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Purpose: The paper aims to investigate the impact of socially-responsible human resource (SR-HR) practices on organizational sustainability performance (OSP) in Indian business organizations that are mandated to publish business sustainability and responsibility reporting. Design/methodology/approach: Data were obtained from 620 working professionals employed in the organizations listed on National Stock Exchange in India. The proposed hypotheses were tested by deploying the statistical technique of multiple regression analysis using SPSS Version-21. Findings: The results demonstrated that overall, SR-HR practices impact OSP. More precisely, all the dimensions of SR practices are positively associated with the organization's financial performance, environmental performance and social performance (SP). There was a relatively higher significant impact of legal-oriented human resource management (HRM) on organizational economic and ecological performance. However, in the case of SP, a substantial effect of employee-oriented HRM was found. Practical implications: Study findings encourage HR practitioners to invest in SR-HR practices to build and strengthen employees' abilities and contributing to sustainability goals. Originality/value: This study is one of the few studies conducted in the Indian context that highlights the relevance of the convergence of HRM, human resource development and corporate social responsibility to realize sustainability goals. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Economics / Gospodarka Narodowa is the property of SGH Warsaw School of Economics 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 Ekonomika is the property of Society of Economists 'Ekonomika' 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.)

This paper aims to approach the topic of structural convergence for new member states from the perspective of input-output analysis. Using a set of input-output measures, based on the OECD RStan database, and a number of unit-root tests, both for individual time series and panel data, this paper tests whether there is convergence relative to the production structure of the German economy. Although the individual tests are somewhat mixed, the panel unit-root tests indicate the presence of convergence. The results highlight the importance of assessing structural convergence based on panel tests. They also highlight that as nominal and real convergence are gradually achieved, structural convergence should also become more prioritized. [ABSTRACT FROM AUTHOR]

Copyright of Economic Horizons / Ekonomski Horizonti is the property of Economic Horizons 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.)

Economic convergence was a goal of the European Union and financial integration was part of the tools to achieve this goal. After decades of successful convergence and closer financial integration, these movements have slowed since the Great Financial Crisis. In this paper, we contribute to explaining these stylized facts by showing, in a country panel setting, with 2SLS estimates, that the positive impact on productivity growth of financial flows, and in particular those intermediated by the banking system, depends on the quality of financial intermediation in the recipient country, but also on the quality of investors in the investor countries. [ABSTRACT FROM AUTHOR]

As China's economy transitions from a stage of high-speed growth to a stage of high-quality development, the concept of low-carbon and green economic development has gained increasing popularity. Mastering the regional differences and changing patterns of low-carbon economy and economic growth quality is an important prerequisite for further promoting low-carbon economic development and improving the quality of economic growth. Taking the data of 21 prefecture-level cities in Guangdong Province from 2008 to 2019 as examples, we calculated the low-carbon economy and the quality index of economic growth, and analyzed the convergences between them through coefficient of variation analysis and a panel data convergence model with fixed effects. The results showed that: First, the convergence of low-carbon economy was better than the convergence of economic growth quality. Second, the low-carbon economy of Guangdong Province had σ convergence, and the imbalance between regions of low-carbon economy was alleviated, but the quality of economic growth of Guangdong Province did not have σ convergence. Third, there was absolute and conditional β convergence in the quality of low-carbon economy and economic growth in Guangdong Province. Fourth, the convergence rate of low-carbon economy in Guangdong Province showed "club difference"; the same was true of σ convergence, absolute β convergence, conditional β convergence, and dimensional convergence of economic growth quality in various regions of Guangdong Province. The exploration conducted in this article was conducive to better grasping the changing patterns of low-carbon economy and economic growth quality, enriching relevant research. The conclusions of this paper can provide decision-making basis for China to formulate urban and regional economic policies, achieve high-quality economic development, and "double carbon goal". [ABSTRACT FROM AUTHOR]

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from 6 p.m. until early morning. It includes a diverse range of sectors such as entertainment, dining, hospitality, and nightlife, with establishments such as bars, clubs, restaurants, theaters, and live music venues playing a significant role. The development of the night-time economy refers to the process of managing and promoting the growth of economic activities during the evening and night hours in a manner that balances economic, social, and environmental considerations. Therefore, the paper aimed to identify the factors affecting the night-time economy in Hanoi to achieve the sustainable development of this economy. The paper processed and analyzed the data using SPSS Statistics 26.0 software. The quantitative study included (1) testing the suitability of the scale for the variables using Cronbach's alpha, (2) analyzing the EFA factors to check the convergence of the observed variables and the separation between the independent variables, (3) checking the correlation to evaluate the problem of multicollinearity of the model, and (4) performing regression analysis to evaluate the impact of the factors on night-time economic development in Hanoi City. The empirical results showed that the variables positively impacted night-time economic development in Hanoi. However, the study found differences in the levels of their impact. Among the four factors, factor 3 (promotion and sharing) had the strongest impact on night-time economic development, followed by factor 2 (city infrastructure and safety), factor 1 (institutions and environment), and factor 4 (nature and resources). The empirical results will help policymakers promote the sustained development of the night-time economy in Hanoi, Vietnam. [ABSTRACT FROM AUTHOR]

In order to assess the effectiveness of individual management systems in the analysed EU countries (Croatia, Poland, Slovakia, Latvia, Lithuania, Estonia, Malta, Cyprus, Slovenia, Hungary), an econometric analysis of the interdependence between the quality of the institutional and regulatory framework and the absorption of EU funds and economic growth was conducted. Conceptually, the econometric analysis aims to identify two levels of interdependence between institutional and regulatory variables on the one hand and dependent variables on the other: (1) the effect of the quality of the institutional and regulatory environment on the absorption of EU funds; (2) the effect of the quality of the institutional and regulatory environment on economic growth. The results of the analysis confirm that EU funds have led to increased economic growth in EU countries which provides basis for economic convergence. However, the allocation of funds alone did not necessarily increase the quality of the institutional framework and competitiveness of the analysed countries. Thus, the paper confirms the importance of improvement of the institutional and regulatory framework of particular grant recipient country, as this not only increases the absorption of EU funds, but also improves the economic growth prospects. [ABSTRACT FROM AUTHOR]

