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Digital service trade has emerged as a pivotal engine for global economic transformation and development. However, the implementation of differentiated regulatory measures for trade in digital services among economies has led to increasingly frequent trade disputes. This paper constructs a regulatory homogeneity network for digital service trade in 60 major economies, and systematically evaluates the structural characteristics of the network and the regulatory homogeneity among economies from 2014 to 2021. Furthermore, this paper empirically examines the impact of the partnership characteristics of regulatory homogenization in the network of major economies on their exports. The analysis of the network structure shows that major economies are more inclined to optimize and simplify existing trade partnerships, and are moving towards more diversified restrictive measures in the regulatory model of digital services trade, which has led to the rise of trade protectionism. The empirical text results show that expanding and deepening the regulatory homogeneous partnership of trade in digital services promotes the export of digital services in major economies. This promotion effect is mainly achieved by reducing the cost of digital service trade and enhancing business trust. In addition, the export promotion effect of developing regulatory homogenization partnerships is better than that of increasing the openness of digital service trade, and the homogenization of policies between openness and protection is more important. This paper provides important implications for coordinating the openness and security of digital services trade: China should actively cooperate with multilateral and bilateral digital service trade partners to jointly build a homogeneous environment for regulatory regulations. In particular, it is necessary to deepen the regulatory homogeneity partnership with Asian and developing economies to expand the influence of the "China model" in the global regulation of digital services trade. [ABSTRACT FROM AUTHOR]

This paper highlights the necessity for nations to adopt green growth strategies to achieve economic prosperity, social equity, and environmental sustainability. By examining governance indicators in six East Asian economies from 1995 to 2021, it finds that a 1% increase in the rule of law boosts green energy deployment by 0.33%, while a 1% rise in corruption reduces it by 0.25%. Similarly, a 1% increase in transparency leads to a 0.45% rise in green energy. Higher income levels encourage green energy adoption, with a 1% increase in income resulting in a 0.19% boost, whereas a 1% rise in income inequality decreases deployment by 0.32%. The paper suggests policies to enhance the rule of law, promote transparent governance, reduce income inequality, and encourage inclusive growth to support green growth objectives. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to explore the relationship between government spending, public debt and the informal economy. In addition, this paper investigates the moderating role of public debt in government spending and the informal economy nexus. Design/methodology/approach: By utilizing a data set spanning from 2000 to 2017 of 32 Asian economies, the study has employed the dynamic ordinary least squares (DOLS) and fully modified ordinary least squares (FMOLS). The study is also extended to consider the marginal effects of government spending on the informal economy at different degrees of public debt. Findings: The results indicate that an increase in government spending and public debt leads to an expansion of the informal economy in the region. Interestingly, the positive effect of government spending on the informal economy will increase with a rise in public debt. Originality/value: This study stresses the role of government spending and public debt on the informal economy in Asian nations. To the best of the authors' knowledge, this study pioneers to explore the moderating effect of public debt in the public spending-informal economy nexus. [ABSTRACT FROM AUTHOR]

Purpose: The studies that explore the impacts of national intellectual capital on informal economy are scant. Moreover, the effect of an external factor such as institutional quality that moderates this relationship has largely been neglected in previous studies. Institutions are considered important pillars to accumulate national intellectual capital and reduce shadow economy. As such, this paper aims to investigate how institutional quality moderates the effects of national intellectual capital on informal economy in 17 Asian countries from 2000 to 2018. Design/methodology/approach: This paper uses the generalized method of moments techniques, which allow cross-sectional dependence and slope homogeneity in panel data, to examine the moderating role of institutional quality on the relationship between national intellectual capital and informal economy. Various tests are conducted to ensure the robustness of the findings. Findings: Empirical findings from this paper indicate that an increase in national intellectual capital and institutional quality declines the informal economy. Interestingly, better institutional quality aggravates the negative effects of national intellectual capital on reducing the size of informal economy. The author also finds that enhancing international trade and economic growth results in a decrease in the informal economy in Asian countries. Practical implications: Empirical findings offer policymakers an indication of the relationships between national intellectual capital, institutional quality and informal economy, pointing out that national intellectual capital and institutional quality should be strengthened to allow Asian countries to limit the informal economy. Originality/value: This study provides a conceptual model through which the moderating role of institutional quality on the national intellectual capital–informal economy nexus can be recognized. This approach has thus far not been investigated in the existing literature. To the best of the author's knowledge, this study makes an original contribution to the empirical of national intellectual capital and informal economy nexus and produces new insights into the fields of the moderating effects of institutional quality on this nexus. [ABSTRACT FROM AUTHOR]

Purpose: This paper analyzes the direct effect of financial development and the mediating impact of financial development through foreign direct investment (FDI), foreign aid and trade on economic growth for all Asian countries. Design/methodology/approach: A fixed-effect model with Driscoll–Kraay panel corrected estimators was employed to find the direct and mediating impact of financial developments on growth for all 47 Asian economies from 1980 to 2020. The bootstrapped panel-quantile regression (BPQR) model is used to check how this effect varies for different income groups of countries. Findings: The results demonstrated that financial development positively impacts countries' economic growth. The interaction effect of financial development with FDI, foreign aid and foreign trade negatively impacts economic growth. The BPQR results showed that FDI and foreign aid help in the growth of lower quantile economies; however, the impact is negative for middle- and upper-income countries. Trade impacts growth positively for all the quantiles of economies. Research limitations/implications: The results suggest that the Asian economies must continue to provide thrust on the financial development of their own countries to achieve better growth. It also implied that the dependence on external finance is good for low-income countries and not advisable for middle- and upper-income countries. Originality/value: To the best of the authors' knowledge, the current study is the first to provide empirical evidence on analyzing both the direct and interaction effect of financial development on economic growth by considering all the Asian economies. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-09-2022-0587 [ABSTRACT FROM AUTHOR]

