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Economies
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Emerging Economies and Sustainable Growth
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Emerging Economies and Sustainable Growth

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (31 October 2022) | Viewed by 86363

Special Issue Editor

Dr. Alexey Mikhaylov

E-Mail Website
Guest Editor
Financial University under the Government of the Russian Federation, Moscow, Russian
Interests: machine learning; sustainability; financial markets; crypto; innovation
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

The development of financial technologies is responsible for significant tensions on the demand on financial assets and sustainable economic growth in emerging economies. Some financial assets can become strategic and critical resources.

The development of financial technologies is determined by the success achieved in studying the formation processes and properties of economic systems. This Special Issue aims at gathering recent advances in the field of sustainable development and financial innovation. These challenges related to Fintech but also environmental, societal, economic, and financial tools, as well as process management, are of interest to this Special Issue.

The issue of the interrelationship between economic growth and sustainability has been the subject of thorough research and is of great interest to economists, researchers, and policymakers.

To achieve these goals, studies are solicited addressing research questions including, but not limited to:

  • Economic growth and innovations;
  • Health economics;
  • The economic crisis and sustainability;
  • Sustainability in the current COVID-19 pandemic;
  • Sustainable development goals (SDGs);
  • Renewable energy sources;
  • Business and sustainable development;
  • Smart payment and economic growth;
  • Blockchain and economic growth;
  • Cryptocurrencies and economic growth;
  • Cashless payments and economic growth;
  • Venture investments and economic growth;
  • Roboadvising and economic growth;
  • Cloud investment computing and economic growth;
  • Virtual reality and economic growth

Dr. Alexey Mikhaylov
Guest Editor

Manuscript Submission Information

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Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Economies is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

 

Keywords

  • emerging economies
  • sustainable growth
  • cryptocurrencies
  • blockchain
  • sustainability
  • financial markets
  • energy
  • innovation
  • sustainable development goals

Published Papers (21 papers)

