Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.4 days after submission; acceptance to publication is undertaken in 6.5 days (median values for papers published in this journal in the second half of 2023).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.6 (2022);
5-Year Impact Factor:
2.7 (2022)
Latest Articles
The Dual Pillars of Progress: Institutional and Cultural Dynamics in Economic Development
Economies 2024, 12(4), 76; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12040076 - 27 Mar 2024
Abstract
This study examines the critical interplay between institutional and cultural backgrounds and their collective impact on economic development, suggesting that their synchronized evolution—timing, pace, and direction—boosts economic development, while misalignment hinders it. It seeks to determine if these backgrounds complement or substitute each
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This study examines the critical interplay between institutional and cultural backgrounds and their collective impact on economic development, suggesting that their synchronized evolution—timing, pace, and direction—boosts economic development, while misalignment hinders it. It seeks to determine if these backgrounds complement or substitute each other in fostering economic development. The analysis employs an unbalanced panel dataset encompassing 113 countries across four decades (1980–2019) through a fixed-effects model enhanced by robustness checks (adding control variables, using alternative analysis methods, and applying adjustment criteria). The analysis uncovers a synergistic relationship between institutional and cultural backgrounds in which each element reinforces the other’s impact on economic development. Countries with robust institutional and cultural backgrounds exhibit the highest levels of economic development, whereas those with weaker backgrounds experience diminished economic progress. This study further reveals that the influence of institutional background on economic development is more pronounced than that of cultural background. However, this effect is significantly amplified when both institutional and cultural backgrounds are considered. Considering these insights, this study recommends that effective development strategies prioritize simultaneously nurturing institutional and cultural backgrounds. This approach is essential for crafting a successful and comprehensive development roadmap.
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(This article belongs to the Special Issue Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development)
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Dynamic Modeling of Environmental Subsidies
by
George E. Halkos, George J. Papageorgiou, Emmanuel G. Halkos and John G. Papageorgiou
Economies 2024, 12(4), 75; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12040075 - 26 Mar 2024
Abstract
In this research, the intertemporal optimal management of subsidies offered by the environmental regulator and the dynamic conflict between two groups of economic agents involved in environmental quality are discussed. First the environmental model is examined in its optimal control management form with
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In this research, the intertemporal optimal management of subsidies offered by the environmental regulator and the dynamic conflict between two groups of economic agents involved in environmental quality are discussed. First the environmental model is examined in its optimal control management form with two state variables. The analysis of the improved model, inspecting the social planner’s decision (policy) variable, the variable which influences not only environmental quality but the national budget stock, reveals that is dependent on the growth of the national budget stock. A negative growth rate leads to the long run saddle point equilibrium, while an incremental growth rate, but less than the model’s discount rate, leads to an interesting complicated limit cycle equilibrium, for which under certain parameter values the orbit’s phase portrait can be drawn. For the dynamic game model between the social planner and natural resource exploiters, the equilibrium conditions are examined. It is rather a richer than the point equilibrium for which the cyclical strategies have great importance. Therefore, the conditions for that rich equilibrium are found. As a continuation, the paper concludes that the equilibrium condition is that the players’ discount rates are both greater than the national budget interest rate. Finally, the certain values of the equilibrium strategies and national budget stock are provided.
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(This article belongs to the Section Growth, and Natural Resources (Environment + Agriculture))
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Does Economic Stability Influence Family Development? Insights from Women in Korea with the Lowest Childbirth Rates Worldwide
by
Keunho Choi, Gunwoo Kim, Donghee Yoo and Jeonghwa Lee
Economies 2024, 12(3), 74; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030074 - 21 Mar 2024
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The aim of this study is to explore the multidimensional relationships among factors influencing decision-making processes regarding women’s willingness to marry and childbirth in South Korea with recognizing the context of family development in East Asian cultures. To this end, we employed three
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The aim of this study is to explore the multidimensional relationships among factors influencing decision-making processes regarding women’s willingness to marry and childbirth in South Korea with recognizing the context of family development in East Asian cultures. To this end, we employed three different analytical approaches, including classification tree modeling, Cox proportional hazard modeling, and permutation feature importance evaluation. Leveraging longitudinal data specific to Korean women, we highlighted the significance of socio-economic factors in family development dynamics. Our findings revealed that financial stability played a crucial role. Unmarried women’s willingness to marry was influenced by their perspectives on economic stability, while households’ consumption capacity and financial capability determined childbirth decisions and timing. We observed a trend of postponed marriage among women in their marriageable age range, particularly those with stable economic situations, reflecting a prevalent trend of skepticism of marriage in Korean society. Additional findings related to values, cultural factors, and personal happiness also suggested the challenges that discourage younger generations from entering into marriage and starting families in South Korea. By offering insights into these dynamics, our study provides practical implications for addressing the obstacles faced, contributing to a better understanding of family development dynamics.