This paper examines the impact of credit flows, both at the aggregated and disaggregated level, on current account balances for five Southeast Asian economies. Evidence shows that total credit flows improve the current account position, especially in India and Indonesia, in the presence of adequate financial development. Nevertheless, for China, we find that credit flows lead to a decline in current account balances. When disaggregating the total credit flows, in the case of China, we find that household credit negatively influences the current account balance while the bank and business do not have any significant effect. Similarly, for India, we find that most of the improvement in the current account from credit flows comes from household and bank credit. Interestingly, in the case of Indonesia, Malaysia, and Thailand, we find evidence of aggregation bias. The asymmetric impact of disaggregated credit flows implies that policy prescriptions based on aggregate credit flows may be ill-advised and macroeconomic policymakers must implement targeted measures for different types of credit. [ABSTRACT FROM AUTHOR]

AbstractThis paper evaluates the natural rate of interest (NRI) for Indonesia, Malaysia, Philippines, Singapore, South Korea, [Taipei, China], and Thailand and aggregates them using a GDP-weighted average. This paper discusses four key points. Firstly, to estimate the NRI in emerging Asian economies, this paper introduces a Time Varying Parameter Vector Autoregression (TVP-VAR) model that integrates exchange rates alongside conventional growth and inflation variables. Secondly, the results show that NRIs in the emerging Asia have been declining in trend since the 1990s. Thirdly, the behavior of the NRI for each economy is not uniform across crises—the Asian Financial Crisis, the Global Financial Crisis, and the COVID-19 pandemic. Fourthly, the findings reveal that the ascertained Asian NRI decreased to the vicinity of 0% during the COVID-19 pandemic period. [ABSTRACT FROM AUTHOR]

Regional integration continues to be a difficult endeavor in South Asia. Given the challenging economic circumstances in the region today, the need for a robust regional mechanism is becoming more and more pronounced. South Asian economies in the recent past have begun to encounter serious setbacks. Significant economic crises in Sri Lanka and Pakistan, rising unemployment and soaring inflation in Bangladesh, and increasing debt troubles in Maldives have already begun to underscore the growing economic unpredictability of the region. Moreover, the impact of dominant security considerations, political turmoil and severe humanitarian crisis still lingers and undermines the economic development in Afghanistan. In addition to the deteriorating economic and political indicators, climate change-induced risks have also begun to pose serious threats to security in the region at various levels. However, despite the legacy of shared sociocultural commonalities, the region is still finding it difficult to adopt a collaborative approach to tackle these challenges. Regional cooperation can help in addressing the shared concerns of South Asian countries. Nevertheless, the quest for regional integration in South Asia remains an arduous task, making it one of the least integrated regions in the world. The paper primarily argues that the overarching traditional security concerns, which are deeply embedded in the geopolitical dynamics of the region, are the primary cause of existing complexities and weak regional integration. It traces the root causes of these complexities through an exploration of the regional security settings along with a theoretical analysis at both conceptual and operational levels. [ABSTRACT FROM AUTHOR]

This paper examines the nonlinear effects of public debt on economic growth in Asian developing economies through the application of panel Generalized Method of Moments (GMM) regressions and panel vector autoregression (VAR) models. Our analysis reveals a statistically significant nonlinear (i.e., an inverted U-shape) relationship between public debt (as a percentage of GDP) and GDP per capita growth. The turning points are identified at 52 percent for all Asian developing economies and 50 percent for Asian coastal developing economies. Asymmetric mutual feedback effects are observed between economic growth and public debt, contingent on the level of public debt. These two-way effects are both statistically significant and more pronounced when public debt surpasses its threshold level. Additionally, our results unveil geographical (cross-country) heterogeneity in the mutual feedback effects. These findings carry significant policy implications, emphasizing the necessity of employing region-specific debt threshold levels and asymmetric response coefficients in the analysis of public debt policies. [ABSTRACT FROM AUTHOR]

There is a call for global efforts to preserve the ecological systems that can sustain economies and people's lives. However, carbon emission (CEM) threatens the sustainability of humanity and ecological systems. This analysis looked into the influence of energy use (ERU), human capital (HCI), trade openness (TOP), natural resource (NRR), population, and economic growth (ENG) on CEM. The paper gathered panel data from the Central Asia region from 1990 to 2020. The CS-ARDL was applied to establish the long-term interaction among the indicators. The paper's findings indicated the presence of the environmental Kuznets curve (EKC) in the Central Asia regions. Also, the empirical evidence highlighted that energy use, natural resources, and trade openness cause higher levels of CEM. However, the research verified that CEM can be improved through human capital and urban population growth. The study also found that HCI moderates the interaction between NRR and CEM. The causality assessment indicated a one-way interplay between ENG, ERU, NRR, and CEM. The study proposes that to support ecological stability in these regions, policy-makers should concentrate on developing human capital, investing in renewable energy sources, and utilizing contemporary technologies to harness natural resources in the economies of Central Asia. [ABSTRACT FROM AUTHOR]