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Research

12 pages, 292 KiB  
Article
The Impact of Digital Financial Inclusion and Bank Competition on Bank Stability in Sub-Saharan Africa
by Tough Chinoda and Forget Mingiri Kapingura
Economies 2023, 11(1), 15; https://0-doi-org.brum.beds.ac.uk/10.3390/economies11010015 - 05 Jan 2023
Cited by 9 | Viewed by 6418
Abstract
The last few years have witnessed a rapid development in digital finance that may threaten the manner in which traditional financial services are being used. It opens up new opportunities for low-income groups and small businesses that have limited or no access to [...] Read more.
The last few years have witnessed a rapid development in digital finance that may threaten the manner in which traditional financial services are being used. It opens up new opportunities for low-income groups and small businesses that have limited or no access to formal financial services. Thus, digital financial inclusion plays a vital role in boosting a country’s financial inclusion, fulfilling some sustainable development goals and achieving higher economic growth. This study builds on a new measure of digital financial inclusion to examine the impact of digital financial inclusion and bank competition on bank stability in Sub-Saharan Africa for the period 2014 to 2020 using the two-step System Generalised Method of Moments. An index of digital financial inclusion, z-score, Herfindahl–Hirschman Index (HHI), and non-performing loans were used as data variables. The study findings reveal that digital financial inclusion has a significant positive relationship with bank stability (z-score) and a negative relationship with non-performing loans. The study also found a significant negative effect of bank competition (HHI) on bank stability in line with the competition-fragility view. Policymakers should ensure digital financial literacy for all since it feeds into bank stability and also reduces bank insolvency. They should also find ways of enhancing bank competition which reduces non-performing loans and bank insolvency. On practical implications, the study calls for strategic measures to preserve bank stability, such as complementing digital financial inclusion with financial literacy and enhancing bank competition. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
16 pages, 2154 KiB  
Article
The COVID-19 Pandemic Impact and Responses in Emerging Economies: Evidence from Vietnamese Firms
by Nguyen Duc Kien, Pham Xuan Hung, Truong Tan Quan and Nguyen Minh Hien
Economies 2023, 11(1), 10; https://0-doi-org.brum.beds.ac.uk/10.3390/economies11010010 - 03 Jan 2023
Cited by 2 | Viewed by 1924
Abstract
A nationwide survey of 162,738 firms in Vietnam asked firms to report the impact of the COVID-19 pandemic on the health of the business, coping strategies used, and various firm and situational characteristics. More than 80% of firms reported negative impacts from the [...] Read more.
A nationwide survey of 162,738 firms in Vietnam asked firms to report the impact of the COVID-19 pandemic on the health of the business, coping strategies used, and various firm and situational characteristics. More than 80% of firms reported negative impacts from the pandemic with fewer than 4% reporting positive effects; 63% of the firms adopted at least one coping strategy. The coping strategies were categorized into seven groups as follows: (1) Non-adoption, (2) promoting e-commerce, (3) transforming key products/services, (4) training employees to improve professional qualifications, (5) finding new markets for input materials, (6) finding markets for products outside of the traditional market, (7) producing new products/services according to market demand during the epidemic period, and (8) other strategies. A multinomial logit regression model showed statistically significant associations between a firm’s selected coping strategy and several independent variables, as follows: (1) Firm size, (2) impact of the pandemic on firm health, firm access to inputs, and firm access to domestic markets, (3) decrease in firm revenue, and (4) receipt of government support. However, many businesses have not implemented coping strategies, leading to concerns regarding their resilience to upcoming threats and uncertainties. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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16 pages, 524 KiB  
Article
Impact of Import Substitution Policy on Economic Growth
by Askar Nailevich Mustafin, Svetlana Nikolaevna Kotenkova, Ivana Kravčáková Vozárová and Rastislav Kotulič
Economies 2022, 10(12), 324; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10120324 - 15 Dec 2022
Cited by 3 | Viewed by 12638
Abstract
This paper highlights the issues of import substitution in the context of attaining total macro-economic balance, market adaptation, and achieving new levels of regional economic development as a constituent part of the national economy of the Russian Federation. An effective strategy and goal [...] Read more.
This paper highlights the issues of import substitution in the context of attaining total macro-economic balance, market adaptation, and achieving new levels of regional economic development as a constituent part of the national economy of the Russian Federation. An effective strategy and goal management are the important forward-looking orientation points of the existence and development of the country. In this study, we tested the hypothesis that economic growth in the region can be estimated via the GRP per capita. To define the sectors and regions with a successful implementation of a substitution policy, our own special algorithm for sorting and classifying regions was used. This algorithm made it possible to estimate the effectiveness of the economic policy, if any. To confirm and estimate the hypothesis, tests based on panel data models were carried out. The results revealed that the economic policy of import substitution was 10% more efficient in the regions where it was implemented than those without an implemented policy. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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14 pages, 970 KiB  
Article
Public Expenses in Education and Youth Unemployment Rates—A Vector Error Correction Model Approach
by Nevila Mehmetaj and Nevila Xhindi
Economies 2022, 10(12), 293; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10120293 - 23 Nov 2022
Cited by 4 | Viewed by 2369
Abstract
In the last decade, much of the attention of public expenditures in education has been focused on improving the offer to the labor market to minimize unemployment rates among young people. Since education directly affects human capital, investing in higher education is considered [...] Read more.
