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Economies, Volume 11, Issue 4 (April 2023) – 28 articles

Cover Story (view full-size image): Prevailing measures on the topics of monetary and non-monetary poverty—as well as economic and carbon inequality—are being critically assessed under SDGs with a worldwide perspective. On the one hand, the poverty headcount ratio and the indices poverty gap, poverty severity, and Watts are assessed as core poverty indices. On the other hand, important inequality measures such as the Gini index and the Palma ratio are evaluated in order to find their potentials for policymaking. Furthermore, social exclusion has detrimental ramifications on human wellbeing and disturbs public provision policies. Thus, poverty, inequality, and social exclusion are integral parts of SDGs, emphasizing the multidisciplinary nature of the above issues. View this paper
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16 pages, 630 KiB  
Article
Issues of EU Member Nations’ Shared Sovereignty, Institutions, and Economic Development
by Ismatilla Mardanov
Economies 2023, 11(4), 128; https://doi.org/10.3390/economies11040128 - 21 Apr 2023
Viewed by 3574
Abstract
To investigate the effects of the European Union’s (EU) member nations’ shared sovereignty on economic growth. The member nations have lost substantial political and economic independence (sovereignty) and democracy. Therefore, their governments cannot facilitate rapid economic growth in their countries, affecting the EU [...] Read more.
To investigate the effects of the European Union’s (EU) member nations’ shared sovereignty on economic growth. The member nations have lost substantial political and economic independence (sovereignty) and democracy. Therefore, their governments cannot facilitate rapid economic growth in their countries, affecting the EU as a whole. Data from the World Bank, institutional research entities, and the EU were utilized. The dependent variable is economic growth, and the independent and moderating variables are mainly institutions and the European Sovereignty Index. Shared sovereignty and its specific categories and foreign direct investment (FDI) outflows negatively impact economic development in the EU. Shared sovereignty negatively moderates the relationship between political rights and economic development and between FDI outflows and economic development. Democracy in member nations is formal rather than real. The present study focused on the EU’s problems rather than its achievements and empirically investigated the direct and moderating effects of national sovereignty and member-country institutions on member-country economic growth. This focus and the nature of the investigation constitute the originality of the present study and reduce the gap in the literature about the effects of sovereignty, institutions, and capital spillovers (FDI outflows) on economic growth in Europe. The value of the study is in its findings, which should trigger holistic research efforts on the pros and cons of the EU for Europe, democracy, the economy, and the world. Full article
(This article belongs to the Special Issue Regional Development: Opportunities and Constraints)
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16 pages, 2316 KiB  
Article
Structural Equation Model (SEM) of Social Capital with Landowner Intention
by Achmad T. Nugraha, Gunawan Prayitno, Faizah A. Azizi, Nindya Sari, Izatul Ihsansi Hidayana, Aidha Auliah and Enock Siankwilimba
Economies 2023, 11(4), 127; https://doi.org/10.3390/economies11040127 - 20 Apr 2023
Cited by 7 | Viewed by 1860
Abstract
The continuous loss of farmland in Indonesia is a major problem in the food production industry. The Gempol-Pandaan road, which is a section of the Trans Java toll road and connects the major cities of Surabaya and Malang, gives the Pandaan District of [...] Read more.
The continuous loss of farmland in Indonesia is a major problem in the food production industry. The Gempol-Pandaan road, which is a section of the Trans Java toll road and connects the major cities of Surabaya and Malang, gives the Pandaan District of Indonesia its strategic location. Sustainable Food Agriculture Land (SFAL) in the Pandaan District is one strategy for expanding wetland farming. Therefore, this research aims to analyze the connection between social capital and landowners’ intention to alter SFAL in Pandaan District, Pasuruan Regency, hoping to resolve existing land-use conflicts. The purpose of this study was to use partial least square structural equation modeling (PLS-SEM) to the question of how landowners’ social capital is related to their intention to change land use. The PLS-SEM analysis shows that there are less opportunities for SFAL landowners to shift land use when social capital is high. Conversely, greater intentions among SFAL landowners to convert agricultural land to nonagricultural uses are associated with weaker or lower relationships among social capital characteristics. Full article
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25 pages, 2545 KiB  
Article
Inflation Spillovers among Advanced and Emerging Economies: Evidence from the G20 Group
by Nassar S. Al-Nassar and Abdulrahman A. Albahouth
Economies 2023, 11(4), 126; https://doi.org/10.3390/economies11040126 - 20 Apr 2023
Cited by 3 | Viewed by 2409
Abstract
The influence of recent global shocks such as the COVID-19 pandemic and the Russian–Ukrainian war on the variability of major macroeconomic trends not only shows synchronized behavior across economies but also induces similar policy responses to counter these shocks. The purpose of this [...] Read more.
