaverse ambient advertising, while proposing an additional method of tracking user experience – eye tracking. Key elements of ambient advertising, the metaverse and smart cities are studied, as well as interactivity and connectivity. Through the analyzed examples the positive aspect of using this marketing communication is displayed, since it makes it possible for the residents to see the same environment in a new and interactive way. Thus, the connection between them and the urban space becomes stronger and more entertaining. This paper could be of interest to academicians and practitioners in the sphere of marketing and advertising, as well as representatives of municipalities, who aim at providing their residents an additional level of experience with the urban areas of the future.

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Using RPA for data generation using OCR platforms in Mediterranean University of Albania

Using RPA for data generation using OCR platforms in Mediterranean University of Albania

Using RPA for data generation using OCR platforms in Mediterranean University of Albania

Author(s): Gerild Qordja / Language(s): English / Issue: 01/2023

Keywords: Microsoft Azure; Robotic Process Automation (RPA); Optical Character Recognition (OCR); MySql; Html;

The increase in the amount of data today has led to the use of computer applications in order to manage processes precisely. Robotic process automation (RPA), also known as software robotics, uses automation technologies to mimic back-office tasks of human workers, such as extracting data, filling in forms, moving files, et cetera. Optical character recognition (OCR) is sometimes referred to as text recognition. An OCR program extracts and repurposes data from scanned documents, camera images and image-only pdfs. OCR systems use a combination of hardware and software to convert physical, printed documents into machine-readable text. Hardware such as an optical scanner or specialized circuit board copies or reads text then, software typically handles the advanced processing. Process Automation in Azure Automation allows you to automate frequent, time-consuming, and error-prone management tasks. This service helps you focus on work that adds business value. In this paper, I will use the above-mentioned technologies to realize the automatic data generation process for the construction of an online library. In addition, the level of data accuracy will be studied in the automation of data generation from pdf files to mySql. The application will be built in front end html and back end php programming language and mySql database. These tests will be done by inserting more than 17000 books in pdf format.

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Exchange rate forecasting with Artificial Intelligence

Exchange rate forecasting with Artificial Intelligence

Exchange rate forecasting with Artificial Intelligence

Author(s): Zela (Male) Katerina / Language(s): English / Issue: 01/2023

Keywords: NARNN; ARIMA; Artificial Intelligence; Time series forecasting;

This study concerns the problem of forecasting the exchange rate between the official currency of EU member states, Euro and Albanian Lek, aiming to identify the best predictive model for financial time series future trend prediction. We compare the forecasting performance of linear and nonlinear forecasting models using monthly data for the period between January 2002 until January 2022. We discuss various forecasting approaches, including an Autoregressive Integrated. Moving Average model, a Nonlinear Autoregressive Neural Network model, a BATS model and Exponential Smoothing on the collected data and compare their accuracy using error term measuring indicators, choosing the model with the lowest Mean Absolute Percentage Error value. Finding the most accurate forecasting model would help improve monetary and fiscal politics, as well as orient future personal investments.

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The Conception and Discourse of Smart City

The Conception and Discourse of Smart City

The Conception and Discourse of Smart City

Author(s): Kumar Deepak / Language(s): English / Issue: 01/2023

Keywords: cities; urban governance; citizenship rights;

The article traces the emergence of the smart city concept, and how it has developed in the global North and the global South. The article further explores the discourses around smart cities as found mentioned in the scholarship, and in several attempts to define a rather ambiguous term smart city, exploring different aspects/dimensions/components of a smart city in general, and in relation to citizenship and rights, in particular. The discourses are broadly categorized under the themes of urban governance, citizenship rights and technology-society nexus. An understanding of the genealogy of the smart city concept and discourse would be helpful in understanding how the idea has taken space in urban governance with implications including on citizenship rights.