An analysis of the similarity of countries' economic developments can provide an important premise for both the assessment of current international economic relations and the long-term prediction of their economic development potential. The paper presents research results on the paths of economic performance of the countries of Central and Eastern Europe in 2000–2022. As a reference object the EU-27 aggregate has been considered. A supplementary analysis of the impact of the last crises on the economic situation of the CEE countries was provided. The analysis is carried out based on the authors' method of multivariate analysis, where two positioning criteria are applied: an object's distance from the optimal point and an object's heterogeneity. A comparative analysis of economic performance paths dependency is provided using a first-order correlation coefficient for time series. It has been found that there has been a significant improvement in the macroeconomic situation of the CEE countries over the last two decades. Changes of economic performance in these countries were very similar, while the heterogeneity of their macroeconomic indicators was diminishing, due to nominal, real and institutional convergence. The CEE countries reacted in a similar way both to the worldwide economic crisis in 2009 and to the economic downturn caused by the COVID-19 coronavirus in 2020. It has been confirmed that the first of these crises had a greater negative impact on the economic situation of these countries. The originality of the study carried out lies, on the one hand, in the use of the author's research method and, on the other hand, in the presentation of the impact of economic crises on the economic situation of a selected group of countries in the long term. The added value of the study is an analysis of the correlations of paths describing the economic situation of individual countries. [ABSTRACT FROM AUTHOR]

In recent decades, farmland markets have risen sharply due to their attractiveness as safe investment and savings allocation instruments. This growth has occurred globally at different rates due to the uneven expected returns, and potential land uses in different regions. This paper provides evidence of the convergence of Italian farmland markets between 1990 and 2019 by using data on average land prices with a geographically detailed resolution that considers both administrative and altitude aspects of territories. The analysis combines traditional economic convergence approaches with spatial data exploration techniques. The results are consistent and show that territorial disparities in Italian farmland markets tend to increase over the study period. This proves that divergence patterns reflect the well-established North-South dualism and disparities in socio-economic characteristics. [ABSTRACT FROM AUTHOR]

The paper proposes a critical review of the debate on related versus unrelated diversification undergoing within and across Evolutionary Economic Geography. It remarks the accumulating evidence on related diversification in regions, but it is mainly concerned with the sources and implications of unrelated diversification. It is claimed that the scope for unrelated diversification is narrower for lagging regions and it develops this claim by focusing on two sets of regions: the old industrial areas and the peripheral regions. Accordingly, unrelated diversification is depicted as deeply embroiled with the broader question of uneven regional development, but also as a potential catalyst of economic and technological convergence. A similar theoretical proposition is then advanced with respect to sustainability transitions, where unrelated diversification is eligible to undermine the detrimental role played by dominant technological regimes. Finally, it advocates for a proper assessment of the role of public policies in fostering processes of regional diversification and discusses the theoretical and methodological implications of including public policies in the EEG approach. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomika is the property of Society of Economists 'Ekonomika' 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.)

Research background: Digitalization in the context of the COVID-19 pandemic has accelerated significantly across Europe, including in regions that are at the stage of catch-up development. However, as innovative technologies are intensively integrated into everyday life, the digital gap between the EU countries is increasing. The widening digital gap is becoming a serious threat to achieving the EU's sustainable development goals and building a sustainable European society. Purpose of the article: The purpose of the article was to empirically substantiate the inclusiveness and convergence of the digital strategy in the EU countries. Methods: Using the method of fuzzy sets, the level of asymmetry in access to transactional (e-commerce), information (cloud computing), operational (artificial intelligence) technologies in the EU countries was assessed. The negative impact of the digital gap within the countries (the gap between small, medium, large companies) and the global digital gap (the gap between EU countries) on the competitiveness of countries was established, for which correlation analysis and the Granger causality test were used. Findings & value added: The findings of this study contribute to the literature of digital transformation and digital gap of European countries. The impact of the digital gap in transactional, information, operational technologies on the competitiveness of countries is differentiated depending on the level of digitalization of the country. Cluster groups of countries are determined by the convergence of digitalization and ways to ensure long-term competitiveness. The directions for reducing the digital gap in the EU countries are substantiated by changing the priorities of spending on innovation and increasing productivity, diversifying the digital technologies used. The empirical results obtained can serve as a basis for improving the effectiveness of the digitalization policy in the EU countries in accordance with individual convergence goals. The main added value of the paper is related to the presented research procedure, which can be used in analyses of digital technologies development also for other countries. The results provide valuable insights into evaluating the digital technologies in European countries. [ABSTRACT FROM AUTHOR]

Copyright of Geosul is the property of Geosul 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 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.)

With the data of 41 cities, including urban and rural areas in the Yangtze River Delta (YRD) region from 2007 to 2019, this paper mainly uses the spatial econometric method to analyze the impact of forest resource abundance in the YRD region on economic development under the background of carbon neutrality. Direct effects, indirect effects, and total effects are further decomposed. The main conclusions are as follows. (1) The abundance of forest resources in the YRD has a U-shaped non-linear effect on economic development, and the curse of forest resources will gradually form forest resource welfare with economic improvement. (2) The phenomenon of economic convergence exists in the YRD region. (3) The spatial effect of forest resource abundance on economic development is non-linear, and the increase in greenery and carbon reduction should be moderately reasonable. (4) The abundance of forest resources can also promote the development of green total factor productivity. The research in this paper complements the existing literature and provides a reference for policymakers. [ABSTRACT FROM AUTHOR]

