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In the continuous development of the Chinese economy, the desire for common prosperity among the people has become increasingly strong. However, the complex domestic and international situations, along with the economic uncertainties post-pandemic, have introduced significant uncertainties into government economic policies. In the long term, this uncertainty has a profound impact on intra-enterprise common prosperity, affecting society at large. This paper focuses on non-financial listed companies on the Shanghai and Shenzhen stock exchanges from 2011 to 2020, examining the negative effects of economic policy uncertainty on intra-enterprise common prosperity. The results indicate that economic policy uncertainty has a significant adverse impact on intra-enterprise common prosperity, and this impact is more pronounced in state-owned enterprises, those in the growth life cycle, and companies with poor innovation capabilities and limited external support. Companies enhancing social responsibility and overall factor productivity can help mitigate these negative effects. Furthermore, in dynamic features, as the level of intra-enterprise common prosperity increases, the negative impact of economic policy uncertainty gradually diminishes, while the positive effects of overall factor productivity and corporate social responsibility on enterprises become more evident. [ABSTRACT FROM AUTHOR]

This paper investigates the role of short-term economic dynamism in responding to crisis induced supply shortages. We focus on the domestic manufacturing ramp-up of surgical masks, respirators, and their intermediary products in response to the COVID-19 pandemic. We develop a novel method for timely identification and validation of the evolving state of domestic manufacturing. To unpack the activities of domestic manufacturers and related institutions, we triangulate across 56 qualitative interviews, certifications, Thomasnet.com®, industry associations, and other public data. We find that while large manufacturers could rapidly scale up, onshore, or diversify production to enter into domestic production of critical medical supplies, these large manufacturers alone were insufficient to meet the spike in demand. In face of this shortage, small and medium enterprises (SME), who entered into mask and respirator production as de novo firms, spin-offs, and by diversifying, were important in increasing overall domestic capacity and serving markets unmet by large hospital distributors. These firms often had fewer competencies and resources compared to larger firms, and received less effective government support. Despite these disadvantages, a number of SMEs succeeded in entering into domestic production, and our interviews suggest this capacity could have been better integrated into the national response. We propose new theory for how and when federal and state governments should support short-term economic dynamism (firm entry into target products and/or markets) during crises to address supply shortages, and the types of market and network failures federal or state governments may be most effective at addressing. [ABSTRACT FROM AUTHOR]

This paper quantifies the economic impact of regime changes and macroeconomic indicators on debt stress in Zambia using the Autoregressive Distributed Lag (ARDL) Bounds test. A 1% short run increase in gross domestic products (GDP) increases debt stress by 3.16% and in the subsequent year lowers it by 7.21%; in the long-run the 1% GDP increases lowers debt stress by 22%. In the long-run, a 1% rise in inflation and the lending rate negatively and positively impacted debt stress levels by -1.52% and 3.90%, respectively. Short-run shocks culminated regime change had short-run adverse impact on debt stress by 3.45% in one year and in the subsequent year by -10.35%, with the variables adjusting to long-run equilibrium at a speed of 71.5%. This is the first paper to quantify the empirical effect of macroeconomic indicators and change in Presidents on debt stress, especially in Africa were the problem of the debt trap is perpetuated. The results from the study implies that to deescalate the impact of debt stress on the economy, the electorate should vote in governments that will not fall short on growth driven macroeconomic policies, making it possible for economic sustainability to prevail; and paper seeks to promote good governance and good economic policies as a premise for sustained macroeconomic stability and development. [ABSTRACT FROM AUTHOR]

Taking the data of 61 small and medium-sized commercial banks in China from 2014 to 2021 as a research sample, this paper conducts an empirical study on the relationship between market competition and the risk-taking of small and medium-sized banks, and further considers the moderating role of economic policy uncertainty and non-interest business income. The results show that the intensification of market competition increases the risk-taking of small and medium-sized banks. Meanwhile, economic policy uncertainty dampens the positive effect of market competition on bank risk-taking, and commission income and other non-interest income have important mediating effects in the relationship between market competition and bank risk-taking. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the effect of the economic policy uncertainty (EPU), geopolitical risk (GPR) and climate policy uncertainty (CPU) of USA on Bitcoin volatility from August 2010 to August 2022. Design/methodology/approach: In this paper, the authors have adopted the empirical strategy of Yen and Cheng (2021), who modified volatility model of Wang and Yen (2019), and the authors use an OLS regression with Newey-West error term. Findings: The results using OLS regression with Newey–West error term suggest that the cryptocurrency market could have hedge or safe-haven properties against EPU and geopolitical uncertainty. While the authors find that the CPU has a negative impact on the volatility of the bitcoin market. Hence, the authors expect climate and environmental changes, as well as indiscriminate energy consumption, to play a more important role in increasing Bitcoin price volatility, in the future. Originality/value: This study has two implications. First, to the best of the authors' knowledge, the study is the first to extend the discussion on the effect of dimensions of uncertainty on the volatility of Bitcoin. Second, in contrast to previous studies, this study can be considered as the first to examine the role of climate change in predicting the volatility of bitcoin. This paper contributes to the literature on volatility forecasting of cryptocurrency in two ways. First, the authors discuss volatility forecasting of Bitcoin using the effects of three dimensions of uncertainty of USA (EPU, GPR and CPU). Second, based on the empirical results, the authors show that cryptocurrency can be a good hedging tool against EPU and GPR risk. But the cryptocurrency cannot be a hedging tool against CPU risk, especially with the high risks and climatic changes that threaten the environment. [ABSTRACT FROM AUTHOR]