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Utilization of Green Spaces as a Cost-Effective Strategy for Environmental and Health Risks Control in Residential Plots in Dar es Salaam City, Tanzania

Utilization of Green Spaces as a Cost-Effective Strategy for Environmental and Health Risks Control in Residential Plots in Dar es Salaam City, Tanzania

Utilization of Green Spaces as a Cost-Effective Strategy for Environmental and Health Risks Control in Residential Plots in Dar es Salaam City, Tanzania

Author(s): Mwageni Nicholaus Fabian / Language(s): English / Issue: 01/2023

Keywords: Flood; Soil erosion; Stormwater; Wind; Fugitive dust;

The main objective of this study was to determine the cost-effectiveness of green spaces in controlling environmental and health risks in residential areas. The study aimed at comparing the costs of using green spaces and the costs of conventional infrastructure in controlling environmental and health risks. Many scholars have qualitatively reported that residential home greenery is recognized as an important component for the control of environmental and health risks. However, the cost-effectiveness of green spaces relative to man-made solutions for the same is not documented with certainty. The study deployed a questionnaire, field observation and measurement methods for data collection. The study revealed that, depending on location, residents face five major environmental and health risks; fugitive dust, violent wind, runoffs, animal habitat deterioration, soil erosion and flood water. The percentage of households using green spaces as a strategy for controlling the aforementioned risks is still minimal despite the high monetary saving. The majority of the respondents’ home greeneries are incorrectly orientated and home entrances appear to be more of a factor in determining where green space is located. With exception of risks of run-offs, utilization of green spaces in controlling environmental and health risks saves more than 90% of costs compared to costs for a man-made solution and 61% for run-off control. Results imply that there is a need for advocacy for greater realization of green space as a cost-effective strategy in controlling environmental and health risks among residents, environmentalists, planners and disaster risk practitioners in Dar e salaam City, Tanzania.

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Algorithms weighing lives and freedoms: The case of China’s health code

Algorithms weighing lives and freedoms: The case of China’s health code

Algorithms weighing lives and freedoms: The case of China’s health code

Author(s): Ina Virtosu / Language(s): English / Issue: 01/2023

Keywords: Algorithms; Jian Kang Ma (JKM); mutual recognition; high risk area; zero-COVID policy;

In response to the COVID-19 outbreak in the beginning of 2020, Chinese local governments created a software extension on existing mobile applications to monitor citizens’ movement and collect their health data. Very quickly China’s health code became a key resource for the country’s governments to track and contain COVID-19 cases using time, location, and personal interactions. China’s health code system represents an unprecedented form of “biological” governance, which demonstrates and supports the transformation empowered by digital technologies, enhancing the access to healthcare and fusing together mass surveillance and fundamental public service provision. Digital contact tracing has attracted enormous interest among academics and legislators since the outbreak of COVID-19, which resulted in several policy papers and research works, discussing issues, such as the effectiveness and accuracy of virus detection, as well concerns in regard to discrimination and data privacy. However, most of the articles refers to technologies and its implications in the West, and less to the peculiarities and problems related to the use of Chinese health code. Present research analysis the issues related to difficulties to achieve a balance between China’s “zero-COVID policy” and freedom of movement, as well those regarding multiple health code’s proliferation, health code abuses and misuses by officials who do not want to miss any cases for fear of outbreak or being fired. Since China’s health code system is still far from being centralized and uniform across the country, the mutual recognition system has resulted in considerable problems for those who find themselves in high-risk areas.

