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Purpose – The theoretical debate of corruption’s impact on economic growth remains unsettled, making it an empirical question. This study aims to investigate corruption’s effect on BRICS countries’ economic growth. Design/methodology/approach – A panel dataset on BRICS countries spanning 1996 to 2020 was used. Bias-corrected estimators in small dynamic panels were employed to estimate a growth model as a linear-quadratic function of corruption that accounts for cross-sectional dependence, endogeneity and unobserved heterogeneity due to country and time-specific characteristics. Findings – The results indicate that corruption is detrimental to economic growth in BRICS countries; the quadratic relationship implies corruption is less prevalent in some countries than others. Thus, governments of BRICS countries are encouraged to embark on anti-corruption policies to boost their economic performance. Originality/value – An important limitation of corruption studies is the difficulty in measuring real corruption experiences due to the secretive nature of corruption and the fact that corruption is known not to leave a paper trail. For the uncertainty of the index estimates, the analysis used a continuous corruption composite score measuring the standard deviation of the extent to which public power is exercised for public gain. Furthermore, estimation and inference are robust to small dynamic panels with a general form of cross-sectional dependence. [ABSTRACT FROM AUTHOR]

Enhancing competitiveness is a priority for nations seeking to promote economic growth. One of the critical drivers of a nation's sustainable competitiveness is financial system development. However, whether joining a currency union has a positive impact on a country's financial system development requires further investigation. This study evaluates the impact of euro adoption on Slovakia's financial system development using a synthetic control method with lasso regularization methodology. A comprehensive index that captures the depth, access, and efficiency of financial institutions and markets is used to measure financial system development. Based on a donor pool composed of non-euro OECD countries, the analysis constructs a synthetic counterfactual of Slovakia's financial system development had it not adopted the euro in 2009. This enables a comparison between real and synthetic Slovakia. The results show that Slovakia's transition to the common currency contributed positively to the development of its financial system. The findings show that from 2010 - 2021, Slovakia realized a 19 percent increase in its financial system development relative to the counterfactual after adopting the euro. Robustness checks using a different donor pool and alternative specification with additional covariates produce varied, but still positive, effects confirming the study's main findings. [ABSTRACT FROM AUTHOR]

With China's rapid economic development, disparities within provinces have increased, leading to significant regional inequality. The goal of financial inclusion is to provide financial services to lag-behind regions and disadvantaged groups to promote economic growth and enhance competitiveness. Further investigation is needed to determine whether digital financial inclusion has contributed to greater inclusion or aggravated regional inequality due to the digital divide. The main aim of this study is to examine the inclusive effects and competitiveness gains of digital financial inclusion from the perspective of regional inequality. By analyzing 23 Chinese provinces from 2011 to 2019 through the panel fixed effects model, the results support the existence of a digital divide, which creates regional inequality. Further analysis of the moderating effects reveals that the elimination of the digital divide by digital competitiveness reduces the effect of regional inequality's impact on digital financial inclusion. The advantages of digital financial inclusion to improve competitiveness are already beginning to emerge. This paper reveals that digital financial inclusion has a non-linear threshold effect. At a time of rapid growth in digital financial inclusion, it is crucial to be aware of the inequalities brought on by the digital divide and, more importantly, to capture the beneficial effects of digital competitiveness to enhance regional competitiveness. [ABSTRACT FROM AUTHOR]

An in-depth investigation into Green Supply Chain Management (GSCM) practices is presented, delineating their economic impact. The research applies fuzzy logic within a Multi-Criteria Decision- Making (MCDM) framework to systematize the evaluation and advancement of green practices in supply chains. The integration of fuzzy logic with MCDM is posited to refine the precision of evaluations. The approach centres on the assessment of green suppliers using a linear programming-based fuzzy Multi-Attributive Border Approximation area Comparison (MABAC) method. The study advances the discourse on GSCM by quantifying the economic merits, namely cost efficiency, market productivity enhancement, and brand image improvement. Evidence from practical applications substantiates the dual benefits of GSCM in bolstering environmental sustainability and generating significant economic gains. [ABSTRACT FROM AUTHOR]

The city cluster of the Yangtze River Delta is a highly dynamic and competitive economic region in China. The integration of the market across the 27 cities is crucial in driving economic growth in the area. This paper aims to provide policymakers with recommendations on promoting regional integration, enhancing the structure, and improving overall performance. By utilizing the benefits and resources of each community more effectively, greater economic gains can be achieved. The findings of this study can also be applied to other Chinese towns or business areas. Market integration is a necessary foundation for regional integration, as it enables the seamless movement of goods and factors throughout the region while simultaneously reducing entry barriers and supporting the creation of a unified market. Unfortunately, the "vassal economy" model has impeded the region's economic growth. The integration of regional markets is crucial for economic growth. However, it is equally important to create industrial clusters with central towns as their hubs. The Yangtze River Delta urban agglomeration is a prime example of one of six world-class city clusters demonstrating how market integration can result in high-quality economic progress. The paper's primary discoveries are threefold: firstly, there has been a progressive elevation in the level of market integration among the 27 cities within the Yangtze River Delta city cluster, characterized by increasingly intimate connections concerning trade, investment, and population mobility. Secondly, this heightened market integration exerts a catalytic impact on the real economic growth of the Yangtze River Delta city cluster, particularly concerning regional industrial restructuring, transformation, and upgrading. Finally, market integration is poised to expedite the industrial division of labor and synergistic development between the cities, thus promoting a concentration of advanced manufacturing and new industries in the central cities and furthering the development of profitable industries in the central individual cities. [ABSTRACT FROM AUTHOR]

