Economies

23 pages, 1419 KiB

Open AccessSystematic Review

Mapping Entrepreneurial Collaborative Economy Landscape: A Systematic Literature Review with Textometric Analysis

by Salvador Bueno, Eva M. Gallego, Ramiro Montealegre and M. Dolores Gallego

Economies 2025, 13(8), 246; https://doi.org/10.3390/economies13080246 - 21 Aug 2025

Viewed by 316

The collaborative economy is experiencing a remarkable surge, offering vast potential for growth. Consequently, this burgeoning movement has become a focal point of interest in the realm of entrepreneurship. However, numerous unexplored or inadequately addressed research gaps persist, leaving us without a well-defined [...] Read more.

The collaborative economy is experiencing a remarkable surge, offering vast potential for growth. Consequently, this burgeoning movement has become a focal point of interest in the realm of entrepreneurship. However, numerous unexplored or inadequately addressed research gaps persist, leaving us without a well-defined paradigm for what we can term the entrepreneurial collaborative economy. In light of these challenges, this study embarks on a quest to bridge these gaps through a comprehensive systematic literature review. Two research objectives guided our endeavor: (1) mapping the literature related to the collaborative economy in the field of entrepreneurship to propose a research taxonomy, and (2) analyzing areas in this field that warrant further research. Our literature review, conducted using the PRISMA methodology, yielded 407 studies. Employing advanced textometric techniques, we uncovered a research taxonomy consisting of three distinct clusters within entrepreneurial collaborative economy studies. In particular, our investigation has unveiled that the entrepreneurial collaborative economy paradigm remains in a state of emergence within the academic literature. The paper concludes with thought-provoking discussions and key insights. Full article

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17 pages, 379 KiB

Open AccessArticle

The Scale Logic of Government Debt for Overall Development and Security—From the Perspective of Dual Scale Economy of Explicit and Implicit Debt

by Yunxiao Yuan, Xiaoyu Yang and Muhammad Umer

Economies 2025, 13(8), 245; https://doi.org/10.3390/economies13080245 - 21 Aug 2025

Viewed by 202

Abstract

Government debt can potentially enhance high-quality economic development, yet its effects and risks diverge substantially under the interplay of scale economies and diseconomies. Against the backdrop of the 20th CPC Central Committee’s Third Plenary Session, which emphasized coordinated development-security integration and local debt [...] Read more.

Government debt can potentially enhance high-quality economic development, yet its effects and risks diverge substantially under the interplay of scale economies and diseconomies. Against the backdrop of the 20th CPC Central Committee’s Third Plenary Session, which emphasized coordinated development-security integration and local debt risk resolution, this study investigates the debt-development nexus through the lens of dual-scale economies in explicit/implicit local government debt. We innovatively incorporate resource allocation efficiency and investment levels as mediating factors. Empirical results demonstrate the following: (1) An inverted U-shaped relationship between local debt scale and economic development quality during two debt rectification periods, with implicit debt exhibiting a more pronounced curvilinear pattern; (2) Both resource allocation efficiency and investment levels significantly moderate the scale economies of explicit/implicit debt, yet paradoxically constrain development quality. Key obstacles include short-term adjustment costs, income disparity, and innovation suppression. Notably, while government debt currently operates within scale economies, implicit debt possesses greater borrowing capacity than explicit debt. Debt-driven economies of scale exhibit significant regional heterogeneity. In coastal areas, these effects are more sustainable, whereas in inland areas it is relatively weak. Policy implications suggest the following: (1) Recognizing debt’s nonlinear developmental impacts; (2) Optimizing resource allocation to improve investment quality; (3) Clarifying central-local fiscal responsibility demarcation; (4) A regionally differentiated collaborative strategy is needed for coordinating debt, investment, and resource allocation. Full article

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13 pages, 431 KiB

Open AccessArticle

Interest Rates and Economic Growth: Evidence from Southeast Asia Countries

by Tan Huu Nguyen

Economies 2025, 13(8), 244; https://doi.org/10.3390/economies13080244 - 21 Aug 2025

Viewed by 280

Abstract

This study examines the dynamic interplay between interest rates, inflation, and GDP growth in Southeast Asian economies from 2000 to 2023, employing the Panel ARDL framework with the Pooled Mean Group (PMG) model. The findings confirm a robust long-term relationship among the Deposit [...] Read more.

This study examines the dynamic interplay between interest rates, inflation, and GDP growth in Southeast Asian economies from 2000 to 2023, employing the Panel ARDL framework with the Pooled Mean Group (PMG) model. The findings confirm a robust long-term relationship among the Deposit Interest Rate (DIR), Lending Interest Rate (LIR), Consumer Price Index (CPI), and GDP growth. Higher deposit rates consistently promote economic expansion by encouraging savings and investment, while lending rates support long-term growth but limit short-term activity due to higher borrowing costs. Inflation adversely affects long-term growth by reducing purchasing power but boosts short-term demand. Historical GDP trends highlight the region’s susceptibility to global shocks, such as the 2008–2010 financial crisis and the 2020 COVID-19 pandemic, with forecasts indicating a gradual recovery from 2021 to 2025. The study emphasizes the importance of balanced monetary policies to enhance growth and stability in Southeast Asia, providing practical insights for policymakers addressing global and regional economic challenges. Full article

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27 pages, 978 KiB

Open AccessArticle

Global Shocks and Local Fragilities: A Financial Stress Index Approach to Pakistan’s Monetary and Asset Market Dynamics

by Kinza Yousfani, Hasnain Iftikhar, Paulo Canas Rodrigues, Elías A. Torres Armas and Javier Linkolk López-Gonzales

Economies 2025, 13(8), 243; https://doi.org/10.3390/economies13080243 - 19 Aug 2025

Viewed by 307

Abstract

Economic stability in emerging market economies is increasingly shaped by the interplay between global financial integration, domestic monetary dynamics, and asset price fluctuations. Yet, early detection of financial market disruptions remains a persistent challenge. This study constructs a Financial Stress Index (FSI) for [...] Read more.

