Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.4 days after submission; acceptance to publication is undertaken in 6.5 days (median values for papers published in this journal in the second half of 2023).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.6 (2022);
5-Year Impact Factor:
2.7 (2022)
Latest Articles
Public Health Expenditure and Sustainable Health Outcomes in 45 Sub-Saharan African Countries: Does Government Effectiveness Matter?
Economies 2024, 12(6), 129; https://doi.org/10.3390/economies12060129 - 22 May 2024
Abstract
This paper examines the interaction between health expenditure and health outcomes with due consideration for government effectiveness across developing African economies. The rich data for this study draw from forty-five Sub-Saharan African (SSA) countries covering the period 1960 to 2022. The analysis follows
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This paper examines the interaction between health expenditure and health outcomes with due consideration for government effectiveness across developing African economies. The rich data for this study draw from forty-five Sub-Saharan African (SSA) countries covering the period 1960 to 2022. The analysis follows a country-specific comparative manner using the Autoregressive Distributed Lag (ARDL) model as the major estimation technique. The results indicate that poor health outcomes are not due to inadequate budgetary allocations alone. Specifically, this study found a cointegrating relationship and strong adjustment of health outcomes deriving from the shocks and dynamics of not just health expenditures, but also government effectiveness. It is therefore recommended that strong institutions and safety nets be created to guard against corruption and leakages that derail the beneficial impact of public health spending. Also, government expenditures should be focused more on cottage and primary health dimensions to better mitigate adverse health conditions in SSA countries.
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Open AccessArticle
Investigating the Efficiency of Insurance Companies in a Developing Country: A Data Envelopment Analysis Perspective
by
Katerina Fotova Čiković, Violeta Cvetkoska and Mila Mitreva
Economies 2024, 12(6), 128; https://doi.org/10.3390/economies12060128 - 22 May 2024
Abstract
Insurance companies play a pivotal role in the financial systems of developing countries, wielding substantial influence on systemic financial stability. Thus, understanding their efficiency, performance, and sustainability is paramount for policymakers and stakeholders alike. The aim of this paper is to evaluate the
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Insurance companies play a pivotal role in the financial systems of developing countries, wielding substantial influence on systemic financial stability. Thus, understanding their efficiency, performance, and sustainability is paramount for policymakers and stakeholders alike. The aim of this paper is to evaluate the relative efficiency of insurance companies within the North Macedonian market spanning the years 2018 to 2022. Employing the input-oriented BCC DEA model, the study integrates capital and labour as inputs, while assessing risk-pooling/bearing services and intermediate function as outputs. Our findings underscore the fluctuating efficiency levels within North Macedonia’s insurance sector. Notably, the sector exhibited its peak efficiency in 2018 at 83.62%, dipping to its lowest point of 73.81% in 2020. Moreover, discerning between life and non-life insurers, we observe an average relative efficiency of 0.8067 for non-life insurers, contrasted with a higher average efficiency score of 0.9011 for life insurance companies over the examined period. This study contributes significantly on multiple fronts. Firstly, it pioneers empirical investigation of the efficiency on the North Macedonian insurance market, encompassing pre- and post-COVID efficiency metrics. This fills a notable gap in the literature, particularly within the context of emerging European markets. Secondly, our comprehensive approach facilitates a holistic evaluation of the insurance sector’s performance across a five-year span, offering insights into its overarching dynamics and efficacy. Thirdly, the implications of our findings extend to policymakers, regulators, and insurance company management, aiding in informed decision-making and strategic planning.