The complex relationships of economic actors and the high dependency on information and communication technologies make it necessary for all relevant entities to develop protection. This protection should include preventive and reactive controls in a risk-proportionate manner in relation to the business value protected. We aimed to develop a solution to support cybersecurity-related business decisions with financial analytics. The risk-based approach helps management find the optimum solution with minimal costs, where protection prevents some incidents from occurring, while the risks associated with other incidents are accepted in an informed way. The security industry developed a number of apparatuses to find the optimum security controls that enforced the fiscal aspects, which typically contain solutions used in planning. However, the actual expenditure often differs from the planned budget for several reasons, one of which is the occurrence of security incidents. We used the common methodology toolset for financial analysis (NPV, NFV, risk assessment). We developed novel metrics based on these that can be used in cybersecurity management. Within the framework thus defined, the article discusses the economic context of the effects of incidents involving Meta (previously Facebook) services from 2016 to 2020. This paper introduces the 'Effect of incidents' metric to measure the impact of unplanned incidents' on actual expenditure compared to the planned budget and the 'Incidence of incident recognition' metric to measure deviations of an incident's impact as perceived by owners relative to the effect on the value of the assets. The paper also proves the applicability of those metrics using the example of Meta. [ABSTRACT FROM AUTHOR]

Background: The implementation of the Common Agricultural Policy of the European Union aims at a balanced territorial development and economic convergence of the rural areas. However, in some cases, EU rural funding didn't manage to reduce the gaps between regions, but quite the contrary, the wealthiest regions attracted most of the resources. Purpose: The main objective of the paper was to assess whether EAFRD funding reached the most vulnerable areas. This is a measure of the contribution of CAP to economic convergence. Study design/methodology/approach: Cluster analysis was performed on Galați County in Romania. The analysis was performed at LAU level, considering four variables: population, poverty, agricultural area and the value of implemented EAFRD projects. Findings/conclusions: The analysis concluded five clusters, with poorer areas receiving less funding, calling for better development strategies, focused on the central, northern and north-eastern parts of the county, where these areas are concentrated. Also, territorial reorganization of rural areas may be necessary in some cases, in order to address the uneven development and poverty. Limitations/future research: The present research focused only on EAFRD funding related to agricultural exploitations. For more precise conclusions and recommendations, further research will also need to include other EAFRD submeasures. [ABSTRACT FROM AUTHOR]

Urban agglomerations (UAs), which serve as pivotal hubs for economic and innovative convergence, play a crucial role in enhancing internal circulation and strengthening external linkages. This study utilizes the China city-level multi-regional input-output tables, incorporating the Dagum Gini coefficient and kernel density estimation methods, to perform a thorough quantitative analysis. Disparities within the national and global value chains ("dual value chains") of Chinese UAs from 2012 to 2017 were assessed. Additionally, the logarithmic mean Divisia index (LMDI) method was applied to disaggregate the drivers of both national and global intermediate inputs (NII and GII). The study's key findings include the following: (1) The national value chain (NVC) within UAs exhibits robust growth, contrasting with the decline in the global value chain (GVC). (2) The inter-UA disparity contribution rate significantly surpasses the combined rates of intra-UA contribution and super-variation density. (3) Distinct evolutionary peak trends are discerned among various UAs within the "dual value chains", highlighting diverse spatial polarization characteristics and expansiveness. (4) The growth of the NVC has transitioned from a negative to a positive impact on NII, while the decline in GVC has substantially counteracted GII growth. Economic and demographic factors notably drive positive improvements in both NII and GII, whereas the efficiency of outflows presents a negative driving effect. Based on these findings, this study offers strategic recommendations to facilitate the effective integration of UAs into the new development paradigm, thereby providing a scientific basis for related decision-making processes. [ABSTRACT FROM AUTHOR]

This study deals with the evolution of fuels' prices over time in the EU. The central research inquiry revolves around whether there exists any correlation among the trajectories followed by national prices in the gasoline and diesel markets. The EU, and more specifically the Euro-Area, by its construction, is treated as an OCA (Optimum Currency Area). In an OCA, certain conditions are met to ensure the smooth functioning of a common currency. The fuel price synchronization is essential because it contributes to the effective implementation of policies and promotes stability across the entire macroeconomy. The study covers the period of 2017–2022. For each type of fuel and year, we construct an individual network where network nodes represent the EU member states while the edges connecting these nodes represent strong temporal fuel price correlations among the member states. The properties of the resulting networks are analyzed within a Complex Network framework. Our goal is twofold: first, to detect any potential convergence or divergence in the trajectories of the prices, and second, to investigate the impact of tax and duty implementation on the co-movements of the prices. The empirical findings show that diesel markets have a more pronounced pattern of price co-movements compared to the gasoline markets. Moreover, the application of fuel taxation policies seems to adversely affect the co-movements of prices. [ABSTRACT FROM AUTHOR]

The ongoing development of entrepreneurship within small and medium-sized enterprises (SMEs) represents an essential factor pertaining to the growth of the modern economy because it has an extremely important impact on economic development, increasing the level of innovation and creating jobs. We tend to believe that SMEs represent a central pillar in the countries with a developing economy, and not only there because of the many benefits they bring about including the demonstrated ability to respond quickly to the changes in the market. The present study presents the convergence of the literature on entrepreneurship, SME, management, innovation and performance in the business sector, highlighting the interest of a very large number of researchers who have studied SMEs on economic growth. In the present study, we used the VOSviewer software for the bibliometric research, the results being reflected in the bibliometric maps that show the links between the keywords identified in the research of specialists in the field. [ABSTRACT FROM AUTHOR]