The recovery of the global economy in the aftermath of COVID-19 faces enormous challenges. Ensuring stable income growth of the population has become an important means for developing countries to ensure sustained economic development. Raising the overall income of the population is a public initiative that benefits all citizens; therefore, governments of developing countries should promote the implementation of relevant public policies and the provision of public goods to ensure that existing economic instruments can benefit the entire population. In this regard, public space, as a typical form of public good, may play an important role in promoting the benefits of existing economic policies for all residents. This paper examines how residents' use of public space contributes to their income growth through social capital. Hypotheses are tested based on an econometric analysis of 1565 questionnaires received from Chinese workers. The results show that residents' use of public space can indeed be an important way to increase their income, which is realized through the enhancement of social capital. The research presented in this paper provides a new influence variable of public space to improve residents' income. Further, it improves people's understanding of the three classical concepts—public space, social capital, and income—by establishing the logical connection and theoretical explanation of physical space, emotional space, and value space in human society. The conclusions of this paper highlight the important role of public space in urban and rural development planning. [ABSTRACT FROM AUTHOR]

Commodities are usually used to diversify portfolios. However, their prices are affected by uncertain phenomena such as economic crises, political events, climate risk, etc. This paper examines how Climate and Economic Policy Uncertainty (measured by the CPU and GEPU indices, respectively) affect to wheat prices in the spot and future markets. By combining the wavelet transform and coherence analysis it is possible to see, graphically, the relationship between two time series and also to analyze it at different time frequencies. Although wheat spot and future prices have a similar behavior, the main results obtained in this paper show that the relationships between CPU and GEPU with future prices are stronger than with spot prices. Furthermore, futures and CPU exhibit synchronous movements, whereas futures and GEPU demonstrate antiphase behavior. However, in both cases (futures and spots) their relationship with CPU/GEPU is bounded to several time periods and some frequencies. [ABSTRACT FROM AUTHOR]

Copyright of Alternative Politics / Alternatif Politika is the property of Alternatif Politika and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The objective of this paper is to assess the contribution of insurance to infrastructure development in Sub-Saharan Africa. The researchers used a sample of 31 Sub-Saharan African countries from a panel of data observed over the period 2003–2020. The methodologies used in this paper are the Driscoll-Kraay and Panels Corrected Standard Error. The results show that insurance (life and non-life) positively explains the level of infrastructure in Sub-Saharan Africa. Furthermore, using disaggregated infrastructure indices, the effect remains the same for transport, electricity, and water and sanitation infrastructure. However, insurance has no significant effect on telecommunications infrastructure. Our results remain robust using an instrumental variable technique, two stage least square. The economic policy suggestions concern the improvement of the regulatory framework for the insurance business so that it can participate effectively in financing the economy. In addition, a strengthening of the public–private partnership is commendable in order to provide governments with an alternative source of infrastructure financing, different from the generally used public financing, whose capacity is likely to be insufficient. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the relationship between uncertainty and corporate cash holdings with the moderating role of political connections. Design/methodology/approach: We employ fixed effects estimation on a panel dataset of 669 Vietnamese listed firms over the 2010–2020 period, with one- and two-way standard error clustering. We conduct various robustness tests, including two-stage least squares/instrumental variable and generalized method of moments regressions, alternative cash holding measure, and additional controls for macroeconomic conditions and ownership types. Findings: The effect of uncertainty on cash holdings is weakened for firms with political connections relative to those without the connections. Although general firms depend on cash flows to adjust their cash holding behavior when uncertainty increases, our findings suggest that politically connected firms do not rely on internal cash flows to accumulate cash when confronted high uncertainty. Practical implications: Our findings on the role of political connections in moderating the relationship between cash holding and economic policy uncertainty have practical implications for policymaking. Since political connections serve as a buffer for a firm's liquidity, firms may want to seek those connections, which can, in turn, lead to increasing informal costs and unfair business environment. Originality/value: This is the first study investigating the role of political connections to the nexus of cash, cash flow and uncertainty, providing novel evidence regarding the less dependence on internal cash flows to save cash by politically connected firms. Second, the paper enriches the literature on the motives of cash holdings by proposing a modified agency view in the context of weak investor protection. Therefore, our findings strengthen the explanation for the positive effect of uncertainty on firms' cash holdings in emerging markets. [ABSTRACT FROM AUTHOR]

Purpose: This paper seeks to explore the sensitivity of these parameters and their impact on fiscal policy outcomes. We use the existing literature to establish possible ranges for each parameter, and we examine how changes within these ranges can alter the outcomes of fiscal policy. In this way, we aim to highlight the importance of these parameters in the formulation and evaluation of fiscal policy. Design/methodology/approach: The role of fiscal policy, its effects and multipliers continues to be a subject of intense debate in macroeconomics. Despite adopting a New Keynesian approach within a macroeconomic model, the reactions of macroeconomic variables to fiscal shocks can vary across different contexts and theoretical frameworks. This paper aims to investigate these diverse reactions by conducting a sensitivity analysis of parameters. Specifically, the study examines how key variables respond to fiscal shocks under different parameter settings. By analyzing the behavioral dynamics of these variables, this research contributes to the ongoing discussion on fiscal policy. The findings offer valuable insights to enrich the understanding of the complex relationship between fiscal shocks and macroeconomic outcomes, thus facilitating informed policy debates. Findings: This paper aims to investigate key elements of New Keynesian Dynamic Stochastic General Equilibrium (DSGE) models. The focus is on the calibration of parameters and their impact on macroeconomic variables, such as output and inflation. The study also examines how different parameter settings affect the response of monetary policy to fiscal measures. In conclusion, this study has relied on theoretical exploration and a comprehensive review of existing literature. The parameters and their relationships have been analyzed within a robust theoretical framework, offering valuable insights for further research on how these factors influence model forecasts and inform policy recommendations derived from New Keynesian DSGE models. Moving forward, it is recommended that future work includes empirical analyses to test the reliability and effectiveness of parameter calibrations in real-world conditions. This will contribute to enhancing the accuracy and relevance of DSGE models for economic policy decision-making. Originality/value: This study is motivated by the aim to provide a deeper understanding of the roles macroeconomic model parameters play concerning responses to expansionary fiscal policies and the subsequent reactions of monetary authorities. Comprehensive reviews that encompass this breadth of relationships within a single text are rare in the literature, making this work a valuable contribution to stimulating discussions on macroeconomic policies. [ABSTRACT FROM AUTHOR]

