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Showing 1 - 97 of 97 Journals sorted alphabetically
Africa Development     Open Access   (Followers: 33)
African Evaluation Journal     Open Access  
African Journal of Economic and Sustainable Development     Hybrid Journal   (Followers: 20)
African Journal of Sustainable Development     Full-text available via subscription   (Followers: 11)
Afrique contemporaine : La revue de l'Afrique et du développement     Full-text available via subscription   (Followers: 3)
Annals of Humanities and Development Studies     Open Access   (Followers: 7)
Asia Policy     Full-text available via subscription   (Followers: 7)
Asian Education and Development Studies     Hybrid Journal   (Followers: 7)
Campbell Systematic Reviews     Open Access   (Followers: 3)
Canadian Foreign Policy Journal     Hybrid Journal   (Followers: 9)
Canadian Journal of Development Studies / Revue canadienne d'études du développement     Hybrid Journal   (Followers: 7)     Free   (Followers: 1)
Cuadernos de Trabajo Hegoa     Open Access  
Desarrollo y Sociedad     Open Access   (Followers: 3)
Desenvolvimento em Questão     Open Access  
Developing Country Studies     Open Access   (Followers: 7)
Development Engineering     Open Access   (Followers: 3)
Development Management     Open Access   (Followers: 2)
Development Studies Research     Open Access   (Followers: 8)
DRd - Desenvolvimento Regional em debate     Open Access  
Economia & Região     Open Access  
Economic History of Developing Regions     Hybrid Journal   (Followers: 6)
Economic Journal of Development Issues     Open Access   (Followers: 1)
Economic Journal of Emerging Markets     Open Access   (Followers: 2)
Economics and Rural Development     Open Access   (Followers: 5)
Economics Development Analysis Journal     Open Access   (Followers: 6)
Economics of Development     Open Access   (Followers: 1)
Economies     Open Access   (Followers: 1)
Emerging Economy Studies     Full-text available via subscription   (Followers: 1)
Environmental Development     Hybrid Journal   (Followers: 3)
Finance & Development     Free   (Followers: 10)
Forum for Development Studies     Hybrid Journal   (Followers: 8)
Ghana Journal of Development Studies     Full-text available via subscription   (Followers: 8)
Iberoamerican Journal of Development Studies     Open Access   (Followers: 1)
Indian Growth and Development Review     Hybrid Journal  
Indian Journal of Human Development     Hybrid Journal   (Followers: 1)
Innovation and Development     Hybrid Journal   (Followers: 10)
Insight on Africa     Hybrid Journal   (Followers: 3)
International Affairs and Global Strategy     Open Access   (Followers: 11)
International Development Policy : Revue internationale de politique de développement     Open Access  
International Economics     Hybrid Journal   (Followers: 3)
International Journal of Agricultural Management and Development     Open Access   (Followers: 2)
International Journal of Developing Societies     Open Access   (Followers: 5)
International Journal of Development Issues     Hybrid Journal   (Followers: 10)
International Journal of Energy Economics and Policy     Open Access   (Followers: 14)
International Journal of Peace and Development Studies     Open Access   (Followers: 22)
International Journal of Regional Development     Open Access   (Followers: 1)
International NGO Journal     Open Access   (Followers: 5)
International Review of Environmental and Resource Economics     Full-text available via subscription   (Followers: 3)
IZA Journal of Labor & Development     Open Access   (Followers: 5)
Journal of Accounting and Finance in Emerging Economies     Open Access  
Journal of African Studies and Development     Open Access   (Followers: 5)
Journal of Agribusiness in Developing and Emerging Economies     Hybrid Journal  
Journal of Asian Development     Open Access   (Followers: 2)
Journal of Business and Social Review in Emerging Economies     Open Access  
Journal of Contemporary Integrative Ideas     Open Access   (Followers: 2)
Journal of Developing Economies     Open Access   (Followers: 4)
Journal of Development and Administrative Studies     Open Access   (Followers: 3)
Journal of Development Policy and Practice     Hybrid Journal   (Followers: 3)
Journal of Economic Development Policy     Open Access   (Followers: 8)
Journal of Economic Issues     Hybrid Journal   (Followers: 15)
Journal of Environmental Economics and Policy     Partially Free   (Followers: 4)
Journal of Global Responsibility     Hybrid Journal   (Followers: 5)
Journal of Humanitarian Logistics and Supply Chain Management     Hybrid Journal   (Followers: 14)
Journal of Illicit Economies and Development     Open Access  
Journal of International Business Studies     Hybrid Journal   (Followers: 49)
Journal of Management for Global Sustainability     Open Access   (Followers: 2)
Journal of Social and Economic Development     Full-text available via subscription   (Followers: 5)
Journal of Sustainable Development Studies     Open Access   (Followers: 18)
Journal of Sustainable Finance & Investment     Hybrid Journal   (Followers: 4)
Journal of the Indian Ocean Region     Hybrid Journal   (Followers: 7)
Jurnal Ekonomi dan Studi Pembangunan     Open Access   (Followers: 1)
Markets, Globalization & Development Review : The Official Journal of the International Society of Markets and Development     Open Access   (Followers: 1)
MediaTrend     Open Access  
Membership Management Report The     Hybrid Journal  
New African Magazine     Full-text available via subscription   (Followers: 8)
Organizations and Markets in Emerging Economies     Open Access   (Followers: 4)
QA : Rivista dell’Associazione Rossi-Doria     Full-text available via subscription  
Regional Formation and Development Studies     Open Access   (Followers: 1)
Review of Development and Change     Full-text available via subscription   (Followers: 2)
Review of Economics and Development Studies     Open Access   (Followers: 2)
Revista Internacional de Cooperación y Desarrollo     Open Access  
Revista Perspectivas do Desenvolvimento     Open Access  
Rozwój Regionalny i Polityka Regionalna     Open Access  
Scholedge International Journal of Management & Development     Open Access   (Followers: 6)
Social Development Issues     Full-text available via subscription  
Special Events Galore     Hybrid Journal  
St Antony's International Review     Full-text available via subscription  
Stability : International Journal of Security and Development     Open Access   (Followers: 8)
Studies in Comparative International Development     Hybrid Journal   (Followers: 19)
Successful Fundraising     Hybrid Journal  
Technological and Economic Development of Economy     Open Access   (Followers: 6)
Tropicultura     Open Access  
Volunteer Management Report     Full-text available via subscription  
World Development Perspectives     Hybrid Journal   (Followers: 4)
World Journal of Entrepreneurship, Management and Sustainable Development     Hybrid Journal   (Followers: 6)
World Journal of Science, Technology and Sustainable Development     Hybrid Journal   (Followers: 3)


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Number of Followers: 1  

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ISSN (Online) 2227-7099
Published by MDPI Homepage  [238 journals]
  • Economies, Vol. 9, Pages 42: Detecting Convergence Trends among EU

    • Authors: Maria Adamakou, Dimitris Kallioras, George Petrakos
      First page: 42
      Abstract: Universities are emerging growth determinants. This is so as, in addition to the fulfillment of their traditional role in teaching and (basic) research, universities, as aptly described within the helix framework, are expected to engage in regional development processes. The paper aims to detect trends of convergence among EU universities in terms of performance. To the best of our knowledge, this topic has not hitherto been examined. The empirical analysis of the paper covers the period 2014–2021, utilizes data obtained from URAP (University Ranking by Academic Performance), and employs the methodological approach of convergence clubs. The findings of the paper provide valuable insight into both theory and policy-making. We conclude that despite the unification of EU educational space, trends of divergence among EU universities are still present, and notable divisions still remain. Consequently, this indicates that the impact of EU universities on the formation of spatial disparities across EU space is not neutral.
      Citation: Economies
      PubDate: 2021-03-24
      DOI: 10.3390/economies9020042
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 43: Dependence of Transportation on Industry in

    • Authors: Davor Mance, Borna Debelić, Alen Jugović
      First page: 43
      Abstract: The transportation sector is the lifeblood of an economy. It is divided into three principal categories, i.e., modes of transportation: air, land, and water. This paper analyzes the post-financial crisis value added data for the Croatian economy (2008–2015) by analyzing the dependence of three categories of the transportation sector on the cumulative of all other sectors, and on the manufacturing sector in particular. The value added of the three categories of the transportation sector is progressively dependent on the value added of the cumulative industry. This may be due to the progressive dependence of the gross national product on transport because of specialization and division of labor resulting in economies of density due to network and agglomeration effects.
      Citation: Economies
      PubDate: 2021-03-25
      DOI: 10.3390/economies9020043
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 44: Evaluation of Outsourcing Development in the
           Service Sector

    • Authors: Ugnė Dudė, Rima Žitkienė, Daiva Jurevičienė, Viktorija Skvarciany, Indre Lapinskaite
      First page: 44
      Abstract: The global pandemic has affected all sectors and disrupted not only supply chains but also had a particular impact on the range of services provided and the whole service sector. Outsourcing is used to adapt to business environment changes. However, in the scholarly literature, outsourcing of services is analysed as a complementary part of the manufacturing process—there is a lack of research on outsourcing in service companies. This article analyses the enablers of outsourcing in all service groups. The aim of the semi-structured interview was to determine not only the enablers, their significance in each WTO (World Trade Organisation) group of services but also the use of outsourcing in the provision of core and non-core services. The results of the empirical study revealed that outsourcing is increasingly used in the service sector; however, enablers vary depending on the provision of services, the nature of the service company’s activities, and the needs they meet, public or for-profit.
      Citation: Economies
      PubDate: 2021-03-30
      DOI: 10.3390/economies9020044
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 45: Financial Factors Determining the Investment
           Behavior of Lithuanian Business Companies

    • Authors: Egidijus Bikas, Evelina Glinskytė
      First page: 45
      Abstract: The article aims to identify and evaluate the financial factors influencing the investment behavior of Lithuanian companies. The article briefly reviews and summarizes previous research that provides detailed evidence of the financial factors that influence a firm’s investment behavior. The study is performed using correlation–regression and factor analysis. Sixteen Lithuanian joint-stock companies, the shares of which are listed on the Nasdaq Baltic stock exchange and whose main activity is not related to financial instruments, were selected for the research. Moreover, 58 companies are listed on the Nasdaq Baltic stock exchange (32 companies on the official list, 26 companies on the additional list). There are only 26 Lithuanian joint-stock companies in both lists. Out of 26 Lithuanian companies listed on this stock exchange, 16 were selected whose activities are not related to financial instruments. The results of the study provided strong evidence that a company’s financial assets have a positive impact on capital and overall profitability, i.e., Lithuanian companies with higher profitability invest in financial instruments more often, while companies with borrowed funds and with higher financial restrictions invest less. The study showed that the performance indicators of Lithuanian companies have a weak impact on the size of the company’s financial assets; therefore, it can be assumed that this is related to cognitive factors and heuristics.
      Citation: Economies
      PubDate: 2021-04-01
      DOI: 10.3390/economies9020045
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 46: Panic Buying and Consumption Displacement
           during COVID-19: Evidence from New Zealand

    • Authors: C. Michael Hall, Peter Fieger, Girish Prayag, David Dyason
      First page: 46
      Abstract: Panic buying and hoarding behavior is a significant component of crisis- and disaster-related consumption displacement that has received considerable attention during the COVID-19 pandemic. Understanding such purchasing and stockpiling behavior provides critical information for government, disaster managers and the retail sector, as well as policy makers to adjust crisis response strategies and to better understand disaster management, including preparedness and response strategies. This study examines consumer purchasing behavior, retail spending and transactional data for different retail sectors between January 2017 and December 2020 using data for the greater Christchurch region in New Zealand. Once COVID-19-related panic buying began, overall spending increased sharply in anticipation of lockdowns. Transactional spending increased and subsided only slowly to a level higher than pre lockdown. The magnitude of the panic buying event far exceeded historical seasonal patterns of consumer spending outside of Christmas, Easter and Black Friday, although daily spending levels were comparable to such consumption events. The results of the study highlight the importance of comparing panic buying to other events in terms of purchasing motivations and also considering that so-called panic buying may contribute to greater individual and household resilience. The volume of sales alone is not adequate to define panic buying. Instead, the extent of divergence from the normal daily spending value per retail transaction of a given population provides a much more accurate characteristic of panic buying.
      Citation: Economies
      PubDate: 2021-04-01
      DOI: 10.3390/economies9020046
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 47: Climate Justice in an Intergenerational
           Sustainability Framework: A Stochastic OLG Model