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Discretely Distributed Scheduled Jumps and Interest Rate Derivatives: Pricing in the Context of Central Bank Actions
by
Allan Jonathan da Silva and Jack Baczynski
Economies 2024, 12(3), 73; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030073 - 19 Mar 2024
Abstract
Interest rate dynamics are influenced by various economic factors, and central bank meetings play a crucial role concerning this subject matter. This study introduces a novel approach to modeling interest rates, focusing on the impact of central banks’ scheduled interventions and their implications
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Interest rate dynamics are influenced by various economic factors, and central bank meetings play a crucial role concerning this subject matter. This study introduces a novel approach to modeling interest rates, focusing on the impact of central banks’ scheduled interventions and their implications for pricing bonds and path-dependent derivatives. We utilize a modified Skellam probability distribution to address the discrete nature of scheduled interest rate jumps and combine them with affine jump-diffusions (AJDs) in order to realistically represent interest rates. We name this class the AJD–Skellam models. Within this class, we provide closed-form formulas for the characteristic functions of a still broad class of interest rate models. The AJD–Skellam models are well-suited for using the interest rate version of the Fourier-cosine series (COS) method for fast and efficient interest rate derivative pricing. Our methodology incorporates this method. The results obtained in the paper demonstrate enhanced accuracy in capturing market behaviors and in pricing interest rate products compared to traditional diffusion models with random jumps. Furthermore, we highlight the applicability of the model to risk management and its potential for broader financial analysis.
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(This article belongs to the Collection International Financial Markets and Monetary Policy)
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Effect of Financial Frictions on Monetary Policy Conduct: A Comparative Analysis of DSGE Models with and without Financial Frictions
by
Salha Ben Salem, Sonia Sayari and Moez Labidi
Economies 2024, 12(3), 72; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030072 - 19 Mar 2024
Abstract
In this study, we explored the impact of bank leverage and financial frictions on the transmission of real and financial shocks. Two new Keynesian dynamic stochastic general equilibrium (DSGE) models, with and without financial frictions, were employed in the context of the Tunisian
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In this study, we explored the impact of bank leverage and financial frictions on the transmission of real and financial shocks. Two new Keynesian dynamic stochastic general equilibrium (DSGE) models, with and without financial frictions, were employed in the context of the Tunisian economy. In the analysis, we considered three types of shocks—productivity, monetary, and adverse bank capital shocks. The findings reveal that, in the model with financial frictions, the response of macroeconomic and financial variables to demand and supply shocks was more pronounced than in the baseline model, where frictions primarily exist at the borrower level. In this study, we underscored the significance of financial shocks, particularly negative bank capital shocks, in triggering substantial macroeconomic and financial fluctuations, especially when banks operate with higher leverage ratios. Additionally, the inclusion of financial frictions in the DSGE model enhanced its ability to capture the empirical features of real and financial shocks, providing valuable insights for effective monetary policymaking. The results provide foundational insights for Tunisian policymakers to assess the impact of financial frictions in the context of the Tunisian economy. This is significant for the Central Bank of Tunisia, which has not yet adopted a specific DSGE model. Therefore, through our analysis, we determined the amplificatory role of financial frictions in the dynamics of macroeconomic and financial variables in Tunisia and examined the main transmission channels of shock propagation.
