• The Journal of Asian Finance, Economics and Business
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• v.7 no.7
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• pp.531-541
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• 2020

The purpose of the study is a theoretical and practical justification for building a mechanism for financing health facilities based on public-private partnerships from a pension fund in regions with environmental problems. The theoretical background is built on works of local and foreign authors on state and non-state pension provisions issues, pension funds' assets management. This study provides an analysis of the health status of the population of the Kyzylorda region; it analyzes also the worldwide and Kazakhstan practice of investing pension funds and implementing projects. There has been legislative and methodological framework for financing health projects based on public-private partnerships in Kazakhstan. The scientific methods considered in this study made it possible to develop a mechanism for financial support for the modernization of a healthcare facility using the budget of pension funds. The authors point out possible risks in the implementation of projects in the field of healthcare and make recommendations on the construction a mechanism for financing healthcare facilities in the regions of Kazakhstan with environmental problems. In addition, they underline the key insights of the analysis, which are requisites for identifying the profitability of project for business and social effects for the public. Factors influencing efficacy, effect and implementation risks identified.

• Journal of Information Processing Systems
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• v.14 no.3
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• pp.645-654
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• 2018

Information and communication technology (ICT) is increasingly recognized as an important driver of economic growth, innovation, employment and productivity and is widely accepted as a main feature of development. During the last couple of decades, ICT sector became the most innovative service sector that affected the living standards of human beings all over the world. In the beginning of the $21^{st}$ century, some of the Asian countries made reforms in the ICT sector and spent an enormous amount for the progress of this sector. On the other hand, developed countries in the European Union (EU) faced different crises which badly affected the dissemination of this sector. Consequently, EU countries lost their hegemony in the field of information technology and resultantly, some of the emerging Asian countries like China, India, and South Korea got supremacy over the EU in this field. Currently, these countries have a strong IT infrastructure, R&D sector, IT research centers working for the development of ICT. Moreover, this paper investigates reasons for the shifting of the balance of digital power from Europe to Asia.

• Environmental and Resource Economics Review
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• v.30 no.3
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• pp.471-501
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• 2021

We measure Environmental Efficiency (EE) based on CO₂ in four income groups from 1998 to 2018, using the Meta Stochastic Frontier Analysis method by Input Distance Function. Our results showed that economic growth and energy consumption would increase carbon dioxide emissions, and increasing labor and capital input will reduce it. Moreover, we compared Group Environmental Efficiency (GEE), Meta Environmental Efficiency (MEE), and Environmental Gap Ratio (EGR). The results showed that GEEs were be overestimated. Furthermore, the MEE showed a downward trend during this period. The lower-middle-income group had the highest EGR performance. High-income and upper-middle-income groups showed less efficiency in MEE and EGR. To improve environmental efficiency, we must reduce fossil fuels and find more scientific and technological ways to solve existing environmental problems as soon as possible.

• Journal of the Korea Convergence Society
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• v.9 no.7
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• pp.213-222
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• 2018

This study attempts to empirically investigate the excess returns of growth stocks in the Korean stock market comparing with those of value stocks. Recently, a few of IT and bio-pharmaceutical stocks with high growth potentials have accomplished dramatically high returns in the Korean stock market. Whereas, important prior studies in this line have observed negative excess returns from investment of growth stocks on average. And a few studies have reported that the distribution of excess returns from growth stocks is not normal but positively skewed. Empirical results of the present study are consistent with those of prior studies. Interestingly, the present study observed serial inverse correlation between excess returns of growth stocks and value stocks. Also, regardless of growth or value stocks, the stocks with higher PEG(=PER/ROE) showed higher excess returns.

• International Area Studies Review
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• v.14 no.3
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• pp.86-107
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• 2010

Prior research on the relationship between output volatility and growth has produced mixed results, failing to provide clear empirical evidence on the sign of the relationship. In this paper, we raise the possibility that such failure is due to misspecification in empirical models previously used, i.e., not taking into account the business cycle dependence of the volatility-growth relation. We set off with the conjecture that higher volatility exerts qualitatively different effect on growth depending on whether the economy is in expansion or contraction. We estimate a series of ARCH-type models with the monthly industrial production data of the U.K., and find strong evidence suggesting that the volatility-growth relation is positive when the economy is in expansion, while higher volatility lowers growth rate in the contraction phase. We also find evidence supporting that the volatility-growth relation estimated in the paper captures a a causal relation, not a bidirectional correlation.