    • Authors: Gianluigi Cisco, Andrea Gatto
      First page: 47
      Abstract: Climate justice is conceived as the intertemporal climate equity and equality exchange amongst generations. Sustainability—intended as the interplay amongst the economy, the society, the environment, and the governance—is essential to forge the climate justice theoretical framework. On this base, the study attempts to model the intertemporal choice of the status quo amongst generations in these four domains, making use of an overlapping generations (OLG) model making use of an intertemporal choice framework. The proxies detected are GDP growth (economy), environmental quality (environment), and labor growth, and environmental investment (society) as assumptions. The governance dimension is captured by the difference in wealth between young and old generations. The work aims at replying to the following research question: Which are the conditions for sustainable development such that climate justice holds' The intra-intergenerational exchange is defined in two periods, while the individual provides their preferred economic and environmental choice mix as consumption-saving. This study shows that keeping the business-as-usual scenario, young generations will have to bear the brunt of sustainable development. Additionally, reduced emissions are only achievable with increased efforts by the youth by reducing their leisure and consumption. These facts call for enhanced intergenerational sustainability and climate justice policies.
      Citation: Economies
      PubDate: 2021-04-01
      DOI: 10.3390/economies9020047
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 48: The VWRCA Index: Measuring a Country’s
           Comparative Advantage and Specialization in Services. The Case of Poland

    • Authors: Roman Wosiek, Anna Visvizi
      First page: 48
      Abstract: In the extant body of literature on the servitization of the economy, on the one hand, and determinants of growth and development, on the other, the classic question of revealed comparative advantage (RCA) plays a prominent role. Regardless of the popularity, relevance, and validity of the use of the RCA as a part of multivariate queries on the above topics, this paper argues that the RCA alone offers a rather static insight into a country’s economic performance. Most importantly, the classic take on the RCA does not allow us to query a country’s comparative advantage and degree of specialization in the services sector. By inserting itself in the broader discussion on ways of bypassing the limitations inherent in the classic RCA index, this paper proposes a novel take on the RCA index, i.e., the Visvizi–Wosiek RCA (VWRCA) index, and, subsequently, applies it to the study of the evolution of the services sector in Poland over the period 2010–2019. The added value of the VWRCA index is threefold. (i) By recognizing the increasing role of services in the global economy, it serves as a useful tool in queries aimed at examining the structure of a given economy, the degree of specialization in the production of certain services, and the real revealed comparative advantage a country has in the production of a certain group/category of services. (ii) By focusing solely on services, the VWRCA index allows us to examine the volume and velocity of trade in services independently from the volume of trade in goods. (iii) Due to the resulting methodological accuracy, it enables the inclusion of a temporal dimension in the analysis, which in turn gives cues as to specific developments and the actual performance of a given economy regarding the evolution of the services sector.
      Citation: Economies
      PubDate: 2021-04-02
      DOI: 10.3390/economies9020048
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 49: Islamic Financial Depth, Financial
           Intermediation, and Sustainable Economic Growth: ARDL Approach

    • Authors: Adil Saleem, Judit Sági, Budi Setiawan
      First page: 49
      Abstract: The pre-eminence of Islamic finance from the perspective of economic growth has been a long-standing debate. In recent decades, there has been a paradigm shift from interest-based banking to Islamic financial system. This study intends to examine the dynamic interaction of Islamic financial depth (IFD), Islamic financial intermediation (IFI), and asset quality with economic growth in a dual banking system. The paper employs autoregressive distributive lag regression (ARDL), error correction model (ECM) and Granger causality to examine the long and short run linkage by using the quarterly data of Pakistan from 2005 to 2019. The authors run two models to analyze the relative importance of financial depths (Islamic and conventional), financial intermediation (Islamic and conventional), and asset quality of both financial systems. A long-run relationship flowing from finance to growth in both Islamic and conventional finance models has been observed in our study. Furthermore, the findings recommend that strong financial intermediation plays an imperative role in driving economic growth by both financial sectors. The presence of a higher degree of Islamic financial assets in the economy contributes towards economic growth in the short-run. The results show that asset quality possibly plays an important intervening role in the overall finance-growth nexus.
      Citation: Economies
      PubDate: 2021-04-06
      DOI: 10.3390/economies9020049
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 50: Exploring the Channels of Transmission
           between External Debt and Economic Growth: Evidence from Sub-Saharan
           African Countries

    • Authors: Adewale Hassan, Daniel Meyer
      First page: 50
      Abstract: This study aimed to determine the channels through which external debt transmits its impact on economic growth in sub-Saharan African (SSA) countries. To this end, panel data comprising 30 SSA countries were investigated for the period 1985–2019, using the system generalized method of moments (GMM) estimation technique. The study identified public investment, private investment and total factor productivity as channels transmitting the non-linear effect from external debt to economic growth. Furthermore, the interest rate was also confirmed as a channel but with a direct effect. Contrariwise, the estimates indicated that savings are not a channel of transmission from external debt to economic growth in SSA. These findings call for urgent action from SSA countries to reduce their external debt stocks and implement alternative macroeconomic non-debt strategies to improve the identified channels to counteract the negative effect of high external debt on them.
      Citation: Economies
      PubDate: 2021-04-06
      DOI: 10.3390/economies9020050
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 51: Mobile Money Use: The Impact of Macroeconomic
           Policy and Regulation

    • Authors: Lorna Katusiime
      First page: 51
      Abstract: This paper examines the effects of macroeconomic policy and regulatory environment on mobile money usage. Specifically, we develop an autoregressive distributed lag model to investigate the effect of key macroeconomic variables and mobile money tax on mobile money usage in Uganda. Using monthly data spanning the period March 2009 to September 2020, we find that in the short run, mobile money usage is positively affected by inflation while financial innovation, exchange rate, interest rates and mobile money tax negatively affect mobile money usage in Uganda. In the long run, mobile money usage is positively affected by economic activity, inflation and the COVID-19 pandemic crisis while mobile money customer balances, interest rate, exchange rate, financial innovation and mobile money tax negatively affect mobile money usage.
      Citation: Economies
      PubDate: 2021-04-07
      DOI: 10.3390/economies9020051
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 52: Building a Model for Financial Management of
           Digital Technologies in the Areas of Combinatorial Effects

    • Authors: Andrey A. Zaytsev, Roman S. Blizkyi, Irina I. Rakhmeeva, Nikolay D. Dmitriev
      First page: 52
      Abstract: The race of states for digital leadership faces the challenges of digital transformation foresight, providing combinatorial effects and acceleration of digitalization processes, contributing to a more efficient allocation of limited financial resources. This situation determines the relevance of the authors’ study, which aims to develop an appropriate model for the allocation of funds for digital technologies. The methodology of the study is based on the concepts of technological modes and cyclical development of the economy. The paper presents the authors’ definition of the concept “digital space,” which is new to Russian scientific literature. The key research method is mathematical modeling. The scientific novelty of the paper is chronological architectonics of digital transformations, built by the authors, and the model of distribution of financing under the investment constraints due to the trust limit of the society institutions, the time of fluctuations of the system of technological adaptation, and the response of the institutional environment to the digital limits of the transformations. The practical significance of the proposed models is the identified tandem interconnected digital technologies of the areas of combinatorial effects that accelerate the dynamics of Industry 4.0, as well as the resulting tools for the effective management of digital technology financing. The obtained theoretical and empirical results are desirable for the heads of government agencies, foundations, corporations, and development agencies, as well as enterprises interested in accelerating digital transformation and increasing strategic competitiveness in the digital space.
      Citation: Economies
      PubDate: 2021-04-07
      DOI: 10.3390/economies9020052
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 53: The “Four Core Elements” as a Measuring
           Instrument: From Simplicity to Complexity in Tourist Destination

    • Authors: Gema Pérez-Tapia, Fernando Almeida-García, Pere Mercadé-Melé
      First page: 53
      Abstract: An adequate image of a tourist destination is a key instrument to attract tourists who will contribute to the development and economic growth of the place. The objective of this study is to analyze the formation and measure of the destination image. It contains a novel analysis which breaks down the heterogeneous aspects traditionally included in the cognitive dimension of the image into factors that provide more in-depth knowledge of it. A model is used in which the image is related to the corporate image of companies abroad. An exploratory factorial analysis and a structural equation model are used to test the hypotheses formulated. The sample consists of 409 questionnaires submitted to citizens of South Korea. A new scale is proposed, including four basic elements which are essential for any destination. They will serve as the basis for the diagnosis of the tourist competitiveness of the same, facilitating the action on them and their improvement. Additionally, this scale, known as the four core elements, enables the measurement of a destination image to be standardized.
      Citation: Economies
      PubDate: 2021-04-07
      DOI: 10.3390/economies9020053
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 54: The Intra-EU Value Chain: An Approach to Its
           Economic Dimension and Environmental Impact

    • Authors: Óscar Rodil-Marzábal, Hugo Campos-Romero
      First page: 54
      Abstract: This paper aims to analyze the economic dimension and environmental impact of intra-EU value-added generation linked to global value chains (GVCs) through input-output analysis. For this purpose, information has been collected from TiVA (Trade in Value Added, OECD) and Eora databases for the years 2005 and 2015. From an economic perspective, the results point to a strengthening of the value-added generated within Factory Europe. From an environmental perspective, all EU28 members have reduced their exports-related impacts in intensity-emissions terms, but not all of them in the same degree. An approach to the environmental Kuznets curve (EKC) has also been carried out through a panel data model. The results show a positive impact of the participation in intra-EU value chain (Factory Europe) on CO2 emissions per capita. Further, an inverted U-shaped curve for CO2 emissions is found for the period 2005–15. In this sense, European economies with lower development levels (many Eastern and Southern countries) seem to be still on the rising segment of the curve, while the more developed ones seem to be on the decreasing segment. These results highlight the need to design global monitoring and prevention mechanisms to tackle growing environmental challenges and the need to incorporate specific actions associated with the GVCs activity.
      Citation: Economies
      PubDate: 2021-04-07
      DOI: 10.3390/economies9020054
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 55: Workplace Health Promotion, Employee
           Wellbeing and Loyalty during Covid-19 Pandemic—Large Scale Empirical
           Evidence from Hungary

    • Authors: Eva Gorgenyi-Hegyes, Robert Jeyakumar Nathan, Maria Fekete-Farkas
      First page: 55
      Abstract: Corporate social responsibility (CSR) has become an innovative strategic management tool of socially and environmentally conscious business organizations in the 21st century. Although external CSR activities are better researched, firms’ internal CSR activities such as workplace health promotion and its impact on employee wellbeing are less understood, especially during a pandemic where job security is relatively lower in many sectors of employment. Additionally, wellbeing and good health have been recognized as important targets to achieve as part of the United Nation’s Sustainable Development Goal 3. Therefore, this study investigates the relationship between health-related work benefits and employee wellbeing, satisfaction and loyalty to their workplace. Large scale survey research was performed with responses from 537 employees in Hungary and 16 hypotheses were tested. Data analysis and path modelling using PLS-SEM (Partial Least Squares Structural Equation Modelling) reveal two-layers of factors that impact employee wellbeing, satisfaction and loyalty. We term this as ‘internal locus of control’ and ‘external locus of control’ variables. Internal locus of control variables such as mental and emotional health leads to wellbeing at the workplace but do not directly impact employee satisfaction and loyalty. In contrast, external locus of control factors such as healthcare support leads to wellbeing, satisfaction and loyalty. Employer commitment to healthcare support system is found pertinent especially during the pandemic. We discover wellbeing as a unique standalone construct in this study, which is vital as is it formed by mental and emotional wellbeing of employees, albeit not a determinant of employee workplace satisfaction and loyalty. We theorize workers’ self-reliance and preservation as possible explanations to the disassociation between employee wellbeing and loyalty to workplace during times of crisis and the pandemic.
      Citation: Economies
      PubDate: 2021-04-09
      DOI: 10.3390/economies9020055
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 56: Mediating Role of Firm R&D in Creating
           Product and Process Innovation: Empirical Evidence from Norway