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(This article belongs to the Special Issue DSGE and Macroeconomics)
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Heterogenous Effect of Industrialisation on Environmental Degradation in Southern African Customs Union (SACU) Countries: Quantile Analysis
by
Teboho Mosikari
Economies 2024, 12(3), 71; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030071 - 19 Mar 2024
Abstract
Southern African Customs Union (SACU) countries are under pressure to commit themselves to sustainable environmental activities. This study employed data from 2007 to 2021 using quantile regression to determine the heterogenous effects of industrialisation on environmental degradation in SACU countries. Prior to the
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Southern African Customs Union (SACU) countries are under pressure to commit themselves to sustainable environmental activities. This study employed data from 2007 to 2021 using quantile regression to determine the heterogenous effects of industrialisation on environmental degradation in SACU countries. Prior to the main results, this study investigated and confirmed the existence of a long-run relationship between industrialisation and environmental degradation. This study confirms the heterogeneous effect of industrialisation on environmental degradation. The results through quantile process estimates demonstrated an inverted U-shaped curve. The inverted U-shape suggests that industrialisation at lower and higher quantiles has a minor effect on the environment compared to medium quantiles, where it has a higher effect. This study found that industrialisation increases environmental degradation in the 4th to 6th quantiles, whereas in the 7th to 8th quantiles, industrialisation reduces environmental degradation. Therefore, it is recommended by this study that to mitigate environmental degradation, firms in SACU countries are encouraged to adopt environment-friendly technologies in their production.
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(This article belongs to the Topic Enabling Strategies and Policies toward a Sustainable Environment)
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Examining the Contribution of Logistics and Supply Chain in Boosting Oman’s Trade Network
by
Ashraf Mishrif, Alessandro Antimiani and Asharul Khan
Economies 2024, 12(3), 70; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030070 - 18 Mar 2024
Abstract
Economic integration, which in today’s global trade is the fundamental component of linking economic ties between countries, is another important factor in the acceleration of economic growth. The provision of trade logistics services is essential to a nation’s economic success in international trade
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Economic integration, which in today’s global trade is the fundamental component of linking economic ties between countries, is another important factor in the acceleration of economic growth. The provision of trade logistics services is essential to a nation’s economic success in international trade activities. It is essential for enterprises engaged in active international trade to achieve competitive advantages. The international trade and localised commercial activity, to a large extent, is dependent on the logistics and supply chain infrastructure and operational capacity. However, the area received little attention from the perspective of applied economics. The in-depth empirical studies on the impacts of logistics on trade efficiency are few and limited. The study aims to investigate the role of logistics and supply chains in international and national trade in a developing country. It uses secondary data for the analysis. The model and software used in the study are the gravity model and GTAP10a. The time horizon used spans 2014–2030. The results show that in order to enhance trading and commercial activities, a developing country should develop logistics and supply chain infrastructure, train people, and design a flexible logistics policy.
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(This article belongs to the Special Issue Global Value Chains—Development Challenges in Uncertain Circumstances)
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Exploring the Dynamic Nexus between Cross-Border Dollar Claims and Global Economic Growth
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Constantinos Alexiou, Sofoklis Vogiazas and Alex Benbow
Economies 2024, 12(3), 69; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030069 - 15 Mar 2024
Abstract
This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar’s status as a reserve currency and a dearth of studies
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This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar’s status as a reserve currency and a dearth of studies examining its impact. In this study, we explore the dynamic long-run and short-run relationships between cross-border U.S. dollar claims, global GDP, and global trade while gauging the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic. In doing so, we use ARDL methodology for a data set that spans the period of 1980 to 2022. The estimation results reveal a robust long-run relationship between U.S. dollar claims, global GDP and global trade and no clear evidence of asymmetric effects. Our findings are of great significance for monetary authorities, emphasising the need for a nuanced understanding of the implications of the U.S. dollar’s conducive role in shaping global economic dynamics and fostering growth.
