Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: JCR - Q2 (Economics) / CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 22 days after submission; acceptance to publication is undertaken in 5.7 days (median values for papers published in this journal in the first half of 2025).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.1 (2024);
5-Year Impact Factor:
2.3 (2024)
Latest Articles
Human Capital and Labor Supply Decisions in Immigrant Families: An Alternative Test of the Family Investment Hypothesis
Economies 2025, 13(8), 211; https://doi.org/10.3390/economies13080211 (registering DOI) - 23 Jul 2025
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Immigrant households frequently face liquidity constraints upon arrival, which potentially hinders their long-term economic integration. The Family Investment Hypothesis (FIH) suggests that couples may respond to these constraints by coordinating their labor supply: one spouse works to finance the other’s investment in local
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Immigrant households frequently face liquidity constraints upon arrival, which potentially hinders their long-term economic integration. The Family Investment Hypothesis (FIH) suggests that couples may respond to these constraints by coordinating their labor supply: one spouse works to finance the other’s investment in local human capital. Previous studies have tested the FIH by comparing married immigrants to married natives, attributing differences in outcomes to financial constraints. However, this approach may conflate such constraints with other inherent differences between immigrants and natives. This paper introduces a novel identification strategy that compares the differences in labor market outcomes of married and single immigrants to those of their native-born counterparts, allowing for better isolation of the effects of liquidity. Applying this strategy to repeated cross-sectional data on immigrants from the Former Soviet Union who arrived in Israel during the 1990s, the analysis finds no supporting evidence for the FIH. One possible explanation for this finding is the substantial government support extended to these immigrants, which may have mitigated their financial constraints. Alternatively, the results may indicate that immigrant households do not systematically adjust their labor supply in accordance with the FIH framework. These findings highlight the importance of the institutional context in shaping household labor supply decisions.
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Port Power and Trade Flows: Evaluating China’s Infrastructure Leverage in EU Markets Through a Gravity Model
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Alexandros Gkatsikos
Economies 2025, 13(8), 210; https://doi.org/10.3390/economies13080210 - 22 Jul 2025
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This study investigates how Chinese ownership in European ports affects trade flows between China and Eurozone countries, set against the backdrop of recent global economic disruptions that have emphasized the crucial role of maritime trade and port efficiency. An augmented gravity model was
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This study investigates how Chinese ownership in European ports affects trade flows between China and Eurozone countries, set against the backdrop of recent global economic disruptions that have emphasized the crucial role of maritime trade and port efficiency. An augmented gravity model was employed, using the Poisson pseudo-maximum likelihood (PPML), fixed effects (FE), and random effects (RE) estimators, to analyze trade data from 2001 to 2023. The analysis shows that, while conventional economic factors like GDP per capita and the Logistics Performance Index (LPI) consistently and significantly drive trade, Chinese port ownership surprisingly exhibits a negative or statistically insignificant impact on both Chinese exports to the EU and EU imports from China. This suggests that these acquisitions may not primarily boost overall bilateral trade but rather consolidate existing routes or serve broader strategic objectives, as evidenced by heterogeneous country-specific effects and phenomena like the “Rotterdam effect”. Ultimately, my findings underscore the paramount importance of logistical efficiency over ownership structure in facilitating trade.
