scholarly journals Overcoming the consequences of financial crisis on the example of Island and Ireland

2021 ◽  
Vol 33 (2) ◽  
pp. 55-66
Author(s):  
Katarzyna Kalinowska
Keyword(s):  
Construction Industry ◽  
National Income ◽  
Celtic Tiger ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
Positive Balance ◽  
Fertile Ground ◽  
The Government ◽  
Small Economy ◽  
Green Island

Will Ireland share the fate of Iceland? Is this open, small economy with a debt-to-GDP ratio of above 130% on the verge of bankruptcy? Economists argue that if public debt is greater than national income, then smaller economies, heavily involved in the international division of labor are at risk of becoming insolvent. The bankruptcy of Ireland, whose prosperity is based on its reputation for being a good place to do business, could be a catastrophy. Contrary to the countries of southern Europe, the economy of the Green Island has never had problems with paying its liabilities and with solvency. While Greece has gone bankrupt five times since gaining independence in 1826 and Spain as many as thirteen in the past two centuries, Ireland's history in this area is impeccable (Reinhard, Rogoff, 2009, p. 3-6). Since the beginning of the 21st century Ireland's economic development has been based mainly on construction industry and not exports, as it used to be in the 1990s when the country was nicknamed the Celtic Tiger. The boom resulted in a budget surplus and a positive balance in current settlements. But it also resulted in higher prices - the Irish no longer had to accept slow wage growth to stay internationally competitive - which, combined with the low nominal interest rate of the European Central Bank, provided fertile ground for the build-up of the real estate bubble. The aim of the article is to identify the factors that led Ireland to the brink of bankruptcy and to try to answer the question whether the action of recapitalization of failing banks by the government and international financial institutions will bring the expected results in the form of healing the financial system and returning Green Island to the path of economic growth.

Vietnam is at risk of real estate bubble

2019 ◽  
Keyword(s):  
Real Estate ◽  
Urban Areas ◽  
Real Estate Market ◽  
Content Type ◽  
The Real Estate ◽  
Real Estate Bubble ◽  
Global Recession ◽  
Real Estate Sector ◽  
Growing Economy ◽  
The Government

Subject Headwinds in Vietnam's real estate sector. Significance Much of the foreign investment flowing into Vietnam’s fast-growing economy is being directed at the real estate sector, especially high-end condominiums. There are indications that the government may curb foreign ownership of these luxury apartments, but the units are currently priced far above what most local people can afford. Impacts Some investors may respond to falling prices by holding on to their apartments, which would leave many residences empty in urban areas. If property demand declines, Vietnam’s central bank may turn to monetary loosening to make home loans more attractive. Vietnam’s real estate market would be vulnerable to a downturn in the event of a global recession.

scholarly journals A strategy to overcome the effect of economic recession on construction industry in Oman

2020 ◽  
Author(s):  
Yahya Khalfan Al-Tobi ◽  
Ram Kishore Manchiryal
Keyword(s):  
Construction Industry ◽  
National Income ◽  
Economic Recession ◽  
Management Style ◽  
Sultanate Of Oman ◽  
Suggested Strategy ◽  
Great Pressure ◽  
The Government ◽  
Financial Fluctuations ◽  
The Impact

Construction industry firms are affected by the financial fluctuations in the local and international markets. World countries have been exposed to many financial recessions such as the 2008 recession and the sharp decline in oil prices since 2014, which caused a major financial recession in countries that depend heavily on oil income in their economy like the Sultanate of Oman, where they constitute 70% of the national income. The research objective is to review previous literature review of some countries that have been exposed to economic recessions and how did these countries acclimatization to the recession. It will also focus on the strategies that followed by these countries to get out from the recession. Then, the research will identify the effects of the recession in the construction industry and the impact of it to the contractor in the Sultanate of Oman. Finally, a strategy will be suggested for the construction industry firm to use it through the economic recession to survive. The research methodology relies mainly on information provided by the Government of Oman through the National Center for Statistics and Information and through interviews with various construction specialists. The results show that most of the construction industry firms have been subjected to a great pressure due to the economic recession. The suggested strategy includes a procedure that assists construction firms to reduce expenses, how to bid and get new projects and create a new management style for the firm to cope with the developments and the volatility of the financial market.

