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Some recent analytical papers have explored limiting behaviors of Landau- de Gennes models for liquid crystals in certain extreme ranges of the model param- eters: limits of "vanishing elasticity" (in the language of some of these papers) and "low-temperature limits." We use simple scaling analysis to show that these limits are properly interpreted as limits in which geometric length scales (such as the size of the domain containing the liquid crystal material) become large compared to intrin- sic length scales (such as correlation lengths or coherence lengths, which determine defect core sizes). This represents the natural passage from a mesoscopic model to a macroscopic model and is analogous to a "London limit" in the Ginzburg-Landau theory of superconductivity or a "large-body limit" in the Landau-Lifshitz theory of ferromagnetism. Known relevant length scales in these parameter regimes (nematic correlation length, biaxial coherence length) can be seen to emerge via balances in equilibrium Euler-Lagrange equations associated with well-scaled Landau-de Gennes free-energy functionals. [ABSTRACT FROM AUTHOR]

The abstracts are from papers presented at the American Finance Association meetings in 1993. "Option Valuation with Systematic Stochastic Volatility" is from Kaushik I. Amin and Victor K. Ng. "Influence Costs and Capital Structure" is by Laurie Simon Bagwell and Josef Zechner. "An Equilibrium Model Rationalizing "Swings" in Financial and Macroeconomic Time Series Data" is by Gurdip S. Bakshi.

The theorem proving the existence of general equilibrium in a competitive economy, which necessarily involved specifying the conditions under which such an equilibrium would exist, is an extraordinary achievement of twentieth-century economics. The discovery is commonly attributed to a paper by (eventual) Nobel Prize winners Kenneth Arrow and Gerard Debreau: ''Existence of an Equilibrium for a Competitive Economy,'' published in the July 1954 issue of Econometrica. However it is less well-known that Lionel McKenzie published a paper in the previous issue of Econometrica, ''On Equilibrium in Graham's Model of World Trade and Other Competitive Systems,'' that discussed many of the same themes. Both papers established the existence of a competitive equilibrium for suitable general equilibrium models and employed fixed point theorem arguments. McKenzie had priority in publication in 1954 and received credit for simultaneous discovery in prominent sources around that time. But over the years, McKenzie's role in creating the proof of the existence of a general equilibrium seems to have faded from the collective consciousness of the economics profession. Newly available archival material permits a reexamination of the events surrounding the publication of both Econometrica papers in 1954. The story raises general issues concerning ''simultaneous discovery,'' ''priority,'' and ''credit'' in economic research and opens a window into some academic practices of that time. [ABSTRACT FROM AUTHOR]

The article presents a comment on R.A. Haugen and L.W. Senbet's article "New Perspective on Informational Asymmetry and Agency Relationships," published in the November 1979 issue of the "Journal of Financial and Quantitative Analysis." Haugen and Senbet present a costless solution, with the use of options, to the agency problem as well incorporate the concept of informational asymmetry into that model. The author commends the attempt to incorporate these two models of signaling and agency into corporate financial policy research, yet finds the research lacking when it comes to presenting a joint solution to both the agency and informational asymmetry problems.

Blockchain for local communities are blockchain-based applications that support the participation of people in the social and economic life of their local community. These applications leverage tokenization to enable socioeconomic processes involving transactions of values where community members take part actively and intentionally. In this field, mechanisms that regulate the functioning of blockchains need to be redirected towards collaborative and social purposes that often differ from the logics on which mainstream cryptocurrencies are based. In order to redesign these mechanisms, sound examination of their system of tokenization and of dynamics of their token economy is required. This paper provides an exploratory review of token economy elements found within cases of blockchain for local community economies, which is an under-explored domain in the relevant literature. The analysis considers 9 projects for systems that incentivize or reward participation, or implement community currency schemes. The dimensions analyzed encompass the type of goals and communities, the blockchains adopted, and token economy design aspects such as: token types, their distribution and incentive mechanisms, the associated platform/wallet functionalities, and the project governance models. We have observed a variety of combinations of these elements being used to facilitate new forms of value circulation. However, there is a tension between the aspiration to introduce transformative systems and the need to ensure the stability of the economic framework. The highly experimental nature of these initiatives requires continuous monitoring of their emergence and development. [ABSTRACT FROM AUTHOR]