Theoretical background: Silver has a great importance in the real economy, i.e. in photography, medicine, electrical, electronic and chemical industry. The growing importance of renewable energy sources and the development of solar panels, accumulators and batteries means that the role of silver is significantly strengthened. At the same time, it is also used as an investment asset providing variety in portfolios, on numerous occasions being a cheaper substitute for gold. Researchers are studying connections between those two resources and providing different perspectives on their future based on real economy and the financial market. Purpose of the article: The purpose of this article is to assess the current role of silver in the economy and answer the question of its investment prospective. Research methods: The research methods include elements of descriptive statistics and Pearson’s linear correlation between the prices of silver, gold and copper of the EUR/USD exchange rate and the Dollar Index. The research period is from 2000 to 2023. The analyzed data are daily. A measure of the amount of money in circulation in the United States is the M2 index, which includes cash in circulation and deposits. The inflation will be shown by the Consumer Price Index. The research method is also critical analysis of the subject literature. Main findings: We found that the change in the price of silver is strongly dependent on the USD, and specifically on its supply. A significant increase in the price of silver in the analysed period is related to the ongoing process of quantitative easing and financialization, understood as a growing volume of futures contracts. The occurrence of silver and copper in nature makes them dependent on each other, not only in determining prices, but also currently constitutes a barometer of industrial development. Thanks to the growing demand from industry, shortages of silver can result in serious consequences for production, for which reason they may decide to aggressively improve metal recycling efficiency or hoarding supply, which might push prices further up. However, investment use will not disappear due to its anti-inflation characteristics and may cause an increase in demand among investors who see gold as too expensive. [ABSTRACT FROM AUTHOR]

Theoretical background: The dynamic development of generative artificial intelligence such as ChatGPT has transformed the perception of creative work. In the graphic realm, AI systems like Midjourney, DALL-E, or Adobe Firefly allow the creation of high-quality graphics without the need for artistic skills or hiring a talented designer. Concurrently, the emergence of cryptocurrencies and the associated non-fungible tokens (NFTs) has resulted in radical changes in the creative sector, especially in the art market. Purpose of the article: The aim of this article is to examine the development pace and impact of AI-generated art and NFTs on the global art market, focusing on market trends, dependency on energy prices, segmentation, and how these changes influence artwork pricing and artists’ livelihoods. Research methods: The author has assessed the popularity and development of the NFT market, as well as the main reasons for its collapse in 2022. The author identified possible scenarios for the development of the art market, pointed out the primary potential threats, and highlighted the key determinants of future digital asset valuation. Main findings: Despite initial euphoria, buyers depreciate digital goods, especially those generated by artificial intelligence. They are considered inherently inferior and less valuable. Overproduction of works combined with the availability of AI solutions means that the traditional supply and demand mechanism lowers the price of assets and thereby forces more and more graphic designers, photographers, and painters to abandon their professions. Competition from artificial intelligence is subject to the same supply and demand mechanisms, which reduces the cost of access to quality graphics for entrepreneurs and individuals. Simultaneously, as the market becomes saturated with synthetic goods, there will be a delineation at the segment level, similar to what has happened with artisanal beers, hand-assembled cars, and furniture, or handmade ceramics. An unwritten, “made by humans” certificate will result in a 300–500% higher price for similar goods made by humans compared to works of artificial intelligence. This situation will resemble the division of the clothing or furniture market into mass-produced goods and designer items. Amid all this, the increasingly prominent role of NFTs will be evident, which will also appreciate in value, but due to the ecological taxation resulting from energy consumption that is 100,000 times higher than that of a regular bank payment. [ABSTRACT FROM AUTHOR]

Theoretical background: The article constitutes an analysis of the macroeconomic situation from 2020 to the first quarter of (Q1) in relation to real estate investments. Factors such as the COVID-19 pandemic, the influx of refugees to Poland, and rising inflation had a significant impact on investor behavior in the discussed market. The dynamic macroeconomic situation also led to changes in consumer and tenant preferences, while significantly affecting demand and supply. The years 2020–2023 (Q1) were characterized by a distinct specificity that accentuated the risks associated with real estate investments. This emphasized clear differences in various categories between real estate as investment assets and funds, securities, or other alternative investment methods. Purpose of the article: The aim of the article is to identify the risks associated with real estate investment in Poland during the period from 2020 to 2023 (Q1). It is also crucial to describe the macroeconomic aspects and their impact on the investment real estate market during the mentioned period. Research methods: The article presents the results of an empirical study aimed at identifying factors contributing to the increase in risk associated with real estate investment in the years 2020–2023 (Q1). Additionally, it was significant to verify the financing methods for the purchase of investment properties by the survey participants. The study was based on a survey questionnaire. A total of 250 respondents participated in the study, expressing their willingness to purchase their first or subsequent property for investment purposes during the years 2020–2023 (1Q). Respondents were asked 7 questions, including those related to factors influencing or hindering the completion of investment property transactions in the years 2020–2023 (Q1), as well as the method of financing the purchase and the reason why respondents utilized borrowed capital or relied solely on their own funds. Furthermore the article employed a research methodology that included critical analysis of secondary sources, as well as methods such as analysis, synthesis, description, deduction, induction, and reduction. The Polish and foreign literature related to investment and investment properties was subjected to analysis. Additionally, laws, resolutions, regulations, scientific works from other organizations, and reports were studied, serving as valuable sources of information about the real estate market situation from 2020 to 2023 (Q1). In formulating recommendations, a generalizing-synthesizing method was employed (deduction, reduction, induction). The inductive method aided in analyzing the significance and characteristics of investment properties. On the other hand, the deductive method was used to analyze the issue starting from the macroeconomic situation in Poland and delving into the changes in the investment real estate market. By making a critical analysis of the literature, the reduction technique was applied, thus, verifying the previously formulated hypotheses. Main findings: Based on the conducted analysis, it can be observed that the return on equity (ROE) from real estate investments takes on a negative value when investors partially use borrowed capital. This situation is influenced by high interest rates. However, alongside this factor, there is also a social element related to the high demand for property rentals. In the case of investors investing solely from their own sources, this leads to a return on equity ranging between 2.7% and 3.6% during the analyzed time period. The conducted analysis reveals that macroeconomic, social, and legal factors dynamically shape the demand and supply in the real estate market during the period from 2020 to 2023 (Q1). This is closely related to the decisions of investors aiming to invest their capital in investment properties. [ABSTRACT FROM AUTHOR]