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(This article belongs to the Special Issue Financial Market Volatility under Uncertainty)
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Sustainable Financing for Renewable Energy: Examining the Impact of Sectoral Economy on Renewable Energy Consumption
by
Edosa Getachew, Zoltan Lakner, Goshu Desalegn, Anita Tangl and Anita Boros
Economies 2024, 12(6), 127; https://doi.org/10.3390/economies12060127 - 21 May 2024
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This study examines the effect of international financial flows, including investments and development assistance, on the expansion of renewable energy technologies. It also seeks to investigate the impact of the sectoral economy on the proportion of renewable energy consumption in Ethiopia. This study
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This study examines the effect of international financial flows, including investments and development assistance, on the expansion of renewable energy technologies. It also seeks to investigate the impact of the sectoral economy on the proportion of renewable energy consumption in Ethiopia. This study used an explanatory research design and a quantitative research approach. An autoregressive distributed lag model was applied to explore the long and short-term relationship among variables. A time series of data aggregated and disaggregated ranging from 2000 to 2022 was used. According to this study, sustainable finance programs are essential for advancing and aiding renewable energy projects in the long and short term. Ethiopia’s use of renewable energy will increase as sustainable finance rises. The main economic sectors determining Ethiopia’s consumption of renewable energy in the long and short term include the manufacturing, mining and service industries. This study’s findings imply that policies focusing on providing continuous financial support and fostering international cooperation to promote the development of the manufacturing sector are needed. This could include incentives for adopting renewable energy technologies and investing in renewable energy infrastructure. On the other hand, since the service and mining industries negatively impact renewable energy use, there is a need to diversify renewable energy sources beyond these sectors. This could involve promoting renewable energy projects in other sectors, such as manufacturing, agriculture, construction and trade. Based on the findings of this study, it is suggested that policymakers carefully consider the consequences within each economic sector when formulating decisions related to renewable energy. This study is novel in presenting empirical evidence linking renewable energy use to long- and short-term economic growth.
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Patterns of Intergenerational Educational (Im)Mobility
by
Enzo Valentini
Economies 2024, 12(6), 126; https://doi.org/10.3390/economies12060126 - 21 May 2024
Abstract
Intergenerational education mobility is a key dimension of social mobility and explores the extent to which educational attainment is transmitted across generations within a society. The implications of low education mobility concern both equity (everyone should have the same opportunities) and efficiency (it
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Intergenerational education mobility is a key dimension of social mobility and explores the extent to which educational attainment is transmitted across generations within a society. The implications of low education mobility concern both equity (everyone should have the same opportunities) and efficiency (it would be good for the economy and society if the most gifted and deserving young people were to study and not the children of the already educated). The literature identifies several drivers that can influence the level of social mobility in general and education mobility specifically, including characteristics of educational systems, public spending, degree of urbanisation, informal frictions, and beliefs. This paper seeks to identify ‘patterns of intergenerational education (im)mobility’ through a cluster analysis that takes into account the level of intergenerational mobility in education and a number of variables concerning its possible drivers, considering data on 82 countries (with different levels of development). The advantage of cluster analysis lies in the possibility of identifying regularities, but avoiding reasoning ‘on average’, i.e., safeguarding the possibility that different social patterns may exist. The results also allow us to speculate on possible policies to increase school mobility, highlighting, among other things, the ‘equalising’ role played by public spending on education.
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(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)
Open AccessArticle
Servicification in Global Value Chains in Emerging and Developing Asian Economies
by
Hiroyuki Taguchi and Ni Lar
Economies 2024, 12(6), 125; https://doi.org/10.3390/economies12060125 - 21 May 2024
Abstract
Servicification in global value chains (GVCs) in emerging and developing Asian economies has become a trend recently. However, there have been no scientific studies to elucidate the mechanism of servicification in GVCs. To fill this gap, this study aims to investigate the involvement
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Servicification in global value chains (GVCs) in emerging and developing Asian economies has become a trend recently. However, there have been no scientific studies to elucidate the mechanism of servicification in GVCs. To fill this gap, this study aims to investigate the involvement of service sectors in GVCs in Asian economies in terms of the quantitative interactions between service inputs and manufacturing exports and inputs and between service inputs and service exports. For this purpose, a panel vector-autoregressive model and the Trade in Value Added database of the Organization for Economic Cooperation and Development (OECD) were used for the empirical analysis during 1995–2018. The estimation results find that, first, there exist reciprocal interactions between the business services and manufacturing sectors; foreign business service inputs are induced by manufacturing exports, whereas manufacturing inputs are induced by business service exports. Second, foreign manufacturing inputs facilitate foreign business service inputs. Third, business service inputs are promoted by business service exports. These trends in the involvement of business services’ involvement in GVCs have accelerated since the mid-2000s. To enhance the role of services in GVCs, Asian economies should facilitate the removal of explicit restrictions in service trade and address regulatory divergence across countries.
