Economies

18 pages, 2873 KiB

Open AccessArticle

The Impact of the Islamic System on Economic and Social Factors: A Macroeconomic Uncertainty Context

by Mohamed Sadok Gassouma and Adel Benhamed

Economies 2023, 11(12), 303; https://doi.org/10.3390/economies11120303 - 16 Dec 2023

Viewed by 5103

This paper examines the effects of Islamic economic and social systems within a democratic environment on the causal relationships among uncertainty, informal economy, corruption, and economic growth. For this purpose, we considered a set of Middle East/North Africa MENA countries considered to be [...] Read more.

This paper examines the effects of Islamic economic and social systems within a democratic environment on the causal relationships among uncertainty, informal economy, corruption, and economic growth. For this purpose, we considered a set of Middle East/North Africa MENA countries considered to be in economic difficulty and undergoing the democratic transition process (Tunisia, Algeria, Egypt, Libya, Yemen, and Iraq) for the period of 2000–2018. Our contribution is to use the social index that measures the degree of Islamicity in each country in terms of economic and political matters. We examine the effects of Islamicity and democracy on uncertainty, informal economy, corruption, and economic growth using a vector autoregression (VAR) model. Our empirical findings show that, if a theoretical Islamic system is applied in practice, it must be accompanied by a democratic regime to effectively mitigate uncertainty, informal economy, and corruption and contribute to economic growth. Democracy is a necessary component for achieving an optimal level of Islamicity. Full article

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13 pages, 631 KiB

Open AccessArticle

Biotechnological Basis of the Pulp and Paper Industry Circular Economic System

by Nadezhda Kvasha, Olga Bolotnikova and Ekaterina Malevskaia-Malevich

Economies 2023, 11(12), 302; https://doi.org/10.3390/economies11120302 - 15 Dec 2023

Cited by 2 | Viewed by 1991

Abstract

To ensure development sustainability, the linear economic approach is being transformed into a cyclical model. For the pulp and paper industry (PPI), which occupies a significant place in the Russian economy, the shift of circular principles to the field of bioeconomics is becoming [...] Read more.

To ensure development sustainability, the linear economic approach is being transformed into a cyclical model. For the pulp and paper industry (PPI), which occupies a significant place in the Russian economy, the shift of circular principles to the field of bioeconomics is becoming more important. This requires the development of basic biotechnological approaches implemented in closed cycles (biorefining). The aim of this study was to develop the biotechnological foundations of the circular economic system of the pulp and paper industry. To achieve the goal, the factors for the implementation of the circular mechanism in the pulp and paper industry were established. The composition of pulp and paper waste was systematized, taking into account the places of their occurrence; the directions and forms of the biorefining of pulp and paper secondary renewable resources were determined; and the principal possibility of obtaining bioethanol, based on the whole complex of sugars from cellulose production wastes, is shown. A wide range of general scientific methods was involved (analysis, synthesis, classification, modeling, etc.). Statistical methods were used to process experimental results in the field of pulp and paper waste bioconversion. The biotechnologies involved included methods of destruction, detoxification, and conversion of useful resources into secondary raw materials and final products. From the standpoint of the environmental approach, there are serious efficiency imbalances in the pulp and paper industry, which justify the implementation of circular mechanisms for organizing economic systems. The overall efficiency is ensured by the use of renewable resources and obtaining environmental effects. Algorithms and parameters of green biotechnological regulations for pulp and paper industry waste recycling provide the possibility of microbiological production of a complex of products: biocomposites, bioplastics, medical products, fertilizers, feed additives, vitamin supplements, and bioenergy resources. A strategy for the efficient biochemical processing of pulp and paper waste into green ethanol was determined. The possibility of increasing the efficiency of alcoholic fermentation using various biocatalysts was experimentally confirmed. The technological features of this method, associated with the need for microaerobic fermentation modes, were determined. Full article

(This article belongs to the Section Growth, and Natural Resources (Environment + Agriculture))

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25 pages, 696 KiB

Open AccessArticle

Does Gender Equality in Managerial Positions Improve the Gender Wage Gap? Comparative Evidence from Europe

by Lidia de Castro Romero, Víctor Martín Barroso and Rosa Santero-Sánchez

Economies 2023, 11(12), 301; https://doi.org/10.3390/economies11120301 - 14 Dec 2023

Cited by 1 | Viewed by 2468

Abstract

In this paper, we analyse the impact of gender equality in managerial positions on wages and the gender wage gap in 22 European countries. We draw on the employer–employee microdata from the European Structure of Earnings Survey (E-SES) for the year 2018, which [...] Read more.

