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An assessment is made the biological and economical chemical indicators of 11 samples Burley tobacco, which 10 new promising hydrides in first generation and standard Pliska 2002 variety. As a result, the study found that the most favorable biometric indicators is presented Hybrid 1595A. With the short vegetative period is characterized Hybrid 1594, and the longest such – standard Pliska 2002 variety. All new selection lines excel at length of the vegetative period standard Pliska 2002 variety. The highest yield is represented by Hybrid 1595A, followed by Hybrid 1593. The highest percentage of first grade is derived from Hybrid 1593А, which gives the lowest percentage of third grade. With favorable ratio of grades is formed and Hybrid 1593. All new lines superior the standard variety Pliska 2002, to as yield, so and percentage of first grade. The studied hybrids, according to their biometric indicators, are grouped into two clusters, and two main components influence the clustering of the hybrids and explain 77.17% of the total variation. Depending on their economic indicators, the hybrids are arranged in two clusters, and in them, too, two main components are the cause of 89.27% of the total variation. Complex assessment of biological and economic indicators shows that with the best parameters differs Hybrid 1593, and work with it should continue with production testing. All new lines superior the standard variety Pliska 2002, to as yield, so and percentage of first grade, which is an indicator of the success of the selection work. [ABSTRACT FROM AUTHOR]

Cost estimating in the construction industry is challenging due to the high uncertainty associated with the supply chain, especially after the COVID-19 pandemic. Some research studies have addressed such problems by developing models that predict material cost. In fact, all material can be interconnected and interrelated with lead-lag relationships such that any inflation in one material's price can be associated with inflation in other materials' prices, referred to as transmission of inflation. Despite the latter, none of the existing studies have investigated inflation transmission among all construction materials. This paper fills this knowledge gap. The authors used a multistep research methodology. First, Producer Price Index (PPI) data for 16 construction materials were collected and sorted. Second, the vector autoregression technique was used to model the relationships between each pair of material and subsequently validate the associations using the Granger causality test. Third, network analysis was performed to identify the inflation transmission capacity (out-degree centrality), inflation susceptibility (in-degree centrality), and inflation intermediatory capacity (betweenness centrality) for each material. Finally, modularity-based clustering was conducted to categorize the materials based on their price indices' interconnections and examine inflation transmission path among different sectors of construction-related material. The results show that metals and plastic products are generally the highest transmitters of inflation to other construction material including "Fabricated structural metal products" and "Plastic construction products." Furthermore, the results show that "Concrete products," "Flat glass," "Brick and structural clay tile," and "Architectural coatings" are also high transmitters of inflation and thus can be key indicators of increase in the overall construction cost. This paper provides the industry stakeholders with leading indicators and early warning signs for the inflated material prices. Contractors and owners can utilize those warning signs to enhance their procurement plans and budgeting decisions. [ABSTRACT FROM AUTHOR]

Purpose: The aim of the paper is to examine the status and determinants of financial inclusion in India by using the recent micro-level survey data. Design/methodology/approach: The authors construct a multidimensional financial inclusion index to measure the status of financial inclusion in the selected 17 states of India. Subsequently, the authors use the probit model estimation to examine the determinants of all financial inclusion indicators. Findings: The authors find that southern and north-eastern states perform better in the overall financial inclusion index. In contrast, states like Odisha, Madhya Pradesh, Chhattisgarh, Rajasthan and Uttar Pradesh lag behind. The estimated result shows that the probability of being financially included is higher among urban, richer, educated and salaried individuals. Further, the findings indicate the lower penetration of bank branches and ATMs in the rural parts of the country. Originality/value: While numerous studies have explored financial inclusion from a macro-level perspective, there exists a notable gap in the literature at the micro-level. This paper aims to address this gap and contributes to the existing literature in two ways. Firstly, it uses the recent micro-level survey data to construct a multidimensional financial inclusion index for the selected Indian states. Secondly, it examines individual-level attributes as the determining factors of financial inclusion, which has been overlooked in India. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-03-2023-0162 [ABSTRACT FROM AUTHOR]

Purpose: The financial system plays an essential role in facilitating the intermediation process for economic growth. Policymakers stress on achieving a well-developed and regulated financial system to achieve economic development and resiliency. Using data from the State of Qatar, this paper aims to examine the impact of financial development indicator on economic growth; the impact of financial development indicator on hydrocarbon and nonhydrocarbon sector; the impact of Islamic banking on hydrocarbon and nonhydrocarbon economic growth. Design/methodology/approach: The research uses quarterly data from 2007 to 2019 and adopts autoregressive distributed lag cointegration techniques to test the long- and short-run dynamic relationship between various measures of financial development and economic growth. Findings: The results present evidence of long-term cointegration between overall financial development indicator and economic growth. Furthermore, the authors document the existence of long-term relationship between financial development and nonhydrocarbon sector. However, there is a lack of evidence on the long-run relationship between financial development and the hydrocarbon sector. Notwithstanding, Islamic banking contributes to overall economic development, as well as to the nonhydrocarbon sector. Practical implications: This paper offers policymakers with insights to evaluate measures to diversify the economy. It also assists decision-makers in promoting Islamic finance, particularly to the banking sector as a vital contributor to economic growth. Originality/value: To the best of the author's knowledge, this paper is the first to evaluate financial development and economic growth for the case of Qatar in light of recent developments in Islamic finance. [ABSTRACT FROM AUTHOR]

One of the main challenges of Lombok Island, Indonesia, is the significant disparity between peak load and base load, reaching 100 MW during peak hours, which is substantial considering the island's specific energy dynamics. Battery energy storage systems provide power during peak times, alleviating grid stress and reducing the necessity for grid upgrades. By 2030, one of the proposed capacity development scenarios on the island involves deploying large-scale lithium-ion batteries to better manage the integration of solar generation. This paper focuses on the life cycle assessment and life cycle costing of a lithium iron phosphate large-scale battery energy storage system in Lombok to evaluate the environmental and economic impacts of this battery development scenario. This analysis considers a cradle-to-grave model and defines 10 environmental and 4 economic midpoint indicators to assess the impact of battery energy storage system integration with Lombok's grid across manufacturing, operation, and recycling processes. From a life cycle assessment perspective, the operation subsystem contributes most significantly to global warming, while battery manufacturing is responsible for acidification, photochemical ozone formation, human toxicity, and impacts on marine and terrestrial ecosystems. Recycling processes notably affect freshwater due to their release of 4.69 × 10−4 kg of lithium. The life cycle costing results indicate that over 85% of total costs are associated with annualized capital costs at a 5% discount rate. The levelized cost of lithium iron phosphate batteries for Lombok is approximately 0.0066, demonstrating that lithium-ion batteries are an economically viable option for Lombok's 2030 capacity development scenario. A sensitivity analysis of input data and electricity price fluctuations confirms the reliability of our results within a 20% margin of error. Moreover, increasing electricity prices for battery energy storage systems in Lombok can reduce the payback period to 3.5 years. [ABSTRACT FROM AUTHOR]

