Abstract: Commercial banks in Nigeria adopted many strategies
to attract fresh deposits including the use of high deposit rate.
However, pricing of banking services moved in favor of the banks at
the expense of customers, resulting in their seeking other investment
alternatives rather than saving their money in the bank. Both deposit
and lending rates were greatly influenced by the Central Bank of
Nigeria (CBN) decision on interest rate. Therefore, commercial bank
effort to attract deposits via manipulation of her rates was greatly
limited, otherwise the banks will be giving out more than it earned.
The study aimed at examining the relationship between interest rate
and fixed fund deposit of commercial banks, how policy-controlled
interest rate affected commercial bank’s fixed fund deposit The
researcher employed ordinary least square technique, using, multiple
linear regression, unrestricted vector auto-regression, correlation
matrix test, granger causality and impulse response graph in the
analysis. Commercial bank’s interest rates affected commercial
bank’s fixed fund deposit significantly while policy-controlled
interest rate did not significantly transmit through the commercial
bank’s interest rates to affect fixed fund deposit. While commercial
banks seek creative ways to expand their fixed fund deposit, policy
authorities in Nigeria should better coordinate interest rate fluctuation
and induce competition in the entire financial sector.
Abstract: In developing countries, one of the most important
restrictions about the economic growth is the lack of national savings
which are supposed to finance the investments. In order to overcome
this restriction and achieve the higher rate of economic growth by
increasing the level of output, countries choose the external
borrowing. However, there is a dispute in the literature over the
correlation between external debt and economic growth. The aim of
this study is to examine the effects of external debt on Turkish
economic growth by using VAR analysis with the quarterly data over
the period of 2002:01-2014:04. In this respect, Johansen
Cointegration Test, Impulse- Response Function and Variance
Decomposition Tests will be used for analyses. Empirical findings
show that there is no cointegration in the long run.
Abstract: This paper proposes a linear model for optimizing
domestic energy consumption in Romania. The particularity of the
model is that it is putting in competition both tangible technologies
and thermal insulation projects with different financing modes.
The model is optimizing the energy system by minimizing the
global discounted cost in household sector, by integrating residential
lighting, space heating, hot water, combined space heating – hot
water, as well as space cooling, in a monolithic model. Another
demand sector included is the passenger transport.
This paper focuses on space heating part, analyzing technical and
economic issues related to investment decisions to envelope and
insulate buildings, in order to minimize energy consumption.
Abstract: Aging infrastructures became a serious social problem.
This brought out the increased need for the legislation of a new strict
guideline for infrastructure management. Although existing guidelines
provided basics of how to evaluate and manage the condition of
infrastructures, they needed improvements for their evaluation
procedures. Most guidelines mainly focused on the structural
condition of infrastructures and did not properly reflect service aspects
of infrastructures such as performance, public demand, capacity, etc.,
which were significantly valuable to public. Regardless of the
importance, these factors were often neglected in infrastructure
evaluations, because they were quite subjective and difficult to
quantify in rational manner. Thus, this study proposed a framework to
properly identify and evaluate the service indicators. This study
showed that service indicators could be grouped into two categories
and properly evaluated using AHP and Fuzzy. Overall, proposed
framework is expected to assist governmental agency in establishing
effective investment strategies for infrastructure improvements.
Abstract: Evidence shows that start-ups success is positively
correlated with the launch of the first product. However, new ventures
are seldom able to acquire abundant resources for new product
development (NPD), which means that entrepreneurs may depend on
personal creativity instead of physical investments to achieve and
accelerate innovation speed. This study accentuates the role of
entrepreneurial bricolage, which defined as making do by applying
combinations of the resources at hand to new problems and
opportunities, in the relations of creative self-efficacy and innovation
speed. This study uses the multiple regression analysis to test the
hypotheses in a sample of 203 start-ups operating in various creative
markets in Taiwan. Results reveal that creative self-efficacy is
positively and directly associated with innovation speed, whereas
entrepreneurial bricolage plays a full mediator. These findings offer
important theoretical and practical implications.
Abstract: Current systems complexity has reached a degree that
requires addressing conception and design issues while taking into
account environmental, operational, social, legal and financial
aspects. Therefore, one of the main challenges is the way complex
systems are specified and designed. The exponential growing effort,
cost and time investment of complex systems in modeling phase
emphasize the need for a paradigm, a framework and an environment
to handle the system model complexity. For that, it is necessary to
understand the expectations of the human user of the model and his
limits. This paper presents a generic framework for designing
complex systems, highlights the requirements a system model needs
to fulfill to meet human user expectations, and suggests a graphbased
formalism for modeling complex systems. Finally, a set of
transformations are defined to handle the model complexity.