    • Authors: Yee Yee Sein, Viktor Prokop
      First page: 56
      Abstract: Government funding actively engages in private R&D investment to enhance firm innovation. At the same time, firms are forced to find additional sources of competitive advantage, e.g., through cooperation based on the triple- or quadruple-helix principles. This paper analyses whether government funding and cooperation based on the triple-helix and quadruple-helix principles spur firms’ product and process innovation rather directly or indirectly, taking into account the role of firms R&D. For this purpose, we collect data from the Community Innovation Survey and analyse 5045 Norwegian firms by using partial least squares structural equation modelling. Our results confirm hypotheses that public funding and both triple-helix and quadruple-helix cooperation significantly influence firms’ research and development activities. Surprisingly, on the one hand, we showed that neither public funding nor triple- and quadruple-helix cooperation affect firms’ product innovation directly. Moreover, the results show a negative influence of government funding and triple- and quadruple-helix cooperation on Norwegian firms’ product innovation. On the other hand, process innovation is influenced positively and directly by firms’ cooperation based on the triple- and quadruple-helix principles. The results of our analyses clearly show the key role of firm’s R&D, which has proven to be a mediator of the effects of public funding and triple- and quadruple-helix cooperation on the product and process innovation activities of Norwegian firms.
      Citation: Economies
      PubDate: 2021-04-09
      DOI: 10.3390/economies9020056
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 57: Mobility Restrictions and E-Commerce:
           Holistic Balance in Madrid Centre during COVID-19 Lockdown

    • Authors: Rafael Villa, Andrés Monzón
      First page: 57
      Abstract: COVID-19 has brought about a substantial change in urban mobility, as well as an unprecedented increase in e-commerce throughout the world due to the emergence of new ways of shopping and consumption habits. In this context, urban logistics plays a crucial role in the triple bottom line of sustainability. The present document establishes a holistic vision of the problem aiming to (i) measure and compare the traffic generated in the Madrid Central area (low-emission zone) during the periods before and after the pandemic, and (ii) quantify e-commerce orders made by residents, as well as the Light Commercial Vehicles (LCV) required to deliver these parcels, measuring their environmental impact. The results show that road traffic in the Madrid Central area decreased by approximately 2/3 compared to normal levels and 1/2 in the case of LCVs. With regards to e-commerce, the number of parcels delivered doubled. This fact entailed an increase in the number of LVCs dedicated to package delivery in the central district and more pollution, but to a lesser extent than the growth of e-commerce. The challenge faced by urban logistics in the post-Covid era is managing to blend new mobility within large cities with the high volumes of e-commerce deliveries demanded by residents.
      Citation: Economies
      PubDate: 2021-04-13
      DOI: 10.3390/economies9020057
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 58: Developing Corporate Sustainability
           Assessment Methods for Oil and Gas Companies

    • Authors: Tatyana Ponomarenko, Oksana Marinina, Marina Nevskaya, Kristina Kuryakova
      First page: 58
      Abstract: As it is predicted that there will be a decrease in production at the oil and gas facilities that are currently operating, it becomes necessary to start developing new oil and gas fields. This results in changes to the state’s policy regarding the participation of private companies in the development and implementation of oil and gas offshore exploration and production new projects. Access to unique fields can be provided to the most socially responsible companies. The purpose of this study is to present the author’s methodology for assessing the dynamics of corporate sustainability. The methodology is based on the assessment of individual, well-founded indicators of sustainable development of companies. The proposed methodology takes into account factors in areas such as occupational health and safety, environmental protection and economic efficiency and identifies two performance indicators. The first indicator is an aggregated index for three groups of factors to assess company ratings relative to the performance of the best company. The second indicator is an assessment of the dynamics within the company relative to the previous values of indicators of corporate social responsibility. The research results obtained using the proposed methodology show that oil and gas companies differ significantly in terms of corporate sustainability. The developed methodology for assessing corporate sustainability is of practical importance and can be used by companies in the analysis and planning of operating and investment activities that ensure the achievement of goals of corporate social responsibility.
      Citation: Economies
      PubDate: 2021-04-14
      DOI: 10.3390/economies9020058
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 59: A Transformation of the Approach to
           Evaluating a Region’s Investment Attractiveness as a Consequence of the
           COVID-19 Pandemic

    • Authors: Dmitriy G. Rodionov, Evgenii A. Konnikov, Magomedgusen N. Nasrutdinov
      First page: 59
      Abstract: The global COVID-19 pandemic has caused a transformation of virtually all aspects of the world order today. Due to the introduction of the world quarantine, a considerable share of professional communications has been transformed into a format of distance interaction. As a result, the specific weight of traditional components of the investment attractiveness of a region is steadily going down, because modern business can be built without the need for territorial unity. It should be stated that now the criteria according to which investors decide if they are ready to invest in a region are dynamically transforming. The significance of the following characteristics is increasingly growing: the sustainable development of a region, qualities of the social environment, and consistency of the social infrastructure. Thus, the approaches to evaluating the region’s investment attractiveness must be transformed. Moreover, the investment process at the federal level involves the determination of target areas of regional development. Despite the universal significance of innovative development, the region can develop much more dynamically when a complex external environment is formed that complements its development model. Interregional interaction, as well as an integrated approach to innovative development, taking into account not only the momentary effect, but also the qualitative long-term transformation of the region, will significantly increase the return on investment. At the same time, the currently existing methods for assessing the investment attractiveness of the region are usually heuristic in nature and are not universal. The heuristic nature of the existing methods does not allow to completely abstract from the subjectivity of the researcher. Moreover, the existing methods do not take into account the cyclical properties of the innovative development of the region, which lead to the formation of a long-term effect from the transformation of the regional environment. This study is aimed at forming a comprehensive methodology that can be used to evaluate the investment attractiveness of a certain region and conclude about the lines of business that should be developed in it as well as to find ways to increase the region’s investment attractiveness. According to the results of the study, a comprehensive methodology was formed to evaluate the region’s investment attractiveness. It consists of three key indicators, namely, the level of the region’s investment attractiveness, the projected level of the region’s investment attractiveness, and the development vector of the region’s investment attractiveness. This methodology is based on a set of indicators that consider the status of the economic and social environment of the region, as well as the status of the innovative and ecological environment. The methodology can be used to make multi-dimensional conclusions both about the growth areas responsible for increasing the region’s innovative attractiveness and the lines of business that should be developed in the region.
      Citation: Economies
      PubDate: 2021-04-15
      DOI: 10.3390/economies9020059
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 60: Determinants of Poverty in Mexico: A Quantile
           Regression Analysis

    • Authors: Jorge Garza-Rodriguez, Gustavo A. Ayala-Diaz, Gerardo G. Coronado-Saucedo, Eugenio G. Garza-Garza, Oscar Ovando-Martinez
      First page: 60
      Abstract: Most studies on the determinants of poverty do not consider that the relative importance of each of these determinants can vary depending on the degree of poverty suffered by each group of poor people. For Mexico’s case, the studies carried out so far do not contemplate this approach, even though there is wide variation in the degree of poverty among the different groups of the poor. Investigating these differences is important to design better policies for fighting poverty, which consider how each variable that explains poverty affects each group of people who suffer from poverty differently. This article examines the determinants of poverty for Mexican households. Using data from the Mexican National Household Income and Expenditure Survey (ENIGH) 2018, the study estimates a probit model and a quantile regression model to examine the extent to which the determinants of poverty vary across the poverty spectrum. The results from the probit model indicate that households with more than one member, having a female head, or speaker of an indigenous language are more likely to be poor. The results obtained in the quantile regressions indicate that there are significant differences with the results of the simple ordinary least squares model, especially for households in extreme poverty but also for the other income categories analyzed for several of the explanatory variables used in the models. Households in the categories extremely poor and deeply poor are most affected if they are in the southern region or if the household head speaks an indigenous language or is an elderly person. It is observed that achieving a higher educational level is an effective way to increase income across the poverty spectrum.
      Citation: Economies
      PubDate: 2021-04-15
      DOI: 10.3390/economies9020060
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 61: Taxation of Land and Economic Growth

    • Authors: Shulu Che, Ronald Ravinesh Kumar, Peter J. Stauvermann
      First page: 61
      Abstract: In this paper, we theoretically analyze the effects of three types of land taxes on economic growth using an overlapping generation model in which land can be used for production or consumption (housing) purposes. Based on the analyses in which land is used as a factor of production, we can confirm that the taxation of land will lead to an increase in the growth rate of the economy. Particularly, we show that the introduction of a tax on land rents, a tax on the value of land or a stamp duty will cause the net price of land to decline. Further, we show that the nationalization of land and the redistribution of the land rents to the young generation will maximize the growth rate of the economy.
      Citation: Economies
      PubDate: 2021-04-17
      DOI: 10.3390/economies9020061
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 62: The Effects of Corruption, Renewable Energy,
           Trade and CO2 Emissions

    • Authors: Nuno Carlos Leitão
      First page: 62
      Abstract: Corruption reflects a set of illegal activities that jeopardize the smooth functioning of economies, society, and climate and environmental issues. This article tests the relationships between economic growth, corruption, renewable energies, international trade, and carbon dioxide emissions using panel data for European countries, namely Portugal, Spain, Italy, Ireland, and Greece, from 1995–2015. As an econometric strategy, this research uses the panel fully modified least squares (FMOLS), panel dynamic least squares (DOLS), and panel two-stage least squares estimator (TSLS). Considering the variables utilized in the research and the panel unit root test, we observed that the variables are integrated I (1) in the first difference. The variables of corruption, economic growth, renewable energies, international trade, and carbon dioxide emissions are cointegrated in the long run, using the Pedroni and Kao residual cointegration test arguments. The methodology of Dumitrescu–Hurlin to test the causality between carbon dioxide emissions, corruption, economic growth, and renewable energy shows that there is unidirectional causality between carbon dioxide emissions and corruption and economic growth and corruption. The results suggest that the corruption index and economic growth have a statistically significant positive impact on carbon dioxide emissions. However, renewable energies and international trade reduce climate change and improve the environmental quality.
      Citation: Economies
      PubDate: 2021-04-19
      DOI: 10.3390/economies9020062
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 63: Economic and Political Consequences of the
           Compulsory Voting in Public Parliamentary Elections: Czech Case Study

    • Authors: Ondrej Kuba, Jan Stejskal
      First page: 63
      Abstract: Scholars who study compulsory voting realize their research in countries where compulsory voting already exists. On the contrary, there are not many studies that deal with ex ante analyses of the economic and political consequences of voter behavior caused by a new element in public elections—compulsory voting. Therefore, the aim of this paper is to find out what voters’ reactions will cause when compulsory voting is introduced in the Czech Republic. This paper has the ambition to contribute to the understanding of the economic and political context of sanctions for non-voters. The analysis of non-voters’ willingness to change their behavior due to the fine and the determination of the amount of this fine in the Czech Republic are the practical benefits of this study. In this way, we determine the “abstention price” of a vote. The input data of the analysis are data obtained by a questionnaire survey conducted in the Czech Republic in 2020; the target group is 807 respondents. The basic statistical operations, and binary and multinomial logistic regressions were employed in this study. The results of the research show that compulsory voting has only a minimal effect on the turnout. The introduction of compulsory voting changes the characteristics of the typical voter. Voters with lower political interest and political knowledge will take part in the elections more often. The fine that non-voters would be willing to pay is approx. 6% of their average monthly income.
      Citation: Economies
      PubDate: 2021-04-22
      DOI: 10.3390/economies9020063
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 64: Comparative Economics of Conventional,
           Organic, and Alternative Agricultural Production Systems