Economic stability in emerging market economies is increasingly shaped by the interplay between global financial integration, domestic monetary dynamics, and asset price fluctuations. Yet, early detection of financial market disruptions remains a persistent challenge. This study constructs a Financial Stress Index (FSI) for Pakistan, utilizing monthly data from 2005 to 2024, to capture systemic stress in a globalized context. Using Principal Component Analysis (PCA), the FSI consolidates diverse indicators, including banking sector fragility, exchange market pressure, stock market volatility, money market spread, external debt exposure, and trade finance conditions, into a single, interpretable measure of financial instability. The index is externally validated through comparisons with the U.S. STLFSI4, the Global Economic Policy Uncertainty (EPU) Index, the Geopolitical Risk (GPR) Index, and the OECD Composite Leading Indicator (CLI). The results confirm that Pakistan’s FSI responds meaningfully to both global and domestic shocks. It successfully captures major stress episodes, including the 2008 global financial crisis, the COVID-19 pandemic, and politically driven local disruptions. A key understanding is the index’s ability to distinguish between sudden global contagion and gradually emerging domestic vulnerabilities. Empirical results show that banking sector risk, followed by trade finance constraints and exchange rate volatility, are the leading contributors to systemic stress. Granger causality analysis reveals that financial stress has a significant impact on macroeconomic performance, particularly in terms of GDP growth and trade flows. These findings emphasize the importance of monitoring sector-specific vulnerabilities in an open economy like Pakistan. The FSI offers strong potential as an early warning system to support policy design and strengthen economic resilience. Future modifications may include incorporating real-time market-based metrics indicators to better align the index with global stress patterns. Full article

(This article belongs to the Special Issue Emerging Market Economies: Globalization, Monetary Policy, and Asset Prices)

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18 pages, 1408 KiB

Open AccessArticle

Healthcare Financing Vulnerability and Service Utilization in Kenya During the COVID-19 Pandemic, with a Focus on Policies to Protect Human Capital

by Moses Muriithi, Martine Oleche, Francis Kiarie and Tabitha Mwangi

Economies 2025, 13(8), 242; https://doi.org/10.3390/economies13080242 - 19 Aug 2025

Viewed by 185

Abstract

The analysis of household health financing vulnerability and its impact on health service utilization during the COVID-19 pandemic remains inadequately explored in Kenya. This study was designed to examine the impact of health financing vulnerability on health services utilization during the COVID-19 period. [...] Read more.

The analysis of household health financing vulnerability and its impact on health service utilization during the COVID-19 pandemic remains inadequately explored in Kenya. This study was designed to examine the impact of health financing vulnerability on health services utilization during the COVID-19 period. A health financing vulnerability index (HFVI) was constructed to assess the financial risk that individuals faced in accessing essential health services. A pooled panel probit model was estimated to measure the effect of HFVI on service uptake. The study found a significant negative association between HFVI and health service utilization, indicating that a high level of health financing vulnerability is linked to poor health in periods of emergencies. To address this issue, the study recommends implementation of multiple policy measures during crisis periods, including enhancing social health insurance, providing financial support to vulnerable households, and increasing public expenditure on primary healthcare systems across counties, especially on drugs, referral logistics, personnel, medical equipment, and diagnostic technologies. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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48 pages, 1380 KiB

Open AccessArticle

The Monetary Value of Human Life Losses Associated with COVID-19 in Africa: A Human Capital Approach

by Joses Muthuri Kirigia and Germano Mwabu

Economies 2025, 13(8), 241; https://doi.org/10.3390/economies13080241 - 16 Aug 2025

Viewed by 495

Abstract

Background: By 30 June 2021, the 54 African sovereign nations had reported 5,465,790 laboratory-confirmed COVID-19 cases (including 142,171 deaths). This study aimed to estimate the monetary value of human life losses, indirect and direct costs, and the potential cost reductions due to vaccinations [...] Read more.

Background: By 30 June 2021, the 54 African sovereign nations had reported 5,465,790 laboratory-confirmed COVID-19 cases (including 142,171 deaths). This study aimed to estimate the monetary value of human life losses, indirect and direct costs, and the potential cost reductions due to vaccinations for advocacy use by Ministries of Health in Africa. Methods: We employed both the human capital approach to value human lives lost and an abridged total cost-of-illness methodology to estimate the indirect and direct costs of COVID-19 across 54 African countries. The secondary data analyzed was from different sources. Results: The 142,171 human lives lost had an estimated discounted total monetary value of Int$6,684,101,196, i.e., Int$47,015 per life loss and Int$4.88 per person in the population. The estimated total cost of the actual reported 5,514,709 COVID-19 cases was Int$7,155,473,174, which comprised a total direct cost of Int$3,981,927,049 (55.6%) and an indirect cost of Int$3,173,546,125 (44.4%). We projected that vaccination of all the eligible people in the population would potentially save the African continent approximately Int$41,624,735,824. The average total saving per person is approximately Int$30.4. Conclusions: The COVID-19 pandemic resulted in substantial monetary value of human life losses and indirect and direct costs. Full article

(This article belongs to the Special Issue Human Capital Development in Africa)

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19 pages, 426 KiB

Open AccessArticle

Gendered Dimensions of Poverty in Indonesia: A Study of Financial Inclusion and the Influence of Female-Headed Households

by Retno Agustina Ekaputri, Ketut Sukiyono, Yefriza Yefriza, Ratu Eva Febriani and Ririn Nopiah

Economies 2025, 13(8), 240; https://doi.org/10.3390/economies13080240 - 16 Aug 2025

Viewed by 359

Abstract

This study examines the feminization of poverty in Indonesia, focusing on the distinct vulnerabilities faced by female-headed households. Utilizing data from the 2023 National Socio-Economic Survey (SUSENAS) involving 291,231 households, this study applies a logistic regression model to investigate gender-specific determinants of household [...] Read more.

This study examines the feminization of poverty in Indonesia, focusing on the distinct vulnerabilities faced by female-headed households. Utilizing data from the 2023 National Socio-Economic Survey (SUSENAS) involving 291,231 households, this study applies a logistic regression model to investigate gender-specific determinants of household poverty. This research finds that education, digital literacy, financial inclusion, and the employment sector are significant factors influencing poverty status, with female-headed households facing disproportionately higher risks. These gaps are mainly attributed to systemic barriers in financial access, digital literacy gaps, and limited labor market opportunities for women. This study emphasizes the importance of implementing gender-responsive policy measures, including targeted education, enhanced digital literacy training, and inclusive financial programs. By presenting empirical evidence from Indonesia, this study contributes to the discourse on gender and poverty, offering actionable insights for the development of inclusive poverty alleviation strategies. Full article

(This article belongs to the Section Labour and Education)

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25 pages, 2355 KiB

Open AccessArticle

Economic Evolution in Euro-Adopting States vs. Future Adopters: A Comparative Analysis

by Nicoleta Georgeta Panait and Madalina Antoaneta Radoi

Economies 2025, 13(8), 239; https://doi.org/10.3390/economies13080239 - 16 Aug 2025

Viewed by 372

Abstract

This paper analyzes the macroeconomic evolution of the European Union member states that have adopted the Euro, compared to those that continue to use national currencies, with a specific focus on the Central and Eastern European countries during the period 2018–2024. Using a [...] Read more.