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(This article belongs to the Section International, Regional, and Transportation Economics)
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Digital Transformation and Competitive Advantage in Manufacturing: The Role of Business Model Innovation
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Shanqiang Zheng and Yaodong Zhou
Economies 2025, 13(7), 209; https://doi.org/10.3390/economies13070209 - 20 Jul 2025
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In the era of the digital economy, how digital transformation (DT) contributes to economic development has become a topic of growing interest. This study focuses on business model innovation (BMI) driven by DT in the manufacturing sector. From this perspective, we aim to
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In the era of the digital economy, how digital transformation (DT) contributes to economic development has become a topic of growing interest. This study focuses on business model innovation (BMI) driven by DT in the manufacturing sector. From this perspective, we aim to explore how DT can reshape the fundamental connotation of economic development. To this end, we construct a mathematical model grounded in a Multi-Structural Economic System framework and employ econometric models focusing on fixed effects, mediation effects, and moderation effects. We also compile a panel dataset using data from China spanning from 2008 to 2024. The empirical findings reveal that BMI serves as a mediation mechanism between the DT and competitive advantage (CA) of manufacturing enterprises. However, competitive imitation of BMI by peer enterprises partially offsets this effect, weakening the relationship between DT and enhanced CA. These findings offer evidence-based insights into the role of BMI in the digital era. For policymakers and industry regulators, this study provides practical implications for promoting knowledge spillovers from BMI, thereby fostering market dynamism and enabling structural transformation in the manufacturing industry.
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(This article belongs to the Special Issue Economic Development in the Digital Economy Era)
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Delayed Taxation and Macroeconomic Stability: A Dynamic IS–LM Model with Memory Effects
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Ciprian Panzaru, Sorin Belea and Laura Jianu
Economies 2025, 13(7), 208; https://doi.org/10.3390/economies13070208 - 19 Jul 2025
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This study develops a dynamic IS-LM macroeconomic model that incorporates delayed taxation and a memory-dependent income effect, and calibrates it to quarterly data for Romania (2000–2023). Within this framework, fiscal policy lags are modelled using a “memory” income variable that weights past incomes,
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This study develops a dynamic IS-LM macroeconomic model that incorporates delayed taxation and a memory-dependent income effect, and calibrates it to quarterly data for Romania (2000–2023). Within this framework, fiscal policy lags are modelled using a “memory” income variable that weights past incomes, an approach grounded in distributed lag theory to capture how historical economic conditions influence current dynamics. The model is analysed both analytically and through numerical simulations. We derive stability conditions and employ bifurcation analysis to explore how the timing of taxation influences macroeconomic equilibrium. The findings reveal that an immediate taxation regime yields a stable adjustment toward a unique equilibrium, consistent with classical IS-LM expectations. In contrast, delayed taxation, where tax revenue depends on past income, can destabilise the system, giving rise to cycles and even chaotic fluctuations for parameter values that would be stable under immediate collection. In particular, delays act as a destabilising force, lowering the threshold of the output-adjustment speed at which oscillations emerge. These results highlight the critical importance of policy timing: prompt fiscal feedback tends to stabilise the economy, whereas lags in fiscal intervention can induce endogenous cycles. The analysis offers policy-relevant insights, suggesting that reducing fiscal response delays or counteracting them with other stabilisation tools is crucial for macroeconomic stability.
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More or Less Openness? The Credit Cycle, Housing, and Policy
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Maria Elisa Farias and David R. Godoy
Economies 2025, 13(7), 207; https://doi.org/10.3390/economies13070207 - 18 Jul 2025
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Housing prices have recently risen sharply in many countries, primarily linked to the global credit cycle. Although various factors play a role, the ability of developing countries to navigate this cycle and maintain autonomous monetary policies is crucial. This paper introduces a dynamic
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Housing prices have recently risen sharply in many countries, primarily linked to the global credit cycle. Although various factors play a role, the ability of developing countries to navigate this cycle and maintain autonomous monetary policies is crucial. This paper introduces a dynamic macroeconomic model featuring a housing production sector within an imperfect banking framework. It captures key housing and economic dynamics in advanced and emerging economies. The analysis shows domestic liquidity policies, such as bank capital requirements, reserve ratios, and currency devaluation, can stabilize investment and production. However, their effectiveness depends on foreign interest rates and liquidity. Stabilizing housing prices and risk-free bonds is more effective in high-interest environments, while foreign liquidity shocks have asymmetric impacts. They can boost or lower the effectiveness of domestic policy, depending on the country’s level of financial development. These findings have several policy implications. For example, foreign capital controls would be adequate in the short term but not in the long term. Instead, governments would try to promote the development of local financial markets. Controlling debt should be a target for macroprudential policy as well as promoting saving instruments other than real estate, especially during low interest rates.