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(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)
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Comparative Analysis between Quality of Life and Human Labor in Countries Belonging to G7 and BRICS Blocks: Proposition of Discriminant Analysis Model
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Gustavo Carolino Girardi, Priscila Rubbo, Evandro Eduardo Broday, Maik Arnold and Claudia Tania Picinin
Economies 2024, 12(5), 124; https://doi.org/10.3390/economies12050124 - 18 May 2024
Abstract
The aim of the present research is to identify and analyze the variables which help to effectively differentiate Quality of Life (QoL) and human labor in the G7 (Germany, France, Italy, Canada, Japan, United Kingdom, and United States of America—USA) and BRICS countries
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The aim of the present research is to identify and analyze the variables which help to effectively differentiate Quality of Life (QoL) and human labor in the G7 (Germany, France, Italy, Canada, Japan, United Kingdom, and United States of America—USA) and BRICS countries (Brazil, Russia, India, China, and South Africa) through a discriminant analysis. A discriminant analysis model is developed to classify countries as having a low, mid, or high QoL based on QoL and human labor variables. The variables used in the discriminant analysis were obtained between 2010 and 2022 from two platforms: NUMBEO variables capable of relating QoL to socioeconomic aspects and OECD’s (Organization for Economic Cooperation and Development) human-labor-related variables. Based on the results, the three variables that most discriminate the groups in order of importance are employed women in relation to the female population, the female labor force participation rate, and the female unemployment rate. Countries are classified as having a low, mid, or high QoL. The adopted technique will allow researchers and managers to classify and draw goals for action reorganization and investment in QoL and labor.
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(This article belongs to the Special Issue Innovation, Productivity and Economic Growth: New Insights)
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The Model of Sustainability Balanced Scorecard and Supply Chain in Port Management for Tourism
by
Krongthong Heebkhoksung
Economies 2024, 12(5), 123; https://doi.org/10.3390/economies12050123 - 17 May 2024
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The development of ports for the sake of tourism is one of the key strategies in developing and strengthening a solid foundation in the tourism industry. The integration of a supply chain into port management for the purposes of tourism that is sustainable
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The development of ports for the sake of tourism is one of the key strategies in developing and strengthening a solid foundation in the tourism industry. The integration of a supply chain into port management for the purposes of tourism that is sustainable balanced can be used as a model for planning sustainable port development for tourism purposes. However, there are scarcely any studies on this topic, while plenty focus on the general concepts involved. To fill this gap, this article presents a model of a Sustainability Balanced Scorecard for ports. The author proposes a new approach to planning port development and supply chain management for tourism, particularity to provide recommendations and further our understandings of the relationships involved in the Sustainable Balanced Scorecard from the stakeholder perspective, the learning and growth perspective, the internal process perspective, the financial perspective and the environmental perspective. Using these five perspectives, the literature review identifies 56 indicators of 15 factors that can be used in the model. Therefore, this research helps to enhance and develop sustainable and efficient conditions in tourism while reducing future risks. Moreover, the research enables stakeholders to gain an understanding of and knowledge about the sustainable development and management of ports and for tourism. The insights can be applied in policy and strategy development according to the sustainable development goals (SDGs) to accommodate social movement, environmental risk and economic inequality.
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Is Thailand Attractive to Japanese Companies?
by
Hiroaki Sakurai
Economies 2024, 12(5), 122; https://doi.org/10.3390/economies12050122 - 17 May 2024
Abstract
This study examines the relationship between the business sentiment of Japanese companies regarding promising or potential countries for investment and macroeconomic statistics, such as economic or population growth in Thailand, using data from the Survey Report on Overseas Business Operations by Japanese Manufacturing
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This study examines the relationship between the business sentiment of Japanese companies regarding promising or potential countries for investment and macroeconomic statistics, such as economic or population growth in Thailand, using data from the Survey Report on Overseas Business Operations by Japanese Manufacturing Companies from 1992 to 2022. Although investing in Thailand has been popular among Japanese companies since the late 1980s, it has seemingly become relatively inactive in recent years. The present study’s results are summarized as follows: First, the business sentiment of Japanese companies has some relationships with relatively short-term economic growth and the business cycle in the short run. Second, business sentiment depends on long-term trends, and this stance may have changed after 2020. Third, other elements, such as minimum wage or fewer young people, do not necessarily have a relationship with business sentiment. Although more studies including capital accumulation or the global value chain should be conducted, improving the sentiments of Japanese businesspersons is desirable.