The agri-food sector stands as a fundamental pillar of the European Union's economic framework, essential for sustaining the region's population and playing a significant role in the overall economic health and stability of the EU. This study offers a comprehensive analysis of labor productivity trends in the EU's agri-food sector over the past decade, focusing on a comparative assessment between Romania and top-performing EU economies. Using data from Eurostat and national databases, we explore the dynamics of labor productivity, considering factors such as turnover, number of enterprises, and employment levels in the agri-food industry. The research reveals significant disparities in productivity growth, with countries like the Netherlands, Denmark, and Belgium showing high productivity levels, while Romania, despite a notable improvement, remains below the EU average. The study underscores the importance of strategic investments and policy interventions in boosting productivity and competitiveness in the agri-food sector across Europe. [ABSTRACT FROM AUTHOR]

Research on corporate social responsibility (CSR) has investigated the determinants of firms’ choices to engage in substantive, as opposed to merely symbolic, CSR. However, scholars have yet to examine the economic incentives governing these choices. In particular, the literature offers little insight into how consumers’ willingness to pay a CSR price premium affects the choice between symbolic versus substantive CSR. To address this question, this paper proposes a formal model wherein substantive CSR reduces the negative socioenvironmental externalities associated with firms’ products, while consumers vary in their ability to monitor these externalities, and in their preferences for CSR. The paper establishes conditions under which the CSR price premium functions as an enabler of substantive CSR. It also examines how monitoring intensity, product differentiation, and competitors’ CSR engagement choices moderate this enabling effect. For example, when competitors engage in symbolic CSR, higher monitoring increases the enabling effect of the CSR price premium if substantive CSR sufficiently reduces negative externalities, but decreases it otherwise. Product differentiation and competitors’ decisions to engage in substantive CSR have similarly nuanced roles. A further application of the model suggests that CSR communication costs may be instrumental in discouraging all forms of symbolic CSR, including greenwashing and social washing. [ABSTRACT FROM AUTHOR]

This paper explores the complex relationship between energy poverty and the maintenance of democratic values within the European Union (EU), suggesting that energy poverty not only impacts economic stability and health outcomes but also poses significant challenges to democratic engagement and equity. To measure energy poverty, a composite index is developed using the entropy method, which surpasses traditional measures focused solely on access to energy or its developmental implications. To assess the level of democratic governance in EU countries, the voice and accountability index (VEA), which is part of the World Governance Indicators compiled by the World Bank, is utilized. By analyzing EU data from 2006 to 2022, the findings suggest that a 1% improvement in VEA quality, represented by a coefficient of 0.122, is correlated with a notable improvement in the energy poverty index. This suggests that the EU should focus on enhancing transparency and public participation in energy decision-making, along with ensuring accountability in policy implementation. The research also differentiates between full and flawed democracies, noting that tailored approaches are needed. In full democracies, leveraging economic prosperity and trade is crucial due to their significant positive impacts on the energy poverty index. In contrast, in flawed democracies, enhancing governance and accountability is more impactful, as evidenced by a higher coefficient of 0.193. Strengthening legal and regulatory frameworks, improving regulatory quality, and ensuring public engagement in governance could substantially mitigate energy poverty in these contexts. In addition, this paper demonstrates that this relationship is influenced by factors such as income inequality, energy intensity, and trade openness. [ABSTRACT FROM AUTHOR]

The year 2024 marks 20 years since Poland joined the European Union. In this paper, the authors review the economic literature analysing the longterm economic effects of Poland’s membership in the EU. Their study is based on international and Polish literature referring mainly to partial and general equilibrium analyses. They show both the sectoral effects, as related to different EU policies, as well as the overall consequences of membership for the level of welfare of Polish society. The authors first discuss the trade effects in the context of the removal of barriers to the movement of goods within the Single European Market. Next, the consequences of the inflow of funds from the EU budget which finance the country’s structural funds and the Common Agricultural Policy, which are of particular importance to the Polish economy are discussed. A review of the consequences of the inflow of foreign direct investment from EU countries to Poland and the effects of labour migration within the EU is then conducted. A review of the related welfare consequences by aggregating the effects of individual policies and making an overall assessment based on a synthetic control method is then summarised. The authors then refer to their estimations showing that, thanks to EU accession, Poland’s GDP per capita 15 years after accession was higher by almost 55% compared to the counterfactual scenario of non-accession. [ABSTRACT FROM AUTHOR]

The objective of this paper4 is to develop a methodology for the Latvian financial stress index (FSI). To this effect, the particular methodologies widely used in international practice for composite indicators applied in financial stability monitoring and the experience of selected countries were examined. The authors analyse the nature of financial stress and the related symptoms and offer their interpretation of the financial stress concept. The paper provides the rationale behind the selection of the individual indicators (components) comprised in the FSI and evaluates various options for aggregating FSI components. The main conclusion presented in the paper is that the dynamics of the FSI developed on the basis of the methodology proposed by the authors of the paper is quite an accurate measure of changes in Latvian financial system stress levels. It signals periods of elevated stress as well as periods of an excessively vigorous and imbalanced development of the financial system. The Bank of Latvia has been using the FSI as one of the elements of Latvia's financial system stability monitoring framework since 2010. [ABSTRACT FROM AUTHOR]

