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A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: closed (15 September 2023) | Viewed by 39344

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Special Issue Editors

Dr. Jungsuk Kim

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Guest Editor

Economic Department, Sejong University, Seoul 05006, Republic of Korea
Interests: fiscal policy; demography studies; sustainable economic growth
Special Issues, Collections and Topics in MDPI journals

Dr. Donghyun Park

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Guest Editor

Research and Regional Cooperation Department, Asian Development Bank, 5 ADB Avenue, Mandaluyong City 1550, Philippines
Interests: development economics; international trade; fiscal policy; digital economy; financial market

Dr. Maria Cynthia Castillejos Petalcorin

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Guest Editor

Economic Research and Regional Cooperation Department, Asian Development Bank, 5 ADB Avenue, Mandaluyong City 1550, Philippines
Interests: development economics; international trade

Special Issue Information

Dear Colleagues,

Economic sustainability refers to the economic practice that aims to achieve long-term economic growth without creating negative externalities, such as environmental deterioration, social inequality, and market distortion. Globalization, which has played central role in the development of the world’s economic growth via the free movement of goods, services, technologies, capitals, and labor, faces many challenges, such as the recent hegemony war between the USA and China, emerging from protectionism, technology infringement, export restrictions, global warming, and overproduction. Furthermore, the outbreak of the COVID-19 pandemic in 2019, which led the halting of production and lockdowns in the most countries around the world, can be regarded as a wake-up call to the world to reconsider the unconditional trust and continued support for globalization based on free market economic systems. A globalized world implies that events on one side of the globe have an immediate ramifications for the other side of the world, and the COVID-19 pandemic has proven this strong global interdependency through the global spreading of the virus to the world within a very short period of time. On the one hand, tremendous developments in the digital economy have facilitated economic resilience during the COVID-19 pandemic. Various technology trends support the resilience of economies, and these channels include methods of production, procurement, conducting business, healthcare services, financial transactions, education, entertainment and communication. These present both challenges and opportunities regarding the economic sustainability of the economy.

This Special Issue invites submissions of comprehensive reviews or research articles, and commentaries that promote the “Economic Sustainability of the Economy”. As communities, nations and regional partners make choices to work towards a more sustainable world, we wish to collate the opinions of researchers from all disciplines, and at all levels in their chosen fields, to present their ideas for new approaches to the economic sustainability. The best contributions will be selected for inclusion in this Special Issue. Dedicated researchers in the field of economics, in addition to experienced scientists, are most welcome to submit research to this Special Issue.

The topics for this issue include new approaches or channels that promote the economic sustainability of the economy, for example, innovations in production, transformation to a digital economy, digital transactions, total factor growth (TFP), innovations of economic institution, etc.

Capece, Guendalina, and Domitilla Passiatore. 2021. "Blockchain during COVID-19: The Technology to Help Society" Sustainability13(18):10478.
Gordon, R. 2000. “Does the “New Economy” Measure up to the Great Inventions of the Past?” Journal of Economic Perspectives 14(4): 49-74.
Knickrehm, M., Berthon, B., & Daugherty, P. (2016). Digital disruption: The growth multiplier. Accenture Research and Oxford Economics. Available at: https://www.oxfordeconomics.com/recent-releases/digital-disruption
Van Ark, B. (2016). The productivity paradox of the new digital economy. International Productivity Monitor, 31, 3 - 18.

Prof. Dr. Jungsuk Kim
Dr. Donghyun Park
Dr. Maria Cynthia Castillejos Petalcorin
Guest Editors

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Keywords

economic growth
innovation
digital economy
productivity

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Published Papers (14 papers)

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Research

15 pages, 3126 KiB

Open AccessArticle

Analysis of Country Economic Growth Based on Industries Chain Position

by Chao Wang, Wenyu Zhang and Bing Li

Sustainability 2023, 15(21), 15528; https://doi.org/10.3390/su152115528 - 1 Nov 2023

Viewed by 1711

Abstract

In contrast to the past, the trade behavior of countries has become increasingly intricate, encompassing domestic trade rooted in local markets, traditional trade centered on final exports, and value chain trade reliant on intermediate goods. To tailor their strategies to their unique circumstances, nations judiciously allocate their economic focal points across these three trade modalities, engendering distinct national development models. By discerning the varying emphases placed by countries on these three trade modes, this paper employs clustering techniques to extract and analyze divergent national development models. Additionally, this paper assesses countries’ performance in various trade activities and introduces a new indicator, Total Trade Ability (

