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The purpose of this paper is to The goal of this study is to empirically examine how innovation and income are affected by PISA scores-average scores in math, science, and reading. The specific objectives are threefold. First, we develop a conceptual model that describes the connection between income, innovation, and educational quality as determined by PISA scores. Second, we perform an empirical analysis to see if educational quality as assessed by the PISA scores has an impact on innovation.Third, we also test whether the PISA scores have a positive effect on income (GDP per capita). Using panel mode, we find that education quality has a significant and positive effect on innovation and income. Particularly high math test scores have been found to be an important subject that increases per capita income and innovation., Competing Interests: The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (© 2023 Published by Elsevier Ltd.)

This study investigates the relationship between daily returns of oil and ten European industrial equity indices for the period 2008-2017 using the spatial econometric technique. In our settings, the historical co-movements of sectoral returns are incorporated while modelling the contemporaneous relationships between oil and European sectoral returns. After controlling for regional and global equity risk factors, we find that oil returns pose a significantly positive effect on sectoral indices' returns in line with previous studies. However, the magnitude of economic impact found mostly by earlier studies was largely underestimated without considering the co-movements of sectoral indices. The use of spatial econometric technique allowed us to disaggregate the total impact into a direct (due to oil price) and an indirect (due to spillover effect because of intra-industry co-movements) effect of oil price changes. Our results indicate that the direct economic impact of changes in oil prices on industrial returns is almost 31% more than what has been found by earlier studies. The negative spatial dependence among sectoral indices provides a useful tool to identify the source of the indirect impact of oil on overall equity prices in Europe that in turn explains the overestimation of direct impact by 31%., Competing Interests: Conflict of interestThe authors declare there are no conflicts of interest., (© The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature 2021.)

This study empirically examines the impact of institutional quality, social inclusion and digital inclusion on inclusive growth across different economies characterized by different income groups. Particularly, the study examines the impact of institutions on inclusive growth by using the panel data for 83 countries over the period 2010-2017. For empirical specification, we used two-steps system-GMM estimation technique to tackle endogeneity and min-max normalized indexing technique to construct the indices for inclusive growth, social inclusion, digital inclusion and institutional quality. The results of this study show that there is a direct link between institutional quality and inclusive growth for a higher-income group of countries but not in the rest of the income groups. Contribution of social and digital inclusivity is significant in all three income groups, except for social inclusion in middle-income countries. From the policy point of view, these findings suggest that establishing and strengthening the institutional structure in low- and middle-income countries can contribute towards better and higher inclusive growth., (© Springer Nature B.V. 2020.)