In this paper, we analyse the impact of gender equality in managerial positions on wages and the gender wage gap in 22 European countries. We draw on the employer–employee microdata from the European Structure of Earnings Survey (E-SES) for the year 2018, which allows us to include firm fixed effects in our econometric specifications, thus controlling for both observed and unobserved heterogeneity at the firm level. The analysis is carried out not only at the mean but also across the wage distribution through unconditional quantile regressions. The results on the impact of gender equality in management on wages are mixed. However, we find that gender equality has a predominantly positive effect in the upper part of the wage distribution, and a negative effect in the middle and lower parts. The results on the impact on the gender wage gap show that in many cases, a more gender-equal management reduces the gender wage gap. Furthermore, gender equality in management reduces the gender wage gap mainly in the middle and lower part of the wage distribution. Full article

(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)

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19 pages, 4771 KiB

Open AccessArticle

Assessing Fiscal Sustainability in the Landscape of Economics Research

by Nini Johana Marín-Rodríguez, Juan David Gonzalez-Ruiz and Sergio Botero

Economies 2023, 11(12), 300; https://doi.org/10.3390/economies11120300 - 14 Dec 2023

Cited by 7 | Viewed by 3234

Abstract

This scientometric analysis delves into the current trajectory and anticipated prospects of assessing fiscal sustainability, emphasizing methodologies, trends, and pivotal literature in this critical economic realm. This study analyzed 324 studies from Scopus and Web of Science databases to generate the dataset through [...] Read more.

This scientometric analysis delves into the current trajectory and anticipated prospects of assessing fiscal sustainability, emphasizing methodologies, trends, and pivotal literature in this critical economic realm. This study analyzed 324 studies from Scopus and Web of Science databases to generate the dataset through scientometric networks, using VOSviewer and Bibliometrix tools. Through a comprehensive review of scientific literature, this research traces the developmental trajectory of fiscal sustainability, trend topics, influential studies, and key contributors employing bibliometric and scientometric tools. The study maps the landscape of fiscal sustainability exploration, underscoring an evolving shift towards interdisciplinary methods encompassing environmental, social, and political factors. Furthermore, the keywords analysis accentuates three emergent trends, mainly (i) the relation between fiscal sustainability and economic growth, (ii) the methodologies and models for assessing fiscal sustainability, and (iii) demographic concerns and their impact on fiscal sustainability. This research provides insights into the evolving terrain of fiscal sustainability exploration and anticipates promising avenues for further studies. The examination reveals the significance of methodologies such as panel data, multicointegration analysis, probabilistic debt analysis, Markov-switching models, and wavelets analysis in assessing fiscal sustainability. By offering a comprehensive overview, this analysis aspires to direct forthcoming inquiries and contribute to the ongoing discussion surrounding the assessment of fiscal stability. Full article

(This article belongs to the Special Issue Fiscal Policy and Macroeconomic Stability)

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29 pages, 4320 KiB

Open AccessArticle

Modelling Health Financing Performance in Europe in the Context of Macroeconomic Uncertainties

by Marius Sorin Dincă, Valentin Marian Antohi, Maria Letiția Andronic, Monica Răileanu Szeles and Camelia Mirela Baba

Economies 2023, 11(12), 299; https://doi.org/10.3390/economies11120299 - 12 Dec 2023

Viewed by 1958

Abstract

This paper makes a comparison between the financing of health systems in six European Member States: France, Denmark, Spain, Bulgaria, Romania and Hungary, starting from the structure of financial allocations to health systems in the context of fluctuating macroeconomic developments marked by multiple [...] Read more.