In the last decade, much of the attention of public expenditures in education has been focused on improving the offer to the labor market to minimize unemployment rates among young people. Since education directly affects human capital, investing in higher education is considered a benefit to future employment. Therefore, it is the purpose of this paper to investigate whether the government-allocated share of funds to total public expenditures in education affects the unemployment rates of youth in Albania. A quantitative analysis of total public expenses in education and of the country’s economic growth rates is used to investigate their effects on youth unemployment rates in the country. This is followed by another deeper investigation of public expenses in higher education and the country’s economic growth rates analysis on the youth unemployment rates of tertiary education graduates in Albania. Time series data are used in a set of econometric analyses such as the Augmented Dickey–Fuller test, Johansen test, and vector error correction (VEC) model to test for short-run dynamics and long-run causalities among the variables. The study results reveal that there is a short-term causality between the real economic growth rate and the youth unemployment rate, while there is a long-term causality between total public expenditures in education and the youth unemployment rate. If total public expenditures in education increase by 1%, the youth unemployment rate would decrease by 10.81%. Similarly, but not so strong, there is a long-term causality between public expenditures in higher education and the graduated youth unemployment rate. If public expenditures in higher education increase by 1%, the graduated youth unemployment rate would decrease by 5.85%. The speed of adjustment from the short-run to long-run equilibrium, in a quarter time, of the youth unemployment rate is 22%, while of the graduated youth unemployment rate is 53%—showing a faster convergence. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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23 pages, 700 KiB  
Article
Does Social Investment Influence Poverty and Economic Growth in South Africa: A Cointegration Analysis?
by Kanayo Ogujiuba and Ntombifuthi Mngometulu
Economies 2022, 10(9), 226; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10090226 - 15 Sep 2022
Cited by 6 | Viewed by 3552
Abstract
Despite having a middle-income status, many South African households are either already in or are about to fall into poverty. The income and wealth distribution in South Africa is among the most uneven in the world, and many households lack even the most [...] Read more.
Despite having a middle-income status, many South African households are either already in or are about to fall into poverty. The income and wealth distribution in South Africa is among the most uneven in the world, and many households lack even the most basic access to healthcare, clean energy, and clean water. Although it has increased government spending, South Africa’s government has made significant steps to combat poverty and inequality and encourage economic growth. Understanding the connection between social investment, poverty, inequality, and economic growth is, therefore, necessary to comprehend the ambiguity that currently prevails. In order to analyze the effects of social investment on poverty and economic growth in South Africa between 1990 and 2020, this paper uses the cointegration technique. The cointegration estimates indicate that there is no correlation between social investment, poverty, inequality, and economic development. According to study findings, South Africa’s macroeconomic policies, which seem to be more urban-focused, need to be modified and redirected into inclusive policies with strict constraints to assure their implementation. The transformation of rural and township life will be aided by this plan. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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19 pages, 3500 KiB  
Article
A Growing Light in the Lagging Region in Indonesia: The Impact of Village Fund on Rural Economic Growth
by Nurlatifah Hartojo, Mohamad Ikhsan, Teguh Dartanto and Sudarno Sumarto
Economies 2022, 10(9), 217; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10090217 - 07 Sep 2022
Cited by 5 | Viewed by 4154
Abstract
Narrowing the development gap has long been and continues to be a key element of government aspiration worldwide. Since 2015, the Government of Indonesia has implemented the village fund (VF) transfer to enhance its rural economy, especially in remote areas. The impact of [...] Read more.
Narrowing the development gap has long been and continues to be a key element of government aspiration worldwide. Since 2015, the Government of Indonesia has implemented the village fund (VF) transfer to enhance its rural economy, especially in remote areas. The impact of the VF on village development may vary greatly depending on the village’s location. This study examines the causal effects of VF transfer on the rural economic growth of underdeveloped villages in Indonesia. Using a nighttime light dataset at the village level as a proxy for rural economic growth and a regression discontinuity design in time, we found a significant improvement in rural economic growth in underdeveloped villages after the implementation of VF transfer. Our study confirms that the underdeveloped villages in East Indonesia are growing faster than those in West and Central Indonesia. The average growth of nightlight after the implementation of VF is approximately 156% in East Indonesia, 141% in Central Indonesia, and 98% in West Indonesia compared to the growth of pre-VF. Therefore, there is a strong argument to review the current formula of the VF to narrow the rural development gap in Indonesia. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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20 pages, 559 KiB  
Article
Unravelling the Potential of Digital Servitization in Sustainability-Oriented Organizational Performance—Does Digital Leadership Make It Different?
by Huy Quang Pham and Phuc Kien Vu
Economies 2022, 10(8), 185; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10080185 - 29 Jul 2022
Cited by 4 | Viewed by 2703
Abstract
This research proposed and enhanced a statistically reliable paradigm for determining the impacts of the role of digital servitization (DS) as a potential facilitator of sustainable and smart service innovation ecosystem (SSSIE) establishment and sustainability-oriented organizational performance (SOOP) improvement. Additionally, this research aimed [...] Read more.
