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The development of China's manufacturing industry has received global attention. However, research on the distribution pattern, changes, and driving forces of the manufacturing industry has been limited by the accessibility of data. This study proposes a method for classifying based on natural language processing. A case study was conducted employing this method, hotspot detection and driving force analysis, wherein the driving forces industrial development during the "13th Five-Year plan" period in Jiangsu province were determined. The main conclusions of the empirical case study are as follows. 1) Through the acquisition of Amap's point-of-interest (POI, a special point location that commonly used in modern automotive navigation systems.) data, an industry type classification algorithm based on the natural language processing of POI names is proposed, with Jiangsu Province serving as an example. The empirical test shows that the accuracy was 95%, and the kappa coefficient was 0.872. 2) The seven types of manufacturing industries including the pulp and paper (PP) industry, metallurgical chemical (MC) industry, pharmaceutical manufacturing (PM) industry, machinery and electronics (ME) industry, wood furniture (WF) industry, textile clothing (TC) industry, and agricultural and food product processing (AF) industry are drawn through a 1 km× 1km projection grid. The evolution map of the spatial pattern and the density field hotspots are also drawn. 3) After analyzing the driving forces of the changes in the number of manufacturing industries mentioned above, we found that manufacturing base, distance from town, population, GDP per capita, distance from the railway station were the significant driving factors of changes in the manufacturing industries mentioned above. The results of this research can help guide the development of manufacturing industries, maximize the advantages of regional factors and conditions, and provide insight into how the spatial layout of the manufacturing industry could be optimized., Competing Interests: The authors have declared that no competing interests exist.

The strong and positive relationship between gross domestic product (GDP) and health expenditure is one of the most extensively explored topics in health economics. Since the global financial crisis, a variety of theories attempting to explain the slow recovery of the global economy have predicted that future economic growth will be slower than in the past. Others have increasingly questioned whether GDP growth is desirable or sustainable in the long term as evidence grows of humanity's impact on the natural environment. This paper reviews recent data on trends in global GDP growth and health expenditure. It examines a range of theories and scenarios concerning future global GDP growth prospects. It then considers the potential implications for health care systems and health financing policy of these different scenarios. In all cases, a core question concerns whether growth in GDP and/or growth in health expenditure in fact increases human health and well-being. Health care systems in low growth or 'post-growth' futures will need to be much more tightly focused on reducing overtreatment and low value care, reducing environmental impact, and on improving technical and allocative efficiency. This will require much more concerted policy and regulatory action to reduce industry rent-seeking behaviours.

Environmental productivity comprehensively measures economic growth and environmental quality. Environmental innovation is considered to be the key to solving economic and environmental problems. Therefore, discussing the impact of environmental innovation on environmental productivity will reveal its economic and environmental effects. This paper measures environmental productivity by value added per unit of pollution emissions (four types of emissions are used) using panel data of 10 Chinese urban agglomerations from 2003 to 2016 to analyze the spatial correlation of environmental productivity, and constructs a spatial panel data model to empirically test the impact of environmental innovation on environmental productivity. It was found that environmental productivity measured by value added per unit of carbon dioxide emissions (gross domestic product (GDP)/CO 2 ) had a significant positive spatial spillover effect, and measured by value added per unit of sulfur dioxide emissions (GDP/SO 2 ), smoke (dust) emissions (GDP/SDE), and industrial sewage emissions (GDP/IS) had a significant negative spatial spillover effect. Environmental innovation has a significant negative inhibitory effect on environmental productivity measured by GDP/SDE and GDP/IS, but no obvious effect measured by GDP/CO 2 and GDP/SO 2 . Control variables such as economic development level, industrial agglomeration, foreign direct investment, and endowment structure factor also show significant differences in environmental productivity measured by value added per unit of pollution emissions. In addition, there are significant differences in direct effects of explanatory variables on environmental productivity of local regions and indirect effects on neighboring regions. These differences are also related to the types of pollution emissions. Therefore, policymakers should set different policies for different types of pollution and encourage different types of environmental innovation, so as to achieve reduced pollution emissions and improved environmental productivity.