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(This article belongs to the Special Issue The Political Economy of Money)
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The Fabric of Transition: Unraveling the Weave of Labor Dynamics, Economic Structures, and Innovation on Income Disparities in Central and Eastern Europe Nations
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Adriana AnaMaria Davidescu, Oana-Ramona Lobonţ and Tamara Maria Nae
Economies 2024, 12(3), 68; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030068 - 14 Mar 2024
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In recent years, the issue of income inequality has ascended to the forefront of national and international agendas, underscored by the urgency to navigate the complexities of market-driven economies without exacerbating social disparities. These challenges are particularly pronounced in the post-communist nations of
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In recent years, the issue of income inequality has ascended to the forefront of national and international agendas, underscored by the urgency to navigate the complexities of market-driven economies without exacerbating social disparities. These challenges are particularly pronounced in the post-communist nations of Central and Eastern Europe, where the transition legacy and the marketization forces present unique dynamics in the evolution of income disparities. This research investigates the intricate mechanisms through which marketization impacts income inequality within the Central and Eastern European countries context, aiming to uncover how economic transformations influenced by global sustainability goals can contribute to narrowing the income gap. By employing panel data estimation techniques and Generalized Method of Moments (GMM) analysis, this study highlights the enduring nature of income disparities and the critical roles played by economic growth, education investment, labor market reforms, globalization, and governance quality in shaping equitable income distributions. Findings reveal that, despite the competitive nature of market economies potentially creating disparities, strategic policy interventions in education, economic policy, and labor market regulations can mitigate the adverse effects of marketization on income inequality. Additionally, this research emphasizes the importance of strong institutional frameworks and the nuanced role of the informal economy in influencing income distribution dynamics.
Full article
(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)
Open AccessArticle
Impact of US Trade with China on Shareholders’ Wealth: Insights from Shipment Data in the COVID-19 Era
by
Mucahit Kochan and Cigdem Gonul Kochan
Economies 2024, 12(3), 67; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030067 - 12 Mar 2024
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This study analyzes the impact of Chinese shipment volumes measured in TEUs on US stock performance in the initial stages of the COVID-19 outbreak. The analysis indicates that, initially, US stocks were negatively affected irrespective of firms’ trade engagements with China; however, as
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This study analyzes the impact of Chinese shipment volumes measured in TEUs on US stock performance in the initial stages of the COVID-19 outbreak. The analysis indicates that, initially, US stocks were negatively affected irrespective of firms’ trade engagements with China; however, as the global pandemic unfolded, companies with elevated imports from China exhibited more pronounced abnormal returns. The findings further reveal an increased influence of debt level and cash holdings on stock performance as the crisis intensified in Europe and the USA. These results highlight the evolving nature of global trade dynamics and their implications for financial markets amid global crises. Furthermore, this study provides valuable insights into the resilience of global supply chains during crises like the COVID-19 pandemic. The observed pattern, where companies with greater import volumes from China experienced better stock returns, underscores the importance of adaptable supply chains during disruptions.
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Bank-Specific and Macroeconomic Determinants of Profitability of Islamic Shariah-Based Banks: Evidence from New Economic Horizon Using Panel Data
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Md. Abu Issa Gazi, Rejaul Karim, Abdul Rahman bin S Senathirajah, A. K. M Mahfuj Ullah, Kaniz Habiba Afrin and Md. Nahiduzzaman
Economies 2024, 12(3), 66; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030066 - 08 Mar 2024
Abstract
The purpose of this study is to analyze significant variables that permit us to ascertain the profitability of Bangladeshi Shariah-based banks. In doing so, two profitability measurements, namely, return on asset (ROA) and return on equity (ROE), have been used as dependent variables,
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The purpose of this study is to analyze significant variables that permit us to ascertain the profitability of Bangladeshi Shariah-based banks. In doing so, two profitability measurements, namely, return on asset (ROA) and return on equity (ROE), have been used as dependent variables, while capital adequacy, asset management quality, operational efficiency, credit risk, liquidity, and the size of the bank have been considered as bank-specific independent variables. In addition, the rate of interest, inflation, and GDP growth rate have also been taken as macroeconomic independent variables. This study examined panel data of eight Shariah-based Islamic banks over a thirteen-year period spanning from 2010 to 2022, applying different kinds of linear regression models, including pooled ordinary least squares (OLS), fixed effects, and random effects. Subsequently, the generalized method of moments (GMM) approach is also applied to assess the robustness of the findings. The results revealed that the profitability of Bangladeshi Shariah-based Islamic banks is positively associated with asset management quality, liquidity, and credit risk. In contrast, capital adequacy, operational efficiency, and bank size are negatively correlated with the bank’s profitability. Concerning the macroeconomic factors, the findings indicated a notable positive correlation between the profitability of Shariah-based banks in Bangladesh and both the inflation rate and the interest rate spread. However, this study has also found that the profitability of the sample banks of Bangladesh is not significantly influenced by GDP growth. By providing fresh empirical data, the current research aimed to close a significant vacuum in the body of knowledge on banks and provide important insights for policymakers, managers, and other stakeholders by focusing on particular bank-specific and macroeconomic aspects that influence the profitability of Shariah-based Islamic banks in Bangladesh.