This paper makes a comparison between the financing of health systems in six European Member States: France, Denmark, Spain, Bulgaria, Romania and Hungary, starting from the structure of financial allocations to health systems in the context of fluctuating macroeconomic developments marked by multiple economic crises and the onset of the pandemic, which posed a real challenge to maintaining the health security of the European population and beyond. The need for this research is connected to the gap in the literature regarding economic development, health management and health financing performance. The main objective of the research is to determine the performance aspects of health systems financing and efficient financing models in relation to the evolution of macroeconomic indicators such as gross domestic product, household final consumption, general public expenditure and population. Empirical and analytical methods consisting of literature review, database construction, econometric modeling and statistical model validation were used. The results of the study highlight the performance of financial allocations for the six countries analyzed and could help decision-makers adjust health financing strategies in line with the insights provided by the current research. The novelty of this research is the comparison between different EU member states according to their economic development level in direct connection with health financing performance. This paper identifies the key aspects of health systems’ financing and of efficient financing models in connection to the evolution of main macroeconomic indicators. Full article

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18 pages, 967 KiB

Open AccessArticle

Development of Regulatory Strategies in the Sharing Economy: The Application of Game Theory

by Anna Y. Veretennikova and Daria A. Selezneva

Economies 2023, 11(12), 298; https://doi.org/10.3390/economies11120298 - 12 Dec 2023

Cited by 4 | Viewed by 2386

Abstract

Regulating the sharing economy is one of the most important aspects in the development of a business model that has developed rapidly due to the widespread adoption of digital technologies and is closely linked to the fast pace of institutional changes. The present [...] Read more.

Regulating the sharing economy is one of the most important aspects in the development of a business model that has developed rapidly due to the widespread adoption of digital technologies and is closely linked to the fast pace of institutional changes. The present study aims to develop strategies for regulating the sharing economy through the application of game theory. The authors identify common cooperative and non-cooperative strategies in the interaction of two participants: the state and the company. The matrix of strategies is based on the results of the analysis, which considers the interaction benefits, costs, and the positive and negative effects of this process. These strategies are exemplified in scenarios of interaction between the state and the sharing economy company in relation to three possible problems: environmental pollution, parking deficiency, and budget deficit. Furthermore, the study presents a comprehensive payoff matrix and provides a description of various sustainable and long-term scenarios. It also highlights the key parameters that should be taken into account when selecting a behavioral strategy for economic agents. In addition, the study establishes that supporting industries and projects of the sharing economy, as well as creating conditions or attracting investments, increasing public trust in government and business, and involving various social groups in resolving social problems are essential elements in the harmonious development of the sharing economy. These elements contribute to its potential to raise living standards. The practical significance of this study lies in the possibility of applying its results in the implementation of social and ecological objectives through the advancement of sharing economy initiatives. Full article

(This article belongs to the Section International, Regional, and Transportation Economics)

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24 pages, 2546 KiB

Open AccessArticle

Technological Advancements and the Changing Face of Crop Yield Stability in Asia

by Zsolt Hollósy, Muhammad Imam Ma’ruf and Zsuzsanna Bacsi

Economies 2023, 11(12), 297; https://doi.org/10.3390/economies11120297 - 11 Dec 2023

Viewed by 2840

Abstract

Recent technological advancements have revolutionized agriculture in Asia, leading to significant changes in crop yield stability. This study examines the changing face of crop yield stability in Asia resulting from the increasing adoption of innovative technologies in agriculture. Through a review of current [...] Read more.