Abstract: Today architecture has become as a powerful media
for introducing cultures to the world, which in turn brings about a
change in the global insight, power gaining, investment, and
development. Islamic architecture is based on the language of Koran
and shows the depth and richness of Islam through the spiritual soul.
This is in a way that belief in monotheism and faith in Islamic
teachings are manifested as Islam's aesthetic thought in Islamic
architecture. Unfortunately, Islamic architecture has been damaged a
lot due to the lack of the necessary information, and also successive
wars that have overtaken the Moslems as well as the dominance of
colonizing counties.
Islamic architecture is rooted in the history, culture and
civilization of Moslems, but its deficiencies and shortcomings should
be removed through systematizing the Islamic architecture
researchers. Islamic countries should act in a way that the art of
Islamic architecture shows its true place in different architecture eras
and makes everybody aware that Islamic architecture has a historical
root and is connected eternally to the genuineness, religious art, and
Moslems' culture and civilization.
Abstract: Construction and reconstruction of settlements and
individual municipalities, environmental management and the
creation, deployment of the forces of production and building
transport and technical equipment requires a large expenditure of
material and human resources. That is why the economic aspects of
the majority decision in these planes built in the foreground and are
often decisive. Thereby but more serious is that the economic aspects
of the settlement, the creation and function remain in their whole,
unprocessed, and cannot speak of a set of individual techniques and
methods traditional indicators and experiments with new approaches.
This is true both at the level of the national economy, and in their
own urban designs. Still a few remain identified specific economic
shaping patterns of settlement and the less it is possible to speak of
their control. Also practical assessing economics of specific solutions
are often used non-apt indicators in addition to economics usually
identifies with the lowest acquisition cost or high-intensity land use
with little regard for functional efficiency and little studied much
higher operating and maintenance costs".
Abstract: The main objective of this article is to examine the
impact of interest rates on investments in Poland in the context of
financial crisis. The paper also investigates the dependence of bank
loans to enterprises on interbank market rates. The article studies the
impact of interbank market rate on the level of investments in Poland.
Besides, this article focuses on the research of the correlation
between the level of corporate loans and the amount of investments
in Poland in order to determine the indirect impact of central bank
interest rates through the transmission mechanism of monetary policy
on the real economy. To achieve the objective we have used
econometric and statistical research methods like: econometric model
and Pearson correlation coefficient.
This analysis suggests that the central bank reference rate
inversely proportionally affects the level of investments in Poland
and this dependence is moderate. This is also important issue because
it is related to preparing of Poland to accession to euro area. The
research is important from both theoretical and empirical points of
view. The formulated conclusions and recommendations determine
the practical significance of the paper which may be used in the
decision making process of monetary and economic authorities of the
country.
Abstract: Experts, enterprises and operators expect that the
bandwidth request will increase up to rates of 100 to 1,000 Mbps
within several years. Therefore the most important question is which
technology shall satisfy the future consumer broadband demands.
Currently the consensus is, that the fiber technology has the best
technical characteristics to achieve such the high bandwidth rates.
But fiber technology is so far very cost-intensive and resource
consuming. To avoid these investments, operators are concentrating
to upgrade the existing copper and hybrid fiber coax infrastructures.
This work presents a comparison of the copper and fiber
technologies including an overview about the current German
broadband market. Both technologies are reviewed in the terms of
demand, willingness to pay and economic efficiency in connection
with the technical characteristics.
Abstract: The venture capital becomes more and more advanced
and effective source of the innovation project financing, connected
with a high-risk level. In the developed countries, it plays a key role
in transforming innovation projects into successful businesses and
creating the prosperity of the modern economy. In Russia, there are
many necessary preconditions for creation of the effective venture
investment system: the network of the public institutes for innovation
financing operates; there is a significant number of the small and
medium-sized enterprises, capable to sell production with good
market potential. However, the current system does not confirm the
necessary level of efficiency in practice that can be substantially
explained by the absence of the accurate plan of action to form the
national venture model and by the lack of experience of successful
venture deals with profitable exits in Russian economy. This paper
studies the influence of various factors on the venture industry
development by the example of the IT-sector in Russia. The choice of
the sector is based on the fact, that this segment is the main driver of
the venture capital market growth in Russia, and the necessary set of
data exists. The size of investment of the second round is used as the
dependent variable. To analyse the influence of the previous round,
such determinant as the volume of the previous (first) round
investments is used. There is also used a dummy variable in
regression to examine that the participation of an investor with high
reputation and experience in the previous round can influence the size
of the next investment round. The regression analysis of short-term
interrelations between studied variables reveals prevailing influence
of the volume of the first round investments on the venture
investments volume of the second round. The most important
determinant of the value of the second-round investment is the value
of first–round investment, so it means that the most competitive on
the Russian market are the start-up teams that can attract more money
on the start, and the target market growth is not the factor of crucial
importance. This supports the point of view that VC in Russia is
driven by endogenous factors and not by exogenous ones that are
based on global market growth.
