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THE NEXUS BETWEEN FOREIGN DIRECT INVESTMENT (FDI) AND MANUFACTURED EXPORT PERFORMANCE IN TANZANIA: AN AUTOREGRESSIVE DISTRIBUTED LAG (ARDL) APPROACH 外国直接投资(fdi)与坦桑尼亚制造业出口绩效之间的关系:一种自回归分布滞后(ardl)方法
Pub Date : 2018-07-31 DOI: 10.29358/SCECO.V0I27.407
Francis Lwesya, Kaluse Mohammed
This paper examines the nexus between Foreign Direct Investment (FDI) and Manufactured Export Performance in Tanzania using An Autoregressive Distributed Lag (ARDL) for the period of 1980-2015. Real manufactured exports were used to proxy manufactured export performance. The findings show the existence of a positive and significant relationship between real manufactured exports and lagged FDI both in the short run and long run. The estimated error correction coefficient is negative and significant at one percent level. This confirms that all the variables (Real Manufactured Exports, FDI, Openness, and Real Effective Exchange Rate) are co-integrated and the speed of adjustment towards the long run equilibrium is at 78% annually. This suggests that FDI is one of the determinants of manufactured export performance in Tanzania. Thus, to stimulate more manufactured exports, Tanzania needs to attract FDIs that target the export sector along with increasing trade openness in a bid to build a competitive and sustainable value added manufacturing sector.
本文利用自回归分布滞后(ARDL)分析了1980-2015年期间坦桑尼亚外国直接投资(FDI)与制造业出口绩效之间的关系。实际制成品出口被用来代替制成品出口业绩。研究结果表明,无论是在短期还是长期,实际制造业出口与滞后FDI之间都存在显著的正相关关系。估计误差修正系数在1%的水平上为负且显著。这证实了所有变量(实际制造业出口、外国直接投资、开放程度和实际有效汇率)是协整的,向长期均衡调整的速度为每年78%。这表明,外国直接投资是坦桑尼亚制成品出口业绩的决定因素之一。因此,为了刺激更多的制成品出口,坦桑尼亚需要吸引针对出口部门的外国直接投资,同时增加贸易开放,以建立一个有竞争力和可持续的增值制造业。
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引用次数: 0
ISSUES OF EFFICIENCY FOR PUBLIC-PRIVATE PARTNERSHIPS IN THE WATER SECTOR 水务部门公私伙伴关系的效率问题
Pub Date : 2018-07-31 DOI: 10.29358/sceco.v0i27.413
S. Frone, D. F. Frone
The water resources are critical for the economic development in a country or region, since the pollution and depletion of the waters are raising concerns for the environmental and economic efficiency of their management. This outlook calls for analysis on economic and financial issues and risks associated with specific investment projects in water supply and sanitation infrastructure WSS. In previous research outcomes we have shown successful models of Public-Private Partnerships (PPP) used to manage and mitigate the risks and improve performance in providing the public services of Water Supply and Sanitation (WSS). The main objective of this paper is to reiterate the PPP as an efficient business model for the water sector, by employing several methodologies: literature review, case studies, performance indicators, analysis and synthesis. Some features and experiences of PPP in the water sector are resumed and analysed, considering recent developments and leading to conclusions and recommendations on their opportunity and efficiency in Romania.
水资源对一个国家或区域的经济发展是至关重要的,因为水的污染和枯竭引起了人们对其管理的环境和经济效率的关注。这一展望要求对供水和卫生基础设施WSS具体投资项目相关的经济和金融问题和风险进行分析。在之前的研究成果中,我们展示了用于管理和减轻风险并提高供水和卫生公共服务(WSS)绩效的公私伙伴关系(PPP)的成功模式。本文的主要目的是通过采用几种方法:文献综述、案例研究、绩效指标、分析和综合,重申PPP是水务部门的有效商业模式。考虑到最近的发展情况,对供水部门公私伙伴关系的一些特点和经验进行了恢复和分析,并就其在罗马尼亚的机会和效率得出结论和建议。
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引用次数: 5
RELATIONSHIP BETWEEN CAPPED LENDING RATES AND NON-PERFORMING LOANS ON LISTED COMMERCIAL BANKS IN KENYA 肯尼亚上市商业银行贷款上限利率与不良贷款的关系
Pub Date : 2018-07-31 DOI: 10.29358/sceco.v0i0.405
G. Thuita
The study sought to determine the relationship between capped lending rate and non-performing loans among the listed commercial banks in Kenya. The data for the study was collected from the period 2013 to 2017 from five listed commercial banks in Kenya. The research tested the null hypotheses that capping the lending rate has no significant relationship on non-performing loans of the sampled banks. The study adopted the quantitative research design to test the null hypotheses. The Pearson correlations results indicated that capped lending rate has no significant relationship on the non-performing loans. In conclusion the negative correlation can be attributed to fact that borrowers continue to repay the old loans (acquired before capping) the same scheduled payments before capping, reducing the duration of the loan and not amount payable on monthly basis. The recommendation is for such studies to be conducted on continuous basis for the next five years and advice the government on whether to drop or retain the cap for purpose of sustainable economic development in Kenya.  