Background: Supply chain companies have merits and demerits regarding operational and economic transactional policies. The effectiveness of supply chain companies corresponds to a cumulative score on a multi-criteria and perspectives-based evaluation. In this paper, we analyse the performances and challenges of several celebrated e-commerce companies to perceive their overall impression of supply chain management. Method: A mathematical model is framed as a multi-criteria decision-making (MCDM) problem with challenges as criteria and companies as alternatives. The criteria importance through inter-criteria correlation (CRITIC) method is used in this paper to adjust weights representing the available data. The ranking of e-commerce companies is evaluated using multi-objective optimization by ratio analysis plus the full multiplicative form (MULTIMOORA) method. Results: This model investigates the most dependent criteria and sub-criteria for the adaptation challenges of supply chain companies (SCCs). Furthermore, the SCCs are prioritized based on various conflicting criteria. Conclusion: Various challenges of SCCs, like logistics constraints, disruptions in supply chains, issues with technology, ethical sourcing and inconsistency between the products' availability and the pace of consumption, are considered and analysed. We amassed the difficulties as criteria and sub-criteria in a numerical process using the MCDM approach. Additionally, the sensitivity and comparative of several optimal phenomena are analysed based on distinctive combinations of challenges in the ranking arena. [ABSTRACT FROM AUTHOR]

Under the background of increasing economic policy uncertainty (EPU), this paper explores the time-varying impact of EPU on technical innovation (TI) by using the Granger causality test of the bootstrap rolling-window of full and sub-sample. We find the positive impact from EPU to TI indicates that a low EPU will stimulate TI. On the contrary, the positive effect of TI on EPU shows that the rapid development of technology has led to frequent changes in relevant policies, which will cause the rise of EPU. [ABSTRACT FROM AUTHOR]

This paper seeks to explore whether bank credit (BC) contains useful information for mitigating economic policy uncertainty (EPU). The results of the bootstrap rolling-window test show that EPU is an effective channel for triggering BC. Additionally, it finds a feedback effect of BC on EPU, indicating that BC is a favorable tool for predicting EPU. Rising policy uncertainty leads banks to adopt aggressive or conservative credit strategies, which further increases policy adjustments. This circular relationship seems to be caught in a chicken or egg dilemma, demonstrating the importance of the government and the banking system in maintaining economic stability. [ABSTRACT FROM AUTHOR]

This document is a preface to a special issue of the Journal of Multiple-Valued Logic & Soft Computing. The special issue includes a selection of extended contributions presented at the XXII SIGEF Congress, which focused on methods for analyzing socio-economic uncertainty in the post-COVID era. The purpose of the special issue is to stimulate scientific exchanges, promote international cooperation, and disseminate international research results. The preface provides a brief overview of the papers included in the special issue, which cover topics such as business diagnosis, insolvency prediction, patient estimation, optimal clustering, classification of firms, explainable artificial intelligence, energy markets, fuzzy numbers, wheat prices, and economic policy uncertainty. The preface expresses gratitude to the referees and the editor-in-chief for their contributions. [Extracted from the article]

In La Moitié de la Gloire, Axel Mayenfisch's documentary about the 1952 Swiss expedition to Chomolungma (Mount Everest), André Roch recalls how the retreating climbers simply abandoned much of their gear, either leaving it where it was or "throwing it into holes [crevasses]." Roch's tale was by no means unusual, as mountaineers at that time gave little thought to what became of their waste. By the 1970s, however, climbers were becoming increasingly aware of their impact on the environment. The resulting change of attitude led many mountaineering organizations to take concrete steps to protect the mountains (e.g., cleanup campaigns) and to issue waste management guidelines for trips into the high mountains. The Union internationale des associations d'alpinisme 1982 Kathmandu Declaration—a charter of ten principles for achieving greater harmony with the mountain environment—was an important milestone in this process. Drawing on documents held in the extensive archives of the Union internationale des associations d'alpinisme, the current paper retraces the path that led to the Kathmandu Declaration and the process by which the environment became an important aspect of the aforementioned organization's work. It also examines the hypothesis that the organization has progressively adopted a conservationist stance toward protecting nature; its aim is to reconcile environmental protection and economic development (especially tourism). The history of the Kathmandu Declaration supports this hypothesis, as it shows how the notion of sustainable development, which emerged in the 1980s, came to dominate conceptions of mountain protection. [ABSTRACT FROM AUTHOR]