This paper presents a pioneering approach for simulation of economic activity, policy implementation, and pricing of goods in token economies. The paper proposes a formal analysis framework for wealth distribution analysis and simulation of interactions between economic participants in an economy. Using this framework, we define a mechanism for identifying prices that achieve the desired wealth distribution according to some metric, and stability of economic dynamics. The motivation to study tokenomics theory is the increasing use of tokenization, specifically in financial infrastructures, where designing token economies is in the forefront. Tokenomics theory establishes a quantitative framework for wealth distribution amongst economic participants and implements the algorithmic regulatory controls mechanism that reacts to changes in economic conditions. In our framework, we introduce a concept of tokenomic taxonomy where agents in the economy are categorized into agent types and interactions between them. This novel approach is motivated by having a generalized model of the macroeconomy with controls being implemented through interactions and policies. The existence of such controls allows us to measure and readjust the wealth dynamics in the economy to suit the desired objectives. [ABSTRACT FROM AUTHOR]

The article discusses the significance of the field-oriented academic conference series in the U.S. According to the author, the publication was a unique inception in 1970 because it has inspired imitation of the editors Arthur Okun and George Perry who were the first to understand the value of field-oriented academic conference series. Its hostility to the real business cycle model is easier to explain and reflects well on the editors. It has been said that the smaller general-equilibrium models was an easy way to better understand the transition from hostility to the big models to the smaller ones.

The article includes abstracts on articles related to the financial services industry, including "Firm Performance and Mechanisms to Control Agency Problems between Managers and Shareholders," "Dynamic Equilibrium and Volatility in Financial Asset Markets," and "Liquidation Costs and Capital Structure."

It is well known in the literature that there is a tension between the frequency and duration of the zero lower bound (ZLB) on the nominal interest rate and the determinacy of equilibrium. In this short paper, I show that the presence of downward nominal wage rigidity (DNWR) resolves the tension by preventing a vicious cycle of price declines and output contractions under the ZLB. Consequently, the model with DNWR can replicate the long‐lived ZLB episodes observed in the data. It also implies a plausible size of output and inflation declines at the ZLB. [ABSTRACT FROM AUTHOR]

Presents a series of abstracts on various topics of economics published in the March 1964 issue of the periodical 'Oxford Economic Papers,' vol. 16. Appraisal of short and long term competition from the point of view of businessmen; Overview of limits to a firm's rate of growth; Assessment of various aspects of dynamic equilibrium; Techniques for the structural analysis of the growth of an economy.

China's 2060 carbon neutrality target requires coal-fired power generation and coal consumption to shrink dramatically, or to introduce carbon capture, storage and utilization technologies (CCUS). In the provinces which produce a lot of coal and export it to other regions such as Shanxi Province, there are many severe challenges to achieve carbon neutrality goal. This paper constructs a provincial level Computable General Equilibrium Model for Shanxi Province to estimate the impacts on economy based on different decarbonization scenarios in power sector. Through comparison among the quantified scenarios, a sustainable pathway to coal phasing-out is also discussed in this research. The results indicate that in the simple phasing-out of coal thermal power scenario and single deployment of CCUS technology scenario, it will be a shock to GDP due to its coal-reliance economy. In the scenario which utilizes CCUS technologies and coal phasing out in the future, it proves that CCUS will mitigate economic impacts from 2025 to 2050. So, instead of coal phasing out, a sustainable pathway with accelerating change to thermal coal with CCUS is discussed in this research. It found that in this scenario, Shanxi province can keep a lower carbon intensity with a lowest carbon reduction cost of 3.62 k RMB/t. [ABSTRACT FROM AUTHOR]

Wildfire is a pressing global issue that transcends geographic boundaries. Many areas, including China, are trying to cope with the threat of wildfires and manage limited forest resources. Effective forest fire detection is crucial, given its significant implications for ecological balance, social well-being and economic stability. In light of the problems of noise misclassification and manual design of the components in the current forest fire detection model, particularly the limited capability to identify subtle and unnoticeable smoke within intricate forest environments, this paper proposes an improved smoke detection model for forest fires utilizing YOLOv8 as its foundation. We expand the channel depth for fine-grain feature learning and retain more feature information. At the same time, lightweight convolution reduces the parameters of the model. This model enhances detection accuracy for smoke targets of varying scales and surpasses the accuracy of mainstream models. The outcomes of experiments demonstrate that the improved model exhibits superior performance, and the mean average precision is improved by 3.3%. This model significantly enhances the detection ability while also optimizing the neural network to make it more lightweight. These advancements position the model as a promising solution for early-stage forest fire smoke detection. [ABSTRACT FROM AUTHOR]

Analyzes the expected effect of all measures which discriminate between firms on the basis of size, and that of the elimination of the dual-tax system in general equilibrium terms in Canada. Effect on the efficiency in the use of Canada's resources; Impact on shares of the Canadian national income that accrue to labor and capital; Relationship between significant partial factor taxes and the shape of the production possibility curve.