Following the approval of sustainable development goals at the global level, the link between fiscal policy, institutional quality, and economic growth has attracted special attention in economic literature. This study scrutinizes the effect of government revenue-institutional quality interaction on the economic growth of 43 Sub-Saharan Africa countries for the period of 2012–2022. Methodology-wise, the study employed the System Generalized Method of Moment (SGMM) to analyze the panel data gained from dependable data sources; the World Development Indicator and the Heritage Economic Freedom Index. The novelty of this study emanates from the estimation technique designated and the introduction of revenue-institutional quality into the economic growth model of SSA. The result of the study reveals that government revenue adversely affects economic growth while institutional quality positively enhances economic growth before interacting with each other. However, the interactive coefficient of government revenue and economic growth positively affected the real GDP growth rate of SSA countries over the study periods. Precisely, before interacting with institutional quality, a percentage change in government revenue, keeping all other things constant, leads to a 0.0866 percent decline in economic growth while it marks a 0.2329 percent upsurge in economic growth in the presence of institutional quality. The result of the study further shows that government revenue promotes the economic growth of the region when combined with institutional quality. On the other hand, foreign direct investment and openness to trade were the key sources of economic growth whereas the population growth rate adversely impacted economic growth in SSA countries. The policy implication of the study is that SSA needs to strengthen government revenue management. Further, the finding of the study implies that SSA countries need to improve institutional quality through promoting efficiency of the regulatory quality and the size of the SSA governments. In addition to this, the fast real GDP growth rate of SSA countries demands improved institutional quality indicators such as the rule of law and extended access to the open market. [ABSTRACT FROM AUTHOR]

This study empirically examines the interplay between market integration and economic growth across nine cities within the Pearl River Delta urban agglomeration. The findings indicate that the city cluster's market integration negatively impacts regional economic development and has a negligible effect on the surrounding areas. In response, the research recommends the elimination of market trade barriers and a reduction in local protectionism within the city cluster. Additionally, infrastructure enhancement is essential to leverage the distinct comparative advantages of each city within the Pearl River Delta urban agglomeration. An efficient collaboration mechanism is crucial to amplify the collective economic potency of the region. [ABSTRACT FROM AUTHOR]

This study investigated the linkage between fiscal policy-governance indicators interaction and economic growth in 36 Sub-Saharan Africa (SSA) countries from the periods of 2011–2021 inclusive. The study employed two-step system Generalized Method of Moment (GMM) estimation technique due to its practical relevance in panel data analysis. The data obtained from World Bank and World governance indicator was checked for unit root through the help of Im Pesaran Shin and Levin-Lin-Chu unit-root tests, and the result revealed that data was stationary and safe for further analysis. The result of the study also presented that direct economic effect of fiscal policy is negative and significant in SSA countries. However, the interaction of fiscal policy with governance indicators has positive and significant effect on economic growth. Accordingly, before interacting with governance indicators, a percentage change in fiscal policy leads to a 0.20 percent decline in economic growth of SSA countries. Contrary to this, the interactive coefficient of fiscal policy and government effectiveness (0.019) and interactive coefficient of fiscal policy and corruption control (0.0046) are found to be positive and significant. Further, the finding of the study revealed that fiscal policy-voice and accountability interaction coefficient (0.011) and interactive coefficient of fiscal policy-regulatory qualities (0.014) are positively and significantly affecting economic growth of SSA countries. The policy implication is that policy makers in SSA countries should encourage economic policies that improve government effectiveness, strong corruption control, clean public services and better regulatory qualities. [ABSTRACT FROM AUTHOR]

Globally, science, technology and innovation are gaining prominence. Research and development (R&D) is India’s main driving force for sustainable economic growth. The ‘Make in India’ (MII) initiative by the Government of India (GoI) motivates the Indian manufacturing sector with aim to make India a global centre for manufacturing via foreign investors. In this regard, India became a hub for foreign investors with a 76% rise in the foreign direct investment (FDI) equity inflow of the manufacturing sector from financial year (FY) 2020–21 (USD 12.09 billion) to FY 2021–22. One of the key objectives of MII is job creation and skill enhancement in the country. In this context, the Department of Science and Technology, GoI, continuously contributes to improving the science and technology infrastructure through several funding programmes. This note provides a brief overview of the achievements of MII and its scope in scientific R&D. [ABSTRACT FROM AUTHOR]

Bioprospecting about new marine oleaginous fungi that produce advantageous bioproducts in a green sustainable process is the key of blue bioeconomy. Herein, the marine Paradendryphiella sp. was utilized for single cell oils (SCOs) production economically, via central composite design, the lipid content enhanced 2.2-fold by 5.5 g/L lipid yeild on seawater-based media supplemented with molasses concentration 50 g/L, yeast extract, 2.25 g/L at initial pH value (5.3) and 8 days of static incubation. Subsequently, the fatty acid methyl esters profiles of SCOs produced on optimized media under different abiotic conditions were determined; signifying qualitative and quantitative variations. Interestingly, the psychrophilic-prolonged incubation increased the unsaturation level of fatty acids to 59.34%, while ω-6 and ω-3 contents representing 23.53% and 0.67% respectively. Remarkably, it exhibited the highest EC100 dose by 677.03 µg/mL on normal human lung fibroblast Wi-38 cells. Meanwhile, it showed the highest inhibiting proliferation potential on cancer cell lines of A549, MDA-MB 231 and HepG-2 cells by 372.37, 417.48 and 365.00 µg/mL, respectively. Besides, it elevated the oxidative stress, the expression of key apoptotic genes and suppressed the expression of key oncogenes (NF-κB, BCL2 and cyclin D); implying its promising efficacy in cancer treatment as adjuvant drug. This study denoted the lipogenesis capacity of Paradendryphiella sp. under acidic/alkaline and psychrophilic/mesophilic conditions. Hereby attaining efficient and economic process under seasonal variation with different Egyptian marine sources to fill the gap of freshwater crisis and simultaneously preserve energy. [ABSTRACT FROM AUTHOR]

The relationship between inflation, income inequality, and economic growth is a subject of intense debate among economic researchers and policymakers. This study aims to analyze this relationship in Ethiopia using advanced statistical techniques such as VEC (vector error correction) model with Granger causality, and Johansen's cointegrated. The study covers the period from 1980 to 2022 and includes pre and post-estimation diagnosis tests to ensure the accuracy of the model. The results indicate the presence of a long-run relationship among inflation, income inequality, and economic growth, as confirmed by Johansen's cointegrated test. Additionally, the vector error correction model shows a strong long-run relationship between economic growth, income inequality, and inflation. In the short run, there is a significant association between income inequality and economic growth, as well as between inflation and economic growth. The Granger causality test reveals a bidirectional causality between economic growth and income inequality and between economic growth and inflation. However, there is a unidirectional causality from inflation to income inequality. Based on these findings, it is suggested that the government should implement various strategies and policies, including redistribution policies, social safety nets, promoting inclusive economic growth, coordinating effective monetary and fiscal policies, implementing progressive taxation, and reforming the labor market. [ABSTRACT FROM AUTHOR]

