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The formation of new firms is an important determinant of regional economic development and agglomeration is a key factor affecting the formation and scale of operations of new firms. The present paper is among the first to explore the relationship between agglomeration economies (using localization and urbanization economies) and new firms' formation and scale of operations in a developing country. We make use of rich firm‐level data and find that agglomeration has a significant impact on the formation of new firms and their scale of operation in Punjab, Pakistan. Our findings also reveal that localization at all scales (small, medium and large) has a positive correlation with the arrival of new firms, while medium‐scale and large‐scale localization is positively correlated with the scale of operation of new firms. [ABSTRACT FROM AUTHOR]

This article offers a discursive analysis of the Conservative green paper for international development, published as part of the closely fought election campaign of 2010 that culminated in a UK coalition government with the Liberal Democrats. The article examines the paper in comparison with the discursive shifts represented by the first Department for International Development (DfID) white paper, published by the outgoing Labour administration in 1997. In contrast with the optimistic and globalist developmentalism that characterised Labour's development discourse, the green paper sounds a more cautious note, using empire to focus on Britain's leadership role in poverty alleviation rather than on global progress, and brings back the full force of developmentalism only at the point where it seeks to legitimate spending on security concerns as a development concern. The article then moves on to examine the green paper's most explicit discursive move, the signalling of a 'post-bureaucratic age'. This move towards increased information provision to promote transparency and accountability is likely to signal greater control by powerful donors in securitised times, albeit with a potential re-scaling of responsibility for poverty alleviation to the poorest local communities. Finally, the article looks briefly at information technologies in relation to the transnational spatiality of civil society, arguing that attention needs to be paid to the more embodied forms of transnational association encouraged by the green paper, and to the selection and impacts of information, which need to be seen in the discursive context of wider Conservative constructions of the 'big society'. [ABSTRACT FROM AUTHOR]

This paper proposes a dynamic framework of economic organization called the option-creating institution (OCI) model. The claim is made that firm, market, and hybrid governance structures emerge from the need for flexibility in an uncertain world. Each governance structure uniquely provides strategic real options that allow capitalist-entrepreneurs, with unique risk preferences, to better organize their economic activities. The real options perspective on economic organization is developed by drawing insights from the exchange and coordination perspectives. It is proposed that this real options perspective matches practicing decision makers' intuition and that an inductive OCI model will offer a prescriptive guide. Copyright © 2008 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Copyright of Canadian Geographer is the property of Wiley-Blackwell 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 1997 White Paper on international development is the first such policy statement since 1975. Comparison of the two thus gives us an opportunity for assessing how official thinking and politics in the UK have responded to the many changes that have occurred in the meantime. This article first compares the views of the two papers on the nature of development and of the poverty problem; and then compares the treatment of EC/EU issues. Neither Paper was just about aid. We conclude that WP75 appears comparatively narrow in focus and unsophisticated in its appreciation of the problems addressed, but is better at taking a strategic view and more forthcoming about specifics. What WP97 gains in the breadth and sophistication of its appreciation of problems it loses in detachment from reality and retreat from specifics. Its treatment of EU issues is surprisingly laconic. But overall WP97—in its various forms—is more accessible and decidedly more populist. It has already been disseminated to a far wider audience than WP75 ever reached. Its success is in simplifying a world which development officials know has grown more complex; its failing is that they seem unsure about specifically how their influence and modest resources can best be applied to improving it. © 1998 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The UK Government published a new White Paper on International Development in November 1997. The White Paper sets out the UK Government's vision and new policies for the elimination of international poverty; it explains the new objectives and strategy for the Department for International Development and details the new objective of ensuring that all UK Government policies take account of their impact on sustainable development. This article summarizes the content of the White Paper and discusses in detail some of the issues involved in operationalizing the policies. It looks particularly at the new proposals for partnership between UK Government and developing countries and explores some of the implications of policies to support pro-poor economic growth. © 1998 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

This paper questions the routes to knowledge of metropolitan governance elsewhere in the world and then explains how and why these are rendered more difficult in Australia. The paper begins with the policy literature on the exchange of knowledge relevant to metropolitan governance. The paper next explains the constitutional and fiscal backdrop to metropolitan governance in Australia; the 'unique' role of state governments in the funding, planning, and management of cities, and the powers adopted by the federal government that are made possible by vertical fiscal imbalance and funding conditionality. The paper then explores horizontal knowledge exchange of metropolitan governance in the form of transnational municipal networks, corporations, international organisations, and consultants. The final section of the paper considers the thesis that were Australia's cities to function independently, as metropolitan governments, the potential for knowledge exchange would be optimised. Knowledge of smart city technologies is used for case study purposes. Australia's metropolitan areas suffer from a knowledge deficit that compromises their competitiveness, ability to address climate change and to adopt smart city technologies. The knowledge deficit arises from the role of the Commonwealth and state governments in determining metropolitan outcomes, whereas globally knowledge exchange primarily occurring at a metropolitan level. [ABSTRACT FROM AUTHOR]