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Do Industrial Support Policies Help Overcome Innovation Inertia in Traditional Sectors?
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Hui Liu and Yaodong Zhou
Economies 2025, 13(7), 206; https://doi.org/10.3390/economies13070206 - 17 Jul 2025
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Enhancing innovation capability can effectively promote the development of traditional industries. Based on Lewin’s behavioral model theory, this study investigated the relationship between industrial support policies and innovation behavior within traditional industries. Utilizing survey data collected from 152 traditional industrial enterprises in 2024
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Enhancing innovation capability can effectively promote the development of traditional industries. Based on Lewin’s behavioral model theory, this study investigated the relationship between industrial support policies and innovation behavior within traditional industries. Utilizing survey data collected from 152 traditional industrial enterprises in 2024 and employing structural equation modeling, the main findings are as follows: Industrial support policies can effectively alleviate the “innovation inertia” of traditional industries, with all policies being significant at the 1% confidence level. Among them, policies related to industry–university–research cooperation platforms have the most significant impact, with a standardized coefficient of 0.941, followed by fiscal and taxation policies (standardized coefficient: 0.846) and financial policies (standardized coefficient: 0.729). Innovation motivation acts as a mediating mechanism between industrial policies and innovation behavior. Industrial support policies accelerate the conversion of reserve-oriented patent portfolios into practical applications, helping to break through patent barriers and effectively alleviate innovation inertia. Consequently, the government should prioritize improving public services, and policy formulation needs to be oriented towards enhancing innovation efficiency. While ensuring industrial security, it is advisable to moderately increase competition to guide traditional industry market players towards thriving in competitive environments.
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The Price of Poverty: Inequality and the Strategic Use of Clientelism in Divided Democracies
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Andrés Cendales, Hugo Guerrero-Sierra and Jhon James Mora
Economies 2025, 13(7), 205; https://doi.org/10.3390/economies13070205 - 17 Jul 2025
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This article investigates the political cost of poverty in democracies marked by deep social divisions. We develop a probabilistic voting model that incorporates clientelism as a strategic tool employed by elite political parties to secure electoral support from non-elite voters. Unlike models based
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This article investigates the political cost of poverty in democracies marked by deep social divisions. We develop a probabilistic voting model that incorporates clientelism as a strategic tool employed by elite political parties to secure electoral support from non-elite voters. Unlike models based on ideological proximity, our framework conceptualizes party competition as structured by the socioeconomic composition of their constituencies. We demonstrate that in contexts of high inequality and widespread poverty, elite parties face structural incentives to deploy clientelistic strategies rather than universalistic policy agendas. Our model predicts that clientelistic expenditures by elite parties increase proportionally with both inequality (GINI index) and poverty levels, rendering clientelism a rational and cost-effective mechanism of political control. Empirical evidence from a cross-national panel (2013–2019) confirms the theoretical predictions: an increase of the 1 percent in the GINI index increase a 1.3 percent in the clientelism, even after accounting for endogeneity and dynamic effects. These findings suggest that in divided democracies, poverty is not merely a condition to be alleviated, but a political resource that elites strategically exploit. Consequently, clientelism persists not as a cultural residue or institutional failure, but as a rational response to inequality-driven constraints within democratic competition.