    • Authors: Timothy C. Durham, Tamás Mizik
      First page: 64
      Abstract: Agricultural production systems are a composite of philosophy, adoptability, and careful analysis of risks and rewards. The two dominant typologies include conventional and organics, while biotechnology (GM) and Integrated Pest Management (IPM) represent situational modifiers. We conducted a systematic review to weigh the economic merits—as well as intangibles through an economic lens—of each standalone system and system plus modifier, where applicable. Overall, 17,485 articles were found between ScienceDirect and Google Scholar, with 213 initially screened based on putative relevance. Of those, 82 were selected for an in-depth analysis, with 63 ultimately used. Economically, organic generally outperformed conventional systems. This is largely due to their lower production costs and higher market price. However, organic farms face lower yields, especially in the fruit, vegetable, and animal husbandry sectors. With that said, organic farming can provide significant local environmental benefits. Integrated pest management (IPM) is a potentiator of either core system. As a risk reduction and decision-making framework, it is labor intensive. However, this can be offset by input reductions without yield penalty compared to a conventional baseline. Biotechnology is a rapidly emerging production system, notably in developing countries. The use of GM crops results in lower production cost and higher yields. As a conventional modifier, its major advantage is scale-neutrality. Thus, smaller and lower income farmers may achieve higher gross margin. The main source of environmental benefits is reduced pesticide use, which implies a decreased need for fuel and labor. Barring external influences such as subsidies and participation in prescriptive labeling programs, farmers should focus on an a la carte approach (as opposed to discrete system adoption) to optimize their respective enterprises.
      Citation: Economies
      PubDate: 2021-04-25
      DOI: 10.3390/economies9020064
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 65: Collective Action Problems and Direct
           Democracy: An Analysis of Georgia’s 2010 Trauma Care Funding Amendment

    • Authors: Joshua C. Hall, Jeremy Horpedahl, E. Frank Stephenson
      First page: 65
      Abstract: In 2010, Georgians voted on a proposed constitutional amendment that would have increased motor vehicle licensing fees by USD 10 with the proceeds dedicated to maintaining and expanding the state’s trauma care centers. This paper examines voter support for the referendum across counties and finds (1) that counties located near trauma centers in neighboring states had significantly lower support for the amendment and (2) that counties already having trauma centers had higher support for the amendment. These results are, respectively, consistent with free-riding and rent-seeking on the part of voters.
      Citation: Economies
      PubDate: 2021-04-26
      DOI: 10.3390/economies9020065
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 66: The Determinants of FDI Sectoral Structure in
           the Central and East European EU Countries

    • Authors: Mario Pečarić, Tino Kusanović, Pavle Jakovac
      First page: 66
      Abstract: The EU model of market integration, based on financial openness, leads to divergence and sectoral specialization, which makes the convergence of Central and East European EU countries (CEE) in the EU questionable. The idea of the paper is that forms of foreign direct investment (FDI) have a differential effect on the growth and development of countries—i.e., it is assumed that FDI inflows into the manufacturing sector have a greater intensity and impact on economic growth than inflows into the services sector. Therefore, the aim of this paper is to analyze the system determinants and transmission mechanisms of the sectoral structure of FDI inflows on the sample of 10 CEE for the period 1995–2019. Following a critical analysis of previous research, a panel model was constructed in the empirical section. A developed credit market and the purchasing power of residents lead to greater capital inflows into the services sector, while a higher GDP growth rate and a depreciated real exchange rate lead to higher inflows into the manufacturing sector. The conclusion of the paper is that changing the structure of the domestic economy based on clear industrial and investment policies is the best way to attract developmentally efficient FDI.
      Citation: Economies
      PubDate: 2021-04-27
      DOI: 10.3390/economies9020066
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 67: Dynamics of Human Capital Development in
           Economic Development Cycles

    • Authors: Yulia Gruzina, Irina Firsova, Wadim Strielkowski
      First page: 67
      Abstract: Our paper focuses on the dynamics of development of human capital in economic development cycles (as described, for example, in the works of Becker or Barro). In the course of this research, we created an econometric model based on the modified Mankiw‒Romer‒Weil equation of the Cobb‒Douglas function which takes into account the factor of convergence/divergence and differentiation due to changes in the size of territories, population, volume of economies, and other parameters of the studied states and societies. The applied Theil index makes it possible (since it can be used as a “transition key”) to compare the dynamic time series of human capital development in the early industrial and post-industrial, knowledge, as well as the information cycles of economic development. Drawing on the historical experience of four industrial revolutions, our paper finds that, contrary to popular belief, which considers early industrialization to be a largely unfettered process and human capital development to be a by-product, the Industrial Revolutions actually contributed to the formation of human capital by fostering new technologies and opening up opportunities for personal development for a large number of people, as well as creating a large numbers of new jobs and significantly increasing productivity and wages. Our approach makes it possible to calculate the development of human capital for each cycle of economic development according to separate formulas and then compare them in one dynamic series. Our results might be relevant for stakeholders and policy-makers in the countries largely relying upon the export of their natural resources who might want to attempt changing their dependency and to invest in the formation of a knowledge-based economy based on the high-quality human capital.
      Citation: Economies
      PubDate: 2021-05-01
      DOI: 10.3390/economies9020067
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 68: Exploration of the Factors that Influence the

    • Authors: Eva Petrová, Tomáš Štofa, Michal Šoltés
      First page: 68
      Abstract: Considering internationally accepted voluntary standards of an environmental management system (EMS) as tools that can help businesses meet the agenda for sustainable development and environmental wellbeing, this study aims to examine selected firm characteristics and financial performance that are potentially related to decisions of business entities in the matter of voluntary EMS implementation. We conduct empirical research based on logistic regression to study Slovak firms that are or are not certified according to ISO 14001 and EMAS standards. Our results suggest that there are several factors potentially determining the positive company choice to adopt voluntary EMS. We have confirmed the positive effect of firm size and research and development, however, we were not able to confirm the effects of foreign ownership and profitability effects. In the case of indebtedness, we have found a stronger negative effect of long-term debt. Our results also suggest a positive effect of owning a website, where companies can share information about their certificates. On the other side, especially younger companies tend to be interested in voluntary EMS.
      Citation: Economies
      PubDate: 2021-05-01
      DOI: 10.3390/economies9020068
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 69: National and Sub-National Social Distancing
           Responses to COVID-19

    • Authors: Iverson, Barbier
      First page: 69
      Abstract: We examine the effectiveness of sub-national actions to control a novel disease, such as COVID-19, in the absence of national policy. Evidence shows that countries where sub-national governments have undertaken unilateral social distancing measures to combat the pandemic with little or no coordination have performed less well in controlling the spread of the disease. We explore analytically whether agreement on a common social distancing policy among sub-national governments, i.e., states or provinces, can lead to a better outcome than if each state or province pursues its own social distancing policy in isolation. A key feature of our model is that it accounts for the inter-jurisdictional spillover effects of each sub-national jurisdiction’s policy choice with respect to social distancing. Our results show that, in the absence of a national mandatory agreement, a sub-national agreement with sufficient coordination of social distancing policy among states yields a more effective and efficient control of a pandemic compared to states choosing policy unilaterally. These findings strongly support calls for greater cooperation among and assistance for sub-national governments to improve the effectiveness of their social distancing efforts in controlling the pandemic.
      Citation: Economies
      PubDate: 2021-05-01
      DOI: 10.3390/economies9020069
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 70: The Relationship between the Company’s
           Value and the Tone of the Risk-Related Narratives: The Case of Portugal

    • Authors: Michele Gendelsky de Oliveira, Graça Azevedo, Jonas Oliveira
      First page: 70
      Abstract: The present study aims to identify the impact of the tone of risk reporting narratives on company market value. The paper uses a sample of 34 Portuguese non-finance companies with shares traded at the Euronext Lisbon stock exchange market. The paper conducts an automated content analysis of the risk reporting narratives included in the risk and risk management sections of the annual reports for 2018 by using the software DICTION 7 (Digitext, Inc., Austin, TX, USA) to retrieve the speech tone. Main findings indicate that the tone category “activity” is associated negatively with the company’s market value. This result shows that investors misprice risk information that incorporates traces of overconfidence, narcissistic self-confidence and heroic leadership. The present study extends prior literature by analyzing the economic incentives of the tone of risk reporting narratives, not yet studied. Findings are both relevant to investors to support their decision-making processes and managers to strategically manage their risk communication tactics and benefit from the advantages emanated from them. Limitations related to the research setting do not undermine the generalization of findings because the automated algorithm provided by DICTION assures the content analysis’s reliability. The sample used corresponds to the population of the Portuguese non-finance listed companies.
      Citation: Economies
      PubDate: 2021-05-01
      DOI: 10.3390/economies9020070
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 71: India’s Road to Independence in
           Manufacturing Active Pharmaceutical Ingredients: Focus on Essential

    • Authors: Jerin Jose Cherian, Manju Rahi, Navdeep Rinwa, Shubhra Singh, Sanapareddy Eswara Reddy, Yogendra Kumar Gupta, Vishwa Mohan Katoch, Vijay Kumar, Sakthivel Selvaraj, Payal Das, Raman Raghunathrao Gangakhedkar, Amit Kumar Dinda, Swarup Sarkar, Puroshottambhai Devshibhai Vaghela, Balram Bhargava
      First page: 71
      Abstract: Background: Active Pharmaceutical Ingredient (API) manufacturing is an important segment of the Indian pharma industry. India ranks third in terms of volume of medicines produced, and is a major global supplier of generic medicines. However, India depends heavily on the import of several raw materials used to produce some of these medicines. Main Body: This paper highlights how the situation emerged, as well as the various steps taken by the government to reduce import dependency and promote domestic manufacturing of APIs. Through various consultations with government officials, policy analysts and academicians, and interactions with key industry experts, the paper also highlights the public health perspectives of such dependence, especially regarding the secure access to essential medicines. India needs a conducive ecosystem to capitalize on the full potential of its API manufacturing capabilities, which may require some short-term and some mid/long-term interventions. Conclusions: It concludes by providing certain short-, medium- and long-term recommendations in the policy, fiscal and technology domains, to promote API independence. It also summarizes the various steps taken by the government in moving towards domestic manufacturing of APIs.
      Citation: Economies
      PubDate: 2021-05-03
      DOI: 10.3390/economies9020071
      Issue No: Vol. 9, No. 2 (2021)
  • Economies, Vol. 9, Pages 1: Does Foreign Direct Investment and Trade
           Promote Economic Growth' Evidence from Albania

    • Authors: Sam Hobbs, Dimitrios Paparas, Mostafa E. AboElsoud
      First page: 1
      Abstract: Albania has experienced a rapid transition from a centrally planned economy to a mixed economy since the fall of communism in 1989. Policy changes, trade liberalization, and privatization have come about at a rapid pace, allowing foreign direct investment (FDI) and international trade to become key components of Albania’s economy. Against this backdrop, this study investigates the relationships among FDI, trade, and economic growth in Albania. Annual time-series data were obtained from the World Bank. Then, the following econometric tests were performed on the variables representing FDI inflows, exports, and GDP as proxies for FDI, trade, and economic growth: the unit root test; the unit root test with a structural break; Johansen cointegration analysis; the error correction model; and the Granger causality test. The results revealed a long-term relationship between FDI, trade, and economic growth. The Granger causality tests found unidirectional causality. Economic growth brought about exports and FDI in the short term but not vice versa. In conclusion, policymakers need to design policies that promote technology-based, export-promoting FDI to meet the needs of the economy and develop specialized sectors that are competitive in the global market. Furthermore, the salient takeaway is that the penetration of export markets should be promoted as much as the furtherance of FDI.
      Citation: Economies
      PubDate: 2021-01-01
      DOI: 10.3390/economies9010001
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 2: ‘Sequencing Economics’ on the ICT Industry
           Agglomeration for Economic Integration

    • Authors: Akifumi Kuchiki
      First page: 2
      Abstract: In this paper, we seek to establish ‘sequencing economics’ in an architectural theory on agglomerations that are comprised of various segments, such as infrastructure, institutions and human resources. The sequencing of such segments is based on a causal chain, with the notion of ‘economies of sequence’ regarded as a tool with which to efficiently sequence the segment construction, as defined by Granger causality relationships. The use of ‘new economic geography’ for cases in which such economies of sequence were applied to the information and communication technology (ICT) industry, the paper concludes that as the starting conditions for the sequencing of the segments of the agglomeration, the value of the share of skilled workers exceeds the threshold value at which the symmetric equilibrium shifts to an agglomeration equilibrium. The results of Granger causality testing identified that an increase in research expenses Granger-causes an increase in the number of patents, and an increase in the number of patents Granger-causes an increase in value added. Based on our results, we conclude that when sequencing the segments of an agglomeration in the ICT industry, the development and invitation of researchers is a precondition, and that the procurement of research funds for patent development precedes any increase in patents. Subsequently, the procurement of funds is necessary for the development of products based on the patents.
      Citation: Economies
      PubDate: 2021-01-01
      DOI: 10.3390/economies9010002
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 3: Impact of Economic Freedom on Corruption
           Revisited in ASEAN Countries: A Bayesian Hierarchical Mixed-Effects