This paper analyzes the macroeconomic evolution of the European Union member states that have adopted the Euro, compared to those that continue to use national currencies, with a specific focus on the Central and Eastern European countries during the period 2018–2024. Using a quantitative and exploratory approach and data provided by Eurostat, the European Central Bank, and the International Monetary Fund, we examined a series of key indicators: interest rates, inflation, GDP per capita, public debt, and foreign direct investment. The results highlight several macroeconomic advantages for Eurozone countries, including lower interest rate volatility and a quicker recovery from inflation, largely due to access to monetary tools such as PEPP and TPI. Non-Euro countries have experienced more severe inflationary episodes and higher financing costs, which have negatively impacted FDI inflows. Although some of these countries, such as Romania and Poland, have recorded solid GDP growth, they remain exposed to structural vulnerabilities and political and economic uncertainties. Correlation analyses confirm significant negative relationships between interest rates, inflation, and FDI levels. Full article

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15 pages, 367 KiB

Open AccessArticle

Economies of Scale and Scope for Canadian Universities

by Stephen Easton and Duane Wesley Rockerbie

Economies 2025, 13(8), 238; https://doi.org/10.3390/economies13080238 - 16 Aug 2025

Viewed by 217

Abstract

We estimate measures of economies of scale and scope for a sample of 48 Canadian universities that produce multiple outputs. Estimates have not been previously attempted for Canadian universities to our knowledge. Declining financial support from provincial governments makes finding cost efficiencies a [...] Read more.

We estimate measures of economies of scale and scope for a sample of 48 Canadian universities that produce multiple outputs. Estimates have not been previously attempted for Canadian universities to our knowledge. Declining financial support from provincial governments makes finding cost efficiencies a priority for policy makers. Our approach features two useful innovations: by using panel data for 2011–2019, instead of a cross-section for a single year, there is more variation in the variables to estimate a multi-product trans-log cost function; and we consider the appropriateness of using research funding as a measure of research output by alternatively using publication counts. We did not find economies of scale at any university size but did find ray economies of scale up to 60% of the median university size. Economies of scope were evident up to roughly 1.2 times the median university size. No significant differences in results were found between using publication counts or research funding. Small institutions that cater to different outputs could be merged into comprehensive institutions. The lack of economies of scope for Canada’s larger universities suggests that they could be broken up into smaller specialized institutions if cost efficiencies are a priority. Full article

(This article belongs to the Section Labour and Education)

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18 pages, 593 KiB

Open AccessArticle

Safeguarding Economic Growth Amid Democratic Backsliding: The Primacy of Institutions over Innovation

by Ran Ben Malka and Sharon Hadad

Economies 2025, 13(8), 237; https://doi.org/10.3390/economies13080237 - 15 Aug 2025

Viewed by 259

Abstract

This paper investigates how democracy influences economic growth through innovation and institutional quality. Using an augmented Solow growth model and panel-data mediation analysis across 123 countries (2011–2022), we quantify democracy’s impact on GDP per capita. Our results show that institutional quality accounts for [...] Read more.

This paper investigates how democracy influences economic growth through innovation and institutional quality. Using an augmented Solow growth model and panel-data mediation analysis across 123 countries (2011–2022), we quantify democracy’s impact on GDP per capita. Our results show that institutional quality accounts for 83.3% of democracy’s total effect on economic output, while innovation explains only 16.7%. This study contributes to the literature by distinguishing between institutional and innovation channels in the democracy–growth nexus and provides policy-relevant insights for promoting inclusive economic growth (SDG 8) and building resilient infrastructure and innovation (SDG 9). Full article

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35 pages, 1485 KiB

Open AccessArticle

Digital Transformation, New Quality Productive Forces, and Corporate Environmental Investment: Empirical Evidence from Chinese A-Share Listed Companies

by Yunsong Xu and Qian Ao

Economies 2025, 13(8), 236; https://doi.org/10.3390/economies13080236 - 15 Aug 2025

Viewed by 310

Abstract

Amplifying corporate environmental investments is a pivotal strategy for achieving the “carbon peak and carbon neutral” objectives of China’s green development initiative. The digital transformation has the potential to generate new quality productive forces by leveraging data, thereby promoting green technology innovation, enhancing [...] Read more.

Amplifying corporate environmental investments is a pivotal strategy for achieving the “carbon peak and carbon neutral” objectives of China’s green development initiative. The digital transformation has the potential to generate new quality productive forces by leveraging data, thereby promoting green technology innovation, enhancing technology efficiency, and leveraging the impact of resource reallocation. Consequently, this transition enables enterprises to transition from a “passive compliance” model to a “proactive enhancement” model, thereby achieving a significant quality leap forward in their environmental investment. The present study utilises a sample of Chinese A-share companies from 2011 to 2023 to innovatively construct a multifaceted data model to quantitatively analyse the impact of digital transformation on corporate environmental investment. This analysis incorporates the intermediary effects of enhanced new quality productive forces, the intermediary effects of data application, and the threshold effects of environmental uncertainty, as well as the non-linear effects of industry, property rights, regional differences, policy, and the intensity of production factors. The study’s findings are as follows: (1) Digital transformation significantly promotes corporate environmental investment, and this conclusion is robust. (2) The new quality productive forces have a positive intermediary effect on corporate environmental investment during digital transformation. (3) The application of big data has been demonstrated to moderate the intermediary effects of “digital transformation-new quality productive forces-enterprise environmental investment.” (4) The impact of environmental uncertainty on corporate environmental investment during the digital transformation process is characterised by a “barrier effect,” exhibiting a “border effect” that is non-linear in nature. (5) In the context of the lightweight pollution industry, non-state-owned enterprises, the eastern region, and the implementation of environmental policies, the efficacy of digital transformation in enhancing corporate environmental investment is particularly pronounced. In light of the aforementioned, the present study puts forth four specific recommendations, offering invaluable insights for the contemporary Chinese enterprise to navigate the process of transformation and achieve sustainable, high-quality growth. Full article

(This article belongs to the Special Issue Economic Development in the Digital Economy Era)

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26 pages, 1145 KiB

Open AccessArticle

Human Capital Dynamics Are the Key to Economic Growth: Source of Value of the Future

by Sabiha Oltulular

Economies 2025, 13(8), 235; https://doi.org/10.3390/economies13080235 - 14 Aug 2025

Viewed by 341

Abstract

Sustainable economic growth is possible not only with physical investments but also with strong human capital that enables the training of qualified, productive, and innovative individuals. The relationship between the number of university students (doctorate, master’s, and undergraduate) in higher education was selected [...] Read more.