This paper examines the role of local currency bond markets (LCBMs) and foreign investor participation in these markets in capital flow volatility in emerging Asian economies over the period 1999 to 2020. Using a panel analysis and impulse response functions generated from a panel structural vector autoregression, we show that greater development of LCBMs across 10 Asian emerging economies in terms of capitalization helps to mitigate against the capital flow volatility, while foreign investor participation has the opposite effect, particularly for less developed LCBMs. Our findings have policy implications from a financial stability perspective, whereby continued efforts to enhance LCBMs while reducing reliance on foreign investors should be encouraged. Strengthening the local investor base and mobilizing domestic resources through LCBMs ought to be a priority for raising long-term capital that will enable the financing of sustainable investment and development. Our findings also suggest that greater efforts are needed to enhance foreign exchange hedging arrangements for foreign investors in LCBMs, particularly in times of heightened financial stress. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has given rise to a spike in financial market volatility. In this paper, we attempt to assess the effects of financial & news-driven uncertainty shocks in growing Asian economies, using country-specific bond volatility shocks as a measure of local interest rate uncertainty. Also, we contrast the effects of local uncertainty with global stock market uncertainty. Using bond market data from nine Asian markets, we uncover a transmission mechanism of uncertainty shocks via the bond market. The mechanism works as a crowding-out effect due to government-led excessive market borrowing with supply-side consequences for the private sector, as opposed to economic policy or global stock market uncertainty which works more like a demand shock as in the literature. We conclude that countries with growing fiscal deficits that entail a larger government bond market or higher current account deficits, tend to experience an increase in the cost of borrowing due to this bond market volatility or interest rate uncertainty shocks. [ABSTRACT FROM AUTHOR]

The exchange rate is a crucial macro indicator for any open economy, whereby any change in the rate would influence, to a certain extent, various socioeconomic facets. One of the significant impacts is revealed in the pass-through of exchange rate variations to price inflation, also known as the exchange rate pass-through (ERPT). This paper explores the effect of ERPT on domestic inflation in Vietnam by comparing with other Asian economies. Specifically, pass-through mechanisms are examined for every single price as well as a distribution chain from import price index (IMP), producer price index (PPI) to consumer price index (CPI). The empirical results show that exchange rate shocks positively influence the price changes in Vietnam as well as in other Asian countries. According to Cholesky decomposition, the exchange rate plays a limited role in regulating CPI movements. Besides, world commodity prices are found to have a significant impact on domestic inflation across the sample-countries. Our findings reveal profound implications for monetary policy management and price stability. [ABSTRACT FROM AUTHOR]

The ability of farming communities worldwide to provide balanced diets for the growing world population is enunciated clearly in the second of the United Nation's sustainable development goals, namely 'End hunger, achieve food security and improved nutrition and promote sustainable agriculture'. Success will be dependent on our ability to preserve the economic sustainability of livestock production in small-holder farming systems which will require regenerative approaches to reverse land degradation and retain biodiversity. Animal products are important components of world food baskets because their nutrient profile most closely resembles the dietary requirements of mankind. Key micronutrients, including iron, vitamin A, vitamin B12, zinc and iodine, are more readily available from animal-sourced foods, which are critical for a balanced diet for those with higher nutrient requirements such as growing children and pregnant and lactating women. The developing Asian economy of Laos, together with that of the Pacific Island nations of Vanuatu and Samoa provide some interesting contrasts in servicing the nutritional needs of their predominantly rural populations as their respective governments address the issues of undernutrition and hidden hunger. The paper explores some of the challenges that governments face in sustaining resilient animal production to supply essential nutrients for food baskets across our region. These include the broader contexts of resource availability, education, cultural traditions, socioeconomic status, gender equality and women's empowerment. The role of animal products in providing balanced diets to minimise nutrient deficiencies in the peoples of Laos, Vanuatu and Samoa is reviewed in this perspective. This article belongs to the Collection Sustainable Animal Agriculture for Developing Countries 2023. [ABSTRACT FROM AUTHOR]

The paper investigates the influence of regional import shocks from low‐wage countries on electoral support for European social democratic parties in 289 NUTS2 regions (2002–2022). The estimates suggest that a one standard deviation increase in the import shock from low‐wage countries over an election period may lead to a decline in support for social democratic parties between 0.6 and 1.2 percentage points. Similar results also apply to imports from Asian economies, such as China and India. The negative impact on electoral support for social democratic parties is amplified in moderately industrial and predominantly rural regions. For the former, the decline in industrial employment led to a shift of social democratic voters to the radical right. In contrast, in the latter case, the relatively slower growth of employment in the tertiary and quaternary sectors and the peripheral position of these regions caused a shift to the radical left. [ABSTRACT FROM AUTHOR]

This paper examines the national saving behaviour in the process of economic growth through a comparative analysis of countries in developing Asia from a historical perspective. Developing Asia provides an ideal laboratory for the study with considerable differences in the saving behaviour among countries and over time within individual countries, notwithstanding the 'model saver' image of the region that is based mainly on the experience of high-performing East Asian economies. The empirical analysis distinguishes between private and government saving rates, with specific emphasis on the former. The results of the empirical analysis are consistent with the view of a 'virtuous circle' between growth and saving, with growth initiating the saving transition. No evidence to suggest that a prior phase of promoting saving through specific policy initiatives is needed to initiate the process of growth and structural transformation. The private saving rate is also associated positively with export orientation of the economy, and net foreign capital inflows and negatively with the young dependency ratio of the population and domestic credit availability. [ABSTRACT FROM AUTHOR]