    • Authors: Nguyen Ngoc Thach, Bui Hoang Ngoc
      First page: 3
      Abstract: Conceptual and applied studies assessing the linkage between economic freedom and corruption expect that economic freedom boosts economic growth, improves income, and reduces levels of corruption. However, most of them have concentrated on developed and developing groups, while the Association of Southeast Asian Nations (ASEAN) countries have drawn much less attention. Empirical findings are most often conflicting. Moreover, previous studies performed rather simple frequentist techniques regressing one or some freedom indices on corruption that do not allow for grasping all the aspects of economic freedom as well as capturing variations across countries. The study aims to investigate the effects of ten components of economic freedom index on the level of corruption in ten ASEAN countries from 1999 to 2018. By applying a Bayesian hierarchical mixed-effects regression via a Monte Carlo technique combined with the Gibbs sampler, the obtained results suggest several findings as follows: (i) In view of probability, the predictors property rights, government integrity, tax burden, business freedom, labor freedom, and investment freedom have a strongly positive impact on the response perceived corruption index; (ii) Government spending, trade freedom, and financial freedom exert a strongly negative effect, while the influence of monetary freedom is ambiguous; and (iii) There is an existence of not only random intercepts but also random coefficients at the country level impacting the model outcome. The empirical outcome could be of major importance for more efficient corruption controlling in emerging countries, including ASEAN nations.
      Citation: Economies
      PubDate: 2021-01-05
      DOI: 10.3390/economies9010003
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 4: A Debt Market Model for the BRICS

    • Authors: Mikhail Zharikov
      First page: 4
      Abstract: The author introduces an approach for a consensual economic policy for a group of rapidly developing countries as a response to contemporary global economic challenges. This article reconsiders the problems of international economic integration in the period of deglobalization. The author puts forward the hypothetical model of a debt market of BRICS-bonds. The paper discusses approaches to servicing government debt and budget deficits in the BRICS based on the shared framework of financial and economic institutions. The author formulates the possibilities of a shared economic policy in the BRICS that could help overcome the consequences of the crisis caused by COVID-19. The author proposes a unique budget deficit optimization approach for the BRICS. The article evaluates the options for automatic and state-run budget deficit services and identifies the optimal level of taxation and the average weighted tax rate for the BRICS. The author investigates the potential of the BRICS to use financial resources of the shared debt market based on the gradualist approach for a consensual economic policy.
      Citation: Economies
      PubDate: 2021-01-12
      DOI: 10.3390/economies9010004
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 5: Brand and Firm Value: Evidence from Arab
           Emerging Markets

    • Authors: Musaab Mousa, Judit Sági, Zoltán Zéman
      First page: 5
      Abstract: This study aims to estimate the impact of brand as the most important intangible marketing asset on firm value, measured by share return in some Arab emerging market, as well analyze the moderating role of agency costs in the relationship between share return and brand. We use the Ohlson model of valuation with a sample of the most traded companies on four markets under study. The panel data regression results show a significant impact of brand on return as well as agency costs that promote the valuation model power, meaning that good corporate governance increases the degree of marketing investment efficiency in value creation. Our findings support the literature relating to the residual earnings valuation model. Furthermore, the results confirm the informative content of marketing application besides the traditional accounting figures as a promising approach for firm valuation.
      Citation: Economies
      PubDate: 2021-01-12
      DOI: 10.3390/economies9010005
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 6: A Review of the Applications of Genetic
           Algorithms to Forecasting Prices of Commodities

    • Authors: Krzysztof Drachal, Michał Pawłowski
      First page: 6
      Abstract: This paper is focused on the concise review of the specific applications of genetic algorithms in forecasting commodity prices. Genetic algorithms seem relevant in this field for many reasons. For instance, they lack the necessity to assume a certain statistical distribution, and they are efficient in dealing with non-stationary data. Indeed, the latter case is very frequent while forecasting the commodity prices of, for example, crude oil. Moreover, growing interest in their application has been observed recently. In parallel, researchers are also interested in constructing hybrid genetic algorithms (i.e., joining them with other econometric methods). Such an approach helps to reduce each of the individual method flaws and yields promising results. In this article, three groups of commodities are discussed: energy commodities, metals, and agricultural products. The advantages and disadvantages of genetic algorithms and their hybrids are presented, and further conclusions concerning their possible improvements and other future applications are discussed. This article fills a significant literature gap, focusing on particular financial and economic applications. In particular, it combines three important—yet not often jointly discussed—topics: genetic algorithms, their hybrids with other tools, and commodity price forecasting issues.
      Citation: Economies
      PubDate: 2021-01-19
      DOI: 10.3390/economies9010006
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 7: The Impact of Transportation on the Croatian
           Economy: The Input–Output Approach

    • Authors: Luka Vukić, Davor Mikulić, Damira Keček
      First page: 7
      Abstract: The aim of this paper was to determine the economic impact of the transportation sector on the Croatian economy by using input–output analysis. According to the input–output tables for the Croatian economy for 2004, 2010, 2013, and 2015, output and gross value-added multipliers were calculated. The results of the conducted analysis indicated that the multiplicative effects of the transportation sector in Croatia were significant in the observed period, especially for the air transport sector. Furthermore, comparative multiplier analysis with selected European Union countries was performed to assess the Croatian transportation industry position from an international perspective. Lower output and gross value-added multipliers for the Croatian transportation sector imply that old European Union member states capitalized the transportation sector more for growth and development. The Croatian transportation sector recorded lower imported intermediate inputs, average domestic inputs, and higher value-added multipliers similar to new European Union members. Simulations based on multiplicative effects show that restrictions on movements and human contacts, imposed due to the COVID-19 pandemic, could induce a strong reduction in the economic activity of transport and other sectors that are included in the value-added chain of the transport industry.
      Citation: Economies
      PubDate: 2021-01-21
      DOI: 10.3390/economies9010007
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 8: Acknowledgment to Reviewers of Economies in

    • Authors: Economies Editorial Office Economies Editorial Office
      First page: 8
      Abstract: Peer review is the driving force of journal development, and reviewers are gatekeepers who ensure that Economies maintains its standards for the high quality of its published papers [...]
      Citation: Economies
      PubDate: 2021-01-26
      DOI: 10.3390/economies9010008
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 9: Analysis of the Territorial Efficiency of
           European Funds as an Instrument to Reduce Labor Gender Differences

    • Authors: Miguel Blanco, Lydia Bares, Oksana Hrynevych, Marcos Ferasso
      First page: 9
      Abstract: Gender equality has been one of the goals of the European Union since 1957. Article 157 of the Treaty on the Functioning of the European Union authorizes the European Parliament and the Council to adopt all those measures that guarantee the application of the principle of equality opportunities and equal treatment for men and women in employment and occupation matters. The main goal of this article was to determine whether the use of European Funds by Eurozone countries has made it possible to reduce labor differences in gender matters. To this end, the efficiency levels of the Funds are analyzed in two different periods, 2007 to 2013 and 2014 to 2020. Data Envelopment Analysis (DEA), a methodology frequently used by researchers in efficiency analyses, was applied. Among the main conclusions obtained are that the efficiency levels from the period 2014 to 2020 have been higher than that obtained in the previous period, but there are significant and persistent differences over time in the levels of gender efficiency between the different countries of the Eurozone.
      Citation: Economies
      PubDate: 2021-01-27
      DOI: 10.3390/economies9010009
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 10: A Metafrontier Analysis on the Performance of
           Grain-Producing Regions in Norway

    • Authors: Habtamu Alem
      First page: 10
      Abstract: Previous application of the stochastic frontier model and subsequent measurement of the performance of the crop sector can be criticized for the estimated production function relying on the assumption that the underlying technology is the same for different agricultural systems. This paper contributes to estimating regional efficiency and the technological gap in Norwegian grain farms using the stochastic metafrontier approach. For this study, we classified the country into regions with district level of development and, hence, production technologies. The dataset used is farm-level balanced panel data for 19 years (1996–2014) with 1463 observations from 196 family farms specialized in grain production. The study used the true random effect model and stochastic metafrontier analysis to estimate region level technical efficiency (TE) and technology gap ratio (TGR) in the two main grain-producing regions of Norway. The result of the analysis shows that farmers differ in performance and technology use. Consequently, the paper gives some regionally and farming system-based policy insights to increase grain production in the country to achieve self-sufficiency and small-scale farming in all regions.
      Citation: Economies
      PubDate: 2021-02-01
      DOI: 10.3390/economies9010010
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 11: Moderate Innovator Trap—Does the
           Convergence of Innovation Performance Occur in the World Economy'

    • Authors: Arkadiusz Michał Kowalski, Jakub Rybacki
      First page: 11
      Abstract: Based on β and σ convergence analysis, we find a high persistence of innovation gaps for international innovation indices reported by the European Commission. Our research confirms the diverging scientific potential across the analyzed economies. Estimation provides evidence of convergence in the case of R&D expenses and the relative position on the global technological frontier. We propose a simple fixed effect panel regression measuring relative innovativeness potential. Our model suggests that current ranking leaders, i.e., Nordic countries (Sweden, Denmark, and Finland) and Germany, are likely to further outpace the United States. Central and Eastern European countries are achieving the greatest relative gains but are unlikely to exceed 70% of US potential. Peripheral European countries, South Africa, Turkey, and Russia are projected to further lose their innovativeness position despite their weaker initial position.
      Citation: Economies
      PubDate: 2021-02-01
      DOI: 10.3390/economies9010011
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 12: Participating to Compete: Do Small Firms in
           Developing Countries Benefit from Global Value Chains'

    • Authors: Mauro Boffa, Marion Jansen, Olga Solleder
      First page: 12
      Abstract: Standard trade theory suggests that the profile of exporting firms is characterized by large firms which dominate domestic productivity distribution. Large manufacturing multinationals have increased their productivity by participating, creating and shaping global production networks. In recent decades, trade flows have become increasingly dominated by trade-in-tasks within global production networks. Given the importance of pro-competitive effects in establishing the gains from trade following trade liberalizations, it is important to look at the link between participation in global value chains and a firm’s competitiveness. The paper does so by using the International Trade Centre’s competitiveness index, for small, medium-sized and large firms, coupled with global value chain participation measures extracted from multi-regional input-output tables, and together forming a panel dataset at country and firm category level. The main finding establishes that the gains from integration into value chains are greater for small firms than for large firms. In particular, at the sample median, an increase of participation by 2.5% reduces the competitiveness gap between small and large firms by 1.25%. In addition, the analysis suggests that it is the use of foreign inputs that drives the result. In contrast, the domestic value in intermediate goods matters only in cases where value chains respond to domestic demand needs. The identification strategy relies on a fractional probit model allowing for unobserved effects, and a causal framework using the depth of trade agreements as instrument, in order to mitigate potential reverse causality.
      Citation: Economies
      PubDate: 2021-02-02
      DOI: 10.3390/economies9010012
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 13: Applying Quantum Mechanics for Extreme Value
           Prediction of VaR and ES in the ASEAN Stock Exchange

    • Authors: Chukiat Chaiboonsri, Satawat Wannapan
      First page: 13
      Abstract: The advantage of quantum mechanics to shift up the ability to econometrically understand extreme tail losses in financial data has become more desirable, especially in cases of Value at Risk (VaR) and Expected Shortfall (ES) predictions. Behind the non-novel quantum mechanism, it does interestingly connect with the distributional signals of humans’ brainstorms. The highlighted purpose of this article is to devise a quantum-wave distribution methodically to analyze better risks and returns for stock markets in The Association of Southeast Asian Nations (ASEAN) countries, including Thailand (SET), Singapore (STI), Malaysia (FTSE), Philippines (PSEI), and Indonesia (PCI). Data samples were observed as quarterly trends between 1994 and 2019. Bayesian statistics and simulations were applied to present estimations’ outputs. Empirically, quantum distributions are remarkable for providing “real distributions”, which computationally conform to Bayesian inferences and crucially contribute to the higher level of extreme data analyses in financial economics.
      Citation: Economies
      PubDate: 2021-02-03
      DOI: 10.3390/economies9010013
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 14: Causal Interaction between FDI, Corruption
           and Environmental Quality in the MENA Region

