Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: JCR - Q2 (Economics) / CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.7 days after submission; acceptance to publication is undertaken in 5.6 days (median values for papers published in this journal in the first half of 2024).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.1 (2023);
5-Year Impact Factor:
2.2 (2023)
Latest Articles
Effect of Market-Wide Investor Sentiment on South African Government Bond Indices of Varying Maturities under Changing Market Conditions
Economies 2024, 12(10), 265; https://doi.org/10.3390/economies12100265 - 27 Sep 2024
Abstract
The excess levels of investor participation coupled with irrational behaviour in the South African bond market causes excess volatility, which in turn exposes investors to losses. Consequently, the study aims to examine the effect of market-wide investor sentiment on government bond index returns
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The excess levels of investor participation coupled with irrational behaviour in the South African bond market causes excess volatility, which in turn exposes investors to losses. Consequently, the study aims to examine the effect of market-wide investor sentiment on government bond index returns of varying maturities under changing market conditions. This study constructs a new market-wide investor sentiment index for South Africa and uses the two-state Markov regime-switching model for the sample period 2007/03 to 2024/01. The findings illustrate that the effect investor sentiment has on government bond indices returns of varying maturities is regime-specific and time-varying. For instance, the 1–3-year government index return and the over-12-year government bond index were negatively affected by investor sentiment in a bull market condition and not in a bear market condition. Moreover, the bullish market condition prevailed among the returns of selected government bond indices of varying maturities. The findings suggest that the government bond market is adaptive, as proposed by AMH, and contains alternating efficiencies. The study contributes to the emerging market literature, which is limited. That being said, it uses market-wide investor sentiment as a tool to make pronunciations on asset selection, portfolio formulation, and portfolio diversification, which assists in limiting investor losses. Moreover, the findings of the study contribute to settling the debate surrounding the efficiency of bond markets and the effect between market-wide sentiment and bond index returns in South Africa. That being said, it is nonlinear, which is a better model that uses nonlinear models and alternates with market conditions, making the government bond market adaptive.
Full article
(This article belongs to the Special Issue Efficiency and Anomalies in Emerging Stock Markets)
Open AccessArticle
Asking Price for the Assessment of a Fruit Orchard: Some Evidence Using the Remote Segments Approach
by
Giuseppe Cucuzza, Marika Cerro and Laura Giuffrida
Economies 2024, 12(10), 264; https://doi.org/10.3390/economies12100264 - 27 Sep 2024
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When missing reliable comparables, estimating inappropriately is a high risk in the use of both market-oriented and income approach methods. Therefore, it is useful to identify effective alternatives in accordance with the estimation method to arrive at the estimated value in the absence
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When missing reliable comparables, estimating inappropriately is a high risk in the use of both market-oriented and income approach methods. Therefore, it is useful to identify effective alternatives in accordance with the estimation method to arrive at the estimated value in the absence of comparables. This paper examines the use of the asking price for estimating the market value of a fruit tree orchard, missing comparable data of similar assets. The analysis was conducted by considering two different scenarios. In the first, asking prices from the same segment of the land to be estimated were used in two market-oriented appraisal methods: the General Appraisal System (GAS) and the Nearest Neighbors Appraisal Technique (NNAT). In both these approaches, market prices were replaced with detected asking prices. The second scenario was based on the use of the Remote Segments Approach (RSA). The comparison was conducted between the market segment of the fruit orchard to be valued and other comparison market segments, consisting of three other species of fruit trees, grown in the same area where the fruit orchard to be estimated is located. The results showed that in the first scenario, the estimated value appeared to be unreliable and excessively high compared to actual market conditions. Using the segment comparison method, which applies asking prices for the purpose of determining the capitalization rate, produced more reliable results. The appraisal also appeared more objective, transparent, and consistent with valuation standards. In the presence of similar limiting conditions, RSA can be an effective support to the activity of the appraiser in the valuation process of agricultural land.
