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and export for Saudi Arabia by using the time series data from
1968-2014. The study employs the recently developed ARDL-bounds testing
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led growth hypothesis. While another uni-directional causality has been
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more FDI. This will cause the economic growth to increase and also be
more flexible to any external shocks.
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(2017). Households Preferences and Willingness to Pay for Watershed Services Attributes in North Selangor Peat Swamp Forest Malaysia. Asian Journal of Economic Modelling, 5(1): 98-109. DOI: 10.18488/journal.8/2017.5.1/22.214.171.124
Realising the objective of payment for ecological services (PES) schemes
depends on adequate demand for these services and sustainable funding.
We examine the viability of using locally financed payments as
additional conservation funds to protect forest watershed services. The
study employed choice experiment method to estimate the willingness to
pay for watershed conservation in communities along Sungai Karang and
Raja Musa forest reserve in Selangor Malaysia. A Multinomial logit (MNL)
model was developed to derive the marginal value and mean willingness
to pay (WTP) of the respondents on the non-market values of the forest
reserve. The trade-off between four different forest watershed
attributes showed that improvement in water quantity is the most
preferred attributes. The total conservation value is estimated at RM12,
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conservation to ensure sustainable water supply. Thus proposing PES as
an alternative source of fund for conservation of Sungai Karang and Raja
Musa forest reserve.
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experiment approach to analyze willingness to pay for forest watershed
conservation. It is also one of very few studies which have investigated
Households' Preferences and Willingness to Pay for Watershed Services
attributes in the forest reserve.
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(2017). Economic Development and Environmental Change with Endogenous Birth and Mortality Rates. Asian Journal of Economic Modelling, 5(1): 77-97. DOI: 10.18488/journal.8/2017.5.1/126.96.36.199
This paper deals with interactions between population growth, wealth
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(2017). Discrimination and Inequality in an Integrated Walrasian-General-Equilibrium and Neoclassical-Growth Theory. Asian Journal of Economic Modelling, 5(1): 57-76. DOI: 10.18488/journal.8/2017.5.1/188.8.131.52
The purpose of this study is to examine dynamic interdependence between
economic development, wealth and income distributions, and
discrimination in an integrated Walrasian-general-equilibrium and
neoclassical-growth theory. We build a dynamic economy with one consumer
goods sector, one capital goods sector, and heterogeneous households.
We build a model in which wealth accumulation, income and wealth
distribution, time distribution and division of labor interact with each
other under a fixed pattern of discrimination. For illustration, we
simulate the motion of the economic system with three groups, called the
discriminator, the neutral group (neither discriminating nor being
discriminated), and the discriminated group. We identify the existence
of a unique stable equilibrium point. Our comparative dynamic analyses
with regard to different discrimination rates provide some insights. For
instance, we show that when the discriminator strengthens its
discrimination against the discriminated group and the discriminated
group ?positively? reacts the strengthened discrimination, we have the
following effects: the national output, the national wealth, the total
labor supply, and the output levels and the input factors of the two
sectors are increased; the lump sum transfer from the discriminated
group to the discriminator is increased; the discriminated group?s wage
rate is augmented and the other two groups? wage rates are slightly
affected; the discriminator?s work time is reduced, the discriminated
group?s work time is increased, and the neutral group?s work time is
slightly affected; the discriminated group?s and the discriminator?s
consumption and wealth levels are increased, and the neutral group?s
consumption and wealth levels are slightly affected.
This study makes a unique approach to relationship between economic
growth and discrimination in an integrated Walrasian general equilibrium
and neoclassical growth theory. The general equilibrium dynamic
approach makes it possible to examine all the effects of discrimination
on different people over time.