Recent technological advancements have revolutionized agriculture in Asia, leading to significant changes in crop yield stability. This study examines the changing face of crop yield stability in Asia resulting from the increasing adoption of innovative technologies in agriculture. Through a review of current research and case studies, the impact of technology-driven changes on yield levels, variability, and predictability is explored. The study applies a yield stability index (YSI) to evaluate the yield stability of six crops in seven Asian countries during two periods (1961–1994 and 1995–2020), comparing the countries, crops, and stability changes between the two segments. The novelty of the research is the application of YSI, which, contrary to usual stability metrics, can distinguish between rare large extreme yields and frequent minor fluctuations, and based on this feature, evaluates the suitability of the prevailing technologies to local environmental conditions. The YSI is used to evaluate the stability of technologies, indicating whether the technologies can respond well to the annual variations of environmental conditions. Positive YSI values indicate stable technologies that can respond well to the annual variations of environmental conditions, and the concept of a well-technologized crop is used for crops in countries with stable positive YSI values, indicating the suitability of the actual crop to the actual geographical environment. These results can guide production technology developments and the introduction or abandonment of certain crops in certain geographical zones, especially regarding the implications of climate change and global warming. This study highlights the transformative power of technology in improving crop yield stability and food security in Asia, while discussing the potential challenges associated with these changes and the need for continued research to address them. Full article

(This article belongs to the Topic Novel Studies in Agricultural Economics and Sustainable Farm Management)

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18 pages, 545 KiB

Open AccessArticle

Accounting Lecture Quality Factors during Online Learning: Student Perceptions

by Safet Abdullahu and Nexhmie Berisha Vokshi

Economies 2023, 11(12), 296; https://doi.org/10.3390/economies11120296 - 8 Dec 2023

Viewed by 2258

Abstract

This research aimed to identify and understand the key factors influencing the effectiveness of online learning, with a specific focus on accounting courses. To achieve this goal, the study relied on the assessments and perceptions of students in the accounting department engaged in [...] Read more.

This research aimed to identify and understand the key factors influencing the effectiveness of online learning, with a specific focus on accounting courses. To achieve this goal, the study relied on the assessments and perceptions of students in the accounting department engaged in online learning. This study provided a model example to uncover the key factors and connections between the quality of online learning and its advantages in accounting education. The research was organized into three main phases: initially presenting the research concept, defining the goals and the essential components of the study. Subsequently, the research continued with a review of the literature, integrating scientific contributions from around the world and linking them to the research hypotheses. The research revealed three key factors in the quality of online learning: Factor 1, Access and communication between students and professors in online learning, emphasizing the importance of interaction and accessibility in this context; Factor 2, The security of platforms and the content of electronic learning, identifying the significance of technology safety and content security; and Factor 3, The ease of use and flexibility of access in online learning, improving student autonomy and global access to content. Hypothesis 1 confirmed that the factors of online learning quality were influenced by the context and the structure of online learning, including specific requirements. Hypothesis 2 asserted that the advantages of online learning were linked to the acceptability of electronic assistance, self-efficiency, and students’ intention to use electronic learning. Hypothesis 3 confirmed that quality factors had a strong correlation with the advantages of online learning in the field of accounting. This research, through student feedback and perspectives, contributed to a deeper understanding of online learning and the importance of quality factors in promoting it in the accounting field. In summary, this research highlights the crucial link between quality attributes and the benefits of online learning in accounting education. It is recommended that educators and institutions prioritize these attributes to enhance the effectiveness of online education, offering valuable insights for the development of more efficient and advantageous online learning environments. Full article

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21 pages, 1188 KiB

Open AccessArticle

Accelerator for Agglomeration in Sequencing Economics: “Leased” Industrial Zones

by Akifumi Kuchiki

Economies 2023, 11(12), 295; https://doi.org/10.3390/economies11120295 - 6 Dec 2023

Cited by 2 | Viewed by 1775

Abstract

This paper identifies the importance of reducing fixed costs for establishing industrial zones as part of an agglomeration policy. China’s economic growth has been driven by the agglomeration of manufacturing firms via industrial zones that attract foreign direct investment. This investment enables the [...] Read more.

