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
Impact of Government Investment in Human Capital on Labor Force Participation and Income Growth Across Economic Tiers in Southeast Asian Countries
Economies 2025, 13(9), 249; https://doi.org/10.3390/economies13090249 - 23 Aug 2025
Abstract
Prior economic research emphasized land, labor and physical capital as the primary drivers of growth, but contemporary work highlights the pivotal role of human capital. Investments in education, health and governance are now regarded as central to sustainable development; yet important questions remain
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Prior economic research emphasized land, labor and physical capital as the primary drivers of growth, but contemporary work highlights the pivotal role of human capital. Investments in education, health and governance are now regarded as central to sustainable development; yet important questions remain regarding their effectiveness and context-specific impact. This study investigates how human capital investment influences labor force participation and income growth within the ASEAN nine economies for the period from 2000 to 2022 which provides a rich example of contrast in economic and governance outcomes within a single geographic region. Impacted units of measurement of labor force participation and income growth are evaluated using the Bayesian Additive Regression Trees model to select the most important variables, the Bayesian Dynamic Nonlinear Multivariate panel model to estimate regional effects, and the Time-varying Seemingly Unrelated Regression Equations model to evaluate country-specific dynamics, which considers not just the influence of investments in health and education but also the context of rule, law, and governance. The findings indicate that human capital investments exhibit heterogenous effects across economic tiers and the need for strategies and future study of preconditions to improve returns particularly in low-tier economies. Accordingly, mid-tier, emerging economies exhibit the greatest benefit from human capital investments while top-tier exhibit the probable impact of the law of diminishing returns as their human capital development is already well underway. Despite the limited scope, this study still has the potential to draw constructive theoretical and practical implications.
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(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)
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Investigating Economics Students’ Perception of the Recent Trends in Globalization, Localization, and Slowbalization
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Titus Suciu, Alexandra Zamfirache, Ruxandra-Gabriela Albu and Ileana Tache
Economies 2025, 13(9), 248; https://doi.org/10.3390/economies13090248 - 22 Aug 2025
Abstract
This study investigates the perceptions of economics students from Romania’s Central Region regarding the global phenomena of globalization, localization, and slowbalization (GLS), analyzed through the lens of environmental, economic, and educational sustainability. The research highlights a high level of awareness and understanding of
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This study investigates the perceptions of economics students from Romania’s Central Region regarding the global phenomena of globalization, localization, and slowbalization (GLS), analyzed through the lens of environmental, economic, and educational sustainability. The research highlights a high level of awareness and understanding of globalization and localization, while the concept of slowbalization remains relatively unfamiliar and often perceived with uncertainty or neutrality. Most respondents view globalization as the most sustainable model for long-term economic development, emphasizing its contributions to international trade, market expansion, investment flows, and access to global education and research. At the same time, localization is recognized for its role in preserving cultural identity, strengthening local economies, and addressing pressing environmental issues through low-carbon solutions. Regarding educational sustainability, students support a hybrid model that balances global exposure with the appreciation of local knowledge and traditions—a glocal approach particularly endorsed by master’s students. The study also reveals statistically significant differences between undergraduate and graduate respondents, indicating more mature perspectives among those in advanced studies. The paper could help in course design and lesson engagement and concludes by recommending curricular reforms in economic education and proposing future interdisciplinary, comparative, and qualitative research to deepen understanding of GLS dynamics, particularly in the context of emerging global trends and technological transformations.
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(This article belongs to the Special Issue Globalisation, Environmental Sustainability, and Green Growth)
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The Impact of Exchange Rate Volatility on South African Agricultural Exports
by
Ireen Choga and Teboho Charles Mashao
Economies 2025, 13(9), 247; https://doi.org/10.3390/economies13090247 - 22 Aug 2025
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The South African exchange rate has been volatile in recent years affecting the competitiveness of commodities in the market. Consequently, South African agricultural exporters have faced lower profitability or entire losses. More South Africa is among the top agricultural exporters in Africa. Thus,
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The South African exchange rate has been volatile in recent years affecting the competitiveness of commodities in the market. Consequently, South African agricultural exporters have faced lower profitability or entire losses. More South Africa is among the top agricultural exporters in Africa. Thus, the purpose of this study was to examine the effect of exchange rate volatility on agricultural exports in South Africa using the Exponential Generalized Autoregressive Conditional Heteroskedastic (EGARCH) model over the period extending from first quarter of 2013 to first quarter of 2024. The study finds that the exchange rate affects agricultural export negatively in South Africa. The findings display that the exchange rate is statistically significant in explaining agricultural exports in South Africa. In addition, this study finds interest rate affects agricultural exports negatively whereas investment and trade openness affect agricultural export positively in South Africa. This infers that agricultural exports in South Africa are explained by various economic factors. Therefore, this study proposes implementing currency stabilisation policies is a crucial strategy to reduce exchange rate volatility, thereby reducing the negative impact on agricultural exports in South Africa. The policymakers can use currency hedging as tool to lessen the negative impact associated with the exchange rate volatility.