Sustainable economic growth is possible not only with physical investments but also with strong human capital that enables the training of qualified, productive, and innovative individuals. The relationship between the number of university students (doctorate, master’s, and undergraduate) in higher education was selected as a proxy for human capital, and economic growth was estimated using vector autoregressive analysis with four models for the periods 1982Q1–2021Q4. In addition, the effect of gender was examined for all levels of education. While economic growth has a stable effect at the doctoral level, it positively affects master’s and undergraduate students. A one-unit shock in economic growth does not affect gender at doctoral, master’s, and undergraduate education levels. It was determined that the master’s degree explained the economic growth variable more than other education levels. It is seen that female students explain more at the doctoral level of education, and male students at the master’s and undergraduate levels of education. In sustainable economic growth and development, it is much more important and valuable to strengthen graduate education qualitatively and increase knowledge production capacity rather than simply increasing it. Education policies should focus on strengthening education, which is the building block of human capital that contributes to economic growth and social welfare. Full article

(This article belongs to the Special Issue Studies on Factors Affecting Economic Growth)

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Graphical abstract

23 pages, 466 KiB

Open AccessArticle

Study on the Mechanism of Wage Growth in China’s Logistics Industry: The Roles of Government and Market

by Fuzhong Wang and Chongyan Li

Economies 2025, 13(8), 234; https://doi.org/10.3390/economies13080234 - 11 Aug 2025

Viewed by 343

Abstract

Government policies and market forces have created new possibilities for wage growth in the logistics industry, which can reshape the development direction and labor reward of enterprises. The inclusive financial policy implemented by the Chinese government is effective, and the inputs of inclusive [...] Read more.

Government policies and market forces have created new possibilities for wage growth in the logistics industry, which can reshape the development direction and labor reward of enterprises. The inclusive financial policy implemented by the Chinese government is effective, and the inputs of inclusive finance can affect the intelligent and low-carbon operations, the technical economic benefits and labor productivity in the logistics industry, thereby promoting wage growth. Meanwhile, the government-led industrial structure transformation and transportation infrastructure have brought a large number of new workers, transport individuals and enterprises into the logistics industry, which intensify the homogeneous service competition of enterprises, thereby hampering wage growth. In the market force, with the scale expansion of Internet access and logistics delivery vehicles and freight volume, the scale effects may enhance the wage level in the logistics industry. In addition, the moderating effect between policy and market forces can also confirm the existence of a positive spillover effect. The heterogeneity of wage growth varies across the eastern, central and western regions, as well as between the northern and southern regions. These findings highlight the importance of promoting the growth of labor wage income by policy implementation in inclusive finance, preferential measures on agricultural product logistics, integrated operation in the manufacturing and logistics field and the Belt and Road Initiative. Full article

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25 pages, 723 KiB

Open AccessArticle

The Effect of Trade Openness on Environmental Quality in Southern African Customs Union (SACU) Countries: The CS-ARDL Approach

by Enock Gava, Molepa Seabela and Kanayo Ogujiuba

Economies 2025, 13(8), 233; https://doi.org/10.3390/economies13080233 - 8 Aug 2025

Viewed by 403

Abstract

The Southern African Customs Union (SACU), as a bloc, is compelled to commit to trade in environmentally friendly goods. This study investigated the short-run and long-run relationships between trade openness and environmental quality in the SACU. The Cross-Sectional Autoregressive Distributed Lag (CS-ARDL) approach [...] Read more.

The Southern African Customs Union (SACU), as a bloc, is compelled to commit to trade in environmentally friendly goods. This study investigated the short-run and long-run relationships between trade openness and environmental quality in the SACU. The Cross-Sectional Autoregressive Distributed Lag (CS-ARDL) approach was applied to the data from 1985 to 2023. The results show that the estimated coefficients of trade openness positively and significantly contribute to carbon emissions in the short run and the long run. The results demonstrate that the gains-from-trade hypothesis does not hold in the SACU. Also, the results indicate that foreign direct investment inflow does not significantly contribute to CO₂ emissions; therefore, the pollution haven hypothesis does not hold. The Dumitrescu–Hurlin Granger non-causality test was employed, and the results show that there is bidirectional causality between CO₂ emissions and trade openness, CO₂ emissions and economic growth, and CO₂ emissions and population growth and no directional causality between foreign direct investment and CO₂ emissions. This study recommends that SACU countries should encourage the trade of eco-friendly goods, which is likely to lessen environmental consequences. Full article

(This article belongs to the Special Issue Globalisation, Environmental Sustainability, and Green Growth)

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33 pages, 11763 KiB

Open AccessArticle

Asymmetric Volatility Spillovers in Varying Market Conditions and Portfolio Performance Analysis of the South African Foreign Exchange Market

by Hamdan Bukenya Ntare, John Weirstrass Muteba Mwamba and Franck Adekambi

Economies 2025, 13(8), 232; https://doi.org/10.3390/economies13080232 - 8 Aug 2025

Viewed by 368

Abstract

This paper investigates the dynamics of volatility spillovers in the South African foreign exchange market across calm and crisis periods, with particular attention paid to the pre- and post-COVID-19 eras. Employing daily exchange rate returns from 2015 to 2025, we apply a Quantile [...] Read more.

This paper investigates the dynamics of volatility spillovers in the South African foreign exchange market across calm and crisis periods, with particular attention paid to the pre- and post-COVID-19 eras. Employing daily exchange rate returns from 2015 to 2025, we apply a Quantile Vector Autoregression (QVAR) model to uncover asymmetries in spillover transmission across the distribution of returns. We evaluate the implications of these spillovers for portfolio performance under three canonical strategies: risk parity, tangency, and naïve equal-weighting. Our findings indicate that the COVID-19 shock intensified volatility spillovers and exacerbated their asymmetry, especially in the lower tail, while the pre-COVID period portrayed higher volatility compared to the post-COVID period under calm market conditions. While risk-based strategies dominate in tranquil markets, equal-weighted portfolios exhibit superior downside resilience under stress, although they ignore risk exposure. These results underscore the importance of accounting for tail-risk-driven interconnectedness in portfolio construction and risk management. This study contributes to the growing literature on volatility spillovers and offers practical insights for managing currency exposure in emerging markets under nonlinear dependence structures. Full article

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19 pages, 547 KiB

Open AccessArticle

Handwashing and Household Health Expenditures Under COVID-19: Evidence from Cameroon

by Michèle Estelle Ndonou Tchoumdop, Rodrigue Nda’chi Deffo, André Dumas Tsambou and Benjamin Fomba Kamga

Economies 2025, 13(8), 231; https://doi.org/10.3390/economies13080231 - 8 Aug 2025

Viewed by 303

Abstract

Handwashing is one of the recommended measures during the COVID-19 period to limit the spread of the disease and also contributes to the prevention of WASH-related illnesses. The objective of this study is to analyze the impact of using a handwashing device on [...] Read more.

