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31. Quantitative Analysis of Optimal Investment Scale and Timing for Flood Control Measures by Multi-Regional Economic Growth Model: Case Studies in Viet Nam

Author:
Hiroaki Ishiwata, Masashi Sakamoto, Makoto Ikeda, and Venkatachalam Anbumozhi
Publication Date:
02-2024
Content Type:
Working Paper
Institution:
Economic Research Institute for ASEAN and East Asia (ERIA)
Abstract:
This study aims to develop and utilise a multi-regional economic growth model that can take into account flood damage and investment in disaster risk reduction, and, through case studies in Viet Nam, quantitatively analyse the long-term effects of investment in disaster risk reduction on the national and local economy, as well as the optimal scale and timing of investments in flood protection, to gain a better overview of these factors. The results indicate that additional investment in disaster risk reduction could stimulate economic growth, and that the optimal range of the disaster risk reduction budget rate was around 0.3% to 0.5% of GDP, assuming a constant budget rate throughout the total 25-year calculation period. In the case of a variable disaster risk reduction budget rate, we observed that a variable budget rate that gradually reduces the disaster risk reduction budget rate from a higher level than the current rate could further promote economic growth than if the budget rate were fixed. In both cases, we verified that with excessive investment in disaster risk reduction, the high tax burden had the risk of reducing investment in production capital and lead to stagnating economic growth. By region, the long-term effects of investment in disaster risk reduction were most seen in the Central region, where the rate of flood damage is the highest.
Topic:
Economic Growth, Investment, Flood, and De-Risking
Political Geography:
Asia, Vietnam, and Southeast Asia

32. Relationship between Organic Agriculture And GDP Per Capita, Economic Growth, and Unemployment: Panel Data Analysis

Author:
Kurtuluş Merdan
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
The increase in the world population recently has also increased the need for agricultural products. The need for food products has made it necessary to obtain more products per unit area. At this point, producers have focussed on the use of hormones, chemicals, and fertilisers to increase productivity and meet the demand for cheap food, and the process that increases production in the short term has become a threat to human health in the long term. Over time, the negative effects of chemicals on humans and the environment were observed, forcing producers to seek new methods. This process has led to independent studies on organic agriculture in every country. In this study, the effects of organic agriculture on some economic variables were revealed. In this context, the analyses focus now the variables of area allocated to organic agriculture on a regional basis, production amount and number of producers affected GDP per capita, economic growth, and unemployment in Turkey between 2003 and 2021. The scientific dimension of the study was prepared using data obtained from domestic and foreign literature and the electronic database of the Ministry of Food, Agriculture and Livestock. In this study, in which panel data analysis was used, EViews 12 programme was employed. For the variables used in the study, the geographical region cross-section dependence was determined, and the stationarity of the series was examined with the CIPS (Cross-Sectionally Augmented IPS) unit root test. As a result of the study, it was determined that organic production amount, number of organic farmers, and organic production area did not have a significant effect on economic growth and unemployment. Organic production area and the number of organic farmers had a positive and significant effect on GDP per capita, but the amount of organic production did not have a significant relationship.
Topic:
Agriculture, Economics, GDP, Economic Growth, and Unemployment
Political Geography:
Turkey and Middle East

33. A Better Proxy for Technology Determinant of Economic Growth: The International Digital Economy and Society Index

Author:
Elif Asoy
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
The importance of information communication technology in fueling economic growth is widely acknowledged. In the current digital era, the International Digital Economy and Society Index (I-DESI) offers a more precise depiction alternative to the ICT indicators by serving as a better proxy for changes in the factors of production. It monitors the advancement of ICT in the EU27 and 14 non-EU nations, highlighting their strides towards a technologydriven economy. The objective of the study was to evaluate the influence of the I-DESI on economic growth through the utilization of the panel data method. Hence, gross domestic product (GDP) measured at constant prices was utilized as the dependent variable in the analysis, while the Index of Digital Economy and Society Integration (I-DESI), calculated by the European Commission, served as the independent variable. However, it’s important to note that the described index is current and limited at present. In line with this constraint, only four years of data, spanning from 2015 to 2018, were available. To ensure the accuracy of the model, diagnostic tests were conducted, and the Driscoll-Kraay standard error model was employed to assess the outcomes. Two models were constructed to achieve this goal, with the initial one revealing the relationship between the I-DESI and economic growth. The second model aimed to pinpoint the dimensions of the I-DESI that had the greatest impact on growth. According to findings obtained from the analysis, I-DESI and certain subdimensions which are digital skills, use of internet, integration of digital technology, and digital public services affect economic growth positively and significantly. A one percent increase in I-DESI results in a one percent increase in GDP. Similarly, each subdimension mentioned, where meaningful relationships have been identified, possesses explanatory power for GDP. Furthermore, evaluating the coefficient of these independent variables, changing the weight of dimensions can be considered.
Topic:
Economics, Science and Technology, Digital Economy, and Economic Growth
Political Geography:
Global Focus