This paper employs the Panel Vector Autoregression (PVAR) method to examine the dynamic interrelationship between Economic Policy Uncertainty (EPU) and stock market returns. The existing literature has not reached a consensus on the relationship between EPU and stock market returns, and there is a lack of comparative analysis of domestic and foreign EPU. Therefore, this paper is the first to incorporate domestic and foreign EPU, stock market returns, and output into a unified framework, considering the dual impact of domestic and foreign EPU shocks. Additionally, the generalizability of the results is ensured by including a large sample of nine emerging and eleven advanced economies. The main findings are as follows: First, a positive shock to foreign EPU leads to a decline in stock market returns and is stronger than the impact of domestic EPU. Second, a positive shock to stock market returns reduces both domestic and foreign EPU. Third, a rise in stock market returns promotes domestic output growth, while increases in domestic and foreign EPU suppress domestic output growth. Finally, the United States is a net exporter of EPU rather than a net importer. [ABSTRACT FROM AUTHOR]

Corruption remains a persistent feature in most transitional and fragile countries, raising questions around the processes and outcomes of international development and economic reforms. In the case of Afghanistan, conventional wisdom tends to blame domestic factors, including corruption, in the collapse of the internationally-backed Islamic Republic of Afghanistan, while largely neglecting the co-constitutive nexus between economic reconstruction, criminality, and political authority. Combining the political marketplace framework with a network analysis, this paper traces how a corrupt network formed around the Kabul Bank, grew and metastasised by leveraging neo-liberal and technocratic economic reform policies, and thus, gravely undermined the country's governance and stability. By doing so, it argues that international reconstruction practices and resources reconfigured power in Afghanistan, and helped create a governance system governed by the logic of a criminalised political marketplace. The paper also demonstrates the utility of a political marketplace lens in explaining evolving political dynamics, with a network analysis to generate deeper insights into the complex interactions between the local and global dynamics that produce criminality, corruption, and state capture. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has triggered unprecedented economic challenges worldwide, prompting governments to implement various expansionary economic policies to mitigate its adverse effects. Expansionary policies typically involve measures such as increased government spending, tax cuts, policy and interest rate cuts, and monetary stimulus packages to boost economic activity and support businesses and households during times of economic downturn. This research paper explores the relationship between current inflation rates and the effectiveness of expansionary economic policies adopted during the pandemic. The hypothesis posits that expansionary policies increase inflation rates across different countries. Through a comparative analysis of various countries' approaches, the study identifies the impact of these policies on inflation. Findings reveal varied effects, emphasizing the importance of contextual factors. This cross-country analysis will include developed and developing economies to understand the implications across different economic contexts. This study contributes to understanding the interplay between expansionary policies and inflation dynamics during the pandemic. [ABSTRACT FROM AUTHOR]

This study contributes to income equality (IE) literature by examining four important issues. First, the study examines the effects of foreign bank presence (FBP) on IE. Second, the paper identifies the minimum threshold level of FBP which can lead to IE. Third, the effect of economic freedom on IE was investigated. Fourth, the paper determines whether economic freedom interacts with FBP to minimise IE. The findings are based on macro data for 33 African countries from 1995 to 2020. The findings from the two-stage system generalised method of moment indicate that unconditionally, FBP reduces income inequality. Also, results from the threshold effect reveal that whilst FBP reduces income inequality, if it exceeds 52%, it may contribute to it. Additionally, the study reveals that economic freedom dampens IIE. Furthermore, economic freedom conditions FBP to reduce IE. Based on these findings, policymakers are advised to exercise caution in attracting foreign banks and to promote local financial institutions. Policymakers are also advised to implement policies to promote economic freedom. [ABSTRACT FROM AUTHOR]

Copyright of Jurnal Ilmu Ekonomi Terapan is the property of Universitas Airlangga and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

China is currently focusing on the cooperative control of air pollution and CO2 emissions, as well as the mitigation of economic policy uncertainty (EPU). By using panel data from 282 cities spanning from 2003 to 2017 and a newly constructed city-level EPU index, a spatial Durbin, two-way fixed-effects model is employed, with the aim of estimating the impact of EPU on the synergistic emissions intensity (SEI) of air pollutants and CO2. Additionally, this paper investigates the potential channels through which EPU influences SEI. It also explores how pressures related to environmental protection and economic development affect the impact of EPU on SEI. The results indicate that a unit increase in EPU will result in a rise in the SEI of local cities, adjacent cities, and total cities by 930.9%, 69,162.7%, and 70,093.6%, respectively. Moreover, the channel analysis suggests that EPU exacerbates SEI by undermining the upgrading of the industrial structure, augmenting industrial structure distortion, and escalating labor market distortion. Furthermore, the effect of EPU on SEI may be lessened by an increase in environmental protection pressure, while an increase in economic development pressure may exert a positive influence. Finally, this paper concludes by recommending that policymakers should prioritize the maintenance and stability of economic policies, facilitate the advancement of the industrial structure, enhance the efficiency of labor resource allocation, and underscore the significance of managing urban air pollution and CO2 emissions. [ABSTRACT FROM AUTHOR]

This paper contributes to the still unresolved issue of the growth impact of government size by analysing a historical panel data set of 17 developed countries that ranges from 1880 to 2016. The unique feature of the long-time dimension allows for conducting a kind of natural experiment. Government size is closely related to economic-policy paradigms. The time span covers different economic policy paradigms, in particular, ‘laissez-faire’ before World War II and Keynesian economic policy after World War II. Before WW II government size is small, after WW II it is (has grown) big. Furthermore, this paper contributes to filling a gap in the literature by testing the non-linear hypothesis (Armey curve). We take particular attention to a key shortcoming of panel-data analysis – parameter or individual heterogeneity. Overall, this analysis suggests a systematic positive, albeit quite small, linear relationship of government size with economic growth. As a consequence, rather than concentrating their attention to the sheer size of government, policy makers are advised caring for an efficiently run and high)quality government sector as a prerequisite for a steady growth path. [ABSTRACT FROM AUTHOR]