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“Thou shalt love thy neighbor as thyself”? The relationship of self-care with empathy and altruistic behavior

“Thou shalt love thy neighbor as thyself”? The relationship of self-care with empathy and altruistic behavior

“Thou shalt love thy neighbor as thyself”? The relationship of self-care with empathy and altruistic behavior

Author(s): Aleksandra Pilarska,Anna Suchańska / Language(s): English / Issue: 1/2022

Keywords: self-care; altruism; empathic concern; personal distress; perspective-taking;

Aim The aim of the study was to investigate whether self-care, understood as a set of functions ensuring one’s own safety and personal development, promotes a tendency toward empathy and altruism. Method The study was conducted online on a group of 331 people, using the Self-Care Questionnaire, the Empathic Sensitiveness Scale, the Altruism Questionnaire, and the Social Desirability Questionnaire. The data was analyzed using both a variable-centered and a person-centered approach. Results Results obtained through path analysis revealed that the association between self-care capacity and engaging in altruistic behavior was mediated by tendencies toward empathic concern and perspective-taking. Self-care contributed to willingness to behave for the benefit of others, as it fostered other-oriented empathy. Cluster analysis results confirmed that properly developed abilities to protect and care for oneself were accompanied by empathic sensitivity to the welfare of others and willingness to engage in altruistic behavior. Notwithstanding, the results also indicated that self-care deficits do not preclude engaging in helping activities when they allow one to reduce one’s own empathic suffering. Conclusions Results obtained through correlation-regression and cluster analyses demonstrated that self‑care promotes mature empathizing – associated with empathic concern and perspective-taking – and engaging in selfless actions for the benefit of others.

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Polish Crisis’ Effects in Romania in the Early 1980s
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Polish Crisis’ Effects in Romania in the Early 1980s

Polish Crisis’ Effects in Romania in the Early 1980s

Author(s): Petre Opris / Language(s): English / Issue: 3-4/2006

Keywords: Romania; 80s; crisis; economy; policy;

In Nicolae Ceaușescu’s opinion, the incompetence and lack of discipline of the popular masses and state institutions provoked the economic crisis in Romania at the beginning of the ’80. Instead, the Romanian Communist Party, and especially its leader, was exempted from responsibility. Blaming the popular masses and the state bodies for the obvious failure of the supreme leader of RCP in the economic policy promoted in the ’70s was actually a political manoeuvre aiming at avoiding a crisis similar to the one in Poland, where workers were openly and strongly contesting the leading role of the PUWP - the leaders of this party being considered the main culprits for the economic disaster that had seized Poland at that time.

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On the Eve of the Collapse: Ceaușescu’s Regime between Internal Dissent and International Isolation, 1987
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On the Eve of the Collapse: Ceaușescu’s Regime between Internal Dissent and International Isolation, 1987

On the Eve of the Collapse: Ceaușescu’s Regime between Internal Dissent and International Isolation, 1987

Author(s): Ana-Maria Cătănuş / Language(s): English / Issue: 3-4/2006

Keywords: Ceaușescu; politics; regime; 80s;

In the ’80’s , Romania experienced a deterioration of the internal situation, which led to a growing opposition of Romanian society toward Nicolae Ceaușescu’s regime. There were many sources of discontent, which could be identified in the progressive economical deterioration, visible in the people’s lowering living standard to the limit of subsistence, but also in the authorities disrespect for human and civil rights (the right to free speech, free conscience, the right to emigrate). Using the secret police, the Securitate, the Communist regime kept people under strict surveillance, and the ones who dared to have a different opinion or to disapprove openly with the official point of view, were harshly punished. These things had a major contribution in maintaining a state of terror over the entire society.

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The Poles in Historical Bukovina during the Communist Period 1944-1989
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The Poles in Historical Bukovina during the Communist Period 1944-1989

The Poles in Historical Bukovina during the Communist Period 1944-1989

Author(s): Daniel Hrenciuc / Language(s): English / Issue: 1-2/2006

Keywords: Bukovina; Poles; communism;

This study analyses synthetically the Polish community from the South of historical Bucovina during the communist period being supported by archive sources, studies, books and oral testimonies collected from the old persons belonging to the Polish community. Between 1939-1944, the Poles from Bucovina involved directly in helping the British and Romanian spy services accomplishing services of reconnaisance and of courier collaborating with the Romanian authorities in the field - one of the well-known cases being that of Maria Lesiecka. The end of the second world war caused significant mutations in the space of Central-Eastern Europe founded on the grounds of the Churchill - Stalin fatal agreement from October 13, 1944, determining after that the setting up of the Iron Curtain and the whole suite of measures associated with a totalitarian political system of a communist essence.