This research proposed and enhanced a statistically reliable paradigm for determining the impacts of the role of digital servitization (DS) as a potential facilitator of sustainable and smart service innovation ecosystem (SSSIE) establishment and sustainability-oriented organizational performance (SOOP) improvement. Additionally, this research aimed to cast light on the role of digital leadership (DL) as a moderator of the hypothesized model. Structural equation modeling and multigroup analysis (MGA) were employed to process and analyze the data procured from a cross-sectional convenience sample of 412 respondents representing various public service sector organizations (PSSOs). The statistical outcomes corroborated that DS was positively and significantly correlated to SSSIE establishment, and at the same time, SOOP was significantly intensified by DS and SSSIE. Next, the nexus between DS and SOOP was enhanced when SSSIE was operationalized. Lastly, the MGA outcomes confirmed that all of the coefficients in the proposed model were statistically significantly different under the moderating effect of DL. These obtained findings could bring numerous valuable in-depth insights for practitioners and policymakers in digital initiatives management and governance. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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16 pages, 1390 KiB  
Article
An Empirical Analysis of Russian Regions’ Debt Sustainability
by Sergey Evgenievich Barykin, Alexey Aleksandrovich Mikheev, Elena Grigorievna Kiseleva, Yuriy Evgenievich Putikhin, Natalia Sergeevna Alekseeva and Alexey Mikhaylov
Economies 2022, 10(5), 106; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10050106 - 01 May 2022
Cited by 23 | Viewed by 2825
Abstract
This paper investigates the impact of the moderate growth of government borrowing on debt sustainability in 11 Russian regions over about 10 years, starting in 2010. The current study aims to assess the debt sustainability of the Russian region’s budget by determining Euclidean [...] Read more.
This paper investigates the impact of the moderate growth of government borrowing on debt sustainability in 11 Russian regions over about 10 years, starting in 2010. The current study aims to assess the debt sustainability of the Russian region’s budget by determining Euclidean distance budget constraints and cluster analysis. This study is based on the methodology of hierarchical cluster analysis, which makes it possible to isolate regions of accumulation of objects from the aggregate data and combine them into homogeneous segments. The central hypothesis of this study is that by using this method, it is possible to increase the accuracy of the values that limit budget constraints in a region’s financial system. This study, using open data from the Federal State Statistics Service, is based on a database of statistical, financial, and economic indicators of the Russian economy. The calculations include about 45 macroeconomic indicators, which reflect the ratios of socio-economic development of the region’s financial system. The methodology described in the paper for assessing the debt sustainability of budget policy proves the need to calculate six indicators and determine the debt limits for the regions of each cluster. It finds a need to reduce the high debt burden of 46% of the regions belonging to the Northwestern Federal District. Confidence intervals for the debt limit suggest that the negative growth effect of high debt may start from levels of around 5% of the debt-to-GDP ratio and about 43% of the debt-to-revenue ratio. The results indicate that regions with a high level of debt sustainability include St. Petersburg city, the Leningrad region, and the Kaliningrad region. From a state debt policy perspective, the results provide additional arguments for debt reduction for the Republic of Komi, the Republic of Karelia, the Arkhangelsk region, and the Pskov region. The general conclusion of the study boils down to the need to reduce the debt burden of the budgets of some regions of the SFZO, as well as to the need to change the upper limits of debt, which are equally set for all regions by the Budget Code of the Russian Federation, to differentiated values of public domestic debt, taking into account the results obtained in the study. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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13 pages, 1177 KiB  
Article
Formation of Infrastructure Provision for Personnel Needs in Gas and Petrochemical Cluster: The Case of Iran
by Sara Mehrab Daniali, Farzin Mohammadbeigi Khortabi, Sergey Evgenievich Barykin, Irina Vasilievna Kapustina, Anna Burova, Natalya Ostrovskaya, Anton Lisin and Tatiana Gennadievna Shulzhenko
Economies 2022, 10(4), 79; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10040079 - 25 Mar 2022
Viewed by 2039
Abstract
The problem of staffing the gas and petrochemical cluster is acutely raised in all oil-producing states. This article’s purpose is to study program-targeted and problem-oriented approaches to forming infrastructure provision for personnel needs in Iran’s gas and petrochemical cluster. Their peculiarity is that [...] Read more.
The problem of staffing the gas and petrochemical cluster is acutely raised in all oil-producing states. This article’s purpose is to study program-targeted and problem-oriented approaches to forming infrastructure provision for personnel needs in Iran’s gas and petrochemical cluster. Their peculiarity is that they belong to natural monopolies characterized by a high level of capital concentration. In this study, two approaches were identified to form infrastructure provision for the needs of personnel in the cluster. The first approach, program-targeted, relies on developing programs to overcome the lack of qualified specialists. The second approach, problem-oriented, considers the causes of the problem itself and the ways to prevent it. Based on the results of the study, several conclusions can be drawn. First, the traditional understanding of human resources infrastructure is insufficient to develop Iran’s gas and petrochemical cluster (GPC). Secondly, for the successful development of social production, it is necessary to adequately develop infrastructure, the technical and economic justification of all processes, and to focus the entire industry on endogenous factors of scientific, technical, and socio-economic progress. Finally, the most critical issue in the system is the issue of staffing each stage with employees of mass professions, engineering, and scientific personnel, specialists in the field of economics, organization, and management, and executives of various levels. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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23 pages, 370 KiB  