This paper identifies the importance of reducing fixed costs for establishing industrial zones as part of an agglomeration policy. China’s economic growth has been driven by the agglomeration of manufacturing firms via industrial zones that attract foreign direct investment. This investment enables the export of products by importing intermediate capital goods. According to the new trade theory of spatial economics, the number of firms in an agglomeration is inversely proportional to the fixed costs. The main accelerator of agglomeration after the master switch is the formation of segments that reduce firms’ fixed costs. Via a factor analysis of manufacturing agglomeration segments in sequencing economics, this paper finds that “leased” industrial zones are accelerator segments in the formation process of manufacturing agglomerations. Full article

(This article belongs to the Special Issue Regional Development: Opportunities and Constraints)

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18 pages, 334 KiB

Open AccessArticle

Tax Buoyancy in Indonesia: An Evaluation of Tax Structure and Policy Reforms

by Suhut Tumpal Sinaga, Mahjus Ekananda, Beta Yulianita Gitaharie and Milla Setyowati

Economies 2023, 11(12), 294; https://doi.org/10.3390/economies11120294 - 5 Dec 2023

Cited by 2 | Viewed by 2544

Abstract

This study investigates tax buoyancies in Indonesia. It analyzes the cointegration relationship between the regional gross domestic product (RGDP), along with several control variables, and tax revenues. Focusing on personal income tax (PIT), corporate income tax (CIT), and value-added tax (VAT), it employs [...] Read more.

This study investigates tax buoyancies in Indonesia. It analyzes the cointegration relationship between the regional gross domestic product (RGDP), along with several control variables, and tax revenues. Focusing on personal income tax (PIT), corporate income tax (CIT), and value-added tax (VAT), it employs a dynamic analysis from 2015 to 2021. This research utilizes the Wald test to evaluate long-term buoyancies and the PMG-ARDL model to assess tax dynamics and cointegration coefficients. The results revealed tax revenues’ consistent tendency toward equilibrium in the long term, with fluctuations across Indonesian provinces. PIT displayed the highest buoyancy and adjustment speed, followed by VAT and CIT. This analysis highlights tax types’ diverse responses to underlying factors, offering crucial insights into fiscal dynamics. The research illuminates the intricate relationship between economic indicators and tax categories, providing valuable lessons for future policies, especially concerning structural changes like tax amnesty programs and tax rate modifications. Full article

(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)

19 pages, 1735 KiB

Open AccessArticle

EU Diversity in Terms of Digitalization on the Labor Market in the Post-COVID-19 Context

by Georgiana-Alina Crisan, Madalina Ecaterina Popescu, Eva Militaru and Amalia Cristescu

Economies 2023, 11(12), 293; https://doi.org/10.3390/economies11120293 - 1 Dec 2023

Cited by 3 | Viewed by 2409

Abstract

Digital technologies are being integrated into everyday life worldwide, constantly transforming our society and labor markets. The EU requires digitally smart people in the labor market and has promoted this through the Digital Agenda. In this context, our paper aims to investigate the [...] Read more.

Digital technologies are being integrated into everyday life worldwide, constantly transforming our society and labor markets. The EU requires digitally smart people in the labor market and has promoted this through the Digital Agenda. In this context, our paper aims to investigate the diversity of the EU member states in terms of the digitalization of the labor market in the post-pandemic context. Using a multidimensional perspective, we considered indicators reflecting not only labor market specificities but also the degree of digitalization and the impact of the COVID-19 pandemic. First, the strength of the association between digitalization and the labor market indicators was quantified through a Pearson test, while the cluster analysis highlighted some patterns for the high-tech EU economies compared to the medium- and low-tech EU economies. Among the high-tech economies cluster, Finland stands out as the frontrunner in the EU’s digital transformation, with the most digitally skilled workers. At the opposite pole are the South-Eastern countries, which have the most to do to recover and still lack an effective digital policy framework to support youth workers’ access to digital training. The practical implications of our study consist mostly of providing decision-makers with directions on issues to tackle when implementing EU digital policies. Full article

(This article belongs to the Special Issue Economics after the COVID-19)

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21 pages, 18739 KiB

Open AccessArticle

How Was the Staple Food Supply Chain in Indonesia Affected by COVID-19?

by Eka Purna Yudha and Julian Roche

Economies 2023, 11(12), 292; https://doi.org/10.3390/economies11120292 - 1 Dec 2023

Cited by 2 | Viewed by 3073

Abstract

During the COVID-19 pandemic, there were significant restrictions on the transportation of food products in Indonesia. The research objective of this study was to investigate the extent to which these restrictions impacted changes in marketing margins at the provincial level in Indonesia. The [...] Read more.