Child Immunization in Pakistan: Socio-Institutional and Regional Aspects
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(2017). Child Immunization in Pakistan: Socio-Institutional and Regional Aspects. Asian Journal of Economic Modelling, 5(1): 49-56. DOI: 10.18488/journal.8/2017.5.1/184.108.40.206
This paper attempted to examine the socioeconomic determinants of
preventive measures of child health, i.e. child immunization,
particularly focusing on the factors of social institutions and regional
diversity in Pakistan economy. For the purpose micro data having 8731
observations from Pakistan Demographic Health Survey (PDHS) 2006-2007
has been utilized. Binary logistic regression is employed to determine
the association between complete immunization of children (in the age
group of 12 months to 5 years) and explanatory variables. The ethnicity
of the households has been taken as proxy of social institution and
provinces of Pakistan as regional diversity. Complete immunization of
children is captured by basic vaccinations, i.e. BCG, Measles, DPT and
Polio. A child is assumed as completely immunized if he/she has received
all the twelve vaccinations. The results have shown that social
institution represented by ethnicity of household has significant impact
on the probability of immunization of children. The children of Urdu,
Sindhi, Pashtu and Barohi speaking families are less likely to be
immunized as compared to those of Punjabi speaking families. The
children from Pashto speaking families are least likely to be immunized
as compared to children from Punjabi speaking families. The children
living in Sindh and Balochistan are least likely to have complete
immunization as compared to those living in Punjab. The results have
further shown that male children and children born in hospitals are more
likely to be immunized. The probability of complete immunization of
children increases with increase in educational level of mother. The
children of working mothers are less likely to be completely immunized
as compared to their counterparts of mothers who are not working.
The study contributes in literature the role of social institutions in
and regional diversity in health-care of children in Pakistan. In the
health economics they are rarely analyzed. Public sector policy for
social development may be proposed for social institutional development
and declining the regional diversity.
Compare Value at Risk and Return of Assets Portfolio Stock, Gold, REIT, U.S. & Iran Market Indices
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(2017). Compare Value at Risk and Return of Assets Portfolio Stock, Gold, REIT, U.S. & Iran Market Indices. Asian Journal of Economic Modelling, 5(1): 44-48. DOI: 10.18488/journal.8/2017.5.1/220.127.116.11
Nowadays investors follow investment in asset like, stocks, gold, and
real-estate investment trusts in the world. This study surveys three
types of main assets portfolio of stock, gold, and REIT. This article
use from S&P500, Gold price, S&P United States REIT of U.S as a
development and Iran stock market, Gold price as an emerging country.
Samples are collected from 2004 to2014 daily index U.S market and Iran
market for 10 years. In this case, we use GARCH model for estimating
return and variance with conditional variation. Then use Mont carol
simulation for determination Value at Risk with three likelihood. Then
calculate correlation of portfolios with multiple regression. Finally,
compared Value at Risk and return and correlation for each portfolio
(four types of portfolios). Then compare different type of portfolio and
select best portfolio via R-Sharp criteria.
This study contributes in new approach of assessment and comparing investment’s risk and return in different countries.
Revisiting the Causal Nexus between Defense Expenditure and Economic Growth: Time Series Analysis for Saudi Arabia
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(2017). Revisiting the Causal Nexus between Defense Expenditure and Economic Growth: Time Series Analysis for Saudi Arabia. Asian Journal of Economic Modelling, 5(1): 35-43. DOI: 10.18488/journal.8/2017.5.1/18.104.22.168
This time series study analyzed the effect of defense expenditure on
GDP, oil GDP and non-oil GDP of Saudi Arabia. The defense expenditure is
introduced as explanatory variable in production function for said
purpose. This study used time series data from 1969 to 2013 and unit
root test determined that variables of the study share same integration
order. Long run relationship was established among variables through
cointegration test. Dynamic ordinary least squares results showed that
defense expenditure positively affect GDP and non-oil GDP in the long
run while its impact on oil GDP is insignificantly positive. The
causality analysis confirmed that defense expenditure has direct and
indirect effect on GDP in Saudi Arabia as defense expenditure causes
GDP, oil GDP, non-oil GDP, investment, and labor force in the long run.
This study concluded that defense expenditure is as one of the factor of
the economic growth in Saudi Arabia.