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(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)
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Factors Determining the Average Price Level: A Combined Microeconomic and Macroeconomic Approach
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Tamara Peneva Todorova and Brikena Myftarallari
Economies 2024, 12(5), 121; https://doi.org/10.3390/economies12050121 - 16 May 2024
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We analyze various determinants of the average price level using a strictly mathematical approach. Starting with the microeconomic perspective, we review the effect of demand shifters such as consumer income and the level of advertising on the average price level in a simple
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We analyze various determinants of the average price level using a strictly mathematical approach. Starting with the microeconomic perspective, we review the effect of demand shifters such as consumer income and the level of advertising on the average price level in a simple partial market equilibrium model. Then, we discuss the effect of supply shifters such as the exogenous tax level, worker wage, rental rate, and technology. We use implicit differentiation and Jacobian determinants. While government spending triggers inflation, taxes have the opposite effect. This is consistent with Keynesian theory. Money supply increases national income and prices while reducing the equilibrium interest rate. Therefore, money supply has pro-inflationary effects. The effect of money demand is the opposite—it increases the equilibrium interest rate, thereby lowering national income and prices. Augmenting the model to the level of international trade, we find that exports raise national income, the interest rate, and the average price level, while the effect of imports is just the opposite. Government spending raises the exchange rate while continuous inflation lowers it.
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Digital Economy Development, Common Prosperity, and Carbon Emissions: An Empirical Study in China
by
Jingke Gao, Wenxiao Zhou, Jinhua Cheng and Ziyuan Liu
Economies 2024, 12(5), 120; https://doi.org/10.3390/economies12050120 - 15 May 2024
Abstract
Under the new development model, the digital economy has become a new engine to promote the green development of the economy and realize the goal of “double carbon”. Based on the panel data of 30 provinces in China from 2010 to 2020, this
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Under the new development model, the digital economy has become a new engine to promote the green development of the economy and realize the goal of “double carbon”. Based on the panel data of 30 provinces in China from 2010 to 2020, this paper empirically investigates the impact of the development of the digital economy on energy and carbon emissions using a series of econometric models such as baseline regression, a mechanism test, and the spatial Durbin model, etc. Common prosperity plays an intermediary role between digital economy development and carbon emissions; digital economic development optimizes resource allocation, effectively solves the problem of uneven resource distribution, and reduces energy and carbon emissions while achieving common prosperity. In addition, green innovation, industrial structure, urbanization level, R&D intensity, and the degree of marketization also have different degrees of influence on energy and carbon emissions. Therefore, the government should accelerate the construction of new digital infrastructure and implement the digital economy development strategy according to local conditions, so as to promote the digital economy to produce a more significant carbon emission reduction effect.
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(This article belongs to the Special Issue Economic Development in the Digital Economy Era)
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Impact of the COVID-19 Pandemic on the Economic Development of the Mining and Construction Industry: Case Study in Slovakia
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Beátka Stehlíková, Marcela Taušová and Katarína Čulková
Economies 2024, 12(5), 119; https://doi.org/10.3390/economies12050119 - 15 May 2024
Abstract
Due to the present worldwide economic development, there is an increasing need to follow the financial health of companies in individual sectors to avoid possible decline and bankruptcy. The goal of this contribution is to find out the influence of the pandemic on
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Due to the present worldwide economic development, there is an increasing need to follow the financial health of companies in individual sectors to avoid possible decline and bankruptcy. The goal of this contribution is to find out the influence of the pandemic on the economic situation in the mining industry as the primary sector, in connection with the construction industry as the secondary sector. The research is carried out through economic and financial indicators, which mostly influence the potential crisis of companies. The results show that the mining industry and construction sectors managed to avoid the heavy decline and bankruptcy of certain organizations in the industries. Such results can be used for forecasting and modeling the socio-economic development of regions and countries. The growth of the analyzed industries could contribute to the sustainable development in the country.