Ever‐changing spatial divisions of labour have led to an altered integration of many developing countries into global production networks (GPNs), leading to new spaces of territorial development in these countries. Against this background, this paper examines the role of local institutional actors in co‐shaping territorial development driven by global industrial relocation. Drawing on the case of Bekasi District, Indonesia, this paper nuances the notion of 'strategic coupling' in specific national and local settings of developing countries. Drawing on empirical material obtained through a series of in‐depth interviews conducted between 2012 and 2016, our analysis reveals that although local institutional actors have participated in Bekasi District's territorial development processes they sometimes exhibit a hesitant and less‐than‐creative attitude in this participation. Meanwhile, non‐local actors, most notably private developers and central government agencies, tend to have a more significant leverage in these development processes at the local level, suggesting complex institutional arrangements in tying Bekasi District's assets with GPNs. [ABSTRACT FROM AUTHOR]

The contemporary economic growth models have directed the economies on an unsustainable trajectory where the present generation seems disenchanted with the heap of waste, debt, and insufficiency inherited from their forefathers. The present paper is an attempt to analyze the cause of consumerism and recommend an eco‐spiritual policy perspective for ensuring sustainable development. The paper analyzes that the United Nations recently announced Sustainable Development Goals (SDGs) cannot lead the economies towards sustainable development. Ensuring sustainable development will require curbing consumerism consciously through exploring the unexplored spiritual dimension, which can inspire humanity to lead a life of simplicity, moderation, and minimum desires for sustainable and all‐inclusive development. It has been stressed that aspiration of breakthrough result requires moving away from the external to the inward synthesis of the spiritual aspects, which believes in co‐existence, acknowledging care, and concern for both human beings and the nature. The paper argues for an eco‐spiritual perspective for furthering the goal of sustainability. [ABSTRACT FROM AUTHOR]

Drawing on Harrod, Kalecki and Kaldor, this paper seeks to revive the view that ceteris paribus firms reduce investment if they have already built up high capacities relative to their assessment of the normal potential of their markets. This reaction introduces a fundamental stabilizing mechanism into the economy. The paper adapts the idea to a growth context and applies it to the neo‐Kaleckian baseline model with its Harrodian instability. It demonstrates that, in principle, a sufficiently strong feedback could stabilize the steady state. [ABSTRACT FROM AUTHOR]

This paper surveys a broad range of studies and highlights the main findings of the empirical literature regarding business finance and productivity. Numerous studies analyse the productivity effects of financial development and frictions. The results suggest the following: (1) Financial development likely has favourable effects on productivity growth, (2) financial frictions that impede the efficient flow of finance can mitigate the positive effects through a variety of channels and (3) the magnitudes of productivity costs of financial frictions generally appear modest in financially developed economies but are considerably larger in developing economies. The paper also reviews studies of the influence of specific mechanisms on productivity, such as human capital, corporate finance, financial sector efficiency, equity finance and venture capital. Some policies that hamper productivity growth include inefficient insolvency regimes that impede exit of low‐productivity firms, poorly developed contract monitoring and enforcement systems between banks and firms, collateral constraints that impair resource reallocation and imperfect bank supervisory practices that diminish productive capital reallocation through distorted lending practices. [ABSTRACT FROM AUTHOR]

European Union (EU) countries are required to achieve deficit targets and are thus incentivized to use tools to keep within budgetary limits. This paper argues that accounting discretion might be used to manage some adjustments made during the translation of data from Governmental Accounting (GA) into National Accounts (NA), to window‐dress the final deficit/surplus reported to EUROSTAT. The empirical research shows there are certain circumstances that might facilitate the use of GA–NA "adjustment discretion." EU authorities must pay special attention to these conditions to ensure the reliability of reported deficits. The main findings of this paper could also assist in future efforts to improve the integrity of the adjustment process. [ABSTRACT FROM AUTHOR]

Copyright of Papers in Regional Science is the property of Wiley-Blackwell 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.)