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The Role of Sequencing Economics in Agglomeration: A Contrast with Tinbergen’s Rule
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Akifumi Kuchiki
Economies 2025, 13(7), 204; https://doi.org/10.3390/economies13070204 - 17 Jul 2025
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In this paper, we present the concept of “sequencing economics”, consisting of (A) segmentation, (B) construction sequencing, and (C) functions. An agglomeration is organized into segments, and sequencing economics examines the sequential process of efficiently building such segments. The functions (C) of the
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In this paper, we present the concept of “sequencing economics”, consisting of (A) segmentation, (B) construction sequencing, and (C) functions. An agglomeration is organized into segments, and sequencing economics examines the sequential process of efficiently building such segments. The functions (C) of the segments act as a master switch, an accelerator, a brake, etc. in the implementation of agglomeration policy. In this paper, we identify a master switch and an accelerator in scientific city agglomeration policy and draw two conclusions. First, in agglomeration policy, the construction of the master switch lowers “transport costs”, as derived from the monocentric city model of spatial economics by Fujita and Krugman. Second, the accelerator segment represents the activities of the service sector that have the highest forward-linkage effect in an input–output relationship. Regarding science city agglomeration policy, it can be concluded that the master switch is high-speed rail and the accelerator is research and education activities. In this paper, the new scientific urban agglomeration that emerges from monocentric cities is referred to as railroad-driven agglomeration (RDA), which is a type of transit-oriented development (TOD). This paper demonstrates that the Tsukuba Express, as a case study of RDA, caused the agglomeration of Tsukuba Science City. This paper establishes the concept of sequencing economics, a policy implementation rule that differs from Tinbergen’s rule. The latter is based on the concept of simultaneous equations, whereas the rule of sequencing economics is based on sequential equations. RDA enables middle-income countries to surpass their middle-income status.
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Global Tangerine Trade Market: Revealed Competitiveness and Market Powers
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Shu-Yi Chi, Chiao-Chun Chang and Li-Hsien Chien
Economies 2025, 13(7), 203; https://doi.org/10.3390/economies13070203 - 15 Jul 2025
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The international trade in agricultural products is complex and diverse. Global buyers must diversify their import sources, while sellers must explore new market opportunities. In the past, there has been no analysis on how second-tier exporters, with a smaller market share compared to
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The international trade in agricultural products is complex and diverse. Global buyers must diversify their import sources, while sellers must explore new market opportunities. In the past, there has been no analysis on how second-tier exporters, with a smaller market share compared to dominant exporters, interact in the same target market and within an existing trade market and what factors affect trade prices and market forces. Based on Vollrath’s revealed competitive advantage index framework, this study analyzes the global tangerine trade (HS08052100) and means of production from 2008 to 2021, performs clustering, and estimates the residual demand elasticities of two main second-tier exporting countries—South Africa and Morocco—in four major importing countries for empirical analysis. The results show that South African tangerines have a lower market share than Moroccan tangerines in the Netherlands, the United States, and the United Kingdom. However, all data indicate that the residual demand elasticity for the country’s products in the target markets is negative, indicating that South African exporters have market influence in all three markets and significantly affect the prices of Moroccan products in these markets. Unlike other studies that have focused on the ranking analysis of export indices, the novelty of this study is that it provides an oligopolistic framework based on agricultural value chain analysis, which can be used for many countries with limited export scales. The method proposed in this study is expected to help citrus traders to effectively find export markets by evaluating the remaining market niches using key market data and the prices of similar competitors in the same category.
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(This article belongs to the Special Issue Demand and Price Analysis in Agricultural and Food Economics)
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Effect of Human Capital Development on Household Income Growth in Burkina Faso: An Analysis Through a Decomposition Method
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Alain Siri and Omer Combary
Economies 2025, 13(7), 202; https://doi.org/10.3390/economies13070202 - 15 Jul 2025
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The paper analyses the relationship between human capital formation and income growth in Burkina Faso using data from household surveys conducted in 2009 and 2018. By combining estimates from multiple linear regressions of the impact of human capital variables on income with variance
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The paper analyses the relationship between human capital formation and income growth in Burkina Faso using data from household surveys conducted in 2009 and 2018. By combining estimates from multiple linear regressions of the impact of human capital variables on income with variance decomposition techniques, this paper quantifies the contribution of education, health, underemployment, and dietary diversity to income growth. It distinguishes between the shares related to the effects of increasing capital factor endowments and those related to the returns on these endowments. The results demonstrate that an increase in human capital endowment is a key factor in determining workers’ income growth. Furthermore, the impact of human capital on income growth is greater when the endowment and return effects of these factors are both positive and high. These results also indicate that a significant improvement in household income is more likely to be achieved by interventions focused on both increasing human capital endowments and improving human capital outcomes.