Handwashing is one of the recommended measures during the COVID-19 period to limit the spread of the disease and also contributes to the prevention of WASH-related illnesses. The objective of this study is to analyze the impact of using a handwashing device on household healthcare expenditures in Cameroon, particularly during the period of strict COVID-19 strict restrictions. The data used were collected in September 2021 from 604 Cameroonian households in the Centre and Littoral regions as part of a study funded by the International Development Research Centre (IDRC). To account for unobserved heterogeneity affecting both the decision to use a handwashing device and household healthcare expenditures, an Endogenous Switching Regression (ESR) model was employed. The results highlight that the main determinants of a household’s decision to use handwashing devices include environmental factors such as the region, given its importance in the implementation of communication strategies, as well as specific characteristics of the household head. Furthermore, the use of this device leads to a reduction of approximately 52% in healthcare expenditures for households that used it, which corresponds to an average amount of 12,900 CFA francs. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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111 pages, 6426 KiB

Open AccessArticle

Economocracy: Global Economic Governance

by Constantinos Challoumis

Economies 2025, 13(8), 230; https://doi.org/10.3390/economies13080230 - 7 Aug 2025

Viewed by 1002

Abstract

Economic systems face critical challenges, including widening income inequality, unemployment driven by automation, mounting public debt, and environmental degradation. This study introduces Economocracy as a transformative framework aimed at addressing these systemic issues by integrating democratic principles into economic decision-making to achieve social [...] Read more.

Economic systems face critical challenges, including widening income inequality, unemployment driven by automation, mounting public debt, and environmental degradation. This study introduces Economocracy as a transformative framework aimed at addressing these systemic issues by integrating democratic principles into economic decision-making to achieve social equity, economic efficiency, and environmental sustainability. The research focuses on two core mechanisms: Economic Productive Resets (EPRs) and Economic Periodic Injections (EPIs). EPRs facilitate proportional redistribution of resources to reduce income disparities, while EPIs target investments to stimulate job creation, mitigate automion-related job displacement, and support sustainable development. The study employs a theoretical and analytical methodology, developing mathematical models to quantify the impact of EPRs and EPIs on key economic indicators, including the Gini coefficient for inequality, unemployment rates, average wages, and job displacement due to automation. Hypothetical scenarios simulate baseline conditions, EPR implementation, and the combined application of EPRs and EPIs. The methodology is threefold: (1) a mathematical–theoretical validation of the Cycle of Money framework, establishing internal consistency; (2) an econometric analysis using global historical data (2000–2023) to evaluate the correlation between GNI per capita, Gini coefficient, and average wages; and (3) scenario simulations and Difference-in-Differences (DiD) estimates to test the systemic impact of implementing EPR/EPI policies on inequality and labor outcomes. The models are further strengthened through tools such as OLS regression, and Impulse results to assess causality and dynamic interactions. Empirical results confirm that EPR/EPI can substantially reduce income inequality and unemployment, while increasing wage levels, findings supported by both the theoretical architecture and data-driven outcomes. Results demonstrate that Economocracy can significantly lower income inequality, reduce unemployment, increase wages, and mitigate automation’s effects on the labor market. These findings highlight Economocracy’s potential as a viable alternative to traditional economic systems, offering a sustainable pathway that harmonizes growth, social justice, and environmental stewardship in the global economy. Economocracy demonstrates potential to reduce debt per capita by increasing the efficiency of public resource allocation and enhancing average income levels. As EPIs stimulate employment and productivity while EPRs moderate inequality, the resulting economic growth expands the tax base and alleviates fiscal pressures. These dynamics lead to lower per capita debt burdens over time. The analysis is situated within the broader discourse of institutional economics to demonstrate that Economocracy is not merely a policy correction but a new economic system akin to democracy in political life. Full article

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33 pages, 3000 KiB

Open AccessArticle

The Impact of Regional Policies on Chinese Business Growth: A Bibliometric Approach

by Ling Yao and Lakner Zoltan Karoly

Economies 2025, 13(8), 229; https://doi.org/10.3390/economies13080229 - 7 Aug 2025

Viewed by 429

Abstract

In the context of both domestic and international economic landscapes, regional policy has emerged as an increasingly influential factor shaping the developmental trajectories of Chinese enterprises. Despite its growing significance, the extant literature lacks a comprehensive and systematically visualized synthesis that encapsulates the [...] Read more.

In the context of both domestic and international economic landscapes, regional policy has emerged as an increasingly influential factor shaping the developmental trajectories of Chinese enterprises. Despite its growing significance, the extant literature lacks a comprehensive and systematically visualized synthesis that encapsulates the scope and trends of research in this domain. This study addresses this critical gap by conducting an integrative bibliometric and qualitative review of the academic output related to regional policy and Chinese firm growth. Drawing on a final dataset comprising 3428 validated academic publications—selected from an initial pool of 3604 records retrieved from the Web of Science Core Collection between 1991 and 2022, the research employs a two-stage methodological framework. In the first phase, advanced bibliometric tools, and software applications, including RStudio, Bibliometrix, VOSviewer, and CitNetExplorer, are utilized to implement techniques such as keyword co-occurrence analysis, thematic clustering, and the tracing of thematic evolution over time. These methods facilitate rigorous data cleansing, breakpoint identification, and the visualization of intellectual structures and emerging research patterns. In the second phase, a targeted qualitative review is conducted to evaluate the influence of regional policies on Chinese firms across three critical stages of business development: start-up, expansion, and maturity. The findings reveal that regional policy interventions generally exert a positive influence on firm performance throughout all stages of development. Notably, a significant concentration of citation activity occurred prior to 2017; however, post-2017, the volume of scholarly publications, journal-level impact (as measured by h-index), and author-level influence experienced a marked increase. Among the 3428 analyzed publications, a substantial portion—2259 articles—originated from Chinese academic institutions, highlighting the strong domestic research interest in the subject. Furthermore, since 2015, there has been a discernible shift in keyword co-occurrence trends, with increasing scholarly attention directed towards sustainable development issues, particularly those related to carbon dioxide emissions and green innovation, reflecting evolving policy priorities and environmental imperatives. Full article

(This article belongs to the Special Issue Regional Economic Development: Policies, Strategies and Prospects)

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20 pages, 1279 KiB

Open AccessArticle

A Framework for Quantifying Hyperloop’s Socio-Economic Impact in Smart Cities Using GDP Modeling

by Aleksejs Vesjolijs, Yulia Stukalina and Olga Zervina

Economies 2025, 13(8), 228; https://doi.org/10.3390/economies13080228 - 6 Aug 2025

Viewed by 459

Abstract

Hyperloop ultra-high-speed transport presents a transformative opportunity for future mobility systems in smart cities. However, assessing its socio-economic impact remains challenging due to Hyperloop’s unique technological, modal, and operational characteristics. As a novel, fifth mode of transportation—distinct from both aviation and rail—Hyperloop requires [...] Read more.