During the COVID-19 pandemic, there were significant restrictions on the transportation of food products in Indonesia. The research objective of this study was to investigate the extent to which these restrictions impacted changes in marketing margins at the provincial level in Indonesia. The approach taken was through the examination of trade and freight margin statistical data before the pandemic (2019) and after the pandemic (2020) across a number of different commodity markets: rice, shallots, red chilli pepper, beef, chicken meat and eggs, sugar, and cooking oil. The evidence indicates that the pandemic brought a rapid rise in Indonesian domestic prices as a result of purchasing panic at its start. But after the imposition of transportation restrictions, there were wide variations: some durable food options experienced increased marketing margins, whereas non-durables tended to experience decreased marketing margins in some regions, as fresh products such as red chillies and shallots were discarded as a result of declining consumer purchasing power. The conclusion for policymakers is that any future restrictions should take into account this likely difference in response, in order to minimise economic disruption by calibrating support along the supply chain. Full article

(This article belongs to the Topic Recent Advances in Green Maritime Transport and Resilient Maritime Supply Chain)

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17 pages, 914 KiB

Open AccessArticle

The Impact of Geopolitical Risk on Portuguese Exports

by Nuno Carlos Leitão

Economies 2023, 11(12), 291; https://doi.org/10.3390/economies11120291 - 30 Nov 2023

Cited by 4 | Viewed by 1807

Abstract

This investigation evaluates the performance of Portuguese exports by focusing on the 11 main partners for 1990–2021, considering panel data. Country risk analysis has been frequently used to assess the determinants of international trade in recent years. Empirical studies demonstrate that country risk [...] Read more.

This investigation evaluates the performance of Portuguese exports by focusing on the 11 main partners for 1990–2021, considering panel data. Country risk analysis has been frequently used to assess the determinants of international trade in recent years. Empirical studies demonstrate that country risk can affect bilateral relationships between economies, especially in economies with greater geopolitical risk. Next, we refer to the methodology used in this research. In this context, we assessed the stationarity of the variables used in this study. Subsequently, models were used to eliminate bias and endogeneity between the variables. The panel quantile regression model allows us to understand the behaviour of variables across different quartiles. The empirical study shows that countries with low country risk promote the performance of Portuguese exports. On the other hand, the size of the economies, both the exporting country (Portugal) and the importing countries (commercial partners), is decisive for increasing Portuguese exports. This finding can be explained as a monopolistic competition with the economy’s scale and industrial concentration serving as theoretical support. As noted with previous studies on the gravity model, the common language of Portuguese-speaking countries reduces communication costs and increases Portuguese exports. Furthermore, the econometric model also validates the issue of geographical distance, where this variable has a negative impact on exports, demonstrating that geographical proximity reduces transport costs. Full article

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18 pages, 343 KiB

Open AccessArticle

Modeling Finance–Growth Nexus in MENA Region Economies: A Panel Data Analysis

by Abdelmonem Lotfy Mohamed Kamal, Mostafa E. AboElsoud and Khaled Abdella

Economies 2023, 11(12), 290; https://doi.org/10.3390/economies11120290 - 30 Nov 2023

Viewed by 2180

Abstract

The primary objective of this paper is to examine the relationship between finance and economic growth in a cohort of 16 economies within the MENA region spanning a four-decade period from 1980 to 2021. This study employs panel unit root and panel co-integration [...] Read more.