Purpose: The farm sector is crucial for rural poverty alleviation, alongside the non-farm sector, which contributes to mitigating risks associated with crop failures. This paper investigates the effects of public policies on productive employment within both the farm and non-farm sectors in sub-Saharan Africa. Design/methodology/approach: A meta-analysis is conducted exclusively on the results of the Partnership for Economic Policy (PEP)-funded studies under the Policy Analysis on Growth and Employment (PAGE II) initiative. Selected studies focused on the impact of public policies on productive employment in rural farm and non-farm sectors, encompassing a total of nine sub-Saharan Africa countries in: Benin, Burkina Faso, Cote d'Ivoire, Democratic Republic of Congo, Ghana, Lesotho, Nigeria, Senegal and South Africa. Findings: The results indicate that public investments in rural areas and public policies that facilitate access to productive resources are likely to enhance productive employment. The overall effect size is positive and significant, ranging from 2% to 10% increases in productive employment. Sources of variation include the sector of activity and the policy instrument. In addition, the policy effects are gender-sensitive and seem more consistent in the non-farm sector. Research limitations/implications: Although the selected working papers addressed several aspects of productive employment, other aspects warrant further investigation. Policies involving restrictions or regulations have received little attention in the impact analysis. Researches to fill this gap would be important. Another suggestion for further research is the analysis of the relative importance of non-farm employment in rural areas in developing countries. It is always assumed that rural households depend heavily on agriculture for their subsistence. Originality/value: The contribution of the paper lies in the comparative analysis of numerous public policies implemented in nine distinct countries. By consolidating data from fourteen 14 different experiences into a single study, the paper offers valuable insights on factors that determine policy effectiveness and contribute to understanding what worked for whom and why. [ABSTRACT FROM AUTHOR]

This paper examines the short- and medium-run effects of U.S. federal personal income and corporate income tax cuts on a wide array of economic policy variables in a data-rich environment. Using a panel of U.S. macroeconomic data set, made up of 132 quarterly macroeconomic series for 1959–2018, we estimate factor-augmented vector autoregression (FAVARs) models where an extended narrative tax changes dataset combined with unobserved factors. The narrative approach classifies if tax changes are exogenous or endogenous. This paper identifies narrative tax shocks in the vector autoregression model using the sign restrictions with the Uhlig's (J Monet Econ 52(2):381–419, 2005. https://doi.org/10.1016/j.jmoneco.2004.05.007) penalty function. Empirical findings show a significant expansionary effect of tax cuts on the macroeconomic variables. Cuts in personal and corporate income taxes cause a rise in output, investment, employment, and consumption; however, the effects of corporate tax cuts have relatively smaller effects on output and consumption but show immediate and higher effects on fixed investment and price levels. We validate the model's specification and the identification of tax shocks through a reliability test based on the Median-Target method. Additionally, sensitivity analysis employing the local projection vector autoregression model, number of iterations of the algorithm, and incorporating diverse factor specifications reaffirms tax cuts' persistent and expansionary effects. Our contribution to the narrative tax literature lies in providing empirical evidence that aligns with the notion that reductions in personal taxes demonstrate a higher efficacy as a fiscal policy tool when compared to reductions in corporate income taxes. [ABSTRACT FROM AUTHOR]

This paper proposes a novel large-dimensional positive definite covariance estimator for high-frequency data under a general factor model framework. We demonstrate an appealing connection between the proposed estimator and a weighted group least absolute shrinkage and selection operator (LASSO) penalized least-squares estimator. The proposed estimator improves on traditional principal component analysis by allowing for weak factors, whose signal strengths are weak relative to idiosyncratic components. Despite the presence of microstructure noises and asynchronous trading, the proposed estimator achieves guarded positive definiteness without sacrificing the convergence rate. To make our method fully operational, we provide an extended simultaneous alternating direction method of multipliers algorithm to solve the resultant constrained convex minimization problem efficiently. Empirically, we study the monthly high-frequency covariance structure of the stock constituents of the S&P 500 index from 2008 to 2016, using all traded stocks from the NYSE, AMEX, and NASDAQ stock markets to construct the high-frequency Fama-French four and extended eleven economic factors. We further examine the out-of-sample performance of the proposed method through vast portfolio allocations, which deliver significantly reduced out-of-sample portfolio risk and enhanced Sharpe ratios. The success of our method supports the usefulness of machine learning techniques in finance. This paper was accepted by Agostino Capponi, finance. Funding: This work was supported by the Research Grants Council, University Grants Committee [Grants 11500119, 11505522, 11505721, and 21504818] and the National Natural Science Foundation of China (NSFC) Basic Scientific Center Project [Grant 71988101], entitled as "Econometric Modelling and Economic Policy Studies", as well as NSFC [Grants 71803166 and 72173104]. Supplemental Material: The online appendix and data files are available at https://doi.org/10.1287/mnsc.2022.04138. [ABSTRACT FROM AUTHOR]

Why do leftist forces accept, support and adopt free-market policies? To answer this question, we carry out a comparative study of left-wing groups (both parties and trade unions) in France, Italy and Spain during the late 1970s and the early 1980s. This period is widely acknowledged in international political economy to have represented a paradigm shift from post-war Keynesianism to neoliberal policy-making. We employ in-depth content analysis of memoirs, interviews to the press, opinion articles and policy-papers to explain actors' positions on landmark policies implemented during such transition. In alignment with a developing literature in political economy (e.g. Mudge 2018), we find a proactive role of progressives in developing the ideological justification for the resort to liberal policies. However, we emphasise that widespread consensus among so-called progressives, rather than a leading role of technocrats or party experts, best explains such shifts. In this way, the paper casts doubts on interpretations of the liberalisation process that place excessive emphasis on the role of external constraints as well as on elite power. Drawing on Hall (1993), we argue that left-wing forces in the early 1980s have enacted a 'second order change', whereby policymakers use new instruments to meet existing policy objectives. [ABSTRACT FROM AUTHOR]