The influence of recent global shocks such as the COVID-19 pandemic and the Russian–Ukrainian war on the variability of major macroeconomic trends not only shows synchronized behavior across economies but also induces similar policy responses to counter these shocks. The purpose of this article is to explore the transmission of inflation among the G20 economies and evaluate its contribution to domestic inflation. To this end, we use the Diebold and Yilmaz spillover approach. The results that emerge from unconditional analysis reveal stark dissimilarities in inflation spillover patterns between advanced and emerging economies. Advanced economies are subject to higher spillover rates and thereby more exposed to global shocks compared to their emerging counterparts. Inflation in emerging countries is mainly derived from idiosyncratic shocks, while global shocks have only a modest influence on domestic inflation. In addition, bilateral spillovers among the G20 members show that the average pairwise directional spillovers between emerging economies are lower compared to advanced economies. The results pertaining to the spillover dynamics, on the other hand, show that total inflation spillover has a clear upward trend, indicating that the overall interconnectedness between G20 countries is increasing over time. Moreover, the estimates of spillover dynamics show a growing influence of received inflation spillovers from external shocks in both advanced and emerging economies. Policymakers in advanced economies are expected to respond to global shocks to mitigate the influence of spillovers, which is essential for economies that display high spillovers and turn out to be net receivers of shocks. However, public agencies in emerging economies should concentrate more on internal shocks to control inflation while not ignoring global shocks. Full article
(This article belongs to the Special Issue International Financial Markets and Monetary Policy 2.0)
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10 pages, 298 KiB  
Article
Stochastic Ordering of Stationary Distributions of Linear Recurrences: Further Results and Economic Applications
by Christian Di Pietro, Mariafortuna Pietroluongo and Marco M. Sorge
Economies 2023, 11(4), 125; https://doi.org/10.3390/economies11040125 - 20 Apr 2023
Viewed by 947
Abstract
We investigate pairwise stochastic comparisons of stationary solutions to the linear recurrence Xt+1=AtXt+Bt, where At and Bt are non-negative random variables. We establish novel order-preserving properties, which enable us [...] Read more.
We investigate pairwise stochastic comparisons of stationary solutions to the linear recurrence Xt+1=AtXt+Bt, where At and Bt are non-negative random variables. We establish novel order-preserving properties, which enable us to obtain comparison theorems about well-known measures of conditional size, tail variability and skewness across probability distributions. While useful in studies of ergodic wealth accumulation processes and the persistence of inequality, our results can fruitfully be exploited to conduct comparative statics exercises in structural models entailing Kesten-type reduced-form representations. An application of our analysis to a dynamic asset accumulation model uncovers the qualitatively similar effects of capital income and earnings taxation on expected wealth concentration over higher quantiles as well as on conditional upper tail dispersion of wealth holdings, qualifying previous results that solely rely on the determination of Pareto exponents. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
21 pages, 745 KiB  
Article
Empirical Analysis of Inclusive Growth, Information and Communication Technology Adoption, and Institutional Quality
by Bosede Ngozi Adeleye, Sodiq Arogundade and Biyase Mduduzi
Economies 2023, 11(4), 124; https://doi.org/10.3390/economies11040124 - 19 Apr 2023
Cited by 3 | Viewed by 2594
Abstract
Using a sample of 193 countries from 2010 to 2019, this study investigates the impact of institutional quality index (IQI) and information and communication technology (ICT) on inclusive growth. The study engaged the panel spatial correlation consistent (PSCC-FE), instrumental variable-generalized method of moments [...] Read more.
Using a sample of 193 countries from 2010 to 2019, this study investigates the impact of institutional quality index (IQI) and information and communication technology (ICT) on inclusive growth. The study engaged the panel spatial correlation consistent (PSCC-FE), instrumental variable-generalized method of moments (IV-GMM), and simultaneous quantile regressions (SQREG) models to assess if the impact differs by economic development (high-, low-, lower-middle- and upper-middle-income countries). The following findings emerge. The effect of IQI is positive across all models from the full sample, while that of ICT is heterogeneous, with mobile phones having a significant positive impact. The interaction effect is observed to be sensitive to the choice of ICT indicator. From the sub-samples, both IQI, ICT and their interaction show significant heterogeneous effect with consistent positive (negative interaction) outcomes in high-income countries. Thus, our findings strongly suggest that policymakers should prioritize institutional quality and ICT to ensure that economic growth translates into better living conditions for people in other income groups. Full article
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16 pages, 344 KiB  
Article
Household Economics, Information Sources and Annuity Choices: Annuitisation Preferences of Members of the Slovak Private Pension Pillar
by Vladimír Baláž
Economies 2023, 11(4), 123; https://doi.org/10.3390/economies11040123 - 18 Apr 2023
Viewed by 1054
Abstract
This research uses representative survey data to elicit the annuitisation preferences of members of the Slovak-funded private pension pillar. The research explores the impact of socioeconomic and sociodemographic variables, as well as some exogenous factors on annuity choices. The following choices are analysed: [...] Read more.
This research uses representative survey data to elicit the annuitisation preferences of members of the Slovak-funded private pension pillar. The research explores the impact of socioeconomic and sociodemographic variables, as well as some exogenous factors on annuity choices. The following choices are analysed: (i) taking an annuity upon retirement; (ii) delaying the uptake of an annuity and accumulating savings beyond the official age of retirement; and (iii) leaving accumulated wealth to heirs (bequest motive). The paper provides some original contributions. Firstly, it relates annuity choices to intrafamily risk sharing. Attention is paid to household structure, income levels, and the presence of dependent children. Secondly, the importance of diverse information resources on the formation of annuity preferences is examined. We found that professional advice provided by financial institutions and government bodies was associated with higher probabilities of annuity uptake. A disproportional reliance on informal channels may explain the higher preference towards bequest motives in rural areas. Thirdly, annuity choices are studied in relation to alternative sources of income in old age. A combination of social security pensions and bequest-sharing arrangements may offset the need for the annuitisation of pension wealth. Full article
21 pages, 6387 KiB  
Review
Analysis of the Impact of the Pandemic on the Growth, Use, and Development of E-Business: A Systematic Review of the Literature
by Milagros Ambrosio-Pérez, Michael Cabanillas-Carbonell and Orlando Iparraguirre-Villanueva
Economies 2023, 11(4), 122; https://doi.org/10.3390/economies11040122 - 18 Apr 2023
Cited by 1 | Viewed by 2472
Abstract
The COVID-19 pandemic has affected various sectors in multiple countries, among them the economic sector has been one of the most affected, so the search for tools or measures for the continuation of sales and processes became recurrent, finding in e-business and its [...] Read more.
