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Article

Development of Agro-industrial Clusters in Russia: Synergetic Approach

1All-Russia Research Institute of Economics, Labor and Management in Agriculture, Moscow, Russian Federation


International Journal of Econometrics and Financial Management. 2014, 2(4), 130-135
DOI: 10.12691/ijefm-2-4-3
Copyright © 2014 Science and Education Publishing

Cite this paper:
Huhrin A.S., Bundina О.I., Аgnaeva I.Yu., Тolmacheva N.P.. Development of Agro-industrial Clusters in Russia: Synergetic Approach. International Journal of Econometrics and Financial Management. 2014; 2(4):130-135. doi: 10.12691/ijefm-2-4-3.

Correspondence to: Huhrin  A.S., All-Russia Research Institute of Economics, Labor and Management in Agriculture, Moscow, Russian Federation. Email: a-huhrin@bk.ru

Abstract

Based on the analysis of objective statistical data authors identified a global megatrend of the XXI century and the related growth of knowledge-intensive clustering, which provides high efficiency and competitiveness of the world economy. Based on the study of synergy, the self-organization theory and the eastern philosophy on original principles of synergy, the synergetic approach to the cluster development is elaborated. Article shows an artificial and rapid creation and development of clusters that uses the achievements of synergy, in particular ultrafast processes of the hyperbolic growth. The proposed model of clustering considers these processes.

Keywords

References

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[5]  Knyazev, E.N., Kurdyumov, S.P., Basics of synergy. Synergistic vision of the world. KomKniga. Moscow. 2005.
 
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[6]  Lysenko, E.T., Kopacz, K.V. Huhrin, A.S. LPH: organizational and economic conditions in the system integration of a mixed economy. Sunrise-A. Moscow. 2006.
 
[7]  Lysenko, ET, Kopacz, K.V., Huhrin A.S., Sustainability LPH: Conceptual framework for strategic management. Russian Agricultural Academy, Moscow, 2006.
 
[8]  Maljavin, V.V., Chinese military strategy. AST in Astrel, Moscow. 2004.
 
[9]  Russian Statistical Yearbook. 2013. [Online]. Available: http://www.gks.ru/wps/wcm/connect/rosstat_main/.
 
[10]  Strategic Global Forecast 2030. Expanded version. Ed. Acad. A. Dynkin. IMEMO RAN.M. Masters, 2011.
 
[11]  Huhrin, A.S., “The concept of cluster policy in the agriculture of the Russian Federation”, Economics of agricultural and processing enterprises. 6. 53-59. 2011.
 
[12]  Huhrin, A.S., “Formation of the dairy cluster Samara Region: Industry or systemically synergetic approach”, Economics of agricultural and processing enterprises. 10. 35-38. 2010.
 
[13]  Huhrin, A.S., Bundina, O.I., “Development of agro-clusters in the Russian Federation: problems and solutions”, Economy, labor and management in agriculture. 3. 10-13. 2010.
 
[14]  Huhrin, A.S., Primak, A.A., Pehutova E.A., “Agroindustrial clusters: Russian model”, Economics of agricultural and processing enterprises. 7. 30-37. 2008.
 
[15]  Huhrin, A.S., Primak, A.A., Pehutova E.A., “Production and environmental clusters of rural areas: theory and prospects”, Bulletin of personnel policy, Agricultural Education and Innovation. 7. 16-21. 2008.
 
[16]  Huhrin, A.S., Primak, A.A., Semaeva I.A., Popov, N.I., “The concept of development of agrarian clusters: systematic and synergetic approach”, Economics of agricultural and processing predpriyatiy. 12. 32-37. 2008.
 