Copyright of Papers in Regional Science is the property of Wiley-Blackwell 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 robust economic growth of developing countries revived discussions about the need for a global financial architecture that is more representative of today's economic and political realities. The world is now markedly different from the moment the Bretton Woods institutions were created. The BRICS now account for a substantive share of global GDP, however, this was not reflected in equivalent voting power in existing multilateral institutions. As a response, they created institutions like the New Development Bank (NDB) and the Contingent Reserve Agreement (CRA), symbolizing a shift of economic and political power towards emerging countries. Against this backdrop, this paper explores the growing importance of BRICS countries as contributors to the global economy and to global governance. Using NDB as a case‐study, the paper explores the origins of the Bank and attempts to answer why a new institution was needed, elaborating on five practical examples in which NDB could contribute with innovations to the modus operandi of multilateral development banking. The authors argue that out of all multilateral development banks created in the past decades, the NDB has the largest potential to catalyze changes in the Bretton Woods institutions and to grow as an alternative to them. The BRICS have been the main drivers of global growth in the past decade and now account for over 30% of the world's GDP PPP, however this is not reflected in an equally large voice in multilateral institutions. [ABSTRACT FROM AUTHOR]

Abstract: In this paper we construct a general equilibrium model of trade and illustrate that return to unskilled labor may be negatively correlated with the price of product it produces. Specifically, we show that greater protection for the intermediate good that uses “unskilled” labor can reduce the unskilled wages. This result has interesting political‐economic implications. [ABSTRACT FROM AUTHOR]

The article comments on three papers within the issue: "Long-Term Effects of Government Deficits on the U.S. Output Potential," by George von Furstenburg, "Capital Formation and the Recent Productivity Slowdown," by Peter Clark, and "U.S. Productivity Growth Recession: History and Prospects for the Future," by Michael McCarthy. The author discusses each article and criticizes their shortcomings. He looks at von Furstenburg's use of the Phelps-Shell model of dynamic economic growth and notes the usefulness of neoclassical growth theory. The author feels that his discussion on the effects of government deficits on output growth or productivity represent a fruitful economic analysis innovation.

The purpose of this paper is to reexamine Milton Friedman and Anna J. Schwartz's argument regarding major business cycle movements, limiting the analysis to business cycle peaks and excluding troughs. Friedman-Schwartz argued that appreciable changes in the rate of growth of the stock of money are a necessary and sufficient condition for appreciable changes in the rate of growth of money income. The necessity and sufficiency of a monetary deceleration for a business cycle peak are explored using a definition of monetary deceleration that takes account of both the size and duration of a change in the growth rate of money.

This paper uses a new methodology based on industry comovement to examine the role of financial market development in intersectoral allocation. Based on the assumption that there exist common global shocks to growth opportunities, we hypothesize that country pairs should have correlated patterns of sectoral growth if they are able to respond to these shocks. Consistent with financial markets promoting responsiveness to shocks, countries have more highly correlated growth rates across sectors when both countries have well-developed financial markets. This effect is stronger between country pairs at similar levels of economic development, which are more likely to experience similar growth shocks. [ABSTRACT FROM AUTHOR]

This paper analyzes a model in which long-term risky assets are illiquid due to adverse selection. The degree of adverse selection and hence the liquidity of these assets is determined endogenously by the amount of trade for reasons other than private information. I find that higher productivity leads to increased liquidity. Moreover, liquidity magnifies the effects of changes in productivity on investment and volume. High productivity implies that investors initiate larger scale risky projects which increases the riskiness of their incomes. Riskier incomes induce more sales of claims to high-quality projects, causing liquidity to increase. [ABSTRACT FROM AUTHOR]

We identify fiscal policy shocks in the EU new member states using four different methods. We use panel data techniques to estimate the output response to these shocks. We find that investment and export growth increase after fiscal consolidation and decelerate after fiscal stimulus when the shocks are expenditure-based. In contrast, private consumption does not respond to fiscal policy shocks. Expenditure-based fiscal consolidations reduce wages, supporting the view that fiscal consolidation of such composition enhances the competitiveness and profitability of domestic enterprises. In contrast, we do not find evidence of fiscal shocks affecting households' confidence. [ABSTRACT FROM AUTHOR]