The main goal of the paper is to examine the relationship between the financial sector and economic growth in the Republic of North Macedonia. The Macedonian economy has been facing slow development dynamics and low rates of economic growth for a long period of time. The reasons are certainly multidimensional and identifying them is quite complex. Hence, our task in the paper is to examine the impact of the financial sector on economic growth as one of the factors. First we provide a theoretical model for the analysis of the relationship between the financial sector and economic growth, while in the second part of the paper we use a methodology based on the single-country regression analysis to investigate the relationship between the financial sector measured through the lending activity of banks to private sector and economic growth measured as real GDP growth. Furthermore, we present a comparative analysis of the trend in the level of banking intermediation. The results of the analysis indicate that financial intermediation is a significant factor for the growth of the Macedonian economy through gross investments, which depicts that improving financial intermediation and reducing the interest rate will increase investments and encourage the growth of the Macedonian economy. [ABSTRACT FROM AUTHOR]

Energy affects the economic growth and development of a country. Renewable energy has become an important part of the world's energy consumption. The use of fossil fuel energy contributes to global warming and carbon dioxide emissions, and has a detrimental effect on the environment. The long-run and short-run causality relationships between electric power consumption, renewable electricity output, renewable energy consumption, fossil fuel energy consumption, energy use, carbon dioxide emissions, and gross domestic product per capita for Pakistan over the period of 1990-2017 were investigated in this paper using the autoregressive distributed lag bounds testing approach to cointegration. The augmented Dickey-Fuller unit root test and the Phillips-Perron unit root test were used to check the stationarity of the variables, while the Johansen cointegration test was applied to check the robustness of the long-run relationships. The Granger causality test under the vector error correction model extracted during the short-run estimation showed a unidirectional relationship among all variables except for the relationship between gross domestic product per capita and carbon dioxide emission, which was bidirectional (feedback hypothesis). The evidence showed that in the long run, carbon dioxide emissions, electric power consumption, and renewable electricity output had a positive and significant relationship with the gross domestic product per capita, while the relationship of renewable energy consumption, energy use, and fossil fuel energy consumption with the gross domestic product per capita had a negative effect. Overall, the long-run effects of the variables were found to have a stronger effect on the gross domestic product per capita than the short-run dynamics, which indicated that the findings were heterogeneous. The evidence suggests that the government of Pakistan should take steps to enhance the use of renewable energy resources to resolve the energy crisis in the country and introduce new policies to reduce carbon dioxide emissions.

The COVID-19 pandemic is an unprecedented event that has shocked economies worldwide, propelling large-scale adaptation of expansionary policies. This paper examines how, specifically in the scope of developed countries, key economic indicators such as tax revenue and burden, labor force participation rate, and federal budget have been impacted by the pandemic. The specific nations examined in the paper include the United States of America (USA), Japan, Germany, France, and the United Kingdom (UK). The article reveals that tax revenue had fallen at a rate similar to the GDP, and a redistribution of the tax burden has also occurred to some extent. Simultaneously, a fall in the labor force participation rate and increased government deficit were observed. This observation is primarily consistent across all five countries sampled. [ABSTRACT FROM AUTHOR]

China is transitioning its industrial structure from labor-and resource-intensive industries that previously contributed significantly to the country's GDP growth to technology-intensive industries emphasizing a highly-skilled workforce and sustainability to achieve high-quality economic growth. This paper examines the impact of the RMB exchange rate on high-quality economic growth through theoretical modeling and empirical analysis and discusses the variable of overseas education to explore the mechanism of how the RMB exchange rate and overseas education jointly impact high-quality economic growth. The research sample includes the National Bureau of Statistics data on education from 1995 to 2015, the Bank for International Settlements (BIS) data on the RMB exchange rate, and the added value of China's high-quality economic growth estimated based on the national economy data. An empirical analysis of theoretical expectations was conducted, finding that RMB appreciation could make a positive contribution to China's high-quality economic growth; RMB exchange rate fluctuations would impact the relative cost of overseas education and overseas returnees could have a positive impact on domestic resource utilization efficiency and domestic capacity to make sci-tech innovations, thereby injecting vitality to high-quality economic growth. This study focuses on both the RMB exchange rate and the population studying abroad, providing additional observation dimensions to existing research. [ABSTRACT FROM AUTHOR]

Effect of money market instruments on economic growth of Nigeria from 1993 to 2022 was investigated in this study. Research design adopted for this study is ex-post-facto. Data were obtained from Central Bank of Nigeria (CBN) Statistical Bulletin to estimate the model. Multiple regression approach was employed to analyse impact of money market instruments on economic growth in Nigeria for the period of the study. From the empirical result obtained, the study conclude that money market enhanced development in Nigeria. It is recommended that CBN create appropriate monetary and fiscal measures which would develop money market for promotion of productive activities and investment thereby improve Nigeria development. [ABSTRACT FROM AUTHOR]