PENELITIAN ASPEK PERKOTAAN DUMAI DAN BITUNG DAN KEMUNGKINANNYA SEBAGAI LOKASI KAWASAN EKONOMI KHUSUS DI INDONESIA

2012 ◽  
Vol 11 (1) ◽  
Author(s):  
CB Herman Edyanto
Keyword(s):  
Programming Model ◽  
National Income ◽  
Special Economic Zone ◽  
Good Prospect ◽  
Economic Activities ◽  
Processing Industry ◽  
North Sulawesi ◽  
Job Opportunity ◽  
Economic Zone ◽  
The Government

Special Economic Zone has been introduced as a new approach in Indonesia for regional development purposes on the basic of economic activities concentration. Some countries have run such project as part of national income and thus opening new job opportunity for the local people. A concept for its development need to be established since it also affects to the government’s expenditure. This is a chance for the government to open mind in creating new investment from other countries to Indonesia. Two cities have been chosen as cases of study namely Bitung – north Sulawesi Province and Dumai – Riau Province. The first is known as fish processing industry city whereas the second one is known as CPO processing industry city. This study has proved that Dumai has a good prospect as a special economic zone based on the application of Powersim dynamic programming model for its analysis.

The Current State and Development Prospects of Self-Regulation in the Russian Construction Industry

2019 ◽  
pp. 49-55 ◽  
Author(s):  
N. E. Belova ◽  
L. G. Vorona-Slivinskaya ◽  
E. V. Voskresenskaya
Keyword(s):  
Construction Industry ◽  
Government Regulation ◽  
Self Regulation ◽  
Insurance Contracts ◽  
Construction Design ◽  
State Register ◽  
Stage Of Development ◽  
Current State ◽  
The Government ◽  
Development Prospects

The presented study aims to examine the current state and development prospects of self-regulation in the Russian construction industry.Aim. The study aims to conduct a comprehensive analysis of the current state and development prospects of self-regulation as an institution of public administration, identify the problems of self-regulation in the construction industry, and formulate proposals on solving the identified problems.Tasks. The authors complete the following tasks to achieve the set aim: examine the regulatory framework of the activities of self-regulatory organizations in the construction industry — construction, design, and engineering surveying; analyze the current state and positive trends of self-regulation in the field of construction; identify problems in the activities of self-regulatory organizations in the construction industry — construction, design, and engineering surveying — and development prospects of the examined alternative to government regulation.Methods. The methodological basis of the study comprises the fundamental provisions of the modern economic theory, theories of public and municipal administration and legal sciences. The information base includes regulatory and legal acts of the Russian Federation on self-regulation in the construction industry, data from the State Register of Self-Regulatory Organizations, and statistics in the field of construction.Results. At the current stage of development of self-regulation in the construction industry, the most efficient mechanism for this institution involves guaranteed compensation for damage caused due to shortcomings in the works and services during construction, renovation, capital repairs of construction objects, engineering surveying, design. The victims should be compensated not out of insurance payments under civil insurance contracts, but rather out of the compensation funds of self-regulatory organizations.Conclusion. This study makes it possible to assess the institution of self-regulation in the construction industry — construction, design, and engineering surveying — as an efficient institution for proper protection of the interests of consumers of construction works and services and those of the government. 

“Knowledge-Based Economics” in the Innovative Development of the Construction Sphere

2015 ◽  
Vol 725-726 ◽  
pp. 996-1001
Author(s):  
Galina Tokunova ◽  
Alexander Petrov
Keyword(s):  
Construction Industry ◽  
Competitive Ability ◽  
Scientific Discipline ◽  
Knowledge Based ◽  
Institutional Structures ◽  
The Usa ◽  
Business Structures ◽  
The Government ◽  
Technological Platforms