T T A

), to examine the impact of these models on the economy. With our approach, one can easily distinguish how different countries develop their economies. Our findings indicate a strong correlation between economic growth and

T T A

. In general, countries with higher

T T A

tend to exhibit higher economic growth. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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20 pages, 918 KiB

Open AccessArticle

Analyzing the Impact of Digital Inclusive Finance on Poverty Reduction: A Study Based on System GMM in China

by Xiaowen Xie

Sustainability 2023, 15(18), 13331; https://doi.org/10.3390/su151813331 - 6 Sep 2023

Cited by 5 | Viewed by 3073

Abstract

This study investigates the potential of digital financial inclusion to reduce regional poverty in China, an issue that has received varying opinions from the academic community. Using panel data from 31 provinces, municipalities, and autonomous regions (2011–2020) and employing the system GMM, this paper analyzes the dynamic relationship between regional poverty and the growth of digital financial inclusion, as measured by the ‘Peking University Digital Financial Inclusion Index’. Controlling for factors such as the Gini coefficient, industrial structure, financial support for agriculture and education, and economic openness, this research finds that digital financial inclusion has a marked ability to reduce poverty rates. Moreover, our results indicate an intergenerational transmission characteristic in poverty, where prior levels significantly influence current poverty incidence. The study concludes that the recent acceleration of digital financial inclusion can be harnessed for meaningful poverty reduction. This study’s policy recommendations highlight the need for financial development to foster industrial and social growth and stress the importance of financial education for low-income populations. Additionally, it calls for increased management and oversight of inclusive and agricultural digital financial products and services. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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21 pages, 7272 KiB

Open AccessArticle

Spatial–Temporal Evolution and Driving Factors of Economic Dual Circulation Coordinated Development in China’s Coastal Provinces

by Jingyi Wang, Shuguang Liu and Yubin Zhao

Sustainability 2023, 15(14), 11009; https://doi.org/10.3390/su151411009 - 13 Jul 2023

Viewed by 1628

Abstract

China’s coastal area is an important node, carrying the connection between internal and external circulation. It is of great significance to explore the spatial and temporal evolution of economic dual circulation coordinated development and its driving factors. In this paper, the Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) evaluation model based on the Criteria Importance Though Intercriteria Correlation and entropy (CRITIC-entropy) weight method, coupling coordination model, standard deviation ellipse and exploratory spatial data analysis were used to analyze the spatial and temporal evolution characteristics of economic dual circulation coordinated development of China’s coastal area. In addition, the geographical detector was employed to identify its driving factors. The results showed that: (1) The development level of internal and external economic circulation in China’s coastal area was mainly stable and rising in a fluctuating manner, and the level of internal circulation was higher than that of external circulation. The overall coupling coordination degree of economic dual circulation exhibited a positive trend. (2) There was regional heterogeneity and spatial correlation in the coupling coordination degree of economic dual circulation in the coastal area of China, and the spatial distribution pattern showed the characteristic of being “strong in the internal and weak in the external”. (3) The coordinated development of economic dual circulation was driven by multiple factors. Regional technological innovation capability, per capita income level, circulation development level, marketization process, digitization level and financial development level were the core driving forces. Based on the findings of this paper, a series of policy recommendations for improving the coordination development between internal and external economic circulation was proposed. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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17 pages, 1473 KiB

Open AccessArticle

Digital Inclusive Finance Development and Labor Productivity: Based on a Capital-Deepening Perspective

by Donghong Wu and Yiren Chen

Sustainability 2023, 15(12), 9243; https://doi.org/10.3390/su15129243 - 7 Jun 2023

Cited by 3 | Viewed by 2068

Abstract

This paper examines the impact of digital inclusive finance development on labor productivity and its transmission channels using panel data from 30 provinces in China during 2011–2020. According to empirical findings, the growth of digital inclusive finance significantly improves labor productivity in China. This conclusion holds even after taking into account endogeneity problems and robustness tests. Regarding transmission channels, digital inclusive finance development enhances labor productivity by promoting capital deepening. From the perspective of the three dimensions of the current digital inclusive finance development stage, the coverage width significantly boosts labor productivity. From a regional perspective, digital inclusive finance development has a more significant impact on labor productivity in the eastern region compared to the central and western areas. From an industry perspective, digital inclusive finance development significantly enhances labor productivity in the primary and tertiary industries. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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18 pages, 357 KiB

Open AccessArticle

The Role of Financial Sector Development and Educational Attainment in the Achievement of Economic Sustainability: Evidence from BRICS Economies

by Gökçe Tekin Turhan, Pınar Tokal and Gamze Sart

Sustainability 2023, 15(6), 5527; https://doi.org/10.3390/su15065527 - 21 Mar 2023