The impact of macroeconomic policy uncertainty (EPU) on micro-level entities has garnered increasing attention in economic circles. This study examines the influence of EPU on the efficiency of investments made by China's A-share listed companies between 2016 and 2021. Using a panel fixed effect model for analysis, the research reveals that EPU has a notable adverse effect on the investment efficiency of enterprises. Furthermore, it suggests that advancements in digital finance, strong ESG performance, and enhanced entrepreneurial confidence can mitigate this negative impact effectively. The study also highlights that enterprises with lower valuation, shareholder control, limited audit reputation, and no bank connections are more vulnerable to the impact of EPU on investment efficiency compared to those with higher valuation, manager control, strong audit reputation, and bank connections. Consequently, future efforts should be directed towards enhancing the stability and relevance of economic policies, promoting digital finance, and enhancing corporate governance structures. [ABSTRACT FROM AUTHOR]

Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, this study utilizes fortnightly data from 2020 to 2023 on the OECD (Organisation for Economic Co-operation and Development) countries. The study employs a Panel Autoregressive Distributed Lag (ARDL) model to analyze the effects of the monetary policy responses of the OECD governments, and the obtained results reveal that within OECD countries, the prevailing trend of lower interest rate policies emerged during the pandemic. This policy approach yielded a dual effect: lowering both output growth and inflation rates, while concurrently exacerbating unemployment rates throughout the COVID-19 period. Consequently, it is clear that monetary policies have played a pivotal role in facilitating the recovery from a profound economic shock such as the COVID-19 pandemic. Given the significant economic repercussions of a pandemic and the crucial role that monetary policy plays in sustaining economic stability, the apparent lack of attention underscores the urgent necessity for additional discourse on this vital subject. [ABSTRACT FROM AUTHOR]

Hybrid cable-stayed suspension (HCSS) bridges enjoy broad application prospects due to their excellent stability and economic benefits. The mechanical response of the transition section between the two subsystems of this novel bridge type is a common concern in the design and use stages. This paper took the design scheme of an HCSS bridge with a main span of 1440 m as the research object. A global finite element model (FEM) of the example bridge and local finite element models of the transition section were established, and the mechanical performance of the subsystem and components of the transition section was investigated. Moreover, parametric studies were conducted to investigate the influences of varies structural parameters on the mechanical performance of the transition sections of HCSS bridges. The results show that the mechanical behavior suddenly changes significantly at the transition between the cable-stayed section and the suspension section. Performance mutations in the transition section of a HCSS bridge can be improved by changing structural parameters, such as the transition section length, the number of cross cables, the area of the outermost cables, and the distance between the outermost cables and adjacent cables. The present findings may provide a reference for the better understandings and design of HCSS bridges. [ABSTRACT FROM AUTHOR]

In this paper, we explore the known connection among sustainability, resilience, and well-being within the framework of active inference. Initially, we revisit how the notions of well-being and resilience intersect within active inference before defining sustainability. We adopt a holistic concept of sustainability denoting the enduring capacity to meet needs over time without depleting crucial resources. It extends beyond material wealth to encompass community networks, labor, and knowledge. Using the free energy principle, we can emphasize the role of fostering resource renewal, harmonious system–entity exchanges, and practices that encourage self-organization and resilience as pathways to achieving sustainability both as an agent and as a part of a collective. We start by connecting active inference with well-being, building on existing work. We then attempt to link resilience with sustainability, asserting that resilience alone is insufficient for sustainable outcomes. While crucial for absorbing shocks and stresses, resilience must be intrinsically linked with sustainability to ensure that adaptive capacities do not merely perpetuate existing vulnerabilities. Rather, it should facilitate transformative processes that address the root causes of unsustainability. Sustainability, therefore, must manifest across extended timescales and all system strata, from individual components to the broader system, to uphold ecological integrity, economic stability, and social well-being. We explain how sustainability manifests at the level of an agent and then at the level of collectives and systems. To model and quantify the interdependencies between resources and their impact on overall system sustainability, we introduce the application of network theory and dynamical systems theory. We emphasize the optimization of precision or learning rates through the active inference framework, advocating for an approach that fosters the elastic and plastic resilience necessary for long-term sustainability and abundance. [ABSTRACT FROM AUTHOR]