In the context of "space of flows", city-based innovation correlation in driving economic growth is no longer limited to the traditional hierarchical structure. It is of great significance to explore Chinese cities innovation association network from the perspective of high-tech zones which gather a large number of innovation resources. Here our report is to provide new ideas for improving the innovation capability of high-tech zones and accelerating the construction of Chinese high-quality innovation system. Here we take 142 cities with high-tech zones as research samples, and explore the characteristics and influencing factors of spatial network of city-based innovation correlation in China, through modified gravity modelsocial, network analysis and QAP analysis. The results show that city-based innovation network is not closely connected, the number of redundant connection channels is low efficiency, showing a four-level spatial pattern of "Z" shaped spindle. Among them, degree centrality of cities in eastern China is higher than that in the western region, the core cities in central China play a bridging role, and western remote cities are easily affected by related cities. Moreover, there are four innovation cohesion subgroups, including the northern hinterland subgroup, the eastern coastal subgroup, the southern subgroup and the western cooperation subgroup. Furthermore, the results of the influencing factors analysis show the differences in administrative level, economic development level, openness to the outside world, and investment in technology are conducive to the innovation association between cities, while the similarities in spatial adjacency and industrial structure will promote the strong innovation association between cities. [ABSTRACT FROM AUTHOR]

The ability of fair investments in local general higher education to drive sustainable regional economic growth is explored. Based on spatial theory, the exploratory spatial data analysis method is used to examine the spatial characteristics of local general higher education expenditures in China's 30 provinces from 2000 to 2021. The spatial Durbin model is employed to analyze the impact of education expenditures on regional economic growth. The results reveal that education expenditures had positive spatial autocorrelation. Education expenditures promoted regional economic growth, and the long-term effect was greater than the short-term effect. These expenditures also had a positive spillover effect, showing that strategic spatial interactions between provinces positively influence growth. The positive spillover effects nationwide and in the eastern region were significantly greater than the direct effect, whereas the spillover effects in both the middle and western regions were negative. [ABSTRACT FROM AUTHOR]

The trade-off between economic growth and environmental pollution is a significant challenge for many developing countries. The emergence of digital technology is reshaping economic development and innovation systems, making it crucial to integrate digital technology and green enterprise innovation. However, local government environmental regulations can impact sustainable green development of enterprises. This study constructs a model of a three-party evolutionary game between the government, digital consulting institutions, and enterprises to explore external incentives for promoting sustainable green development among enterprises. Findings suggest that different instruments of environmental regulation have varying effects on sustainable green development of enterprises. High-intensity command-and-control, middle-intensity market-inspired, low-intensity public participation-based, and low-intensity digital technology subsidies are the optimal combination of strategies that can drive sustainable green development among enterprises more quickly and effectively in the long term. This paper proposes an optimal strategy for sustainable green development of enterprises under the game between local governments, enterprises, and digital consulting institutions from a multi-party evolutionary game perspective, providing a reference for policy development plans and theories of sustainable development for China’s double carbon target. [ABSTRACT FROM AUTHOR]

Intelligence relieving energy consumption and economic growth nexus is important for green development. To explore the potential power for sustainability, this paper uses entropy weight method to measure the intelligent level, adopts decoupling indicator between energy consumption and economic growth for green growth performance, and builds a spatial model to diagnose the mechanism of decoupling system. The results show that the achievements of intelligent development in the three regions are remarkable, and the intelligent level in the eastern region is the most prominent of all. Regardless of regional differences, intelligence is the main and stable driver deepening decoupling indicator; Notable pushing-out or pushing-in spilling power on regional decoupling through many channels can be identified, namely urbanization, income and FDI. Clean energy can help promote the driving effects of intelligence on decoupling and is not confined by regions. The fierce green competition race in the form of "anti-typicality" mode exists in various regions, especially in the Western region; only in the Middle region, the intelligent spatial spillover effect can form the driving force for decoupling. Accelerating the intelligent development and the application of clean energy is an effective measure to achieve the green environmental targets. [ABSTRACT FROM AUTHOR]

Globalisation - characterised by dynamic economic growth, increasing exploitation of the natural environment, and deepening social inequalities - brings negative consequences and is strongly perceptible also in local communities. A new approach to development policy based on the idea of sustainable development must be incorporated into local governments' strategies, programmes, and actions. We adopted exploratory approach to determine the level and identify the spatial patterns of sustainable development of Polish poviats. The aggregated (synthetic) indicators of economic, social, and environmental development were developed to analyse the spatial patterns of the poviats' development trends. Our research shows that in Poland there are overwhelmingly more poviats characterised by lower development than those better developed in all three analysed categories. Hierarchical analysis using the Ward's method revealed that Polish poviats can be divided into three relatively homogeneous clusters in terms of development levels. The largest group consists of poviats characterised by the relatively lowest level of sustain-ability in economic and social areas, and the highest - by environmental development. Analyses using the Moran method made it possible to determine the so-called spatial regimes of clusters. The captured spatial relationships indicate that selected poviats have a significant impact on the level of development in the neighbouring poviats. [ABSTRACT FROM AUTHOR]

This piece provides a reflection on the changing political context for planning ideas and practices over the past thirty years. This period has seen the rise and now serious questioning of a neo-liberal pre-occupation with economic growth which gave little space for shaping futures through a focus on place qualities and co-ordinating the spatial dimensions of action, the core of the spatial planning project. Current concerns with promoting inclusive social well-being, reducing adverse impacts on global climate and the environment, and reviving democratic practices create new opportunities for planning understood as strategic guidance for shaping collective futures. Such a project involves not just expertise as developed in the planning field, but needs to draw on many other knowledge fields. And since many futures may evolve from present instabilities and uncertainties, it needs to adopt an active voice in promoting collective attention to spatial co-ordination and place qualities in ways which advance the values of environmental sustainability, inclusive social well-being and richly democratic modes of policy-making. [ABSTRACT FROM AUTHOR]