Cited by 4 | Viewed by 2001

Abstract

The worldwide serious deteriorations in environmental and social quality have led many countries to follow institutional, social, and economic policies eliminating the negative environmental and social costs of economic growth and development, urbanization, and population growth. This study investigates the influence of financial sector development and educational attainment on economic sustainability in a sample of BRICS economies over the 1995–2020 term through causality and cointegration tests. The results of the causality test find a bidirectional causal interplay between financial development and economic sustainability and a unilateral causal effect from educational attainment on economic sustainability. Furthermore, cointegration analysis unveils a long-term positive influence of financial development and educational attainment on economic sustainability, but the effect of educational attainment on economic sustainability is ascertained to be slightly higher when compared with that of financial sector development. As a result, both educational attainment and financial development with environmental and social measures can be useful instruments to achieve economic sustainability. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

24 pages, 954 KiB

Open AccessArticle

Empirical Research on the Impact of China’s Overseas Economic and Trade Cooperation Zones on the Development of Host Countries in the Global Value Chain

by Qing Qin and Churen Sun

Sustainability 2023, 15(6), 4853; https://doi.org/10.3390/su15064853 - 9 Mar 2023

Cited by 3 | Viewed by 2515

Abstract

China’s Overseas Economic and Trade Cooperation Zones (COCZs) have become representative platforms of regional cooperation. However, there are few empirical studies exploring their economic and trade effects on host countries. In this study, we comprehensively investigate the impact of COCZs on the host country’s GVC participation and positions by constructing a difference-in-difference specification on the industrial level. The main conclusions are: Firstly, COCZs are prominent in promoting the participation in GVCs for host countries while restricting the rise of their positions in GVCs to some extent. The reason lies within the fact that the impact of COCZs on the GVC positions is affected by the host country’s factor endowment, innovation level, and business environment. Secondly, for developing countries, the construction of COCZs has a more significant positive effect on their GVC participation. For developed countries, the construction of COCZs can significantly promote their GVC positions. Thirdly, the construction of COCZs has a greater impact on the GVC participation and positions for countries with smaller difference in industrial structure with China, the leading industries in COCZs, and the advantageous industries of host countries. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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19 pages, 1943 KiB

Open AccessArticle

Exploration of the Role of Human Capital in China’s High-Quality Economic Development and Analysis of Its Spatial Characteristics

by Yu Ma, Meng Shang, Fen Yang and Chenguang Li

Sustainability 2023, 15(5), 3900; https://doi.org/10.3390/su15053900 - 21 Feb 2023

Cited by 7 | Viewed by 2715

Abstract

The launch of high-quality development has become an inevitable choice at this stage to cope with the new international situation, transform and improve the industrial structure, and pursue the Chinese dream. The aim of this study was to scientifically measure the stage of high-quality economic development and analyze the role of human capital in such development. In this paper, we construct an indicator system based on innovation, sharing, green economy, opening, and coordination. The spatial distribution of high-quality economic development is evaluated by using the genetic algorithm–projection pursuit model, and its impact is studied by using the spatial panel quantile regression method. The results show that the development level of regional economic quality is increasing annually, revealing a situation in which the east is leading, the center is rising, and the west is catching up. Among the factors affecting high-quality economic development, in this region, it has a positive inverted U-shaped influence on neighboring regions. Regarding quality improvement, the impact of human capital presents a U-shaped curve. In other words, it benefits from the catch-up effect of the lower-level provinces and the first mover advantage of the higher-level provinces. Based on this, corresponding countermeasures are put forward. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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20 pages, 1014 KiB

Open AccessArticle

Coordination vs. Competitiveness of Effective Average Tax Rates in Relation to FDI: The Case of Emerging EU Economies

by Olgica Glavaški, Emilija Beker Pucar, Marina Beljić and Stefan Stojkov

Sustainability 2023, 15(1), 227; https://doi.org/10.3390/su15010227 - 23 Dec 2022