The COVID-19 pandemic has affected various sectors in multiple countries, among them the economic sector has been one of the most affected, so the search for tools or measures for the continuation of sales and processes became recurrent, finding in e-business and its components precise tools to counteract the situation. Therefore, the present research aims to analyze the impact of the COVID-19 pandemic on the use, growth, and development of e-business by conducting a systematic literature review using the PRISMA methodology, collecting scientific articles covering the period of the pandemic from databases such as IEEE Xplore, ScienceDirect, Scopus, EBSCO, and IOPScience. Despite the limitations in access to scientific articles, it could be concluded that within the main characteristics identified, e-business tools in general allowed many businesses to continue subsisting and making sales thanks to the increase in online users due to the COVID-19 lockdowns. Although it was identified that the adoption of these tools lacked policies, limitations, and supports from governments, the perception of their use was positive in that they were considered safe and efficient. Full article
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22 pages, 1008 KiB  
Article
The Moderating Role of Liquidity in the Relationship between the Expenditures and Financial Performance of SMEs: Evidence from Jordan
by Rana M. Airout, Qasim A. Alawaqleh, Nashat A. Almasria, Fahd Alduais and Sonia Q. Alawaqleh
Economies 2023, 11(4), 121; https://doi.org/10.3390/economies11040121 - 17 Apr 2023
Cited by 2 | Viewed by 2704
Abstract
The current paper aims to investigate the moderating role of liquidity in the relationship between accounting and advertising expenditures and the financial performance of small and medium enterprises (SMEs) in Jordan. Furthermore, the present paper highlights the importance of managing expenditures and improving [...] Read more.
The current paper aims to investigate the moderating role of liquidity in the relationship between accounting and advertising expenditures and the financial performance of small and medium enterprises (SMEs) in Jordan. Furthermore, the present paper highlights the importance of managing expenditures and improving financial performance. Since the performance of Jordanian SMEs is extremely critical, furthermore, the present paper explores the possibility of empowering these businesses in order to achieve profitability. This paper is based on descriptive statistics, regression, and correlation analysis in order to analyze the data, collecting secondary data from 200 SMEs. The results demonstrate that accounting expenditures are key factors for financial performance, especially in SMEs. Moreover, SMEs are more sensitive to liquidity challenges, which significantly impact their short-term expenditure and consequently influence their financial performance. It is evident that accounting expenditures moderated by liquidity have a positive effect on the financial performance of SMEs. However, our findings indicate a negative effect regarding the relationship between advertising expenditures and financial performance. According to the results of this study, regulators may offer new regulations and legislation in the future to the Ministry of Finance and the Amman Stock Exchange. Full article
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14 pages, 574 KiB  
Article
Understanding the Antecedents and Consequences of Sustainable Competitive Advantage: Testing Intellectual Capital and Organizational Performance
by Partiwi Dwi Astuti, Luh Kade Datrini and Anis Chariri
Economies 2023, 11(4), 120; https://doi.org/10.3390/economies11040120 - 15 Apr 2023
Cited by 2 | Viewed by 2308
Abstract
This study aimed to investigate the relationship between intellectual capital (human capital, relational capital, and structural capital) and sustainable competitive advantage, and the relationship between sustainable competitive advantage and organizational performance. The sample used was 308 SMEs located in Denpasar, Bali Province, Indonesia. [...] Read more.
This study aimed to investigate the relationship between intellectual capital (human capital, relational capital, and structural capital) and sustainable competitive advantage, and the relationship between sustainable competitive advantage and organizational performance. The sample used was 308 SMEs located in Denpasar, Bali Province, Indonesia. Data were collected using a questionnaire that was sent directly to the CEO of the SMEs. Data were analyzed using SEM-PLS with WarpPLS 8.0. The findings show that there is a significant positive relationship between each dimension of intellectual capital (human capital, relational capital, and structural capital) and sustainable competitive advantage. Sustainable competitive advantage is also significantly and positively related to organizational performance. This study contributes to the understanding of intellectual capital in the value creation process of SMEs in developing countries. This study also enriches the previously developed conceptualization of intellectual capital by proposing intellectual capital as an important variable underlying the sustainability practices of companies, which allows them to achieve superior performances. Full article
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24 pages, 2329 KiB  
Article
Dynamics of Macroeconomic Uncertainty on Economic Growth in the Presence of Fiscal Consolidation in South Africa from 1994 to 2022
by Eugene Msizi Buthelezi
Economies 2023, 11(4), 119; https://doi.org/10.3390/economies11040119 - 15 Apr 2023
Cited by 4 | Viewed by 2176
Abstract
This paper investigates the effects of macroeconomic uncertainty on economic growth in the presence of fiscal consolidation in South Africa. Markov-switching dynamic regression (MSDR) and time-varying parameter vector autoregression (TVP-VAR) were performed using time series data from 1994 to 2022. Less attention has [...] Read more.