The primary objective of this paper is to examine the relationship between finance and economic growth in a cohort of 16 economies within the MENA region spanning a four-decade period from 1980 to 2021. This study employs panel unit root and panel co-integration analyses to investigate this long-term nexus. The fully modified and dynamic Ordinary Least Squares (OLS) approaches are utilized to estimate the long-run coefficients. The findings underscore the existence of cross-sectional interdependence among these nations. Furthermore, Pedroni’s panel co-integration research robustly supports the idea of a long-term co-integrating relationship between financial development and economic growth. Our long-run panel estimations reveal a positive and statistically significant impact of financial development on GDP per capita income growth. In addition to this broad analysis, this paper conducts a detailed time-series examination focused on a specific country to validate the robustness of the results. These findings further substantiate the favorable influence of financial development on income growth in the majority of MENA nations. Notably, private sector participation in these economies is found to be alarmingly low. As a result, a significant policy implication of this study underscores the urgent need for policymakers to prioritize measures conducive to private sector expansion. Moreover, enhancing financial inclusion, addressing the crowd-out effect, and tackling non-performing loans are critical areas requiring attention within the MENA region. Furthermore, our research highlights the potential benefits of developing stock markets as part of an optimal strategy to enhance both economic and income growth rates. In conclusion, this study contributes valuable insights into the finance–growth nexus in the MENA region, emphasizing the importance of financial development as a driver of economic prosperity and the need for targeted policy initiatives to support private sector growth and financial stability. Full article

14 pages, 1290 KiB

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Quantifying the Macroeconomic Impact of COVID-19-Related School Closures through the Human Capital Channel

by Christine de la Maisonneuve, Balázs Égert and David Turner

Economies 2023, 11(12), 289; https://doi.org/10.3390/economies11120289 - 30 Nov 2023

Viewed by 1877

Abstract

This paper uses a new measure of human capital, which distinguishes both quality and quantity components, to estimate the long-term effect of the COVID-19-related school closures on aggregate productivity through the human capital channel. Productivity losses build up over time and are estimated [...] Read more.

This paper uses a new measure of human capital, which distinguishes both quality and quantity components, to estimate the long-term effect of the COVID-19-related school closures on aggregate productivity through the human capital channel. Productivity losses build up over time and are estimated to range between 0.4% and 2.1% after 45 years, for 12 weeks and 2 years of school closure, respectively. These results appear to be broadly consistent with earlier findings in the literature. Two opposing effects might influence these estimates. Online teaching would lower economic costs while learning losses in tertiary education (not considered here) would inflate them. Policies aimed at improving the quality of education and adult training will be needed to offset or, at least, alleviate the impact of the pandemic on human capital. Full article

(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)

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22 pages, 2245 KiB

Open AccessArticle

The Labour Share, Government Expenditure and Income Inequality of Post-Soviet Countries

by Bruno S. Sergi, Svetlana Balashova and Svetlana Ratner

Economies 2023, 11(12), 288; https://doi.org/10.3390/economies11120288 - 28 Nov 2023

Viewed by 2265

Abstract

This study analyses the influence of economic growth on inequality, concentrating on the role of governments as mediators. The period studied is from 2000 to 2020, encompassing 11 post-Soviet countries. The primary estimation method used is the two-stage least squares for panel data. [...] Read more.

This study analyses the influence of economic growth on inequality, concentrating on the role of governments as mediators. The period studied is from 2000 to 2020, encompassing 11 post-Soviet countries. The primary estimation method used is the two-stage least squares for panel data. Despite the differences in the economic and political systems at the current development stage, the post-Soviet countries share a common pattern in terms of the relationship between economic growth, the labour income share and the level of inequality, which we first show in this article. Government expenditure has the potential to reduce inequality. However, its effectiveness depends largely on government efficiency and the development of democratic institutions. Despite the increase in government spending on education, more is needed to reduce income inequality. Increased economic performance, productivity, and high-quality state institutions are necessary for this change. Full article

(This article belongs to the Special Issue Labour Economics)

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20 pages, 1114 KiB

Open AccessArticle

Decision-Making Algorithm for the Issuance of the Green Bonds by Municipalities in Inter-Municipal Cooperation in Lithuania

by Julija Bužinskė and Jelena Stankevičienė

Economies 2023, 11(12), 287; https://doi.org/10.3390/economies11120287 - 22 Nov 2023

Viewed by 1871

Abstract

The objective of this study is to establish a decision-making algorithm for issuing green bonds by municipalities in inter-municipal cooperation in Lithuania with a focus on zero-waste projects. The research methodology comprises four parts. The first part of the research methodology corresponds to [...] Read more.