Cited by 4 | Viewed by 2094

Abstract

Due to the single market within the European Union (EU), capital mobility has created many challenges in the field of tax policy, especially whether taxes should be coordinated or governments should retain fiscal sovereignty for the sake of tax competitiveness. In order to attract foreign direct investment (FDI), emerging EU economies most often choose the policy of tax reduction and particularly lowering the effective average tax rates (EATR). The purpose of this paper is to empirically assess the impact of changes in the EATR on the decision to localize FDI in emerging EU economies in the period 1998–2021, in the framework of cross-sectional dependent, non-stationary, heterogeneous panels. Using the (Pooled) Mean Group estimator, the long-run relationship between the EATR and the FDI is revealed. The error-correction parameters are significant and heterogeneous, showing that the speed of adjustments towards equilibrium is different, but the highest in Estonia. Accession to the EU contributed faster adjustments to the long-run relationship in the majority of the emerging EU economies, while a broader set of potential determinants of FDI localization is taken into consideration and estimated using the Panel-corrected standard error method. Results showed de facto tax competitiveness in the group of emerging EU economies, instead of de jure tax coordination in the EU. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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19 pages, 680 KiB

Open AccessArticle

ICT and Economic Resilience during COVID-19: Cross-Country Analysis

by Jungsuk Kim, Gemma Estrada, Yothin Jinjarak, Donghyun Park and Shu Tian

Sustainability 2022, 14(22), 15109; https://doi.org/10.3390/su142215109 - 15 Nov 2022

Cited by 8 | Viewed by 3068

Abstract

The central objective of this paper is to empirically assess whether countries with better information and communication technology (ICT) infrastructure suffered less GDP growth deceleration during COVID-19. The scope of this paper is to apply linear estimation to a sample of 117 economies, including 86 emerging market and developing economies and 31 advanced economies, to analyze the relationship between ICT and GDP growth deceleration during the pandemic period. Controlling for other variables that can also influence economic performance, we find empirical support for a positive impact of ICT. For a given COVID-19 infection rate, we find that economies with better internet access showed greater resilience, defined as less in terms of economic growth. The obvious policy implication is that governments should invest more in ICT infrastructure to strengthen the resilience of their economies in the face of major shocks. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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24 pages, 1679 KiB

Open AccessArticle

Growth Trends and Heterogeneity of Total Factor Productivity in Nine Pan-PRD Provinces in China

by Ying Ye, Shiping Yan and Shaoying Zhu

Sustainability 2022, 14(21), 14154; https://doi.org/10.3390/su142114154 - 30 Oct 2022

Cited by 1 | Viewed by 1804

Abstract

As a national regional development strategy and a vital region of the Belt and Road Initiative, the sustainable development of the Pan-Pearl River Delta (Pan-PRD) region is of great importance. The national development plan emphasizes improving total factor productivity (TFP) and promoting high-quality economic development. This paper uses the DEA-Malmquist index model to measure the TFP of nine provinces in the Pan-PRD region based on inter-provincial panel data from 2003 to 2020. Furthermore, it analyzes its growth trend and heterogeneity characteristics in the inter-provincial spatial, industrial, and city dimensions. The results show that in the time dimension, TFP shows a W-shaped fluctuation trend, technical efficiency grows slowly, and technical progress is the pillar of TFP improvement. The spatial dimension shows a high distribution in the center and low distribution in the south. On the industry dimension, the TFP is in descending order as follows: tertiary industry—secondary industry—primary industry. The spatial distribution is heterogeneous, exacerbating the uneven economic development within the region, and the regional industrial structure needs urgent optimization. The spatial development of city TFP is uneven, and the number of cities with a TFP below 1 is increasing. Finally, we suggest policies to accelerate regional collaborative innovation, cultivate advantageous industrial clusters, create an advantageous industrial ecosystem, and achieve sustainable development in the Pan-PRD region. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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15 pages, 1886 KiB

Open AccessArticle

European Green Deal Impact on Entrepreneurship and Competition: A Free Market Approach

by Ioana Andreea Bogoslov, Anca Elena Lungu, Eduard Alexandru Stoica and Mircea Radu Georgescu

Sustainability 2022, 14(19), 12335; https://doi.org/10.3390/su141912335 - 28 Sep 2022

Cited by 7 | Viewed by 4053

Abstract

The European Green Deal (EGD) represents a new and ambitious growth strategy proposed by the European Commission for transforming the EU into a prosperous and resilient society based on competitive economy, efficiency in terms of resource allocation and a green environment. Under these circumstances, the aim of the present research is to highlight the main criticisms of the European Green Deal by taking into consideration the competition and entrepreneurial dimensions of the common market. Methodologically, the research entails a systematic review of the specialty literature and, alongside this, a preliminary bibliometric study on the analysed topic. Therefore, several critical issues on the European Green Deal’s impact on entrepreneurship and competition are highlighted. The research results illustrate that the European Green Deal affects entrepreneurial activity through a prioritization of the environmental dimension, despite the free market. Aiming to achieve the stated goals, the EGD provides the context of governmental interventions and regulations, which will distort entrepreneurship and competitional processes through fiscal policies and other instruments. The lack of clarity, the ambiguous objectives and the overall costs are also weaknesses of the European Green Deal, as highlighted by the present research. Even if it seems impressive on paper, many researchers demonstrated its inefficiency and impossibility. However, the research results are far away from denying the importance of the European Green Deal, considering the long-term perspective. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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16 pages, 1770 KiB