This paper investigates the effects of macroeconomic uncertainty on economic growth in the presence of fiscal consolidation in South Africa. Markov-switching dynamic regression (MSDR) and time-varying parameter vector autoregression (TVP-VAR) were performed using time series data from 1994 to 2022. Less attention has been given directly to the investigation of macroeconomic uncertainty in different regimes of economic growth in South Africa. Three states are found for economic growth, with mean growth rates of negative 6.29% and positive 3.90% and 1.47%, respectively. Macroeconomic uncertainty was found to have a negative impact of 6.72%, 4.38%, and 3.08% in states 1 to 3, respectively. Fiscal consolidation provided an accommodative policy, as it reduced the negative impact of macroeconomic uncertainty by 3.17%, 1.80%, and 0.92% in states 1 to 3, respectively. However, fiscal consolidation does not completely reduce the negative impact of macroeconomic uncertainty. The transition probabilities of economic growth moving and returning to the same states are 29.46%, 34.07%, and 58.02%, in each state, respectively. The time-varying impulse response functions showed that the shock of macroeconomic uncertainty harms economic growth. Nevertheless, the multiplier effect is not large; however, the economy operates below equilibrium and does not restore equilibrium after the effect of macroeconomic uncertainty. This reflects that it takes time for macroeconomic uncertainty to filter out of the South African economy. It is recommended that fiscal consolidation be considered as an accommodative fiscal policy to reduce macroeconomic uncertainty but not as a main policy for economic growth. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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14 pages, 1230 KiB  
Article
Economic Role of Government Budget Revision in the Presence of COVID-19
by Ledjon Shahini and Perseta Grabova
Economies 2023, 11(4), 118; https://doi.org/10.3390/economies11040118 - 15 Apr 2023
Cited by 2 | Viewed by 2368
Abstract
Fiscal policies are one of the most important instruments of government to guide the progress of the country’s economic development. They find significant use in cases where the economy is experiencing a period of recession, such as the current one caused by COVID-19. [...] Read more.
Fiscal policies are one of the most important instruments of government to guide the progress of the country’s economic development. They find significant use in cases where the economy is experiencing a period of recession, such as the current one caused by COVID-19. This study aims to assess the multiplier effects that budget revision has on the economy for the case of Albania, and more specifically by referring to the initial and revised budget scenario for the year 2020 which is characterized by significant changes caused by the presence of COVID-19. Referring to the multipliers from the input–output tables (IOT) the total effect that the state budget brings to the economy for a certain year is derived. From this paper, it appears that the budget restructuring that takes place during the year does not take into account the multiplier effect in the economy, but is mostly done for specific purposes related to certain government functions. In this context, it is very important that various options during budget revision are evaluated, concluding with the option that has the highest returns for the economy. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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18 pages, 582 KiB  
Article
Do Share Allocations to the Indigenous Investor Drive the Demand for IPOs?
by Ahmad Hakimi Tajuddin, Kanesh Gopal, Rasidah Mohd-Rashid, Waqas Mehmood and Elkhan Richard Sadik-Zada
Economies 2023, 11(4), 117; https://doi.org/10.3390/economies11040117 - 14 Apr 2023
Cited by 1 | Viewed by 2317
Abstract
The purpose of this paper was to investigate the impact of allocating shares to the indigenous (Bumiputera) investors on the oversubscription ratio of IPO. This factor is unique to Malaysian IPOs and would enable us to reflect the signaling theory. Data [...] Read more.
The purpose of this paper was to investigate the impact of allocating shares to the indigenous (Bumiputera) investors on the oversubscription ratio of IPO. This factor is unique to Malaysian IPOs and would enable us to reflect the signaling theory. Data on 348 IPO firms listed on Bursa Malaysia over a span of 17 years from 2002 to 2018 were examined using a cross-sectional regression analysis. The findings demonstrated no significant impact arising from the fractions of shares allocated to Bumiputera investors on the oversubscription ratios, except that the revised guidelines on the Bumiputera equity requirement had a significant negative influence on oversubscription. Further tests showed that the influence of such share allocation on oversubscription was moderated by firm size, which was proxied by market capitalization. The findings lend support to the signaling theory, indicating that the demand for IPOs will be slightly higher for larger firms listed in bigger markets. Full article
(This article belongs to the Section Economic Development)
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18 pages, 2580 KiB  
Article
Problems of Generating Productive Employment in the Youth Labor Market as a Dominant Risk Reduction Factor for the NEET Youth Segment in Kazakhstan
by Zhibek Khussainova, Maiya Gazizova, Gulzhan Abauova, Zhanibek Zhartay and Gulnur Raikhanova
Economies 2023, 11(4), 116; https://doi.org/10.3390/economies11040116 - 12 Apr 2023
Cited by 1 | Viewed by 1992
Abstract
NEET (not in employment, education, or training) unemployment is one of the newer, most relevant, and least studied modern features of the youth labor market, making it an urgent problem to be solved. The purpose of this study is to identify the barriers [...] Read more.
NEET (not in employment, education, or training) unemployment is one of the newer, most relevant, and least studied modern features of the youth labor market, making it an urgent problem to be solved. The purpose of this study is to identify the barriers to creating productive employment in the youth labor market, with a view to reducing the NEET youth segment in Kazakhstan. Our aim is to identify the impact of employment and unemployment parameters in the youth labor market in order to reduce the NEET youth segment in Kazakhstan. The article analyzes the indicators of youth participation in the labor force, defines the features of the youth labor market based on segmentation by age, and identifies the dynamics of youth employment, including the type of economic activity. Particular attention is paid to the NEET youth category in Kazakhstan, providing a comprehensive analysis of the dynamics of the youth labor market for the period 2001–2021. The portrait of Kazakhstani youth in the category of NEET unemployment was determined based on an analysis of labor market indicators. Our study identifies the barriers to generating productive youth employment, allowing policymakers to reduce the NEET youth segment in Kazakhstan. Full article
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18 pages, 355 KiB  
Article
Skill-Biased Technological Change and Gender Inequality across OECD Countries—A Simultaneous Approach
by Manuel Carlos Nogueira and Mara Madaleno
Economies 2023, 11(4), 115; https://doi.org/10.3390/economies11040115 - 12 Apr 2023
Cited by 1 | Viewed by 2271
Abstract
Of the various approaches that, over the last few decades, have sought explanations for the constant increase in the wage gap between more and less skilled workers, the Skill-Biased Technological Change (SBTC) approach has been the most used and the one that has [...] Read more.