Article
Interrelations between Income Inequality and Sustainable Economic Growth: Contradictions of Empirical Research and New Results
by Mikhail Lvovitch Dorofeev
Economies 2022, 10(2), 44; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10020044 - 07 Feb 2022
Cited by 16 | Viewed by 3857
Abstract
The idea that high levels of economic inequality negatively affect the rate and sustainability of economic growth is quite popular in the scientific literature. Therefore, it is usually proposed to take some regulative measures to reduce economic inequality in order to boost economic [...] Read more.
The idea that high levels of economic inequality negatively affect the rate and sustainability of economic growth is quite popular in the scientific literature. Therefore, it is usually proposed to take some regulative measures to reduce economic inequality in order to boost economic growth. Should the thesis be considered as a populist slogan or a scientifically proven fact? This article analyzes the results of 22 empirical studies on the relationship between economic inequality and economic growth conducted during the period of 1917–2018. We used meta-analysis to examine and systematize the results of previous empirical studies. The literature review and the analysis of the results from previous studies mainly indicate a negative relationship between economic inequality and economic growth (59% of the previous empirical research). The research gap is that on average these studies are rather controversial to each other and we cannot say that we understand these relationships correctly. To answer the questions concerning the interrelations between income inequality and sustainable economic growth, we made our own empirical research. To do this we used a qualitative pairwise correlation comparison method and analyzed panel data of 39 countries for the period of 1980–2019. The correlation between income inequality and sustainable economic growth was evaluated basing on the Gini index (GI) and Gross Domestic Product (GDP). Our calculations and analysis show that on average, in approximately 57.8% of moments in the period between 1980–2018, this correlation was positive in our sample of countries. The novelty of our study is that we show in detail how income inequality and economic growth are interconnected for each particular country and on average for the whole sample of countries. In addition, we used the inequality transparency index to adjust our calculations for data quality. Three hypotheses were tested in the study. Only one of them was confirmed by our research. The level of income inequality determines the direction of its impact on economic growth. An increase in income inequality in countries with low levels of inequality in most cases boosts economic growth and vice versa. Additionally, we received partial confirmation of our other hypothesis and found out that the correlation between economic growth and income inequality is definitely more negative for countries with low income and more positive in countries with high income per capita. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
11 pages, 875 KiB  
Article
The Role of Non-Bank Financials in the Formation of Long-Term Resources for Economic Growth in Russia
by Elena Vladimirovna Travkina, Elena Petrovna Ternovskaya and Alim Borisovich Fiapshev
Economies 2022, 10(1), 23; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10010023 - 11 Jan 2022
Cited by 1 | Viewed by 2621
Abstract
The development of the activities of non-bank financial institutions that accumulate the resources of the national savings system on a long-term basis is seen as a factor in increasing investment in the Russian economy and its growth rates. When carrying out the study, [...] Read more.
The development of the activities of non-bank financial institutions that accumulate the resources of the national savings system on a long-term basis is seen as a factor in increasing investment in the Russian economy and its growth rates. When carrying out the study, we used general scientific methods, methods of structural, weigh, and dynamic analysis, and comparisons of performance indicators of non-bank financial institutions. Problems in the activities of organizations in the non-banking sector of the Russian financial market are predetermined by the parameters and trends in the development of the socio-economic situation in Russia, including insufficient efficiency of regulatory practices. The positive dynamics of the development of non-bank financial intermediaries is qualified as unstable; it is not supported by the solution of the structural and institutional problems of the Russian economy. In view of this, an increase in their role in the redistribution process is associated both with decisions of a more general order and with the improvement of the regulatory and supervisory practices implemented by the Bank of Russia. The solution to the identified problems in the development of the non-banking segment of the financial market should be aimed at turning it into an effective mechanism for capital formation to ensure economic growth. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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21 pages, 611 KiB  
Article
Impact of Entrepreneurial Self-Efficacy and Entrepreneurial Motivation on Micro and Small Business Success for Food and Beverage Sector in East Java, Indonesia
by Veronika Agustini Srimulyani and Yustinus Budi Hermanto
Economies 2022, 10(1), 10; https://0-doi-org.brum.beds.ac.uk/10.3390/economies10010010 - 30 Dec 2021
Cited by 21 | Viewed by 8323
Abstract
The research aims to examine the impact of entrepreneurial self-efficacy and entrepreneurial motivation on the success of the food and beverage (F&B) sector’s micro and small enterprises (MSEs). The sample was selected using purposive sampling techniques from 267 MSE owners in the F&B [...] Read more.