Earlier empirical studies examining the impact of exchange rate misalignment on economic growth were based on a symmetric approach, assuming that undervaluation and overvaluation affect economic growth symmetrically. However, recent empirical studies have shown that exchange rate misalignments asymmetrically affect economic growth. This study, therefore, examines the asymmetric effects of real exchange rate misalignments on economic growth in Turkey. The asymmetric effects of the non-linear autoregressive distributed lag model show that both overvaluation and undervaluation impede economic growth in Turkey. The study recommends that Turkey should maintain a market-based exchange rate policy to reduce currency misalignment. The study also recommends that the central bank of Turkey should intervene in the foreign exchange market for a short-term to mitigate the excessive distortions in exchange rates and avoid inefficiencies in resource allocation. [ABSTRACT FROM AUTHOR]

Since its reform and opening, the Chinese economy has witnessed unprecedented development. This long-term high-speed development has significantly impacted the environment. In the process of energy development and consumption, the environment has been severely polluted, and greenhouse emissions have increased. This has resulted in environmental imbalances such as global climate change, rising sea levels, and extreme weather. Using annual energy consumption (EC), economic growth (GDP), and carbon dioxide (CO2) emissions in China from 1981 to 2021, this study employed the maximum likelihood estimation method to estimate the parameters of the nonlinear MS-VAR model. Cointegration tests, regimes analysis methods, and impulse response function analysis methods were adopted to explore the differences or similarities in the dynamics of the three under various regimes. The research results are as following. (i) The cointegration test findings demonstrate a long-term equilibrium relationship among EC, economic growth, and CO2 emissions. (ii) Regime analyses exhibit that there are three regimes: "low-level regime," "medium-level regime," and "high-level regime." The three regimes have a mutual transfer transmission mechanism that exhibits nonlinear properties. (iii) Impulse response function analyses show that external EC and GDP shocks favorably impact the other two variables in all three regimes. EC in all three regimes is negatively impacted by external CO2 shocks. Moreover, in the "low-level regime," the relationship between CO2 and GDP has an inverted U-curve, whereas in the other two regimes, the relationship has a negative association. This study can help China formulate reasonable and effective CO2 emissions reduction and energy policies and successfully achieve the emissions reduction goal of the 14th Five Year Plan as well as dual carbon goals. [ABSTRACT FROM AUTHOR]

In this paper, we take two different perspectives to cross-sectional dependence panel data model. We introduce the Spline-kernel method and the Quasi-Difference method to estimate the cross-sectional dependence panel data models in large n small T framework. Asymptotic distributions for the Spline-kernel estimators are derived. Monte Carlo simulations show good performances in finite samples. Empirical analysis of the impact of China's infrastructure investment on economic growth suggests that infrastructure investment and urbanization rate showed very significant positive effects on current China's economic growth. [ABSTRACT FROM AUTHOR]

The link between finance and growth is a well-researched area, yet this relationship at the local level has received little empirical scrutiny. We trace the operations of Microfinance Institutions (MFIs) in Africa. We examine the role played by MFIs on local economic development using a model capturing both local geography and MFIs dynamics for the periods 1992–2015. Our sample is representative of 2,170 MFIs operating in 144 cities, 154 towns, and 14 villages in Africa. Using night time data to capture economic growth, our key hypothesis is that MFIs drive local economic progress. Conditioning on the geographical location of MFIs, we find that the presence and density of MFIs increase as the growth in light density and the estimate retains its statistical significance. The results suggest that MFIs operations may foster local economic activity. [ABSTRACT FROM AUTHOR]

In recent years, a growing body of literature on degrowth has compellingly identified limitations involved in decoupling economic growth from its environmental impacts. Despite this, the institutions governing the global environment continue to pursue "green growth" principles. In this article, we showcase how global environmental governance might differ if the degrowth critique were taken more seriously. We use the United Nations–based Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) to illustrate how a multilateral environmental agreement (MEA) might differ if its foundational premises were centered on degrowth as opposed to green growth. To do this, we develop a conceptual scaffold to support the construction of a degrowth-centered MEA on sustainable global aviation. While a degrowth alternative to CORSIA is admittedly unlikely given contemporary capitalist norms in global environmental governance, our proposed scaffold nevertheless adds to the growing body of work envisioning alternative scenarios for a just and sustainable postgrowth future. [ABSTRACT FROM AUTHOR]

Since the 1980s, there have been significant advancements in the study of the development of rural Andalusi settlement linked to irrigated agriculture, both in relation to large suburban green belts and to the small hydraulic systems of rural communities in mountainous regions. However, recent investigations in several dry areas and, in particular, the intensive archaeological survey that we have been carrying out in the eastern sector of La Mancha, reveal a densely populated rural region that responds to a hitherto unknown pattern. It consists of small villages on the plain, devoid of community defence elements and inhabited by peasants who made the best of the only existing natural resources that have traditionally oriented the region's economy towards cattle ranching and rainfed agriculture. Most of the villages seem to have developed from the beginning of the eleventh century, disappearing at the end of the same century due to the increase in insecurity after the Christian conquest of Toledo in 1085. Their existence would be associated with a general context of population growth that intensified the competition between urban elites and peasants for the privileged agricultural areas and, as a result, the colonisation of less favourable production areas. [ABSTRACT FROM AUTHOR]

This paper examines the impact of national security threats on a nation's economic growth and fiscal policy based on a case study of the Korean peninsula. I construct four measures of provocations using a newly-assembled list of North Korean provocative events going back to 1960. The results show that the overall impact of North Korean provocations on South Korea's short-run economic growth is negligible. Since inter-Korean relations have gone through four phases, this paper also estimates the impact of provocations over each subperiod. Provocations had a significant impact on South Korea's economic growth during 1960-1970 and 1992-1997 when inter-Korean tensions were high, but the effects took on different signs. While provocations decreased South Korea's economic growth during 1992-1997, it had a positive impact on South Korea's macroeconomy before 1970. This paper provides evidence that the effect of national security threats may vary with the responses from the government and political factors such as the relation between the targeted country and the country that inflicts the threat. [ABSTRACT FROM AUTHOR]

In this paper, we study closely the relationship between arms exports, labor productivity and economic growth. Using a connectedness measurement technology fundamentally grounded in modern network theory, we determine the size and direction of the spillover effects between these three variables. Our findings indicate that shocks from arms exports have direct spillovers over the labor productivity and GDP growth, whereas the reverse is not captured by our data. We also provide a dynamic analysis of the spillovers that confirm the direction of spillovers from arms exports to the other variables. The recent evolution of arms exports from the United States together with the changes in arms exports policy show the timeliness of studying the effects of this particular trade to the rest of the economy. [ABSTRACT FROM AUTHOR]