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Article

Investigation of Early Markers of Clustering: Experience in Applying Nonparametric Technique of Examination

1Departmentof Economics and Management, Volgograd State Medical University, Volgograd, Russia

2Department of Information Systems in the economy, Volgograd State Technical University, Volgograd, Russia


International Journal of Econometrics and Financial Management. 2014, 2(4), 136-140
DOI: 10.12691/ijefm-2-4-4
Copyright © 2014 Science and Education Publishing

Cite this paper:
Soboleva S.Yu., Tereliansky P.V.. Investigation of Early Markers of Clustering: Experience in Applying Nonparametric Technique of Examination. International Journal of Econometrics and Financial Management. 2014; 2(4):136-140. doi: 10.12691/ijefm-2-4-4.

Correspondence to: Soboleva  S.Yu., Departmentof Economics and Management, Volgograd State Medical University, Volgograd, Russia. Email: svetlaso@mail.ru

Abstract

Article is devoted to the issue on early markers of formation of economic clusters, which are the specific regional conditions. In contemporary Russian economic reality, when the state implements the initiation of cluster projects in different geographical regions and economic sectors, particularly relevant is the task to analyze and identify the regional environment conducive to the successful cluster formation. In order to complete the task, authors propose to use non-parametric methodology of examination, allowing to analyze objects with a complex quality structure. Paper describes this technique, and tests it in an example of the emerging pharmaceutical cluster in the Volgograd region. Following the results of the study, a conclusion on the feasibility of establishing a cluster in the area, and the main insufficient conditions are identifies, the improvement of which will have a positive impact on the process of formation of the Volgograd pharmaceutical cluster.

Keywords

References

[1]  Adzhienko, V.L., Sobolev. A.V., “Institutional Premises of Formation and Factors of Success of Regional Pharmaceutical Clusters (on base of Volgograd region)”, Volgograd University Bulletin, Series 3. Economics. Ecology, 1 (20). 131-138. 2012.
 
[2]  Lomovtseva, O.A., “Problemi transfera innovatsionnih tehnologiy I productov v vuzah Rosii [Problems of Transfer of Innovative Technologies and Products in Russian Universities]” in Innowacynosc I przedsiebiorczsc wwarunkach kryzysu: Wydawnictwo KUL, Lublin (Poland). 2013, 150-155.
 
[3]  Orlov, A.I., Expertniye otsenki [Expert Estimations]. IVSTE, Moscow, 2002.
 
[4]  Semyanova, A.Y., Kichigin, N.V., PonomarevM.V. Ob ecologocheskoy expertise. Postateyniy commentariy k Fedralnomu zakonu. Serya “Biblioteka zhurnala “Pravo y economica”. [On Ecologic Expertise. By-article Commentary to the Federal Law. Series “Library of “Law and Economics” Journal”] Yustitsinform, Moscow, 2006, 198.
 
[5]  Sobolev, A.V. “Basic Characteristics, Peculiarity of Formation and Administration of Pharmaceutical Clusters”,Belgorod State University Scientific Bulletin. History. Political Science. Economics. Information Tecnologies, 19 (138), 24/1. 65-70. 2012.
 
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[6]  Soboleva, S.Y., “Cluster Integration of Pharmaceutical Enterprises of Southern Federal Region”, Regional Economy. South of Russia, 1 (3), 222-226. 2014.
 
[7]  Terelyansky, P.V., “Approximation of Price-Approximatsiya zavisimosty tsena-kachestvo na osnove statisticheskoy obrabotki expertnoy informatsii” [Quality Dependence Based on Statistic Elaboration of Expert Information], Modern Economics Problems, 1. 560-565. 2009.
 
[8]  Terelyansky, P.V., Neparametricheskaya expertisa obyectov slozhnoy structure: monografiya [Non-parametric Expertise of the Objects Having Complicated Quality Structure: monograph] Dashkov and K, Moscow, 2009.
 
[9]  Terelyansky, P.V., Soboleva S.Y., Sobolev, A.V., “Evaluation of the Factors of Formation of Pharmaceutical Cluster by Using Non-parametric Expertise Method”, Belgorod State University Scientific Bulletin. History. Political Science. Economics. Information Tecnologies. 15 (158), 27/1. 46-53. 2013.
 