The research aims to examine the impact of entrepreneurial self-efficacy and entrepreneurial motivation on the success of the food and beverage (F&B) sector’s micro and small enterprises (MSEs). The sample was selected using purposive sampling techniques from 267 MSE owners in the F&B businesses in Madiun City, Madiun Regency, and Magetan Regency, East Java, Indonesia. The test results of the hypothesis showed that: (1) partially, self-efficacy entrepreneurship and entrepreneurial motivation are significantly positive on business success in micro and small F&B businesses in East Java, Indonesia; (2) entrepreneurial motivation acts as a partial mediation of the influence of self-efficacy entrepreneurship on the business success of micro and small businesses in the field of food and beverage in East Java, Indonesia; abd (3) simultaneously, self-efficacy entrepreneurship and the influence of entrepreneurial motivation are significantly positive on business success in micro and small businesses in the food and beverage fields of East Java, Indonesia. The results showed that self-efficacy and motivation in entrepreneurship are necessary because they affect business success, particularly in micro and small F&B businesses in Indonesia. Further research can explore other factors that influence business success by expanding the research area and other types of creative industry businesses. Further research could explore other factors influencing business success by expanding research areas, such as entrepreneurial leadership and innovative work behavior. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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21 pages, 1562 KiB  
Article
Formation of a Sustainable Mechanism of Preferential VAT Taxation of Exports as Evidenced by the Russian Federation Practice
by Elena Sidorova, Ekaterina Sebechenko, Yury Kostyukhin, Diana Boboshko, Alexey Kostin, Olga Kostina and Natalia Vikhrova
Economies 2021, 9(4), 190; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040190 - 02 Dec 2021
Cited by 4 | Viewed by 2847
Abstract
In this article we review the issues of applying a preferential value added tax (VAT) taxation regime on export transactions involving unlawful tax benefit claims and tax evasion. The main objective of this study is to supplement the theoretical and methodological foundations of [...] Read more.
In this article we review the issues of applying a preferential value added tax (VAT) taxation regime on export transactions involving unlawful tax benefit claims and tax evasion. The main objective of this study is to supplement the theoretical and methodological foundations of transforming the system of indirect taxation of exports in the Russian Federation based on the analysis of legal precedents. We analyzed the foreign trade statistics for the Russian Federation and the volumes of export VAT; we also studied the court rulings in VAT-related tax disputes. Based on our analysis of the court cases, we discovered the main schemes of unlawful application of VAT preferences, such as “false exports”, introduction of additional layers of intermediaries, and use of agency services by exporting sellers. In addition, we formulated two problematic scenarios where bona fide transactions fall under the definition of such schemes. Specifically, these two scenarios include services contracts by foreign service providers that are reclassified by the tax authorities with an aim to challenge the offsetting of incoming VAT amounts and the specifics of applying VAT to transactions involving compensation-free transfer of goods to foreign legal entities. To minimize the number of tax disputes, we suggest that certain provisions of the Russian legislation are amended with more detail. The proposed innovations can positively affect international trade as they bring more easily understandable and stable conditions for the development of businesses engaged in cross-border service provisioning. At the same time, a reduction in the number of disputes based on the tax authorities’ subjective opinion of taxpayers’ activities would allow the tax authorities to concentrate on clearer and more objective criteria of tax compliance by Russian companies, thus simplifying tax administration in one of the domains of tax law. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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19 pages, 979 KiB  
Article
Does the COVID-19 Pandemic Change Human Mobility Equally Worldwide? Cross-Country Cluster Analysis
by Katarzyna Czech, Anna Davy and Michał Wielechowski
Economies 2021, 9(4), 182; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040182 - 17 Nov 2021
Cited by 16 | Viewed by 3025
Abstract
The paper aims to identify groups of countries characterised by a similar human mobility reaction to COVID-19 and investigate whether the differences between distinguished clusters result from the stringency of government anti-COVID-19 policy or are linked to another macroeconomic factor. We study how [...] Read more.
The paper aims to identify groups of countries characterised by a similar human mobility reaction to COVID-19 and investigate whether the differences between distinguished clusters result from the stringency of government anti-COVID-19 policy or are linked to another macroeconomic factor. We study how COVID-19 affects human mobility patterns, employing daily data of 124 countries. The analysis is conducted for the first and second waves of the novel coronavirus pandemic separately. We group the countries into four clusters in terms of stringency level of government anti-COVID-19 policy and six mobility categories, using k-means clustering. Moreover, by applying the Kruskal–Wallis test and Wilcoxon rank-sum pairwise comparison test, we assess the existence of significant differences between the distinguished clusters. We confirm that the pandemic has caused significant human mobility changes. The study shows that a more stringent anti-COVID-19 policy is related to the greater decline in mobility. Moreover, we reveal that COVID-19-driven mobility changes are also triggered by other factors not related to the pandemic. We find the Human Development Index (HDI) and its components as driving factors of the magnitude of mobility changes during COVID-19. The greater human mobility reaction to COVID-19 refers to the country groups representing higher HDI levels. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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12 pages, 698 KiB  
Article
Mapping the Moderating Role of Logistics Performance of Logistics Infrastructure on Economic Growth in Developing Countries
by Zunaira Khadim, Irem Batool, Ahsan Akbar, Petra Poulova and Minahs Akbar
Economies 2021, 9(4), 177; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040177 - 11 Nov 2021
Cited by 10 | Viewed by 3915
Abstract
Logistics performance is an important determinant of economic growth. The present study investigates the moderating role of logistics performance of the logistic infrastructure on economic growth in developing countries. We employ the World Bank computed LPI index in the year 2010, 2012, 2014, [...] Read more.