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Open AccessArticle
Taxes, Leverage, and Profit Shifting in Banks
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Arthur José Cunha Bandeira de Mello Joia, Lucas Ayres Barreira de Campos Barros and Marcelo Daniel Araujo Ermel
Economies 2024, 12(10), 263; https://doi.org/10.3390/economies12100263 - 26 Sep 2024
Abstract
The goal of this research is to investigate whether taxation affects the leverage decisions of banks and if the response of leverage to tax increases depends on profit-shifting opportunities available to individual banks. This topic remains controversial since it is often believed that
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The goal of this research is to investigate whether taxation affects the leverage decisions of banks and if the response of leverage to tax increases depends on profit-shifting opportunities available to individual banks. This topic remains controversial since it is often believed that banking regulation is such an essential driver of leverage choices that little room is left for other considerations studied in the corporate finance literature. Using a difference-in-differences setup encompassing the period from 2006 to 2017, we exploit two exogenous income tax rate increases applicable to 225 Brazilian banks, employing novel identification strategies based on the intricacies of local taxation rules and on the distinctions between individual banks and financial conglomerates. We find stark differences in the behavior of banks around the two events, with a substantial increase in leverage following the first tax hike but no leverage response following the second. In addition, we find no evidence of heterogeneous effects based on the amount of profit-shifting opportunities available to individual banks. Regulatory concerns possibly became more relevant for leverage decisions during the period around the second tax hike because it coincided with the implementation of stricter capital requirements associated with the Basel III framework. Taken together, our results suggest that financial institutions balance considerations regarding the tax-shield benefits of debt against regulatory concerns specific to the banking industry when making capital structure choices.
Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
Open AccessArticle
A Metrics Refinement of EU Fruit Production Economic Assessment
by
Aleksandra Figurek, Elena I. Semenova, Alkis Thrassou and Demetris Vrontis
Economies 2024, 12(10), 262; https://doi.org/10.3390/economies12100262 - 25 Sep 2024
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The paper applies the farm accountancy data network (FADN) approach to conduct a comparison analysis of the revenue of EU fruit producers. The study constitutes a significant contribution to the requisite development of more accurate metrics and appropriate approaches, which are necessary for
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The paper applies the farm accountancy data network (FADN) approach to conduct a comparison analysis of the revenue of EU fruit producers. The study constitutes a significant contribution to the requisite development of more accurate metrics and appropriate approaches, which are necessary for assessing the economic success of EU fruit production in the principal sector of EU agriculture. The metrics used to measure the economic success in fruit production include farm net value added (FNVA), farm net income (FNI), annual working unit (AWU) of FNVA, and farm family income (FFI/FWU). An agricultural farm’s overall productivity can be determined by dividing its entire output (production) by the inputs employed in its operations, such as specific expenses and intermediate consumption. The FADN approach, which tracks the increase in agricultural revenue and assesses the effects of European policies on the agricultural sector, improves monitoring and meeting of performance goals. Finding economic, technological, and other aspects that will improve agricultural farms’ businesses and, by extension, agriculture as a whole will require applying an appropriate methodological approach to portray the actual situation and results of these farms.
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Open AccessArticle
Association between Education and Fertility: New Evidence from the Study in Pakistan
by
Khawar Afreen, Patrizia Ordine and Giuseppe Rose
Economies 2024, 12(10), 261; https://doi.org/10.3390/economies12100261 - 25 Sep 2024
Abstract
Pakistan is one of those nations that is suffering from the complications of higher fertility and lower levels of education and struggling to improve these demographic factors. In any country, education is considered the reason to control fertility levels. To shed some light
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Pakistan is one of those nations that is suffering from the complications of higher fertility and lower levels of education and struggling to improve these demographic factors. In any country, education is considered the reason to control fertility levels. To shed some light on the importance of this fact, education attainment and total children ever born have been considered by taking micro-level data from the Pakistan Demographic Health Survey (PDHS) of 2017–2018 to examine the relationship of education with fertility for women. Due to the nature of the response variable, children ever born, which is a count variable, Poisson regression was used. The results provide evidence that women with secondary and higher education have a negative and significant association with fertility and thus support the hypothesis that educated women have lower fertility. Women with secondary and higher education have fewer children compared to women with no education, while female education at the primary level did not significantly affect fertility in the research. Furthermore, the age of first cohabitation, age at first birth, and wealth index were revealed to be significant determinants of fertility. It interprets that the increase in education is related to greater opportunities and facilitates the participation of women in other activities of the economy.