Open AccessArticle

Does Online Ride-Hailing Service Improve the Efficiency of Taxi Market? Evidence from Shanghai

by Yiyuan Ma, Ke Chen, Youzhi Xiao and Rong Fan

Sustainability 2022, 14(14), 8872; https://doi.org/10.3390/su14148872 - 20 Jul 2022

Cited by 4 | Viewed by 3483

Abstract

Online ride-hailing services, which are characterized by online matching, are generally considered improving the work efficiency of taxi drivers and bring disruptive changes to the taxi market. We use the historical and contemporaneous trip-level big data of Shanghai online ride-hailing drivers and traditional cruising taxi drivers, structure the data into shift and hour levels, and compare the two types in terms of efficiency. The comparison results indicate that the overall capacity utilization rate of online ride-hailing drivers is slightly higher than that of cruising taxi drivers, but it is mainly driven by part-time drivers. We confirm the role of flexible work and market scale in improving capacity utilization, but do not find the impact of online matching mechanisms. From the perspective of the drivers’ work efficiency, the similar capacity utilization of the two types of full-time workers is consistent with Cramer and Krueger’s (2016) evidence in New York. Online matching and street searching achieve almost equal efficiency in densely populated urban areas. However, from the perspective of supply and demand matching, online ride-hailing creates a more flexible supply and is more adaptable to the changes in demand, which improves the overall taxi market efficiency. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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22 pages, 1014 KiB

Open AccessArticle

Is Digital Economy a Good Samaritan to Developing Countries?

by Vujica Lazović, Milorad Jovović, Tamara Backović, Tamara Djuričković and Biljana Rondović

Sustainability 2022, 14(14), 8471; https://doi.org/10.3390/su14148471 - 11 Jul 2022

Cited by 6 | Viewed by 2362

Abstract

It is no surprise that the digital economy (DE) has raised expectations and it is still raising them. The aim of this study is to implement testing which will indicate how much the digital economy can help the less developed countries to overcome the economic lag. In order to come up with an answer, the study is based on provocative hypotheses which will elaborate on the development paradox by which the digital economy cannot help the less developed countries. The argument that supports the main hypothesis of this study declares that GDP growth is not equivalent to the growth of investment in DE infrastructure and, therefore, DE is contributing to the increase in inequality instead of reducing it. The paradox is confirmed with the implementation of the SEM modelling on high-income countries (HIC) and middle-income countries (MIC). Moreover, the study measured, i.e., determined, the relative importance and impact of each DE component on the economic growth in HIC and MIC countries. According to the results of this research, in MIC the most significant DE factor which has an impact on GDP growth is the investment in education, whereas in HIC countries infrastructure has the leading part when it comes to economic growth. The final part of this study includes a proposition of a set of guidelines relating to the direction of public policy development in order to make the most of DE’s impact on the creation of a fairer and better system and society. Due to the comprehensive range of questions that come from this study, several topics for future research have been recommended. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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17 pages, 377 KiB

Open AccessArticle

Did China’s “National Sustainable Development Plan of Resource-Based Cities” Promote Economic Growth?

by Jiaxin Wang

Sustainability 2022, 14(13), 8222; https://doi.org/10.3390/su14138222 - 5 Jul 2022

Cited by 5 | Viewed by 2726

Abstract

This study utilizes a difference-in-difference (DID) regression model to evaluate the impact of China’s “National Sustainable Development Plan of Resource-Based Cities (2013–2020)” on economic growth in resource-based cities. The analysis is based on the data covering 329 Chinese cities during 2006–2019. Economic growth is measured by the annual growth rate of gross domestic product (GDP). It was found that the policy had a significantly negative impact on economic growth. Further analysis suggests that the policy depressed innovation in resource-based cities, and these cities did not expand their labor and capital inputs. These two phenomena can help explain why the policy’s effect on economic growth was negative, rather than positive. Moreover, our study reports that the effect of the policy was heterogeneous across different cities, depending on their development stages and spatial locations. Overall, our study detects an undesirable effect of the policy. The research findings call for more actions to promote macroeconomic growth during the process of economic transformation in China’s resource-based cities. Full article

(This article belongs to the Special Issue Economic Sustainability of the Economy)

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