This paper examines news media coverage of hydraulic fracturing in Canada over a five-year period in five newspapers. Hydraulic fracturing, or 'fracking,' has reenergized the North American oil and gas market. This technology has increased economic growth, but it also comes with unknown and uncertain environmental and public health risks. Regulation of the fracking industry varies globally. In Canada there are three provinces that engage in large volume fracking and four provinces that have placed a moratorium on fracking. This paper demonstrates that the Canadian fracking story is about five frames: water pollution, economic benefits, uncertain risks, moratoriums, and energy independence. There is a difference between coverage in the two national newspapers as well as a difference in national and provincial coverage. In Nova Scotia, where fracking is banned, the media focuses primarily on environmental issues and benefits to the local economy. In Saskatchewan, where fracking for oil is an essential part of the economy, the media focuses on economic benefits and downplays other frames. Overall, across the five papers, the media coverage is highly selective and focuses on particular stories about the economy or the environment, but not both. Quelle est la chronique de la fracturation hydraulique au Canada? Cet article fait état de la couverture médiatique liée à la fracturation hydraulique au Canada par cinq journaux sur une période de cinq ans. La fracturation hydraulique a revitalisé le marché nord-américain des hydrocarbures. Cette technologie favorise la croissance économique, mais comporte également des risques écologiques et sanitaires inconnus et incertains. La réglementation régissant l'industrie de la fracturation varie selon les pays. À l'échelle canadienne, trois provinces ont réalisé d'importantes opérations de fracturation et quatre provinces ont imposé un moratoire à la fracturation hydraulique. Cet article montre que le cadrage médiatique de la fracturation hydraulique repose sur cinq thématiques : la pollution hydrique, les retombées économiques, l'incertitude liée aux risques, les moratoires et la souveraineté énergétique. Le cadrage médiatique varie entre les deux journaux nationaux ainsi qu'entre les médias nationaux et provinciaux. En Nouvelle-Écosse, où la fracturation est interdite, les médias mettent l'accent sur les questions environnementales et les retombées pour l'économie locale. En Saskatchewan, où la fracturation pour extraire du pétrole joue un rôle économique primordial, les médias se concentrent sur les retombées économiques et minorent l'importance des autres thématiques. Dans l'ensemble, les cinq journaux appliquent un filtre sélectif dans le traitement du sujet et publient des reportages spécifiques portant sur l'économie ou sur l'environnement, mais pas les deux. [ABSTRACT FROM AUTHOR]

Abstract: Having reviewed 1259 papers on cluster theory, we find that current cluster studies primarily discussed cluster phenomena from either a microlevel or mesolevel. We argue that studying relations among clusters would increase our understanding of clusters, and such a research topic is worth becoming a new research orientation for cluster theory. [ABSTRACT FROM AUTHOR]

A more polycentric global development landscape has emerged over the past decade or so, rupturing the formerly dominant North–South axis of power and knowledge. This can be traced through more diversified development norms, institutions, imaginaries and actors. This paper looks at one trend within this turbulent field: namely, the ways in which ‘Northern’ donors appear to be increasingly adopting some of the narratives and practices associated with ‘Southern’ development partners. This direction of travel stands in sharp contrast to expectations in the early new millennium that the (so‐called) ‘traditional’ donors would ‘socialise’ the ‘rising powers’ to become ‘responsible donors’. After outlining important caveats about using such cardinal terms, the paper explores three aspects of this ‘North’ to ‘South’ movement. These are (i) the stronger and more explicit claim to ‘win‐win’ development ethics and outcomes; (ii) the (re)turn from ‘poverty reduction’ to ‘economic growth’ as the central analytic of development; and (iii) related to both, the explicit and deepening blurring and blending of development finances and agendas with trade and investment. [ABSTRACT FROM AUTHOR]

This paper provides an alternative approach to penalized regression for model selection in the context of high‐dimensional linear regressions where the number of covariates is large, often much larger than the number of available observations. We consider the statistical significance of individual covariates one at a time, while taking full account of the multiple testing nature of the inferential problem involved. We refer to the proposed method as One Covariate at a Time Multiple Testing (OCMT) procedure, and use ideas from the multiple testing literature to control the probability of selecting the approximating model, the false positive rate, and the false discovery rate. OCMT is easy to interpret, relates to classical statistical analysis, is valid under general assumptions, is faster to compute, and performs well in small samples. The usefulness of OCMT is also illustrated by an empirical application to forecasting U.S. output growth and inflation. [ABSTRACT FROM AUTHOR]

Abstract: Corruption has fierce impacts on economic and societal development and is subject to a vast range of institutional, jurisdictional, societal, and economic conditions. It is this paper's aim to provide a reassessment and a comprehensive state‐of‐the‐art survey of existing literature on corruption and its causes and effects. A particularly strong focus is put on presenting and discussing insights resulting from empirical research and contrasting recent with older findings. [ABSTRACT FROM AUTHOR]