Of the various approaches that, over the last few decades, have sought explanations for the constant increase in the wage gap between more and less skilled workers, the Skill-Biased Technological Change (SBTC) approach has been the most used and the one that has led to the most consistent results. The objective of this study is to assess whether the possible mobility between different types of workers, considering their experience and professional training, and this way, replacing more skilled workers in terms of education widens or reduces the wage gap between qualifications. For this purpose, we resorted to the modeling of simultaneous equations taking into account the OECD countries between 2007 and 2020, concluding that there is a strong influence of the wage gaps of the less qualified in the widening of the gaps of the more qualified and that this influence is more significant in the case of women. Education continues to promote the increase in wage differences in favor of the most qualified, as well as the SBTC approach. We also conclude that women’s wage gaps are approaching the average of most workers, thus reducing wage inequality between genders. Full article
(This article belongs to the Section Labour and Education)
17 pages, 615 KiB  
Article
Effects of Spatial Characteristics on Non-Standard Employment for Canada’s Immigrant Population
by Waad Ali, Boadi Agyekum, Noura Al Nasiri, Ammar Abulibdeh and Shekhar Chauhan
Economies 2023, 11(4), 114; https://doi.org/10.3390/economies11040114 - 12 Apr 2023
Viewed by 1508
Abstract
Using microdata from Statistics Canada’s Labour Force Survey (LFS) and Population Census, this paper explores how spatial characteristics are correlated with temporary employment outcomes for Canada’s immigrant population. Results from ordinary least square regression models suggest that census metropolitan areas and census agglomerations [...] Read more.
Using microdata from Statistics Canada’s Labour Force Survey (LFS) and Population Census, this paper explores how spatial characteristics are correlated with temporary employment outcomes for Canada’s immigrant population. Results from ordinary least square regression models suggest that census metropolitan areas and census agglomerations (CMAs/CAs) characterized by a high share of racialized immigrants, immigrants in low-income, young, aged immigrants, unemployed immigrants, and immigrants employed in health and service occupations were positively associated with an increase in temporary employment for immigrants. Furthermore, findings from principal component regression models revealed that a combination of spatial characteristics, namely CMAs/CAs characterized by both a high share of unemployed immigrants and immigrants in poverty, had a greater likelihood of immigrants being employed temporarily. The significance of this study lies in the spatial conceptualization of temporary employment for immigrants that could better inform spatially targeted employment policies, especially in the wake of the structural shift in the nature of work brought about by the COVID-19 pandemic. Full article
(This article belongs to the Section Labour and Education)
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16 pages, 645 KiB  
Article
The Economic Nexus between Energy, Water Consumption, and Food Production in the Kingdom of Saudi Arabia
by Yosef Alamri, Khalid Alrwis, Adel Ghanem, Sahar Kamara, Sharafeldin Alaagib and Nageeb Aldawdahi
Economies 2023, 11(4), 113; https://doi.org/10.3390/economies11040113 - 9 Apr 2023
Viewed by 2178
Abstract
The goal of this study was to look at the economic relationship between energy, water use, and plant and animal food production in Saudi Arabia from 1995 to 2020. The results showed that about 55.5%, 82.4%, and 2.5% of changes in the index [...] Read more.
The goal of this study was to look at the economic relationship between energy, water use, and plant and animal food production in Saudi Arabia from 1995 to 2020. The results showed that about 55.5%, 82.4%, and 2.5% of changes in the index of plant and animal food production were related to changes in the consumption of water, electricity, and diesel, respectively, using an econometric analysis and the partial correlation coefficient of the second order. The proposed model demonstrated that a 10% change in predicted water, power, or fuel consumption resulted in a 1.97%, 2.78%, and 0.73% change in the index of plant and animal food production, respectively. In light of the Green Middle East Initiative, which intended to minimize carbon emissions, and Saudi agriculture’s goal of rationalizing water use, the country’s total consumption does not exceed 8 billion m3 of renewable groundwater. This is intended to reduce the use of fuel and increase the use of electricity in the agricultural sector. This rationalizing water consumption, reducing diesel consumption, and expanding electricity consumption affects the production of plant and animal food. In light of the strong interdependence between water, energy, and food production, the agricultural policy has become necessary to increase the amount supplied or available for water to be used in food production, in addition to expanding the production of clean energy and its use in the agricultural sector. Full article
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23 pages, 595 KiB  
Article
E-Government as a Key to the Economic Prosperity and Sustainable Development in the Post-COVID Era
by Tatiana Goloshchapova, Vladimir Yamashev, Natalia Skornichenko and Wadim Strielkowski
Economies 2023, 11(4), 112; https://doi.org/10.3390/economies11040112 - 6 Apr 2023
Cited by 6 | Viewed by 3987
Abstract
Our paper focuses on the role of e-government in relation to economic development within the post-COVID era. Nowadays, e-government represents the service which utilizes digital technology to create electronic pathways to improve the efficiency of public services, increase economic prosperity, and improve the [...] Read more.