The new European model stipulates the achievement of an inclusive, sustainable and intelligent economic growth. Increasing the share of renewable energy is one of the factors that improve the quality of economic growth, similar to research, development and investment in human capital. In this paper we tested the correlation between economic growth and renewable energy consumption for ten European Union (EU) member states from Central and Eastern Europe (CEE) in the period 1990-2014, using Auto-regressive and Distributed Lag (ARDL) modeling procedure, a technique that captures causal relationships both on a short run and on a long run. The short run perspective reveals the transition towards a new energy paradigm, while the long run approach corresponds to the long-term equilibrium of the analyzed factors. Our results shows that, in the short run, the Gross Domestic Product (GDP) and Renewable Energy Consumption (REC) dynamics are independent in Romania and Bulgaria, while in Hungary, Lithuania and Slovenia an increasing renewable energy consumption improves the economic growth. The hypothesis of bi-directional causality between renewable energy consumption and economic growth is validated in the long run for both the whole group of analyzed countries as well as in the case of seven CEE states which were studied individually. These results allow us to look into the feasibility of the Europe 2020 goals regarding the increase of energy efficiency and to propose public policies to achieve these goals., Competing Interests: The authors have declared that no competing interests exist.

The defense-growth nexus is investigated empirically using time series data for the US and allowing the effect of defense spending on growth to be non-linear. Using recently developed econometric methods involving threshold regressions, evidence of a level-dependent effect of military expenditure on GDP growth is found: the positive externality effect of defense spending prevails for relatively lower levels of defense spending (with respect to the history of defense spending in the US) and reverts its influence for higher levels. [ABSTRACT FROM AUTHOR]

Purpose: First developed in the 1980s, one of the most essential ideas in international business research has the been the concept of emerging markets. Since the start of the twenty-first century, empirical research has shown that there is no clear correlation between long-term real growth in gross domestic product and real equity returns in firms active in emerging markets. The purpose of this paper is to develop an explanation for both the pervasiveness and endurance of the emerging market discourse despite empirical evidence that substantially questions its very robustness. Design/methodology/approach: The author offers a "weak form" critique of the emerging market discourse that identifies weaknesses and gaps in the emerging market concept and offers suggestions on how to modify it without fundamentally rejecting its conceptual and ideological core. This paper also offers a "strong form" critique of emerging markets as a discourse arguing that the discourse itself is actually propagated to maintain and reinforce global economic inequality and should, therefore, be fundamentally transformed. Findings: Based on the strong form critique of emerging markets discourse, this paper shows how a three-phase process allows emerging market discourse to engender strategic and public policy practice. Scholars and educators play a pivotal role through their writing and discursive interactions with students and executives in their classroom. The centrality of scholars and educators is supported by the broader media ecosystem as well as being reinforced by interactions between executives and policymakers. Practical implications: This paper makes the case that international business scholars and educators should play a leading role in fundamentally transforming the emerging market discourse and to launch a renewed critical, inter-subjective discussion of dependency and global inequality through three mechanisms: peer-review research; course syllabi and programs; and public intellectualism. Originality/value: Through critical discourse analysis, this paper addresses for the first time how emerging markets as a concept has prospered in academic and managerial circles despite credible empirical evidence of its lack of robustness. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate the application of a generalized dynamic factor model (GDFM) based on dynamic principal components analysis to forecasting short-term economic growth in Romania. We have used a generalized principal components approach to estimate a dynamic model based on a dataset comprising 86 economic and non-economic variables that are linked to economic output. The model exploits the dynamic correlations between these variables and uses three common components that account for roughly 72% of the information contained in the original space. We show that it is possible to generate reliable forecasts of quarterly real gross domestic product (GDP) using just the common components while also assessing the contribution of the individual variables to the dynamics of real GDP. In order to assess the relative performance of the GDFM to standard models based on principal components analysis, we have also estimated two Stock-Watson (SW) models that were used to perform the same out-of-sample forecasts as the GDFM. The results indicate significantly better performance of the GDFM compared with the competing SW models, which empirically confirms our expectations that the GDFM produces more accurate forecasts when dealing with large datasets.