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Environment and Digitalization: The New Paradigms in the European Stock Markets
by
Elisa Di Febo, Eliana Angelini and Tu Le
Economies 2024, 12(3), 65; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030065 - 07 Mar 2024
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In a European context in which the objectives of climate neutrality and digitalization appear fundamental, the work analyzes the relationships between the price of the main stock market indices and the most representative variables such as carbon emissions, digitalization, use of renewable energy,
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In a European context in which the objectives of climate neutrality and digitalization appear fundamental, the work analyzes the relationships between the price of the main stock market indices and the most representative variables such as carbon emissions, digitalization, use of renewable energy, research and development expenses, environmental taxes, and all economic and management activities aimed at reducing or eliminating any form of pollution. The analysis was developed through three different regressions involving the long period 1995–2020 and the short period 2017–2020. The results show how increasing carbon emissions and environmental taxes positively impact stock indices. The former is linked to an increase in production and, therefore, economic growth, and the latter encourages sustainability. Taxes on transport and energy in the long term generate higher costs, which damage profitability and negatively impact the performance of stock indices. Finally, in the short term, implementing environmental protection measures or the sustainable management of resources may lead to higher operating costs for the companies involved. These cost increases can negatively impact profit margins and reduce the value of companies. These results, therefore, show us how environmental sustainability has a significant impact on European stock markets; consequently, the relevant regulations and policies should also consider the economic and managerial impacts that companies implement to achieve their objectives of the Green Deal.
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Investor Behavior in Gold, US Dollars and Cryptocurrency during Global Pandemics
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Yoochan Kim, Erkan Topal, Apurna Kumar Ghosh and Mohammad Waqar Ali Asad
Economies 2024, 12(3), 64; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030064 - 06 Mar 2024
Abstract
COVID-19 and SARS are epidemics which have influenced the largest global economic crisis in recent years. This research reveals that both SARS and COVID-19 have led to fluctuations in the prices of gold and the US dollar index; however, there is no direct
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COVID-19 and SARS are epidemics which have influenced the largest global economic crisis in recent years. This research reveals that both SARS and COVID-19 have led to fluctuations in the prices of gold and the US dollar index; however, there is no direct causal relationship be-tween COVID-19 and the price of bitcoin. The USD index saw a significant increase during the SARS outbreak, while gold prices surged during the COVID-19 pandemic. The notion that cryptocurrency will surpass the value of gold or traditional currencies seems improbable, given the lack of evidence linking bitcoin prices to COVID-19. Gold is expected to maintain its value in the long term, offering lower risk compared to other currencies.
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(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Digital Progression and Economic Growth: Analyzing the Impact of ICT Advancements on the GDP of European Union Countries
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Anastasios I. Magoutas, Maria Chaideftou, Dimitra Skandali and Panos T. Chountalas
Economies 2024, 12(3), 63; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030063 - 06 Mar 2024
Abstract
This research thoroughly examines the dynamic relationship between the European Union’s economic growth and rapid advancements in Information and Communication Technology (ICT). Specifically, it assesses how certain ICT indicators are associated with significant economic growth. Utilizing an extensive dataset from the Digital Economy
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This research thoroughly examines the dynamic relationship between the European Union’s economic growth and rapid advancements in Information and Communication Technology (ICT). Specifically, it assesses how certain ICT indicators are associated with significant economic growth. Utilizing an extensive dataset from the Digital Economy and Society Index 2022 (DESI), the Statistical Office of the European Union (EUROSTAT), and the Organisation for Economic Co-operation and Development (OECD), this study encompasses data from all 27 European Union member states. Employing structural equation modelling, our analysis illustrates the positive correlation between ICT development and the Gross Domestic Product (GDP) index. Our findings highlight the critical role of swiftly evolving technological landscapes, emphasizing the growing influence of new Artificial Intelligence (AI) technologies in business sectors. Furthermore, this study showcases the need to enhance human capital and expedite the growth of e-government technologies. These advancements are pivotal in strengthening the infrastructure supporting citizens and public enterprises across European countries, thereby contributing to their economic vitality.