Abstract: This paper empirically examines the growth effects of stabilisation funds and fiscal rules in oil‐rich African countries, using Nigeria as a case study. The analysis captures the ‘international standard’ of the two fiscal instruments by empirically comparing the effects of Nigerian instruments with those of non‐African oil‐exporting countries (i.e. Norway and Mexico). The results show that the fiscal instruments are effective in Nigeria and that the effectiveness is comparable to that of non‐African economies, implying that the Nigerian instruments meet ‘international standard’. The paper also discusses the development policy implications of the results, one of which is that the fiscal instruments can be used to control risky behaviours of economic agents in oil‐rich African economies. For example, since the instruments are effective in increasing growth (i.e. real GDP growth) and limiting its volatility, they can be employed to control increases in demand for and supply of risky sex caused by increases in real per capita income during oil booms. [ABSTRACT FROM AUTHOR]

Abstract: The paper deals with the structural roots of political instability in the Middle East that has been manifested by the Arab Spring throughout the region since early 2011. The roots of the instability are seen in cumulative effects of highly uneven long‐term social change in its three main dimensions since 1960s: (1) rapid social and demographic changes, (2) slower and fluctuating economic development, and (3) rigid political subsystem. The Middle Eastern uneven social change is also under way in a specific (4) cultural and (5) international context. The political instability is thus seen as a consequence of multiple and complex interactions among various dimensions of uneven modernisation process, Islamic political imagination and the international context. The paper deals with the interactions on the macro‐level and with its politically destabilizing consequences on micro‐level using selected examples of causal mechanisms. The Middle Eastern uneven modernisation pattern is systematically documented by empirical macro‐indicators and is compared with the modernisation process in other post‐colonial world macro‐regions. [ABSTRACT FROM AUTHOR]

The article analyzes the benefit of using a gross domestic product (GDP)-linked sovereign paper or sukuk in stabilizing economic growth of developing Islamic countries through risk sharing macro instruments from Islamic finance. Topics discussed are impact of debt servicing on real GDP per capita for lower income countries, and the Sharpe ratio for all the countries based on investor analysis of returns in a risk-adjusted framework.

Generally speaking, the author made the case that one branch of this diversified school of thought has its roots in structural change analysis, which helps to comprehend how agriculture has declined relative to other sectors of the economy during periods of long-term economic expansion. The first school of thought believes that agriculture does not by itself promote economic growth, though it might impede it if ignored; the second places a strong emphasis on reason and the avoidance of distortions in the agriculture sector. On the one hand, since 2011, the industrial sector in Ethiopia has experienced higher worker productivity growth than other sectors and has consistently been significantly higher than the agricultural sector. [Extracted from the article]

Understanding how public organizations prioritize goals is crucial in studying goal‐setting in the public sector. However, the extant literature has mostly adopted a sole‐goal perspective and neglected the influences of the interplay among multiple goals. This article extends the literature by going beyond the sole‐goal perspective and adopting a multigoal perspective to further explore the complexities in public organizations' goal prioritization when facing multiple conflicting goals. Drawing on the theoretical perspectives of performance information use and interorganizational interactions, the main arguments of this study are twofold. First, an organization's prioritization of a particular goal will be positively associated with the performance gap in its conflicting goal. Second, organizations tend to adopt a differentiation strategy in the prioritization of multiple conflicting goals. Empirical findings based on the investigation of Chinese city‐level governments' prioritization of environmental goals when confronting conflict between environmental protection and economic development goals support our arguments. [ABSTRACT FROM AUTHOR]

Resumen: Las fluctuaciones de la actividad económica repercuten más levemente en las tasas de desempleo de los países latinoamericanos que en las de otras economías más avanzadas. En lugar de adoptar políticas de estímulo centradas en reducir el desempleo en general, esos países necesitan políticas focalizadas mediante programas que fomenten la creación de empleo en sectores específicos. Se observan diferencias en la relación desempleo‐producto entre países latinoamericanos. Allí donde la relación es débil o nula, las variaciones cíclicas afectan adversamente a la calidad del empleo, un aspecto del que la política económica también debe ocuparse. [ABSTRACT FROM AUTHOR]

Foresee advanced and innovative strategies is a key approach and constitutes a cornerstone for accessing clean, affordable, and reliable energy to satisfy the world's increasing prosperity and economic growth. To this end, hydrogen energy technologies parade as promising sustainable solutions to the looming energy crisis at either the small or large industrial scale, which will enable to reduce significantly our dependence on conventional energy sources based on fossil fuels without increasing atmospheric CO2 levels. Water electrolysis with renewable energy is one of the best solutions to produce hydrogen without COx (CO and CO2) emissions. However, the practical realization of this elegant opportunity of paramount importance is facing several challenges, among which are: (i) the efficient design of cathode and anode catalytic materials exhibiting improved intrinsic and durable activity; (ii) the scale‐up of the system for the large‐scale hydrogen production through the electrochemical water splitting. This review puts these opportunities and challenges into a broad context, discusses the recent research and technological advances, and finally provides several pathways and guidelines that could inspire the development of groundbreaking electrochemical devices for hydrogen production. It also points out the materials design and preparation for the efficient electrochemical production of the molecular hydrogen in acidic and alkaline environments, from a simple electrolytic solution to the water splitting reaction, which is also considered in the process. Furthermore, the main technology keys for designing a reliable electrochemical system will be noticed. [ABSTRACT FROM AUTHOR]