本研究旨在确定肯尼亚上市商业银行贷款上限利率与不良贷款之间的关系。该研究的数据是从2013年至2017年期间从肯尼亚的五家上市商业银行收集的。本研究检验了设定贷款利率上限对样本银行不良贷款没有显著影响的零假设。本研究采用定量研究设计来检验零假设。Pearson相关分析结果表明,贷款上限利率对不良贷款的影响不显著。总之,负相关可以归因于这样一个事实,即借款人继续偿还旧贷款(在封顶之前获得)在封顶之前相同的计划付款,减少了贷款的持续时间,而不是按月支付的金额。该报告建议在未来五年内持续进行这类研究,并建议政府为了肯尼亚的可持续经济发展,是否取消或保留这一上限。
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引用次数: 0
THE EFFECT OF THE FINANCIAL RATIOS ON THE SHARE PRICE OF INSURANCE COMPANIES LISTED IN THE IRAQI STOCK EXCHANGE MARKET USING MULTIPLE REGRESSION ANALYSIS (APPLIED RESEARCH IN THE IRAQI STOCK EXCHANGE MARKET) 财务比率对伊拉克证券交易所上市保险公司股价影响的多元回归分析(在伊拉克证券交易所市场的应用研究)
Pub Date : 2018-07-31 DOI: 10.29358/sceco.v0i0.403
O. Amin
This research aims to identify the most important financial ratios affecting the share price of insurance companies listed in the Iraqi Stock Exchange Market (ISEM) during the period 2006-2015, and to indicate which ratios are more influential than others on share prices. The research population which consisted of (4 companies) is taken from insurance companies listed in the Iraqi Stock Exchange Market. The research sample consisted of one of these companies, representing  25% of the research population. In the statistical analysis a multiple regression model was used to determine the relationship between the independent and the dependent variables and the results of this study showed that there is a statistically significant relationship and effect between some financial ratios and the share price. The study gave a general background on the financial markets and the Iraqi Stock Exchange Market in particular.What characterizes this study from previous ones is demonstrating the effect of the financial ratios on the share price in the Iraqi setting for insurance companies listed in the Iraqi Stock Exchange using the multiple regression method.
本研究旨在确定2006-2015年期间影响在伊拉克证券交易所市场(ISEM)上市的保险公司股价的最重要财务比率,并指出哪些比率对股价的影响大于其他比率。研究对象为(4家)在伊拉克证券交易所上市的保险公司。研究样本由这些公司中的一家组成,占研究人口的25%。在统计分析中,我们使用多元回归模型来确定自变量和因变量之间的关系,本研究的结果表明,一些财务比率与股价之间存在统计学上显著的关系和影响。该研究报告提供了金融市场,特别是伊拉克证券交易所市场的一般背景。与以往的研究相比,本研究的特点是利用多元回归方法证明了在伊拉克证券交易所上市的保险公司在伊拉克设定的财务比率对股价的影响。
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引用次数: 0
INTERNATIONAL ECONOMIC RELATIONS AND THEIR INFLUENCE UPON POWER CENTERS EVOLUTION 国际经济关系及其对权力中心演变的影响
Pub Date : 2018-07-31 DOI: 10.29358/SCECO.V0I27.414
Bogdan Simion Malanciuc
The relative advantages of the nations at the top of the international hierarchy are never constant, the reasons being in particular related to the uneven rhythm of development of the various societies. This rhythm is correlated with technological and organizational advances, which offers a great advantage to certain societies in relation to others. In this context, international economic relations, any kind of exchanges between countries, have influenced the rise and fall of the world’s states power. History proves that the great powers have managed to maintain their status as long as they have been in the center of the world trade.
处于国际等级顶端的国家的相对优势从来都不是恒定的,其原因特别与各种社会发展节奏的不平衡有关。这种节奏与技术和组织的进步有关,这为某些社会提供了相对于其他社会的巨大优势。在这种背景下,国际经济关系,即国家之间的任何一种交流,都影响着世界国家权力的兴衰。历史证明,只要大国处于世界贸易的中心,它们就能保持自己的地位。
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引用次数: 0
ABOUT THE ADVANTAGES OF PUBLIC-PRIVATE PARTNERSHIPS AND ITS ORGANIZATIONAL FORMS 关于公私伙伴关系的优势及其组织形式
Pub Date : 2018-07-31 DOI: 10.29358/SCECO.V0I27.410
F. Popa
The advantages and disadvantages provided by joining in public-private partnership reveal the challenges the economies are constrained to, pursuant to the impact of PPP on certain economic processes. There are identified forms of public-private partnership, which, in their development, are based on a number of factors: the actors involved, the origin of the financial resources, the duration of the contract, the existing traditions, types of agreement in relation to the way of sharing responsibilities and risks between public and private actors. The paper reveals studies achieved on the elements of public-private partnership, advantages, disadvantages they highlight, the forms of partnership grouped in relation to different factors, the stages pursued in the initiation of public-private partnership projects.