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The Reagan Administration and the End of the Cold War, II
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The Reagan Administration and the End of the Cold War, II

The Reagan Administration and the End of the Cold War, II

Author(s): Susana Bocșaru / Language(s): English / Issue: 1-2/2006

Keywords: Reagan Administration; Cold War; End of the Cold War;

On November 4, 1980 Reagan won a sweeping victory, carrying 489 electoral college votes to Carter’s 49, a decisive ten to one margin, and 51% of the popular votes to 41% for Carter. Reagan ran on a platform that called for a decisive foreign policy, “peace through strength”, a clear break with Carter’s “vacillating” policy of “chaos, confusion and failure”. This concept aimed at reversing the decline of the U.S. power relative to the Soviet Union’s, establishing the U.S. as the leader of the “free world” in the fight against communism, because “the President’s failure to shoulder the burden of leadership in the Western alliance has placed America in danger without parallel since December 7, 1941”. But most importantly it aimed at restoring “to our great nation its self-respect, its self-confidence, and its national pride”. It was basically a policy of confrontation.

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The Convergence in Greenhouse Gas Emissions Across G-7 Countries

The Convergence in Greenhouse Gas Emissions Across G-7 Countries

The Convergence in Greenhouse Gas Emissions Across G-7 Countries

Author(s): Neslihan URSAVAŞ,Şükrü Apaydin / Language(s): English / Issue: 1/2023

Keywords: Convergence Hypothesis; Environmental Convergence Hypothesis; Greenhouse Gas Emissions; Log-t test; G-7 Countries;

Environmental degradation, such as climate crisis, global warming, etc., is one of the crucial issues for countries. Studies in the literature analyze the convergence in environmental degradation regarding the environmental convergence hypothesis using different indicators such as carbon dioxide emissions, ecological footprint, etc. to identify the differences in environmental quality across countries. This study tests the environmental convergence hypothesis for G-7 countries over the period 1997-2018. To do so, we use greenhouse gas emissions per capita as an indicator of environmental degradation and apply non-linear dynamic factor model developed by Phillips & Sul (2007). According to the results, countries do not converge to a single equilibrium point. However, Phillips & Sul (2007) convergence methodology allow us to identify possible convergence clubs. The club clustering algorithm identifies three convergence clubs, each converging to a different steadystate. Club 1, which converges to higher greenhouse gas emissions per capita level, includes Canada and United States, whereas Club 2 includes Germany and Japan, and Club 3 includes France, Italy, and the United Kingdom. The results confirm that the that the environmental convergence hypothesis does not hold for G-7 countries.

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Factors Affecting Farmers' Perceptions towards Benefits of Organic Farming

Factors Affecting Farmers' Perceptions towards Benefits of Organic Farming

Factors Affecting Farmers' Perceptions towards Benefits of Organic Farming

Author(s): Mustafa Özer,Seyfiddin DAL / Language(s): English / Issue: 1/2023

Keywords: Kilis; Organic; Olive Oil; Farming; Probit;

This study analyzes the factors affecting the perceptions of organic farmers about the benefits of organic farming in Kilis. Data were collected by conducting a face-to-face survey of 279 of 445 farmers in Kilis who produce organic olive oil. The multivariate probit regression method was used for data analysis. According to the regression results, the increase in the age and experience of the farmer increases the possibility of considering the idea of preserving the organic components in the soil as the benefit of organic farming. On the other hand, being a woman increases the possibility of seeing the idea of protecting the organic component in the soil as a benefit of organic agriculture. The increase in income level and being a man bring the cost to the forefront as the benefit of organic agriculture. The independent variables used in the study have no effect on the variable of producing highly competitive products. Farmers who make a living from olive farming are more likely to adopt the idea of being environmentally friendly as a benefit of organic farming. The situation is the opposite for farmers who are members of the olive oil union. Compared to individuals with 10 years or less of farming experience, having more farming experience positively affects the likelihood of seeing health as a benefit of organic farming.