34. Panel Data Analysis of Export Structure and Growth: Case of BRICS-T Countries

Author:
Necip Dündar and Yüksel Bayraktar
Publication Date:
01-2024
Content Type:
Journal Article
Journal:
Istanbul Journal of Economics
Institution:
Istanbul University Faculty of Economics
Abstract:
Realisation of specialisation in areas dominated by technological production structure and the technological level of exported goods are essential determinants of macroeconomic performance. Therefore, the export structure and technological level of exported goods are highly significant. In this study, the relationship between real GDP and exports of goods produced in BRICS-T countries with low, medium, and high levels of skill and technology is investigated. In the panel data analysis using data for the period 1995–2020, the cointegration relationship between the variables was examined, and it was concluded that there is no long-run relationship between real GDP and goods produced in labour-resource intensive, low, medium, and high skill and technology levels of countries. In addition, a causality test using Dumitrescu and Hurlin’s (2012) linear heterogeneous model was carried out. The test results showed a unidirectional causality relationship between real GDP and goods with low and high skill and technology but a bidirectional causality relationship between real GDP and labour-resource-intensive goods.
Topic:
Science and Technology, GDP, Economic Growth, Exports, and BRICS
Political Geography:
Global Focus

35. Promoting the Implementation of the African Continental Free Trade Area (AfCFTA) in Cameroon

Author:
Nkafu Policy Institute
Publication Date:
12-2024
Content Type:
Working Paper
Institution:
The Nkafu Policy Institute
Abstract:
The African Continental Free Trade Area (AfCFTA) represents a transformative opportunity for African nations, aiming to establish a unified continental market for goods and services, enhance intra-African trade, and promote economic growth and development. As Cameroon embarks on this ambitious journey, it is essential to acknowledge the significant role that trade plays in our national development strategy. This report, titled “The Next Decade: Leveraging Trade for Cameroon’s Development,” serves as a comprehensive exploration of the policies, strategies, and partnerships necessary to fully harness the potential of the AfCFTA. In the coming decade, Cameroon has the opportunity to establish itself as a regional leader in trade and economic integration. This report emphasizes the significance of public-private partnerships and foreign direct investment as essential components in achieving this objective. By analyzing successful case studies from other countries, we can extract valuable lessons that will guide our approach to effectively implementing the African Continental Free Trade Area (AfCFTA). Our commitment to strengthening infrastructure, enhancing regulatory frameworks, and promoting local industries will be crucial in creating a favorable environment for trade and investment. As we move forward, it is imperative that all stakeholders—government, private sector, civil society, and academia—collaborate to create a unified strategy that aligns with our national development objectives. Together, we can unlock the immense potential of the African Continental Free Trade Area (AfCFTA), driving sustainable economic growth and improving the livelihoods of all Cameroonians. This report serves as a call to action for all of us to actively engage in shaping the future of trade in Cameroon. Let us seize this moment and work collectively towards a prosperous and integrated African economy.
Topic:
Economic Growth, Free Trade, Regional Economy, and African Continental Free Trade Area (AfCFTA)
Political Geography:
Africa

36. How China’s Human Capital Impacts Its National Competitiveness

Author:
Briana Boland, Kevin Dong, Jude Blanchette, Ryan Hass, and Erica Ye
Publication Date:
06-2024
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
How will the strengths and weaknesses of China’s human capital impact national competitiveness? China’s efforts to maintain economic growth, strengthen supply chains, develop strategic science, technology, engineering, and mathematics (STEM) sectors, and secure a modern military edge hinges on the ability to cultivate and utilize human capital. As the United States and other countries increasingly engage in multidomain competition with China, it is critical to start from a clear-eyed understanding of China’s human capital and Beijing’s strategy for nurturing national talent. Investments in higher education, strategic STEM sectors, and military talent demonstrate key areas in which Beijing is focusing on cultivating human capital. However, China must overcome significant obstacles to innovate as it faces substantial demographic pressures, socio-economic inequalities, and challenges to attracting and retaining top talent both domestically and internationally.
Topic:
Economic Growth, Human Capital, Supply Chains, and Competition
Political Geography:
China, Asia, and United States of America