[10]  Terelyansky, P.V.. “Price-Postroueniey funktsii tsena-kachestvo na osnove anketnih oprosov expertov” [Quality Function Construction Based on Expert Poll], Volgograd State Pedagogical Bulletin, Series Socio-Economic Sciences and Art, 3. 92-96. 2009.
 
[11]  Terelyansky, P.V., “Prognozirovaniye zavisimosti tsena-kechestvo na osnove extrapolyatsii expertnih otsenok” [Price-Quality Dependence Prognosis Based on Exprapolation of Expert Evaluation], Economic Analysis: Theory and Practice, 9, 61-68. 2009.
 
[12]  Terelyansky, P.V., Svidetelstvo o gos. Registratsii program dlya EVM 2009611491. Sistema podderzhki prinyatiya resheniy y prognozirovaniya expertnih predpochteniy na osnove metoda protsentnih otsenok. [Certificate on State Registration of Computer Program № 2009611491. System of Decision Making Support and Expert Preference Forecast Based on Percentage Assessment Method], ROSPATENT. Moscow. 2009.
 
[13]  Terelyansky, P.V. Svidetelstvo o gos. Registratsii program dlya EVM 2009611495. Raschet vektora prioritetov na osnove priblizhennogo rascheta pravogo sobstvennogo vectora kvadratnoy obratnosimmetrichnoy matritsi [Certificate on State Registration of Computer Program № 2009611495. Calculation of Priority Vector Based on Approached Calculation of the Right Own Vector of Square Reversesymmetric Matrix] ROSPATENT. Moscow. 2009.
 
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Article

Analysis of Potential of International Inter-Cluster Cooperation in High-Tech Industries

1Department of Economic Theory, Sumy State University, Sumy, Ukraine


International Journal of Econometrics and Financial Management. 2014, 2(4), 141-147
DOI: 10.12691/ijefm-2-4-5
Copyright © 2014 Science and Education Publishing

Cite this paper:
Omelyanenko V.A.. Analysis of Potential of International Inter-Cluster Cooperation in High-Tech Industries. International Journal of Econometrics and Financial Management. 2014; 2(4):141-147. doi: 10.12691/ijefm-2-4-5.

Correspondence to: Omelyanenko  V.A., Department of Economic Theory, Sumy State University, Sumy, Ukraine. Email: sumyvit@ya.ru

Abstract

The article deals with the background and benefits of international inter-cluster interactions. Research shows that the cluster is the most effective form of innovative development based on the concept of innovation ecosystem, and intercluster international partnership is the most appropriate form of organization for the development of high-tech-based inter-sectoral cooperation and implementation of international projects. It is shown that the consideration of high-tech industry in the framework of the structural model as mega cluster means that the synergistic advantage can be seen only with a clear organizational structure and coordinated interaction of clusters. Analysis of necessity of inter-cluster interaction is considered on example of space industry. We propose tools for serching partners and assess the effectiveness of the scheme on the basis of inter-cluster interaction network approach and the results for the regional economy.

Keywords

References

[1]  Boosting Innovation: The Cluster Approach. OECD. Paris. 1999.
 
[2]  Cluster Observatory. [Online]. Available: http://www.clusterobservatory.eu [Accessed Jul. 30, 2014].
 
[3]  Clusters and Cooperation for Regional Development in Central Europe. [Online]. Available: http://www.central2013.eu/fileadmin/user_upload/Downloads/outputlib/Tourism_Strategic_Plan.pdf [Accessed Jul. 30, 2014].
 
[4]  Franzuzov, А. Yu., “Razrabotka sistemyi pokazateley effektivnosti mezhklasternogo informatsionnogo vzaimodeystviya hozyaystvuyuschih subektov” [Develop a system of performance indicators intercluster information interaction of economic agents], Transportnoe delo Rossii [Transportation business in Russia]. No 1. 2008. [Online]. Available: http://www.morvesti.ru/archive/tdr/element.php?IBLOCK_ID=66&SECTION_ID=1350&ELEMENT_ID=2915
 
[5]  Handbook on Cluster Internationalisation. TACTICS. 2012.
 