This paper estimates the value of tax benefits in 76 management buyouts of public companies completed in the period 1980 to 1986. The median value of tax benefits, estimated at the time the buyout company goes private, has a lower bound of 21% and an upper bound of 143 % of the premium paid to pre-buyout shareholders. The estimated value depends on the rate buyout debt is repaid and the tax rate applied to the interest deductions. The paper also presents evidence on the actual taxes paid and debt repayment rates by these companies after the buyout. The results in this paper suggest that tax benefits are an important source of the wealth gains in management buyouts. [ABSTRACT FROM AUTHOR]

This paper discusses the pricing of assets in an intertemporal rational-expectations model when real production and inflation evolve according to first-order autocorrelated processes. The focus is on the structure of the various intertemporal discount rates (yields) exhibited by this economy. Yield curves are identified for consumption claims, indexed bonds, and nominally riskless bonds and can be extended to any claim that can be approximated by a (finite) linear combination of such securities. The model demonstrates that, if the average term structure for nominally riskless securities is upward sloping, then the yield curve for consumption (market) claims is downward sloping, suggesting that conventional methods for computing long-term discount rates err by not accounting for maturity factors. The paper also explores the relationship between the intertemporal equilibrium and its embedded single-period equilibria. The single-period risk measures in this economy are derived and shown to be (generally) functions of maturity. A model of nominal bond betas is constructed along these lines. It is shown that bond betas that are increasing functions of maturity do not necessarily imply an upward-sloping term structure. [ABSTRACT FROM AUTHOR]

This paper constructs a general equilibrium model with endogenous stochastic production and establishes that the equilibrium interest rate can he constant in a closed production economy when the preferences are represented by constant absolute risk aversion utility functions. The results in this paper and their limitations are compared and contrasted with related contributions in the financial economics literature. [ABSTRACT FROM AUTHOR]

There have been a series of empirical investigations of the impact of pollution abatement on the efficient scale of individual polluting plants. From a regression analysis of 30 integrated paper mills in Wisconsin and Michigan, Pittman (1981, 13) observed that abatement "requirements increase the minimum efficient size of plant, thus increasing barriers to entry and exacerbating any lack of competition in the industry." A similar result, based on data for 19,000 manufacturing plants in 319 industries, was reported by Pashigian (1984, 16) who concluded that environmental regulation in the United States during the 1970s "reduced the number of establishments per industry and raised the average plant size." However the findings are not all in agreement. On the basis of communications with manufacturing executives who had been involved in selecting the size and location of 162 new branch plants, Stafford (1985, 235) found that "environmental regulations have had no predictable impact on the sizes of facilities built." Using the same data base as Pashigian but with some different interpretations, Evans (1986, 197n) "failed to find any correlation between changes in relative pollution abatement operating costs and changes in average plant size. [ABSTRACT FROM AUTHOR]

This paper aims to address the relatively limited attention given to the examination of exchange rate misalignment uncertainty in the specific context of South Africa. By specifically focusing on exchange rate misalignment uncertainty, this study fills a crucial gap in the literature and gains a deeper understanding of the factors influencing economic growth in South Africa. While previous literature has provided valuable insights into the relationship between exchange rate uncertainty and economic growth, there is a dearth of studies focusing on the particular issue of exchange rate misalignment uncertainty in South Africa. Therefore, the objective of this research is to investigate the effects of exchange rate misalignment uncertainty on short-term and long-term economic growth in South Africa. To achieve this objective, we employ the generalized autoregressive conditional heteroskedasticity (GARCH) and vector error correction (VEC) models. The analysis utilizes quarterly data spanning from the first quarter of 1960 to the third quarter of 2022. The findings of this study reveal a negative association between exchange rate uncertainty and short-term economic growth, while the long-term effects yield mixed results. Moreover, we observe that higher exchange rate misalignment is linked to positive implications for economic growth. These findings emphasize the significance of managing exchange rate volatility and reducing uncertainty to ensure economic stability and foster long-term growth. Considering these findings, policymakers should prioritize implementing strategies that promote a stable exchange rate and cultivate a favorable business environment. [ABSTRACT FROM AUTHOR]

An introduction to the journal is presented wherein the editor introduces some of the papers presented at the conference on "Globalization, Development, and Economic and Financial Stability" in Tokyo, Japan and acknowledges those persons who put together the conference program and the conference discussants and conference participants for stimulating comments that led to improved papers.