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(This article belongs to the Special Issue Human Capital Development in Africa)
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Effect of Comprehensive Income and Consumption Taxes on Human Capital, Economic Growth, and Income Distribution: Endogenous Economic Growth and Empirical Evidence
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Lingling Sun and Yasuyuki Nishigaki
Economies 2025, 13(7), 201; https://doi.org/10.3390/economies13070201 - 10 Jul 2025
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This research conducts a comparative study of the economic growth and income distribution effects of consumption and comprehensive income taxes by introducing them into an endogenous economic growth model with human capital formation. We obtained the following results. First, consumption tax does not
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This research conducts a comparative study of the economic growth and income distribution effects of consumption and comprehensive income taxes by introducing them into an endogenous economic growth model with human capital formation. We obtained the following results. First, consumption tax does not directly suppress economic growth. Instead, it promotes physical capital accumulation, which causes favorable income distribution effects for capital income earners. Second, comprehensive income tax has the direct effects of suppressing economic growth, restraining physical capital accumulation, and increasing labor supply. Third, comprehensive income tax promotes human capital accumulation, which causes a more favorable income distribution for workers. Finally, by conducting an empirical study using international panel data, we show the growth effects of human capital and educational investment and the differentiated growth effects of income and consumption taxes.
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COVID-19 Lockdown and Implications for Household Food Security in Zambia: Quality of Diet or Economic Vulnerability?
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Richard Bwalya and Chitalu Miriam Chama-Chiliba
Economies 2025, 13(7), 200; https://doi.org/10.3390/economies13070200 - 9 Jul 2025
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The study examines changes in household food security and identifies their key determinants in Zambia by comparing the pre-pandemic period to the COVID-19 pandemic period. Using nationally representative surveys from 2015 and 2021 and the coarsened exact matching (CEM) approach, 8650 households were
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The study examines changes in household food security and identifies their key determinants in Zambia by comparing the pre-pandemic period to the COVID-19 pandemic period. Using nationally representative surveys from 2015 and 2021 and the coarsened exact matching (CEM) approach, 8650 households were matched for comparison. Two complementary food security measures are analysed using multinomial logit regression models: household expenditure share, representing economic vulnerability, and household dietary diversity score (HDDS), representing diet quality. The results show that household food expenditure share significantly increased from 53.8% to 61.4%, indicating increased economic vulnerability. Notably, household dietary diversity improved from 7.1 to 8.2 out of 12, indicating better dietary quality. Consistent determinants of food security—such as household size, education level, marital status, region, and employment—remained significant, but their protective effects weakened during the pandemic. Specifically, the protective effect of education declined, urban households became relatively more vulnerable, and wealthier households experienced minimal changes. The study recommends targeted interventions, including expanding social protection programmes for economically vulnerable households, supporting informal food markets, enhancing rural–urban food supply linkages, and promoting nutrition education to ensure diverse, affordable food access during crises.