    • Authors: Wajdi Bardi, Mohamed Ali Hfaiedh
      First page: 14
      Abstract: The present work analyzes the impact of foreign direct investment (FDI) and corruption on the quality of the environment in the MENA region. Indeed, the magnitude of corruption and the quality of institutions are often cited as the main factors affecting the FDI inflow. Here, the Autoregressive Distributed Lag (ARDL) approach was used to examine data on a group of MENA countries from 1990 to 2016. Our findings verify the Environmental Kuznets Curve. Furthermore, the empirical estimates approve the “pollution haven” hypothesis, which postulates that the polluting industrial activities of developed countries shift to developing countries which have less stringent environmental regulations. Based on the study findings, we recommend greater awareness of the harmful effects of corruption among political and economic actors.
      Citation: Economies
      PubDate: 2021-02-03
      DOI: 10.3390/economies9010014
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 15: Linkage between Leaders’ Behaviour in
           Performance Management, Organisational Justice and Work Engagement in
           Public Sector

    • Authors: Živilė Stankevičiūtė, Asta Savanevičienė
      First page: 15
      Abstract: In the last decade, leaders’ behaviour in performance management has been gaining increasing attention, arguing that it is beneficial in terms of improved employee attitudes, behaviour, and performance in the public sector. However, empirical support for such claim is still scant. Given the relevance of work engagement and organisational justice in the public sector and acknowledging a worldwide employee engagement crisis, the paper aims at revealing the linkage between leaders’ behaviour in performance management, organisational justice, and employee engagement in the public sector. In doing this, quantitative data were collected in a survey from employees working in the public sector in Lithuania (299 responses). The findings showed that goal setting and feedback had a significant and positive effect on employee engagement, supporting the theoretical notion that leaders’ behaviour in performance management was crucial in engaging people. As it was expected, goal setting and feedback had a positive effect on organisational justice; meanwhile, organisational justice significantly and positively predicted employee engagement. Turning to the mechanism by which leaders’ behaviour influences work engagement, it seems that organisational justice partly mediated the relationships between goal setting and employee engagement and fully mediated the relationships between feedback and work engagement. These findings affirm that public sector should strive for improving the leaders’ behaviour in performance management as it in turn might impact overall organisational performance.
      Citation: Economies
      PubDate: 2021-02-03
      DOI: 10.3390/economies9010015
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 16: Social Aspects of Tourism Policy in the
           European Union. The Example of Poland and Slovakia

    • Authors: Aleksander Panasiuk, Ewa Wszendybył-Skulska
      First page: 16
      Abstract: Since the beginning of the 21st century, the European Union tourism policy has been increasingly focused on initiatives in the field of social tourism, which are one of the ways of achieving sustainable development in the European tourism economy. Most of the research projects that have so far been conducted in the field have focused on the benefits for its participants (subjective one: Children and youths, seniors, disabled people, people (families) with low incomes and/or unemployed, big families). However, there is a lack of research on the analysis of the place of social aspects of tourism in the general socio-economic policy of the state and, in a detailed aspect, in the sectoral policy represented by tourism policy, as well as its potential impact on the development of the national economy and meeting tourism needs of the society. The authors tried to fill this research gap in this study. The aim of the study is to differentiate the issues related to the social aspects of tourism policy from the entire socio-economic policy pursued in the European Union and selected member states (Poland and Slovakia). The article is of a theoretical–analytical–conceptual nature. Empirical research, due to the nature of its issues, was conducted with the use of qualitative research methods. The results of the conducted research showed that activities in the field of social tourism policy are conditioned by organizational solutions for the entities that undertake them, as well as economic ones, especially in the field of financing. Moreover, they made it possible to propose the concept of a model social tourism policy with an indication of its place in the European policy on the basis of the past and future EU financial perspectives.
      Citation: Economies
      PubDate: 2021-02-04
      DOI: 10.3390/economies9010016
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 17: Earnings Management in Frontier Market: Do
           Institutional Settings Matter'

    • Authors: Wil Martens, Prem Yapa, Maryam Safari
      First page: 17
      Abstract: We analyse whether differences in earnings management practices in frontier countries can be explained by institutional settings, considering their diverse corporate governance environments, legal regimes, and accounting standards. Across 22 frontier market countries from 2000–2017, we find that financial disclosure, legal environments, and the number of analysts following to be correlated with reduced levels of earnings management (EM). The impact of wealth, GDP growth, firm size, and the use of Big-4 auditors were also associated with reduced EM. Contrary to developed markets and novel to this study, higher levels of societal trust failed to show significance in its ability to constrain EM, suggesting informal institutions are less influential as control monitors. Findings herein verify that the factors that moderate EM are not universally applicable, and help highlight international differences in the management of earnings.
      Citation: Economies
      PubDate: 2021-02-04
      DOI: 10.3390/economies9010017
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 18: Corruption, Taxation and the Impact on the
           Shadow Economy

    • Authors: Daniel Němec, Eva Kotlánová, Igor Kotlán, Zuzana Machová
      First page: 18
      Abstract: While assessing the economic impacts of corruption, the corruption-related transmission channels which influence taxation as such have to be duly considered. Taking the example of the Czech Republic, this article aims to evaluate the impacts corruption has on the size of the shadow economy as well as on the individual sources of long-term economic growth, making use of a transmission channel through which corruption affects the tax burden components. Using the method of an extended DSGE model, it confirms the initial assumption that an increase in perceived corruption supports the shadow economy’s growth, but at the same time, it demonstrates that corruption and especially its perception has a significantly different effect on two key areas—the capital accumulation and the labour force size. It further identifies another sector of the economy representing taxes which are prone to tax evasion while asserting that corruption has a much more destructive effect on this sector of the economy, offering generalized implications for other post-communist EU member states in a similar situation.
      Citation: Economies
      PubDate: 2021-02-04
      DOI: 10.3390/economies9010018
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 19: How Do Women Managers Avoid Paying

    • Authors: George R. G. Clarke
      First page: 19
      Abstract: Previous studies have found that firms where women have greater influence are less likely to pay bribes than other firms. In this study, we ask how these firms avoid paying bribes. Using data from the World Bank’s Enterprise Surveys, we find that firms run by women avoid meeting and interacting with government officials when they can. Female-managed firms, for example, are less likely to apply for construction and import licenses, less likely to meet with tax officials, and less likely to bid for government contracts than male-managed firms. However, female-managed firms are no less likely to say that officials sought bribes when they met with them than male-managed firms. This suggests the main way that firms with women in positions of power avoid paying bribes is by avoiding situations where officials might seek them.
      Citation: Economies
      PubDate: 2021-02-04
      DOI: 10.3390/economies9010019
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 20: Tolerance, Cultural Diversity and Economic
           Growth: Evidence from Dynamic Panel Data Analysis

    • Authors: Osama Alhendi, József Tóth, Péter Lengyel, Péter Balogh
      First page: 20
      Abstract: This study aims to examine the impact of social tolerance of cultural diversity, and the ability to speak widely spoken languages, on economic performance. Based on the literature, the evidence is still controversial and unclear. Therefore, the study used panel data relating to (99) non-English speaking economies during the time period between 2009 and 2017. Following the augmented Solow model approach, the related equation was expanded, in this study, to include (besides human capital) social tolerance, the English language (as a lingua franca) and the level of openness. The model was estimated using the two-step system GMM approach. The results show that social tolerance of diversity and English language competence have a positive, but insignificant impact on the economy. Regarding policy implications, government and decision-makers can avoid the costs deriving from cultural diversity by adopting democratic and effective institutions that aim to achieve cultural justice and recognition, which, in turn, enhance the level of tolerance, innovation and productivity in the economy. Moreover, to ease intercultural communication within heterogeneous communities, it is necessary to invest in enhancing the quality of second language education which is necessary to make society more tolerant and the country more open to the global economy.
      Citation: Economies
      PubDate: 2021-02-05
      DOI: 10.3390/economies9010020
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 21: Administrative Costs and Tariff Rates in the
           Presence of Customs Evasion: Evidence from Ecuador

    • Authors: Jazmín González Aguirre, Alberto Del Villar
      First page: 21
      Abstract: This paper seeks to assess the effectiveness of customs policies in increasing the resources devoted to controlling and inspection. Specifically, it seeks to analyze whether an increase in the administrative cost of collecting taxes on foreign trade in Ecuador contributes to reducing customs fraud. To this end, we identify and estimate a transfer function model (ARIMAX), considering information on foreign trade such as official international trade statistics report and tariff rates, as well as the execution of budgetary expenditure and Ecuador’s gross domestic product (GDP). The period under study includes quarterly series from 2006 to 2018. The results obtained by the model indicate that allocating greater material and budgetary resources to combat customs fraud does not always achieve the objective of reducing customs evasion.
      Citation: Economies
      PubDate: 2021-02-08
      DOI: 10.3390/economies9010021
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 22: Testing the Role of Trade on Carbon Dioxide
           Emissions in Portugal

    • Authors: Nuno Carlos Leitão
      First page: 22
      Abstract: This article considers the relationship between trade intensity, energy consumption, income per capita, and carbon dioxide emissions from 1970–2016 for the Portuguese economy. Considering the arguments of monopolistic competition, the article tests the hypotheses of trade and energy consumption on climate change. We use the autoregressive distributed lag-ARDL model, quantile regression, and cointegration models such as fully modified ordinary least squares (FMOLS), canonical cointegration regression, and dynamic ordinary least squares (DOLS) as an econometric strategy. The econometric results have support with the literature review. The variables used in this research are integrated with the first differences, as indicated by the unit root test. The empirical study proves that trade intensity contributes to environmental improvements. However, energy consumption presents a positive impact on CO2 emissions. The econometric results also demonstrated that a sustainable environmental system exists in the long run.
      Citation: Economies
      PubDate: 2021-02-15
      DOI: 10.3390/economies9010022
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 23: The Effect of Education and Macroeconomic
           Variables on Corruption Index in G20 Member Countries

    • Authors: Nugroho S. B. Maria, Indah Susilowati, Salman Fathoni, Izza Mafruhah
      First page: 23
      Abstract: The purpose of this study was to analyze the effect of several macroeconomic variables consisting of gross domestic products (GDP) per capita, economic openness, government effectiveness index, inflation, and the level of education on the corruption index in G20 member countries. This study focused on the effect of education on the level of corruption in the G20 member countries by treating other macroeconomic variables as control variables that were not analyzed in depth. This research used mixed methods with multiple regression with two stage least square (2SLS) estimation method followed by phenomenological analysis. This study found that primary education enrolment and the lifelong learning index did not significantly influence the level of corruption for all G20 member countries, developed member countries, and developing member countries. Secondary education enrolment showed a negative and significant influence on the level of corruption in all categories of countries (all members, developing, and developed countries). Tertiary education enrolment had a negative and significant influence on the level of corruption in all members and developing countries, but had a positive influence in the developed countries. GDP per capita had a contrasting influence: negative and significant influence in the developed countries, but positive and significant influence in the developing countries. Similar to secondary education, the government effectiveness index had a negative and significant influence in all categories of countries (all members, developing, and developed countries). In contrast, inflation and economic openness had a positive and significant influence on the level of corruption, but only in developing countries. The policy implication of this study is the prioritization of secondary education to tackle corruption problems.
      Citation: Economies
      PubDate: 2021-02-16
      DOI: 10.3390/economies9010023
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 24: Generation Y’s Perception of Servant
           Leadership and Job Satisfaction

