scholarly journals Feasibility of the Fintech Industry as an Innovation Platform for Sustainable Economic Growth in Korea

2019 ◽  
Vol 11 (19) ◽  
pp. 5351 ◽  
Author(s):  
Yong Jae Shin ◽  
Yongrok Choi
Keyword(s):  
Economic Growth ◽  
Economic Performance ◽  
Industrial Revolution ◽  
Financial Industry ◽  
Fourth Industrial Revolution ◽  
Linkage Effect ◽  
Forward Linkage ◽  
Almost All ◽  
Innovation Platform ◽  
Sustainable Economic Growth

This paper examines the feasibility of fintech as a platform for sustainable economic growth and as a prompter of the fourth industrial revolution. To analyze the role of fintech in the national economy, we first broaden its definition and compare its economic performance using three methodologies—Demand-driven model, Supply-driven model and industry linkage effect in interindustry analysis. We find that the fintech industry has a stronger effect on production inducement. Regarding industry linkage effects, fintech ranked the top in all 31 industries for the forward linkage effect and 22 for the background linkage effect—much higher than the traditional financial industry. This implies that the fintech industry is effective as the intermediate good with national demand as well as the final good. Particularly, this industry plays the roles of intermediate and final goods across almost all industries. That is, fintech could better promote overall national economic performance as a platform industry. Because most businesses within the fintech industry depend on innovation through the integration of finance and information technology, we find that fintech can feasibly prompt the fourth industrial revolution. Nonetheless, this industry is characterized by excessive regulations in Korea, indicating the need for negative regulation for new, innovative businesses within the fintech industry that would critically emphasize innovativeness for inclusive, sustainable economic growth.

scholarly journals SCIENTIFIC AND TECHNOLOGICAL DEVELOPMENT AS A FACTOR OF ACCELERATING ECONOMIC GROWTH IN RUSSIA

2021 ◽  
Vol 230 (4) ◽  
pp. 237-244
Author(s):  
E.B. LENCHUK ◽  
Keyword(s):  
Economic Growth ◽  
World Economy ◽  
Large Scale ◽  
Industrial Revolution ◽  
Technological Development ◽  
Technological Basis ◽  
Fourth Industrial Revolution ◽  
The World ◽  
Sustainable Economic Growth ◽  
Scientific And Technological Development

The article deals with the modern processes of changing the technological basis of the world economy on the basis of large-scale transition to the use of technologies of the fourth industrial revolution, shaping new markets and opens up prospects for sustainable economic growth. It is in the scientific and technological sphere that the competition between countries is shifting. Russia remains nearly invisible player in this field. The author tried to consider the main reasons for such a lag and identify a set of measures of state scientific and technological policy that can give the necessary impetus to the scientific and technological development of Russia.

Emerging Industrial Revolution: Symbiosis of Industry 4.0 and Circular Economy: The Role of Universities

2020 ◽  
Vol 25 (3) ◽  
pp. 505-525 ◽  
Author(s):  
Seeram Ramakrishna ◽  
Alfred Ngowi ◽  
Henk De Jager ◽  
Bankole O. Awuzie
Keyword(s):  
Economic Growth ◽  
Circular Economy ◽  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
New Technologies ◽  
Production Systems ◽  
Fourth Industrial Revolution ◽  
New Jobs

Growing consumerism and population worldwide raises concerns about society’s sustainability aspirations. This has led to calls for concerted efforts to shift from the linear economy to a circular economy (CE), which are gaining momentum globally. CE approaches lead to a zero-waste scenario of economic growth and sustainable development. These approaches are based on semi-scientific and empirical concepts with technologies enabling 3Rs (reduce, reuse, recycle) and 6Rs (reuse, recycle, redesign, remanufacture, reduce, recover). Studies estimate that the transition to a CE would save the world in excess of a trillion dollars annually while creating new jobs, business opportunities and economic growth. The emerging industrial revolution will enhance the symbiotic pursuit of new technologies and CE to transform extant production systems and business models for sustainability. This article examines the trends, availability and readiness of fourth industrial revolution (4IR or industry 4.0) technologies (for example, Internet of Things [IoT], artificial intelligence [AI] and nanotechnology) to support and promote CE transitions within the higher education institutional context. Furthermore, it elucidates the role of universities as living laboratories for experimenting the utility of industry 4.0 technologies in driving the shift towards CE futures. The article concludes that universities should play a pivotal role in engendering CE transitions.

scholarly journals HUMAN CAPITAL AND ITS ROLE IN THE FOURTH INDUSTRIAL REVOLUTION

2021 ◽  
Author(s):  
Yelyzaveta Snitko ◽  
Yevheniia Zavhorodnia
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Labor Market ◽  
Technological Change ◽  
Industrial Revolution ◽  
Skilled Workers ◽  
Fourth Industrial Revolution ◽  
Modern Economy ◽  
The Future ◽  
The Impact