South Africa, like most developing nations, is confronted with choosing between the need to advance their economy and the need to protect the environment. The United Nations Sustainable Development Goals (UN‐SDGs‐7, 11, 12 & 13) provide a strong foundation for this investigation. To this end, the current research investigates the combined impacts of economic policy uncertainty, fiscal decentralization, and green innovation on environmental sustainability for the instance of South Africa with yearly frequency data from 1960 to 2020. The current research leverages on dynamic ordinary least squares, fully modified ordinary least squares, and canonical cointegration regression. The Maki cointegration test shows how the variables being evaluated have an equilibrium connection across the time period under review. Empirical findings support the environmental Kuznets curve (EKC) framework. These findings imply that, in the first stages of economic expansion, ecological environment is being sacrificed for economic progress (scale stage). Based on the EKC hypothesis, long‐term quadratic economic growth reduces emissions by 0.162% whereas a 1% rise in economic growth increases emissions by 0.791%. Similar to this, long‐term economic globalization and economic policy uncertainty impair ecological sustainability, whereas long‐term fiscal decentralization and green innovation raise it in South Africa. These results have broad environmental repercussions. The present investigation supported environmental stick measures and investment in initiatives on a fundamental change from fossil‐fuel energy consumption base to renewables. The final portion highlights further insights. [ABSTRACT FROM AUTHOR]

The Millennium Development Goals (MDGs) were an important precursor to the Sustainable Development Goals (SDGs). Hence, identifying the conditions that made the MDGs successful enhances our understanding of global goal‐setting and informs the global endeavour to achieve the SDGs. Drawing on a comprehensive review of 316 articles published between 2009 and 2018, we identify six factors that have enabled or hindered MDG implementation. Our analysis stresses the importance of path dependencies and shows that the MDGs catalysed changes only for those countries with sufficient resource availability, administrative capacity and economic development, as well as adequate support from external donors. National ownership and NGO pressure bolstered efforts to implement the MDGs. These findings suggest that globally agreed goals do not easily trickle down from the global to the national level. Thus, this article adopts a forward‐looking perspective and draws key lessons for the current implementation of the SDGs in developing countries. [ABSTRACT FROM AUTHOR]

Copyright of Regional Science Policy & Practice is the property of Wiley-Blackwell 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.)

Tourism, energy consumption, economic growth, and financial development (FD) have serious consequences on environmental quality, which have gained attention of researchers. This research study attempts to highlight the impact of these variables on carbon dioxide (CO2) emissions in the Asian top‐four tourism countries, namely, Thailand, Singapore, Malaysia and Hong Kong. To achieve these objectives, the study applied Fully Modified Ordinary Least Squares (FMOLS) econometric technique to estimate the long‐run relationship, using annual data. Moreover, the study also applied the Dumitrescu–Hurlin panel causality test to identify the direction of the causality. The findings of the study show that energy consumption and trade openness have a negative impact on CO2 emissions. Moreover, tourism and FDI affect carbon emissions positively. Moreover, the study also validated the N‐shaped environmental Kuznets curve in these countries, indicating that economic growth positively influences carbon emissions in the early stages. However, in the middle stage, economic growth positively affects CO2 emissions, while in the later stage, it affects positively. Further, a unidirectional causality has been found from trade, economic growth and tourist arrivals to FD. Furthermore, based on empirical findings, the study suggests various policy implications for the government of the top‐four Asian tourist countries. [ABSTRACT FROM AUTHOR]

Copyright of Latin American Policy is the property of Wiley-Blackwell 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.)

Copyright of Latin American Policy is the property of Wiley-Blackwell 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.)