Hyperloop ultra-high-speed transport presents a transformative opportunity for future mobility systems in smart cities. However, assessing its socio-economic impact remains challenging due to Hyperloop’s unique technological, modal, and operational characteristics. As a novel, fifth mode of transportation—distinct from both aviation and rail—Hyperloop requires tailored evaluation tools for policymakers. This study proposes a custom-designed framework to quantify its macroeconomic effects through changes in gross domestic product (GDP) at the city level. Unlike traditional economic models, the proposed approach is specifically adapted to Hyperloop’s multimodality, infrastructure, speed profile, and digital-green footprint. A Poisson pseudo-maximum likelihood (PPML) model is developed and applied at two technology readiness levels (TRL-6 and TRL-9). Case studies of Glasgow, Berlin, and Busan are used to simulate impacts based on geo-spatial features and city-specific trade and accessibility indicators. Results indicate substantial GDP increases driven by factors such as expanded 60 min commute catchment zones, improved trade flows, and connectivity node density. For instance, under TRL-9 conditions, GDP uplift reaches over 260% in certain scenarios. The framework offers a scalable, reproducible tool for policymakers and urban planners to evaluate the economic potential of Hyperloop within the context of sustainable smart city development. Full article

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

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21 pages, 524 KiB

Open AccessArticle

The Role of Solidarity Finance in Sustainable Local Development in Ecuador

by Pablo Dávila Pinto, Sigfredo Ortuño-Pérez, Diego Mantilla Garcés and Víctor Albuja Centeno

Economies 2025, 13(8), 227; https://doi.org/10.3390/economies13080227 - 6 Aug 2025

Viewed by 302

Abstract

This study explores the role of solidarity finance in promoting local development and the empowerment of marginalized communities through financial inclusion and access to community credits. It focuses on how solidarity-based financial mechanisms provide accessible credit with fewer barriers, fostering productive activities and [...] Read more.

This study explores the role of solidarity finance in promoting local development and the empowerment of marginalized communities through financial inclusion and access to community credits. It focuses on how solidarity-based financial mechanisms provide accessible credit with fewer barriers, fostering productive activities and economic resilience. This study employed a quantitative and exploratory design, analyzing data from 51 community funds in Ecuador out of a total of 220 through a self-administered online survey, validated by auditing professionals and answered by community representatives. The 25-item questionnaire gathered data on organizational dynamics, financial practices, and perceptions of sustainability. Descriptive analysis was complemented with an analysis of variance to test hypotheses concerning associativity, self-management, and organizational performance. The results show that while associativity, self-management, and organizational management are perceived as institutional strengths, aspects such as autonomy and solidarity received lower evaluations, suggesting critical areas for strategic improvement. Notably, significant differences emerged between self-management–organization and solidarity–organization groups, emphasizing the importance of associativity (collaboration) in enhancing the sustainability of solidarity finance, which proves to be a vital mechanism for community empowerment and local development; however, its long-term sustainability depends on strengthening internal dimensions, particularly autonomy and solidarity, and reinforcing associativity as a core driver of organizational resilience. Full article

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62 pages, 2440 KiB

Open AccessArticle

Macroeconomic and Labor Market Drivers of AI Adoption in Europe: A Machine Learning and Panel Data Approach

by Carlo Drago, Alberto Costantiello, Marco Savorgnan and Angelo Leogrande

Economies 2025, 13(8), 226; https://doi.org/10.3390/economies13080226 - 5 Aug 2025

Viewed by 723

Abstract

This article investigates the macroeconomic and labor market conditions that shape the adoption of artificial intelligence (AI) technologies among large firms in Europe. Based on panel data econometrics and supervised machine learning techniques, we estimate how public health spending, access to credit, export [...] Read more.

This article investigates the macroeconomic and labor market conditions that shape the adoption of artificial intelligence (AI) technologies among large firms in Europe. Based on panel data econometrics and supervised machine learning techniques, we estimate how public health spending, access to credit, export activity, gross capital formation, inflation, openness to trade, and labor market structure influence the share of firms that adopt at least one AI technology. The research covers all 28 EU members between 2018 and 2023. We employ a set of robustness checks using a combination of fixed-effects, random-effects, and dynamic panel data specifications supported by Clustering and supervised learning techniques. We find that AI adoption is linked to higher GDP per capita, healthcare spending, inflation, and openness to trade but lower levels of credit, exports, and capital formation. Labor markets with higher proportions of salaried work, service occupations, and self-employment are linked to AI diffusion, while unemployment and vulnerable work are detractors. Cluster analysis identifies groups of EU members with similar adoption patterns that are usually underpinned by stronger economic and institutional fundamentals. The results collectively suggest that AI diffusion is shaped not only by technological preparedness and capabilities to invest but by inclusive macroeconomic conditions and equitable labor institutions. Targeted policy measures can accelerate the equitable adoption of AI technologies within the European industrial economy. Full article

(This article belongs to the Special Issue Digital Transformation in Europe: Economic and Policy Implications)

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26 pages, 1514 KiB

Open AccessArticle

Measuring the Digital Economy in Kazakhstan: From Global Indices to a Contextual Composite Index (IDED)

by Oxana Denissova, Zhadyra Konurbayeva, Monika Kulisz, Madina Yussubaliyeva and Saltanat Suieubayeva

Economies 2025, 13(8), 225; https://doi.org/10.3390/economies13080225 - 2 Aug 2025

Viewed by 569

Abstract

This study examines the development of the digital economy and society in the Republic of Kazakhstan by combining international benchmarking with a context-specific national framework. It highlights the limitations of existing global indices such as DESI, NRI, and EGDI in capturing the structural [...] Read more.

This study examines the development of the digital economy and society in the Republic of Kazakhstan by combining international benchmarking with a context-specific national framework. It highlights the limitations of existing global indices such as DESI, NRI, and EGDI in capturing the structural and institutional dimensions of digital transformation in emerging economies. To address this gap, the study introduces a novel composite metric, the Index of Digital Economy Development (IDED), which integrates five sub-indices: infrastructure, usage, human capital, economic digitization, and transformation effectiveness. The methodology involves comparative index analysis, the construction of the IDED, and statistical validation through a public opinion survey and regression modeling. Key findings indicate that cybersecurity is a critical yet under-represented component of digital development, showing strong empirical correlations with DESI scores in benchmark countries. The results also highlight Kazakhstan’s strengths in digital public services and internet access, contrasted with weaknesses in business digitization and innovation. The proposed IDED offers a more comprehensive and policy-relevant tool for assessing digital progress in transitional economies. This study contributes to the literature by proposing a replicable index structure and providing empirical evidence for the inclusion of cybersecurity in national digital economy assessments. The aim of the study is to assess Kazakhstan’s digital economy development by addressing limitations in global measurement frameworks. Methodologically, it combines comparative index analysis, the construction of a national composite index (IDED), and statistical validation using a regional survey and regression analysis. The findings reveal both strengths and gaps in Kazakhstan’s digital landscape, particularly in cybersecurity and SME digitalization. The IDED introduces an innovative, context-sensitive framework that enhances the measurement of digital transformation in transitional economies. Full article