The development of a modern economy, in the context of the fourth industrial revolution, is impossible without the accumulation and development of human capital, since the foundation of the transformation of the economic system in an innovative economy is human capital. In this regard, the level of development and the efficiency of using human capital are of paramount importance. This article attempts to assess the role of human capital in the fourth industrial revolution. In the future, human talent will play a much more important role in the production process than capital. However, it will also lead to a greater division of the labor market with a growing gap between low-paid and high-paid jobs, and will contribute to an increase in social tensions. Already today, there is an increase in demand for highly skilled workers, especially in high-income countries, with a decrease in demand for workers with lower skills and lower levels of education. Analysis of labor market trends suggests that the future labor market is a market where there is simultaneously a certain demand for both higher and lower skills and abilities, combined with the devastation of the middle tier. The fourth industrial revolution relies heavily on the concept of human capital and the importance of finding complementarity between human and technology. In assessing the impact of the fourth industrial revolution, the relationship between technology, economic growth and human resources was examined. The analysis was carried out in terms of three concepts of economic growth, technological change and human capital. Human capital contributes to the advancement of new technologies, which makes the concept of human capital an essential factor in technological change. The authors emphasize that the modern economy makes new demands on workers; therefore it is necessary to constantly accumulate human capital, develop it through continuous learning, which will allow the domestic economy to enter the trajectory of sustainable economic growth. The need to create conditions for a comprehensive increase in the level of human capital development is noted.

scholarly journals An Agro-Based Society after Post-Industrial Society: From a Perspective of Economic Growth Paradigm

2021 ◽  
Vol 10 (12) ◽  
pp. 455
Author(s):  
Hongyun Han ◽  
Sheng Xia
Keyword(s):  
Economic Growth ◽  
Environmental Change ◽  
Industrial Revolution ◽  
Global Environmental Change ◽  
Profit Maximization ◽  
Industrial Society ◽  
The Holocene ◽  
Degraded Ecosystems ◽  
Almost All ◽  
Post Industrial

Since the Industrial Revolution, a new era has arisen called the Anthropocene, in which human actions have become the main driver of global environmental change outside the stable environmental state of the Holocene. During the Holocene, environmental change occurred naturally, and the Earth’s regulatory capacity maintained the conditions that enabled human development. Resource overexploitation of the industrial “Anthropocene”, under the principle of profit maximization, has led to planetary ecological crises, such as overloaded carbon sinks and climate changes, vanishing species, degraded ecosystems, and insufficient natural resources. Agro-based society, in which almost all demands of humans can be supported by agriculture, is characterized by life production. The substitution of Agro-based society for a post-industrial society is an evolutionary result of social movement, it is an internal requirement of a sustainable society for breaking through the resource constraint of economic growth. The core feature of agriculture is to use organisms as production objects and rely on life processes to achieve production goals. The substitution of Agro-based society for a post-industrial society is the precondition for a sustainable carbon cycle, breaking through the resource limits of the industrial “Anthropocene”, alleviating the environmental pressure of economic development, and promoting society from increasing disorderly entropy to orderly decreasing entropy. Meanwhile, technological advancements and growing environmental awareness of society make it feasible for the substitution of an agro-based society for a post-industrial society.

International Agricultural Trade Reform and Developing Countries: The Case of the European Community

1998 ◽  
Vol 47 (3) ◽  
pp. 632-646
Author(s):  
Joseph A. McMahon
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Economic Performance ◽  
Agricultural Policy ◽  
Poverty Alleviation ◽  
Agricultural Sector ◽  
Agricultural Trade ◽  
Trade Reform ◽  
Food Imports ◽  
Sustainable Economic Growth

We are all aware that agriculture is important to developing countries as a source of income, employment and export earnings. To a far greater extent than in the OECD countries, agriculture it central to the economic performance of developing countries and the livelihood of their inhabitants. Rural societies in developing countries are directly dependent on the agricultural sector and urban dwellers rely on agriculture to provide food security and sustainable economic growth. Furthermore, many developing countries heavily rely on the export earnings or are highly dependent on food imports. Given the fact that the poorest and most threatened communities and countries are typically the most highly dependent, the resolution of pressing global agricultural policy and trade issues is critical to sustainable development and poverty alleviation.

EFFICIENCY OF THE USE OF INTELLECTUAL CAPITAL AS A FACTOR OF INCREASING THE COMPETITIVENESS OF THE RUSSIAN FEDERATION

2021 ◽  
Vol 2 (3) ◽  
pp. 88-92
Author(s):  
A. V. DZHIOEV ◽  
Keyword(s):  
Economic Growth ◽  
Russian Federation ◽  
Intellectual Capital ◽  
Industrial Revolution ◽  
Powerful Factor ◽  
Eu Countries ◽  
Fourth Industrial Revolution ◽  
Russian Economy ◽  
The Us ◽  
The Russian Federation

The article analyzes the reasons for the unstable development of the Russian economy in the period after the introduction of sanctions by the US and EU countries. It is shown that in the context of the fourth industrial revolution in Russia, it is extremely important to actively increase and effectively use such a powerful factor of economic growth and achieving international competitiveness as national intellectual capital.