The paper explores the political conditions favourable to economic upgrading in democratic non-corporatist emerging economies with a focus on CEE countries as characteristic examples. While the existing literature has assumed this polity type to be the least favourable for designing and implementing effective industrial policies because of a lack of bureaucratic 'embedded autonomy', the paper argues that this is not to suggest that such industrial policies and economic upgrading are rare in these economies, but rather that they involve different mechanisms of political mobilisation and support. To identify these mechanisms, the paper adopts a social bloc-based framework and applies it to an in-depth study of Estonia, a strong upgrader in the region in terms of its increased economic specialisation in ICT-based services. The paper finds that a lack of 'embedded autonomy' can effectively be supplanted by the embeddedness of private actors in the state administration and political decision-making through a network-based configuration of the social bloc and a shared upgrading ideology leading to a conflation of private interests with national development goals. [ABSTRACT FROM AUTHOR]

This paper analyses the phenomenon of 'sellers' inflation', that is to say, the increases in consumer prices as a result of firms' decision to increase their selling prices as much as possible in the aftermath of the war in Ukraine. This analysis focuses also on central banks' responses to such inflationary pressures, which monetary authorities have been trying to limit with several increases in their policy rates of interest. The paper explains the major shortcomings of this monetary policy strategy and its negative consequences for a number of economic agents. The last section puts forward an alternative economic policy stance, proposing in particular a series of 'green' monetary policy interventions to address these inflationary pressures in the general interest for the common good. [ABSTRACT FROM AUTHOR]

Amidst heightened global power rivalries, the geopolitical aspects of the energy transition are taking centre stage, with even liberal-minded countries growing wary about foreign investment in the energy sector and the dependencies created by global value chains of green technologies. Building on current debates on the 'geopoliticization' of foreign economic policies, this paper sets out a conceptual framework to assess the extent to which the energy transition is becoming geopoliticized in the European Union (EU) and its impact on international energy relations. Theoretically, the paper makes the case for considering geopoliticization as a missing link in the study of politicization and securitization in International Relations, allowing for a more fine-grained diagnosis of current trends and their likely evolution. Empirically, the analysis identifies structural geopoliticizing dynamics in the EU's framing of the energy transition, although to different degrees depending on the concrete issue at hand. While demands for factoring in the geopolitical consequences of the energy transition are ever louder, normatively, the paper raises a note of caution against the adverse consequences geopoliticization may have for the global transition to low-carbon energy systems. [ABSTRACT FROM AUTHOR]

Systematic risks in cryptocurrency markets have recently increased and have been gaining a rising number of connections with economics and financial markets; however, in this area, climate shocks could be a new kind of impact factor. In this paper, a spillover network based on a time-varying parametric-vector autoregressive (TVP-VAR) model is constructed to measure overall cryptocurrency market extreme risks. Based on this, a second spillover network is proposed to assess the intensity of risk spillovers between extreme risks of cryptocurrency markets and uncertainties in climate conditions, economic policy, and global financial markets. The results show that extreme risks in cryptocurrency markets are highly sensitive to climate shocks, whereas uncertainties in the global financial market are the main transmitters. Dynamically, each spillover network is highly sensitive to emergent global extreme events, with a surge in overall risk exposure and risk spillovers between submarkets. Full consideration of overall market connectivity, including climate shocks, will provide a solid foundation for risk management in cryptocurrency markets. [ABSTRACT FROM AUTHOR]

The article attempts to overcome the lack of protectionism policy underlying the existing approach to managing sustainable business development, which is due to the fact that such a policy limits the influence of the external environment on business, as well as eliminates its incentives to adaptation and reduces business flexibility. The research methodology is based on the use of the method of regression analysis. Based on the representative international statistics by IMD and the UN for 2021 (60 countries), we use regression analysis to determine the dependence of the indicators of the sustainable development of the business—GDP and SDG 9—on the factors of protectionism and the use of Big Data and analytics based on AI. The reliability of the econometric modeling results is verified by determining their correspondence to the Gauss–Markov theorem. The key conclusion is that change management based on smart technologies contributes to sustainable business development, expressed in an increase in GDP and the result of SDG 9 implementation. The significance of the managerial aspect of the article is that, using the progressive methodology of SAP–LAP, we compile a SAP–LAP model of change management based on smart technologies for sustainable business development, which makes it possible to increase its flexibility and adaptability. The main result of this paper consists in the substantiation of the critical role of the flexibility of business as the main condition for its sustainable development. The paper's novelty lies in the development of a new approach to the management of the sustainable development of the business, which specific feature is change management based on smart technologies—which ensures increased flexibility of the business. The state economic policy implications are connected with the necessity to refuse protectionism in favor of the deregulation of markets to allow competition to create natural stimuli for the increase in the flexibility of business through change management. [ABSTRACT FROM AUTHOR]