Theoretical background: When making a decision on foreign investments, it is crucial for investors to have a clear understanding of both the potential of the host country and the risks awaiting them. To date, numerous approaches have been developed for assessing the business environment and investment climate (attractiveness) of countries. These developments are based on the research of international organizations, rating agencies, business schools, scientific and research institutions. Among them there are both universal (e.g. Harvard Business School, The Doing Business, Political Risk Services) and specialized (e.g. Method ology of the Bank of Austria, RAEX-Analytics) approaches. The abundance and diversity of methodologies have generated numerous studies aimed at their classification and comparative analysis. Purpose of the article: The aim of this article is to conduct a comparative assessment of selected specialized methodologies for evaluating the investment attractiveness of countries and classify them according to the Applicability Matrix. Research methods: The authors reviewed the literature in the field of investment theory and investment climate assessment, as well as materials containing a direct description of the methodologies for assessing investment climate themselves, algorithms for their application and the results of previous evaluations. The application of the system critical analysis method allowed for a comprehensive examination of the selected approaches and determination of their key characteristics, advantages, and disadvantages. The research procedure also necessitated the utilization of expert assessment method to conduct a weighted comparative analysis of the applicability of the methodologies. Main findings: Within the study, the characteristics, strengths, and weaknesses of the selected specialized methodologies for evaluating investment attractiveness were identified regarding to two key dimensions: information coverage and complexity. The main results include a comparative evaluation of the practical applicability of selected methodologies for assessing the investment climate, as well as their classification into groups with relevant qualitative characteristics according to Applicability Matrix. [ABSTRACT FROM AUTHOR]

Theoretical background: The concept of the economic convergence process is one of the conclusions of neoclassical growth models, especially the Solow–Swan model. According to it, it is possible to catch up with countries with a lower level of economic development to the economic level of developed countries and to finally equalize the economies of countries. However, endogenous economic theories have indicated that economic convergence is not the only realistic scenario of economic development in the modern economy. Purpose of the article: The aim of the research is to determine the degree of beta and sigma economic convergence of the countries of Central and Eastern Europe to the EU-12 in the years 2004–2021. Research methods: Descriptive statistics and regression analysis were used in the research. The regression analysis was based on a beta and sigma convergence study. The first one was aimed at checking whether less developed countries are characterized by a faster rate of economic growth than more developed states, while sigma convergence made it possible to check whether dispersion in the level of socio-economic development in selected countries was levelled in the years 2004–2021. Main findings: According to the results of the research, it is possible to confirm the existence of beta convergence of the CEE countries compared to the EU-12 in terms of economic prosperity, taking into account the average wealth of citizens (GDP per capita). The economic measure, which is key in the study of economic convergence, is the basis for stating that in the years 2004–2021, there was a process of convergence between the groups of the surveyed EU countries. On the other hand, no reduction in the economic differentiation of the countries studied was observed based on the sigma convergence study. [ABSTRACT FROM AUTHOR]

Increasing economic integration and global synchronization can be key for countries aiming to catch up in GDP per capita terms. Little attention has hitherto been placed in synchronization as determinant of convergence. In this paper we estimate the effect of economic globalization and synchronization on income convergence for a sample of 89 developed and developing countries in the period 1970–2015. We use a dynamic factor model and panel data techniques to undertake the objectives of the paper. We show that synchronized countries (those correlated with the factor) exhibit a higher response on GDP per capita growth with variations on the global business cycle. This implies that synchronization improves growth for that group in global expansionary phases, but also implies risks during global recessions. On the contrary, the effect on growth of an economic globalization index is less relevant for synchronized countries than for asynchronized countries. The latter result implies that asynchronized countries can benefit more increasing their levels of economic globalization. [ABSTRACT FROM AUTHOR]

The main research question addressed in the paper is related to the possibility of medium-term forecasting of the public debts of the EU member states. The analysis focuses on a broad range of indicators (macroeconomic, fiscal, monetary, global, and convergence) that influence the public debt levels of the EU member states. A machine learning prediction model using random forest regression was approbated with the empirical data. The algorithm was applied in two iterations—a primary iteration with 33 indicators and a secondary iteration with the 8 most significant indicators in terms of their influence and forecasting importance regarding the development of public debt across the EU. The research identifies a change in the medium term (2023–2024) in the group of the four most indebted EU member states, viz., that Spain will be replaced by France, which is an even more systemic economy, and will thus increase the group's share of the EU's GDP. The results indicate a logical scenario of rising interest rates with adverse effects for the fiscal imbalances, which will require serious reforms in the public sector of the most indebted EU member states. [ABSTRACT FROM AUTHOR]

The evolution of the convergence among the European countries, including both Eurozone as well as non-Eurozone economies, is investigated in this paper. To do so, we construct correlation-based networks and study them by employing the Threshold Weighted-Minimum Dominating Set (TW–MDS) algorithm and analyzing standard quantitative performance graph theory metrics. Each country is represented by a network node, while the edges represent the cross-correlations calculated for a specific macroeconomic variable, for a given time window. To study the intertemporal evolution of the network's interconnections, we examine its structure in three consecutive time intervals: 1999–2004, 2005–2010 and 2011–2019. The empirical findings provide a mixed pattern. The European countries exhibit a common behavior over time for some macroeconomic variables, but not for all of them. [ABSTRACT FROM AUTHOR]