Fiscal policy has been a topic of research interest for researchers. It plays a very important role in the economic growth of any country. Fiscal policy does not only achieve economic development but eliminates the hindrances that assist economic stability. Based on the significance of the term. This paper evaluates the research output of the term fiscal policy since 1970 in different fields using the Scopus database. The data was collected from the Scopus database and were analyzed using Microsoft Excel to analyze the research trends on fiscal policy. It is concluded that fiscal policy has been a topic of researchers' focus since 1970 but higher attempts are made after 2000. Most of the researchers prefer journal article publications and only 1% are in the press, whereas all other articles are already published. Most of the publications are published in the English language and the researcher from the field of Economics, Econometrics & Finance, Social Sciences and Business, Management & Accounting are publishing the most on fiscal policy. This paper will assist the junior researchers to find the gap and design their future research on fiscal policy as this paper compiles the database of the last five decades available on Scopus. [ABSTRACT FROM AUTHOR]

The article provides commentary on the conference paper "The Impossibility of Efficient Decision Rules for Firms in Competitive Stock Market Economies," by Robert Forsythe and Gerry L. Suchanek, which appears in this issue. The author feels that the more technical companion study of this paper adds some confusion to the presentation. He feels that the paper's major point is that efficient equilibria are not a general property of competitive stock markets and this conclusion is contrary to generally held assumptions.

When equilibrium is indeterminate (i.e., not unique), applied theory often obtains uniqueness either via ad hoc sunspots or via global games. This paper highlights the relative merits of a third selection mechanism—best‐response dynamics (BRD)—in the context of various financial crisis frameworks. For example, in the context of a bank run, selection via BRD is preferred (to ad hoc sunspots) because it provides an explicit coordination narrative and (to global games) because it accounts for the fact that depositors realistically may decide to join or leave a bank's queue upon observing its length. [ABSTRACT FROM AUTHOR]

The inherent randomness in economic factors causes complex and irregular behaviour that affects financial system stability and economic growth. Such chaotic behaviour can make it difficult to synchronize financial systems. The chaotic finance system synchronization precision maintains financial stability and economic growth. In this paper, the controller design procedure assumes that the financial system is exposed to unknown bounded exogenous disturbances and model uncertainties. This research proposes a novel direct adaptive control strategy that achieves robust synchronization of two identical four-dimensional finance chaotic (FDFC) systems. The proposed controller establishes a faster, smoother synchronization error vector convergence to zero. The controller design procedure does not eliminate the closed-loop's nonlinear terms and is independent of the financial system parameters. These controller's attributes accomplish the closed-loop robust performance. Further, this controller uses real-time estimates of unknown model uncertainties and bounds to compensate for unknown exogenous disturbances. Computer simulation results and proofs of theoretical analysis based on the Lyapunov stability theory confirm that the proposed control technique compels the error vector trajectories to the origin in a short transient time with less active oscillations for all signals. The paper includes comparative computer simulations for verifying the theoretical findings. [ABSTRACT FROM AUTHOR]

A stable and reliable power system is crucial for human daily lives and economic stability. Power load forecasting is the foundation of dynamically balancing between the power supply and demand sides. However, with the popularity of renewable energy sources and electric vehicles, it still struggles to achieve accurate power load forecasting due to the complex patterns and dynamics of load data. To mitigate these issues, this paper proposes a new hybrid model based on a sample convolution and integration network (SCINet) and a long short-term memory network (LSTM) for short-term power load forecasting. Specifically, a feed-forward network (FFN) is first used to enhance the nonlinear representation of the load data to highlight the complex temporal dynamics. The SCINet is then employed to iteratively extract and exchange information about load data at multiple temporal resolutions, capturing the long-term dependencies hidden in the deeper layers. Finally, the LSTM networks are performed to further strengthen the extraction of temporal dependencies. The principal contributions of the proposed model can be summarized as follows: (1) The SCINet with binary tree structure effectively extracts both local and global features, proving advantageous for capturing complex temporal patterns and dynamics; (2) Integrating LSTM into the SCINet-based framework mitigates information loss resulting from interactive downsampling, thereby enhancing the extraction of temporal dependencies; and (3) FNN layers are strategically designed to enhance the nonlinear representations prior to feeding the load data fed into the SCINet and LSTM. Three real-world datasets are used to validate the effectiveness and generalization of the proposed model. Experimental results show that the proposed model has superior performance in terms of evaluation metrics compared with other baseline models. [ABSTRACT FROM AUTHOR]