As economic development continues to advance globally, countries are increasingly focused on the green transformation of their economies. This paper employs a data envelopment analysis (DEA) model and entropy weighting methodology to construct and assess an indicator system for economic green transformation, taking into account environmental pollution. The analysis is based on panel data from 215 prefecture-level cities in China between 2015 and 2019. The two-way fixed effects model and moderating effect model are employed to investigate the influence of land finance on economic green transformation and to ascertain the moderating effect mechanism of local government debt. The study's conclusions are as follows: (1) Land finance impedes the transition to a green economy. (2) Local government debt is a major factor that restricts the influence of land finance on the transition to a green economy; as local government debt levels rise, land finance's role in impeding the transition to a green economy rises, and a positive moderating effect occurs. (3) Depending on the urban geographic location, the size of the economy and other factors, the impact of local government debt and land finance on the economic green transition varies. This empirical study demonstrates that the more local government debt there is in an eastern region or city with a bigger economic output scale, the more of an inhibitory influence land finance has on the economic transition to a green economy. In light of this, the paper suggests that the land finance policy be updated at the appropriate time, that the land market be regulated, that the government's reliance on land finance be gradually decreased, that the nature and amount of public debt be actively optimised, that the industrial infrastructure be enhanced to facilitate the transition towards a more environmentally sustainable economy, and that other suggestions be made. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to gain insight into how management accountants can become relevant business partners out of respect for existing locally developed accounts of economic performance for decision-making. Design/methodology/approach: The paper is based on qualitative semi-structured interviews with local business actors, in this case, families from seven financially successful Danish dairy farms. The casework and the analysis have been informed by pragmatic constructivism. Findings: The local business actors do not use the official accounting system for ongoing cost-management-related decision-making. Instead, they use several epistemic methods that include locally developed decision models, experiences, rules of thumb and intuition. The farmers use these vernacular accountings to compensate for the cost management illusion that the formal accounting system tends to create. What the study suggests is that when management accountants engage as business partners, they are likely to enter a space where accounting is already present. Originality/value: This paper argues that local business actors practice epistemic methods where they develop and use vernacular accountings to support their managerial practice, also in the absence of a professional management accountant. These vernacular accountings may lead the local actors into an illusion because the vernacular accountings do not necessarily have an inherent economic logic and theoretical reliability. The role of the management accountant in such a setting is hence to understand, support and advance local epistemic methods. Becoming a business partner requires a combination of management accounting analytical skills and a sense of empathy and sensitivity regarding what is already at play and how this can become an object of discussion without violating the values of the other. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to estimate the effect the five different generations and the key financial inclusion indicators of gender, education and location (rural–urban) in exacerbating disparities in financial inclusion in Kenya. This paper considers whether the five generational cohort groups in Kenya differ on the financial inclusion determinants and behaviour as predicted by common generational stereotypes. Design/methodology/approach: The authors applied a multinomial logistic regression approach to nationally representative household survey data from Kenya to estimate the effect that key financial inclusion indicators have on belonging to one of the five generations: Z, Y, X, baby boomers and traditionalists. Findings: The authors found significant links between all tested variables and financial inclusion. The authors found an access gap between Generations X and Y, with the latter being more prone to access and use financial services and products. These differences are compounded by gender and rurality. People in rural locations and women generally were found to have less access to financial services and products, thus causing significant exclusion of a large proportion of the population. Practical implications: The research has important implications for governments, financial institutions and educational providers, notably on targeted policies and programmes that strategically aim to eliminate disparities and promote greater financial inclusion, denoting the value of such variables as generational differences and gender inclusivity. Originality/value: This paper deepens the understanding of differences that can divide generations on financial inclusion. [ABSTRACT FROM AUTHOR]

The progress of financial markets depends on the way world investors foresee the market potential of the country of choice. Countries that are associated with favorable economic incentives are able to motivate investments in their respective stock markets. The objective of this paper is to examine the role of the many economic components which constitute the Market Potential Index in enhancing stock market progress. The methodology goes through testing and estimation. The tests include linearity versus nonlinearity (RESET), normality, and cointegration. The estimation includes cointegration regression and discriminant analysis to distinguish between high and low stock market progress. This study examines unbalanced panel data that covers the years 1996–2022 for 54 countries where a stock market exists. The results show the following: (a) increases in people's expenditure result in decreases in consumption of investment in financial securities; (b) the investments in infrastructure technology is positively associated with stock market progress; (c) the positive effect of economic freedom indicates that further adaptive trading regulations are beneficial to stock market progress; (d) increases in imports consume large proportions of people's income, coming at the expense of investment in financial securities; (e) stock markets that are associated with high country risk are characterized by a positive risk–return tradeoff, i.e., a high risk premium; (f) the stock markets listed in the MPI can reach high progress by improving three indicators, namely commercial infrastructure, market receptivity, and country risk. This paper offers a thorough and unique examination of the institutional arrangements and stock market progress. The paper offers a guide to policy makers about how economic institutional arrangements can be promoted in order to reach high stock market progress. [ABSTRACT FROM AUTHOR]