This paper explains the circumstances where economic growth increases the likelihood of interstate war. Optimism created by high and sustained economic expansion permeates a state, increasing elite and mass optimism for the use of deadly force. Without relief, such unbridled sanguinity can lead states to war. However, other forces reduce the probability of war. Regional democracy, bilateral trade, and trade openness slow down the process where states go to war. This paper hypothesizes that key factors raise the temperature of disputes, increasing the likelihood of a political dispute combusting to war, while other attributes inhibit the process to war. Economic growth catalyzes such reactions, while regional and joint democracy impede the probability that a war sparks. This paper produces monadic and dyadic results demonstrating that economic growth increases the likelihood of war, while other factors such as interstate trade openness, bilateral trade, dyadic democracy, and regional democracy slow down the process of war, making war less likely. [ABSTRACT FROM AUTHOR]

Major international institutions like the World Bank, African Union, and International Monetary Fund have made the development of robust governance systems a “sacred utterance” since the 1990s. Our study aimed to refute this common thinking by examining how governance structures have affected the expansion of the financial market in 47 African countries from 2008 to 2019. Using the availability of venture capital as a proxy for financial market development, our article departed from existing literature which used stock exchange characteristics as benchmarks for growth in the financial market. The governance variables comprise the six global governance indices: control of corruption, government effectiveness, political stability, regulatory quality, the rule of law, and voice and accountability. The model’s control variables include GDP per capita, inflation, and trade openness. Our finding suggests that a great quality governance climate is significant in explaining the growth of the financial market in Africa using the generalized method of moments (GMM) methodological approach with corrected standard errors. Considering these findings, our research makes the case that solid institutional frameworks might encourage the degree of financial systems growth in Africa. Therefore, the financial development rate in the African region will be significantly influenced by improving the quality of governance through strengthening legal and institutional frameworks to facilitate financial inclusion. [ABSTRACT FROM AUTHOR]

High-quality innovation is an inevitable requirement for high-quality economic development, and an accurate grasp of the regional distribution characteristics of the level of highquality innovation development (HQID) can better understand and simulate high-quality innovation. This paper constructs a dataset of high-value inventions based on the Chinese patent database using textual analysis methods and the criteria for High-Quality Inventions proposed by the State Intellectual Property Office, and explores inter-provincial variability and convergence by using the Theil index, α convergence, and β convergence. This paper finds that High-Quality Inventions are significantly and positively correlated with various indicators measuring the quality and value of patents. In general, the overall level of HQID is on an upward trend with clear differences among provinces, which shows a regional unbalanced but overall rapid development. From the regional differences of HQID, the regional differences of HQID have been narrowed, mainly within the region. In terms of the convergence of HQID, α convergence, absolute β convergence, conditional β convergence, and club convergence exist nationally and within each region, which indicates that the gap between the national and regional levels of HQID has been narrowing over time. HQID has a positive promotion effect on the relationship between HQID and economic growth, economic growth rate, and total factor productivity. High-quality innovation can improve the quality of input factors, cultivate new dynamic energy for economic development, and then promote high-quality economic development. In the context of the shift of IP work from pursuing quantity to improving quality, the scientific understanding of high-quality innovation, the development status, and the differences of regional innovation high-quality development is of great significance for improving innovation quality and efficiency, and effectively supporting high-quality economic development. [ABSTRACT FROM AUTHOR]

Global economies are facing geopolitical and ongoing economic impacts from the COVID-19 pandemic, which brings back the topic of growth determinants. This study focuses on the United States, the world's largest economy and a significant recipient of foreign direct investment (FDI). For this reason, we analysed whether there is a positive correlation between the volume of FDI inflows and the growth of gross domestic product (GDP). A multiple linear regression (MLR) model was used to examine the effects of various exogenous control variables on the quarterly GDP growth in the USA from 1999 to 2022. During these 96 quarters, FDI was found to have a positive effect on GDP growth at statistical significance of 5% (p < 0.05). Specifically, a one-million increase in FDI ceteris paribus caused an estimated GDP growth of approximately 743.43 dollars. The results ultimately propose positive implications for less developed countries that could utilize emphasising their FDI management policies to achieve higher economic growth. [ABSTRACT FROM AUTHOR]

Developing nations have experienced a variety of economic challenges that have limited their ability to develop and thrive. Since the pandemic in 2020, Nigeria's economic growth has been trending downhill, creating severe economic and social problems. In light of this ugly trend, this study critically evaluates the effect of microfinance bank credit on output performance in Nigeria. This study utilized secondary data collected from the Central Bank of Nigeria statistical bulletin. It deployed the Dynamic Ordinary Least Square (DOLS) Estimation techniques to explore the effects of microfinance bank credit on output performance in Nigeria. The findings show that microfinance bank loans and advances have a positive and significant long-run effect on Nigeria's economic growth. Therefore, the study recommends that microfinance institutions must be adequately harnessed and supported to attain their maximum potential. This involves appropriately regulating microfinance banks and reviewing the Microfinance Policy, Regulatory, and Supervisory Framework (MPRSF) to increase public trust in microfinance institutions. Additionally, microfinance banks should be required to provide SMEs with much-needed loans with minimal or reasonable collateral. [ABSTRACT FROM AUTHOR]

In order to improve the economic growth efficiency of industrial and commercial enterprises in coastal cities and realize the GDP growth of coastal cities, this paper studies the economic growth factors of industrial and commercial enterprises in coastal cities based on the unexpected super efficiency model. Based on the research and analysis of the previous economic growth theories, this paper finds out the main factors that affect the economic growth of industrial and commercial enterprises in coastal cities, and uses the advanced econometric method to establish the relevant test model to analyze the correlation between the time series of economic growth factors and the time series of coastal cities, so as to realize the economic growth factors of industrial and commercial enterprises in coastal cities Element study. The empirical results show that the main factors affecting the economic growth of industrial and commercial enterprises in coastal cities are capital and labor force, with labor force as the main body; Technical and institutional factors also contribute to the GDP of industrial and commercial enterprises in coastal cities, but the impact is not significant and needs further improvement. In general, these factors can promote the economic growth of industrial and commercial enterprises in coastal cities. The time series and time series of each factor variable are first-order non-stationary series with long-term cointegration relationship. [ABSTRACT FROM AUTHOR]