Economic Performance Under Labour

2010 ◽  
Vol 212 ◽  
pp. R2-R14 ◽  
Author(s):  
Iana Liadze ◽  
Martin Weale
Keyword(s):  
Economic Growth ◽  
Labour Market ◽  
Economic Performance ◽  
Productivity Growth ◽  
Market Performance ◽  
National Income ◽  
The Other ◽  
The Uk ◽  
Sustainable Economic Growth ◽  
Growth Economic

This article compares the performance of the UK economy since 1997 with that between 1979 and 1997 and with the performance of the other G7 economies in both periods. It concludes that Britain has done relatively well in terms of productivity growth, economic growth and national income per head but not very well in terms of labour market performance. Savings rates were too low to deliver sustainable economic growth over the period 1979–97 and there has been very little improvement since then. The performance of the economy during the recession and its immediate aftermath has been disappointing relative to the other G7 economies.

scholarly journals Surviving and thriving in the Fourth Industrial Revolution: Digital skills for education and society

2019 ◽  
Vol 2 (1) ◽  
pp. 34 ◽  
Author(s):  
Charalambos Tsekeris
Keyword(s):  
Technological Progress ◽  
Industrial Revolution ◽  
Collective Intelligence ◽  
Responsible Innovation ◽  
Fourth Industrial Revolution ◽  
Digital Skills ◽  
Multiple Challenges ◽  
Education And Society ◽  
Sustainable Economic Growth ◽  
And Control

This concise article maintains that, in times of structural and persistent crisis, Europe needs to effectively tackle the multiple challenges and existential fears by cultivating a strong and dynamical digital skills ecosystem, based on collective values and the fundamental liberal principles of co-creation, co-evolution, and collective intelligence, over against the obsolete principles of optimisation and top-down administration and control. This will arguably result in upgrading humanism (humanism 2.0) and democracy (democracy 2.0), and in boosting responsible innovation and, therefore, adaptiveness, as well as in translating technological progress into inclusive and sustainable economic growth, and risks into creative opportunities for all citizens.

scholarly journals Financial Innovation, Sustainable Economic Growth, and Credit Risk: A Case of the ASEAN Banking Sector

2021 ◽  
Vol 9 ◽  
Author(s):  
Ali Burhan Khan ◽  
Muhammad Fareed ◽  
Anas A. Salameh ◽  
Haroon Hussain
Keyword(s):  
Economic Growth ◽  
Credit Risk ◽  
Banking Sector ◽  
Financial Innovation ◽  
Financial Industry ◽  
Regulatory Bodies ◽  
Asean Countries ◽  
The Stability ◽  
Sustainable Economic Growth ◽  
The Impact

A dynamic and rapidly changing global financial environment is posing various risks for the banking sector. Therefore, the future of the Association of Southeast Asian Nations (ASEAN) banks depends on how efficiently and effectively they manage these risks. Among these risks, a credit risk is the most crucial risk for the banking sector. Thus, the current study aims to analyze the impact of financial innovation and sustainable economic growth on the credit risk of ASEAN banks. For this purpose, a sample of 4 ASEAN countries from 2011 to 2018 is selected, and by applying a panel-corrected standard error (PCSE) approach, both variables were found to be a significant contributor toward the credit risk. Current research will not only be beneficial for the management of ASEAN countries’ banks but also provide help to the overall financial industry and their respective regulatory bodies to understand the behavior of ASEAN banks’ credit risk regarding financial innovation and economic growth. Thus, this study will play an essential role concerning the stability of the banking sector in the ASEAN region.

scholarly journals Industry 4.0 as the Driving Force of SME Internationalisation: A Case of Lithuania

2019 ◽  
Vol 33 (1) ◽  
pp. 192-206 ◽  
Author(s):  
Kristina Kovaitė ◽  
Paulius Šūmakaris ◽  
Jelena Stankevičienė ◽  
Renata Korsakienė
Keyword(s):  
Economic Growth ◽  
Driving Force ◽  
Industry 4.0 ◽  
Business Models ◽  
Industrial Revolution ◽  
Scientific Literature ◽  
Geographical Location ◽  
International Markets ◽  
Value Chains ◽  
Fourth Industrial Revolution

Abstract Small and medium-sized enterprises (SMEs) are assumed to be one of the key contributors to the country’s economic growth and social welfare. Thus, their internationalisation appears to be inevitable considering how globalisation processes have changed the rules of competition in recent decades. Smart and digitalised technologies (Internet of Things and Services, etc.) decentralise communication and provide the opportunities for new firms to overcome the barriers of geographical location and access international markets through co-creation business models and changes of the value chains. The paper aims at analysing and disclosing how the fourth industrial revolution (Industry 4.0) influences SME internationalisation. The present study is grounded on the research of extant scientific literature and assessment of experts. The research demonstrates that Industry 4.0 positively influences the internationalisation of SMEs on a number of dimensions. The recommendations for managers and policymakers how to foster internationalisation of SMEs are suggested.

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