This paper studies 10 Asian economies' experiences during two episodes of financial crises in 1997–08 and 2007–09. Our analysis of five crisis‐hit Asian countries shows that overinvestment via credit expansion and foreign financing has an adverse effect on banking sectors while income inequality contributes significantly to financial distress. With five no‐crisis emerging markets included in our Asia analysis, we find that export‐oriented growth backed up by domestic savings is financially less risky than investment‐led growth facilitated by capital inflows. Since such different strategies of output growth to deal with falling demand are related ultimately to the same factor–rising inequality, this distributional problem must be overcome effectively to enhance financial stability and ensure growth sustainability. [ABSTRACT FROM AUTHOR]

This editorial summarizes a special issue of the Singapore Economic Review on Monetary Policy issues. The issue includes 15 papers covering various sub-themes within the field of monetary policy macroeconomics. The papers explore topics such as the effectiveness of macroprudential policies in emerging markets, the role of local currency bond markets in capital flow volatility, the impact of trade conflicts on monetary policy, and the monetary policy response to COVID-19. The editorial also highlights areas for future research, including the effectiveness of macroprudential policies, the coordination of monetary and fiscal policy, and the relationship between monetary policy and inequality. [Extracted from the article]

The comprehension of the textbook and augmented Solow growth model has been studied to picture the consequences of workforce growth and capital. In the age of digitalization, Information and Communications Technology (ICT) is also the first necessity identified factors affecting labor productivity. This paper revisits the augmented Solow growth equation by integrating ICT as an explanator that improves labor productivity in Southeast Asian emerging economies. We used a Two‐Way Random‐Effects Model to regress the impact of workforce growth rate, physical capital, and human capital on labor productivity. The results show that using human capital is essential to improve output in emerging market countries rather than only using physical capital. According to our adjusted ICT factors, our analysis reveals that using the Internet and mobile cellular significantly boosts labor productivity. Moreover, the analysis of total factor productivity shows that most Southeast Asian economies highly depend on implementing ICT, especially the contribution of Internet usage and mobile cellular. Therefore, this study contributes to further studies and policy recommendations in improving the introduction of Internet usage and installation, especially for the emerging Southeast Asian. [ABSTRACT FROM AUTHOR]

In this paper, the impact of Information and Communication Technologies (ICTs) on economic growth in South Asian countries is investigated during 1990–2014. For this purpose, the newly developed panel data estimation method Dynamic Seemingly Unrelated Regression (DSUR) is applied. According to the results, the impact of ICTs on economic growth remains positive in South Asian economies. In addition, education stimulates economic growth; however, foreign direct investment does not contribute to economic growth. The newly acquired result would guide policymakers and government officials to focus on the advancement of ICT for maintaining the sustainable economic growth. The findings imply that South Asian countries should raise the ICT level with proper technology education level to achieve the desired economic growth. [ABSTRACT FROM AUTHOR]

Especially with the Asian financial crisis of 1997–98, Asian countries have advocated a profound reform of the international financial architecture. Their proposals focused on two main axes: a reform of the global financial system, and stronger regional monetary integration in Asia. There are here significant parallels with the ideas of Robert Triffin (1911–1993). Triffin became famous with trenchant analyses of the vulnerabilities of the international monetary system. The Triffin dilemma is still present among international monetary policy-makers, also in Asia. Triffin put forward several proposals for reforming the global monetary system, but he also developed proposals for regional monetary integration. These were very much based on his experience with the European Payments Union, and focused on the creation of a (European) reserve fund and a (European) currency unit. In this paper we focus on Triffin's proposals for an Asian payments union in the late 1960s, giving special attention to Japan (in Triffin's time, the biggest Asian economy; moreover, Triffin had an important Japanese network). [ABSTRACT FROM AUTHOR]

This paper examines the impact of macroprudential policies on the nexus between economic uncertainty and bank risk in emerging Asian economies. We construct our index of economic uncertainty by applying the Generalized Autoregressive Conditional Heteroskedasticity (GARCH)-in-mean model to a series of important macroeconomic variables, and borrow macroprudential policy indices from Cerutti et al. (2017) and Alam et al. (2019). Using bank-level panel data from approximately 600 commercial banks in 11 emerging Asian economies during the period 2000–2016, we find consistent evidence that bank risk increases with economic uncertainty, while macroprudential measures play an ameliorative role in uncertainty-induced bank risk. Our baseline findings are largely driven by macroprudential measures that aim to dampen the credit cycle more than those that target increasing the resilience of the banking sector. Our further analyses of the heterogeneous impacts of macroprudential measures by specific type on the risk of banks show that liquidity-based instruments, reserve requirements and currency instruments play a more conspicuous role in the economic uncertainty‒bank risk nexus than capital-based and asset-side macroprudential instruments. [ABSTRACT FROM AUTHOR]

This paper aims to measure the impact of environmental provisions in free-trade agreements on pollution levels in 40 Asian economies for the period 1990–2019. Following the failure of WTO negotiations, there has been a rapid proliferation of preferential trade agreements incorporating various types of environmental clauses. We exploit such changes to assess their influence on pollution emissions. We use a DOLS approach that considers the potential endogeneity of environmental clauses. Further, panel vector error correction models (VECM) are employed for examining the presence of a cointegration relationship among the variables studied. Overall, our findings indicate that these environmental clauses have heterogenous effects on CO2 emissions. We do not find significant effects of environmental clauses on pollution. However, this result is driven by environmental provisions that are not legally enforceable. We do find a positive effect of environmental clauses with a higher level of legalism on the environmental quality. These results show that the inclusion of environmental provisions in trade agreements is not sufficient by itself. Such provisions should incorporate a legally enforceable framework to effectively address environmental concerns. These findings have significant policy implications for Asian countries. [ABSTRACT FROM AUTHOR]