• International Area Studies Review
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• v.15 no.3
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• pp.285-306
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• 2011

This paper analyzed the effects the regional competitiveness index on the characteristics of the regional growth. This study divides the regions in the US based on the static and dynamic standard of income for the characteristics of the regional growth. The results of the analysis are as follows. First some regions such as Alaska, Connecticut, Maryland, Massachusetts, Virginia, Washington and Wyoming have higher levels of SCI and both the rate of growth and per capita income than the national average. These are considered prosperous regions based on their high level of SCI. Second, in regards to the relation between the income level and regional competitiveness index for the regional growth, the variables such as human resource, science technology, business incubation, openness, safety and environmental policy are significant. Third, infrastructure, human resource, science technology and openness are the significant variables concerning the relation between the rate of income growth and regional competitiveness index for the regional growth.

• Journal of the Korean Data Analysis Society
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• v.20 no.6
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• pp.2981-2991
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• 2018

The purpose of this paper is to examine the effect of local festivals on regional economic growth through empirical analysis of festival - economic growth relation. Theoretically, the theory of creative city is at the center of the discussion as to how festivals can influence economic growth. We used the regional convergence equation and used pooled OLS, fixed effect model, and GMM estimation method to analyze the effect of festivals on regional economic growth. According to this empirical analysis, the effect of festival variables such as the number of festivals and the festival period on economic growth has not been affected. This suggests that the effects of festivals on productivity and efficiency have not existed. This implies that the creative city theory that local festivals influence regional economic growth does not work well.

• The Journal of Asian Finance, Economics and Business
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• v.8 no.3
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• pp.751-761
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• 2021

The Vietnamese economy is a developing country that has brought many opportunities and challenges for the banking system. Commercial banks have developed strongly from quality to quantity, which plays a vital role in developing the economy. They play an important role in capital formation, which is essential for the economic development of a country. They provide financial services to the general public and businesses, ensuring economic and social stability and sustainable growth of the economy. Therefore, the relationship between bank depth and economic growth is of importance in research. This paper used a VAR (Vector Autoregressive Models) estimator for time series data models. The data is collected quarterly from the first quarter of the year 2000 to 2020. The study uses the VAR model to examine the causal relationships of economic growth, growth in money supply expansion, private sector capital requirement, and banks' domestic credit. The results indicate a general short-run relationship between banking sector depth and economic growth with a positive connection, but in the long term, the relationship between these variables can be reversed because of other macro factors. The findings show the two-way causal relationship between GDP growth and banking depth factors. This research contributes to policy-making by underlining the banking sector depth determinants when setting regulations and policies to develop the banking sector.

• Environmental and Resource Economics Review
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• v.29 no.1
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• pp.23-45
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• 2020

The rapid economic growth has brought tremendous pressure on the environment and caused severe air pollution in China. This study empirically examines causes of air pollution in China. Panel-corrected standard errors procedure (PCSE) was used to analyze major determinants of increasing or reducing emissions of sulfur dioxide (SO₂) and nitrogen oxides (NO_X) in 30 Chinese provinces. The estimation results show that SO₂ emission is mitigated as per capita regional GDP increases, but the relation between emission of NO_X and per capita regional GDP is found to have an inverse N-shaped curve, which implies that emission of NO_X is ultimately expected to decline with economic growth. As for increasing factors of air pollutants, electricity consumption is a significant common source of SO₂ and NO_X emissions. Moreover, the results show that increment of coal consumption significantly affects emission of SO₂ while increase of natural gas consumption reduce emission of SO₂. On the other side, investment in energy industry, and investment on treatment of waste gases are determinants of mitigating emissions of SO₂, but have no impact on NO_X. Consumption of diesel, truck ratio and number of vehicles increase emission of NO_X. Meanwhile, higher precipitation rate is a common determinant of mitigating emissions of SO₂ and NO_X. Policy implications are suggested in the conclusion.

• Environmental and Resource Economics Review
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• v.30 no.2
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• pp.299-323
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• 2021

This study investigated the impact of information and communication technology (ICT), trade openness, financial development, and economic growth on CO₂ emissions in Korea from 1990 to 2016. The cointegration relationship of the variables was confirmed by an autoregressive distributed lag (ARDL) bounds test. In the long-run, economic growth was statistically significant factor in the increase in CO₂ emissions, while other factors, as well as ICT, did not significant factors in the changes in CO₂ emissions. In the long-run, a link between economic growth and CO₂ emissions has been confirmed, but other factors, including ICT, have not been able to confirm the link between CO₂ emissions in the long-run. Meanwhile, in the short-run, economic growth and ICT increased CO₂ emissions, and financial development led to a decrease in CO₂ emissions. Trade openness did not have a significant effect on CO₂ emissions in the short-run as in the long-run. In particular, ICT did not contribute to the reduction of CO₂ emissions in the short-run as well as the long-run. In order to induce CO₂ mitigation through ICT, the development and deployment of technology that efficiently save energy by using ICT should be further promoted.