The financial landscape in India is undergoing a transformative shift propelled by the integration of Artificial Intelligence (AI) technologies within the Banking, Financial Services, and Insurance (BFSI) sector. This paper explores the multifaceted impact of AI on various facets of the industry, ranging from customer service and engagement to risk management and regulatory compliance. In the realm of customer service, AI-powered chatbots and virtual assistants have revolutionized interaction channels, providing instantaneous responses to customer queries and delivering personalized experiences. The paper discusses how latest technologies contribute to improved efficiency, reduced response times, and heightened customer satisfaction. Furthermore, the study investigates the significant contribution of AI in fortifying security measures within the BFSI sector. Machine learning algorithms are examined for their efficacy in fraud detection, leveraging vast datasets to identify anomalous transaction patterns and enhance the resilience of financial systems. The adoption of biometric authentication methods, such as facial recognition and fingerprint scanning, is explored as a means to bolster account security and mitigate risks associated with identity theft. The paper also elucidates the impact of AI on credit scoring, underwriting processes, and risk management strategies. Predictive analytics and automated underwriting systems are scrutinized for their role in expediting loan approvals, while AI-driven risk assessment models are discussed for their ability to analyze market trends and economic indicators, aiding in more informed decision-making. In the context of process automation, the integration of Robotic Process Automation (RPA) in routine tasks is highlighted for its potential to reduce operational costs and minimize errors. The study examines the deployment of AI in document processing, enhancing efficiency in document verification and compliance activities. Emerging trends such as voice banking, insurtech innovations, and the use of blockchain technology are also addressed in the paper. AI-powered voice recognition, telematics, roboadvisors, and smart contracts are explored for their contributions to enhancing accessibility, personalized financial advice, and security in transactions. As the BFSI sector in India continues to embrace AI-driven solutions, this research aims to provide a comprehensive overview of the evolving landscape, shedding light on the transformative potential of AI technologies and their implications for the future of financial services in the country. [ABSTRACT FROM AUTHOR]

This article introduces a special issue on technological development and policy making in China, highlighting their importance for China's economic growth. It discusses the shift in China's economy from reliance on property sector investment and low-value manufacturing to a new paradigm based on technological innovation and internal market expansion. The article emphasizes the need for adaptive policy making and financing support for science and technology development to enhance productivity growth. It also explores the Augmented National Innovation System (ANIS) in China, the growth of the semiconductor industry, and the limitations of the fiscal system. The research papers in this collection provide insights into China's economic transformation and propose reforms to support its development. [Extracted from the article]

The Swedish Paradox is a well-known phenomenon related to high research and development (R&D) investment with supposedly low aggregate economic performance owing to economic saturation. The Korean economy has not yet become an advanced economy; however, its R&D performance is negligible. Recently, also the R&D share of the GNP has become much higher, and its contribution to the economic growth rate is rapidly decreasing, implying a negative relationship between R&D activities and economic performance. This study uses slacks-based data envelopment analysis to investigate investment performance at the local government level in Korea. Our findings reveal that the average score for R&D investment performance in Korea is 64%, indicating huge potential for an efficiency enhancement of 36%. Notably, among the 16 local governments examined, Seoul and its surrounding metropolitan areas showed the lowest R&D efficiency, while Gangwon and Gwangju exhibited superior performance. Since these two regions have promoted specific missions, such as the medical hub in Gangwon and the optical fiber strategic platform in Gwangju, precise and accurate differentiation appears necessary to avoid a lack of governance. To determine the workable mechanism of R&D support policies, we further divided R&D productivity into three categories by incorporating the Malmquist Index (MI). The paper productivity of R&D shows an increasing trend over the experimental period from 2016 to 2021. However, overall, the MI shows slightly deteriorating productivity with 0.978, owing to the aggravating effect of patents and commercialization of R&D. The success in the paper comes from the harmonized partnership between the strong push factor of the government and voluntary pull factor of the R&D support receiving universities. Thus, we suggest that the Korean government should not depend on the superficial effectiveness of R&D in the term but on public–private partnerships with stronger performance-oriented responsibility. [ABSTRACT FROM AUTHOR]

In terms of the collaborative optimization of CO2 flooding for Enhanced Oil Recovery (EOR) and CO2 sequestration, previous studies have co-optimized both cumulative oil production and CO2 sequestration by various algorithms. However, these solutions fail to optimize the CO2 injection schemes for high-water cut oil reservoirs. This paper presents an optimization methodology for CO2 flooding and sequestration in high-water cut oil reservoirs. The production optimization was carried out by adjusting the injection and production rate. To solve the proposed objective functions, the simultaneous perturbation stochastic approximation (SPSA) algorithm is applied in this paper, and the CMG-GEM module is utilized to simulate the reservoir production performance. A typical high-water cut reservoir in the Shengli oilfield was used to verify the feasibility of the presented methodology. In this paper, the production performance and net present value (NPV) for continuous gas injection under different water cuts were analyzed. The optimal timing of transforming from water flooding to gas displacement for the high-water cut reservoir was optimized. In addition, the optimal water–gas ratios for Water-Alternating-Gas (WAG) flooding were determined. The sensitivity of NPV to gas injection price and carbon subsidy was analyzed. The results show that when the gas price is 0.178 $/m3 and the carbon subsidy is 0.0169 $/m3, the optimal timing of transforming from water flooding to gas injection should be earlier than the time when the water cut is 0.82. Through the combination of NPV, cumulative oil production rate, and CO2 sequestration volume for WAG flooding, the optimal WAG ratio should be 1:2. The presented method in this paper considers various economic indicators and can optimize CO2 flooding and sequestration in high-water cut oil reservoirs efficiently, which can provide some guidance for the design of CO2 flooding schemes in high-water cut oil reservoirs. [ABSTRACT FROM AUTHOR]

This paper investigates the association between life insurers' voluntary disclosure of embedded value (EV), an unregulated market-driven fair value measure, and analyst forecast accuracy and dispersion. EV is an estimate of the present value of future net cash flows from in-force life insurance business. Advocates of this disclosure believe that EV is a better measure of economic performance than traditional GAAP measures. Others argue that corporate management has discretion in estimating and reporting EV. Further, analysts may have access to information that allows the development of possibly more accurate estimation metrics in the absence of EV disclosure. It is then an empirical issue to determine whether EV disclosure has any incremental effect on analysts' forecast properties. Using a multi-country setting, we find that EV disclosure is positively associated with analysts' earnings forecast accuracy and negatively related to forecast dispersion. This result is consistent with the alternative hypothesis that disclosure of EV provides a richer information set that enriches analysts' forecasts beyond their own in-house developed surrogates. As guidance for insurance accounting and disclosure evolves, our findings support the value of continuing to provide EV information to the public. [ABSTRACT FROM AUTHOR]