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(This article belongs to the Special Issue Economics after the COVID-19)
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Analyzing the Impact of Public Capital on Private Capital Productivity in a Panel of African Nations
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Elhadj Ezzahid and Hamid Rafik
Economies 2024, 12(5), 118; https://doi.org/10.3390/economies12050118 - 14 May 2024
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This research contributes to the ongoing discourse concerning the efficiency of public capital and its influence on the productivity of private capital and total factor productivity within African economies. Employing the standard production approach, we include public capital as a distinct input to
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This research contributes to the ongoing discourse concerning the efficiency of public capital and its influence on the productivity of private capital and total factor productivity within African economies. Employing the standard production approach, we include public capital as a distinct input to assess its specific impact on output growth and the enhancement of total factor productivity. We argue that public capital, predominantly manifesting through infrastructure, constitutes an indispensable element for fostering growth. Fundamental to the productivity of private capital is its reliance on a sufficient stock of public infrastructure for operational efficiency. Our empirical analysis reveals that public capital exhibits a substantive long-term influence on output growth and the productivity of private capital. However, in the short term, the discernible impact of public capital is less pronounced. Moreover, while public capital emerges as a noticeable factor in output growth, its influence on total factor productivity remains relatively subdued.
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(This article belongs to the Special Issue Innovation, Productivity and Economic Growth: New Insights)
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Industrial Synergy Agglomeration, Urban Innovation Capacity, and Advanced Manufacturing Development
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Hua Yin and Wen Su
Economies 2024, 12(5), 117; https://doi.org/10.3390/economies12050117 - 14 May 2024
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This paper endeavors to construct an evaluative framework to assess the level of development in advanced manufacturing across the 31 provinces in China from 2003 to 2021. Additionally, it aims to investigate the impact of industrial synergy agglomeration on the development of advanced
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This paper endeavors to construct an evaluative framework to assess the level of development in advanced manufacturing across the 31 provinces in China from 2003 to 2021. Additionally, it aims to investigate the impact of industrial synergy agglomeration on the development of advanced manufacturing by employing a moderated mediation model and the Spatial Durbin Model (SDM). The research results demonstrate that industrial synergy agglomeration facilitates the development of advanced manufacturing, with particularly pronounced effects in the eastern region of China and the 18 provinces that already possess national advanced manufacturing clusters. Urban innovation capacity plays an intermediary role, and both manufacturing intelligence and international capacity cooperation exhibit positive moderating effects in the direct and indirect pathways through which industrial synergy agglomeration influences the development of advanced manufacturing. Furthermore, industrial synergy agglomeration exhibits strong spillover effects on the development of advanced manufacturing. To boost the development of the advanced manufacturing industry, it is imperative to expedite the establishment of an industrial synergy spatial layout, foster a culture of enterprise innovation and intelligent transformation, emphasize inter-provincial communication and cooperation, and facilitate cross-border resource integration.
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(This article belongs to the Special Issue Industrial Clusters, Agglomeration and Economic Development)
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A Measure That Really Works? Impact Evaluation of the Contribution for Self-Employment as a Tool of Active Labour Market Policy in Slovakia
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Lucia Svabova and Barbora Gabrikova
Economies 2024, 12(5), 116; https://doi.org/10.3390/economies12050116 - 13 May 2024
Abstract
Unemployment presents a significant challenge requiring attention not only in developing countries but also in economically developed ones. Active labour market policies offer a potential solution to address this issue. This study focuses on assessing the impact of the intervention called Contribution for
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Unemployment presents a significant challenge requiring attention not only in developing countries but also in economically developed ones. Active labour market policies offer a potential solution to address this issue. This study focuses on assessing the impact of the intervention called Contribution for Self-employment provided under the Act on Employment Services No. 5/2004 Coll in the Slovak Republic. This financial support is extended voluntarily to unemployed individuals seeking jobs and aims to partially defray the expenses associated with launching business ventures. The primary objective of this research is to quantify the effectiveness of the Contribution for Self-employment in enhancing the employment of its recipients, thereby gauging its efficacy in reducing unemployment. The evaluation employs a counterfactual impact assessment methodology, utilising propensity score matching for analysis, with propensity score estimated by the logistic regression. Data from the registry of jobseekers maintained by the Central Labour Office of Social Affairs and Family in Slovakia are utilised in this analysis. This study’s findings indicate a favourable impact of the contribution on the employment of its participants compared to the comparable non-participants. Consequently, this intervention emerges as a viable mechanism for supporting entrepreneurship and mitigating unemployment in Slovakia.