Our paper focuses on the role of e-government in relation to economic development within the post-COVID era. Nowadays, e-government represents the service which utilizes digital technology to create electronic pathways to improve the efficiency of public services, increase economic prosperity, and improve the standard of living. In this paper, we argue that e-government presents the only proper and viable model for public administration in the 21st century by embedding internet-based technologies to ensure smooth interactions between the government and its citizens, solving the most socially important problems, enabling internal communication between public servants, and delivering public services to the entire population regardless of age or gender. In addition, we show that stakeholders and policymakers should foster the development of an adequate and non-discriminatory environment for e-government through regulatory frameworks, policy guidelines, and government guarantees. Our study is based on the results of our own survey that was administered using a snowball and quasi-random sample of 400 respondents (aged 19–26 years; 56.2% females and 43.8% males) from the Czech Republic (N = 136) and the Russian Federation (N = 264), of whom 58% were women and 42% were men (M ± SD = 45.53 ± 11.46, median age 44). Our results show that the e-government enhancement concept has been perceived as an effective tool for fostering economic prosperity, tackling corruption, and helping to avoid uncertainty. Based on the theories of customer-focus and relationship marketing, this study suggests that the most significant factor influencing the success of e-government projects is citizen orientation, followed by channel and channel orientation, and technology orientation. We show that the governments of developing countries should prioritize e-government applications in their requests for international assistance and cooperation, as well as international financial support. Moreover, we argue that digital transformation should become the key element of the changing business and market needs in the post-COVID era. Full article
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23 pages, 1759 KiB  
Article
Sharia Economy, Islamic Financial Performance and Factors That Influence It—Evidence from Indonesia
by Firman Menne, Sukmawati Mardjuni, Muhammad Yusuf, Muhlis Ruslan, A. Arifuddin and Iskandar Iskandar
Economies 2023, 11(4), 111; https://doi.org/10.3390/economies11040111 - 6 Apr 2023
Cited by 2 | Viewed by 3541
Abstract
The contribution of SMEs to economic growth is supported by the development of the sharia economy by the government, making SMEs one of the main pillars in Indonesia’s economic development. This study aimed to analyze the influence of the digital economy, financial literacy, [...] Read more.
The contribution of SMEs to economic growth is supported by the development of the sharia economy by the government, making SMEs one of the main pillars in Indonesia’s economic development. This study aimed to analyze the influence of the digital economy, financial literacy, human capital, the role of Islamic financial institutions, government support for strengthening the Islamic economy and the Islamic financial performance of SMEs in Makassar City, Indonesia. This study used a quantitative method with a survey approach. Data were obtained through questionnaires distributed to 350 respondents with a sampling method. The results of this study indicated that the strengthening of the sharia economy, the Islamic financial performance of SMEs, economic digitalization and financial literacy are determined by factors of human capital, the role of Islamic financial institutions and government support. Regarding human capital, the roles of Islamic financial institutions and government support affect the Islamic financial performance of SMEs with a coefficient of determination of 58.5%. Human capital, the role of Islamic financial institutions, government support and financial performance have a positive correlation with the strengthening of the sharia economy with a coefficient of determination of 71.6%. This study supports the improvement of government policies and the construction of financial facilities in improving the Islamic financial performance of SMEs and encourages the strengthening of the sharia economy in Makassar City, South Sulawesi, Indonesia. The limitation of this research is that the research object was only carried out on SMEs in Makassar City; thus, similar research can be increased at the national level to describe the strengthening of the sharia economy and the improvement of the financial performance of SMEs as a whole in Indonesia. Full article
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25 pages, 6261 KiB  
Review
Causes and Measures of Poverty, Inequality, and Social Exclusion: A Review
by George E. Halkos and Panagiotis-Stavros C. Aslanidis
Economies 2023, 11(4), 110; https://doi.org/10.3390/economies11040110 - 4 Apr 2023
Cited by 5 | Viewed by 13694
Abstract
Prevailing measures on the topics of monetary and non-monetary poverty—as well as economic and carbon inequality—are being critically assessed under sustainable development goals (SDGs) with a worldwide perspective. On the one hand, the poverty headcount ratio and the indices poverty gap, poverty severity, [...] Read more.
Prevailing measures on the topics of monetary and non-monetary poverty—as well as economic and carbon inequality—are being critically assessed under sustainable development goals (SDGs) with a worldwide perspective. On the one hand, the poverty headcount ratio and the indices poverty gap, poverty severity, and Watts are assessed as core poverty indices. On the other hand, important inequality measures such as the Gini index and the Palma ratio are evaluated in order to find their potentials for policymaking. Furthermore, social exclusion (with the extreme forms of aporophobia and homelessness) has detrimental ramifications on human wellbeing and disturbs public provision policies. Thus, poverty, inequality, and social exclusion are integral parts of SDGs (1, 6 and 10), emphasizing the multidisciplinary nature of the above issues. Additionally, intrinsic elements of Agenda 2030 and the measuring of poverty, inequality, and polarization would significantly improve integrated policy pathways in the national and international fora. Full article
(This article belongs to the Section Economic Development)
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15 pages, 347 KiB  
Article
Central Bank Independence: Where Do We Stand?
by Osvald Vasicek, Natalie Uhrova, Lenka Dimitriou Janickova, Tomas Wroblowsky and Boris Navratil
Economies 2023, 11(4), 109; https://doi.org/10.3390/economies11040109 - 3 Apr 2023
Cited by 1 | Viewed by 3997
Abstract
Central bank independence (CBI) has long been considered a key aspect of effective monetary policy, as it allows central banks to make decisions free from political interference. However, the global financial crisis of 2007–2008 and recent events such as the COVID-19 pandemic and [...] Read more.
Central bank independence (CBI) has long been considered a key aspect of effective monetary policy, as it allows central banks to make decisions free from political interference. However, the global financial crisis of 2007–2008 and recent events such as the COVID-19 pandemic and armed conflict in Ukraine have threatened CBI. This article aims to examine the impact of these events on CBI in OECD member countries, both on a de jure and de facto level, using a variety of indicators. The results suggest that CBI has largely remained unchanged in most countries, but there is disturbing evidence of political interference in CBI in the Republic of Türkiye. Full article
(This article belongs to the Special Issue International Financial Markets and Monetary Policy 2.0)
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16 pages, 4128 KiB  
Article
A Model to Explain the Impact of Government Revenue on the Quality of Governance and the SDGs
by Stephen Hall and Bernadette O’Hare
Economies 2023, 11(4), 108; https://doi.org/10.3390/economies11040108 - 31 Mar 2023
Cited by 4 | Viewed by 2232
Abstract
This paper empirically investigates the link between the level of government revenue per capita and six indicators of the quality of governance in an unbalanced panel data set consisting of all countries in the world (217 countries; due to some missing data, (this [...] Read more.