Purpose - This paper makes a novel attempt to estimate the potential impact of credit risk on foreign direct investment (FDI hereafter), thereby focusing on a completely unexplored area in the existing empirical literature. Design/methodology/approach - To provide a comprehensive understanding of the relationship between credit risk and FDI inflows, the study incorporates all the eight-member economies of the South Asian Association of Regional Cooperation (SAARC hereafter) and analyzes a panel data set, over the period 2011 to 2019, extracted from the World Development Indicators, using the suitable econometric techniques for the efficient estimations of the specified models. Findings - The results indicate a negative and statistically significant relationship between the credit risk of the banking sectors and FDI inflows. Similarly, market size and inflation rate appear to be the two other main factors behind the increasing FDI inflows in the SAARC member economies. Interestingly, the size of the market became irrelevant in attracting FDI inflows when the Indian economy is excluded from the sample due to its higher economic weight. On the other hand, FDI inflows are not dependent on the level of trade openness, with most of the specifications showing either an insignificant or negative coefficient of the variable. Practical implications - The obtained results are unique and robust to alternative methodologies, and hence, the SAARC economies could consider them as the critical inputs in formulating the appropriate policies on FDI inflows. Originality/value - The findings are unique and original. The authors have established a relationship between credit risk and FDI for the first time in the SAARC context. [ABSTRACT FROM AUTHOR]

This study assesses the global and cross-regional influence of China's currency, the renminbi (RMB). We first develop a theoretical framework to determine the channel through which progress in RMB internationalization can be mapped onto the market influence of the RMB exchange rate on that of other currencies. Using a volatility connectedness approach, we then construct a series of spillover indices reflecting the international influence of the RMB. We find that the RMB's influence is worldwide but is smaller than that of major international currencies, such as the US dollar. Overall, the RMB has basically become a peripheral currency in Greater China, Central Asia, Eastern Europe, and some South Asian economies. Because of the Belt and Road initiative, regionalization of the RMB has also progressed in developing economies; however, China still has far to go in fully achieving internationalization of its currency. [ABSTRACT FROM AUTHOR]

The transformation of supply chains is an important factor for European Automotive OEMs to compete internationally. But it turns out that these are not as resilient as required. A resilient supply chain requires appropriate risk management measures that minimize internal and external influences. However, in some areas of value creation and supply chains, weaknesses are evident that are determined by a high dependence on international supplier markets. This approach to research in this area investigates whether Automotive OEM internal departments perceive certain risks differently. This was done by means of a survey of European OEMs to reveal different perceptions on important aspects of risk-based factors. Internal resilience would be necessary as a first step towards strengthening the supply chains in order to subsequently position themselves against stronger emerging competition from the Asian and US economies. This requires a strong European centering of supplier and partner networks, for example in the area of physical goods such as semiconductors and batteries. In order to support these necessary developments, networks are being established and promoted by the EU. GAIA-X and especially Catena-X are bases for the Automotive industry to adapt and optimize resilience and compliance regulations to governmental and intranational guidelines. As result of this research, it remains to be said that the realignment of supply chains must succeed in improving cooperation and delivery conditions across the entire OEM spectrum while at the same time reducing costs. In this way, the European Automotive market can be positioned as a resilient, strong market player for the future. The basic prerequisite for this is a uniform and coordinated view of risk-based factors in the individual companies and departments. [ABSTRACT FROM AUTHOR]

In today's era, environmental concerns are given equal importance to economic growth to attain sustainability. By implementing economic strategies, we can achieve economic enrichment, while adopting pollution prevention practices can lead to environmental and economic improvements. Therefore, this study examines the impact of pollution prevention practices on the economic and environmental sustainability of nine Asian countries. This study utilizes data from selected economically thriving Asian countries and employs the ARDL approach using EViews v10 for estimation. This study holds great significance for these states, as they are the most vulnerable to global warming and adverse effects of climate change. Furthermore, the findings of this study have policy implications for Asian economies and other developing nations, providing guidelines for governments and policymakers to effectively sustain their environmental resources for both current and future use, while simultaneously boosting their economic and environmental sustainability. [ABSTRACT FROM AUTHOR]

Since the late 2000s, China has accelerated reconstruction of the welfare state against the backdrop of the second transition. Following a typological approach, this study proposes an analytical framework for assessing varieties of social reproduction before delving into a comparative look at China's national institutional framework, in which China is regarded as a transitional economy and a late bloomer. As represented in three dimensions, countries have production regimes that diverge in the degree of coordination, welfare regimes that differ in the degree of decommodification, and labor reproduction regimes that vary in the degree of depatriarchalization. We investigate the convergence and divergence of advanced economies, transitional economies, and the emerging economies of East Asian countries. Hierarchical cluster analysis and a three-dimensional map illustrate the varieties of regimes at the intersections of production, welfare, and reproduction. With the help of institutional complementarities, five worlds of social reproduction are distinguished: the late blooming, the liberal, the catch-up/transitional, the conservative, and the social democratic. China's production regime converges with that of continental Europe and Post-Socialist societies based on institutional arrangements of nonmarket coordination; however, limited income maintenance and redistribution policies, the absence of family-friendly policies, and the regendering of the division of labor make China's institutional mix appear more compatible with East Asian societies than Western ones. The institutional complementarities between the welfare and labor reproduction regimes reveal a social reproduction scenario that is less than purely late blooming. [ABSTRACT FROM AUTHOR]