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13 pages, 373 KiB

Open AccessArticle

Impact Assessment of Rural Electrification Through Photovoltaic Kits on Household Expenditures and Income: The Case of Morocco

by Abdellah Oulakhmis, Rachid Hasnaoui and Youness Boudrik

Economies 2025, 13(8), 224; https://doi.org/10.3390/economies13080224 - 31 Jul 2025

Viewed by 426

Abstract

This study evaluates the socio-economic impact of rural electrification through photovoltaic (PV) systems in Morocco. As part of the country’s broader energy transition strategy, decentralized renewable energy solutions like PV kits have been deployed to improve energy access in isolated rural areas. Using [...] Read more.

This study evaluates the socio-economic impact of rural electrification through photovoltaic (PV) systems in Morocco. As part of the country’s broader energy transition strategy, decentralized renewable energy solutions like PV kits have been deployed to improve energy access in isolated rural areas. Using quasi-experimental econometric techniques, specifically propensity score matching (PSM) and estimation of the Average Treatment Effect on the Treated (ATT), the study measures changes in household income, expenditures, and economic activities resulting from PV electrification. The results indicate significant positive effects on household income, electricity spending, and productivity in agriculture and livestock. These findings highlight the critical role of decentralized renewable energy in advancing rural development and poverty reduction. Policy recommendations include expanding PV access with complementary support measures such as microfinance and technical training. Full article

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27 pages, 2187 KiB

Open AccessArticle

The Impact of the Digital Economy on Energy Rebound: A Booster or Inhibitor?

by Maliyamu Abudureheman

Economies 2025, 13(8), 223; https://doi.org/10.3390/economies13080223 - 30 Jul 2025

Viewed by 558

Abstract

Given the compromising effect of energy rebound on energy conservation efforts and environmental sustainability, plentiful research has focused on evaluating its size and scope in the past; however, there is a scarcity in the exploration of its potential drivers, especially the impacts of [...] Read more.

Given the compromising effect of energy rebound on energy conservation efforts and environmental sustainability, plentiful research has focused on evaluating its size and scope in the past; however, there is a scarcity in the exploration of its potential drivers, especially the impacts of the digital economy. With the accelerating pace of worldwide digitalization, how the digital economy affects the energy rebound effect deserves special attention. We explored the underlying impacts of the digital economy on energy rebound and its influencing mechanisms for the first time in this study based on a panel dataset from China. Results show that most of the regions in China exhibited a partial rebound effect over the period 2007–2022, with an average value of 77.14%. Digital economy development exhibits a threshold effect on energy rebound with regard to energy efficiency improvement. That is, when the energy efficiency is low, digital economy development positively impacts the energy rebound, however, as the energy efficiency increases and surpasses a certain critical threshold, the digital economy can help mitigate the energy rebound effect. Energy prices and environmental regulation present a significant negative impact on energy rebound. Finally, several policy implications are highlighted based on the main findings of this study. Full article

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27 pages, 1055 KiB

Open AccessArticle

Effects of COVID-19 on Catastrophic Health Expenditures and Inequality in Benin: A Microsimulation Approach

by Albert N. Honlonkou, Nassibou Bassongui and Corinne B. Daraté

Economies 2025, 13(8), 222; https://doi.org/10.3390/economies13080222 - 29 Jul 2025

Viewed by 407

Abstract

This study assesses the effects of the COVID-19 pandemic on catastrophic health expenditures and income inequality in Benin. A microsimulation was calibrated to estimate the impact of the pandemic under three different shock scenarios: low, moderate, and severe. The analysis relies on secondary [...] Read more.

This study assesses the effects of the COVID-19 pandemic on catastrophic health expenditures and income inequality in Benin. A microsimulation was calibrated to estimate the impact of the pandemic under three different shock scenarios: low, moderate, and severe. The analysis relies on secondary data from household living condition surveys. The results indicate that the COVID-19 crisis would lead to a significant average income loss of up to 20% and income inequality, while the number of households with catastrophic health expenditures would increase by 4%. More importantly, the findings reveal heterogeneous impacts across households, with urban residents, younger individuals, more educated households, and male-headed households experiencing the greatest income decline. These findings underscore the need for targeted health coverage and employment policies to better protect vulnerable populations in Benin in the face of future shocks. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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45 pages, 424 KiB

Open AccessArticle

Human Capital, Household Prosperity, and Social Inequalities in Sub-Saharan Africa

by Boniface Ngah Epo, Francis Menjo Baye, Germano Mwabu, Damiano K. Manda, Olu Ajakaiye and Samuel Kipruto

Economies 2025, 13(8), 221; https://doi.org/10.3390/economies13080221 - 29 Jul 2025

Cited by 1 | Viewed by 229

Abstract

This article examines the relationship between human capital accumulation, household income, and shared prosperity using 2005–2018 household surveys in Cameroon, Ethiopia, Kenya, Nigeria, and Uganda. Human capital is found to be positively and significantly correlated with household wellbeing in all five nations. Health’s [...] Read more.

This article examines the relationship between human capital accumulation, household income, and shared prosperity using 2005–2018 household surveys in Cameroon, Ethiopia, Kenya, Nigeria, and Uganda. Human capital is found to be positively and significantly correlated with household wellbeing in all five nations. Health’s indirect benefits in Cameroon, Ethiopia, and Kenya augment its direct benefits. Education has monotonic welfare benefits from primary to tertiary levels in all countries. Human capital and labour market participation are strongly associated with household wellbeing. The equalization of human capital endowments increases income for the 40% of the least well-off groups in three of the sample countries. All countries except Uganda record a decrease in human capital deprivation over the period studied. Redistribution is associated with a reduction in human capital deprivation, although less systematically than in the growth scenario. These results suggest that sizeable reductions in human capital deprivation are more likely to be accomplished by interventions that focus on boosting general human capital outcomes than those that redistribute the human capital formation inputs. In countries with declining human capital deprivation, the within-sector interventions seem to account for this success. Substantial heterogeneity in human capital poverty exists within and across countries and between rural and urban areas. Full article

(This article belongs to the Special Issue Human Capital Development in Africa)

23 pages, 943 KiB

Open AccessArticle

Dualism of the Health System for Sustainable Health System Financing in Benin: Collaboration or Competition?

by Calixe Bidossessi Alakonon, Josette Rosine Aniwuvi Gbeto, Nassibou Bassongui and Alastaire Sèna Alinsato

Economies 2025, 13(8), 220; https://doi.org/10.3390/economies13080220 - 29 Jul 2025

Viewed by 320

Abstract

This study analyses the conditions under which co-opetition improves the supply of healthcare services in Benin. Using non-centralised administrative data from a sample of public and private health centres, we apply network theory and negative binomial regression to assess the extent to which [...] Read more.