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(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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Cryptocurrencies, Tax Ignorance and Tax Noncompliance in Direct Taxation: Spanish Empirical Evidence
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Álvaro Hernández Sánchez, Beatriz María Sastre-Hernández, Javier Jorge-Vazquez and Sergio Luis Náñez Alonso
Economies 2024, 12(3), 62; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030062 - 04 Mar 2024
Abstract
This article highlights the complexity of taxation surrounding cryptocurrency transactions due to the lack of uniform regulation, creating uncertainty for both taxpayers and tax authorities. After determining the tax obligations of individuals in taxation, a survey has been conducted to assess the level
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This article highlights the complexity of taxation surrounding cryptocurrency transactions due to the lack of uniform regulation, creating uncertainty for both taxpayers and tax authorities. After determining the tax obligations of individuals in taxation, a survey has been conducted to assess the level of knowledge and compliance with tax obligations related to cryptocurrencies. The survey, in which 103 people participated, reveals the confusion and errors that prevail in perceptions of the tax obligations for cryptocurrencies, particularly in transactions such as swapping and staking in personal income tax. This results in almost half of the respondents (49.5%) not declaring any of their operations with cryptocurrencies. The reasons for this include the fact that the majority of respondents (66%) find the regulation of cryptocurrencies in Spain confusing and difficult to understand. Additionally, 87.4% believe that tax agencies should provide more information and resources on the taxation of cryptocurrencies and digital assets, and that there should be clearer and more comprehensive regulation. However, it should be noted that 41.7% also consider that tax regulation discourages investment in cryptocurrencies.
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(This article belongs to the Special Issue Shadow Economy and Tax Evasion)
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Approaches to a New Regional Energy Security Model in the Perspective of the European Transition to Green Energy
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Otilia Rica Man, Riana Iren Radu, Iuliana Oana Mihai, Cristina Maria Enache, Sofia David, Florentina Moisescu, Mihaela Cristina Onica Ibinceanu and Monica Laura Zlati
Economies 2024, 12(3), 61; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030061 - 04 Mar 2024
Abstract
The EU energy sector became a very important one as a result of the war in Ukraine. On the other hand, the EU started in defining and implementing new strategies regarding green economy and sustainability. Even though these strategies cover short and medium
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The EU energy sector became a very important one as a result of the war in Ukraine. On the other hand, the EU started in defining and implementing new strategies regarding green economy and sustainability. Even though these strategies cover short and medium periods, they have as a main goal the decrease in the EU’s dependence of energy imports. This research is focused on present challenges, risks, and uncertainties related to energy production and consumption in all EU member states. In order to achieve the research objectives, a huge statistical database, which covered 2012–2021, was used. The analysis is based on specific indicators regarding primary energy production; imports and exports; gross available energy; final energy consumption; non-energy consumption; energy dependency; and energy intensity. There are at least three research procedures used in this paper: a meta-analysis, a statistical analysis, and an econometric analysis, as well. Finally, the analysis points out the disparities between member states regarding energetic resources and energy dependency using a new model for quantifying risk factors in the European energy system. Moreover, new public policies are proposed by the authors under a cluster approach of the EU’s regions.
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(This article belongs to the Special Issue Energy Economy and Sustainable Development)
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Hydropower & HDI Nexus in Nordic Countries Using VAR Techniques
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Abdelmoneim B. M. Metwally, Shahd M. Nabil and Mai M. Yasser
Economies 2024, 12(3), 60; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030060 - 01 Mar 2024
Abstract
Although the movement of people from rural to urban areas has caused the increased use of energy, the abundance of water resources can be made into a form of renewable energy known as hydroelectricity. As European countries are ranked as the first users
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Although the movement of people from rural to urban areas has caused the increased use of energy, the abundance of water resources can be made into a form of renewable energy known as hydroelectricity. As European countries are ranked as the first users and exporters of hydropower, the production of renewable energy in developed countries such as the Nordic region has caused great impacts on economic growth and human development. The importance of this paper is to investigate the relationship between hydroelectricity and the Human Development Index by depending on some variables such as urbanization, rule of law, corruption, trade openness, and GDP per capita from 2002 to 2021 in Nordic countries. The results were estimated depending on impulse response function after conducting the Vector autoregressive model (VAR) model and Granger causality test. Results showed a negative impact from hydro plants in the short run but a significant positive impact in the long run in Nordic countries. The long-term sustainment of Human Development Index (HDI) is due to policies limiting the immigration of labor as well as protection of energy use. Water batteries are gaining popularity across Europe and their implementation is near mandatory.