    • Authors: Hurriyet Bilge, Florina Oana Virlanuta, Deniz Zungun, Nicoleta Barbuta-Misu, Pinar Comuk, Emine Turkan Ayvaz Guven
      First page: 24
      Abstract: Generation Y wants to know the reason for everything in their lives, they are curious and most importantly, their characteristic of questioning everything makes them stand out. At the same time, it is hard to influence their characteristic features such as their lack of social skills, little respect for authority, and low level of commitment to their employers when Generation X management tactics are used. The purpose of this study is to better understand Generation Y, to examine their relations with servant leadership practices, and to determine what effects they have on businesses. The field study was made at an established organized industrial zone (OIZ) dating back to 1963. This OIZ is built on an area bigger than 10 million m2 and is divided into 5 subzones. It is currently home to 53,500 employees, has a gross foreign trade volume of $7,200,000,000 and is located in the western Aegean Region of Turkey. The data for the study was collected from 248 participants and scales tested for validity and reliability in Turkish. A model was developed using the data and then it was tested using the confirmatory factor analysis method. The study used Structural Equation Model (SEM) to define the causal relationships between latent variables with a model in the analysis of the data and test its compliance. The result of the analysis reveals that dimensions of accountability and forgiveness from servant leadership practices have a statistically significant effect on personal success, whereas empowerment, accountability, and personal success dimensions have statistically significant effects on job satisfaction. Modesty dimension does not have a significant effect on the personal success and job satisfaction and the dimensions of accountability and forgiveness do not have a significant effect on job satisfaction. In addition, empowerment dimension does not have a meaningful effect on personal success. There is need for more studies to support the accuracy of the result for modesty dimension, since it seems like there is no effect on personal success and job satisfaction. This is a pioneer study since it is an empirical one looking at the application of the servant leadership theory on Generation Y employees.
      Citation: Economies
      PubDate: 2021-02-20
      DOI: 10.3390/economies9010024
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 25: The Policy Framework of Natural Resource
           Management in Oil-Dependence Countries

    • Authors: Basem Ertimi, Tamat Sarmidi, Norlin Khalid, Mohd Helmi Ali
      First page: 25
      Abstract: A variety of critical empirical studies are interested in and focused on complex issues related to natural resource management and resource curse, whilst less can be found combining diverse factors that affect the dynamics of this curse and mitigate it. The case study of Norway is used as the benchmark policy framework in oil-rich countries to invest oil revenues and set correct fiscal policies. In this study, an analytical framework was structured to evaluate the coherence of resource management with sustainability as a starting point, contributing to further assessments of how the adaptation of such policies is incorporated in resource management to mitigate the resource curse. The analysis also suggests that oil-rich countries can learn from Norway’s experience to mitigate this resource curse and utilize oil revenues in the interest of the country. In addition, the analysis helps in effective management and the protection of ecological resources as these are becoming an increasingly important strategic part of natural wealth. This study aimed to provide an overarching framework designed to help conceptualize key issues of natural resource management and the resource curse in oil-rich countries and understand the challenges facing those countries in managing the natural resources.
      Citation: Economies
      PubDate: 2021-02-23
      DOI: 10.3390/economies9010025
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 26: Corruption and Tax Burden: What Is the Joint
           Effect on Total Factor Productivity'

    • Authors: Kouramoudou Kéïta, Hannu Laurila
      First page: 26
      Abstract: A common conclusion in the literature is that both corruption and taxation hamper economic growth. It is also plausible that both affect total factor productivity, which, by the famous Solow residual, is a vital driver of economic progress. Moreover, corruption and tax burden are supposed to be intertwined. This paper focuses on the supposedly linked effects of corruption and tax burden on total factor productivity. The empirical study uses panel data from 90 countries for the time span of 1996–2014. The results show that both corruption and tax burden deteriorate total factor productivity, but that an increase in tax burden mitigates the negative effect of corruption.
      Citation: Economies
      PubDate: 2021-03-01
      DOI: 10.3390/economies9010026
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 27: The Impact of Foreign Direct Investment on
           Income Inequality in Vietnam

    • Authors: Quoc Hoi Le, Quynh Anh Do, Hong Chuong Pham, Thanh Duong Nguyen
      First page: 27
      Abstract: Foreign direct investments (FDI) is an important determinant of economic growth. FDI does not only contribute to the growth and economic development but also affects income through contributing to economic development and the impact on employment and salary structure of developing countries. The aim of this paper is to analyze the impact of FDI on income inequality in Vietnam. This study is the first attempt to examine the impact of FDI on income inequality under the constraints of the institution and education levels. To address the potential endogeneity problem, this study adopts Genernalized Method of Moment (GMM) model to conduct the estimation. A two-step GMM model with robust standard errors is used in the study. Empirical results show that FDI tends to increase income inequality in Vietnam and the existence of a non-linearity relationship between FDI and income inequality is also validated. Moreover, the study finds that the effects of FDI on income inequality are different depending on the level of education and institutions of the host provinces in Vietnam. The results of this study imply that, in order to ensure sustainable development, Vietnam’s policies should focus on improving the quality of economic governance and the administrative reform efforts of the government of the provinces and cities. Besides, policies should focus on increasing investment in public education and improving human capital, which not only can reduce income inequality but also can attract more FDI inflows.
      Citation: Economies
      PubDate: 2021-03-01
      DOI: 10.3390/economies9010027
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 28: International Investment Agreements
           Provisions and Foreign Direct Investment Flows in the Regional
           Comprehensive Economic Partnership Region

    • Authors: Nathapornpan Piyaareekul Uttama
      First page: 28
      Abstract: The international investment agreements (IIAs) are a strategic policy instrument that member countries could use to achieve win-win cooperation. Meanwhile, the extension of the Association of Southeast Asian Nations (ASEAN) membership toward the Regional Comprehensive Economic Partnership (RCEP) membership has induced the rich and deep investment agreement that challenges the ASEAN countries to take advantage. This study demonstrates the effects of investment provisions in international investment agreements on the bilateral foreign direct investment (FDI) in the RCEP economies. It also investigates the effect of ASEAN membership on investment creation and investment diversion toward the RCEP region. Using panel data on RCEP countries during the period 2009 to 2018 and a Driscoll-Kraay standard errors estimator, the results show that the re-lationship between inward FDI and investment provisions in IIAs are positive and significant. Likewise, the investment protection, and promotion provisions in bilateral investment treaties have positive and significant effects on the inward FDI. Moreover, the findings indicate that the ASEAN membership tends to cause the investment creation toward the RCEP region; and it is a stepping stone on the road to the investment policy framework for sustainable development.
      Citation: Economies
      PubDate: 2021-03-02
      DOI: 10.3390/economies9010028
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 29: Sustainable Economy and Development of the
           Rural Territory: Proposal of Wine Tourism Itineraries in La Axarquía of
           Malaga (Spain)

    • Authors: Gorka Zamarreño-Aramendia, Elena Cruz-Ruiz, Elena Ruiz-Romero de la Cruz
      First page: 29
      Abstract: The certification of Malaga and Ronda wine route, within the model of certified wine routes in Spain, has given a new boost to wine tourism in Malaga. The study focuses on La Axarquía, located on the Eastern Costa del Sol in Southern Spain, which has been a reference point in the wine business since ancient times and has its own identity. This research aims at elaborating a diagnosis of the territory related to the possibilities offered by the area, from the perspective of the heritage resources and services provided by the winemakers outlining two efficient enotourism itineraries that enhance the value of the territory’s resources. The methodology used starts with the study of the territory in order to profile the existing resources, a task that was complemented by the analysis of the documentary sources required in order to understand the peculiarities of the territory. From there, a process of interviews was carried out between April and November 2019 with 100% of the winemakers and around 70% of the territory’s agents. The results of the research are specified in a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis, which has allowed evaluating the possibilities of the enotourist development in La Axarquía, which is complemented with a proposal of two possible itineraries that will promote such development of the rural territory. The conclusions convey the possibilities of the territory of a tourist segment which puts its resources to good use and moves forward the deseasonalization and destructuring of tourism in Malaga, especially on the Eastern Costa del Sol, according to criteria of efficiency and profitability with wine as a reference, although it could be applied to other gastronomic and cultural resources linked to the tourist sector in other geographical areas.
      Citation: Economies
      PubDate: 2021-03-04
      DOI: 10.3390/economies9010029
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 30: The Optimization of Bayesian Extreme Value:
           Empirical Evidence for the Agricultural Commodities in the US

    • Authors: Jittima Singvejsakul, Chukiat Chaiboonsri, Songsak Sriboonchitta
      First page: 30
      Abstract: Bayesian extreme value analysis was used to forecast the optimal point in agricultural commodity futures prices in the United States for cocoa, coffee, corn, soybeans and wheat. Data were collected daily between 2000 and 2020. The estimation of extreme value can be empirically interpreted as representing crises or unusual time series trends, while the extreme optimal point is useful for investors and agriculturists to make decisions and better understand agricultural commodities future prices warning levels. Results from the Non-stationary Extreme Value Analysis (NEVA) software package using Bayesian inference and the Newton-optimal methods provided optimal interval values. These indicated extreme maximum points of future prices to inform investors and agriculturists to sell the contract and product before the commodity prices dropped to the next local minimum values. Thus, agriculturists can use this information as an advanced warming of alarming points of agricultural commodity prices to predict the efficient quantity of their agricultural product to sell, with better ways to manage this risk.
      Citation: Economies
      PubDate: 2021-03-05
      DOI: 10.3390/economies9010030
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 31: Do the Peculiar Economics of Professional
           Team Sports Apply to Esports' Sequential Snowballing Literature
           Reviews and Implications

    • Authors: Nicolas Scelles, Qi Peng, Maurizio Valenti
      First page: 31
      Abstract: The present research aims to identify the main peculiar economics of professional team sports, reflect on whether they apply to esports, and derive some implications. To achieve this aim, two sequential snowballing literature reviews were conducted. First, the literature on the peculiar economics of professional team sports was reviewed and assessed by the authors, based on their degree of distinctiveness and how core they are for the sector. Second, based on the main peculiar economics identified, a similar process considering economic aspects in the esports literature was conducted. The first review enabled the identification of 50 peculiar economics of professional team sports, of which 12 were assessed as the most distinctive and core to the sector. These 12 main peculiar economics were then considered in relation to the esports literature. This second review enabled the identification of some economic similarities and differences between sports and esports, before deriving some implications.
      Citation: Economies
      PubDate: 2021-03-05
      DOI: 10.3390/economies9010031
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 32: Digital Leadership in the Economies of the
           G20 Countries: A Secondary Research

    • Authors: Afriyadi Cahyadi, Róbert Magda
      First page: 32
      Abstract: Digitalization in leadership practice requires broader research. Today’s economic leaders must be in line with the global mindset in supporting a culture of innovation. The purpose of this study is to investigate the digital leadership capabilities of the G20 countries in terms of digital readiness, innovation, and competitiveness 4.0 and to determine the relationship between these variables. The global digital readiness index 2019 (Cisco 2020) was utilized to obtain data on digital readiness (X), the global innovation index (Cornell University et al. 2019) was applied for the data collection on innovation (Y1), and the global competitiveness 4.0 index (WEF 2019) was used to obtain data on competitiveness 4.0 (Y2). All data were cross-sectional for the year 2019. Digital readiness consists of basic needs, human resources, ease of doing business, business and government investment, start-up environment, technology infrastructure, and technology adoption. The components of innovation are institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. Competitiveness 4.0 is about institutions, infrastructure, ICT adoption, macroeconomic stability, health, skills, product market, labor market, financial system, market size, business dynamism, and innovation capability. We found that G20 countries had the digital leadership capability in digital readiness, innovation, and competitiveness 4.0. The G20 countries were leaders in global digitalization. Some of them were consistent in digital readiness and innovation. Some were consistent in digital readiness and competitiveness 4.0, and some others were consistent in their 4.0 innovation and competitiveness 4.0. Digital readiness, innovation, and competitiveness 4.0 positively related to each other.
      Citation: Economies
      PubDate: 2021-03-08
      DOI: 10.3390/economies9010032
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 33: Regional Heterogeneity of Preferences and
           Intergovernmental Transfers