Given the scanty and inadequate studies on Serbia's growth performance before the First World War, this paper presents production‐side GDP estimates for Serbia for six years between 1867 and 1910. It probes into the growth dynamics, assessing convergence with the more developed countries of north‐western Europe, as well as progress towards achieving modern economic growth. Although the economy showed some dynamism in terms of overall GDP, per capita GDP in pre‐First World War Serbia grew by only 0.28 per cent per annum, as much of the overall GDP growth was eroded by rapid population growth. Far from converging with north‐western Europe, Serbia continued to fall behind. Sluggish structural transformation and slow income per capita growth suggest that Serbia's transition to modern economic growth was in its infancy. Growth in the dominant agricultural sector was extensive, driven by expanding arable land and population growth. Land was affordable and easy to obtain; hence, peasants invested little in new technologies. Meanwhile, the modern industrial and service sectors were below a threshold that could sustain rapid growth. Nevertheless, this study also highlights the rapid expansion of a small modern sector and export diversification that reflected emergent 'green shoots' in 1905–10. [ABSTRACT FROM AUTHOR]

In the field of econometrics, panel data are an extremely important type of data. In macroeconomic research, panel data models are widely used in exchange rate determination theory, testing of cross-border economic growth and convergence theory, analysis of industrial structure, research on technological innovation, etc. The agglomeration and population distribution of colleges and universities, and the economic support of industrial parks play an important role in economic and social development as a source of research and development and a source of talents. The panel data model usually assumes that the error term follows a normal distribution, but the actual data are difficult to satisfy this assumption, and the estimation obtained by traditional methods may be biased or even invalid. This paper proposes a more robust and effective estimation method (ELS-EL) based on the panel data mean regression model, and extends this method to complex panel data models such as generalized linear models and partial linear models; in addition, this paper is based on panel data. We proposed a two-stage instrumental variable method (2S-IVFEQR) to reduce the computational complexity and generalized the new method to the quantile regression model of dynamic panel data. At the same time, this paper uses the above-improved panel data econometric model to analyze the spatial spillover effects of college aggregation, population distribution, and industrial parks in Guiyang. This study found that the agglomeration of colleges and universities has significantly promoted the economic growth of our country. These promotion effects come from both the direct contribution of college agglomeration and the positive external spillover effect of college agglomeration. [ABSTRACT FROM AUTHOR]

The paper aims to analyze the degree of convergence of the horticultural sector in Romania with other EU member states taking into consideration the competitiveness indicators. In order to be able to establish a causal link between the factors of competitiveness in determining the degree of convergence of the horticultural sector, certain indicators of competitiveness were considered such as the family income of the holding per annul work unit (AWU) and the net added value per unit of annual work. In addition, other indicators were calculated, such as gross value added/AWU and the total value of production. These indicators were calculated based on FADN data, covering the period 2013-2018 including for several other member states of the European Union in order to make comparisons with Romania. The results show a low level of competitiveness compared to all countries analyzed, which indicates that the horticultural sector in Romania is not yet close to achieving the economic convergence with the main EU horticultural sectors of some countries which represent Romania's competitors in the field. [ABSTRACT FROM AUTHOR]

This article investigates the dynamic process of convergence among a set of real alternative (art, fine wine, gold, residential real estate) and financial assets in the US context over the period 2003–2019. The objective is to explore the time-varying behavior of their links considering structural breaks coming from exogenous economic and financial shocks that prevent market convergence from being a linear process. Using a procedure that determines endogenously multiple structural breaks and a rolling co-integration framework, we show that price co-movements depend on the global financial and economic environments. Our results confirm the existence of a long-term co-integration relationship among price series but with structural breaks. We find that exogenous shocks lead to a lower degree of convergence of real alternative and conventional assets, and expansion phases promote market convergence between them. Our results contribute to guiding investors in their efforts to diversify their wealth and portfolio. [ABSTRACT FROM AUTHOR]

Economic integration and globalization are expected to promote economic growth and convergence. This article offers a comparative analysis of the pace of development in terms of GDP per capita in 79 economies from 1970 to 2019. Usually, economic convergence literature aims to establish whether catching-up processes have been successful. This article verifies the existence of growth path similarities to identify clusters of countries that grow at a similar pace and react in a similar way to crises, and compares their dynamics in time. According to the results, coherently with globalization pressures, clusters have become fewer and larger. However, growth path divergences persist and suggest a cluster-based convergence. Integration processes, such as the European Union, have not influenced this trend. The extent to which these clusters are composed of structurally similar economies has been investigated and some consistencies have emerged between the composition of clusters and the classifications provided by the varieties of capitalism theory. [ABSTRACT FROM AUTHOR]

Understanding the spatial differences and evolutionary characteristics of urban economy and exploring the impact of industrial agglomeration and industrial proximity on urban economic convergence are the bases for scientifically formulating policies for coordinated regional economic development. This study used QGIS 3.10.10 software and the Theil index to analyze the spatial distribution characteristics and regional disparities of urban economy. Then, a spatial econometric model was constructed to analyze the convergence and influencing factors of Guangdong's urban economy. The results indicate that from 2006 to 2020, Guangdong's urban economy grew rapidly and the degree of economic agglomeration gradually weakened, but its economic pattern always maintained the "Core-Edge" structural feature. The interval disparities between the Pearl River Delta Urban Agglomeration (PRD) and the edge area have always been greater than the intra-regional disparities, so they are main source of disparities in Guangdong. In Guangdong's urban economy, σ-convergence and β-convergence coexist. The conditional β-convergence rate is 0.96~1.53%, and the half-life cycle is 45.4~72.36 years. Compared to the PRD, the economic disparities in the edge area are smaller but the convergence speed is faster and the half-life cycle is shorter. Both industrial agglomeration and industrial proximity have a significant impact on the economic convergence of Guangdong's cities. Among them, industrial agglomeration has a positive impact, while industrial proximity has a negative impact. There is spatial heterogeneity in the impact of industries on economic development. Industrial agglomeration has a positive impact on the overall economic development of Guangdong, but it is not significant within the regions. Industrial proximity has significant negative externalities in the PRD region, and its impact is not significant in the edge area. [ABSTRACT FROM AUTHOR]