Supply chain instabilities and inflated material prices have had a disruptive impact on cost estimating of construction projects. While several research efforts used national macroeconomic indicators to forecast the prices of domestically produced construction materials, none of the existing studies investigated whether the lagged macroeconomic indicators of the main trading partners could enhance the predictability of the prices of cement, steel, and lumber in the US construction sector. This paper fills this knowledge gap. The authors adopted a multi-step methodology that included: (1) collecting data on the target variables and the candidate leading indicators; (2) identifying the structural breaks in the collected data sets; (3) conducting causality tests to identify short-term associations and cointegration tests to examine long-term relationships; (4) developing vector error correction (VEC) models to forecast the prices in the short and long terms; and (5) evaluating the performance of the proposed models against existing forecasting models in the literature. Results of the Granger test and Johansen test indicate that Canada's overall producer price index (PPI) is a consistent leading indicator of the prices of cement, and Mexico's overall PPI is a consistent leading indicator of the prices of steel. Findings indicate no statistical evidence to suggest that neither Canada's PPI nor Mexico's PPI can be leading indicators of lumber prices. Over an 18-month ahead of sample horizon, the presented VEC models of cement and steel prices outperformed existing models, particularly beyond the 1-year-ahead forecasts. Utilization of the proposed forecasting models can significantly enhance the accuracy of cost estimates and feasibility studies of construction projects. This provides proactive financial planning for construction contractors and project owners through improved short- and long-term forecasting of the prices of main construction materials. [ABSTRACT FROM AUTHOR]

There is a strong relationship between regional integration and economic performance. This paper investigates the impact of regional integration on macroeconomic indicators in the Eurasian Economic Union (EAEU) – a trade block created by the former Soviet republics in 2014. This study compares two types of regional collaboration strategies: first, unilateral trade liberalization with the one-sided opening of market access that does not imply any mutual concessions, and second, reciprocal regional liberalization evaluated as the degree of regional economic integration between the countries. We apply a random effect panel data analysis with the dataset over 25 years since 1995 covering five countries (Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia). We find that, under the current stage, the EAEU positively affects trade flows, negatively affects the level of employment, and has no impact on other economic performance indicators. We also conclude that despite the declared level of economic integration – customs union – Eurasian block functions mainly as a free trade area facilitating mutual trade, which is different from the broader objectives that regional integration aims to achieve. [ABSTRACT FROM AUTHOR]

The organizational forms of infrastructure in China are divided into two categories, the traditional Public Procurement Model (PUB) model and Public–Private Partnership(PPP) model. The main difference is the separation or binding of the construction and operation phases. A systematic understanding is needed of how Chinese local governments choose between these two models. In this paper, we take public capital congestion and local government objectives as the entry point to study the effects of both on PPP choice. Firstly, by constructing an endogenous economic growth model under the PPP model, and comparing it with the model under the PUB model, this paper initially explains how the rise in public capital congestion affects the choice of the PPP by growth-oriented local governments. Then the data from prefecture-level cities from 2009–2018 are utilized to conduct empirical tests. We find that urban economic growth pressures have a positive effect on the choice of PPP when the congestion of public capital increases. Furthermore, the implementation of PPP is indeed conducive to economic performance, and its core mechanism is to provide more infrastructure (like roads) rather than tax competition. The PPP model is more sustainable. We are the first to employ both modeling approach and the empirical research to address the implementation of Public–Private Partnership in China. And we have systematically analyzed the conditions and results of PPP selection by local governments. It formulates the Chinese PPP theory. [ABSTRACT FROM AUTHOR]

Most of the research in the macroeconomic theory points to the fact that the most important economic aggregates at the level of the economy are: the gross domestic product, the level (rate) of unemployment and the inflation rate. The gross domestic product represents the most synthetic indicator of the total economic activities of a country, i.e. of the reached level of its economic development. This paper presents the methods for calculating GDP: the production, income and expenditure method. Also, in the focus of analysis of this paper are the classical models of economic growth, Keynesian models of economic growth, neoclassical models of economic growth and new models of economic growth. [ABSTRACT FROM AUTHOR]

Many shocks, including COVID-19, wars, inflation, contractionary U.S. monetary policy, and oil price hikes, have recently buffeted the world economy. The literature has reported mixed results concerning how these shocks impact Malaysian stock returns. Some studies found that U.S. monetary policy mattered for Malaysia, while others reported that it did not. This paper, employing two U.S. monetary policy measures over the 2001–2019 period, finds that U.S. policy matters little for Malaysian equities. Some studies found that oil price hikes increased Malaysian stock returns while others reported that they did not. This paper, employing updated data, reports that oil price increases, driven by both world demand shocks and oil supply shocks, raise Malaysian stock returns. The paper also compares the performance of Malaysian equities since the pandemic began, with returns forecasted based on macroeconomic variables. The period since the pandemic started has been labeled the megacrisis era. Interconnected crises, including the pandemic, wars, rising commodity prices, and climate events, all overlapped. The results indicate that industrial metals and banks have performed well since the pandemic began. Food producers, healthcare providers, medical equipment suppliers, tourist-related companies, and semiconductor firms have suffered. This paper considers several steps that could help these sectors to recover. [ABSTRACT FROM AUTHOR]

This paper investigates the complex causal relationships between various types of environmental regulatory instruments (ERI) and agri-firms' technological innovation employing fuzzy set qualitative comparative analysis (fsQCA). The study finds a well-designed set of ERI can promote technological innovation in agribusiness; control-command ERI cannot promote technological innovation in agribusiness solely, market-incentivized ERI is indispensable in promoting firms' innovation performance, implicit ERI plays an important role in promoting firms' innovation and voluntary ERI does not play a significant role in promoting firms' technological innovation. The government should coordinate among various types of ERI and improve the design of ERI to achieve a win-win situation for both economic and environmental performance in the agriculture sector. [ABSTRACT FROM AUTHOR]

Copyright of Global Journal of Economics & Business is the property of Refaad for Studies, Research & Development and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper aims to assess banking stability and its determinants in Portugal during the period of 2010—2019. The empirical study starts with the construction of an index, which reflects the aggregated banking stability index (ABSI), using financial soundness indicators (FSI) over the period of 2010–2019, on a quarterly basis. The ABSI is then used as the dependent variable to assess the determinants of the Portuguese banking stability. The independent variables were classified into macroeconomic and financial variables, respectively, and the ARMA conditional least square method was considered. The findings suggest an improvement in stability since 2017, and point to significant macroeconomic early warning indicators, such as the growth rate of the consumer price index (%ΔCPI), as well as financial ones, such as the ratio of the second money multiplier (M2) to gross domestic product (GDP). This paper contributes to the banking stability literature by examining the Portuguese case for the first time. The results put in evidence that both macroeconomic and financial indicators can be useful predictors of banking instability. [ABSTRACT FROM AUTHOR]