This study analyses the conditions under which co-opetition improves the supply of healthcare services in Benin. Using non-centralised administrative data from a sample of public and private health centres, we apply network theory and negative binomial regression to assess the extent to which competition affects collaboration between public and private healthcare providers. We found that competition reduces the degree of collaboration between private and public health providers. However, the COVID-19 pandemic significantly mitigated this effect, highlighting the potential for competition within the healthcare system without compromising social welfare. Notwithstanding that, we show that these benefits are not sustained over time. These findings have policy implications for the sustainability of health system financing in Africa, particularly by promoting sustainable financial mechanisms for the private sector and more inclusive governance structures. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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25 pages, 946 KiB

Open AccessArticle

Short-Term Forecasting of the JSE All-Share Index Using Gradient Boosting Machines

by Mueletshedzi Mukhaninga, Thakhani Ravele and Caston Sigauke

Economies 2025, 13(8), 219; https://doi.org/10.3390/economies13080219 - 28 Jul 2025

Viewed by 718

Abstract

This study applies Gradient Boosting Machines (GBMs) and principal component regression (PCR) to forecast the closing price of the Johannesburg Stock Exchange (JSE) All-Share Index (ALSI), using daily data from 2009 to 2024, sourced from the Wall Street Journal. The models are evaluated [...] Read more.

This study applies Gradient Boosting Machines (GBMs) and principal component regression (PCR) to forecast the closing price of the Johannesburg Stock Exchange (JSE) All-Share Index (ALSI), using daily data from 2009 to 2024, sourced from the Wall Street Journal. The models are evaluated under three training–testing split ratios to assess short-term forecasting performance. Forecast accuracy is assessed using standard error metrics: mean absolute error (MAE), root mean square error (RMSE), mean absolute percentage error (MAPE), and mean absolute scaled error (MASE). Across all test splits, the GBM consistently achieves lower forecast errors than PCR, demonstrating superior predictive accuracy. To validate the significance of this performance difference, the Diebold–Mariano (DM) test is applied, confirming that the forecast errors from the GBM are statistically significantly lower than those of PCR at conventional significance levels. These findings highlight the GBM’s strength in capturing nonlinear relationships and complex interactions in financial time series, particularly when using features such as the USD/ZAR exchange rate, oil, platinum, and gold prices, the S&P 500 index, and calendar-based variables like month and day. Future research should consider integrating additional macroeconomic indicators and exploring alternative or hybrid forecasting models to improve robustness and generalisability across different market conditions. Full article

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41 pages, 1344 KiB

Open AccessArticle

Strengthening Smart Specialisation Strategies (S3) Through Network Analysis: Policy Insights from a Decade of Innovation Projects in Aragón

by David Rodríguez Ochoa, Nieves Arranz and Marta Fernandez de Arroyabe

Economies 2025, 13(8), 218; https://doi.org/10.3390/economies13080218 - 26 Jul 2025

Viewed by 421

Abstract

This paper applies a multi-level social network analysis to examine Aragón’s innovation ecosystem, focusing on a decade of competitive public projects (2014–2023) aligned with the region’s Smart Specialisation Strategy (S3) 2021–2027. By mapping and weighting the participation of regional entities across regional, national, [...] Read more.

This paper applies a multi-level social network analysis to examine Aragón’s innovation ecosystem, focusing on a decade of competitive public projects (2014–2023) aligned with the region’s Smart Specialisation Strategy (S3) 2021–2027. By mapping and weighting the participation of regional entities across regional, national, and European calls, the study uncovers how all types of local actors organise themselves around key specialisation areas. Moreover, a comparative benchmark is introduced by analysing more than 33,000 Horizon 2020 and Horizon Europe initiatives without Aragonese partners, revealing how to fill structural gaps and enrich the regional ecosystem through international collaboration. Results show strong funding concentration in four fields—Energy, Health, Agri-Food, and Advanced Technologies—while other historically strategic areas like Hydrogen and Water remain underrepresented. Although leading institutions (UNIZAR, CIRCE, ITA, AITIIP) play central roles in connecting academia and industry, direct collaboration among them is limited, pointing to missed synergies. Expanding previous SNA-based assessments, this study introduces a diagnostic tool to guide policy, proposing targeted actions such as challenge-driven calls, dedicated support programs, and cross-border consortia with top EU partners. Applied to two contrasting specialisation areas, the method offers sector-specific recommendations, helping policymakers align Aragón’s innovation capabilities with EU priorities and strengthen its position in both established and emerging domains. Full article

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19 pages, 659 KiB

Open AccessArticle

An Analysis of the Effects of Traditional Exports on Peru’s Economic Growth: A Case Study of an Emerging Economy

by Cristian Alexander García-López, Franklin Cordova-Buiza and Wilder Oswaldo Jiménez-Rivera

Economies 2025, 13(8), 217; https://doi.org/10.3390/economies13080217 - 26 Jul 2025

Viewed by 716

Abstract

Economically, all countries seek sustained growth driven by domestic demand, investment, and exports; however, COVID-19 revealed the vulnerability of interconnected economic systems and a sharp contraction in global trade. The objective of this research is to analyze through an econometric model the effect [...] Read more.

Economically, all countries seek sustained growth driven by domestic demand, investment, and exports; however, COVID-19 revealed the vulnerability of interconnected economic systems and a sharp contraction in global trade. The objective of this research is to analyze through an econometric model the effect of traditional exports on Peru’s economic growth during the 2012–2023 period. The study employed a quantitative approach with a non-experimental, longitudinal design, using quarterly data from the Central Reserve Bank of Peru and the National Bureau of Statistics of China, which were transformed into natural logarithms. Unit root tests, the ordinary least squares (OLS) method and a two-stage least squares (2SLS) model were applied to correct for endogeneity. The results show that mining accounts for 81.7% of total traditional exports from Peru. The model indicated that a 1% increase in traditional exports leads to a 0.29% increase in GDP, confirming a positive impact. However, the high dependence of the mining sector exposes the economy to external risks. Therefore, a productive diversification strategy, alongside the modernization of the mining sector, is recommended to strengthen Peru’s economic resilience in the face of global crises and external fluctuations. Full article

(This article belongs to the Special Issue Studies on Factors Affecting Economic Growth)

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Economies, Volume 13, Issue 8 (August 2025) – 37 articles

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