    • Authors: Raúl Alberto Ponce Rodríguez, Benito Alan Ponce Rodríguez
      First page: 33
      Abstract: We develop a model with optimal shares of intergovernmental transfers, and we apply a simulation analysis of our model for the case of Mexico. The main outcomes of this paper are as follows: First, we provide optimal shares of intergovernmental funds to be allocated in each state considering the regional distribution of the benefits of local public spending in Mexico. Second, our analysis shows that the regional heterogeneity of preferences across regions should be an important determinant of federal funds allocated to state governments. Third, the current system of finance relies on a tax revenue sharing accord that emphasizes nationwide tax collection issues as the main determinants of intergovernmental transfers and local spending. Our analysis provides a contrast between how fiscal policy is conducted, and feasible choices of policy reform. Fourth, our analysis of simulation identifies winners and losers from policy reform, and so our analysis contributes to a better understanding of the advantages and shortcomings of the current policy of intergovernmental transfers, providing feasible ways to improve the outcomes of subnational government spending.
      Citation: Economies
      PubDate: 2021-03-10
      DOI: 10.3390/economies9010033
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 34: Movement of Inflation and New Keynesian
           Phillips Curve in ASEAN

    • Authors: Adhitya Wardhono, M. Abd. Nasir, Ciplis Gema Qori’ah, Yulia Indrawati
      First page: 34
      Abstract: The development of the theory of dynamic inflation begins by linking wage inflation and unemployment. In further developments, factor of expectation is classified into inflation model. The study used inflation data is important for ASEAN, because ASEAN is one of the strengths of the international economy. This study analyzes the dynamics of inflation in the ASEAN using framework the New-Keynesian Phillips Curve (NKPC) model. The data used is the quarterly panel data from 5 ASEAN members in the period 2005.QI–2018.QIV. The study of this dynamic inflation applies quarter to quarter inflation data, meaning that the inflation rate is the percentage change in the general price of the current quarter compared to last quarter general price divided by the last quarter. The empirical results are estimated by using the Generalized Method of Moment (GMM), both of the system and first different indicates that the pattern formation of inflation expectations are backward-looking and forward-looking. In addition, the estimated NKPC models show the backward-looking behavior is more dominant than the forward looking. Changes in inflation are not entirely influenced by expectations of inflation in each country. Changes in inflation are also influenced by the output gap, changes in money supply, and exchange rate. Based on the findings of this study, it can be concluded that the NKPC models can explain the dynamics of inflation in each country in the ASEAN region.
      Citation: Economies
      PubDate: 2021-03-10
      DOI: 10.3390/economies9010034
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 35: Liquidity Spill-Overs in Sovereign Bond
           Market: An Intra-Day Study of Trade Shocks in Calm and Stressful Market

    • Authors: Linas Jurksas, Deimante Teresiene, Rasa Kanapickiene
      First page: 35
      Abstract: The purpose of this paper is to determine the liquidity spillover effects of trades executed in European sovereign bond markets and to assess the driving factors behind the magnitude of the spill-overs between different markets. The one minute-frequency limit order-book dataset is constructed from mid-2011 until end-2017 for sovereign bonds from the six largest euro area countries. It is used for the event study and panel regression model. The event study results revealed that liquidity spill-over effects of trades exist and vary highly across different order types, direction and size of the trade, the maturity of traded bonds, and various markets. The panel regression model showed that less liquid bonds and bonds whose issuer is closer by distance to the country of the traded bond have more substantial spillover effects and, at the same time, are also more affected by trades executed in another market. These results should be of interest to bond market participants who want to limit the exposure to the liquidity spillover risk in bond markets.
      Citation: Economies
      PubDate: 2021-03-11
      DOI: 10.3390/economies9010035
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 36: COVID-19 Pandemic and Lockdown Fine

    • Authors: Spyros Niavis, Dimitris Kallioras, George Vlontzos, Marie-Noelle Duquenne
      First page: 36
      Abstract: The first stream of economic studies on public policy responses during the COVID-19 pandemic focused on the stringency, the effectiveness, and the impact of the countries’ interventions and paid rather little attention to the corresponding means used to support them. The present paper scrutinizes the lockdown measures and, particularly, examines the optimality of the lockdown fines imposed by countries worldwide towards ensuring citizens’ compliance. Initially, a triad of fine stringency indicators are compiled, and the stringency of fines is evaluated in a comparative context, among the countries considered. Consequently, the fine stringency is incorporated into a regression analysis with various epidemiological, socioeconomic, and policy factors to reveal any drivers of fine variability. Finally, theoretical approaches behind fine optimality are capitalized and real data are used towards estimating the optimal fine for each country considered. The objectives of the paper are, first, to check for any drivers of fine stringency around the world and, second, to develop and test a formula that could be used in order to assist policy makers to formulate evidence-based fines for confronting the pandemic. The findings of the paper highlight that fines do not seem to have been imposed with any sound economic reasoning and the majority of countries considered imposed larger real fines, compared to the optimal ones, to support the lockdowns. The paper stresses the need for the imposition of science-based fines that reflect the social cost of non-compliance with the lockdown measures.
      Citation: Economies
      PubDate: 2021-03-11
      DOI: 10.3390/economies9010036
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 37: A Markov-Switching Model of Inflation in

    • Authors: Antonio N. Bojanic
      First page: 37
      Abstract: The Bolivian inflation process is analyzed utilizing a time-varying univariate and multivariate Markov-switching model (TMS). With monthly data and, beginning in the late 1930s, inflation is accurately described by a univariate TMS. The intercept for the high-inflation regime is significantly higher than for the low-inflation regime and the actual inflation rate mirrors the smoothing probabilities of the Markov process. Additionally, the predicted duration of each regime closely fits the periods when the country experienced low and inordinate high inflation rates. From a long-run perspective and utilizing a multivariate TMS, the results generally fall in line with what the quantity theory of money predicts. In the high-inflation regime, money growth increases inflation (almost) one-for-one, as classical economics contends. From a short-run perspective and in the high-inflation regime, inflation is almost exclusively explained by a negative output gap. In the low-inflation regime, lagged inflation is the most important determinant of inflation, in line with price stickiness expectations. Partitioning the sources of inflation demonstrate that, from a long-run perspective and in the high inflation regime, differences in inflation are mostly explained by GDP growth; in the low-inflation regime, money growth and velocity growth are the principal factors explaining the variance of inflation. From a short-run perspective, the output gap explains almost all regression variance in the high-inflation regime, and past inflation does the same during times of low inflation, though in both cases the R2 is low which precludes making definite statements about the sources of variability in inflation.
      Citation: Economies
      PubDate: 2021-03-11
      DOI: 10.3390/economies9010037
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 38: Banks’ Performance and Economic Growth in
           India: A Panel Cointegration Analysis

    • Authors: Md. Shabbir Alam, Mustafa Raza Rabbani, Mohammad Rumzi Tausif, Joji Abey
      First page: 38
      Abstract: The banking sector plays a crucial role in the economic growth of a nation. The purpose of this study is to examine the long-term association between banks’ performance and the economic growth of a developing economy: India. The study used a panel of data of 20 public sector banks for the period 2009 to 2019. It applied the Pedroni and Kao test of co-integration, panel vector error correction model (VECM) dynamic, panel fully-modified ordinary least squires OLS (FMOLS), and dynamic OLS (DOLS) to estimate the relationship of interest margin return on assets, bank investment, and lending capacity of the bank with gross domestic product (GDP) of the country. The identification and incorporation of these bank-related variables are the innovations of this study. The results indicate that the bank-related variables are co-integrated with economic growth. Further analysis indicates a significant relationship between interest margin and return on assets with economic growth. In addition, lending capacity and investment activities are not significantly associated with economic growth, leading to the policy recommendation to improve upon these two factors in order to achieve higher growth rates.
      Citation: Economies
      PubDate: 2021-03-14
      DOI: 10.3390/economies9010038
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 39: Generalized Trust and Economic Growth: The
           Nexus in MENA Countries

    • Authors: Rania S. Miniesy, Mariam AbdelKarim
      First page: 39
      Abstract: This study mainly examines the relationship between generalized/horizontal/social trust and economic growth in countries in the Middle East and North Africa (MENA) region, considering the substantial decline in their trust values since 2005. The study utilizes a multiple linear regression model based on panel data comprising 104 countries over the period from 1999 to 2020. Trust data were obtained from the last four waves of the World Values Survey (WVS). A Pooled Ordinary Least Squares (POLS) estimation technique was used, and interaction terms between trust and several dummy variables were employed. The results show an overall positive and significant relationship between trust and economic growth in the general model and for all country classifications, except for MENA, where the overall relationship is negative but almost negligible. Trust has the highest impact on growth in transition economies, followed in order by developing Asia, developed, developing/Sub-Saharan Africa, developing America, and then MENA countries. Further investigations reveal that the overall negative/reversed effect of trust on economic growth in MENA is only during waves 6 and 7, where the coefficients are sizable.
      Citation: Economies
      PubDate: 2021-03-16
      DOI: 10.3390/economies9010039
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 40: Idiosyncrasies of Money: 21st Century
           Evolution of Money

    • Authors: Daniel Ogachi, Paul Mugambi, Lydia Bares, Zoltan Zeman
      First page: 40
      Abstract: This paper examines the question of what kind of money will govern the 21st century by examining the developments which characterise this landscape. On the basis of a review of the available literature and evidence, it is clear that certain technological innovations, such as the movement towards electronic money, will undoubtedly change how we operate. However, the conclusion in this paper is less sanguine regarding the prospects of a global currency, regional monetary unions, or states’ exit from or central banks’ control of money. This paper also sees poor prospects for cryptocurrencies at the moment, given their focus on the decentralisation and politicisation of money, because money requires a backstopping force, making it inherently political. Finally, this paper considers how regulators may seek to ensure that money in its digital form is not taken advantage of and applied in malevolent activities. The study used correlation to establish the level of association among variables. A multiple regression analysis was used to draw an econometric model explaining the relationship between the independent and dependent variables. The following variables were used as independent variables: monetary aggregate (M1), harmonised index of consumer prices (HICP), Euro Interbank Offered Rate (EURIBOR), US dollar/euro, and the USD value of Bitcoin. Multiple regression predicted that when inflation rises, the money supply will decrease. M1 includes cash in circulation, current deposits, and other than demand deposits. The study concludes that price increases encourage people to keep their money in longer-term deposits, including in cryptocurrency. Additionally, an increase in EURIBOR and US dollar/euro reduces the supply of money. Otherwise, an increase in the price of bitcoin in the economy would increase the overall money supply.
      Citation: Economies
      PubDate: 2021-03-16
      DOI: 10.3390/economies9010040
      Issue No: Vol. 9, No. 1 (2021)
  • Economies, Vol. 9, Pages 41: Dissemination of Social Accounting
           Information: A Bibliometric Review

    • Authors: Margarida Rodrigues, Maria do Céu Alves, Cidália Oliveira, Vera Vale, José Vale, Rui Silva
      First page: 41
      Abstract: The discussion in recent decades about sustainable development issues has given rise to a new accounting dimension: social accounting. Currently, this issue remains an emerging theme. Although there are some studies and literature reviews, none include disclosure of social accounting information or the analysis of research paradigms. This article reviews the research on social accounting disclosure and tries to answer the following research questions: What research streams have been followed' Which theories and research paradigms have been used' The search for articles to be included in the literature review was performed through the Web of Science. The 126 articles obtained were later analyzed using Bibliometrix software. Results expose the growing interest in this theme and identify three distinct research lines (three clusters): Cluster 1—Social accounting disclosures, Cluster 2—Legitimacy vs. disclosure of social accounting, and Cluster 3—Motivations for disclosure of social accounting. The main contribute of this article resides, on the one hand, in the fact that no literature review articles have been found that include the theme of the disclosure of information on social accounting and, on the other hand, the treatment of data has been done with innovative software, an R package for bibliometric and co-citation analysis called Bibliometrix. As well as mapping the literature, another theoretical contribution of this study was identifying the main research approaches used in the studies. Within the paradigmatic plurality of social accounting research, the results suggest that social accounting research can also be critically addressed when addressing the sustainability challenges posed by climate change or carbon emissions, among many other aspects. This study is, to our knowledge, the first bibliometric review done about social accounting information disclosure.
      Citation: Economies
      PubDate: 2021-03-19
      DOI: 10.3390/economies9010041
      Issue No: Vol. 9, No. 1 (2021)
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