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This paper analyses, for the first time, potential convergence patterns of hotel revenues across provinces in China. Through the club clustering methodology, the analysis uses a unique dataset of all hotels across all Chinese provinces. The findings document that these hotel revenues follow a diverging pattern on a national level, while a converging pattern is identified across certain provinces, thus forming specific clubs. When the analysis is extended to identify potential drivers for such diverging or converging behavior, the new results illustrate the role of productivity trends, management strategies and tax policies as those factors that drive such patterns. The results could be of substantial value, primarily for tourism policymakers to further improve the current framework of the Chinese hotel industry to introduce practices and policies that will allow the industry to catch up with the global market. [ABSTRACT FROM AUTHOR]

Due to the Covid-19 pandemic, governments across the EU countries had to introduce measures to close the borders, restrict the movement of people, and suspend business activities in nonessential sectors. These restrictions threatened to result in the worst economic shock since the Great Depression of the 1930s. This situation forced the EU leaders to quickly implement urgent measures in the form of stimulating packages in order to avoid a catastrophic economic collapse. The measures, however, have been implemented without coordination and insufficiently considering the solidarity principle among the Member States, which is one of the EU basic principles. In that way, the already existing gap in development among the EU economies has become even more pronounced, which will certainly have an impact on the convergence process in the EU. In that sense, this paper is aimed at analyzing the convergence process among the EU economies during the period from 2004 to 2020 and comparing differences among the EU member states during the pandemic crisis (in 2020) and the global economic crisis (in 2008). To define the policy recommendations for overcoming the crisis and for obtaining a satisfactory level of real convergence and nominal convergence, Hierarchical Agglomerative Clustering (HAC) was performed on the data for 2020 and five clusters were derived. [ABSTRACT FROM AUTHOR]

This paper examines whether the Internet is a determining factor in explaining economic growth and convergence across countries when it acts as a channel of information and knowledge diffusion. Literature has identified around 140 possible growth factors, therefore given the contradictory results obtained from previous empirical studies it is crucial we understand the actual role of the Internet. Using the conditional convergence theory and a Bayesian panel data model averaging method from a sample of 100 countries between 1994 and 2017, our results demonstrate that an increase in access to the Internet is a non-determinant factor in economic convergence, being its probability of inclusion in the true growth model conditioned by the regressors included in the estimates and the time span analysed. [ABSTRACT FROM AUTHOR]

Meat consumption in Romania is increasing, but domestic production is stagnant. Although animal husbandry is a basic branch of the Romanian economy, its share in agricultural production has had a downward trend in recent years. This important component of agriculture has a high potential for development, which is supported by a number of factors, including access to raw materials, the upward trend in domestic meat consumption, the record level of trade in meat, the prospect of further European economic convergence, and the consequences of the pandemic-induced shock. Domestic meat consumption has shown an upward trend in recent years, supported by an increase in household income. Meat production in Romania is below meat consumption, in the analyzed period 2015 - 2019, so it cannot ensure the necessary consumption of meat from its own production. In 2015, the production of meat per capita has a value of 54.75 kg, and the value of meat consumption per capita is 66.02 kg. In 2019, the production of meat per capita has the lowest value, of 54.72 kg, the consumption of meat per capita has the highest value of this analyzed period, of 69.85 kg. Meat consumption has been steadily rising, but Romania's GDP, urbanization and the FAO Food Price Index have had very little influence on it. In terms of meat consumption in the European Union, it is found that Belgium has the lowest value of 54.71 kg/capita (it is the fourth largest meat producer in the EU with 158.94 kg / capita), and the highest meat consumption is in Spain with 98.79 kg / capita, and Romania is ranked twenty-fourth. Meat production / capita in the European Union has the highest value in Denmark with 326.14 kg/capita and the lowest value is in Malta with 27.32 kg/capita, Romania ranks seventeenth. [ABSTRACT FROM AUTHOR]

During the Golden Age (1950–1973), Portugal stood out in the international scene, converging economically with the group of more industrialised economies. In this paper, we start by analysing the main factors that explain the extraordinary economic performance of Portugal during that crucial period of its history. Next, we construct and estimate a dynamic model to quantify the relationship between those factors and the Portuguese economic growth in the time horizon that stretches from the Golden Age to present days. The results obtained show that investment and international trade have been contributing positively to economic growth of Portugal in the last decades, 1950–2018. The conclusions of this paper, which are in line with the international literature, reinforce the importance for Portuguese decision-makers to adopt political measures to open the economy and to create favourable conditions for investment in order to obtain a faster economic growth that allows a robust convergence with the most industrialized nations. [ABSTRACT FROM AUTHOR]

Economic growth has always been one of the hottest topics in economic research. Behind the rapid economic growth, the economic gap between regions is gradually widening, and the internal gap will have an impact on the overall coordination of economic growth. Research on the convergence of economic development and its causes has great strategic significance for narrowing the differences in raising economy among regions. In recent years, the impact of big data on economic analysis has become more and more obvious, and this fact has attracted the attention of the academic community. Big data are a new strategic resource and a tool for assessing economic trends. Adding big data technology to the research on the convergence raise of economics can predict the law of data changes, reduce data errors, optimize research results, and provide a more scientific basis for the coordinated development of regional economies. Based on big data theory and technology, this paper uses a spatial econometric model to empirically analyze the convergence of regional economic growth and its influencing factors. The experimental results show that the research on the convergence mechanism and spatial relationship of economic growth in the context of big data can improve the accuracy of the convergence analysis of economic growth to a certain extent. Through modeling analysis, the accuracy of economic convergence is improved by 4.1%. The utilization of big data in a trend of economic development makes the analysis results more reasonable and has greater reference value. [ABSTRACT FROM AUTHOR]

