1. the circular fl ow model is a simplifi ed version of our economy. describe how this model works12/11/2022 Free trade agreements (FTAs) and regional trade agreements (RTAs) have been created to support this trend, and countries are working to stabilize trade. Every year, the amount of international trade increases along with the world’s GDP. It is not easy to grow a country’s economy without establishing economic relations with other countries. The authors do not own original data and do not have any special access privileges to the data that others would not have.įunding: This work was supported by JSPS KAKENHI Grant Numbers JP17KT0034.Ĭompeting interests: The authors have declared that no competing interests exist. (2015), "An Illustrated User Guide to the World Input-Output Database: the Case of Global Automotive Production", Review of International Economics., 23: 575-605 ( ). P., Dietzenbacher, E., Los, B., Stehrer, R. The version of WIOD is 2016 ( ), and the reference is Timmer, M. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.ĭata Availability: The authors used only open data from WIOD. ![]() Received: MaAccepted: JPublished: August 20, 2021Ĭopyright: © 2021 Sada, Ikeda. On the other hand, the indices of the Pacific Rim suggest the steady economic integration index of the Pacific Rim captures the stable global value chains from natural resources to construction and manufactures of motor vehicles and high-tech products.Ĭitation: Sada S, Ikeda Y (2021) Regional economic integration via detection of circular flow in international value-added network. Moreover, sectoral economic integration indices suggest what Europe depends on Russia in natural resources makes the European economic integration index unstable. The European economic integration index recovered in 2011 but again fell below that of the Pacific Rim in 2013. Findings confirmed that the degree of economic integration in Europe declined sharply after the economic crisis in 2009 to a level lower than that in the Pacific Rim. ![]() The circular flow component of the decomposition was used to define an economic integration index. We applied Helmholtz–Hodge decomposition to the value-added flows within the region into potential and circular flows, and clarified the annual evolution of the potential and circular relationships between countries and sectors. By applying Infomap to the international value-added network, we confirmed two regional communities: Europe and the Pacific Rim. In this study, we used the World Input–Output Database to create a cross-border sector-wise network of trade in value-added (international value-added network) covering the period of 2000–2014 and evaluated them using network science methods. However, it has not been established to quantitatively assess the scope and extent of economic integration involving various sectors in multiple countries. To achieve a 6.77% average growth rate (the higher scenario), policies regarding knowledge transfer from specialized foreign individuals, incumbent firms and universities, as well as incentives for entrepreneurial societies and collectivism, are discussed.Global value chains are formed through value-added trade, and some regions promote economic integration by concluding regional trade agreements to promote these chains. The model, supported by circular flow analysis and Schumpeterian theory, shows how this type of entrepreneurship contributes to sustainable economic growth during the simulation period (2003–2032). Here, we approach futures studies, testing dynamic hypotheses concerning development based on societal and socioeconomic integration, in which innovative entrepreneurship is highly relevant. Thus, the purpose of this paper is to identify the role of innovative entrepreneurship in Colombian business cycle scenarios using system dynamics (SD) modelling. Following the entrepreneurship research, it is suggested that innovative entrepreneurial activity is linked to long-term economic growth. Using these analyses, new Colombian scenarios are discussed, taking into account intentionality towards entrepreneurship and innovation. Based on a foresight analysis, it has been identified on the one hand that it is necessary to achieve greater productivity and competitiveness and on the other hand, collective intentionality towards progress must be encouraged. ![]() Since the advent of public and private initiatives in Colombia, there has been interest in exploring the possible future pathways of the Colombian business cycle.
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