Full article
(This article belongs to the Section Labour and Education)
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Open AccessArticle
Energy Cost Reduction in the Administrative Building by the Implementation of Technical Innovations in Slovakia
by
Katarína Teplická, Samer Khouri, Ibrahim Mehana and Ivana Petrovská
Economies 2024, 12(10), 260; https://doi.org/10.3390/economies12100260 - 25 Sep 2024
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The presented article investigates the effects of technical innovations in administrative buildings on the financial side of the business, with a main focus on reducing energy costs and energy consumption. The administrative buildings in a business contribute significantly to the business’s total energy
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The presented article investigates the effects of technical innovations in administrative buildings on the financial side of the business, with a main focus on reducing energy costs and energy consumption. The administrative buildings in a business contribute significantly to the business’s total energy consumption. The basic pillar of Industry 4.0 is the optimization of resources such as energy, which, in production enterprises, represents economic value—costs. The article is orientated to investigate the effect of the technical innovations of administrative buildings on the financial side of the enterprise, with a main focus on reducing energy costs and energy consumption. This research was conducted in Slovakia’s manufacturing sector. In this research, we used economic and financial analysis and economic indicators. This research was conducted between 2019 and 2023. In this period, the results were positive. The results indicated a reduction in energy consumption of 143 GJ (39,722 kWh), reduced energy costs of EUR 6356, reduction in the energy cost structure of 1.3%, and the indicator, the payback period, was determined to be in the range of 6 to 12 years for individual technical innovations. The new design of administrative buildings is an advantage for manufacturing enterprises and can be used as a marketing tool to attract both customers and suppliers. The suggested energy, environmental, and economic sustainability model will allow production enterprises to improve their energy use in administrative buildings.
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Open AccessArticle
Impact of Energy Crises on Income Inequality: An Application of Piketty’s Hypothesis to Pakistan
by
Jibran Hussain, Saeed Siyal, Riaz Ahmad, Qaiser Abbas, Yu Yitian and Liu Jin
Economies 2024, 12(10), 259; https://doi.org/10.3390/economies12100259 - 24 Sep 2024
Abstract
In Pakistan, the majority of people have access to energy supplies. However, people who are underprivileged, below the extreme poverty line, or part of the middle class often spend disproportionate portions of their income on energy supplies and services, to some extent because
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In Pakistan, the majority of people have access to energy supplies. However, people who are underprivileged, below the extreme poverty line, or part of the middle class often spend disproportionate portions of their income on energy supplies and services, to some extent because of higher upfront prices for energy supplies, expensive products, and expensive imported appliances. The nonavailability of low-cost energy supplies is mainly affecting underdeveloped regions that have mostly low-income households. We used the dynamic ordinary least squares method to look at the impact of the energy crisis on income inequality from 1997 to 2021. The results show that the energy crisis exacerbates income inequality as low-income groups end up spending more significant shares of their income on energy products, supplies, and services than higher-income groups. Fair and equal access to energy supplies and services is less likely to reduce income inequality if prices are not cost-efficient. Cautious deliberation regarding the structure of energy tariffs is inevitable; at the same time, safety nets and social security programs for the poorest groups need to be expanded. At this stage, the aim is to target energy prices that will achieve the objectives of reducing polarity and increasing real income.
Full article
(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)
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Assessing the Pandemic Aviation Crisis: Speculative Behavior, Government Bail Outs, and Accommodative Monetary Policy
by
Viviana Costa, Maria Alberta Oliveira and Carlos Santos
Economies 2024, 12(10), 258; https://doi.org/10.3390/economies12100258 - 24 Sep 2024
Abstract
The COVID-19 pandemic was a health, economic, and financial crisis. The aviation sector was one of the most severely hit. Despite the extensive literature on this, COVID-Finance has been focused on stock returns, neglecting what could be learnt from the spreads of airlines’
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The COVID-19 pandemic was a health, economic, and financial crisis. The aviation sector was one of the most severely hit. Despite the extensive literature on this, COVID-Finance has been focused on stock returns, neglecting what could be learnt from the spreads of airlines’ credit default swaps (CDSs). This would seem of the utmost importance, given the epicenter of the crisis within the credit market. In this paper, an in-depth analysis of airlines’ CDS spreads is conducted. It is found that they were severely hit, for all airlines studied. However, the results of the PSY test showed that speculative trading led the surge, as explosive roots were found in the spreads of all these aviation firms. The dramatic increase in CDS spreads has contributed to already high borrowing costs for airlines. Our results suggest that aviation bail outs have helped to mitigate spreads’ explosiveness. Monetary policy measures have also limited, albeit indirectly, the funding risk posed by the government bail outs. By the end of March 2021, spreads were no longer explosive, and were approaching, at highly heterogeneous paces, their pre-pandemic values. Notwithstanding, airlines’ stock prices have been notably resistant to recovery.
Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Parallel Currencies under Free Floating Exchange Rates: A Model Setting Out the Conditions for Stable Currency Competition
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Juan E. Castañeda, Sebastian Damrich and Pedro Schwartz
Economies 2024, 12(10), 257; https://doi.org/10.3390/economies12100257 - 24 Sep 2024
Abstract
We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary
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We use a theoretical model to set up the conditions for a country to attain monetary stability by allowing for two freely tradable currencies to circulate in parallel. For this parallel system to function properly, confidence in the good behavior of the monetary authorities in charge of the two currencies is key. Our model shows how a floating exchange rate between the two can keep the issuers of the local currency in check. The results from our model show the conditions under which a parallel currency system disciplines the issuers of the currencies and thus maintains their purchasing power. In non-volatile economies, it also discourages governments (or private issuers) from inflating one of the currencies as a means to raise seigniorage, as this policy results in the displacement of the currency from the market. When foreign payments shortfall—such as in Greece and Cyprus during the ‘euro crisis’ in the mid-2010s, or intractable hyperinflation—leave the country without a medium of exchange, our model shows how currency choice can restore monetary circulation and offer a path to achieving and maintaining monetary stability.
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(This article belongs to the Special Issue Monetary Policy and Central Banking: Challenges in the Current Environment)
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The Impact of Restrictive Macroprudential Policies through Borrower-Targeted Instruments on Income Inequality: Evidence from a Bayesian Approach
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Lindokuhle Talent Zungu and Lorraine Greyling
Economies 2024, 12(9), 256; https://doi.org/10.3390/economies12090256 - 23 Sep 2024
Abstract
This study used the panel data from 15 emerging markets to examine the impact of restrictive macroprudential policies on income inequality from 2000–2019 using Bayesian panel vector autoregression and Bayesian panel dynamics generalised method of moments models. The chosen models are suitable for
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This study used the panel data from 15 emerging markets to examine the impact of restrictive macroprudential policies on income inequality from 2000–2019 using Bayesian panel vector autoregression and Bayesian panel dynamics generalised method of moments models. The chosen models are suitable for addressing multiple entity dynamics, accommodating a wide range of variables, handling dense parameterisation, and optimising formativeness and heterogeneous individual-specific factors. The empirical analysis utilised various macroprudential policy proxies and income inequality measures. The results show that when the central banks tighten systems using macroprudential policy instruments to sticker debt-to-income and financial instruments for lower-income borrowers (the bottom 40% of the income distribution), they promote income inequality in these countries while reducing income inequality for high-income borrowers (the high 1 percent of the income distribution). The impact of loan-to-value ratios was found to be insignificant in these countries. Fiscal policy through government expenditure and economic development reduces income inequality, while money supply and oil-price shocks exacerbate it. The study suggests implementing a progressive debt-to-income (DTI) ratio system in emerging markets to address income inequality among lower-income borrowers. This would adjust DTI thresholds based on income brackets, allowing lenient credit access for lower-income borrowers while maintaining stricter limits for higher-income borrowers. This would improve financial stability and reduce income disparities. Additionally, targeted financial literacy programs and a petroleum-linked basic income program could be implemented to distribute oil revenue to lower-income households. A monetary supply stabilisation fund could also be established to maintain financial stability and prevent excessive inflation.