There are two ways in which the quantity of money may be included in a general equilibrium system: as a datum, whose value is fixed exogenously, or as an unknown, whose value is determined by the equilibrium system itself. Let them be called active money and passive money, respectively. Current monetary theory uses the first approach. The Ricardo-Walras-Keynes tradition in general equilibrium models is clearly of the active-money variety. This is also true of the more contemporary versions, such as Patinkin's well-known system (1965).[1] Apart from the main stream of thought, however, a number of analyses exist which imply passive money. The gold--standard model, as it is usually expounded, belongs to this class. The price of gold in terms of money is given, while the stock of money is endogenously determined by the set of equilibrium conditions. The form in which the quantity of money adapts to its equilibrium level differs according to the institutional mechanism: Convergence is assured through monetization and demonetization of gold in the pure gold-currency system, and through convertibiliy of notes into gold and vice versa in the gold-standard system with paper money. In either case, the money supply is allowed to conform to its equilibrium volume. This kind of monetary system, in which the money price of a certain product or commodity is a datum and the quantity of money a dependent magnitude, may be denoted in general as a commodity standard. Today the chief motivation for passive-money hypotheses stems from inflation theory. The labor standard underlies nearly all cost-inflation models. Structural inflation analyses, on the other hand, presuppose the existence of some commodity standard; they view the main strand of causation as framing from the price level to the quantity of money, rather than in the opposite way.[2] Occasionally credit-standard arguments are combined with cost- or structural-inflation theses.[3] Thus the assumption of passive mon... [ABSTRACT FROM AUTHOR]

The influence of energy prices on macroeconomic stability is analyzed in this paper. Energy prices represent significant supply-side shocks, which have been leading cyclical fluctuation triggers through economic history. The analysis includes the countries that were the members of the former SFRY, as well as the countries the members of the Višegrad Group. The indicators under observation are presented for the EU27 for the purposes of comparison. In accordance with economic theory, the main conclusion of the paper is that supply-side shocks can be a significant source of cyclical fluctuations and an inflation trigger. Therefore, policymakers have a complex task to minimize the effects of these shocks. Nowadays, when energy prices are reaching historically high levels, the scientific contribution of supply-side shocks can be found in the deep analysis and well-grounded estimations of the role of those shocks in the preservation of macroeconomic stability and the economic policy measures necessary for the minimization of their negative effects. [ABSTRACT FROM AUTHOR]

Research on founder identity has significantly advanced our understanding of entrepreneurship and related literatures. By departing from the widely held--though often implicit--assumption that culture defines the parameters of identity formation, this paper investigates how the alignment, or misalignment, between a founder's identity and their perceived sociocultural context influences new firm creation. We engage in an in-depth qualitative study of 49 founders in Taiwan that reveals how founders' identity structures can be (mis)aligned with their perceived social structures, and how the reinforcement or tensions generated by (mis)alignment can fuel the creation of fundamentally different types of ventures--including those that challenge the perceived sociocultural status quo with a social mission intended to push society toward a new equilibrium. Our theory of founder identity-society (mis)alignment is therefore able to specify a key mechanism linking the founder's identitywith perceived sociocultural context. Furthermore, we advance the influential Schumpeterian theory of creative destruction beyond the purely economic context to address the broader sociocultural environment and to incorporate the concept of creative reconstruction, in which entrepreneurs seek to restore elements of society past. [ABSTRACT FROM AUTHOR]

This paper obtains equilibrium interest rate option prices for discontinuous short-term interest rate processes. The prices are first obtained for a general distribution of jump sizes using a process with a number of fixed size jumps. The pricing formulas are then used to obtain option prices when the jump distribution is known to be one of the continuous distributions. The commonly used jump-diffusion, stochastic volatility jump-diffusion, and Gamma process option prices can be obtained as limiting cases. The methodology is also applied to obtain the prices of options on stocks. Finally, the paper shows how portfolios to hedge derivative securities can be built. [ABSTRACT FROM AUTHOR]

This article shows a correlation between corporate ethics and economic stability. It examines specific provisions of Nigerian law relating to corporate social responsibility (CSR) activities by companies, particularly public companies. Nigeria is faced with governance crisis across the various levels of government and sectors, including the business sector. Individuals and companies have through lack of social responsibility contributed significantly to the deplorable state of the Nigerian economy. This paper demonstrates that corporations in Nigeria implement nominal CSR activities, a trend that has remained unchecked due to lack of accountability from the media and government. In making recommendations, this paper makes a case for mandatory CSR activities in public companies and discusses how CSR policies can create positive externalities. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the behavior of equilibrium real interest rates in an identical consumer economy in which the preferences are represented by time additive logarithmic utility functions and production technologies are Cobb-Douglas with stochastic constant returns to scale. The following main results are established. (i) When there is no relative price uncertainty, it is shown that the equilibrium interest rate exhibits a mean reverting tendency. A nontrivial steady state distribution is found to exist for the equilibrium interest rate. The properties of the equilibrium interest rate are also derived and discussed. (ii) In a multigood economy, even with additive preferences across goods, the equilibrium interest rates depend explicitly on relative prices. The substitution possibilities in production technologies induce this result. This is in contrast to the findings of Richard and Sundaresan [11] who show that the analytical general equilibrium term structure of interest rates formula of Cox, Ingersoll, and Ross [5] is unaffected by the introduction of relative price uncertainty when the technologies are linear and hence involve no substitution. Furthermore, we relate our results to those of Cox, Ingersoll, and Ross [5], Breeden [3], and Richard and Sundaresan [11] with special emphasis on stochastic production and relative price uncertainty. [ABSTRACT FROM AUTHOR]