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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
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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
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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.
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The Scale Logic of Government Debt for Overall Development and Security—From the Perspective of Dual Scale Economy of Explicit and Implicit Debt
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Yunxiao Yuan, Xiaoyu Yang and Muhammad Umer
Economies 2025, 13(8), 245; https://doi.org/10.3390/economies13080245 - 21 Aug 2025
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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
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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.
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Interest Rates and Economic Growth: Evidence from Southeast Asia Countries
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Tan Huu Nguyen
Economies 2025, 13(8), 244; https://doi.org/10.3390/economies13080244 - 21 Aug 2025
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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
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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.
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Global Shocks and Local Fragilities: A Financial Stress Index Approach to Pakistan’s Monetary and Asset Market Dynamics
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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
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
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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.
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(This article belongs to the Special Issue Emerging Market Economies: Globalization, Monetary Policy, and Asset Prices)
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Healthcare Financing Vulnerability and Service Utilization in Kenya During the COVID-19 Pandemic, with a Focus on Policies to Protect Human Capital
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Moses Muriithi, Martine Oleche, Francis Kiarie and Tabitha Mwangi
Economies 2025, 13(8), 242; https://doi.org/10.3390/economies13080242 - 19 Aug 2025
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.
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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.
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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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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
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
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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.
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(This article belongs to the Special Issue Human Capital Development in Africa)
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Gendered Dimensions of Poverty in Indonesia: A Study of Financial Inclusion and the Influence of Female-Headed Households
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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
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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
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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.
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(This article belongs to the Section Labour and Education)
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Economic Evolution in Euro-Adopting States vs. Future Adopters: A Comparative Analysis
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Nicoleta Georgeta Panait and Madalina Antoaneta Radoi
Economies 2025, 13(8), 239; https://doi.org/10.3390/economies13080239 - 16 Aug 2025
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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
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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.
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Economies of Scale and Scope for Canadian Universities
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Stephen Easton and Duane Wesley Rockerbie
Economies 2025, 13(8), 238; https://doi.org/10.3390/economies13080238 - 16 Aug 2025
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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
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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.
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(This article belongs to the Section Labour and Education)
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Safeguarding Economic Growth Amid Democratic Backsliding: The Primacy of Institutions over Innovation
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Ran Ben Malka and Sharon Hadad
Economies 2025, 13(8), 237; https://doi.org/10.3390/economies13080237 - 15 Aug 2025
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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
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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).
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Digital Transformation, New Quality Productive Forces, and Corporate Environmental Investment: Empirical Evidence from Chinese A-Share Listed Companies
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Yunsong Xu and Qian Ao
Economies 2025, 13(8), 236; https://doi.org/10.3390/economies13080236 - 15 Aug 2025
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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
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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.
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(This article belongs to the Special Issue Economic Development in the Digital Economy Era)
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Human Capital Dynamics Are the Key to Economic Growth: Source of Value of the Future
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Sabiha Oltulular
Economies 2025, 13(8), 235; https://doi.org/10.3390/economies13080235 - 14 Aug 2025
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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
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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.
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(This article belongs to the Special Issue Studies on Factors Affecting Economic Growth)
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Study on the Mechanism of Wage Growth in China’s Logistics Industry: The Roles of Government and Market
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Fuzhong Wang and Chongyan Li
Economies 2025, 13(8), 234; https://doi.org/10.3390/economies13080234 - 11 Aug 2025
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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
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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.
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The Effect of Trade Openness on Environmental Quality in Southern African Customs Union (SACU) Countries: The CS-ARDL Approach
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Enock Gava, Molepa Seabela and Kanayo Ogujiuba
Economies 2025, 13(8), 233; https://doi.org/10.3390/economies13080233 - 8 Aug 2025
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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
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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.
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(This article belongs to the Special Issue Globalisation, Environmental Sustainability, and Green Growth)
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Asymmetric Volatility Spillovers in Varying Market Conditions and Portfolio Performance Analysis of the South African Foreign Exchange Market
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Hamdan Bukenya Ntare, John Weirstrass Muteba Mwamba and Franck Adekambi
Economies 2025, 13(8), 232; https://doi.org/10.3390/economies13080232 - 8 Aug 2025
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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
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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.
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Handwashing and Household Health Expenditures Under COVID-19: Evidence from Cameroon
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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
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
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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.
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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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Open AccessArticle
Economocracy: Global Economic Governance
by
Constantinos Challoumis
Economies 2025, 13(8), 230; https://doi.org/10.3390/economies13080230 - 7 Aug 2025
Abstract
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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
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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.
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