Abstract: This study examines the feasibility of indirect solar
desalination in oil producing countries in the Middle East and North
Africa (MENA) region. It relies on value engineering (VE) and costbenefit
with sensitivity analyses to identify optimal coupling
configurations of desalination and solar energy technologies. A
comparative return on investment was assessed as a function of water
costs for varied plant capacities (25,000 to 75,000 m3/day), project
lifetimes (15 to 25 years), and discount rates (5 to 15%) taking into
consideration water and energy subsidies, land cost as well as
environmental externalities in the form of carbon credit related to
greenhouse gas (GHG) emissions reduction. The results showed
reverse osmosis (RO) coupled with photovoltaic technologies (PVs)
as the most promising configuration, robust across different prices for
Brent oil, discount rates, as well as different project lifetimes.
Environmental externalities and subsidies analysis revealed that a
16% reduction in existing subsidy on water tariffs would ensure
economic viability. Additionally, while land costs affect investment
attractiveness, the viability of RO coupled with PV remains possible
for a land purchase cost
Abstract: In this study, one of the tools of Islamic financing
known as “Sukuk” a non-interest bearing investment which has
started to be implemented in Turkey and the world as a whole is
discussed. In order to increase the vitality and efficiency of the
economy, by taking lessons from the recent economic crisis new
developments in the banking and investment sector are being
expanded. The purpose of all investors is to obtain more revenue
through the use of capital. The inability of traditional investment
tools to meet the expectations of investors and the interest based
financial system where one investor benefits at the expense of
another there has been the need for a different, reliable and noninterest
bearing financial market that is consistent with the Islamic
rule. As a result an alternative and more reliable interest free
financing tool “Sukuk” rental certificates covering people who are
sensitive to Islamic rules, appeal to all segments, hidden remaining
capital that contributes to the economy, reduce disparities in income
distribution, common risk sharing system of profit and loss sharing
has emerged. Today, for the structural countries by examining the
state of the world market economy the applicability, enactment and
future issues associated with this attractive kind of Islamic finance
namely the “Sukuk” market has been explained.
Abstract: In this study, firstly democratic thoughts which
directly or indirectly affect economic development and/or the
interaction between authoritarian regimes and the economic
development and the direction and channels of this interaction were
studied and then the study tried to determine how democracy affects
economic development. It was concluded that the positive
contributions of democracy to economic development were more
determinant than the effects that were either negative or restrictive in
terms of development. When compared to autocracy, since
democracy is more successful in managing social conflicts, ensuring
political stability and preventing social disasters such as famine, it
contributes more to economic development. Democracy also
facilitates delegation of authority, provides a stable investment
environment and accelerates mobilization of resources in accordance
with economic growth/development. Democracy leads to an increase
in human capital accumulation and increases the growth rate through
reducing income inequality. It can be said that democratic regimes
are the most appropriate ones in terms of increasing economic
performance and supporting economic development through their
strong institutional structures and the assurance they will ensure in
property rights.
Abstract: Mass media campaigns against obesity are often
designed to impact large audiences. This usually means that their
audience is defined based on general demographic characteristics like
age, gender, occupation etc., not taking into account psychographics
like behavior, motivations, wants, etc. Using psychographics, as the
base for the audience segmentation, is a common practice in case of
successful campaigns, as it allows developing more relevant
messages. It also serves a purpose of identifying key segments, those
that generate the best return on investment. For a health campaign,
that would be segments that have the best chance of being converted
into healthy lifestyle at the lowest cost. This paper presents the
limitations of the demographic targeting, based on the findings from
the reception study of IMSS (Mexican Social Security Institute) antiobesity
TV commercials and proposes mothers as the first level of
segmentation, in the process of identifying the key segment for these
campaigns.
Abstract: A central element of higher education today is the
“core” or “general education” curriculum: that configuration of
courses that often encompasses the essence of liberal arts education.