Copyright of Economy & Market Communication Review / Casopis za Ekonomiju i Trzisne Komunikacije is the property of Pan-European University Apeiron and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The development of human society and the production and operation activities of enterprises have brought about global warming, resulting in frequent natural disasters. It has become the consensus of all countries in the world to develop a green and low-carbon economy. Under this background, enterprises, as the main body of economic activities, especially energy industry enterprises, should optimize and upgrade the traditional production and operation mode with high pollution, high consumption, and low output to a high-efficiency and low-pollution mode, and pay attention to the co-ordinated development of economic benefits, social benefits, and ecological benefits. Financial performance evaluation indicators have become the main basis for senior leaders of energy industry enterprises to make decisions and evaluate the low-carbon economic benefits of enterprises. This paper constructs a set of financial evaluation index systems of energy industry enterprises under the background of a low-carbon economy from four dimensions: profitability, asset quality, debt risk, and business growth. The analytic hierarchy process (AHP) is used to measure the comprehensive contribution of financial indicators of low-carbon production and operation. The purpose of this study is to provide scientific financial management decisions for energy enterprises to reduce costs and increase the efficiency and low-carbon operation under the background of a low-carbon economy. The research results show that the comprehensive evaluation index system after the traditional financial evaluation index of energy industry enterprises is integrated with the evaluation index of a low-carbon economy can help enterprises make more correct and effective financial decisions in the process of survival, development, and growth, and, at the same time, the financial evaluation index of a low-carbon economy should pay more attention to the indicators with a higher comprehensive contribution, so as to effectively promote the low-carbon operation efficiency of enterprise production, management, and sales. Compared with other research results, this paper innovatively constructs a financial management decision-making index system for measuring the low-carbon operation of energy enterprises in theory, which has important value in guiding energy enterprises to reduce costs and increase the efficiency and low-carbon operation in practice. [ABSTRACT FROM AUTHOR]

This paper delves into regional airport system economics in Central Europe, with a particular focus on Slovakia, Czechia, Poland, Hungary, and Croatia. This research aimed to identify key indicators that shape optimal business models for regional airport systems by analyzing data from 24 airports between 2016 and 2019. Through cluster analysis, airports were categorized based on performance metrics, economic indicators, and ownership structures. The findings reveal distinct groupings among regional airports and shed light on critical factors influencing their operational and financial dynamics. By offering insights into the relationships between airport system characteristics and business model effectiveness, this paper aimed to provide valuable guidance for stakeholders, policymakers, and airport management teams. It facilitates informed decision-making and strategic planning for sustainable aviation infrastructure development in the region. [ABSTRACT FROM AUTHOR]

This paper evaluates drivers of personal overindebtedness in the European Union. Overindebtedness gives rise to poverty, social exclusion, and other serious social problems. However, the European Union has not adopted a common definition of overindebtedness. This paper explores whether tax policy, indicators of economic freedom, and macroeconomic traits such as the debt to gross domestic product ratio can explain private indebtedness. Sparsity-inducing regression methods applied to data from 27 European Union countries from 2013 to 2020 isolated two predictors that reduce household debt and two predictors that increase it. The level of social contributions and the overall tax burden are associated with lower private debt. Financial freedom and the ratio of public debt to gross domestic product elevate private debt. These are the only four predictive variables among 17 to attain statistical significance under all four regression methods deployed in this study. Future research should expand the methodological toolkit and examine additional demographic factors such as sex and education. [ABSTRACT FROM AUTHOR]

Copyright of Zywnosc is the property of Polish Society of Food Technologists - Scientific Publishing and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Financial signaling and stock return synchronicity may not be at crossroads. This paper optimizes the signaling effect of firms' financial indicators on stock return synchronicity. The ultimate objective is to align firms' financial signaling and stock return synchronicity, which implies a benefit of hedging against fluctuations in the stock market index. The data cover quarterly periods from June 1992 to March 2022 for the non-financial firms listed in the DJIA30 and NASDAQ100. This paper examines the observed return synchronicity as the dependent variable. The independent variables are classified into six groups namely, Solvency (or Liquidity) ratios, Assets Efficiency ratios, Expense Control ratios, Debt (or Leverage) ratios, Profitability ratios, and Dividend ratios. The analysis is conducted on two different groups. The first group examines the observed firms' financials that affect observed stock return synchronicity. The second group examines optimal firms' financials that help optimize stock return synchronicity. The final results show that (a) current stock return synchronicity is affected positively by cash ratio, and negatively by receivables and historical growth of earnings; (b) optimal stock return synchronicity can be elevated using significant financial indicators namely, Inventory/Current Assets, Net Working Capital/Total Assets, Net worth/Fixed Assets, and Sales Annual Growth; (c) agency conflicts between managers and shareholders can be mitigated by the aforementioned financial indicators, which do not include debt financing being the common source of agency conflicts; and (d) dividends are still insignificant to stock return synchronization. [ABSTRACT FROM AUTHOR]

This document is an editorial titled "Insights in ecological economics: 2022" by Massimiliano Mazzanti. The editorial discusses the importance of the ecological transition in guiding economic and human development. It emphasizes the need for technological, organizational, and social innovations to promote well-being and avoid inequalities. The editorial also highlights the role of policy drivers, such as the UN's 2030 Agenda for Sustainable Development and the EU's European Green Deal, in facilitating these transitions. The document concludes by mentioning four papers that address different aspects of the research agenda on sustainability and offer diverse insights and methodologies. [Extracted from the article]

A crucial requirement for firms to remain competitive is to consistently and simultaneously engage in exploratory and exploitative activities. The academic literature has broadly accepted that the development of dynamic capabilities (ie firms' abilities to create, reconfigure and improve resources and capabilities to fit their changing environments) are vital to meeting this competitive requirement. Research has predominately addressed these dynamic capabilities from a management perspective. Little attention has been paid to the influence of the board of directors on these firm capabilities even though boards hold the fiduciary responsibility for the corporation and its long-term viability. Even less has been written on how boards ought to organise themselves and develop their dynamic board capabilities to support and govern corporate renewal and performance effectively. This paper aims to start addressing this gap by using two related aims. First, a process framework for board behaviours is proposed that ensures, and supports, a systematic way of building and developing corporate-level dynamic capabilities. Then, evidence is presented and reviewed from a survey of two board member communities which supports the idea that board capabilities are essential for a firm's successful renewal and economic performance, and need to be improved in practice. This framework is closely aligned with well-established components identified by the management literature but differs in having the board as the unit of analysis. A crucial question and action agenda is proposed for boards eager to acquire and develop their dynamic capabilities. [ABSTRACT FROM AUTHOR]