Full article
(This article belongs to the Special Issue Monetary and Fiscal Economics in the Context of Macroeconomic Stability)
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Comprehensive Assessment of Slovakian Hospitals Using Financial and Non-Financial Criteria in the COVID-19 Context
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Sylvia Jenčová, Petra Vašaničová and Marta Miškufová
Economies 2024, 12(9), 255; https://doi.org/10.3390/economies12090255 - 21 Sep 2024
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Comparing hospitals using multicriteria methods facilitates a thorough assessment of performance across multiple dimensions, supports informed decision-making, promotes accountability, and drives continuous improvement in healthcare delivery. This paper aims to apply multicriteria methods to assess hospitals in Slovakia in the pre-crisis (2019), crisis
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Comparing hospitals using multicriteria methods facilitates a thorough assessment of performance across multiple dimensions, supports informed decision-making, promotes accountability, and drives continuous improvement in healthcare delivery. This paper aims to apply multicriteria methods to assess hospitals in Slovakia in the pre-crisis (2019), crisis (2021), and post-crisis (2023) periods of the COVID-19 pandemic. The assessment is conducted using four multicriteria methods, i.e., a ranking method, scoring method, normed variable method, and TOPSIS method, and nonmetric multidimensional scaling (NMDS). The research sample comprises a group of hospitals classified under the sector (SK) NACE 86.1—Hospital activities. Seven indicators (financial and non-financial) were entered into the analysis. The results show that the agreement among the employed multicriteria evaluation methods was statistically significant. Moreover, the findings demonstrate that Slovak hospital rankings based on the selected criteria vary over time. The perfect quality of the NMDS models, as indicated by stress values below 0.025, shows that NMDS analysis provides a highly accurate and reliable representation of hospital comparisons. By combining multicriteria methods with NMDS, we harness the strengths of each approach to improve decision-making and achieve greater insights into intricate datasets. A comprehensive assessment of hospitals allows for the identification of the system’s strengths and weaknesses, which can be utilized to formulate new improvement strategies. As an additional benefit, this paper includes a bibliometric analysis, offering a systematic evaluation and synthesis of existing research on multicriteria evaluation methods.
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The Analysis of Trigger Factors of the Environmental Entrepreneurship Process in Saudi Arabia: An Innovative Approach
by
Wided Ragmoun
Economies 2024, 12(9), 254; https://doi.org/10.3390/economies12090254 - 21 Sep 2024
Abstract
Environmental entrepreneurship is considered a critical avenue for sustainable development. Despite increasing studies on its benefits and impacts, we lack insights about its corresponding process. There is an increasing need for policymakers to know how to develop this process and what is required
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Environmental entrepreneurship is considered a critical avenue for sustainable development. Despite increasing studies on its benefits and impacts, we lack insights about its corresponding process. There is an increasing need for policymakers to know how to develop this process and what is required for its definition. This research aims to build an innovative theoretical model to explore the trigger factors for the environmental entrepreneurship process in Saudi Arabia, which is the ultimate focus point of this research. To achieve this objective, a deep literature review and a survey of expert entrepreneurs’ opinions were performed. Experts and professionals in entrepreneurship validated the opportunity of readiness factors identified. Data were gathered using a combined approach based on closed-ended questionnaires and arranged interviews according to a schedule. Employing the mixed influence matrix of cross-impact multiplications applied to classification (MICMAC) and the Interpretive Structural Modeling (ISM) approach, the research identifies a hierarchical model of these factors, addressing why and how they interact according to a specific order and priorities. The investigation reveals 15 factors that are structured into three main levels of influence: (1) factors driving the adoption of environmental entrepreneurship orientation, (2) factors related to environmental entrepreneurship intention, and (3) factors for materializing environmental entrepreneurship behavior. The findings emphasize the complementarity between environmental entrepreneurship intention and orientation as a key factor in generating entrepreneurial behavior. This research pioneers the empirical exploration of environmental entrepreneurship as a process. It contributes significantly to theoretical and practical domains by offering a pragmatic framework and better understanding for policymakers and stakeholders to focus on key factors that facilitate this process. This paper is innovative because it uses the integrative ISM–MICMAC approach, supported by a primary and brief bibliometric analysis of entrepreneurship.