Logistics performance is an important determinant of economic growth. The present study investigates the moderating role of logistics performance of the logistic infrastructure on economic growth in developing countries. We employ the World Bank computed LPI index in the year 2010, 2012, 2014, 2016 and 2018 to measure the logistic performance. The current research includes the 50 developing economies, and a panel data set comprising of total 300 observations is collected. The study used the conventional Cobb–Douglas production function with labor, capital stock as main drivers of economic growth. The study found that the labor and capital endowments have significantly different impacts in terms of elasticity coefficients for developing countries with different logistics performance levels. It implies that logistics performance, i.e., the efficient performance of logistic infrastructure, plays a moderator role in economic growth in developing economies. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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17 pages, 1288 KiB  
Article
Application of AHP for the Weighting of Sustainable Development Indicators at the Subnational Level
by Abraham Londoño-Pineda, Jose Alejandro Cano and Rodrigo Gómez-Montoya
Economies 2021, 9(4), 169; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040169 - 04 Nov 2021
Cited by 6 | Viewed by 3107
Abstract
This article presents an indicator weighting method for constructing composite indices to assess sustainable development at the subnational level. The study uses an analytic hierarchy process (AHP), which is considered relevant, since it establishes links between the indicators that make up the different [...] Read more.
This article presents an indicator weighting method for constructing composite indices to assess sustainable development at the subnational level. The study uses an analytic hierarchy process (AHP), which is considered relevant, since it establishes links between the indicators that make up the different sustainable development goals (SDG). For this purpose, 28 indicators defined by experts constitute the base to evaluate the progress towards sustainable development of the Aburrá Valley region, located in Antioquia, Colombia. The results show that health, employment, and education indicators obtained higher weights, while environmental indicators received the most reduced weights. Likewise, the model proves to be consistent using a consistency ratio, which generates the possibility of replicating this model at different subnational levels. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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17 pages, 1113 KiB  
Article
Does Income Inequality Create Excessive Threats to the Sustainable Development of Russia? Evidence from Intercountry Comparisons via Analysis of Inequality Heatmaps
by Mikhail Lvovitch Dorofeev
Economies 2021, 9(4), 166; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040166 - 03 Nov 2021
Cited by 4 | Viewed by 5806
Abstract
The paper explored the problem of income inequality in Russia in the context of the sustainable development of Russia. The research starts from the historical analysis of income inequality dynamics in Russia. Then, we discussed the problem of the inconsistency of data, comparing [...] Read more.
The paper explored the problem of income inequality in Russia in the context of the sustainable development of Russia. The research starts from the historical analysis of income inequality dynamics in Russia. Then, we discussed the problem of the inconsistency of data, comparing different sources (official data from the Rosstat database and alternative data from the World inequality database). The purpose of this research was to assess Russian specifics of income inequality and answer the question of if the income inequality in Russia is excessively high and needs extra government regulation in order to reach the trajectory of advanced sustainable development. To this end, we made intercountry comparisons and used the method of building income inequality heatmaps basing on a dataset from the World Inequality Database. Our sample includes the per-adult equivalent of household market income distribution in 27 developed and developing countries and world regions. The result of the research was that there are many countries in the world wherein the differentiation of income exceeds Russia’s. Russian income inequality is lower than the world average, but the structure of the Russian household income distribution stands out by an extreme concentration of national income in the hands of the top 1%. We supported our results via the independent data from the Credit Suisse wealth inequality report, connecting a record level of wealth inequality in Russia with its problem of top 1% income inequality. It is recommended to gradually increase marginal tax rates on the income and wealth of the top 1% and continue developing an effective progressive tax system in Russia. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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21 pages, 2351 KiB  
Article
Developing Public–Private Partnership Projects to Enhance Innovation Capability in the Defence Industry
by Marina Mikhailovna Pukhova, Irina Anatolievna Merkulina and Dmitry Yuryevich Bashkov
Economies 2021, 9(4), 147; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040147 - 09 Oct 2021
Cited by 3 | Viewed by 3307
Abstract
The relevance of this study resides in the need to determine the key measures for a more effective application of the mechanism of public–private partnerships (PPP) in the implementation of large-scale infrastructure projects, aimed at developing the innovation potential of the Russian defence–industrial [...] Read more.
The relevance of this study resides in the need to determine the key measures for a more effective application of the mechanism of public–private partnerships (PPP) in the implementation of large-scale infrastructure projects, aimed at developing the innovation potential of the Russian defence–industrial complex (DIC). Through the analysis of foreign practices of the application of PPP in the defence industry, representing a vast body of scientific and popular literature on the development of the defence industry in the U.S. and the countries of Europe and Asia, as well as a review of the domestic regulatory framework, the authors have identified the most common and key problems that are obstacles to the effective and sustainable development of PPP mechanisms, and their application not only in the civil, but also in the defence sector. This work pays specific attention to the requirements that are imposed on public and private partners in the process of implementing PPP projects in the context of SDO performance, along with the risks that are inevitably associated with the activities of each of the parties. As a result, the authors present a graphical interpretation of the algorithm for financing the state defence order (SDO) and disclose the system of interaction between the elements of a given algorithm, as well as formulating an essential recommendation for the further development of PPP in Russia. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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17 pages, 6603 KiB  