This research investigates the complex interaction between liquidity and volatility while considering Economic Policy Uncertainty (EPU) as a moderating factor. Using a comprehensive dataset that incorporates various liquidity measures such as market resilience, depth, and breadth, the study examines how changes in liquidity impact volatility in four Asian incipient economies: China, Pakistan, India, and South Korea. By utilizing sophisticated econometric techniques, particularly the System Generalized Method of Moment (GMM), the findings demonstrate a statistically significant inverse relationship between liquidity and volatility. These findings imply that, within the Asian context, lower levels of volatility are correlated with higher market liquidity. By incorporating EPU into the model, the research acknowledges the significant role of economic factors in shaping market dynamics. Stakeholders, decision-makers, and investors can gain valuable insights from this analysis of variables influencing market stability in Asian emerging economies. The study's outcomes can guide policymakers in formulating strategies that promote market stability and improve market microstructure. [ABSTRACT FROM AUTHOR]

Servicification in global value chains (GVCs) in emerging and developing Asian economies has become a trend recently. However, there have been no scientific studies to elucidate the mechanism of servicification in GVCs. To fill this gap, this study aims to investigate the involvement of service sectors in GVCs in Asian economies in terms of the quantitative interactions between service inputs and manufacturing exports and inputs and between service inputs and service exports. For this purpose, a panel vector-autoregressive model and the Trade in Value Added database of the Organization for Economic Cooperation and Development (OECD) were used for the empirical analysis during 1995–2018. The estimation results find that, first, there exist reciprocal interactions between the business services and manufacturing sectors; foreign business service inputs are induced by manufacturing exports, whereas manufacturing inputs are induced by business service exports. Second, foreign manufacturing inputs facilitate foreign business service inputs. Third, business service inputs are promoted by business service exports. These trends in the involvement of business services' involvement in GVCs have accelerated since the mid-2000s. To enhance the role of services in GVCs, Asian economies should facilitate the removal of explicit restrictions in service trade and address regulatory divergence across countries. [ABSTRACT FROM AUTHOR]

The current analysis explores the effect of external debt on economic growth and how better governance interacts with this relationship. For empirical assessment, we sample 20 years of data (2000–2019) of South Asian economies and consider the FMOLS and DOLS models to model the regression among the variables. The statistical analysis reveals a significant negative effect of both long- and short-term external debts, while governance has a significant positive effect on economic growth. In addition, the positive moderating role of governance was also observed in the nexus of external debt and economic growth. Enhancing governance can make external borrowing beneficial for economic progress. The empirical analysis posits multiple policies regarding the reduction of external borrowings, enhancement of the quality of governance, and effective utilization of external debt for development projects through better governance systems. By exploring the empirical relationship between external debt, governance, and economic growth, this study provides original evidence on how to enhance the utilization of external debt to ensure economic growth. [ABSTRACT FROM AUTHOR]

There is a disconnect between the abundant resources at the national level and the severe poverty at individual and household levels in Nigeria. Information and communication technology is an efficient tool that the Asian economies have used to alleviate poverty. Information and communication technology is regarded as a tool which helps create an information and communication technology-based economy. This quantitative study examined how Nigeria can use information and communication technology to alleviate the enormous poverty levels. Data were sourced from the World Bank and International Telecommunication Union, for the period 1992–2020. In terms of the research methodology, the Autoregressive Distributed Lag model was employed in the research. The empirical findings showed that information and communication technology can have a projected 50% positive effect in reducing poverty. Foreign direct investment had a positive effect on reducing income inequality. Primary research findings depicted that information and communication technology, economic growth, foreign direct investment and private domestic credit were key tools for reducing poverty in Nigeria. Concerning policy recommendations, it was suggested that private domestic credit and foreign direct investment should be channelled to the information and communication technology sector to have a greater impact on poverty alleviation. [ABSTRACT FROM AUTHOR]

Purpose: Due to an increase in energy demands, it has become vital to devise efficient energy policies. Literature has suggested multiple factors influencing the consumption of specific energy types. Among others, institutional quality (INQ) is another factor that can determine energy consumption. Given this, the current study aimed to investigate the impact of INQ on fossil fuel energy (FFE) and renewable energy consumption (REC). Design/methodology/approach: The empirical analysis was conducted on 20 years (2000–2019) of data from South Asian economies, and regression among variables was established by employing the dynamic ordinary least square and fully modified ordinary least square models. The selection of both techniques is subject to the existence of cointegration identified by the Johansen cointegration test. Other pre-estimation techniques include cross-section dependence and unit root testing validating the estimation of coefficients in the long run. Findings: The analysis mainly reveals the negative impact of INQ on FFE and the positive impact of INQ on REC. The authors further find the asymmetric impact of control variables including foreign direct investment inflow, economic growth, inflation rate, financial sector development and energy investment on the consumption of both types of energy. Research limitations/implications: Given the positive influence of INQ on REC, it is recommended to focus on improving the efficiency of institutions specifically those that are directly linked with energy-related policies. A better INQ can ensure environmental sustainability by enhancing the consumption of renewable energy. Therefore, it is advised to exert more efforts to improve the INQ. Practical implications: In view of the positive influence of INQ on REC, it is recommended to focus on improving the efficiency of institutions specifically that are directly linked with energy-related policies. A better INQ can ensure environmental sustainability by enhancing the consumption of renewable energy. Therefore, it is advised to exert more efforts for improving the INQ. Originality/value: This study offers robustness to the empirical findings of existing literature on the INQ-REC nexus and complements the underdeveloped literature on the INQ-FFE relationship. [ABSTRACT FROM AUTHOR]