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[6]  Kovalchuk, М.V., “Konvergentsiya nauk i tehnologiy-proryiv v buduschee” [Convergence of Science and Technology-a breakthrough in the future], Rossijskie nanotehnologii [Russian Nanotechnology]. 6. (1-2). 2011. [Online]. Available: http://www.portalnano.ru/read/iInfrastructure/russia/nns/kiae/convergence_kovalchuk
 
[7]  Nehaev, S.А., “Integratsiya klasterov, otrasley i tehnologiy (na primere kremnievogo proizvodstva i fotovoltaiki)” [Integration of clusters of industries and technologies (for example, silicon production and photovoltaics)], Regiony Rossii: Strategii i mehanizmy modernizacii, innovacionnogo i tehnologicheskogo razvitija [Russian Regions: Strategies and mechanisms of modernization, innovation and technological development]. RAS. INION. 2. 382-386. 2012.
 
[8]  Omelyanenko, V.A. Analiz razvitiya otrasley, orientirovannyih na mezhdunarodnoe sotrudnichestvo (na primere kosmicheskogo priborostroeniya) [Analysis of the development-oriented industries on international cooperation (for example, Space Instrument)]. in 86th International Research and Practice Conference The power and freedom in the structure of global trends of development of economical and legal systems and management techniques. GISAP, London. 2014. [Online]. Available: http://gisap.eu/ru/node/52463
 
[9]  Omelyanenko, V.A. Strategiya razvitiya mezhotraslevogo vzaimodeystviya na osnove klasterov [The development strategy of inter-sectoral collaboration on the basis of clusters]. in Innovacii v tehnologijah i obrazovanii [Innovations in technologies and education]: Digest of Sci. Art. participants of the VII International Scientific and Practical Conference, Veliko Tarnovo, Bulgaria. 2. 234-237. 2014.
 
[10]  Prokopenko, O., Eremenko, Yu., Omelyanenko, V., “Role of international factor in innovation ecosystem formation”, Economic Annals-XXI. 3-4 (2). 4-7. 2014.
 
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[12]  Zvjagina, Е.М., “Tipologiya klasterov i osobennosti klasterizatsii ekonomiki regionov Rossii” [Typology of clusters and clustering features of the economy of regions of Russia]. Sovremennye problemy nauki i obrazovanija [Modern Problems of Science and Education]. 2. 2014. [Online]. Available: www.science-education.ru/116-12696.
 
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Article

Supporting Rationale of Regional Clusterization Effectiveness: Methodological Approach

1Economics and Management Department, Nizhnekamsk Institute of Chemical Engineering (Branch), Kazan National Research Technological University, Nizhnekamsk, Russian Federation


International Journal of Econometrics and Financial Management. 2014, 2(4), 148-152
DOI: 10.12691/ijefm-2-4-6
Copyright © 2014 Science and Education Publishing

Cite this paper:
Dyrdonova A.N., Fomin N.Y.. Supporting Rationale of Regional Clusterization Effectiveness: Methodological Approach. International Journal of Econometrics and Financial Management. 2014; 2(4):148-152. doi: 10.12691/ijefm-2-4-6.

Correspondence to: Dyrdonova  A.N., Economics and Management Department, Nizhnekamsk Institute of Chemical Engineering (Branch), Kazan National Research Technological University, Nizhnekamsk, Russian Federation. Email: Danauka@lenta.ru

Abstract

The paper deals with a study of cluster-type development of regional economic systems. Positive influence on the social and economic growth of a number of regions in the Russian Federation has been evaluated owing to generation of territorial cluster-type formations. The paper includes findings of an investigation into theoretical nature of «cluster» as an economic category. As an example of positive influence of the clusterization strategy, the project of formation and development of the regional cluster of Nizhnekamsk Municipal District of the Republic of Tatarstan has been offered and validated from economic effectiveness point of view. For the purpose of the project feasibility validation, a methodological approach has been specifically designed for evaluation of economic potential of the city-forming enterprises. During approbation, the above mentioned approach brought to the front a number of intensive growth prospects for the enterprises in question in the course of integration, and, consequently, viability of the regional cluster became worthy of notice. At the same time, the project in question was rationalized from economic effectiveness perspective. For this line of the investigation a special methodological approach has been developed so as to allow predicting a level of synergetic effect of the clusterization.