This paper applies the meta-frontier Data Envelopment Analysis and the main concepts of convergence from the economic growth literature (β-convergence and σ-convergence) to analyze integration and convergence both in efficiency and in technology gap of European Union (EU) insurance markets. We evaluate 10 EU life insurance markets over the 17-year-period 1998–2014. Results show convergence in cost/revenue efficiency among major EU life insurance markets during the sample period. These findings indicate that the least efficient countries in 1998 have shown a higher improvement in cost/revenue efficiency than the most efficient countries in the same year as well as that the dispersion of the mean efficiency scores among EU life insurance markets decreased over the sample period. We also find convergence in cost/revenue technology gap among these markets, suggesting that they become more technologically homogeneous during the sample period. However, results show that the global financial crisis has led to a slowdown in the progress of integration and convergence in efficiency and technology gap of EU life insurance markets in terms of cost efficiency but not in terms of revenue efficiency. [ABSTRACT FROM AUTHOR]

The problem encountered by transition countries or developing countries, such as Bosnia and Herzegovina, in the process of European integration, requires a certain degree of sectoral harmonization of its economy with the European Union economy in the function of convergence towards the EU at the macroeconomic level. The aim of this research is to problematize the importance of meeting the conditions and criteria of convergence for joining the European Union, by analyzing the sectoral compatibility of the economy of Bosnia and Herzegovina with the economy of the European Union, using the comparative analysis method. In the continuation of the paper a comparative analysis of the economic structure of Bosnia and Herzegovina and the economy of the European Union will be presented, with a view to determining their structural coherence. The application of the Krugman specialization index and the Balassin specialization index will result in a clearer and more transparent comparative analysis of the structural coherence of the B&H economy with respect to the European Union's economy. [ABSTRACT FROM AUTHOR]

Even though trade tariffs have generally fallen since the GATT agreement, non-tariff trade barriers still exist and show an upward trend. An important type of non-tariff trade barrier is logistics service related to the transport of goods to foreign markets. Efficient logistics is of great importance for small and open economies such as the Central and Eastern European EU member countries that became EU members in 2004 or later and are in the process of economic convergence with the old EU member countries, mostly through trade. On the other hand, logistics is important for old EU member countries because it influences competitiveness in global supply chains. The aim of this paper is to examine the homogeneity of the two blocks of EU countries in terms of logistics performance, i.e. to examine the impact of logistics performance on the international bilateral trade of the EU15 and CEMS with the rest of the world in the period 2010–2018. We develop and estimate a structural gravity model with Poisson pseudo-maximum probability estimator, using the LPI and its sub-indices as the main independent variables of interest. Our results show that differences in LPI values have heterogenous impact on bilateral trade, especially when considering trade in different classes of goods and different groups of country pairs. [ABSTRACT FROM AUTHOR]

Tourism significantly increased in the EU-28 in recent years. In the present study, the 28 member states were analysed for the period between 2012 and 2018, depending on data availability. The authors tested empirically whether economic convergence took place from the perspective of three types of revenue from the tourism sector. The contribution of tourism revenue to economic growth varied across different countries. The analysis of β and σ-convergence showed a low-intensity and slow process based on the revenues generated by accommodation, transport, and restaurant and coffee shop services. Contrary to expectations, the factors analysed did not strongly support the EU-28 tourism sector convergence. We argue the existence of a positive and direct relationship between tourism and economic growth. The convergence did exist but its pace was sometimes slow and of low intensity, preceded by periods of divergence. The three types of services generated tourism revenue but not decisively. The paper complements the literature using indicators that strictly describe the tourism sector and brings into focus findings that contradict those from other studies. Our conclusion is that convergence was not accelerated, but slow and it was not determined by tourism factors but by related ones. [ABSTRACT FROM AUTHOR]

This paper develops a measurement of culture on the product category level, called the cultural embeddedness of products (CEP) scale, and progresses the scale in accordance with standard procedures. It defines CEP as the degree to which a product is connected with ethnic/national culture. The centrality of national/ethnic identity and culture, and its meanings for individuals, lead us to propose CEP as predictive of consumer attitudes and intentions. In particular, we posit that CEP plays a role for local products and potential brands, similar to that played by perceived brand globalness for global brands. We validate a two dimensional CEP scale in two cultures - American and Norwegian - and find that the scale exhibits good psychometric qualities in both. We also present the particularly consistent effects of the ethnic identity relevance dimension of CEP on attitudes and purchase intentions through perceived product quality. The paper concludes with a discussion of the implications for marketing research theory and practice. [ABSTRACT FROM AUTHOR]

This comprehensive study delves into the Harmonised Consumer Price Index (HCPI) behavior across European economies from the early 2000s to the post-pandemic period. By analyzing the patterns of convergence and divergence in HCPI persistence, the study aims to uncover the common external and country-specific factors driving these dynamics. Utilizing the local Whittle estimation method, the research examines the longmemory properties of headline inflation through monthly data from January 1996 to January 2023. The study expands upon existing knowledge of inflation persistence by exploring its changes and the various patterns of inflation persistence in Europe. The findings reveal significant differences in the persistence of inflation and the underlying factors behind it. As such, the study emphasizes the need for tailored policy approaches and a deeper understanding of inflation's true nature, expectation formation, price-setting behavior, and monetary policy in shaping inflation persistence. Given its important policy implications, this research is highly relevant to the European Central Bank (ECB) and national governments within the Eurozone. [ABSTRACT FROM AUTHOR]

Narrowing the gap in regional innovation efficiency is conducive to the coordinated development of regional economies. Fiscal science and technology (S&T) expenditure is the government's primary means of supporting regional innovation. It also plays an essential role in improving the efficiency of regional innovation. This study constructs a spatial convergence economic model based on a dynamic perspective. It also examines the relationship between fiscal S&T expenditure and spatial convergence of regional innovation efficiency. China's regional innovation efficiency shows a trend of conditional β-convergence. Fiscal S&T expenditure positively affects the spatial convergence of regional innovation efficiency and has an inverted U-shaped, nonlinear relationship as a whole. The transmission mechanism test revealed that the cross-regional flow of research and development (R&D) personnel can enhance this positive effect, and the role of R&D capital is not significant. [ABSTRACT FROM AUTHOR]