Article
Modeling of Crisis Processes in the Financial Market
by Vera Ivanyuk
Economies 2021, 9(4), 144; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9040144 - 07 Oct 2021
Cited by 4 | Viewed by 1999
Abstract
Global liquidity shortage as well as the availability on the market of overpriced assets and derivatives led to the situation where the global economy depends primarily on liquidity, becoming prone to chain-consistent world crises. Only for the last 15 years, the world has [...] Read more.
Global liquidity shortage as well as the availability on the market of overpriced assets and derivatives led to the situation where the global economy depends primarily on liquidity, becoming prone to chain-consistent world crises. Only for the last 15 years, the world has witnessed a continuous series of crises. Therefore, the study of the processes and phenomena of crisis is one of the most important scientific and practical tasks. The aim of this work consisted in the development of methods and models for the early detection of crises in the economy. The significance of the work is to develop an econometric model and tools for detection of crisis. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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17 pages, 378 KiB  
Article
Sentiments–Risk Relationship across the Corporate Life Cycle: Evidence from an Emerging Market
by Minhas Akbar, Ahsan Akbar, Muhammad Azeem Qureshi and Petra Poulova
Economies 2021, 9(3), 111; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9030111 - 11 Aug 2021
Cited by 4 | Viewed by 2296
Abstract
The influence of market sentiments on the bankruptcy risk propensity of firms has been extensively explored in the literature. However, less attention has been paid to whether the corporate life cycle plays any role in this nexus. The purpose of this research is [...] Read more.
The influence of market sentiments on the bankruptcy risk propensity of firms has been extensively explored in the literature. However, less attention has been paid to whether the corporate life cycle plays any role in this nexus. The purpose of this research is to unveil how the corporate bankruptcy risk propensity responds to market sentiments, and whether this sentiments–risk relationship varies over different stages of the corporate life cycle. Using a sample of 301 Pakistani non-financial listed firms for 2005–2014, we employ two-step generalized method of moments (GMM) regression estimation to address the issue of endogeneity. Empirical evidence reveals that managers tend to escalate a firm’s bankruptcy risk during high market sentiments. Further analysis indicates that during the period of positive market sentiments, introduction stage firms prefer to assume the highest bankruptcy risk followed by decline and growth firms, while mature firms continue to be risk-averse. This research contributes to the corporate finance literature by suggesting that managerial risk-taking is influenced by market sentiments and corporate managers show a different attitude towards risk at different stages of the corporate life cycle. Therefore, to ensure enterprise sustainability, capital market regulators should have a robust risk management framework in place to discipline the excessive risk-taking by firm managers over different stages of the corporate life cycle. Moreover, investors and creditors shall take into consideration the respective life cycle stage of the firm to minimize the risk exposure of their investment portfolios. Our results are robust to alternate econometric specifications and alternate variable specifications. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
24 pages, 1396 KiB  
Article
Digital Customer Experience Mapping in Russian Premium Banking
by Galina Timokhina, Lyubov Prokopova, Yuri Gribanov, Stanislav Zaitsev, Natalia Ivashkova, Roman Sidorchuk, Irina Skorobogatykh, Anatoly Shishkin and Zhanna Musatova
Economies 2021, 9(3), 108; https://0-doi-org.brum.beds.ac.uk/10.3390/economies9030108 - 05 Aug 2021
Cited by 3 | Viewed by 4060
Abstract
The purpose of this study is to identify, in an era of extensive digitalization, the major opportunities and threats that influence the experiences of digital premium banking customers at key stages of their banking interactions. This study’s conceptual research model combines the content [...] Read more.
The purpose of this study is to identify, in an era of extensive digitalization, the major opportunities and threats that influence the experiences of digital premium banking customers at key stages of their banking interactions. This study’s conceptual research model combines the content of online questionnaires, completed by a representative sample of 3629 customers, in-depth interviews with heads of premium banking departments, and an audit of customer experiences conducted via Mystery Shopping in 13 Russian banks. The authors formulate four research hypotheses, substantiated by the empirical data and highlight key barriers preventing premium banks from effective digital interactions with their customers. Key opportunities for improving customer experiences are also identified. The theoretical contribution of the research includes the adaptation of an axiological approach to studying digital customers in premium banking. Practical contributions include the Premium Digital Customer Experience Map, designed by the authors as a ready-made tool for planning and improving premium banking services and a tool for performance comparison between competing banks. This study also discusses the authors’ definition of a “digital customer”. It presents a new approach to the Mystery Shopping methodology, including the recruitment of Mystery Shoppers following the three premium banking customer portraits: “saver”, “spender”, and “saver–spender”. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
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