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(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)
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Linking Global CGE Models and Sectoral Analysis to Evaluate the Impact of Trade Openness in Service Sector Towards Indonesia Agricultural and Agroindustry
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Widyastutik, Birka Septy Meliany, Syarifah Amaliah, Hotsawadi and Amzul Rifin
Economies 2025, 13(7), 199; https://doi.org/10.3390/economies13070199 - 9 Jul 2025
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Agriculture is the primary sector sustaining the Indonesian economy. However, appropriate policies are also required to support the service sector. Therefore, this study aims to analyze two central policies: the impact of trade openness and the role of the service sector on agriculture
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Agriculture is the primary sector sustaining the Indonesian economy. However, appropriate policies are also required to support the service sector. Therefore, this study aims to analyze two central policies: the impact of trade openness and the role of the service sector on agriculture and agro-industry in Indonesia. A Computable General Equilibrium (CGE) model with 2016 input–output tables cover 141 regions and 65 sectors based on the Global Trade Analysis Project (GTAP) Version 10 database. The results show that trade openness in the services sector significantly improves the performance and quality of service provision. The improved performance of the services sector will, in turn, encourage increased production in the agricultural and agro-industrial sectors, which rely heavily on service inputs in the production process. This suggests that trade openness in the services sector is important to sustain the performance of the agricultural sector.
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The Role of Air Pollution in Shaping Urban Cultural Consumption: An Empirical Investigation of PM10 and Movie Consumption in Chinese Cities
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Wei Ma, Zhaolei Liu and Yuning Gao
Economies 2025, 13(7), 198; https://doi.org/10.3390/economies13070198 - 9 Jul 2025
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This study investigates the nonlinear effects of air pollution on urban entertainment consumption by analyzing daily PM10 levels and movie box office data across 334 Chinese cities from 2012 to 2022, resulting in a total of 1,250,339 observations. Utilizing a two-way fixed
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This study investigates the nonlinear effects of air pollution on urban entertainment consumption by analyzing daily PM10 levels and movie box office data across 334 Chinese cities from 2012 to 2022, resulting in a total of 1,250,339 observations. Utilizing a two-way fixed effects model and threshold regression framework, we identify three key findings: (1) elevated PM10 concentrations significantly reduce movie attendance, with a 1-unit increase decreasing consumption by 0.0797 units; (2) the inhibitory effect intensifies during weekends and holidays, reflecting heightened sensitivity to pollution during leisure periods; (3) threshold effects emerge, where PM10 exceeding 0.0229 μg/m3 triggers a sharp decline in attendance, while temperature moderates this relationship, amplifying pollution’s negative impact. By integrating meteorological, environmental, and socioeconomic datasets, this research reveals substitution patterns between digital and offline entertainment under pollution stress. The results underscore the necessity for region-specific pollution mitigation strategies, cinema infrastructure upgrades, and dynamic pricing policies to counteract environmental disruptions. These insights advance the interdisciplinary nexus of environmental economics and cultural consumption, offering actionable pathways for sustainable urban development.
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Policy or Circumstances? A Synthetic Control Method for Evaluating Brazil’s Economic Boom Under Lula
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Jaeho Jung and Kisu Kwon
Economies 2025, 13(7), 197; https://doi.org/10.3390/economies13070197 - 8 Jul 2025
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This study empirically examines whether Brazil’s remarkable economic growth from 2003 to 2010 was primarily driven by Lula’s policies or favorable global economic conditions using the Synthetic Control Method—a robust causal inference technique for assessing policy effects when randomized controlled trials are infeasible
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This study empirically examines whether Brazil’s remarkable economic growth from 2003 to 2010 was primarily driven by Lula’s policies or favorable global economic conditions using the Synthetic Control Method—a robust causal inference technique for assessing policy effects when randomized controlled trials are infeasible and only one treated unit exists. Our analysis suggests that Brazil’s economic performance was largely attributable to external circumstances, while the policies of Lula’s administration may not have significantly enhanced growth. This study demonstrates the robustness of the results through leave-one-out distribution, the ratio of postintervention-period root mean square prediction error (RMSPE) to preintervention-period RMSPE, and in-space placebo tests.