These two papers apply the monetary approach to the balance of payments to explain: (1) the relationship between daily changes in forward and spot exchange rates, and exchange rates and interest differentials; and (2) the relationship between exchange rate movements and/or reserve movements and monetary developments over quarterly time periods. Both papers are based on traditional assumptions of the monetarist approach but find that non-monetary factors are also needed to explain countries' exchange rate and reserve movements. It might be useful to consider the validity of some of the basic assumptions when applied to individual industrial countries. [ABSTRACT FROM AUTHOR]

During the last decades, natural hazards, such as earthquakes, volcanic eruptions, landslides, floods, storms, droughts, and cyclones, have increased in frequency and severity, influenced by climate change and population growth. These natural hazards can become sudden-onset disasters, causing human losses and property damages that affect economic stability and growth. Although there is a pressing need for risk decrease and adaptation strategies to these unexpected events, targeted natural hazard insurance would be a valuable tool to counteract governmental and individual consequences. This paper summarizes an overview of risk assessment and mitigation strategies based on geological, geomorphological, and meteorological factors. The study includes an examination of monitoring systems for movement and gas emissions, risk and emergency maps, and highlighting the vulnerability of different areas at national and regional levels. Furthermore, the paper addresses the importance of promoting comprehensive geological and geotechnical knowledge among citizens of every socio-economical group and proposing the tools to effectively deliver the message, aiming at increasing the willingness for natural hazard insurance at both individual and governmental scales for human and property protection. [ABSTRACT FROM AUTHOR]

The paper intends to introduce and clarify a new concept, the fiscal resilientor, defined as automatic fiscal stabilizer that presents the resilience property. In the first place, the paper clarifies the resilience and automatic fiscal stabilizer concepts. The two concepts are defined in a logical perspective, through the identification of sufficiency predicates. In addition, the following concepts are proposed that make up the conceptual family of resilience: stability, robustness, autopoiesis, inertia, homeostasis and antifragility. Next, the fiscal resilientor concept is clarified at syntactic and pragmatic level, and the criteria for designing fiscal resilientors are outlined. The last part of the paper presents the fiscal resilientor operation mechanism, as well as the aspects highlighting the relevance of the fiscal resilientor concept to the economy. [ABSTRACT FROM AUTHOR]

It is conceivable to question why highly educated and competent workers are permitted to leave their employment. The determination of this paper is to identify the important issues prompting worker retaining in the northern Bangladesh NGO sector and to examine how staff retention impacts on logistic performance. Some of the things that are looked at in this study as retention drivers are economic stability, psychological security, connections with coworkers, and self-actualization. With a simple random sampling method and a questionnaire, the employees are polled to get the important information. We selected Rajshahi, Bogra, Natore, and Kushtia as well as four NGOs from each district for the random sample. Each NGO conducted ten worker interviews for data collection. The total number of samples is 160. SEM-SPLS examines data, evaluates the research model and hypotheses, and tests the study model and hypotheses. There are economic, psychological, interpersonal, and self-actualization aspects of employee retention. The paper covers the hypothetical and applied ramifications of the inquiry. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to prove the existence of a marginal pricing economic equilibrium in presence of increasing returns and externalities in a commodity space general enough as to encompass the vast majority of economic situations. This extends the existing literature on competitive equilibria in vector lattices by incorporating market failures, and it also generalises several non-competitive existence results to a larger class of commodity spaces. The key features are a suitable definition for the marginal pricing rule and an adaptation of the properness condition. [ABSTRACT FROM AUTHOR]

This paper develops an equilibrium asset pricing model to explain the equity premium puzzle and the risk-free rate puzzle by allowing for both market frictions and informational asymmetry. The paper argues that much of the high equity premium in the Mehra and Prescott (1985) sample period can be explained by informational asymmetry among investors and the inability of many investors to diversify their portfolios. With admissible relative risk aversion coefficient γ, the model matches various key statistics quite well. The paper implies that with the development of mutual funds, the equity premium should decline as has been the case since the 1950s. [ABSTRACT FROM AUTHOR]