Keywords

References

[1]  Boosting Innovation: The Cluster Approach, OECD Proceedings. OECD Publishing. Paris, 2012.
 
[2]  Dyrdonova, A.N., "Clustering petrochemical industry of the Republic of Tatarstan", Bulletin of the Kazan Technological University, 16 (12). 221-224. 2013.
 
[3]  Dyrdonova, A.N., "Formation and development of elements of innovation infrastructure in the region", Management of economic systems: electronic scientific journal, 12 (60). 2014. [Online].
 
[4]  Dyrdonova, A.N., "Methodical bases of potential clustering of regional economic systems", Business. Education. Law. Bulletin of the Volgograd Business Institute. 1 (26). 252-262. 2014.
 
[5]  Isbasoiu, G.M., Industrial Clusters and Regional Development. The Case of Timisoara and Montebelluna. MPRA Paper No. 5037. 2012. [Online].
 
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[6]  Ketels, С., Cluster Initiatives in Developing and Transition Economies. Center for Strategy and Competitiveness. Stockholm, 2012.
 
[7]  OECD Reviews of Regional Innovation: Competitive Regional Clusters: National Policy Approaches. OECD Publishing, Paris, 2013.
 
[8]  Porter, M.E., The Competitive Advantage of Nations. New York: Free Press, 2010.
 
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Article

Identification of the Educational Clusters in the Regional Economy: Theory, Methodology and Research Results (in Example of Perm Krai)

1Department of Worldand Regional Economics, Economic Theory, Perm State University, Perm, Russia


International Journal of Econometrics and Financial Management. 2014, 2(4), 153-162
DOI: 10.12691/ijefm-2-4-7
Copyright © 2014 Science and Education Publishing

Cite this paper:
Kovaleva T.Yu., Baleevskih V.G.. Identification of the Educational Clusters in the Regional Economy: Theory, Methodology and Research Results (in Example of Perm Krai). International Journal of Econometrics and Financial Management. 2014; 2(4):153-162. doi: 10.12691/ijefm-2-4-7.

Correspondence to: Baleevskih  V.G., Department of Worldand Regional Economics, Economic Theory, Perm State University, Perm, Russia. Email: kovalevatu@yandex.ru

Abstract

Article provides an algorithm and defined criteria for the identification of educational clusters in the regional economy, adapted to the Russian reality. Identification of the leading industries as promising regional educational clusters in the economy of Perm Krai conducted on the basis of quantitative Shift-Share analysis and the calculation of the localization coefficient. Statistical base of the research were materials of the central statistical database of the Federal State Statistics Service of the Russian Federation for 2007-2012 years by employment indicators. Qualitative diagnosis of educational clusters allowed to establish the shape and direction of development of strategic partnership in the educational system in the region, to identify the factors of competition. As a result, by applying a set of quantitative and qualitative methods of analysis of cluster, authors found that in the economy of Perm Krai has four potential educational clusters to be formed, the development of which should be a priority of educational policy in the region.

Keywords

References

[1]  Applying Shift-Share Analysis (SSA) on LEADER + Initiative Local Action Groups in Greece. Deliverable 8.1: Case-study report. Aristotle University of Thessaloniki. 2010.
 
[2]  Bergman, E.M., Feser, E.J., Industrial and Regional Cluster: Concepts and Comparative Applications. 1999. [E-book] Available: http://www.rri.wvu.edu/WebBook/Bergman-Feser/contents.htm [Accessed: Aug. 31, 2014].
 