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(This article belongs to the Section Economic Development)
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Impact of the Digital Skills on Employability: Cross-Sectional Analysis
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Biljana Đorđević, Sandra Milanović Zbiljić and Marija Radosavljević
Economies 2025, 13(7), 196; https://doi.org/10.3390/economies13070196 - 8 Jul 2025
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Digital skills are increasingly vital for enhancing employability, as they equip individuals to meet the evolving demands of the modern workforce. Therefore, this paper examines the impact of digital skills on employability, focusing on the influence of both basic and above-basic levels of
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Digital skills are increasingly vital for enhancing employability, as they equip individuals to meet the evolving demands of the modern workforce. Therefore, this paper examines the impact of digital skills on employability, focusing on the influence of both basic and above-basic levels of information and data literacy, communication and collaboration, problem-solving, digital content creation, and safety skills, considered key components of digital competence. The research employs regression analysis using secondary data extracted from the Eurostat database. Based on data from 32 European countries, the findings indicate that three proxies for digital skills, communication and collaboration, digital content creation, and safety, significantly and positively influence employability. The contribution of this paper to the existing literature on digital skills and employability is twofold. First, by evaluating the influence of five categories of digital skills across different proficiency levels on employment rates, the study sheds light on which specific digital skills have the most substantial impact on employability in today’s labor market. Second, the findings provide a foundation for formulating recommendations aimed at enhancing the digital capabilities of the labor force.
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How Does Public Policy Drive Urban Energy Transition? Evidence from China
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Jun Li, Shuqi Li and Yifeng Qiu
Economies 2025, 13(7), 195; https://doi.org/10.3390/economies13070195 - 8 Jul 2025
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Promoting urban energy transition is essential for achieving environmental sustainability, yet how to effectively guide this process through public policy remains a key research question. This study aims to evaluate the effectiveness of government policy in facilitating urban energy transition, with a specific
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Promoting urban energy transition is essential for achieving environmental sustainability, yet how to effectively guide this process through public policy remains a key research question. This study aims to evaluate the effectiveness of government policy in facilitating urban energy transition, with a specific focus on China’s National New Energy Demonstration City Construction (NEDC) Policy. Using a difference-in-differences model with panel data from 274 Chinese cities, the empirical results indicate that the NEDC policy significantly advances urban energy transition, resulting in a notable increase of 0.571 units in the Urban Energy Transition Index and an improvement of 0.0321 units in the Urban Energy Transition Efficiency Index. Mechanism analysis further reveals that the NEDC policy promotes urban energy transition primarily by advancing financial development, strengthening environmental regulations, and encouraging capital-biased technological progress. Heterogeneity analysis indicates that the NEDC policy significantly boosts urban energy transition in resource-based cities, whereas it exerts a suppressive effect on urban energy transition in non-resource-based cities. This study offers valuable policy implications for developing countries seeking sustainable urban transformation.
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(This article belongs to the Topic Energy Economics and Sustainable Development)
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Optimizing Tax Compliance: Understanding the Link Between Company Tax Administration and Tax Avoidance (A Survey of Public Companies in Indonesia, Malaysia, Singapore, and Thailand for the 2022–2023 Period)
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Arie Pratama and Kamaruzzaman Muhammad
Economies 2025, 13(7), 194; https://doi.org/10.3390/economies13070194 - 6 Jul 2025
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Tax compliance remains a critical issue in corporate taxation research, particularly in understanding the causal link between the administration of corporate tax and tax avoidance. This study investigates the potential simultaneous relationship between the two by analyzing 277 listed firms across four Southeast
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Tax compliance remains a critical issue in corporate taxation research, particularly in understanding the causal link between the administration of corporate tax and tax avoidance. This study investigates the potential simultaneous relationship between the two by analyzing 277 listed firms across four Southeast Asian countries using two-year average data (2022–2023). The administration of corporate tax is measured using eight disclosure-based indicators from the Refinitiv Eikon database, while tax avoidance is proxied by the effective tax rate (ETR). The primary analysis applies multiple regression to assess the effect of tax administration on tax avoidance and logistic regression to evaluate the reverse relationship. To address endogeneity and test for simultaneity, robustness checks using two-stage least squares (2SLS) and instrumental variable techniques are employed. The results confirm a bidirectional relationship: a stronger administration of corporate tax is associated with lower tax avoidance, while tax avoidance behavior also shapes tax administration practices. These findings underscore the importance of strengthening internal tax governance as a foundation for compliance. Given varying levels of tax administration across countries, this study calls for greater international coordination to standardize corporate tax governance practices and reduce avoidance incentives.