37. The Post-2025 ASEAN Agrifood Landscape: What Next?

Author:
Paul Teng
Publication Date:
10-2024
Content Type:
Commentary and Analysis
Institution:
Centre for Non-Traditional Security Studies, S. Rajaratnam School of International Studies
Abstract:
The ASEAN agrifood landscape – food produced from agriculture – has changed much since two key guiding documents were conceived – The ASEAN Vision and Strategic Plan of Action for Food, Agriculture and Forestry, 2016-2025, and the ASEAN Economic Community Blueprint, 2025. New players and new influencing factors are now at the forefront, and more than ever, ASEAN has to balance economic growth-related food security and safeguarding the environment while considering sustainable food systems that provide livelihoods for smallholder farmers and affordable, safe food for consumers.
Topic:
Agriculture, Food, Food Security, Economic Growth, and ASEAN
Political Geography:
Asia

38. Growth, Decarbonisation, Security: a Recipe for Strengthening the EU's Economic Condition

Author:
Melchior Szczepanik and Jolanta Szymańska
Publication Date:
10-2024
Content Type:
Working Paper
Institution:
The Polish Institute of International Affairs
Abstract:
Mario Draghi and Enrico Letta, in their reports on the economic condition of the EU, urge the organisation to double down on its objectives formulated in recent years: stimulating growth in a manner consistent with climate policy and reducing dangerous economic dependencies. The most controversial issue is how the recommended measures will be financed. Their implementation also will require striking a balance between several priorities—not entirely compatible—both within EU economic policy and in relations with main economic partners.
Topic:
Security, Climate Change, European Union, Economy, Economic Growth, and Decarbonization
Political Geography:
Europe

39. Developing an International Macroeconomic Forecasting Model Based on Big Data

Author:
Sang-Ha Yoon
Publication Date:
06-2024
Content Type:
Policy Brief
Institution:
Korea Institute for International Economic Policy (KIEP)
Abstract:
In the era of big data, economists are exploring new data sources and methodologies to improve economic forecasting. This study examines the potential of big data and machine learning in enhancing the predictive power of international macroeconomic forecasting models. The research utilizes both structured and unstructured data to forecast Korea's GDP growth rate. For structured data, around 200 macroeconomic and financial indicators from Korea and the U.S. were used with machine learning techniques (Random Forest, XGBoost, LSTM) and ensemble models. Results show that machine learning generally outperforms traditional econometric models, particularly for one-quarter-ahead forecasts, although performance varies by country and period. For unstructured data, the study uses Naver search data as a proxy for public sentiment. Using Dynamic Model Averaging and Selection (DMA and DMS) techniques, it incorporates eight Naver search indices alongside traditional macroeconomic variables. The findings suggest that online search data improves predictive power, especially in capturing economic turning points. The study also compares these big data-driven models with a Dynamic Stochastic General Equilibrium (DSGE) model. While DSGE offers policy analysis capabilities, its in-sample forecasts make direct comparison difficult. However, DMA and DMS models using search indices seem to better capture the GDP plunge in 2020. Based on the research findings, the author offers several suggestions to maximize the potential of big data. He stresses the importance of discovering and constructing diverse data sources, while also developing new analytical techniques such as machine learning. Furthermore, he suggests that big data models can be used as auxiliary indicators to complement existing forecasting models, and proposes that combining structural models with big data methodologies could create synergistic effects. Lastly, by using text mining on various online sources to build comprehensive databases, we can secure richer and more real-time economic data. These suggestions demonstrate the significant potential of big data in improving the accuracy of international macroeconomic forecasting, particularly emphasizing its effectiveness in situations where the economy is undergoing rapid changes.
Topic:
GDP, Economic Growth, and Macroeconomics
Political Geography:
Asia, South Korea, and United States of America

40. The Future of K-Power: What South Korea Must Do After Peaking

Author:
Chung Min Lee
Publication Date:
08-2024
Content Type:
Working Paper
Institution:
Carnegie Endowment for International Peace
Abstract:
South Korea’s economic growth will almost certainly slow over the coming decades—but writing off the country’s potential would be a mistake.
Topic:
Development, Economic Growth, Domestic Politics, and Soft Power
Political Geography:
Asia and South Korea