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Environmental Performance: Evidence from Level-2 Regions

Environmental Performance: Evidence from Level-2 Regions

Environmental Performance: Evidence from Level-2 Regions

Author(s): Zekiye Örtlek,Cuma Demirtaş,Munise Ilikkan Özgür / Language(s): English / Issue: 1/2023

Keywords: ARAS Method; Entropy Method; Environmental Performance Index; Level-2 Region; Multi-Criteria Decision Making Method;

The study's objectives are to assess the environmental performance of the NUTS-2 Region from 2009 to 2020 and to provide policy suggestions based on the results. Multi-Criteria Decision Making (MCDM) techniques were used in the assessment of environmental performance. The environmental performance criteria used in the assessment are the total electricity consumption per capita, agriculture, forestry, and fisheries, the number of water supply enterprises, the urban population, and the amount of wastewater treated by the municipalities. First of all, the weights of the indicators to be used in the evaluation of environmental performance were calculated with the Entropy method, which is one of the MCDM methods. Then, with the help of the ARAS method, the environmental performance ranking of the NUTS-2 Region was obtained. Within the scope of the findings, the environmental performance criterion with the highest weight by the Entropy method is electricity consumption per capita; the lowest is the amount of wastewater treated by the municipalities. With the ARAS method, it was observed that the region with the highest environmental performance was TR10 (Istanbul), while the lowest was TR63 (Hatay, Kahramanmaraş, Osmaniye).

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Examining the Relationship Between Relationship Marketing, Cognitive Dissonance, Customer Satisfaction and Repurchase Behavior: A Study on Online Purchasing Behavior

Examining the Relationship Between Relationship Marketing, Cognitive Dissonance, Customer Satisfaction and Repurchase Behavior: A Study on Online Purchasing Behavior

Examining the Relationship Between Relationship Marketing, Cognitive Dissonance, Customer Satisfaction and Repurchase Behavior: A Study on Online Purchasing Behavior

Author(s): Eda Dişli BAYRAKTAR / Language(s): English / Issue: 1/2023

Keywords: Relationship marketing; cognitive dissonance; customer satisfaction; customer loyalty;

Especially the rapid technological development of and the rise in internet usage have diversified online shopping sites. Thus, consumers have started to evaluate alternatives in their online shopping site preferences. This situation can create a cognitive dissonance in them. In this direction, the objective of the study was to investigate the impact of bond strategies on cognitive dissonance behavior and the impact of the cognitive dissonance on satisfaction and repurchase behavior of customers in RM. The survey questionnaire forms prepared for this purpose were delivered to the participants using both online and face-to-face questionnaires. Totally 401 responses were submitted. Whether or not a relationship exists between the variables in the model was determined using the LISREL 8.7 software within the framework of the structural equation model. Study results revealed that social, structural, and financial bonds had negative and significant impacts on CD. In other words, it is determined that a one-unit increase in the social, structural, and financial bonds of the participants would have an adverse impact on their CD levels. Moreover, it was detected that CD had a negative and significant impact on customer satisfaction and repurchase behavior.