Latin American countries face a crossroad that demands profound change in their development paradigm. In the last four decades economic growth, investment, and productivity have shown poor performance. This has made it impossible to break with the productive heterogeneity that characterises the region and its dependence on low value-added productive sectors and commodity-dependent export structures. Although there has been a positive advance in human development, high levels of inequality, poverty, social exclusion, and high labour market informality have been persistent in the countries of the region. Added to these structural problems is the need to face climate change, that has important distributive and social effects and requires a significant amount of investment in adaption and mitigation a will require a change in the development paradigm. A fiscal sustainability framework will be essential to ensure the viability of the public spending required to promote structural change. The framework should prioritise domestic resource mobilisation, through public revenues, which have historically been insufficient to meet the demands for public spending. [ABSTRACT FROM AUTHOR]

This paper reviews the economic policies adopted by the Indian government under different policy regimes, provides a political economy perspective of economic growth in the country during 1950–2020 and examines the inclusiveness of the rapid economic growth in recent decades. The growth performance of the economy improved as the economy moved from inward-looking policy regime to the regimes of pro-business and pro-market policies. India's political economy was supportive of the changes in policy regime. After growing at a sluggish rate during the first three decades after 1950–1951, the gross domestic product (GDP) growth accelerated significantly after the pro-business reforms in the 1980s, and there was further acceleration after the pro-market reforms since 1991–1992. It has, however, slowed down in recent years. Nevertheless, it has not been inclusive, as the benefits of growth have not reached all sections of the population and all regions of the country equally. On the contrary, disparities in income across regions and inequalities in income, wealth and consumption among individuals have exacerbated, and the problems of unemployment and poverty have been persisting in the economy. [ABSTRACT FROM AUTHOR]

We test the touchstones of economic rationality—utility maximization, stochastic dominance, and expected-utility maximization—of elite students in the U.S. and in Africa. The choices of most students in both samples are generally rationalizable, but the U.S. students' scores are substantially higher. Nevertheless, the development gap in economic rationality in incentivized risk choices between these future elites is much smaller than the difference in performance on a non-incentivized canonical cognitive ability test, often used as a proxy for economic decision-making ability in studies of economic development and growth. We argue for the importance of including consistency with economic rationality in studies of decision-making ability. [ABSTRACT FROM AUTHOR]

In this paper I argue that the political and economic domains are analogous for distributive purposes. The upshot of this conclusion is that because we normally think that an unequal distribution of votes is objectionable even if these inequalities are strictly necessary to improve the lives of less informed voters, so we should conclude that an unequal distribution of resources might be similarly objectionable even if strictly necessary to make the worse off better off. Leveling down economic resources is therefore sometimes morally permissible. I consider and reject three types of objections to this view. [ABSTRACT FROM AUTHOR]

The resurgence in space activities we are witnessing may provide opportunities for new technologies to generate potential spillovers to the real economy. To address this view, we propose a macroeconomic model with endogenous growth and a space sector. The model describes the relationship between space investment and technological spillovers, which support persistent economic growth. Our estimates indicate that space activities provide growth spillovers that peak from the late 1960s to the early 1980s. Recent space activities have a much lower economic impact. Finally, extensive experiments quantify the economic relevance of our results. [ABSTRACT FROM AUTHOR]

We study the optimal economic growth model based on the controlled Kaldor businesscycle model and formulated as an infinite-horizon optimal control problem. We show that the original problem is approximated by standard problems on finite intervals and obtain conditions guaranteeing that the Pontryagin maximum principle for the problem under consideration holds in the normal form with explicitly given adjoint variable. [ABSTRACT FROM AUTHOR]

This study presents empirical results regarding the relationships between renewable and non-renewable energy consumption, CO2 emissions, and the GDP within the Visegrád Group (V4) countries. Using FMOLS/DOLS and ARDL approaches, along with causality tests based on the Toda–Yamamoto method, this study explores these relationships at a regional level. The study fills the research gaps for a comprehensive analysis of the indicated relationships in the V4 countries by using both individual and panel models. The findings indicate that renewable energy has a small positive impact on long-term economic growth, with non-renewable energy having a more significant effect. Moreover, CO2 emissions have a negative impact on economic growth, suggesting an ongoing reliance on non-renewable energy sources and a burden on economic expansion. At an individual country level, the effects vary. Poland, Slovakia, and Hungary exhibit a negative relationship between CO2 emissions and economic growth. Energy sources also differ in regards to impact: in Poland, the Czech Republic, and Slovakia, non-renewable energy significantly affects economic growth, while in Hungary, renewable energy plays a more substantial role. Causality tests reveal a causal relationship between CO2 emissions and economic growth in the Czech Republic and Poland, suggesting that CO2 emissions significantly influence economic expansion. In terms of energy production, renewable energy is causally related to economic growth in the Czech Republic and Slovakia. All countries demonstrate significant causality between non-renewable energy and economic growth. Additionally, a relationship between renewable energy and CO2 emissions is confirmed in Poland. [ABSTRACT FROM AUTHOR]

In 2023, the UAE adapted its National Energy Strategy to accommodate several new goals, including doubling renewable energy (RE) capacity to 14 GW by 2030. This development further highlights the significance of transitioning towards RE sources. This study focuses on examining and assessing the utilization of RE technologies in Sharjah, an emirate in the United Arab Emirates (UAE). It offers an overview of Sharjah's current energy scenario and investigates the factors influencing the adoption of RE technologies in the area. Furthermore, it provides an evaluation of RE installations, energy production capacity, and future prospects for RE in Sharjah. These findings contribute to a deeper comprehension of the transition towards RE and its potential in Sharjah. The analysis uncovers a growing inclination towards adopting RE in Sharjah. Solar energy installations are experiencing an upswing, driven by advancements in technology, cost reductions, and supportive policies. However, wind energy installations remain limited due to lower wind potential in the region. The adoption of RE technologies in Sharjah yields several advantages, including a reduction in greenhouse gas emissions, diversification of energy sources, and the potential for economic expansion. Nevertheless, challenges like intermittency, grid integration, and initial investment costs require attention to further expedite adoption. The outlook for RE in Sharjah appears promising. Sustained government backing and ongoing research and development efforts, in addition to collaborations between public and private sectors, can facilitate the wider implementation of RE technologies. Implementing policies that encourage the uptake of RE, such as feed-in tariffs and net metering, should be considered. Additionally, partnerships with international organizations and the exchange of best practices can enhance knowledge transfer and capacity building. [ABSTRACT FROM AUTHOR]