This paper uses a two-regime Markov-switching GARCH model to illustrate that the state-switching of returns in the EU carbon market and its associated energy and stock markets is related to the occurrence of major events. Using the European economic policy uncertainty (EEPU) index as the proxy for the turbulence in the economic policies caused by major events, the Granger causality test shows that EEPU is associated with the three markets. To quantitatively analyze the impact of EEPU on the three markets, the GJRGARCH(1,1)-MIDAS model is constructed to solve the mixed frequency problem. The results indicate that EEPU has a negative effect on the long-term volatility of carbon and energy markets, but a positive effect on the stock market. The forecasting performance of the mixed frequency model considering EEPU is better than that of traditional GARCH models. Based on the decomposition of volatility in the mixed frequency model, the spillover index model is applied to analyze the spillover effects of the "carbon-energy-finance" system at three levels: total volatility, short-term volatility, and long-term volatility. The results indicate that at the level of long-term volatility affected by EEPU, the spillover effect of the system fluctuates more frequently and with greater intensity. The energy and stock markets play different roles at different levels of volatility, but the carbon market is always a risk receiver. The pairwise net spillover effects of the energy and stock markets on the carbon market are time-varying and related to the occurrence of major events. [ABSTRACT FROM AUTHOR]

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Copyright of Journal of Planning Education & Research is the property of Sage Publications Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Since the 1990s, economic policies in Europe and elsewhere, have been based on the theoretical and practical ideas embedded in the Maastricht Treaty: public debt and deficit must be reduced, even if this implies severe austerity. The main goal of this policy, growth with a decrease in public debt, did not work. Although the Maastricht Treaty framework received a wide consensus in the academic world as well in European politics, a few brave scholars stood up since the beginning to show its fallacies. In this article, we will discuss the critiques that Pasinetti made to the set-up of the EU economic policy, then we will connect the fate of public and private debt and finally we will explain why continuing with austerity will condemn Europe to anemic growth and political irrelevance. [ABSTRACT FROM AUTHOR]

The paper focuses on the relationship between cryptocurrencies and economic policy uncertainty (EPU) shocks by adopting robust econometric techniques. Results on monthly data from 2016 to 2022 confirm that the volumes of cryptos are stationary, and the short- and long-run impacts of uncertainty shocks are significantly positive, and, in most cases, begin to show already in the first six months after the shock. When uncertainty significantly prevails, investors increase their demand for cryptos. The ARDL(12,11) specifications for Bitcoin show a significant increase in volumes of around 1% occurring over a year after a unit increase in economic policy indices. Conclusions from the findings are related to supervision, and monitoring of markets and financial stability. [ABSTRACT FROM AUTHOR]

This paper examines the effect of economic policy uncertainty (EPU) on the Indian capital market using the generalized autoregressive conditional heteroscedastic mixed data sampling (GARCH-MIDAS) approach. This study also disintegrates the Global EPU (GEPU) on its components using identity functions such as up, down, and composite parts dependent on the adjustment in the heading of the EPU and GEPU and tests the linkages among these parameters and the Indian securities exchange instability. Our empirical study shows that GEPU positively and significantly impacts the Indian capital market's volatility. That indicates that the Indian capital exchange volatility will also be unstable when the global economic policy uncertainty is higher. Further, based on the dynamic directions of EPU and GEPU, our results show that, in diverse situations, directional GEPU may present differently in predicting the uncertainty in the Indian capital market. This is primarily so when EPU and GEPU climb in the same period when our approach can obtain more powerful prediction precision. [ABSTRACT FROM AUTHOR]

Copyright of Journal of International Business Studies is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The minimum wage has become a standard measure in the economic and social policies of countries all over the world. The primary objective of this measure is to guarantee that workers receive a minimum wage that allows them to lead a decent life, thereby reducing inequality and poverty. However, studies on the minimum wage have not focused on assessing the effects on these dimensions but only on employment. The objective of this study is to address this research gap by analysing the effects of minimum wage increases on income inequality and poverty. To this end, firstly, a systematic review of the empirical analyses was conducted using the PRISMA methodology, with a view to ensuring that all empirical evidence was available. Secondly, the Spanish case was examined. The significant increase in minimum wage in Spain in 2019 (21.3% in real terms) presents an invaluable opportunity to utilise this event as a natural experiment to generate new evidence. A difference-in-differences approach was employed to assess the impact of this phenomenon in the period 2018–2019 with microdata from European Statistics on Income and Living Conditions (EU-SILC for Spain). In doing so, two basic scientific contributions were made. The first one, a systematic, exhaustive, and up-to-date literature review (up to June 2024), as there is, to our knowledge, no recent systematic review of this relationship (minimum wage vs. inequality). The available evidence indicates a clear inverse relationship between the minimum wage and inequalities and poverty. The second one, regarding the Spanish case, there has been a dearth of scientific studies on this subject. Thus, this paper provides new scientific evidence demonstrating that a significant increase in the minimum wage can significantly improve the income of low-wage earners, thereby reducing income inequality and in-work poverty. Furthermore, there is evidence of a spillover effect towards income groups closer to the treatment group. [ABSTRACT FROM AUTHOR]

Green bonds are relatively new in the financial market compared to other financial securities but are useful in financing environmentally friendly projects. Just like other financial securities, green bonds are affected by various factors, such as economic policy uncertainty. Our aim of this paper was to conduct a systematic literature review of the impact of economic policy uncertainty on green bonds. We sought to do a thorough analysis of the existing literature on the assessment of the impact of economic policy uncertainty on green bonds and the techniques used in assessing the impact. Our findings showed that economic policy uncertainty had a strong impact on the green bond, with its intensity varying by location. This impact tended to be more pronounced in periods of heightened uncertainty. Also, our findings highlighted that the assessment of the impact of economic policy uncertainty on green bonds gained popularity in 2019, with China emerging as a prominent contributor. However, other countries, such as Finland, even though they had few published papers, their citations signified the production of quality papers in this field. Additionally, we found that the application of the quantile analysis method was utilized by many recent studies, which signified its importance in this field. Our findings highlighted the importance of considering appropriate techniques in assessing the impact of economic policy uncertainty on green bonds while taking into account the paper quality. [ABSTRACT FROM AUTHOR]