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Quo vadis neoliberalism: A carefrontation of Veblen, Keynes, and Marx

Quo vadis neoliberalism: A carefrontation of Veblen, Keynes, and Marx

Quo vadis neoliberalism: A carefrontation of Veblen, Keynes, and Marx

Author(s): Pınar KAHYA AYDIN / Language(s): English / Issue: 1/2023

Keywords: Neoliberalism; Marx; Keynes; Veblen;

Neoliberalism is still main reference point of economic thought in economics departments of universities and hegemonic ideology of policy makers although it comes in harsh criticisms for policy outcomes particularly deepening global inequality from wide range of scholars, journalists and even some policy networks especially after 2008-9 financial crisis. These criticisms are meaningful in terms of questioning neoliberal hegemony even so the motto of neoliberalism which is “there is no alternative” has not been responded as “nope, there is an alternative” yet at least as a counter hegemonic position for global political and economic system. The article sets out to formulate the need of going beyond criticisms and creating a reference toolbox kit to face with neoliberal hegemony. Is it possible to create an alternative method of thought in economics via eliminating deficiencies of particular schools of thought? In particular, is it possible to create a holistic response from different schools of non-mainstream economics focusing on neoliberalism as a concrete case for objection? The answer is yes. In this study, three different schools of economic thought, evolutionary institutionalism, Keynesianism and Marxism are mutually considered and the theoretical possibility of a holistic opposition in different levels is affirmed in a way of their stances in against neoliberalism.

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Financial Convergence Test with Fourier Panel KPSS Stationarity Test: Findings from Fragile Five Countries

Financial Convergence Test with Fourier Panel KPSS Stationarity Test: Findings from Fragile Five Countries

Financial Convergence Test with Fourier Panel KPSS Stationarity Test: Findings from Fragile Five Countries

Author(s): Mehmet TEMİZ,Gökhan Konat / Language(s): English / Issue: 1/2023

Keywords: Financial Development; Liquid Liabilities; Private Loan; Deposit Bank Assets; Fourier Panel Stationarity; Convergence;

Financial development is an important component of economic development. In particular, it is very important for developing countries to converge to developed countries in terms of financial development level. In this study, the convergence of the financial development indicators of the Fragile Five Countries to the average of the indicators of the four selected countries (USA, England, Australia and Japan) in the top ten in terms of financial development level for the period 1980-2020 is tested. In this respect, our study contributes to the literature by measuring the convergence of a developed country group, not a single country. The data used in the study were accessed from the World Bank official database. Stationarity test which is introduced to the literature by Nazlıoğlu and Karul (2017) based on the Fourier stationarity test developed first by Becker et al. (2006). This test gives results for both the individual and the panel as a whole. As a result of the tests, it is seen that the financial development indicators of the Fragile Five Countries do not converge to the selected country group and its average. Results showed that, the financial markets of the Fragile Five Countries are in a static structure. Their financial systems do not depth enough and so these systems are far from efficiency. Necessary precautions need to be taken in terms of inadequacy of financial indicators examined. Therefore, it can be inferred that there are weaknesses in financial systems in matters such as economic integration, liberalization, harmonization of regulations and globalization.

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On the Growth Slowdown in Developed Economies

On the Growth Slowdown in Developed Economies

On the Growth Slowdown in Developed Economies

Author(s): İlay KURT / Language(s): English / Issue: 1/2023

Keywords: Growth slowdown; Developed Countries; Panel Data;

After the Global Financial Crisis of 2008, the long-run growth patterns in developed economies have been under closer academic scrutiny because of dismal prospects of growth slowdown and secular stagnation. There exist various conflicting views on whether this slowdown of growth rates started prior to the Global Financial Crisis or not. Moreover, the debate is extended concerning the source of this slowdown, arguing the pace of innovation. This paper presents an investigation of the structure of long-run growth patterns for a large set of countries using empirical methods to directly test whether and to what extent long-run growth slowed down in developed economies. Our findings show that, in high-income economies, the long-run growth rates of GDP per capita, GDP per worker and TFP exhibit clear declining trends over the period 1970-2019. Furthermore; the statistical significance of growth slowdown is not sensitive to (i) country classification criteria (D1: high-income countries according to World Bank, D2: high-income countries according to United Nations, and D3: OECD member countries), and (ii) the estimation method (fixed effects versus random effects).

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