This study contributes in the existing literature as it incorporates
defense expenditure in the production function along with capital and
labor force to determine whether defense expenditure is a long run
contributor of economic growth (GDP, oil GDP, non-oil GDP) or not in
case of Saudi Arabia.
Audit in Russian Federation and the Research Toward the Determination of the Functioning of Audit Mechanism
Anokhova, E.V. and A.V. Paramonov, 2014. Features of development of the market for audit services in Russia. Journal of Аuditor, 8: 40-49.
Ayanoğlu, Y., 2004. Developments in audit area in Russia. Journal of Accounting and Auditing Perspectives, 4(12): 15-28.
Cheremisina, S.V., 2014. The development of audit in Russia. Journal of Problems of Accounting and Finance, 4(16): 48-51.
Golubeva, S.G., 2011. Basic tendencies of development of audit in Russia. Journal of Dairy Farming, 4(4): 51-54.
Güvemli, B., 2010. The development of accounting thought in Soviet Union Era (1917-1953). Journal of Accounting and Finance Academicians and Research Association, 10(48): 241-251.
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Ivanova, N.U., 2009. Elements of audit. St. Petersburg: Academy.
Losyeva, N.А. and I.V. Prokhorov, 2013. Formation and development of audit activities in Russia. Journal of Auditor, 9: 16-21.
Mamayeva, G.K., 2012. Impact of legislative innovations on the current state of audit services market in Russia. Bulletin of OrelGAU, 3(12): 131-135.
Mаkhonina, I.N., 2012. About the state and prospects of development of the financial audit in Russia. Journal of Socio-Economic Phenomena and Processes, 9(043): 92-99.
Nalyotova, I.А. and Т.Е. Slobodchikova, 2005. Аudit. Моscow: Publication of Forum Infra-М.
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Sheremet, А.D., 2014. A brief analysis of the current state of self-regulation institute in Russia. Journal of Auditor, 9: 24-27.
Sheshukova, Т.G. and М.А. Gorolilov, 2005. Audit: Theory and practice of application of international standards. Moscow: Finance and Statistics, 2.
Yudina, G.А. and М.N. Chernikh, 2005. Theoretical, organizational, legal and methodological basis of the audit. Krasnoyarsk: KrasGASA.
Yudina, G.А. and М.N. Chernikh, 2006. Fundamentals of the audit. Moscow: KRONOS.
(2017). Audit in Russian Federation and the Research Toward the Determination of the Functioning of Audit Mechanism. Asian Journal of Economic Modelling, 5(1): 23-34. DOI: 10.18488/journal.8/2017.5.1/22.214.171.124
Although the development of audit laws in Russia corresponds to the end
of the 80s, there has been experienced significant progress in this
respect in the early 2000s. Since the early 2000s, many laws have been
developed and many local auditing standards have been prepared in the
country by benefiting from the international experience. Since 2010, the
government control over the audit activity began to decline. In this
study, information about the legal regulations implemented in Russia has
been provided. Subsequently, basic indicators pertaining to the audit
for the years 2013-2014 such, as the number of auditors and audit firms,
distribution services volume by the auditing company, the number of
audited companies, the revenue structure of the audit firms and regional
distribution of audit firms, has been discussed and the impact of
legislation on audit activity was investigated. Data related to the
audit, are based on information published by the Russian Ministry of
In the scope of this study, using statistical data of the Russian
Ministry of Finance, main indicators pertaining to the audit of the
2013-2014 year are included. As a result of examination of the
information for every two years, both positive and negative developments
in the audit field have been revealed. In this context, this study,
including legal developments in Russia and comparative data, will add
value to the relevant literature.
Comparison of the Lee-Carter and Arch in Modelling and Forecasting Mortality in Zimbabwe
Collins, G.S., S. Mallet, O. Omar and l. Yu, 2011. Developing risk prediction models for type 2 diabetes: A systematic review of methodology and reporting. BMC Medicine, 9(1): 103-117.