Since the Global Financial Crisis, interest in financial cycles has risen significantly. While much of modern macroeconomics conceives financial crises as the results of exogenous shocks, Minsky's financial instability hypothesis posits that financial cycles are endogenous to the economic system. The main contribution of this paper is to use historical macroeconomic data for the United States (1889–2014) to econometrically test for endogenous Minsky cycles: the interaction of procyclical private debt-to-income ratios and a dampening effect of private debt on economic activity. We analyze corporate debt-gross domestic product (GDP) growth cycles, which feature in Minsky's original writings, and mortgage debt-GDP growth cycles as in some recent Minsky-inspired models. We find robust evidence of endogenous corporate debt-GDP cycles over the last 125 years. These results are driven by the pre-World War II (WWII), and post-1973 periods, which had a more liberal economic policy orientation. We find no evidence of mortgage debt-GDP cycles. [ABSTRACT FROM AUTHOR]

Copyright of European Journal of Development Research is the property of Palgrave Macmillan Ltd. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The shadow economy's size and impact remain subjects of extensive research and debate, holding significant implications for economic policy and social welfare. In Lebanon, the ongoing crisis since 2019 has exacerbated severe economic challenges, with the national currency's collapse, bank crisis, and foreign reserve deficits. The World Bank reports Lebanon's financial deficit surpassed $72 billion, three times the GDP in 2021. Despite a drastic decline in GDP, imports have surged to near-pre-crisis levels, exacerbating economic woes and indicating a constant outflow of foreign currencies. Considering such contracting facts, this paper aims to investigate global factors influencing the shadow economy and discern their manifestations in Lebanon during financial crises. Our methodology involves a comprehensive literature review, alongside a case study approach specific to Lebanon. This dual-method strategy ensures a detailed understanding of the shadow economy's impact and the development of actionable insights for policy and economic reform. Through this approach, we seek to contribute to a nuanced understanding of Lebanon's economic landscape and provide valuable guidance for policy decisions aimed at reducing corruption, promoting transparency, and fostering a robust formal economy. The increase in the shadow economy raises the formal economy risk, as resources and activities diverted to informal channels hinder the growth and stability of the official economic sector. Although focusing on Lebanon, this analysis deepens the comprehension of the economic landscape and provides valuable guidance for policymakers, researchers, and stakeholders, aiming to address the root causes of informal economic activities and promote sustainable growth in developing countries in general. [ABSTRACT FROM AUTHOR]

Human capital is a nation's primary source of inner strength to achieve sustainable economic growth and development. Meanwhile, income inequality is a critical issue preventing sustainable economic growth and social transformation, especially in developing countries. This paper investigates the effect of human capital on income inequality in both the short and long term using the mean group, pooled mean group, and threshold regressions for the ASEAN-7 (including Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam) from 1992 to 2018. The paper develops a theoretical linkage between human capital and income inequality by combining the learning theory and the Kuznets hypothesis. This linkage is then tested using data from the ASEAN countries. Findings from the paper indicate that human capital reduces income inequality in the short run in the ASEAN countries. However, the effect is reverted in the long run, suggesting that human capital may increase the income gap in these countries. Particularly, the inverted U-shaped relationship between human capital and income inequality is established for the ASEAN countries whose GDP per capita is lower than USD 8.2 thousand per year. In contrast, the U-shaped relationship is found for the countries with income per capital of more than USD 8.2 thousand. All these findings suggest that social policies targeting reducing income inequality should be prioritized and stay at the centre of any economic policies to achieve sustainable economic growth and development in the ASEAN countries. [ABSTRACT FROM AUTHOR]

Breaking through the company's own green knowledge barriers through school-enterprise cooperation has become an important means for companies to expand market competitive advantages and environmental governance. This article uses China's non-financial listed company data from 2010 to 2021 to study the causal effect of school-enterprise cooperation on corporate green innovation. The results passed a series of robustness tests and confirmed that school enterprise cooperation can improve the level of green innovation of enterprises. This paper also uses the instrumental variable method to mitigate the causal relationship between the two. The results show that school-enterprise cooperation can still significantly improve corporate green innovation. The results of the mechanism test confirm that school-enterprise cooperation will promote corporate green innovation by reducing corporate green innovation risks and easing corporate financing constraints. At the same time, the heterogeneity analysis results show that school-enterprise cooperation has a better effect on improving green innovation for enterprises in heavily polluting industries, enterprises in years with low economic policy uncertainty, and enterprises with a high degree of government-enterprise connection. The findings of this article help to understand the intrinsic mechanism between school-enterprise cooperation and corporate green innovation, and confirm that school-enterprise cooperation can improve the climate and environmental innovation system, which has important practical significance for the construction of the industry-university-research system. [ABSTRACT FROM AUTHOR]

This paper analyzes the response of cryptocurrency returns to the movement of economic policy uncertainty (EPU) and stock market volatility (VIX), as well as a few macroeconomic variables: gold price, interest rate, inflation rate, and oil price. Vector error correction model and regression model are applied to examine the linkage between these variables using data from 2015 to 2022. The analysis reveals that the selected variables have a positive and significant impact on cryptocurrency returns. This suggests that cryptocurrency can be considered a safe haven for investment. The paper also suggests a number of policies to ensure the protection of investment, control money supply and stock market instability, stabilize economic uncertainty, and systematize economic variables. This paper advocates a well-connected network and active participation of stakeholders such as government, central bank, security exchange, and financial institutions will help to streamline irrational movements and enhance the acceptability of cryptocurrencies through the framing and implementation of necessary regulations. [ABSTRACT FROM AUTHOR]