Month: June 2019

OPTIMAL PORTFOLIO SELECTION WITH VALUE AT RISK CRITERION IN SELECTED TEHRAN STOCK EXCHANGE COMPANIES (PSO AND MPSO APPROACHES)

Hamidreza FAALJOU

Assistant Professor of Economics, Urmia University

h.faahjou@urmia.ac.ir

Kiumars SHAHBAZI

Associate Professor of Economics, Urmia University

K.shahbazi@urmia.ac.ir

Ebrahim NASIRIAN

Ph.D. of Economics, Urmia University, Corresponding Author

nasirian1353@gmail.com

Abstract

The optimal portfolio selection problem has always been the most important issue in the modern economy.  In this Study, It has been shown that how an investment with n risky share can achieve the certain profits with less risk that spread between stocks. Such a portfolio, it is called an efficient portfolio and it is necessary to find solving the optimization problem. Hence, the Improved Particle Swarm Optimization algorithm is used. The value of Portfolio and its risk are applied as the parameters in optimizing aim and criterion value exposed to contingent risk. Three intended applications have been indicated to the portfolio. In the next stage ,to evaluate and validate the method and to estimate the value of the portfolio in the next days and hold the series of the stock prices ,within a specified period, to predict the price and The Autoregressive method algorithms is used for modeling of the time-series. Practical result achieved for solving the portfolio optimization problem in Tehran Stock Exchange for the next day, by choosing the basket which includes 20 companies among the 30 most active industry indicates the performance and high capability of the algorithms and used in solving constrained optimization and appropriate weighted portfolios.

Keywords: Portfolio Selection, Conditional Value at Risk, Particle Swarm Optimization algorithm, Price and Return Forecasting

JEL classification: C22, G12, G24
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ECONOMIC TRENDS OF THE YOUTH LABOR MARKET IN UZBEKISTAN

Kalandar ABDURAKHMANOV

PhD in Economics, Professor, Tashkent Branch of G.V. Plekhanov Russian University of Economics

kalandar.abdurakhmanov1@gmail.com

Nodira ZOKIROVA

PhD in Economics, Professor, Tashkent Branch of G.V. Plekhanov Russian University of Economics

Abstract

The relevance of the study, confirmed by the growing scientific interest in the topic of youth employment in the labor market, is increasing in the context of the new paradigm of innovative development of the national economy in Uzbekistan. The feasibility of studying the economic aspects of the youth labor market development is determined by the high birth rate and the growing unmet demand of the population for educational services. It is obvious that the problem of ensuring the affordability of quality higher education as the main factor in the employment of young people in Uzbekistan is complicated and multidimensional. It is important to explore trends, formulate ways to develop the youth labor market and create a system for monitoring the compliance of the educational market offer with the employers’ demands in the labor market. This article is aimed at assessing the current realities, predicting the prospects for the foreseeable future, justifying the ways and specific measures to create irreversible conditions for the convergence of science, education and the real economy in the labor market of Uzbekistan.

Keywords: Unemployment, labor market, youth, education, employment

JEL classification: J00, J01, J08, J2, J20, J4, J40, J6, J60, J7, J70, J8, J80
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THE IMPACT OF THE ECONOMIC CRISIS IN THE PROCESS OF CONVERGENCE OF THE GREEK REGIONS

Panagiotis KOUDOUMAKIS

Dr. Civil Engineer, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece

pkoudoum@civil.duth.gr

George BOTZORIS

Assistant Professor, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece

gbotzori@civil.duth.gr

Angelos PROTOPAPAS

Professor, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece

aproto@civil.duth.gr

Vassilios PROFILLIDIS

Professor, Democritus University of Thrace (DUTh), Department of Civil Engineering, Greece

vprofill@civil.duth.gr

Abstract

In this paper, the impact of the economic crisis on the convergence of the Greek region’s economy to the European average is examined. In particular, it is being considered the condition of absolute β-convergence using the econometric model of Barro and Sala-i-Martin. The dependent variable was represented by the average value of Gross Domestic Product (GDP) per capita in Purchasing Power Standards (PPS). Additionally the hypothesis of the σ-convergence of the regions of the EU and Greece is being considered, based on the coefficient of variation weighted by population. The results of both absolute β-convergence and σ-convergence suggest a declining trend of convergence and persistence of inequalities for the regions of the EU, following the outbreak of 2008 economic crisis. Regarding the regions of Greece, the results indicate, on the one hand, their deviation from the average income of the regions of the EU and, on the other, a significant increase in the regional disparities in the period 2000-2016.

Keywords: Convergence, Disparities, Economic Crisis, Regions

JEL classification: O41, R11, R12
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