[3]  Culatta R., Accelerating Innovation in Educational Technology. EDUCAUSE Review, November/December. 2012. [Online]. Available: https://net.educause.edu/ir/library/pdf/ERM1262.pdf [Accessed: Jul. 9, 2014].
 
[4]  Elsner, W., "An industrial policy agenda 2000 and beyond", Experience, Theory and Policy, 72. 411-486. 2000.
 
[5]  Evseenko, S.V., "Klaster i korporacija: sravnitel'nyj analiz organizacii" [Cluster and corporation: comparative analysis of the organization], Vestnik Omskogo universiteta. Serija «Jekonomika» [Omsk University Review. Economy]. 4. 108-111. 2010.
 
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[6]  Karlina, T.V., "Identifikacija jader regional'nyh jekonomicheskih klasterov na osnove analiza strukturnyh sdvigov v uslovijah ciklichno razvivajushhejsja jekonomiki" [Identification of nuclei of regional economic clusters on the basis of shift-share analysis in the conditions of economy developing in cycles], Vestnik Permskogo universiteta. Serija «Jekonomika» [Perm University Herald. Economy]. 4. 18-29. 2011.
 
[7]  Korchagina, N.A., "Obrazovatel'nye klastery kak osnova povyshenija konkurentosposobnosti uchebnyh zavedenij" [Educational clusters as basis of increase of competitiveness of educational institutions]. Prikaspijskij zhurnal: upravlenie i vysokie tehnologii [Caspian magazine: management and high technologies]. 3. 78-85. 2009.
 
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[14]  Rosenfeld, S.A., "Bringing Business Clusters into the Mainstream of Economic Development", European Planning Studies. 5 (1). 3-23. 1997.
 
[15]  Tatarkin, A.I., Ispol'zovanie klasternogo podhoda v modernizacii jekonomicheskogo prostranstva Rossiskoj Federacii [Cluster approach to the modernization of economic space in Russian Federation]. Ekaterinburg. Institute of Economics, Ural branch RAS, 2013. 559 p.
 
[16]  Tieman, R., Education clusters: Universities use reforms to remove barriers. Financial Times, December 16. 2009. [Online]. Available: http://www.ft.com/cms/s/0/93558644-e90f-11de-a756-00144feab49a.html#axzz32LThUxTe [Accessed: Feb. 25, 2014].
 
[17]  Yuryev, V.M., Chvanova, M.S., "Teoreticheskie osnovy podgotovki specialistov naukoemkih special'nostej: stanovlenie universiteta kak centra innovacionno-obrazovatel'nogo klastera" [Theoretical bases of training of specialists of the knowledge-intensive specialties: university formation as center of an innovative and educational cluster], Vestnik Tomskogo gosudarstvennogo universiteta [Tomsk State University Review], 10. 7-13. 2007.
 
[18]  Zhuravleva, M.V., "Professional'naja podgotovka kadrov na osnove klasternogo podhoda" [Vocational training of shots on the basis of cluster approach], Vestnik Vysshej shkoly Alma mater” [Higher School Review. Alma mater]. 2. 50-56. 2010.
 
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Article

Identification of Tourist Clusters in the Pribaikal Region

1Department of Management and Service, Baikal State University of Economics and Law, Irkutsk, Russia


International Journal of Econometrics and Financial Management. 2014, 2(4), 163-167
DOI: 10.12691/ijefm-2-4-8
Copyright © 2014 Science and Education Publishing

Cite this paper:
Rubtsova Natalia Vladimirovna. Identification of Tourist Clusters in the Pribaikal Region. International Journal of Econometrics and Financial Management. 2014; 2(4):163-167. doi: 10.12691/ijefm-2-4-8.