The objective of this study is to establish a decision-making algorithm for issuing green bonds by municipalities in inter-municipal cooperation in Lithuania with a focus on zero-waste projects. The research methodology comprises four parts. The first part of the research methodology corresponds to a literature review that examines the concept of inter-municipal cooperation and its development in different countries. The second part of the research methodology is dedicated to the formulation of the valuation approach for the inter-municipal cooperation possibility and approbation of it in the selected municipalities. The third part of the research methodology covers the development of the decision-making algorithm for issuing green bonds by municipalities in inter-municipal cooperation in Lithuania. The last part of the research methodology summarizes the results of the survey and proposals for its further development. The findings suggest that the selected municipalities for the valuation of inter-municipal cooperation possibility could improve municipal performance for better inter-municipal cooperation results. The results also show that a smaller municipality corresponds to moderate municipal performance, which can be expected in comparison to a larger municipality. The findings of the construction of the decision-making algorithm suggest a 12-step process for the issuance of green bonds in Lithuania. The practical implications of the study are based on the notion that findings can be applied by municipalities willing to issue green bonds, smaller municipalities having challenges finding financial sources, and municipalities in inter-municipal cooperation sharing the same goals. An original aspect of this paper is its study focus on inter-municipal cooperation valuation and the issuance of green bonds in the municipalities of a smaller country which can serve as a reference point for considering the potential issuance of green bonds in municipalities of similar size. Full article

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21 pages, 1071 KiB

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The Mediating Effect of Perceived Trust in the Adoption of Cutting-Edge Financial Technology among Digital Natives in the Post-COVID-19 Era

by Udit Chawla, Rajesh Mohnot, Harsh Vikram Singh and Arindam Banerjee

Economies 2023, 11(12), 286; https://doi.org/10.3390/economies11120286 - 22 Nov 2023

Cited by 2 | Viewed by 4411

Abstract

The primary aim of this research is to thoroughly examine the determinants that influence customers’ intention towards embracing FinTech products and services, thereby enriching our understanding of the adoption and utilization trends within the FinTech industry in the aftermath of the COVID-19 pandemic. [...] Read more.

The primary aim of this research is to thoroughly examine the determinants that influence customers’ intention towards embracing FinTech products and services, thereby enriching our understanding of the adoption and utilization trends within the FinTech industry in the aftermath of the COVID-19 pandemic. This is quantitative research in the context of India covering five major tech-savvy cities—Mumbai, Bengaluru, New Delhi, Pune, and Chennai. Using structural equation modeling (SEM), the mediation effect of Perceived Trust was examined in order to see the relationship between the retrieved constructs and their attributes. Predominantly, the data delve into the utilization of financial technology and the prevailing embrace of this transformative innovation by contemporary Indian society. From the findings, it has emerged that the three factors influencing Customer Intention to Adopt FinTech products are “Perceived Security”, “Perceived Risks”, and “Perceived Trust”. The significance of Perceived Security in the realm of defending against cyber risks and safeguarding personal information has been discovered to have a profound effect on individuals’ inclination to embrace FinTech. Likewise, acknowledging the potential risks and uncertainties that come with FinTech has proven to have a favorable impact on the intention to adopt. Notably, the perception of trust, which encompasses aspects such as the credibility of the company and the user-friendly nature of the technology, has been identified as a significant driver towards adoption. Full article

(This article belongs to the Special Issue Commodity Markets’ Reaction to COVID-19 Outbreak)

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Economies, Volume 11, Issue 12 (December 2023) – 18 articles

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