More than 40 years of urbanization in China has brought rapid economic growth, but the uneven development of region and how to achieve common prosperity through urbanization remain a serious concern. This paper analyzes the effect of the urbanization mode of population aggregation in central cities on common prosperity in China. Using panel data of 283 cities from 2004 to 2019, the study constructs a common prosperity index based on the coupling coordination degree of economy, ecology, and society. The Spatial Durbin Model is used to analyze the influence of population aggregation in central cities on common prosperity and the moderating effect of financial self-sufficiency rate. The results show that population aggregation in central cities has a positive effect on common prosperity. There is also a spatial spillover effect, but the impact exhibits an inverted U-shaped characteristic. Moreover, the fiscal self-sufficiency rate has a negative moderating impact on the effect of population aggregation on common prosperity in the early stage, but a positive moderating impact in the later period. This paper concludes by suggesting that the government should promote urbanization, control the size of large cities, accelerate the reform of household registration, and pay attention to the coordinated development of economy, society, and ecology to promote the realization of common prosperity. [ABSTRACT FROM AUTHOR]

The 14th Five-Year Plan stated that China should accelerate green development and promote a comprehensive green transition in economic and social development. As China's economic growth slows, green development becomes greatly significant for the high-quality development of the economy. Based on China's provincial panel data from 2005 to 2021, this study applies fixed effects model and mediating effect model to explore the influence of the government environmental investment on green development. The results indicate that (1) the government environmental investment was conducive to green development, but such effect weakened with time. (2) The government environmental investment indirectly promoted green development through the application of green patents and economic agglomeration. (3) The promotional effect of the government environmental investment varied according to region and time. Specifically, investment exerted the most significant effect on the green development of eastern China, which became more evident after 2015. The government should promote green development by implementing long-term assessment and accountability mechanisms, expanding the scale of economic agglomeration, improving the efficiency of the application of green patents, and improving the accuracy of environmental investment. [ABSTRACT FROM AUTHOR]

This article seeks to investigate the impact of the volatility of the external debt burden on the economic growth of India. The MS (Markov - Switching) - GARCH model is the cornerstone in studying the effects of external debt on the economic growth that is simulated herein. This article applies a MS - GARCH model that allows not only unobserved variables within an observed model but also uses a robust algorithm to reach strong optimization (convergence) through iteration in a dynamic system in the estimation procedure. This article considers the period from Q2 2004 to Q4 2022 with 74 sample observations. Considering various crises like the global financial crisis, the Euro crisis, and the COVID-19 pandemic that occurred during the study period, the results identify two regimes based on conditional volatility. One is the global financial recession period (regime-1) and another is the post-global financial recession period (regime-2). The findings show that the conditional volatility as well as the variance in the volatility of economic growth due to the external debt of India is much stronger in the global financial recession period (regime-1) than in the postglobal financial recession period (regime-2). It implies that the Euro crisis and the COVID-19 pandemic are having less impact on external debts in India. The transition matrix indicates the greater probability of the economic growth rate settling down in regime 2 when it is already in regime 2, as it is considered to be a much calmer period. Finally, the results of the stable probabilities suggest that the economic growth rate of India is much more stable in regime 2 than in regime 1. This article puts forward relevant policy implications for coming out from the debt overhang scenario in India. [ABSTRACT FROM AUTHOR]

Purpose: Financial market holds superior information that can give insights into the future trajectory of economic growth. Further, identifying sectors that hold the key to future economic growth is important for all economies, but particularly relevant to emerging markets. However, unlike existing studies, the paper provides new insights into the forward-oriented nexus between financial markets and economic growth. Design/methodology/approach: This paper takes a forward-looking approach of using financial market information to predict future economic growth. The authors use ARDL modeling approach to predict economic growth using the information from stock market sectoral returns. Findings: The authors find that sectoral stock returns significantly improve economic growth forecasts. However, the forecasting superiority is not uniform across sectors and horizons. Auto, consumers' spending, materials and realty sectors provide the most forecasting gains. In contrast, banking, capital goods and industrial sectors provide superior forecasts, but only at horizons beyond one year. The authors also find that the forecast superiority of sectors at longer horizons is inversely related to volatility. Research limitations/implications: Research highlights the need for sector-focused policy actions in driving economic growth. Further, the findings of the paper identify sectors that drive short-, medium- and long-term economic growth. Practical implications: There is a significant heterogeneity among different sectors and across horizons in predicting economic growth. Results suggest that targeted policy actions in sectors like materials, metals, oil and gas, and realty are key in driving economic growth. Further, policies geared toward the grassroots industries are at least as beneficial as the large-scale industries. Evidence also suggests the need for an active fiscal policy to address infrastructural bottlenecks in primary industries like basic materials and energy. Evidence nevertheless does not undermine the role of monetary policy actions. Originality/value: Unlike any paper till date, the innovation of the paper is that it takes an ARDL modeling approach to measure stock market sectoral returns' ability to forecast economic growth several months ahead in the future. Though the paper considers the Indian case, the innovation and contribution extents to the entire field of economic studies. [ABSTRACT FROM AUTHOR]

Purpose: The authors analyse a growth model to explain how economic fluctuations are primarily driven by productive capacities (i.e. capacity utilization driven by innovations and know-how) and productive inefficiencies. Design/methodology/approach: This study's methodology consists of the combination of the economic growth model, à la Solow–Swan, with a sigmoidal production function (in capital), which may explain growth, poverty traps or fluctuations depending on the relative levels of inefficiencies, productive capacities or lack of know-how. Findings: The authors show that economies may experience economic growth, poverty traps and/or fluctuations (i.e. cycles). Economic growth is reached when an economy experiences both a low level of inefficiencies and a high level of productive capacities while an economy falls into a poverty trap when there is a high level of inefficiencies in production. Instead, the economy gets in cycles when there is a large level of the lack of know-how and low levels of productive capacity. Originality/value: The authors conclude that more capital per capita (greater savings and investment) and greater productive capacity (with less lack of know-how) are the economic policy keys for an economy being on the path of sustained economic growth. [ABSTRACT FROM AUTHOR]