The increased role of knowledge in the economics, the growth of the role of education and innovations caused the necessity to revise the role of the basic subjects in the market (the government, business structures, universities) and mechanisms of their interaction. The primary importance is now being shifted towards such subjects of innovations as resource centers, innovative businesses, technological platforms, the clusters capable of exerting efficient influence upon the innovations process, which, in its turn, improves the competitive ability of particular spheres of business and entire national economics. This process also influenced the construction industry. The purpose of this research is to analyze the manifestation of the phenomenon of the knowledge-based economics in the construction sphere. The tasks of this research: firstly, to highlight the evolution of the scientific discipline “knowledge-based economics”; secondly, to analyze the efficiency of the phenomenon on the example of the USA, the EC and Russia; thirdly, to analyze the innovative process in the construction sphere; fourthly, to highlight the role of various institutional structures (resource centers, innovative businesses, technological platforms, clusters) for innovative activity in the construction sphere.

Chinese construction worker reluctance toward vocational skill training

2019 ◽  
Vol 17 (1) ◽  
pp. 155-171
Author(s):  
Xiaoli Wang ◽  
Xincheng Wang ◽  
Yu Huang
Keyword(s):  
Construction Industry ◽  
Training Programs ◽  
Skill Training ◽  
Construction Workers ◽  
Labor Management ◽  
Training Experience ◽  
Content Type ◽  
Technological Level ◽  
The Government ◽  
Practical Implications

PurposeThough most construction workers in China possess minimal skillset, they are reluctant to attend vocational skill training sponsored by the government or enterprises. This paper aims to examine their willingness to attend the training from workers’ individual perspectives.Design/methodology/approachThe authors interviewed 492 construction workers on topics concerning their age, education, work tenure, technological level, daily wages, apprenticeship duration, apprentice channels and training experience; this information was then logistically analyzed to reveal if it influences construction workers’ willingness to attend training courses.FindingsThe results show that in a variety of possible influencing factors, technological level, apprenticeship duration and education are the most significant ones that affect construction workers’ willingness to attend vocational training. Technological level makes the greatest contribution to workers’ willingness to attend training, yet the effect of training experience and daily wages is minimal.Practical implicationsTo achieve sustainability in construction labor management, it is important to shed light on what influences worker’s willingness to attend training programs and take some efficient steps to address these issues.Originality/valueThis paper provides a new insight into the workers’ willingness to attend vocational skill training programs in the Chinse construction industry and suggests some practical implications for professionals and policymakers. Furthermore, the findings could prove valuable to other countries or industries, especially those sharing similarities to the Chinese construction industry.

scholarly journals BARRIERS TO THE DEVELOPMENT OF OCCUPATIONAL HEALTH AND SAFETY MANAGEMENT SYSTEMS IN THE NIGERIAN CONSTRUCTION INDUSTRY

2021 ◽  
Vol 6 (24) ◽  
pp. 90-99
Author(s):  
Adetunji Kamoli ◽  
Razali Adul Hamid ◽  
Syamsul Hendra Mahmud
Keyword(s):  
Construction Industry ◽  
Safety Management ◽  
Health And Safety ◽  
Occupational Accidents ◽  
Management Systems ◽  
Safety Management Systems ◽  
Construction Organizations ◽  
The Government ◽  
Lack Of Commitment ◽  
Collaborative Efforts

OHSMS has become the main part of the establishment’s lifeline and a prerequisite for its stability in the 21st century. There is a growing need for OHSMS, in its ability to solve occupational accidents and also to develop a robust relationship among the stakeholders. The mission of OHSMS has not been followed in the Nigerian construction industry. The study, therefore, explores the barriers to the development of OHSMS in the Nigerian construction industry. The study adopted a literature review of OHSMS and thereafter, 300 structured questionnaires were administered to the construction professionals in the built environment of the Nigerian nation’s Capital-Abuja. 247 of the administered questionnaires were returned, considered for the analysis of the study. The data were analysed with SPSS and excel. The findings of the study indicate that the lack of commitment of the government, inefficient regulatory authorities, and lack of expertise in the OHS activities are the major barriers to the development of OHSMS. The study recommends collaborative efforts from the construction organizations, employees, and construction professionals to support the government on the OHSMS.

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