This paper explores whether happiness-led growth policies implemented in some countries are viable for achieving better economic well-being proxied by GDP per capita using a panel dataset covering 104 countries from 2006 to 2018. While past studies showed that economic growth promotes happiness, this paper applied the panel Granger causality test to show that GDP per capita is also determined by happiness. Accordingly, the pooled ordinary least squares, random-effects model, fixed-effects model, and two-step generalized method of moments were employed to estimate the effect of changes in happiness on economic growth. The empirical results suggest that economic growth of 1% to 3% can be obtained by increasing happiness. The positive effect of happiness is about four times greater in developed countries than in developing countries. This paper reveals that happiness should be included in conventional economic growth models to achieve a holistic approach in designing development policies. [ABSTRACT FROM AUTHOR]

Constraints and incentives of the ecological policy have an important impact on the coordinated development of ecological areas. Based on the panel data of 1613 counties in 23 provinces in China from 2002 to 2019, this paper analyzes the impact of this policy on economic development using the quasi-natural experiment of the transfer payment in national key ecological functional areas (TPNKEFA) and studies the impact of the transfer payment scale on economic development based on the panel threshold model. First, the results reveal that the TPNKEFA can significantly boost economic development, compared with the control group, TPNKEFA can increase gross domestic product (GDP) and per capita GDP by 6.14% and 10.72%, the results have been validated by some placebo tests, and the impact of this policy on economic development is sustained and effective. Second, heterogeneity results show that TPNKEFA has the greatest positive effect on the economic development in the eastern region, followed by the central region, and the least positive effect on the western region. Furthermore, the TPNKEFA facilitates local economic development primarily by increasing human capital in ecological functional areas. Third, the capital scale of TPNKEFA has the double-threshold effect on economic development, the larger the scale is, the stronger the effect is. The capital size of TPNKEFA has the greatest impact on regional economic growth in eastern region, whereas it has the weakest impact in western region. [ABSTRACT FROM AUTHOR]

A well-developed management structure is the backbone for the successful operation of any enterprise. The underrepresentation of women in managerial positions has been a persistent concern in the context of gender equality and economic development. This paper investigates the percentage participation of women managers in European countries and its potential connection to GDP per capita. Utilizing a comprehensive dataset comprising various European countries, we conduct a comparative analysis of the proportion of women in managerial roles across different economies with a special reference to North Macedonia. Additionally, GDP per capita data is incorporated to explore potential correlations between women's representation in management and economic prosperity. The analysis covers the following regions: Scandinavia, Nordic region, as well as Eastern, Western and Southern Europe. The analysis refers to two consecutive years, 2020 and 2021. The results indicate that the percentage participation of women managers and GDP per capita are inversely proportional in the Scandinavian region, the Nordic region, as well as Eastern and Western Europe, while the opposite conclusion applies to the countries of Southern Europe. [ABSTRACT FROM AUTHOR]

This paper uses panel cointegration techniques and Granger causality tests to examine the dynamic causal link between per capita real gross domestic product (GDP), combustible renewables and waste (CRW) consumption, and CO2 emissions for a panel of five North African countries during the period 1971-2008. Granger causality test results suggest short- and long-run unidirectional causalities running from CO2 emissions and CRW consumption to real GDP and a short-run unidirectional causality running from CRW to CO2 emissions. The results from panel long-run fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) estimates show that CO2 emissions and CRW consumption have a positive and statistically significant impact on GDP. Our policy recommendations are that these countries should use more CRW because this increases their output, reduces their energy dependency on fossil energy, and may decrease their CO2 emissions.

The relationship between urbanization and economic growth has been perplexing. In this paper, we identify the pattern of global change and the correlation of urbanization and economic growth, using cross-sectional, panel estimation and geographic information systems (GIS) methods. The analysis has been carried out on a global geographical scale, while the timescale of the study spans the last 30 years. The data shows that urbanization levels have changed substantially during these three decades. Empirical findings from cross-sectional data and panel data support the general notion of close links between urbanization levels and GDP per capita. However, we also present significant evidence that there is no correlation between urbanization speed and economic growth rate at the global level. Hence, we conclude that a given country cannot obtain the expected economic benefits from accelerated urbanization, especially if it takes the form of government-led urbanization. In addition, only when all facets are taken into consideration can we fully assess the urbanization process.