In response to the mounting risks posed by climate change, innovation and mitigation of pollution have emerged as key drivers of sustainable growth and the environment. This research aims to explore the effect of economic complexity and financial risk on the load capacity factor. The research employed a series of second‐generation techniques such as a method of moment quantile regression and Dumitrescu Hurlin panel causality covering the period between 1990 and 2018. The findings provided convincing evidence of cointegration. The long‐run analysis showed that renewable energy use, economic complexity and financial risk contribute to ecological quality. However, non‐renewable energy and economic progress threaten ecological quality by lessening the load capacity factor. The research revealed causality from financial risk, economic growth, disintegrated energy and economic complexity to load capacity factor. Lastly, a policy framework is proposed based on the study findings to accomplish the sustainable development goals (SDGs) 7, 13 and 17. [ABSTRACT FROM AUTHOR]

This study corroborates the importance of United Nations Sustainable Development Goal 7 (SDG‐7), intended to ensure access to affordable, reliable, sustainable energy for all, and SDG‐8, designed to promote decent work and sustainable economic growth. This article is motivated by the highlighted SDGs and empirically explores the long‐run and causality relationship between energy consumption, urbanization, trade openness, and economic growth for annual frequency data from 1965 to 2021 for the case of Mexico. To this end, we leverage the use of fully modified ordinary least squares, dynamic ordinary least squares, and canonical regression estimation methods, while for the direction of causality, the gradual shift and wavelet coherence methods are used. According to the Autoregressive distributed lag (ARDL), the bounds test traces a long‐run relationship between the outlined variables over the sampled period. Empirical evidence validates the energy‐induced growth hypothesis. This result resonates with the causality analysis, where energy consumption drives economic growth one way in Mexico. This suggests that Mexico cannot embark on energy‐conservative policies, as such actions will hurt economic progress. In addition, unidirectional causality is seen between urbanization, trade openness, and economic growth. These findings have far‐reaching implications for economic growth and macroeconomic indicators in Mexico. More insights are highlighted in the concluding section. [ABSTRACT FROM AUTHOR]

The contradiction between China's economic development, its need for resources and the protection of the environment is ctitical. Scarce water resources have resulted in a considerable bottleneck restricting the economic development of water‐deficient areas. An objective evaluation of the decoupling state of water consumption and economic development has become an important indicator of regional economic sustainable development. Based on panel data from 2000 to 2017 for six provinces in the arid and semiarid regions of Northwest China, the Logarithmic Mean Divisia Index method is employed to decompose the factors of the decoupling index and establish a decoupling relationship model between water consumption and economic development. The reasons that affect the decoupling state of water resource utilization and economic development are herein discussed, and the stability of the decoupling trend is analysed. Based on the overall regional trend, the decoupling state of the arid and semiarid regions in Northwest China improved from weak to strong, but the high decoupling stability index varied among the provinces. The intensity and structure were promotional factors for decoupling water consumption and economic development, and the contribution rate of the intensity factor was higher than that of the structure factor. Income and population were inhibiting factors for decoupling water consumption and economic development, and the contribution rate of the income factor was higher than that of the population factor. Based on these results, corresponding policy recommendations are provided. [ABSTRACT FROM AUTHOR]

Rising water temperatures along the northeastern U.S. continental shelf have resulted in an offshore range shift of the Atlantic surfclam Spisula solidissima to waters still occupied by ocean quahogs Arctica islandica. Fishers presently are prohibited from landing both Atlantic surfclams and ocean quahogs in the same catch, thus limiting fishing to locations where the target species can be sorted on deck. Wind energy development on and around the fishing grounds will further restrict the fishery. A spatially explicit model of the Atlantic surfclam fishery (Spatially Explicit Fishery Economics Simulator) has the ability to simulate the consequences of fishery displacement due to wind energy development in combination with fishery and stock dynamics related to the species' overlap with ocean quahogs. Five sets of simulations were run to determine the effect of varying degrees of species overlap due to Atlantic surfclam range shifts in conjunction with fishing constraints due to wind farm development. Simulations tracked changes in relative stock status, fishery performance, and the economic consequences for the fishery. Compared to a business-as-usual scenario, all scenarios with less-restrictive fishing penalties due to species overlap exhibited higher raw catch numbers but also greater reductions in revenue and increases in cost after the implementation of wind farms. This analysis serves to demonstrate the response of the Atlantic surfclam fishery to combined pressures from competing ocean uses and climate change and emphasizes the potential for economic disruption of fisheries as climate change interacts with the evolution of ocean management on the continental shelf. [ABSTRACT FROM AUTHOR]

This study extends the previous empirics and conducts a comprehensive analysis of the effects of terms of trade (TOT) on economic growth in the large and emerging market economy, India, which experienced tremendous transformation from a persistently low‐growth economy in the 1950s–1970s to a moderate‐growth economy in the 1980s and then to a high‐growth economy, following the onset of inclusive economic reforms from the beginning 1990s. The TOT remained unfavourable during the 1950s, witnessed boom during the mid‐1960s to the mid‐1970s, showed sharp downturn during the mid‐1970s to the mid‐1980s, and then displayed deteriorations again from the late 1990s to 2017–2018. The model estimated in one‐regime setting with no structural break and in a sample‐split setting with multiple structural breaks—over both "long" and "short" time periods—supports the presence of cointegration among variables and suggests the positive and significant long‐run effects of TOT on economic growth. The diversification of trade, the continual improvements in the quality of export products, and the development of high value‐added industries are essentially crucial to induce long‐term improvements in TOT. The improvements in TOT need to be accompanied by the development of financial sector, expansion of external trade, and acceleration of domestic investment. [ABSTRACT FROM AUTHOR]