Correspondence to: Rubtsova  Natalia Vladimirovna, Department of Management and Service, Baikal State University of Economics and Law, Irkutsk, Russia. Email: runatasha21@yandex.ru

Abstract

The purpose of this study was to assess the availability of tourism clusters in the regions of Pribaikal, namely the Irkutsk region and the Republic of Buryatia, using a variety of cluster identification methods. The findings suggest that the characteristics of tourism clusters are found in the Republic of Buryatia. However, in Irkutsk region they are not available, although the two regions are the object of a number of national and regional development programs of tourism clusters.

Keywords

References

[1]  Beni, M.C., Globalização do turismo: megatendências do setor e a realidade brasileira. Aleph, São Paulo, 2003.
 
[2]  Case studies of clustering efforts in Europe. Analysis of their potential for promoting innovation and competitiveness. In European Presidential Conference on Innovation and Clusters, Stockholm, 2008. 68 p. [Online]. Available: http://www.medmeid.eu/wp-content/uploads/2012/06/Clustering-effortsin-Europe.pdf [Accessed Jul. 2, 2014].
 
[3]  Danilenko, N.N., Rubtsova, N.V., “K voprosu o soderzhanii ponyatiya «turistskij klaster»”, Regional'naya ehkonomika: teoriya i praktika, 33 (312). 45-53. 2013.
 
[4]  Danilenko, N.N., Rubtsova, N.V.. “Sravnitel'nyj analiz turistskikh klasterov: rol' sotrudnichestva kak faktora razvitiya”, Ekonomika regiona, 2. 115-129. 2014.
 
[5]  Edinaya mezhvedomstvennaya informatsionno-statisticheskaya sistema (EMISS) [Online]. Available: http://www.fedstat.ru [Accessed Jul. 7, 2014].
 
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Article

Does Remittance in Nepal Cause Gross Domestic Product? An Empirical Evidence Using Vector Error Correction Model

1Central Department of Economics, Tribhuvan Univercity, Kathmandu, Nepal


International Journal of Econometrics and Financial Management. 2014, 2(5), 168-174
DOI: 10.12691/ijefm-2-5-1
Copyright © 2014 Science and Education Publishing

Cite this paper:
Kamal Raj Dhungel. Does Remittance in Nepal Cause Gross Domestic Product? An Empirical Evidence Using Vector Error Correction Model. International Journal of Econometrics and Financial Management. 2014; 2(5):168-174. doi: 10.12691/ijefm-2-5-1.

Correspondence to: Kamal  Raj Dhungel, Central Department of Economics, Tribhuvan Univercity, Kathmandu, Nepal. Email: kamal.raj.dhungel@gmail.com

Abstract

This study aims to investigate short and long run causality between the variable gross domestic product and remittance. The study is based on the estimation of vector error correction model. Testing the unit root and the co-integration is the basic requirement for the estimation of vector error correction model. Further, it also has estimated remittance elasticity using ordinary least square method. The finding reveals that the contribution of remittance in gross domestic product is only 0.07%. It means a 1% change in remittance will change the gross domestic product by only 0.07%. It indicates that the remittance what Nepal received from its migrants is being consumed, not saved and invested in the productive sector that can create gainful employment to the generation to come. Evidence has not support the hypothesis of remittance causes gross domestic product in the long run but there is strong evidence about the short run causality running from remittance to gross domestic product. But opposite is true in reverse order. Gross domestic product causes remittance in both short and long run.

Keywords

References

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Article

Parametric Bootstrap Methods for Parameter Estimation in SLR Models

1Department of Statistics, Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria


International Journal of Econometrics and Financial Management. 2014, 2(5), 175-179
DOI: 10.12691/ijefm-2-5-2
Copyright © 2014 Science and Education Publishing

Cite this paper:
Chigozie Kelechi Acha. Parametric Bootstrap Methods for Parameter Estimation in SLR Models. International Journal of Econometrics and Financial Management. 2014; 2(5):175-179. doi: 10.12691/ijefm-2-5-2.