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(This article belongs to the Section Economic Development)
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Technological Innovation and Agricultural Productivity in Nigeria Amidst Oil Transition: ARDL Analysis
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Joel T. Adeyemo, Adel Ahmed, Dominic T. Abaver, Hosam Alden Riyadh, Mosab I. Tabash and Adedoyin Isola Lawal
Economies 2024, 12(9), 253; https://doi.org/10.3390/economies12090253 - 20 Sep 2024
Abstract
In contemporary discourse, Nigeria’s reliance on its oil sector is proving insufficient for sustained economic growth. The volatility of oil prices, geopolitical tensions, technological advancements, and environmental sustainability concerns have exposed the vulnerabilities of an oil-dependent economy, emphasizing the need for diversification and
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In contemporary discourse, Nigeria’s reliance on its oil sector is proving insufficient for sustained economic growth. The volatility of oil prices, geopolitical tensions, technological advancements, and environmental sustainability concerns have exposed the vulnerabilities of an oil-dependent economy, emphasizing the need for diversification and a renewed focus on agriculture. This study investigates the relationship between technological innovation and agricultural productivity in Nigeria, contrasting it with the oil sector. Using the ARDL estimation technique, our findings reveal a significant negative influence of immediate lagged agricultural productivity (AGTFP(−1)), indicating technological constraints. Technological innovation, proxied by TFP, shows a substantial impact on agricultural productivity, with a negative long-term effect (−90.71) but a positive, though insignificant, impact on agricultural output (0.0034). The comparative analysis underscores that the agricultural sector tends to benefit more from technological innovation than the oil sector. This highlights the critical need to prioritize technological advancements in agriculture to drive sustainable growth and economic resilience in Nigeria.
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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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Investigating the Drivers of Firm Internationalisation: A Fuzzy Set Analysis Using Global Entrepreneurship Development Index Data
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Takawira Munyaradzi Ndofirepi
Economies 2024, 12(9), 252; https://doi.org/10.3390/economies12090252 - 18 Sep 2024
Abstract
Firm internationalisation, a key driver of global economic growth, is influenced by various entrepreneurial resources. This study explores the relationships between human capital, risk capital, risk acceptance, opportunity perception, and firm internationalisation using cross-national data from the Global Entrepreneurship Development Index (GEDI). Employing
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Firm internationalisation, a key driver of global economic growth, is influenced by various entrepreneurial resources. This study explores the relationships between human capital, risk capital, risk acceptance, opportunity perception, and firm internationalisation using cross-national data from the Global Entrepreneurship Development Index (GEDI). Employing fuzzy set qualitative comparative analysis (fsQCA), this study analyzes data from 137 countries. The findings highlight two primary configurations driving internationalisation: (1) risk acceptance and opportunity perception, and (2) risk capital and opportunity perception. Opportunity perception emerges as a critical factor in both configurations, while human capital is not found to be a necessary condition. These results contribute to a better understanding of the factors that foster firm internationalisation and inform policies aimed at promoting global entrepreneurial ecosystems.
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The Contribution of Green, Blue, and Energy Sources to Economic Development in Central Asia
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Massimiliano Caporin, Bekhzod Kuziboev, Ergash Ibadullaev, Elbek Khodjaniyazov, Peter Marty and Olimjon Saidmamatov
Economies 2024, 12(9), 251; https://doi.org/10.3390/economies12090251 - 17 Sep 2024
Abstract
Central Asia (CA) is a young integrated region formed after the collapse of the Soviet Union, with most of its infrastructure based on fossil fuels. The traditional energy and water infrastructure is facing huge inefficiency and technical losses. This study investigates the transition
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Central Asia (CA) is a young integrated region formed after the collapse of the Soviet Union, with most of its infrastructure based on fossil fuels. The traditional energy and water infrastructure is facing huge inefficiency and technical losses. This study investigates the transition of the green, blue, and energy economies in Central Asia using a small-dimensional panel dataset on five countries, Uzbekistan, Kazakhstan, Kyrgyzstan, Tajikistan, and Turkmenistan, over the period 1995–2018. The authors analyze the impact of ecological footprint, water withdrawal, and energy consumption on gross domestic product. In applying the Panel Vector Error Correction Model, evidence was found supporting the long-running association between variables. Furthermore, the adjustment coefficients suggest that only GDP growth will adjust toward equilibrium. Overall, the findings suggest a more effective role of green transition compared to blue and energy transitions.