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(This article belongs to the Special Issue Economics of Energy Market)
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Does Urban Digital Construction Promote Economic Growth? Evidence from China
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Weixin Yang, Chen Zhu and Yunpeng Yang
Economies 2024, 12(3), 59; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030059 - 29 Feb 2024
Abstract
In order to explore the causal relationship between the level of urban digital construction and urban economic growth, this paper takes 280 cities in China as the research object and constructs a comprehensive indicator evaluation system covering digital infrastructure, overall economic level, innovation
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In order to explore the causal relationship between the level of urban digital construction and urban economic growth, this paper takes 280 cities in China as the research object and constructs a comprehensive indicator evaluation system covering digital infrastructure, overall economic level, innovation development level, digital industry development status, and ecological environment conditions. Using the entropy method to weigh various indicators, this paper has obtained the evaluation results of the digital construction level of each city from 2011 to 2021. Furthermore, a panel data regression model is used to empirically analyze the impact of urban digital construction level on urban economic growth. The results show that for every 1% increase in the level of urban digital construction, the GDP will increase by 0.974. Through the above research, we hope to further enrich the theoretical and empirical research in the field of the digital economy, provide a scientific and reasonable method for quantitatively evaluating the level of urban digital construction, and provide decision-making references for improving the level of urban digital construction and promoting sustainable urban development.
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(This article belongs to the Special Issue Economic Development in the Digital Economy Era)
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Are There Conditions That Can Predict When an M&A Works? The Case of Italian Listed Banks
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Roberta Arbolino, Raffaele Boffardi, Konstantinos Kounetas, Ugo Marani and Oreste Napolitano
Economies 2024, 12(3), 58; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030058 - 26 Feb 2024
Abstract
This paper investigates the impact in the short/medium term of M&As made by 14 Italian banks quoted on the stock exchange for the period 1999–2016. After dividing the banks into two groups by size and degree of internationalisation, we sought to ascertain whether
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This paper investigates the impact in the short/medium term of M&As made by 14 Italian banks quoted on the stock exchange for the period 1999–2016. After dividing the banks into two groups by size and degree of internationalisation, we sought to ascertain whether different initial conditions produce different final effects. Based on three assumptions, supported by three separate econometric approaches, our empirical analysis shows that the stronger banks increased their competitiveness while the weaker banks did not achieve the same results since they were motivated to grow “by desperation”.
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(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Open AccessArticle
Food Inflation Examination through the Dynamic Nexus between Olive Oil and Substitutes
by
Nikolaos A. Kyriazis
Economies 2024, 12(3), 57; https://0-doi-org.brum.beds.ac.uk/10.3390/economies12030057 - 25 Feb 2024
Abstract
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This study provides insights into food inflation by investigating the dynamic interconnectedness of the prices of olive oil, soybean oil, sunflower oil, and palm oil. Using data from January 1990 to October 2023, averaged dynamic and extended joint connectedness analyses are conducted by
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This study provides insights into food inflation by investigating the dynamic interconnectedness of the prices of olive oil, soybean oil, sunflower oil, and palm oil. Using data from January 1990 to October 2023, averaged dynamic and extended joint connectedness analyses are conducted by employing the innovative Time-Varying Parameter Vector Autoregressive (TVP-VAR) methodology. The findings reveal that olive oil presents a low connection with substitute oils and generates net spillover effects, especially at the onset of COVID-19 but also at later stages and during the Russia–Ukraine war. Palm oil transmits effects on the system of oils before the Global Financial Crisis (GFC) but renders a net receiver afterward, while sunflower oil follows the opposite way. Systemic connectedness is the highest during the GFC and remains elevated during QE-tapering. It slightly increases during COVID-19 outbursts and illustrates higher spikes when the Russia–Ukraine conflict begins. These linkages are even stronger among only the substitute oils.
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