公私伙伴关系所提供的优势和劣势揭示了经济体所面临的挑战,这是由于PPP对某些经济过程的影响。已经确定的公私伙伴关系的形式,在其发展过程中是基于若干因素:所涉及的行为者、财政资源的来源、合同的期限、现有的传统、与公私行为者之间分担责任和风险的方式有关的协议类型。本文揭示了对公私伙伴关系的要素、优势和劣势、根据不同因素分组的伙伴关系形式、公私伙伴关系项目启动的阶段等方面的研究成果。
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引用次数: 0
ROMANIA’S TAX SYSTEM: GOING BACKWARDS OR MOVING FORWARD? 罗马尼亚的税收制度:是倒退还是前进?
Pub Date : 2018-07-31 DOI: 10.29358/SCECO.V0I27.412
L. Niminet, I. Bucur
Having a tremendous importance for the modern state, tax system objectives, regulations and collection is a precise barometer for state’s economic development and for its trajectory, as well as for more subtle aspects such as political efficiency and common weal. As we can easily understand it is essential that we know and comprehend the means and the endings of tax system in a dynamical sequence that means always looking at where it came from and , in the same time, where it is going to. It is for these reasons that we proposed a time evolution analyze for the Romanian tax system, highlighting its main components such as: personal income tax, corporate income tax, value added tax, social contributions, excise duty and the changes they have been through in the past years focusing on the current “fiscal revolution” and the alterations produced of Romania’s tax system seen as a part of the European tax system.
税收制度的目标、法规和征收对现代国家有着巨大的重要性,它是一个国家经济发展及其轨迹的精确晴雨表,也是政治效率和公共福利等更微妙方面的晴雨表。正如我们很容易理解的那样,我们必须了解和理解税收制度在动态序列中的手段和结局,这意味着我们要时刻关注它的来源,同时也要关注它的去向。正是由于这些原因,我们提出了罗马尼亚税收制度的时间演变分析,突出其主要组成部分,如:个人所得税,企业所得税,增值税,社会捐款,消费税以及他们在过去几年中所经历的变化,重点关注当前的“财政革命”和罗马尼亚税收制度的变化,这些变化被视为欧洲税收制度的一部分。
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引用次数: 0
A STUDENT DORMITORY AS AN EDUCATIONAL SUPPORTING FACILITY: AN ENTERPRISE BUDGET ANALYSIS 作为教育配套设施的学生宿舍:企业预算分析
Pub Date : 2018-07-31 DOI: 10.29358/SCECO.V0I27.411
E. Susilowati, S. Sugiharto, Leonnard Leonnard, B. Srihartati
The availability of student dormitories has become a major attraction for universities in Indonesia since many universities have provided this facility. In this study, we examine the potential of a student dormitory development at the Budi Luhur University, especially in terms of finance for student interests and education providers. Primary data were collected from 185 students and were analyzed by employing feasibility test of Net Present Value (NPV), Internal Rate of Return (IRR), Net Benefit Cost Ratio (Net B/C), Profitability Index (PI) and Pay Back Period (PP). Sensitivity analysis was also carried out both in terms of cost and income to anticipate the uncertainty that may occur. The findings indicated that the total investment required in the construction of the student dormitory was Rp 155,857,800 with an average revenue per annum of Rp 58,314,741,732. The results of the investment valuation analysis of net cash flows for 30 years indicated the NPV value of Rp 187,355,802,592, IRR of 21%, Net B/C of 10.57, PI of 2.20, and PBP 6.45 years. This proved that the investment in the student dormitory construction was considered feasible. Finally, from the sensitivity analysis of changes in occupancy rate, rental rates and operational costs, it was concluded that the investment in dormitory construction would be unfeasible when occupancy rates and rents were at the level of 80% down. Further managerial implications were discussed.