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Managerial Shareholding and Performance in LBOs: Evidence from the MENA Region
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Abir Attahiri, Maroua Zineelabidine and Mohamed Makhroute
Economies 2025, 13(7), 193; https://doi.org/10.3390/economies13070193 - 4 Jul 2025
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This research explores the impact of ownership structure on the financial performance of Leveraged Buyout (LBO) transactions in the MENA region, a key emerging market region. Drawing on agency theory by Jensen & Meckling and the capital structure theory of Modigliani and Miller,
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This research explores the impact of ownership structure on the financial performance of Leveraged Buyout (LBO) transactions in the MENA region, a key emerging market region. Drawing on agency theory by Jensen & Meckling and the capital structure theory of Modigliani and Miller, the study investigates how different shareholder configurations, particularly managerial equity participation, influence LBO outcomes. Based on a sample of 233 transactions conducted between 2000 and 2023, the research adopts a quantitative methodology grounded in a hypothetico-deductive approach. The analysis focuses on the interactions between managerial ownership, leverage, target firm size, and operational performance. The findings support the agency theory premise that managerial ownership aligns interests and enhances performance, showing a positive relationship between managerial equity stakes and financial outcomes. Conversely, the effect of leverage, central to Modigliani and Miller’s propositions, proves more nuanced, reflecting the region’s unique financial constraints and market imperfections. Firm size, meanwhile, shows no direct correlation with performance improvement. These insights underscore the complex mechanisms behind LBO success in the MENA context and offer practical and theoretical implications, particularly regarding governance practices and institutional frameworks. The study also outlines avenues for future research, including a deeper examination of regional governance dynamics.
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The Health Effects of Economic Growth: Evidence from PM2.5-Attributable Mortality in China
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Cheng Xue, Yiying Chao, Shangwei Xie and Kebiao Yuan
Economies 2025, 13(7), 192; https://doi.org/10.3390/economies13070192 - 3 Jul 2025
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Economic growth can bring material prosperity and improvements in public services to a country yet can simultaneously lead to environmental pollution that threatens population health, which has important implications for shaping macro-level policies. Here, we investigate the relationship between economic growth and mortality
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Economic growth can bring material prosperity and improvements in public services to a country yet can simultaneously lead to environmental pollution that threatens population health, which has important implications for shaping macro-level policies. Here, we investigate the relationship between economic growth and mortality attributable to air pollution in China from 2002 to 2021, using data analyzed with Stata 18 software. We identify a counterintuitive U-shaped relationship between the two, with the coefficient of the primary term for economic growth at −1.222 and the quadratic term at −0.053, both statistically significant at the 1% level. The inflection point, with accounting for control variables, is calculated to be 99,708 yuan (CNY) per person. These results withstand different empirical testing. We then perform heterogeneity analyses at the city level and find that disparities in social, economic, and physical geographical conditions lead to an unequal mortality burden that persists. Economic growth may have negative impacts on population health after crossing a certain threshold, although the effects vary across different regions. Our findings reveal that the benefits of economic growth may not “trickle down” to improve population health. Policymakers cannot take economic growth as an intrinsic good that would inevitably lead to better population health. Greater emphasis should be placed on egalitarian welfare systems, investments in environmental improvements, and other life-supporting priorities, as these measures could mitigate the negative health impacts of economic growth and promote a virtuous cycle between the economy and population health.
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