Purpose: This paper aims to investigate the impact of climate change news on the dynamics of US stock indices. Design/methodology/approach: The empirical basis of the study was 3,209 news articles. Sentiment analysis was performed by a pre-trained bidirectional FinBERT neural network. Thematic modeling is based on the neural network, BERTopic. Findings: The results show that news sentiment can influence the dynamics of stock indices. In addition, five main news topics (finance and politics natural disasters and consequences industrial sector and Innovations activism and culture coronavirus pandemic) were identified, which showed a significant impact on the financial market. Originality/value: First, we extend the theoretical concepts. This study applies signaling theory and overreaction theory to the US stock market in the context of climate change. Second, in addition to the news sentiment, the impact of major news topics on US stock market returns is examined. Third, we examine the impact of sentimental and thematic news variables on US stock market indicators of economic sectors. Previous works reveal the impact of climate change news on specific sectors of the economy. This paper includes stock indices of the economic sectors most related to the topic of climate change. Fourth, the research methodology consists of modern algorithms. An advanced textual analysis method for sentiment classification is applied: a pre-trained bidirectional FinBERT neural network. Modern thematic modeling is carried out using a model based on the neural network, BERTopic. The most extensive topics are "finance and politics of climate change" and "natural disasters and consequences." [ABSTRACT FROM AUTHOR]

In situ resource utilization (ISRU) activities are receiving increasing attention, both from space agencies and among the international science and industrial community. Prominent examples of ongoing ISRU space programs are the NASA Artemis program and the Terrae Novae program run by the European Space Agency. In technical sciences, there are at least three groups of activities related to ISRU: prospecting bodies in the context of space missions, technological investigations related to surface infrastructure and operations, and conceptual analyses of future mining activities. The present paper belongs to the third group and brings new insights into a potential open pit mine operating on the Moon. There are several novel contributions: the definition of the objectives of the mine, based on economic indicators; a conceptual description of a pit architecture dedicated to excavating ilmenite-rich feedstock; and a qualitative and quantitative description of the chosen processes and the mine's topology. In the paper, there are also added links to other papers connected with ISRU activities. [ABSTRACT FROM AUTHOR]

Livestock's live body dimensions are a pivotal indicator of economic output. Manual measurement is labor-intensive and time-consuming, often eliciting stress responses in the livestock. With the advancement of computer technology, the techniques for livestock live body dimension measurement have progressed rapidly, yielding significant research achievements. This paper presents a comprehensive review of the recent advancements in livestock live body dimension measurement, emphasizing the crucial role of computer-vision-based sensors. The discussion covers three main aspects: sensing data acquisition, sensing data processing, and sensing data analysis. The common techniques and measurement procedures in, and the current research status of, live body dimension measurement are introduced, along with a comparative analysis of their respective merits and drawbacks. Livestock data acquisition is the initial phase of live body dimension measurement, where sensors are employed as data collection equipment to obtain information conducive to precise measurements. Subsequently, the acquired data undergo processing, leveraging techniques such as 3D vision technology, computer graphics, image processing, and deep learning to calculate the measurements accurately. Lastly, this paper addresses the existing challenges within the domain of livestock live body dimension measurement in the livestock industry, highlighting the potential contributions of computer-vision-based sensors. Moreover, it predicts the potential development trends in the realm of high-throughput live body dimension measurement techniques for livestock. [ABSTRACT FROM AUTHOR]

Since the power generation structures and load characteristics in each province in China are quite different, the distribution of peak regulating resources and demands are extremely imbalance. Restricted by a low power marketization degree, peak regulating resource shortages, and transmission channel blocks, the efficient utilization of new energy is facing greater pressures. In order to improve the mutual aid in regional power grids and to obtain more precise simulation results, this paper proposes a two-layer optimization dispatching model, considering the mutual aid of peak regulation resources between each province. It determines the optimal startup mode and the units' power output in each province and obtains the power output arrangements for all the units and the technical and economic indicators. The model and the solution method are original and innovative. And it effectively solved the unequal distribution problem between the peak regulating demands and resources of each provincial power grid. Finally, taking an actual regional power grid in China as an example, the simulation results show that the proposed model can significantly improve the utilization rate of new energy, which verifies the effectiveness and feasibility of the proposed model and methods presented in this paper. [ABSTRACT FROM AUTHOR]

Based on the panel data of 625 industrial listed enterprises of China from 2012 to 2020, this paper employs the method of propensity score matching–difference in difference to investigate the effect of financial–industrial integration on the enterprise's green development performance and the moderating role of green technology innovation on the relationship between the two is also addressed. It finds that first, financial–industrial integration has a significant promoting effect on the improvement in green development performance of enterprises, and green technology innovation has a positive moderating effect on the relationship between the two. In addition, the effect of financial–industrial integration on enterprise's economic and social performance is not significant, and it mainly promotes enterprise's green development by stimulating environmental performance. Moreover, the degree of financial–industrial integration has a moderate range in which the role of financial–industrial integration can be better played. Further, compared with state-owned enterprise and large-scale enterprise, financial–industrial integration is more conducive to the green development of non-state-owned enterprises and small-scale enterprises. [ABSTRACT FROM AUTHOR]

The mainstream type of intergenerational inheritance of family firms in China is typically based on the "son inheriting his father's business" model. However, the current research on the intergenerational inheritance of family businesses mainly focuses on the impact of the personal capabilities of the successor, rather than the successor's interpersonal relationships such as marriage. This paper uses literature analysis and case studies to study the impact of the successor's marriage on the family business by refining the indicators of what constitutes a well-matched marriage. The findings show that the marriage of the second generation has a significant impact on the intergenerational inheritance of the family business, as such marriage helps to expand the social capital of the second generation of the family and improve the performance of the business. [ABSTRACT FROM AUTHOR]

To be considered sustainable, tourism in rural destinations should provide long-term economic benefits and have a push-up effect on the population's determination to engage in sustainable tourism. Also, sustainable tourism must reduce the negative effects of business activities on the natural environment and improve the quality of life as well as the standard of living of the local population. In order to check the impact of sustainable tourism on the development of rural destinations, economic indicators of sustainability are most often used, as measurable indicators of sustainable development. In the paper, we examined the attitudes of 421 local residents using the TIAS scale, in 17 Vojvodina villages. Only those who declared that they are involved in the tourism economy were taken for further analysis. It was concluded that positive economic indicators of sustainable development are "wind in the sails" of the development of rural destinations, and that sustainable tourism is a desirable economic activity in the villages of Vojvodina to whom more and more residents are turning, especially women as of very sensitive category. [ABSTRACT FROM AUTHOR]