Ensuring that such offerings reflect the mission and values of the
institution is a challenge faced by most college and universities, often
more than once. This paper presents an action model of program
planning designed to structure the processes of developing,
implementing and revising core curricula in a manner consistent with
key institutional goals and objectives. Through presentation of a case
study from a university in the United States, the elements of needs
assessment, stakeholder investment and collaborative compromise
are shown as key components of a planning strategy that can produce
a general education program that is comprehensive, academically
rigorous, assessable, and mission consistent. The paper concludes
with recommendations for both the implementation and evaluation of
such programs in practice.
Abstract: Every year, a considerable amount of money is being
invested on research, mainly in the form of funding allocated to
universities and research institutes. To better distribute the available
funds and to set the most proper R&D investment strategies for the
future, evaluation of the productivity of the funded researchers and
the impact of such funding is crucial. In this paper, using the data on
15 years of journal publications of the NSERC (Natural Sciences and
Engineering research Council of Canada) funded researchers and by
means of bibliometric analysis, the scientific development of the
funded researchers and their scientific collaboration patterns will be
investigated in the period of 1996-2010. According to the results it
seems that there is a positive relation between the average level of
funding and quantity and quality of the scientific output. In addition,
whenever funding allocated to the researchers has increased, the
number of co-authors per paper has also augmented. Hence, the
increase in the level of funding may enable researchers to get
involved in larger projects and/or scientific teams and increase their
scientific output respectively.
Abstract: The paper discusses mineral water consumer market
and development policy in Georgia, the tools and measures, which
will contribute to production of mineral waters and increase its
export.
The paper studies and analyses current situation in mineral water
production sector as well as the factors affecting increase and
reduction of its export. It’s noted that in order to gain and maintain
competitive advantage, it’s necessary to provide continuous supply of
high quality goods with modern design, open new distribution
channels to enter new markets, carry out broad promotional activities,
organize e-commerce. Economic policy plays an important role in
protecting markets from counterfeit goods. The state also plays an
important role in attracting foreign direct investments. Stable
business environment and export oriented strategy is the basis for the
country’s economic growth.
Based on the research, the paper suggests the strategy for
improving competitiveness of Georgian mineral waters; relevant
conclusions and recommendations are provided.
Abstract: This exploratory study gives an overview of the
evolution of the main financial and performance indicators of the
Academic Spin-Off’s and High Growth Academic Spin-Off’s in year
3 and year 6 after its creation in the region of Catalonia in Spain. The
study compares and evaluates results of these different measures of
performance and the degree of success of these companies for each
University.
We found that the average Catalonian Academic Spin-Off is small
and have not achieved the sustainability stage at year 6. On the
contrary, a small group of High Growth Academic Spin-Off’s
exhibits robust performance with high profits in year 6. Our results
support the need to increase selectivity and support for these
companies especially near year 3, because are the ones that will bring
wealth and employment. University role as an investor has rigid
norms and habits that impede an efficient economic return from their
ASO investment.
Universities with high performance on sales and employment in
year 3 not always could sustain this growth in year 6 because their
ASO’s are not profitable. On the contrary, profitable ASO exhibit
superior performance in all measurement indicators in year 6. We
advocate the need of a balanced growth (with profits) as a way to
obtain subsequent continuous growth.
Abstract: An innovative concept called “Flexy-Energy” is developing at 2iE. This concept aims to produce electricity at lower cost by smartly mix different available energy sources in accordance to the load profile of the region. With a higher solar irradiation and due to the fact that Diesel generator are massively used in sub-Saharan rural areas, PV/Diesel hybrid systems could be a good application of this concept and a good solution to electrify this region, provided they are reliable, cost effective and economically attractive to investors. Presentation of the developed approach is the aims of this paper. The PV/Diesel hybrid system designed consists to produce electricity and/or heat from a coupling between Diesel Diesel generators and PV panels without batteries storage, while ensuring the substitution of gasoil by bio-fuels available in the area where the system will be installed. The optimal design of this system is based on his technical performances; the Life Cycle Cost (LCC) and Levelized Cost of Energy are developed and use as economic criteria. The Net Present Value (NPV), the internal rate of return (IRR) and the discounted payback (DPB) are also evaluated according to dual electricity pricing (in sunny and unsunny hours). The PV/Diesel hybrid system obtained is compared to the standalone Diesel Diesel generators. The approach carried out in this paper has been applied to Siby village in Mali (Latitude 12 ° 23'N 8 ° 20'W) with 295 kWh as daily demand.This approach provides optimal physical characteristics (size of the components, number of component) and dynamical characteristics in real time (number of Diesel generator on, their load rate, fuel specific consumptions, and PV penetration rate) of the system. The system obtained is slightly cost effective; but could be improved with optimized tariffing strategies.