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(This article belongs to the Special Issue Emerging Economies and Sustainable Growth - 2.0)
Open AccessArticle
What Determines the Crime Rate? A Macroeconomic Case Study
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Tomas Karpavicius, Andriy Stavytskyy, Vincentas Rolandas Giedraitis, Erstida Ulvidienė, Ganna Kharlamova and Brigita Kavaliauskaite
Economies 2024, 12(9), 250; https://doi.org/10.3390/economies12090250 - 17 Sep 2024
Abstract
This study examines the relationship between economic indicators and crime rates in six European countries: Lithuania, Germany, Greece, Portugal, Finland and Sweden. By examining macroeconomic factors such as GDP, security spending and per capita consumption, the study aims to understand how these variables
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This study examines the relationship between economic indicators and crime rates in six European countries: Lithuania, Germany, Greece, Portugal, Finland and Sweden. By examining macroeconomic factors such as GDP, security spending and per capita consumption, the study aims to understand how these variables affect crime dynamics. Using robust econometric techniques, including panel regression with fixed effects, the study identifies significant correlations and patterns. The findings reveal that the crime rate has a high degree of inertia and is significantly influenced by the previous level. Contrary to expectations, increased per capita consumption is associated with higher crime rates, which may indicate that wealthier societies are experiencing an increase in economic crime. Furthermore, higher spending on security does not necessarily reduce crime, suggesting that types of crime evolve as detection capabilities improve. This study highlights the complexity of the nexus between crime and the economy, highlighting the need for multifaceted, long-term policies to effectively combat crime and increase public safety. The results offer valuable insights for policymakers to develop comprehensive crime prevention and economic development strategies.
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(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Quantifying Loss to the Economy Using Interrupted Time Series Models: An Application to the Wholesale and Retail Sales Industries in South Africa
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Thabiso Ernest Masena, Sandile Charles Shongwe and Ali Yeganeh
Economies 2024, 12(9), 249; https://doi.org/10.3390/economies12090249 - 17 Sep 2024
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A few recent publications on interrupted time series analysis only conduct preintervention modelling and use it to illustrate postintervention deviation without quantifying the amount lost during the intervention period. Thus, this study aims to illustrate how to estimate and quantify the actual amounts
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A few recent publications on interrupted time series analysis only conduct preintervention modelling and use it to illustrate postintervention deviation without quantifying the amount lost during the intervention period. Thus, this study aims to illustrate how to estimate and quantify the actual amounts (in South African Rands—ZAR) that the negative impact of the intervention effects of the COVID-19 pandemic had on the South African total monthly wholesale and retail sales using the seasonal autoregressive integrated moving average (SARIMA) with exogenous components (SARIMAX) model. In addition, the SARIMAX model is supplemented with three approaches for interrupted time series fitting (also known as a pulse function covariate vector), which are: (i) trial and error, (ii) quotient of fitted values and actual values, and (iii) a constant value of 1 throughout the intervention period. Model selection and adequacy metrics indicate that fitting a pulse function with a trial-and-error approach produces estimates with the minimum errors on both datasets, so a more accurate loss in revenue in the economy can be approximated. Consequently, using the latter method, the pandemic had an immediate, severe negative impact on wholesale trade sales, lasting for 15 months (from March 2020 to May 2021) and resulted in a loss of ZAR 302,339 million in the economy. Moreover, the retail sales were also negatively affected, but for 8 months (from March 2020 to October 2020), with a 1-month lag or delay, suggesting the series felt the negative effects of the pandemic one month into the intervention period and resulted in a loss of ZAR 87,836 million in the economy.