Eglė, I., M.A. Rasa and S. Jonas, 2012. Lee–Carter mortality forecasting. Lithuanian Journal of Statistics, 51: 35-38.
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(2017). Comparison of the Lee-Carter and Arch in Modelling and Forecasting Mortality in Zimbabwe. Asian Journal of Economic Modelling, 5(1): 11-22. DOI: 10.18488/journal.8/2017.5.1/126.96.36.199
This paper aims to determine which model best fits the mortality profile
of Zimbabwe. The models that being compared were the Lee-Carter and
ARCH and the period under review was from 1983-2004 using mortality
rates of five years age interval. The parameters of the Lee-Carter model
were estimated using singular value decomposition. The box Jenkins
approach was used to determine the order of lags for the ARIMA. An ARIMA
(1, 1, 1) was used to forecast the overall mortality levels. To
determine which model best fit the mortality profile of Zimbabwe
goodness of fit using the Kolmogorov-Simonov and root mean square error
was used. The result suggested that the Lee-Carter model provided a
better fit as compared to ARCH. However both models failed to fit for
ages between 50-59 years. Both models were used to forecast, but
selecting the one that had the best fit of the two models on a
particular age group interval for the period 2005-2014.This paper
concludes that generally the Lee-Carter model provided a better fit for
the mortality profile of Zimbabwe.
The study contributes to the existing literature on the best methods of
modeling and forecasting mortality, interestingly with focus Zimbabwe, a
developing economy. The study is the first of its kind in Zimbabwe on
this branch of knowledge.
Modern Conditions of Development of Leasing Market in Russia on the Example of Rail Transport
Abashina, A.M., M.N. Simonov and I.K. Talia, 1998. Rrental and leasing. M.: Filin. pp: 391.
Amemba, l.D. and L. Fssociates, 2014. A euromoney/ DC gardner self - Study Workbook. pp: 128.
Bezpalov, V.V., 2014. The effectiveness of restructuring of regional management system, the criteria for selection of indicators and their calculation. Austrian Journal of Humanities and Social Sciences, 7-8: 256-262.
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Gazman, V.D., 2011. About the benefits of leasing in Russia: Tax aspects // M.: "Finance", 1: 23 - 28.
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Zharikov, V.D., 2014. Modeling of knowledge-intensive resource-saving production in Russia. Monograph. Germany: LAP LAMBERT Academic Publishing, -220 C.
Zharikov, V.D., V.V. Zharikov and V.V. Bezpalov, 2014. Modeling the periodicity of the renewal of production assets in manufacturing tnterprises. Asian Social Science, 10(24): 28-34.
(2017). Modern Conditions of Development of Leasing Market in Russia on the Example of Rail Transport. Asian Journal of Economic Modelling, 5(1): 1-10. DOI: 10.18488/journal.8/2017.5.1/188.8.131.52
With the development of market economy in Russia, as well as improving methods and mechanisms to improve its effectiveness, the article explores different aspects of the leasing market. The essence and content of the lease relationship, the classification of types of leasing: financial and operational, in immovable and movable property, the contract net and full service lease, direct and indirect leasing, fixed-term and renewable (revolving) leasing, describes the main functions (financial or investment including obtaining tax exemptions; production; marketing) and its principal difference from the rent. Data analysis showed a steady market growth of leasing in recent years in Russia, where the major share of the leasing market is the railway, which is forecast in the coming years to double taking into account depreciation of fixed assets and increase market share in Russia's GDP to 3% (Abashina et al., 1998). On the basis of the conducted research the authors have been proposed revitalization activities of the leasing market, such as: the updating of the active part of fixed assets at the expense of new types of leasing; the introduction of activities aimed at coordination and cooperation among scientific and research organizations; provision of free access of small and medium-sized businesses to services of transportation by rail due to the growth and gradual development of the Russian leasing market; as well as the algorithm to improve the efficiency of leasing services on the railway market.