The aim of this study is to investigate the role of information and communication technology (ICT) and human capital development on environmental degradation (CO2) using the Environmental Kuznets Curve (EKC) framework in line with the 21st Conference of the Parties to the UNFCCC (COP21). Five South Asian countries namely: Bangladesh, India, Nepal, Pakistan and Sri Lanka were considered in the context of the present study between the annual time period of 1990 to 2016. Pedroni cointegration test and Kao's residual cointegration test are used to assess long term relationship while Dumitrescu and Harlin (Econ Model 29:1450–1460, 2012) is used to test causality relationship between the variables. Empirical findings from the study showed significant effects of ICT import, renewable energy usage and human development decrease CO2 levels while ICT export and urbanization increase carbon emission levels in the long run. Furthermore, a significantly positive association is observed between economic growth and CO2 emission while the square of national income exerts a significantly negative effect on environmental degradation, which supports the EKC for the South Asian states. From a practical implication context, policymakers should not only concentrate on their economic growth trajectory improvement but also enhance the improvement of their ICT infrastructure, invest more in renewable energy sources, follow policies that would help the countries to raise human development standards, as well as consciousness for environmental sustainability should be pursued. [ABSTRACT FROM AUTHOR]

Chinese President Jinping initiated one of China's grandiose foreign policy initiatives in 2013. He emphasized on the reconstruction of Silk Road Economic Belt and a twenty-first century Maritime Silk Road (MSR), together referred as Belt and Road Initiative (BRI). The BRI presents opportunity for trade, investment, and jobs between China and Asian economies that will support increasing consumption, infrastructure development, political associations, and sustainable development in many parts of the world. This article examines the BRI project and its growth, specifically from the Asian perspective. The study is an endeavor to identify the impact of BRI on the growth of Asian economies along the BRI route (corridors). For achieving this objective, data has been obtained from various articles and websites and the time considered is between 2009 to till now. The panel data regression has been used with controllable macroeconomic variables. The results based on multiple models indicate a significant impact of BRI on the first of connectivity through multiple Projects and economic growth of Asian Economies. Other macroeconomic variables, such as imports, political stability, and connectivity, also have a significant impact on the economic growth of the Asian economies. Security of this project leads towards the sustainability of the project. [ABSTRACT FROM AUTHOR]

This study employs Bayesian vector autoregressive method to investigate spillover effects from China's monetary policy to Asian economies through the exchange rate, domestic demand, and financial channels. The domestic demand channel plays dominant role to the transmission of China's monetary spillover. While the weak impact of the exchange rate channel could be explained by the positive correlated response of Asian currencies to renminbi shock, the limited influence of the financial channel is due to low financial development and high restrictions on capital flows of China. We suggest Asian authorities should reduce the export reliance on China and prepare macro-prudential instruments to minimize their economies' vulnerability to foreign shocks. [ABSTRACT FROM AUTHOR]

This specific research initiative aims to intricately examine the intricate dynamics connecting terrorism, corruption, and capital flight within the context of South Asian economies, encompassing countries including Bangladesh, India, Pakistan, and Sri Lanka. The principal objectives of this study entail a comprehensive investigation into the synergistic impacts of terrorism and corruption on the prevalence of capital flight. To realize these objectives, the study employs longitudinal data from 1990 to 2019, adopting the portfolio choice framework as its theoretical underpinning. In terms of methodology, the empirical inquiry uses the Generalized Method of Moments (GMM) estimation technique. The empirical findings derived from this analysis distinctly establish a statistically noteworthy and positive correlation between terrorism, corruption, and the occurrence of capital flight across multiple South Asian nations. In light of these discerning outcomes, it is strongly recommended that the governments of South Asian countries prioritize and actively pursue the fortification of their institutional governance mechanisms. This strategic approach is deemed crucial in efficaciously counteracting the escalation of capital flight. Specifically, a targeted focus on augmenting institutional governance practices, fostering transparency, fortifying anti-corruption measures, and intensifying counterterrorism efforts could collectively contribute to reducing capital flight tendencies. By undertaking these recommendations, South Asian governments can foster an environment of enhanced economic stability, attractiveness for investment, and sustainable growth, thereby deterring the adverse impact of capital flight while concurrently combatting the underlying challenges posed by terrorism and corruption. [ABSTRACT FROM AUTHOR]

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Using balanced panel data from 2000 to 2019 across 10 Southeast Asian economies, this study attempts to examine the effects of outward FDI and other factors on economic growth. FDI outflows, political stability, and savings have a positive impact on economic growth. Outward FDI is necessary for ASEAN's economic expansion because it facilitates knowledge and technology transfer, both of which are essential for sustainable growth. As such, the majority of the countries in Southeast Asia are embracing outward FDI with the goal of increasing productivity and, hence, promoting economic growth. [ABSTRACT FROM AUTHOR]