Water scarcity is a growing concern across the globe due to climate change and demands for increased economic development. This paper analyses the relationship between economic development and freshwater abstraction in order to investigate its European impact. The analysis focuses on a total of 19 European countries, including 18 EU member states and one candidate, from 2007 to 2018. Using a panel dataset, the impact of a diverse selection of indicators of economic development (per capita GDP, the Human Development Index - HDI, water productivity and volume of international trade) on freshwater abstraction, our analysis finds that all explanatory variables are significant for cross-country variations except for international trade. To maintain scope, the analysis is limited to economic-development indicators themselves, excluding the effects of climate change and the availability of water resources. [ABSTRACT FROM AUTHOR]

The production of plum and cherry, as stone fruit species, occupy a significant place in the plant agricultural activity of the Republic of Serbia. In this paper, on the basis of data from selected family holdings in the southern part of Serbia, the production results and evaluation of the economic justification of these two fruit species were investigated. Data collected through a survey were used for the research, and the economic evaluation was performed using static calculative methods. The most important economic indicators determined were: cost price, net profit (average amount), accumulativeness expressed through the rate and time period of investment capital. When producing plums, the average annual financial result is from 503,490 RSD/ha to 594,340 RSD/ha. The analysis determined that by investing RSD 100/ha in production of plum, 40 RSD is accumulated, and the average annual net profit is 425,313 RSD/ha. From the average amounts of net profit, investments made in raising plum trees plantations (1,080,000 RSD/ha) can be recovered during the third year of its exploitation. Although the yield of cherry per unit area is lower compared to the yield of plum, better economic results in the amount of 535,800 RSD/ha to 682,920 RSD/ha are achieved due to a much more favorable selling price per unit measure. For every RSD 100 invested in cherry production, 48 RSD of accumulation is achieved. The average net profit amounts to 492,099 RSD/ha, and the investments made in raising plantations of cherry trees (1,020,000 RSD/ha) can be recovered in the third year of its exploitation. In recent years, cherry have been very profitable fruit species in Serbia, due to the high demand and favorable selling price. With permanent education of fruit producers, as well as with various support measures at the state and local level, it is possible to contribute to the improvement of the existing business and improve the profitability of plums and cherry production. [ABSTRACT FROM AUTHOR]

Carbon price prediction is of great importance to regulators and participants in the carbon trading market. It is the basis for developing policies related to the carbon trading market and stabilizing that market. Considering the numerous factors that influence carbon prices in China, dimensionality reduction is needed to improve the prediction accuracy and efficiency. However, the traditional dimensionality reduction methods fail to fully consider the role of influencing factors, which has certain limitations. In this paper, a new dimensionality reduction method, namely scaled principal component analysis (s-PCA), is employed to improve the prediction accuracy of carbon prices. Firstly, a factor library that influence carbon prices is constructed from three perspectives: technical indicators, financial indicators and commodities indicators. Then, the s-PCA method is used to reduce the dimensionality of factors influencing carbon price. Next, two different methods are used to predict carbon prices, including traditional regression method and Long Short-Term Memory (LSTM) method. Finally, the economic value of the s-PCA method is examined by constructing investment portfolios. The empirical results of the Hubei Emissions Exchange show that the s-PCA model outperforms other competing models both in- and out-of-sample. In addition, the LSTM model could improve the performance of the s-PCA model in carbon price prediction. From a market timing perspective, investors can achieve a greater return and a larger Sharpe ratio using the s-PCA method than using other comparative methods and buy-and-hold strategy. Therefore, the s-PCA method is effective and robust in predicting carbon price. [ABSTRACT FROM AUTHOR]

Digital transformation has put significant pressure on monetary sovereignty. This pressure is channeled through the introduction of private digital payment services, cross-border operations, currency substitution, and the internationalization of foreign currencies. While most contemporary research views the introduction of a central bank digital currency (CBDC) as a key option for safeguarding monetary sovereignty in the digital age, we argue that the link between monetary sovereignty and CBDC adoption may be somewhat overstated. First, our empirical test shows that current progress in CBDC adoption is more closely correlated with indicators of financial development and innovation than with indicators of crypto ecosystem development. Second, considering the CBDC as a means to enhance the currency's international status necessitates greater involvement in the competition to attract numerous non-resident users, which can potentially disconnect the design of the CBDC from the internal goals of its adoption. Third, this competition gives rise to a trilemma of incompatibility between monetary sovereignty, global acceptance of the CBDC design, and internationalization of the central bank's digital currency. Nevertheless, this does not imply that central banks should refrain from investing efforts in preparing for further digital transformations. Rather, it means that monetary sovereignty should not be seen as absolute. [ABSTRACT FROM AUTHOR]

The paper aims to analyse the functioning of territorial agri-food chains through an institutional lens. The approach tries to explore the influence of endogenous and exogenous factors on the capacity to respond to complex transition challenges. Our working hypothesis is that agri-food supply chains are embedded in the territory they belong to, economic performances and market competitiveness are strongly influenced by a combination of organisational capabilities and good governance solutions. These topics are developed by examining the innovative socioeconomic features of two of the largest world and European supply chains: the processing tomato supply chains of Northern Italy and Extremadura (Spain), both representing most of the processed tomato national production, governed by an overarching organisation gathering producers and processing firms on a parity basis, characterised by an innovative path developed to face the changing conditions of policies and markets. The paper shows how governance capabilities and their implications on the competitiveness and chain’s performance need to be explored by combining qualitative and quantitative analysis and indicators. [ABSTRACT FROM AUTHOR]

The term „Green economy" in the context of sustainable development was used for the first time in 1989, there is no internationally agreed definition for it. In the last decades, in a relatively short period it has become an issue with major importance worldwide, the society realizing that its actions have direct effects on the environment, its live and where we carry out our work. In order to correctly understand the meaning of Green economy we need an insight on man as an individual but also on organizations that make economic and financial decisions and initiatives. This paper examines the EU countries progress toward green economy, identifies the relationship with financial and economic indicators and analyses the role of eco-innovation performance and innovative capacity toward green transition to meet the European Green Deal objectives. Complex theoretical, methodological and empirical research methodology was adopted by using specific methods of investigation: critical analysis of the literature, complex quantitative and qualitative analysis, identification, construction and the appropriate processing of existing databases. The numerical results were obtained by the SPSS software package. The paper's outcome identifies barriers and success factors in the implementation of the EU's main new growth strategy, highlights that the green transformation process of the economy needs large investments in innovation and eco-innovation and needs the green finance to be covered also by the public and private sector on national and EU level and from the EU budget as well. [ABSTRACT FROM AUTHOR]