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(This article belongs to the Special Issue The Impact of Public Policies (Product and Labour Market Regulations and Institutions and Education Policies) on Employment, Unemployment and Human Capital)
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The Impact of the Great Recession on Well-Being across Europe Ten Years On: A Cluster Analysis
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Elisabetta Croci Angelini, Francesco Farina and Silvia Sorana
Economies 2024, 12(5), 115; https://doi.org/10.3390/economies12050115 - 10 May 2024
Abstract
To evaluate variations in the well-being dimensions of European citizens, we rely upon Principal Component Analysis methodology, whereby a large set of interrelated indicators are reduced to a small number of aggregate synthetic variables. We find that the 2008 crisis impinged differently on
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To evaluate variations in the well-being dimensions of European citizens, we rely upon Principal Component Analysis methodology, whereby a large set of interrelated indicators are reduced to a small number of aggregate synthetic variables. We find that the 2008 crisis impinged differently on the various dimensions of well-being. The evolution of the indicators has affected different clusters of countries in various ways. Most importantly, we observe that there has been a shift of the principal component from the poor in terms of material deprivation to the risk of poverty for the worsening conditions in the labor market.
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(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)
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Asymmetric Exchange Rate Effects on Trade Flows in India
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Niloufer Sohrabji
Economies 2024, 12(5), 114; https://doi.org/10.3390/economies12050114 - 9 May 2024
Abstract
This paper examines the role of exchange rate changes on India’s trade. The drivers of exports and imports (income, exchange rate including sectoral differences, and exchange rate variability) are estimated for the short and long run including a structural break. Using annual data
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This paper examines the role of exchange rate changes on India’s trade. The drivers of exports and imports (income, exchange rate including sectoral differences, and exchange rate variability) are estimated for the short and long run including a structural break. Using annual data from 1994 to 2022, the results of dynamic fixed effects estimation show that both exports and imports are income-elastic in the short and long run, but income elasticity is far stronger for exports. Moreover, exports are responsive to the real effective exchange rate in the short run but not in the long run, and the reverse is true for imports. Furthermore, exchange rates have asymmetric effects for high-volume and primary sectors for exports and imports. The combined impacts show the ineffectiveness of using currency depreciation to address trade imbalances.
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(This article belongs to the Special Issue Exchange Rates: Drivers, Dynamics, Impacts, and Policies)
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Empowering Pakistan’s Economy: The Role of Health and Education in Shaping Labor Force Participation and Economic Growth
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Muhammad Umair, Waqar Ahmad, Babar Hussain, Costinela Fortea, Monica Laura Zlati and Valentin Marian Antohi
Economies 2024, 12(5), 113; https://doi.org/10.3390/economies12050113 - 9 May 2024
Abstract
The labor force is a crucial factor in conducting economic activities, especially in labor-surplus countries like Pakistan. In this study, we explore the impact of labor force participation (LF) on economic growth (EG), with an emphasis on how this impact depends on the
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The labor force is a crucial factor in conducting economic activities, especially in labor-surplus countries like Pakistan. In this study, we explore the impact of labor force participation (LF) on economic growth (EG), with an emphasis on how this impact depends on the levels of health and education expenditures. We analyze time series data from Pakistan spanning from 1980 to 2022, using ARDL (Autoregressive Distributed Lag), ECM (Error Correction Model) and Granger causality techniques for empirical analysis. The ARDL results indicate that LF significantly boosts EG, both in the short and long run. Furthermore, the estimations reveal that better facilities for health and education strengthen the positive effects of LF on EG. This suggests a complementary relationship between health, education, and LF in driving EG. Moreover, our findings highlight the temporal significance of health and education: Health plays a more crucial role in the short run, while education’s impact is more substantial in the long run. Furthermore, the Granger causality results indicate that LF, health, and education significantly contribute to EG. It is advisable for the government to prioritize investments in the health and education sectors. This approach can empower individuals to actively and effectively participate in economic activities, eventually contributing to the overall economic output of the nation.