This paper empirically investigates the link between the level of government revenue per capita and six indicators of the quality of governance in an unbalanced panel data set consisting of all countries in the world (217 countries; due to some missing data, (this was reduced to 196) using data from 1996 to 2020. It uses single-equation generalised method of moment (GMM) techniques and a vector autoregressive (VAR) and vector error correction model (VECM) approach to investigate this issue. The results suggest a strong effect over time whereby an increase in government revenue leads to a steady improvement in governance. These findings suggest an important virtuous circle between government revenue and governance. As a result, additional government revenue can significantly impact the Sustainable Development Goals more than our previous work has suggested. Full article
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5 pages, 235 KiB  
Editorial
The Impact of COVID-19 on Financial Markets and the Real Economy
by Ștefan Cristian Gherghina
Economies 2023, 11(4), 107; https://doi.org/10.3390/economies11040107 - 31 Mar 2023
Viewed by 4477
Abstract
The emergence of the novel coronavirus in December 2019 manifested in an expanding prevalence of confirmed cases worldwide, posing a significant challenge to international healthcare safety; with this incident, the notion of “regular life” shifted (Guven et al [...] Full article
(This article belongs to the Special Issue The Impact of COVID-19 on Financial Markets and the Real Economy)
16 pages, 625 KiB  
Article
Artificial Neural Network for Classifying Financial Performance in Jordanian Insurance Sector
by Rania Al Omari, Rami S. Alkhawaldeh and Jamil J. Jaber
Economies 2023, 11(4), 106; https://doi.org/10.3390/economies11040106 - 29 Mar 2023
Cited by 3 | Viewed by 1808
Abstract
Over the past few decades, financial performance has attracted researchers’ attention, especially in the insurance sector. Insurance is a tool for the growth and sustainability of both rising and developing economies. It promotes economic stability for people, organizations, and governments by taking on [...] Read more.
Over the past few decades, financial performance has attracted researchers’ attention, especially in the insurance sector. Insurance is a tool for the growth and sustainability of both rising and developing economies. It promotes economic stability for people, organizations, and governments by taking on risk and spreading it across the market. We intend to classify insurance companies’ financial performance in Jordan’s Amman Stock Exchange (ASE). The sample size is 15 out of 22 selected insurance firms from 2008 to 2020. We apply the Multi-Layer Perceptron (MLP) model for the detection of (high/low) total asset turnover (TAT) as output, while we select the subrogation (SB), claims paid (CP), market capitalization (MC), and total shareholders’ equity (SE) as input to the MLP model. The performance of the MLP model is evaluated using different criteria, namely the false positive rate (FP rate), false negative rate (FN rate), F-measure, precision, and accuracy (ACC). The results show that MLP is efficient and performs well in multiple criterion tests through iteration growth. Based on our knowledge, the paper assesses the financial performance of Jordanian insurance firms, which has not been investigated previously. Furthermore, this study gives valuable information to regulators and policymakers to improve asset management efficiency in the insurance sector. Full article
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21 pages, 12011 KiB  
Review
Digital and Sharing Economy for Sustainable Development: A Bibliometric and Systematic Review
by Osho Awli and Evan Lau
Economies 2023, 11(4), 105; https://doi.org/10.3390/economies11040105 - 28 Mar 2023
Viewed by 2307
Abstract
The concept of digitalization has become a common practice for adoption and integration across the economy in recent years. The rapid prospects of a spillover from digitalization quickly became the interest of countries and researchers, especially in the interest of sustainable development based [...] Read more.
The concept of digitalization has become a common practice for adoption and integration across the economy in recent years. The rapid prospects of a spillover from digitalization quickly became the interest of countries and researchers, especially in the interest of sustainable development based on the SDGs of the United Nations. With several subsectors of the economy surfacing as a product of the digital economy, this study intends to identify the relationship between the digital economy and sharing economy, as well as their role in sustainable development. To achieve the objectives laid out, this study employs the use of bibliometric analysis and systematic literature review (SLR) to organize and extract the contents of the selected literature. The findings show that the contemporary sharing economy is driven by the digital economy and is reliant on its digital infrastructure, whereas there are mixed findings on the role of digitalization on sustainability. Full article
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17 pages, 325 KiB  
Article
The Impact of COVID-19 Pandemic on Islamic and Conventional Banks’ Profitability
by Sayyed Sadaqat Hussain Shah, Ștefan Cristian Gherghina, Rui Miguel Dantas, Saliha Rafaqat, Anabela Batista Correia and Mário Nuno Mata
Economies 2023, 11(4), 104; https://doi.org/10.3390/economies11040104 - 24 Mar 2023
Cited by 3 | Viewed by 5628
Abstract
The banking sector has a significant impact on a nation’s financial stability and economic development. As one of the fundamental components of the financial sector, banks offer services that are essential for the expansion of the markets. The stability of the financial system [...] Read more.