Purpose: The paper analyzes the relative technical efficiency of the transition economies of the Western Balkans in the period 2007–2021, in comparison with the former countries with a socialist state system, today members of the European Union (EU), based on selected macroeconomic indicators and panel data. Design/methodology/approach: Data envelopment analysis (DEA), i.e. its extension, DEA Window analysis, is applied. Total technical efficiency, as a prerequisite of economic efficiency, is decomposed into pure technical efficiency (PTE) and scale efficiency (SE). Bootstrapping method and Mann–Whitney U test were used to check the robustness of the obtained results, i.e. efficiency values. Findings: The results show that in 2020, all observed countries recorded a significant drop in economic efficiency as a result of a general, disproportionate drop in the value of selected macroeconomic variables, which occurred due to the global economic crisis and the slowdown in economic activity caused by the COVID-19 pandemic. This drop in efficiency was significantly greater in the former socialist states, now members of the European Union, which showed their greater sensitivity to global crises. None of the observed economies in the observed period was relatively efficient, that is, at the level of best practice, which occurred primarily as a consequence of the inefficiency of business conditions expressed in the economies of scale. Research limitations/implications: The main limitation of this study stems from the very nature of the concept of DEA efficiency, which is relative in nature. Also, the results and their interpretation are also significantly influenced by the choice of model variables, as shown by Lábaj et al. (2013), as well as a small number of decision-making units (DMUs). The mentioned limitations prevent unambiguous interpretation and generalization of the obtained results. Practical implications: The study may be of importance to economic policy makers in macroeconomic decision-making. The application of the DEA concept in measuring the technical efficiency of national economies is a useful tool in the analysis of macroeconomic performance and a benchmarking approach for positioning and achieving competitive advantage on the international market. Originality/value: Since research of this type is very limited, the results of this study make a theoretical and empirical contribution to the literature, creating a basis for future research and reexamination. The application of the DEA concept in measuring the technical efficiency of national economies is a useful tool in the analysis of macroeconomic performance and a benchmarking approach for positioning and achieving competitive advantage in the international market. [ABSTRACT FROM AUTHOR]

Recently, sustainable economic performance (SEP) has been the foremost requirement due to uncertainty of the economy and environment. This issue needs best practices and governance and also needs researchers' focus. Thereby, the paper aims to assess green supply chain (SC) practices, green SC governance and their role in the achievement of SEP in the manufacturing sector of China. The paper also attempts to explore the moderating effect of organizational support in proposed framework. PLS-SEM model was employed to test model's reliability and validity. The very same method has applied to test the linkage among outlined constructs. Obtained results confirms the moderating impact of organizational support among traditional governance, relational governance and the achievement of SEP in the manufacturing industry in China. This article provides guidelines to the regulators in developing policies related to the achievement of SEP using green SC practices and governance. [ABSTRACT FROM AUTHOR]

Interest in intangibles has become increasingly important in recent decades. Intangible assets have gradually become the most important sources of competitive advantage. The traditional factors of production (material resources, labor, capital) have gradually diminished in importance. At the same time the importance of intangible assets such as knowledge, information, creativity has increased. Before the organization can grow it has to learn. For most organizations, the ability to create a sustainable future is directly proportional to how well they develop the intellectual capabilities of their employees. Organizations that use their knowledge as a source of competitive advantage are referred to as "knowledge-based organizations". In this paper we analyze the performance of Alphabet Inc. (Google)-a company with a global footprint in the development of the knowledge-based economy. [ABSTRACT FROM AUTHOR]

Unemployment represents a negative phenomenon in almost all countries of the world. It is a complex phenomenon that has multiple causes and important economic and social-human consequences. This paper aims to analyze the correlation between the unemployment rate, respectively the number of unemployed persons and some of the influencing factors. Therefore, we identified the main influencing factors of unemployment in Romania based on an econometric model using the multiple linear regression. This model allows forecasting the future economic trends of the indicators highlighting the level of unemployment. The result showed that the growth rate of the Gross Domestic Product, the volume of foreign direct investments and the exports, as well as the inflation rate are significant factors influencing the unemployment. [ABSTRACT FROM AUTHOR]

The study presents a solution to maximize public investment as a growth driver for commodity-exporting economies. The solution is to compensate for the low efficiency of public investment by drawing on internal and external factors within an active fiscal and monetary policy framework. For this, the paper introduces a quantitative model that implements a golden rule of public finance in a resource boom backed by a sovereign wealth fund under an active monetary policy stance. The modeling results show that mobilizing windfall resource revenues to finance increased public investment can limit a crowding-out effect through proper resource allocation and change the sectoral structure in favor of the final goods sector. As confirmed by the sensitivity analysis, the low efficiency of public investment can be partially offset by a less restrictive monetary policy response to fiscal dominance, but this leads to excessive volatility in financial indicators. However, if the public debt burden is an issue due to a more robust fiscal dominance regime, a higher tax rate on exported raw materials can be used to maintain sustainability. By developing a policy goals domain, the paper initiates a discussion that can direct policy recommendations toward a promising growth path by maximizing the public investment driver in the complex policy environment of fiscal-monetary interaction. [ABSTRACT FROM AUTHOR]

Physical capital stock is the basic indicator of macroeconomic empirical studies and also an important manifestation of macroeconomic activity capacity. When measuring China's provincial physical capital stock by the perpetual inventory method, the treatment for the depreciation rate and the initial physical capital stock in the existing literature has some defects in reflecting the economic performance. The purpose of this paper is to build the most reliable and reasonable statistical series of China's provincial physical capital stock. We establish a measurement formula in form of the variable depreciation rate and improve the treatment for the depreciation rate and the initial physical capital stock. For the depreciation rate, we measure the benchmark depreciation rate of physical capital and determine the variable depreciation rate according to the economic growth rate, which makes the variable depreciation rate reflect the economic growth. For the initial physical capital stock, we measure the initial physical capital stock according to the capital output ratio, which makes the initial physical capital stock reflect the economic aggregate. Based on these improvements, we measure China's provincial physical capital stock from 1952 to 2022 by the perpetual inventory method. Through analyzing the measurement results, we have a more distinct insight into the temporal and spatial characteristics of China's provincial physical capital stock: The growth rate of physical capital stock at the provincial level has slowed in spite of remaining high; The eastern region is much higher than the central and western regions. According to these two characteristics, it is suggested that policymakers need to improve market mechanisms and adjust investment policies to promote a benign profile of economic growth and a regional optimization of capital formation. [ABSTRACT FROM AUTHOR]