Correspondence to: Chigozie  Kelechi Acha, Department of Statistics, Michael Okpara University of Agriculture, Umudike, Abia State, Nigeria. Email: specialgozie@yahoo.com

Abstract

The purpose of this study is to investigate the performance of the bootstrap method on external sector statistics (ESS) in the Nigerian economy. It was carried out using the parametric methods and comparing them with a parametric bootstrap method in regression analysis. To achieve this, three general methods of parameter estimation: least-squares estimation (LSE) maximum likelihood estimation (MLE) and method of moments (MOM) were used in terms of their betas and standard errors. Secondary quarterly data collected from Central Bank of Nigeria statistical bulletin 2012 from 1983-2012 was analyzed using by S-PLUS softwares. Datasets on external sector statistics were used as the basis to define the population and the true standard errors. The sampling distribution of the ESS was found to be a Chi-square distribution and was confirmed using a bootstrap method. The stability of the test statistic θ was also ascertained. In addition, other parameter estimation methods like R2, R2adj, Akaike Information criterion (AIC), Schwart Bayesian Information criterion (SBIC), Hannan-Quinn Information criterion (HQIC) were used and they confirmed that when the ESS was bootstrapped it turned out to be the best model with 98.9%, 99.9%, 84.9%, 85.4% and 86.7% respectively.

Keywords

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Article

Financial Contagion Crisis Effect of Subprime on G7: Evidence through the Adjusted Correlation Test and Non-linear Error Correction Models (ECM)

1Higher Institute of Business Administration Gafsa Tunisia


International Journal of Econometrics and Financial Management. 2014, 2(5), 180-187
DOI: 10.12691/ijefm-2-5-3
Copyright © 2014 Science and Education Publishing

Cite this paper:
Mourad Hmida. Financial Contagion Crisis Effect of Subprime on G7: Evidence through the Adjusted Correlation Test and Non-linear Error Correction Models (ECM). International Journal of Econometrics and Financial Management. 2014; 2(5):180-187. doi: 10.12691/ijefm-2-5-3.

Correspondence to: Mourad  Hmida, Higher Institute of Business Administration Gafsa Tunisia. Email: hmida.mourad@yahoo.fr

Abstract

The objective of this study is to test the presence of the contagion phenomenon during the US subprime crisis. We adopt the test of adjusted correlation coefficients between markets and propose a new procedure which involves testing the non-linearity of the propagation mechanisms shocks, estimated with a model of long-term interdependence. We apply this methodology to the financial markets which measure the risk perception. Our results prove the existence of some cases of the contagion phenomenon between the financial markets of G7 countries.

Keywords

References

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Article

Risk Measurement in Commodities Markets Using Conditional Extreme Value Theory

1Business, Economics Statistics Modelling Laboratory (BESTMOD), Faculty of Economics and Management, Sfax-Tunisia


International Journal of Econometrics and Financial Management. 2014, 2(5), 188-205
DOI: 10.12691/ijefm-2-5-4
Copyright © 2014 Science and Education Publishing

Cite this paper:
Ahmed GHORBEL, Sameh SOUILMI. Risk Measurement in Commodities Markets Using Conditional Extreme Value Theory. International Journal of Econometrics and Financial Management. 2014; 2(5):188-205. doi: 10.12691/ijefm-2-5-4.

Correspondence to: Ahmed  GHORBEL, Business, Economics Statistics Modelling Laboratory (BESTMOD), Faculty of Economics and Management, Sfax-Tunisia. Email: ahmed_isg@yahoo.fr

Abstract

The aim of this paper is to quantify risk in oil, gas natural and phosphates markets by the Value at Risk and Expected Shortfull using McNeil and Frey (2000) two-steps approach based on the combination of the theory of extreme values and the GARCH model. A comparison is made between this method and various conventional methods such as GARCH models, Filtered hsitoriacal simulation, unconditional EVT-POT and unconditional EVT Bloc. Particular attention is given to study the quality of VaR forecasts obtained from conditional EVT method. The results we report show that this method is the best one for quantile superior to 99%. In all other cases, it offer acceptable VaR’s forecasts but not statistically better than GARCH methods.

Keywords

References

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