Grounded in Social Cognitive Theory, this study examines entrepreneurial self-efficacy and identification with the leader as mediating mechanisms that account for the cross-level relationship between entrepreneurial leadership and entrepreneurial intentions. This study also establishes the moderating role of (a) individualism between entrepreneurial leadership and entrepreneurial intentions, and (b) collectivism between entrepreneurial leadership and personal identification with the leader. We collected data through self-administered questionnaires from IT professionals working in small and medium-sized IT solution provider firms. To enhance the generalizability, samples were selected from China (n = 234) and Pakistan (n = 209). Further, a multi-level research design was used for analysis. The results showed that entrepreneurial leadership has a significant positive relationship with entrepreneurial intentions. The results for the mediating effects showed that entrepreneurial self-efficacy and identification with the leader significantly mediated between entrepreneurial leadership and entrepreneurial intentions. The moderating effects results supported the moderating effects of (a) individualism on entrepreneurial leadership and entrepreneurial self-efficacy, and (b) collectivism on entrepreneurial leadership and personal identification with the leader. The conditional indirect effects of entrepreneurial leadership on entrepreneurial intentions via entrepreneurial self-efficacy and identification with the leader were high at high individualism and high collectivism, respectively. This study, for the first time, establishes relationships between entrepreneurial leadership and entrepreneurial intentions in Asian economies. Our study complements and extends the entrepreneurship and leadership literature in developing countries' contexts. [ABSTRACT FROM AUTHOR]

Purpose: This study attempts to explain the impact of Fintech on the Asian economies through two main indicators, inflation and unemployment over the period 2011-2014-2017. Design/methodology/approach: This study uses panel data regression models to explain the relationship between Fintech, inflation as an indicator of currency circulation and unemployment since Fintech has disrupted the labor market. Findings: Empirical results show a consistently strong and positive relationship between the development of financial technologies and the reduction of inflation and unemployment unless these technologies are actively used. Digital finance has become a new driver of economic development. Therefore, governors should not only improve their economies but also expand their information and communication technologies to develop their digital infrastructure, especially for businesses. Originality/value: The present study contributes to the existing literature on the impact of disruptive digital innovation on the socioeconomic development of emerging countries. The empirical evidence highlights the importance of distinguishing between active and passive uses of Fintech in order to anticipate its economic impact. [ABSTRACT FROM AUTHOR]

This study examined the role of good governance in promoting tourism in emerging South Asian countries and also tested the mediating role of foreign direct investments (FDI). The study used panel data collected from seven South Asian countries from 1996 to 2018. Panel data regression models were estimated to test the research hypotheses. The results showed that the country's good governance has a positive and significant influence on tourism receipts and arrivals. Moreover, the mediation analysis results supported that foreign direct investments mediated the relationship between good governance indicators like government effectiveness, political stability, voice and accountability, and control over corruption and tourism. Based on the results, the study proposed the governance-led FDI and FDI-led tourism hypotheses, the study's main contribution. The study has implications for the government regulatory agencies relating to governance, tourism departments, foreign prospect investors, and policymakers. [ABSTRACT FROM AUTHOR]

Purpose: Historically, investments in innovation are perceived as one of the paramount decisions businesses opt to thrive and the impact of such investments on businesses' market performance is well documented in the literature. However, the environmental aspects of making such investments are yet to be addressed by the firms, which in turn, present considerable damage to the environment. Coupling with the natural resource-based view (NRBV) and the stakeholder theory of the firm, this research builds on an earlier work of Khalil and Nimmanunta (2021) in an attempt to examine the link between innovation and firms' environmental and financial value. The authors extend their analysis and document a more consistent approach to measuring environmental innovation which allows the authors to investigate the firms from three additional economies with respect to firms' investments in both traditional and environmental innovations. Design/methodology/approach: The underlying models are tested using the time fixed-effects panel regression by utilizing information from publicly traded companies of ten Asian economies, including Japan, Hong Kong, Taiwan, Thailand, Turkey, Malaysia, Singapore, India, Indonesia, and Saudi Arabia. The reported sample covers annual firm-level ESG data obtained from Thomson Reuters' Datastream and Refinitiv Eikon during the 2015–2019 period. Findings: This research offers support to the conventional wisdom that innovation is advantageous to the firms' market value. The authors further decompose innovation into traditional innovation and environmental innovation. The findings of this research suggest that traditional innovation is favorable only for the firms' market valuation and traditional innovation is strongly ineffectual for the environment – traditional innovation produces sizeable environmental distress by contributing substantially to carbon emissions. In contrast, the resultant effects of investments in environmental innovation are evident to be instrumental for both firms' financial performance and the environment. Research limitations/implications: This research has primarily focused on only two components of a company's environmental performance: reduction in carbon emissions (CO2) and corporate social responsibility (CSR). Given the complexity of firms' environmental strategies and the multidimensionality of the variable, which encompasses a wide range of corporate behavior in terms of relationships with communities, suppliers, consumers, and broader environmental responsibilities broadening the scope of the study by including other important aspects of environmental sustainability is, therefore, critical. Practical implications: The findings of this research signify environmental innovation as one of the vital investment approaches as firms can exploit benefits related to the market from firms' sustainable practices, developing eco-friendly processes by introducing steady yet systematic chains of green products and services. Such products and services may have a feature of enhanced functionality with a better layout in terms of improved product life with better recycling options, and lower consumption and exploitation of energy and natural resources. These sustainable practices would be advantageous for the firms regarding the possibility of setting prices above the standard level through establishing green brands and gaining market share of environmentally anxious consumers. For those companies that are striving to take the leading role in the green industry and longing to seek superior returns on the companies' environmental investments, these benefits, in particular, are exceptionally critical to them. Originality/value: The linkage between firms' financial and environmental performance in the context of simultaneous inclusion of both green and traditional innovations remains unclear and is yet to be investigated by researchers. Thus, this research shed light on the role of environmental innovation and traditional innovation on firms' environmental performance and financial performance. The authors utilize a novel dataset with a clear indication of measuring different elements of innovation that allows us to develop a more robust approach to corporates' environmental, social and governance (ESG) performance metrics having the slightest biases related to transparency and firm size. [ABSTRACT FROM AUTHOR]