Physically, river floodplains have both the subdued morphology of natural terrain created as extreme discharges and sediments pass through catchment drainage systems and, to an increasing extent, the forms that arise from purposeful human constructions. Together, these direct out-of-channel inundation. As defined here, 'territories' and their humanly constructed physical forms have historically consumed or modified naturally created 'terrains' in a collection of actions that we summarize as 'morphophagia'. A more inclusive physical geography is presented, adding-in explanations for the evolutionary phasing of humanly-generated, but environmentally functioning, physical forms in the UK in the Modern Era (since c.1500 CE). Floodplain developments here took place in five main episodes of historically-contingent accumulation: the Early Modern (c.1500–1780 CE) started with a framework of purposeful owned land, and then followed periods that can be related to Kondratieff global economic phases (c.1790–1840,1840–1900,1900–1947,1947–2000 CE). Three different groups of forcings operated: (1) the compartmentalizing and patched infill patterns set by territorial units, rights and developer ownerships; (2) the availability, motivations and timings for capital and labour investment; and (3) the evolving technical possibilities exploited by entrepreneurs and agents. Epistemic frameworks for broadening the analysis of coupled terrain and territory systems, exploring actuating social forces as much as their symptomatic physical outcomes, are discussed. Globally, there have been different forcings, timings and emplacement layouts operating at scales from local river reaches to city expansion and economic regions. As perceptions of environmental stasis now disintegrate, enthusiasm for reinvigorating economic growth, with further population increase and sprawling construction may, as in the past, discount the hazards of floodplain occupation. When and why risky anthropo-physical floodplain emplacements occur needs greater systematic understanding as social and economic initiatives are being considered. [ABSTRACT FROM AUTHOR]

In mainstream economic thinking, it is common to find a simplistic relationship between economic growth and poverty reduction. Two decades ago, a paper titled "Growth is Good for the Poor" purported to have established a strict one-to-one relationship between economic growth at the national level and growth of income among the poor. In this note we explain the methodological, modelling, and analytical shortcomings of the exercise. Using simulations based on random numbers we show that the data did not support the arguments and that, consequently, the policy conclusions were not warranted by the analysis. The lessons are important in the current context when addressing growing poverty in the wake of the COVID-19 pandemic. [ABSTRACT FROM AUTHOR]

Due to rapid population growth and industrialization, the demand for electrical energy and its consumption has reached a critical point where it is no longer sustainable or stable. Therefore, it is imperative to explore new and reliable energy generation alternatives considering technical and economic perspectives, regardless of whether the community is isolated or urbanized. The research introduces a mixed-integer non-linear programming model of an energy supply chain that combines the roles of a manufacturer and retailer within a dynamic solar energy framework. The study highlights the manufacturer's significant efforts to sustain itself in a competitive market and emphasizes the importance of government subsidies to support this approach. To meet the demands of a dynamic environment, a non-continuous demand function is utilized to generate and transmit energy at a highly sustainable level, promoting ecological balance. The model's validity is confirmed through experimental evaluation using two case studies. Furthermore, by increasing the demand by 50%, this study demonstrates the potential for economic growth, resulting in a 20% profit for the manufacturer in the retail sector. This research ensures improved energy efficiency and greener consumption practices and addresses the optimal distribution of renewable energy to minimize imbalances. Finally, it reveals a pathway to sustainable development that promotes technological advancements while minimizing costs, offering a cost-effective scenario for the foreseeable future. [ABSTRACT FROM AUTHOR]

This article aimed to investigate the relationship between the potential of economic growth in Mato Grosso do Sul with the implementation of the Bioceânica Route. Using studies carried out and published since 2015, the analysis structures and defines the main potentialities in the macroeconomic and sectoral scope for Mato Grosso do Sul. The results defined five points of analysis: i. Accelerated economic growth; ii. Expansion of international trade; iii. Investment in infrastructure; iv. Development of new production chains and v. Strengthening the strategic position of the state. A radar analysis and the probability distribution of impact on each point listed after the definitive implementation of the Route was prepared, which could lead the state of Mato Grosso do Sul to the Route of Growth. [ABSTRACT FROM AUTHOR]

Remittances from migrant workers are the major sources of financial inflows into the Nepalese economy. The World Bank's data of 2021 suggests that Nepal is one of the top ten recipients of remittances in terms of its share of GDP. Even though remittances make up a significant portion of foreign capital flows, the macroeconomic impact of these transfers on economic growth has not been sufficiently studied. Therefore, the aim of our study is to investigate the impact of remittances on the Nepalese economy for the period 1990 -2021 using the autoregressive distributed lag (ARDL) model. The ARDL approach is applied to identify the long-term and short-term effects of worker remittances on the Nepalese economy. The model uses real GDP as a proxy for economic growth and uses workers' remittances as main explanatory variable along with gross fixed capital formation, trade openness, foreign aid, and human capital as the control variables. The findings of the bound test suggest that there is a long-run relationship between remittances and economic growth. Furthermore, it is also demonstrated that remittances, gross fixed capital formation and foreign aid have a positive effect on real GDP. While we found a negative effect of trade openness and human capital on real GDP in short run and long run dynamics. The positive influence of remittances appears to be very weak, as a significant portion of remittances to Nepal are used for private domestic consumption. Moreover, the negative contribution of imports to economic growth suggests that a larger portion of remittances is spent on daily consumption and consumer durable items such as television, refrigerator, washing machine, air conditioning, and so on. Based on the analysis of the results, Nepal needs to develop an integrated policy to motivate migrants in intensity of saving and investment on multiple productive sectors rather spending on basic consumption. In doing so, such practice helps in channelising the remittances into economic growth through the multiplier effect. The transaction cost of remitting money is another challenging issue in Nepal. Therefore, policy measures must be focused on minimising transaction cost of remittances through the formal and organised channels. [ABSTRACT FROM AUTHOR]