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Accessibility and Older and Foreign Populations: Exploring Local Spatial Heterogeneities across Italy
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Massimo Armenise, Federico Benassi, Maria Carella and Roberta Misuraca
Economies 2024, 12(9), 248; https://doi.org/10.3390/economies12090248 - 16 Sep 2024
Abstract
The interplay between accessibility and population change is a relatively new subject in Italian academic research. Along with social and economic factors such as regional economic prosperity, the ease of movement inside and outside an area can play a pivotal role in shaping
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The interplay between accessibility and population change is a relatively new subject in Italian academic research. Along with social and economic factors such as regional economic prosperity, the ease of movement inside and outside an area can play a pivotal role in shaping population dynamics. This study seeks to explore the spatial distribution and spatial relationships of three indicators, including one related to real accessibility (RAI) and two others related, respectively, to the shares of the older population (SOP) and of the foreign population (SFP). An exploratory spatial data analysis is, therefore, conducted at the local level using Italian municipalities as the statistical units for the empirical analysis. Local univariate spatial autocorrelation analysis is used together with a regression analysis based on ordinary least squares (OLS) and geographically weighted regression (GWR) models. The results provide valuable insights into the local heterogeneity that characterizes the distribution of each indicator and the local relationship between them, highlighting the importance of thinking locally in quantitative social sciences.
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(This article belongs to the Special Issue Demographics and Regional Economic Development)
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Open AccessArticle
Sustainable Development of Small Business in Kazakhstan
by
Venera Zarubina, Mikhail Zarubin, Zhaukhar Yessenkulova, Tursyngul Gumarova, Almira Daulbayeva, Zhuldyz Meimankulova and Aizhan Kurmangalieva
Economies 2024, 12(9), 247; https://doi.org/10.3390/economies12090247 - 14 Sep 2024
Abstract
The small business sector in Kazakhstan demonstrates dynamic growth, but its sustainable development in modern conditions requires activation from government agencies, society and entrepreneurs themselves. The purpose of the article was to study the development of small entrepreneurship in Kazakhstan and develop a
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The small business sector in Kazakhstan demonstrates dynamic growth, but its sustainable development in modern conditions requires activation from government agencies, society and entrepreneurs themselves. The purpose of the article was to study the development of small entrepreneurship in Kazakhstan and develop a mechanism for sustainable development based on network interaction “business entities–society–state” with the identification of priority areas of development based on a rating approach. The methods of bibliographic analysis of scientific literature, statistical, correlation analysis, survey, comparative analysis and ranking based on data normalization were used. The results revealed the need to formalize indicators of sustainable development of the small business sector in strategic development programs; create conditions, support, explain the importance and prospects of investing in sustainable innovations by small businesses and form a balanced strategy for achieving carbon neutrality based on network interaction “business entities–society–state” with the identification of priority areas of development based on a rating approach to ensure transparency and publicity of decisions made. Conclusions were made about the need to popularize sustainable development among business entities, stimulate investment activity through government participation, enact legislative regulation of public presentation of non-financial reporting, and assist society in the formation of an ESG culture.
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(This article belongs to the Special Issue Emerging Economies and Sustainable Growth - 2.0)
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Open AccessArticle
Earmarking Taxation and Compliance: Some Evidence from Car Ownership in Italy
by
Lory Barile, Giulio Grossi, Patrizia Lattarulo and Maria Grazia Pazienza
Economies 2024, 12(9), 246; https://doi.org/10.3390/economies12090246 - 12 Sep 2024
Abstract
This study focuses on tax evasion within the framework of earmarking taxation, specifically focusing on the evasion of car ownership taxes. We utilize a unique and extensive micro-database that combines information on regular payments of the tax due, late payments following friendly warnings,
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This study focuses on tax evasion within the framework of earmarking taxation, specifically focusing on the evasion of car ownership taxes. We utilize a unique and extensive micro-database that combines information on regular payments of the tax due, late payments following friendly warnings, and non-payment of vehicle ownership taxes, integrated with fiscal data, individual data, and municipal-level data. The empirical analysis examines individual, socio-economic, and institutional factors related to this issue. Drawing a rich dataset from the 2014 Tuscany car tax, we employ a multilevel logistic model for our empirical investigation. Our findings reveal that tax evasion poses an equity problem, as the inclination to evade vehicle ownership taxes is concentrated among specific demographic categories and types of vehicles. We also suggest that regional-level policies, such as friendly warnings, could be more effective if implemented with greater rigour. Lastly, our results indicate that reinforcing civic responsibility and enhancing institutional and political quality could prove particularly beneficial in enhancing tax compliance.
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(This article belongs to the Special Issue Shadow Economy and Tax Evasion)
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