The banking sector has a significant impact on a nation’s financial stability and economic development. As one of the fundamental components of the financial sector, banks offer services that are essential for the expansion of the markets. The stability of the financial system is significantly impacted by the efficiency of the banking sector. COVID-19 has had a tremendous effect on the economy. This pandemic cannot be disregarded, considering how widespread it has been and how many people it has affected globally. Both society and the global economy have undergone profound change. Hence, it is critical to ascertain how severely the outbreak has impacted the banking system. To assess the potential impact of pandemic, the current study examined conventional and Islamic banking. This study also investigates how COVID-19’s moderating effect influences the banking system. Financial statements from 10 conventional banks and 5 Islamic banks in Pakistan are the sources of this study’s sample data. COVID-19 is a moderator in this study. The empirical estimations by means of the fixed-effects approach suggests that the moderator has a large impact on bank profitability. In addition, COVID-19 appears to have a stronger influence on the Islamic banking system. Full article
(This article belongs to the Special Issue Commodity Markets’ Reaction to COVID-19 Outbreak)
16 pages, 697 KiB  
Article
When an Exchange Semester Is No Longer Enough: Why and How the Bologna-Reforms Changed the Behavior of High-Ability Students?
by Bernd Frick, Fabian Lensing and Lisa Beck-Werz
Economies 2023, 11(4), 103; https://doi.org/10.3390/economies11040103 - 23 Mar 2023
Cited by 1 | Viewed by 1051
Abstract
Emphasizing the existence of information asymmetries between, e.g., young academics and potential employers, signaling theory has shaped our understanding of how high-ability students try to document their superior skills in a competitive environment such as the labor market: high-ability individuals benefit from a [...] Read more.
Emphasizing the existence of information asymmetries between, e.g., young academics and potential employers, signaling theory has shaped our understanding of how high-ability students try to document their superior skills in a competitive environment such as the labor market: high-ability individuals benefit from a relative cost advantage compared to low-ability individuals when producing a credible signal of superior ability. When this cost advantage decreases, the signal’s value also decreases. We analyze how the signal ‘international qualification’ has changed due to increasing overall student mobility, driven by the effect of a massive change in the institutional framework, namely the implementation of the Bologna reforms. Using a large and hitherto not accessible dataset with detailed information on 9096 German high-ability students, we find that following the Bologna reforms, high-ability students extended their stays and completed degrees abroad (instead of doing exchange semesters). No such changes in behavior are to be observed in the overall student population. We conclude that completing a degree abroad is the new labor market signal for the ‘international qualification’ of high-ability students. Full article
(This article belongs to the Special Issue Focused Issues and Trends in Economic Research from Germany)
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32 pages, 1507 KiB  
Article
Macroeconomic Factors of Consumer Loan Credit Risk in Central and Eastern European Countries
by Rasa Kanapickienė, Greta Keliuotytė-Staniulėnienė, Deimantė Vasiliauskaitė, Renatas Špicas, Airidas Neifaltas and Mantas Valukonis
Economies 2023, 11(4), 102; https://doi.org/10.3390/economies11040102 - 23 Mar 2023
Cited by 1 | Viewed by 2647
Abstract
In the scientific literature, there is a lack of a systematic approach to credit risk factors. In addition, insufficient attention is still paid to analysing the macroeconomic factors of consumer loan credit risk. Thus, this research aims to evaluate the macroeconomic factors of [...] Read more.
In the scientific literature, there is a lack of a systematic approach to credit risk factors. In addition, insufficient attention is still paid to analysing the macroeconomic factors of consumer loan credit risk. Thus, this research aims to evaluate the macroeconomic factors of consumer loan credit risk in Central and Eastern European countries’ banking systems. The findings of the study can be formulated as follows. After analysing scientific literature on credit risk factors, an improved and detailed (at five different levels) classification of factors influencing banking credit risk is proposed. This classification can be beneficial for more enhanced analysis of the factors influencing banking credit risk for the whole loan portfolio as well as for different types of loans, e.g., consumer loans. For quantitative evaluation of the impact of macroeconomic factors on consumer loan credit risk, the methods of panel data analysis and bivariate and multiple regressions are employed. Eleven CEE countries in the period from 2008 to 2020 are analysed. The results revealed that the aggregate of general macroeconomic condition factors is negatively related to consumer loan NPLs. Moreover, the economic growth, stock market, foreign exchange market, and institutional environment factors proved to be risk-decreasing, while credit market and bond market factors had a risk-increasing impact. The results of this research might help financial institutions manage credit risk more efficiently and also might be relevant to governments and central banks when selecting and applying fiscal and monetary policy measures. This study also makes policy recommendations. Full article
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22 pages, 985 KiB  
Article
Impact of Patent Signal on Firm’s Performance at IPO: An Empirical Analysis of Japanese Firms
by Le Thuy Ngoc An, Yoshiyuki Matsuura, Mohammad Ali Tareq, Nurhayati Md Issa and Norliza Che-Yahya
Economies 2023, 11(4), 101; https://doi.org/10.3390/economies11040101 - 23 Mar 2023
Viewed by 2510
Abstract
This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture capital-backed [...] Read more.
This study investigates whether patents can be a useful signaling tool for the IPO performances among high- and low-tech firms. Literature has provided a wealth of evidence confirming a significant relationship between patent signal and capital-raising success for US and EU venture capital-backed firms and start-ups in specific industries. Therefore, this paper focuses on the IPO firms from a more risk-averse market, Japan, to fill in the gaps in the literature, examining the signaling effect of patent applications prior to initial public offering (IPO) to the amount raised at IPO. Moreover, we examine whether patent applications prior to IPO from high-tech have relatively weaker signaling effects to compare with low-tech IPOs. Using the OLS model for 338 Japanese IPOs listed between 2000 and 2015, the result shows a robust and positive association between the number of patents before an IPO and the amount of cash raised during the IPO. The finding confirms that patents are a reliable signal for IPOs in the Japanese context. Using OECD industry categorization to classify high-tech and low-tech IPOs, our OLS result found that the interaction impact between the high-tech dummy and the quantity of patent applications before IPO is significantly negative to the amount of cash generated at IPO. The findings hold for a new set of high-tech and low-tech firms when we used a new industrial categorization proposed by Thomson Reuters, leading us to conclude that for the Japanese companies that belong to the high-tech industry sector, patenting activities fail to have a positive signal for the IPO. Full article
(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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