When reforms of different policy areas are said to be complementary, the presence of one reformed area bolsters the effectiveness of reform of the other. We use the five areas of the Economic Freedom of the World (EFW) index over 2000–2017 to test for the impact of reform complementarities on real per capita income growth in up to 131 countries. Using a novel index for complementarity (Braga De Macedo & Oliveira‐Martins, 2008, Econ. Transit.), we find robust evidence that pursuing broader reform packages is associated with an increase in annual growth by about 1.2%. Further analysis shows that the effect of complementarities operates largely through its positive impact on domestic investment. [ABSTRACT FROM AUTHOR]

The federal solution has been widely discussed in relation to political systems where the articulation of major cleavages, differences, and pluralities threatens political integration and stability. The relationship between conflict, development, and federalism, however, has been poorly accounted for in the literature on federalism. Existing theories about the utilitarian value of federalism thus face serious challenges, especially with respect to post‐colonial Africa. The relationship between conflict, economic development, and federalism in the African context needs to be carefully examined from the perspective of governance, as well as the impact they have on society‐state relations. This article discusses the impact of ethno‐linguistic, ethno‐regional, and ethno‐religious conflicts on economic development in Nigeria – informed by the inequalities, insecurity, and poverty prevalent in the country – and examines the relevance of the federal solution for mitigating such centrifugal pressures as well as other divisive and violent tendencies. [ABSTRACT FROM AUTHOR]

At odds with the large literature devoted to the fiscal discipline effects of fiscal rules, only few contributions investigate their impact on public spending. Estimations based on the entropy balancing method reveal the following causal effects: fiscal rules significantly reduce total public spending and public consumption, leave public investment mostly unaffected, and increase the public investment‐to‐public consumption ratio. Moreover, the type of fiscal rule and countries' level of economic development influence the way fiscal rules affect public spending. Lastly, fiscal rules' features are a major driving force of the way governments change public spending in the presence of fiscal rules. [ABSTRACT FROM AUTHOR]

Starting from the premise that the impact of foreign direct investment (FDI) on the economies of the host countries is different from one economy to another, the aim is to evaluate the impact of a set of economic and social indicators on FDI and net income (% GDP–Gross Domestic Product) in emerging, ex‐socialist countries of the European Union. Using econometric models, we analysed the relationship between the evolution of the net FDI inflows and a number of statistical indicators. Our findings proved that there are similarities between the countries analysed, in terms of the evolution of net FDI inflows, with some differences being recorded for Hungary, where the evolution of net FDI inflows has major fluctuations. We found that the countries present both similarities and differences in terms of variables that affect FDI. The FDI net inflows (% GDP) are in seven, out of nine economies, positively influenced by GDP, as it follows: Bulgaria, Lithuania and Slovenia are FDI attractive by an increasing GDP rate, while Latvia, Poland and Romania react to a better GDP per capita. Hungary is the only one that is positively influenced by both GDP rate and GDP per capita. Moreover, a decreasing corruption perception index, country risk rating, income tax (% of commercial profit) and other taxes paid by companies (% commercial profit) can positively influence the inflows of FDIs in some of the analysed countries. [ABSTRACT FROM AUTHOR]

The prevailing notion for this research is anchored on determining the magnitude of alliances as trade determinants. Alliances are segregated into defence pact, non‐aggressive alliance and entente, which additionally integrates as trade cost in a gravity model. The Poisson pseudo maximum likelihood technique is adopted for the analysis with country pair‐effects exploited. Even though literature acknowledged three different kinds of alliance formation, the homogenous effects as trade cost have not been previously examined. Authors found that alliances' response to bilateral trade is homogenous irrespective of conceptualization and operationalism. All categories of alliance positively influence bilateral trade but could be more effective as trade determinant when rooted in a regional trade agreement. The result is more convincing in the NATO sample than the ECOWAS sample, which could not be unconnected with the level of economic and technological development in both cases. Militarized inter‐state conflict should be discouraged irrespective of the cause due to its negative effect on bilateral trade, especially in the region of its occurrence. [ABSTRACT FROM AUTHOR]