学生宿舍的可用性已经成为印度尼西亚大学的主要吸引力,因为许多大学都提供了这种设施。在这项研究中,我们研究了Budi Luhur大学学生宿舍发展的潜力,特别是在学生兴趣和教育提供者的财务方面。本研究收集了185名学生的原始数据,采用净现值(NPV)、内部收益率(IRR)、净收益成本比(Net B/C)、盈利能力指数(PI)和投资回收期(PP)的可行性检验进行分析。敏感性分析也在成本和收入方面进行,以预测可能发生的不确定性。调查结果表明,建造学生宿舍所需的总投资为155,857,800卢比,平均年收入为58,314,741,732卢比。30年净现金流投资估值分析结果显示,NPV值为Rp 187,355,802,592, IRR为21%,净收支比为10.57,PI为2.20,PBP为6.45年。这证明了学生宿舍建设的投资是可行的。最后,通过对入住率、出租率和运营成本变化的敏感性分析,得出在入住率和租金下降80%的水平下,投资建设宿舍是不可行的。讨论了进一步的管理影响。
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引用次数: 0
Trade Liberalisation in SADC and the Economic Benefits of belonging to an RTA: The case of Tanzania 南部非洲发展共同体的贸易自由化和加入区域贸易协定的经济利益:坦桑尼亚的案例
Pub Date : 2018-07-31 DOI: 10.29358/SCECO.V0I0.402
Nzeyimana Dyegula, Francis Lwesya
This paper examines the dynamics of trade liberalisation in the Southern Development Community (SADC), region and the economic benefits that Tanzania derives from SADC membership. The paper uses qualitative analysis and trade indices. The findings show that SADC is far behind its agreed schedule of transforming the region into a customs union and SADC intra-regional trade is very low, only South Africa and Mozambique seem to carry the potential to increase intraregional trade and benefit from SADC in the short run. On the other hand, Tanzania's economic benefits from SADC membership have remained trivial, though her exports and market share have been steadily increasing since the mid 1990s. However, Tanzania does not suffer adversely from the dual membership of EAC and SADC regions, despite its membership in the two overlapping RTAs making its trade regime complex because tariff reductions under EAC customs union are not compatible with SADC's hence resulting in problems in implementing the SADC Trade Protocol. However, the country may not need to withdraw  its membership from either EAC or SADC due to signs of good prospect in the long run under the proposed harmonisation of the EAC and SADC trade regime through the Tripartiite Free Trade Area arrangement (COMESA-EAC-SADC).
本文考察了南部发展共同体(SADC)地区贸易自由化的动态,以及坦桑尼亚从SADC成员身份中获得的经济利益。本文采用定性分析和贸易指标。调查结果表明,南部非洲发展共同体远远落后于将该区域转变为关税同盟的商定时间表,南部非洲发展共同体区域内贸易非常低,只有南非和莫桑比克似乎具有增加区域内贸易的潜力,并在短期内从南部非洲发展共同体获益。另一方面,尽管坦桑尼亚的出口和市场份额自20世纪90年代中期以来一直在稳步增长,但它从南部非洲发展共同体成员身份中获得的经济利益仍然微不足道。然而,坦桑尼亚并没有受到东非共同体和南部非洲发展共同体双重成员身份的不利影响,尽管它在两个重叠的区域贸易协定中的成员身份使其贸易制度变得复杂,因为东非共同体关税同盟的关税削减与南部非洲发展共同体的关税削减不相容,从而导致在执行南部非洲发展共同体贸易议定书方面出现问题。然而,该国可能不需要退出东非共同体或南部非洲发展共同体,因为从长远来看,通过三方自由贸易区安排(COMESA-EAC-SADC)提议的东非共同体和南部非洲发展共同体贸易制度的协调前景良好。
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引用次数: 2
LOOKING FOR THE BEST SLOGAN: AN ANALYSIS OF THE SLOGANS OF THE 2016 ROMANIAN PARLIAMENTARY CAMPAIGN 寻找最佳口号:对2016年罗马尼亚议会竞选口号的分析
Pub Date : 2017-12-30 DOI: 10.29358/SCECO.V0I26.394
Brîndușa-Mariana Amălăncei, Cristina Cîrtiță-Buzoianu, Corina Daba-Buzoianu
The paper investigates the slogans released by political parties during the elections for the Romanian Parliament in 2016, by addressing the way they have been perceived by both political analysts and students enrolled in communication programs. We aim to see how two different target audience evaluate the slogans and how they refer to them. Also, we are interested to see what the students remember about the slogans after six months after the end of the campaign, in order to explore if their memories about the slogans had any connection with the political analysts comments made during the elections.
本文调查了2016年罗马尼亚议会选举期间各政党发布的口号,通过解决政治分析人士和参加交流课程的学生对这些口号的看法。我们的目标是看两种不同的目标受众如何评价口号,以及他们是如何引用这些口号的。此外,我们也很想知道,在竞选结束六个月后,学生们对标语的记忆如何,以探讨他们对标语的记忆是否与政治分析人士在选举期间的评论有关。
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引用次数: 5
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