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(This article belongs to the Special Issue Innovation, Productivity and Economic Growth: New Insights)
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Investigating the Effects of the COVID-19 Pandemic on Stock Volatility in Sub-Saharan Africa: Analysis Using Explainable Artificial Intelligence
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Mbongiseni Ncube, Mabutho Sibanda and Frank Ranganai Matenda
Economies 2024, 12(5), 112; https://doi.org/10.3390/economies12050112 - 8 May 2024
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This study examines the impact of the COVID-19 pandemic on sector volatility in sub-Saharan Africa by drawing evidence from two large and two small stock exchanges in the region. The analysis included stock-specific data, COVID-19 metrics, and macroeconomic indicators from January 2019 to
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This study examines the impact of the COVID-19 pandemic on sector volatility in sub-Saharan Africa by drawing evidence from two large and two small stock exchanges in the region. The analysis included stock-specific data, COVID-19 metrics, and macroeconomic indicators from January 2019 to July 2022. This study employs generalized autoregressive conditional heteroskedasticity (GARCH) models to estimate volatility and Explainable Artificial Intelligence (XAI) in the form of SHapley Additive exPlanations (SHAP) to identify significant factors driving stock volatility during the pandemic. The findings reveal significant volatility increases at the onset of the pandemic, with government stringency measures leading to increased volatility in larger exchanges, while the introduction of vaccination programs helped to reduce volatility. Weaker macroeconomic fundamentals impact volatility in smaller exchanges. The healthcare sector has emerged as the most resilient, while non-essential sectors, such as consumer discretionary, materials, and real estate, face greater vulnerability, especially in smaller exchanges. The research findings reveal that the heightened stock market volatility observed was mainly a result of the government’s actions to combat the spread of the pandemic, rather than its outbreak. We recommend that governments introduce sound policies to balance public health measures and economic stability, and that investors diversify their investments to reduce the impact of pandemics.
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(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Analyzing Fiscal Sustainability in Latin American Countries: A Time–Frequency Perspective
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Nini Johana Marín-Rodríguez, Juan David Gonzalez-Ruiz and Alejandro Peña
Economies 2024, 12(5), 111; https://doi.org/10.3390/economies12050111 - 8 May 2024
Abstract
This study examines fiscal sustainability in Latin American countries from a unique time–frequency perspective, focusing on Brazil, Chile, Colombia, Peru, and Mexico from 1997 to 2022. Using wavelet coherence analysis, it uncovers dynamic relationships between government revenue and expenditure over different time horizons,
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This study examines fiscal sustainability in Latin American countries from a unique time–frequency perspective, focusing on Brazil, Chile, Colombia, Peru, and Mexico from 1997 to 2022. Using wavelet coherence analysis, it uncovers dynamic relationships between government revenue and expenditure over different time horizons, revealing varying causality patterns across countries and periods. The findings underscore the importance of balanced fiscal planning and resource allocation to ensure fiscal sustainability and support economic growth. This research contributes to a deeper understanding of Latin America’s economic landscape and provides valuable insights for policymakers, economists, and stakeholders concerned with the region’s economic stability and development.
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(This article belongs to the Special Issue Fiscal Policy and Macroeconomic Stability)
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Examining the Shifting Dynamics of the Beveridge Curve in the Turkish Labor Market during Crises
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Jamilu Said Babangida, Asad Ul Islam Khan and Ahmet Faruk Aysan
Economies 2024, 12(5), 110; https://doi.org/10.3390/economies12050110 - 7 May 2024
Abstract
Following the global financial crisis, an increasing amount of attention has been directed towards examining the Beveridge curve (BC), which indicates the relationship between unemployment and vacancy rates. This research analyzes the unemployment–vacancy rate dynamics in the Turkiye labor market during both the
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Following the global financial crisis, an increasing amount of attention has been directed towards examining the Beveridge curve (BC), which indicates the relationship between unemployment and vacancy rates. This research analyzes the unemployment–vacancy rate dynamics in the Turkiye labor market during both the global financial crisis and COVID-19 periods. The findings from this study demonstrate that the labor market exhibits deteriorating efficiency, as evidenced by movement of BC away from the origin. The unemployment and vacancy rates both increase over time, with a leftward (rightward) shift of BC during the global financial crisis (COVID-19) period. The study also reveals that both crises had no significant effect on unemployment–vacancy rate dynamics. In the Turkish labor market, there exists a situation where the vacancy rate is in shortfall of the unemployment level in Turkiye. This creates a positive relationship between these two factors. The labor market in Turkiye experiences inefficiencies as it struggles to generate a sufficient number of jobs to meet the demand from job seekers.
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(This article belongs to the Special Issue Labour Economics)
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