Nowadays, emerging industries are emerging, and the sports industry has become a remarkable new economic growth point. Vigorously tapping the potential of residents' sports consumption has important theoretical and practical significance for promoting the development of the sports industry, improving people's living standards, and stimulating economic growth. In this paper, a deep learning model is constructed, and the random forest and random network models in the deep learning network are used to analyze the pulling effect of urban residents' sports consumption on economic growth. Since the consumption level of urban residents is much higher than that of rural residents, urban residents are in a dominant position in sports consumption, so this paper takes urban residents' sports consumption as the core to explore the pulling effect of urban residents' sports consumption on economic growth. The research theme of this paper is the pulling effect of urban residents' sports consumption on economic growth, so this paper sets the explanatory variable as the added value of GDP, expressed by GDP. Sports consumption has the characteristics of inevitability, gradualness, and diversity. With the continuous change of people's living standards, sports consumption also presents several stages of relative consumption pattern changes. Research shows that sports consumption has a positive role in promoting economic growth and the transformation and upgrading of economic development mode. Every one percentage point change in sports consumption leads to an economic growth of 0.186 percentage points, and with the increase of the lag period, urban residents' sports consumption will gradually increase the driving effect of economic growth. This effect can be analyzed at the micro- and macrolevels and enhanced by a causal cumulative cycle mechanism. [ABSTRACT FROM AUTHOR]

Given a background of controversial political and theoretical academic debate and diverse empirical result, as Checherita and Rother (2010) concluded government debt and economic growth relationship is a country specific issue. This paper aims to investigate the causal and dynamic effect of government debt on output growth in the context of developing economies with generally medium debt regime in ASEAN-4 countries. Namely, Indonesia, Malaysia, the Philippines and Thailand during 1985 to 2019 years. A robust multi-variable vector autoregressive (VAR) model at level is employed to capture the long run relations, and causality is addressed using Toda-Yamamoto (1995) approach. As a by-product of the analysis the effect of government debt on two essential factors of sustainable GDP growth, namely, private capital formation and human capital is examined. The findings of this paper which contrast with the general negative effect found in some empirical studies for developing countries, shows debt does not cause output growth in Indonesia, Malaysia and Thailand but the reverse is true. GDP response to debt shock is negative, positive and positive, respectively yet statistically insignificant. In other hand, in the Philippines the result shows the economy is debt-driven as debt positively cause GDP without improving private investment or human capital. Overall, the findings support well debt management. Given current debt regime, improvements on tax collection and government fund allocation in terms of priorities and efficiencies must be continued. [ABSTRACT FROM AUTHOR]

The paper argues that the UK's endemic regional–national productivity problems cannot be addressed by the UK's current institutional and governance set-up. This paper argues that the establishment of an appropriate institution, body or forum is essential in order to fill the current governance vacuum. The appropriate nature, form and logic of such a body can be gleaned by observing various international comparator bodies which undertake different aspects of the types of roles and tasks that a UK body must necessarily undertake. The options for a UK body comprising elements of these comparator institutions are discussed in detail. [ABSTRACT FROM AUTHOR]

There is a lack of understanding of the fisheries production impact on the national economy, as the contribution of the industry to the Turkish economy has not been adequately reflected in the official Gross Domestic Product (GDP) statistics and economic research. Therefore, this paper aims to reveal the industry's contribution to Türkiye's economic growth. We analysed the effect of fisheries production on economic growth by employing the Auto Regressive Distributed Lag (ARDL) model from 1990-2019. The results showed a positive relationship between fisheries production and economic growth in the long-term. We hope this paper will support the policy-makers and development agencies in their efforts to reshape the industry in Türkiye towards an increased role in economic development in a sustainable manner. [ABSTRACT FROM AUTHOR]

The paper presents the connection between economic development and sport. The objective of the paper is to identify the correlation between income generated by sports and GDP. To confirm this causal relationship the correlation and regression method has been applied. The object of analysis is the impact of the income of English clubs and two Spanish clubs Barcelona and Real Madrid on the GDP of the respective countries, for the last decade. The paper also provides a lot of information on sports developments in the year of the pandemic (2020) The hypothesis is tested and after H1 ≠ 0 it is proved that there is a correlation between the two variables. The regression function for the English and Spanish economies shows that football revenues affect GDP formation. [ABSTRACT FROM AUTHOR]

The paper presents economic development and the economic structure in the two regions mentioned above. Given the fact that the economic structure is strongly related to the development whether of the region or of the national economy, which is presented with GDP, and it is taken as an indicator of analysis. The purpose of the research in this paper is to identify the economic areas which are carriers of development in the two regions mentioned above, which are one of the most underdeveloped regions of North Macedonia. The paper uses an empirical method - analysis of changes in regional components, which reveals economic sectors that are larger or smaller contributors to GDP in the two regions. The analysis shows that in these regions depressive economic structures dominate. The highest contribution to the formation of GDP in the two regions was made by trade (the best option with allotment effect 4), a sector which has limited accumulative capabilities and as such can't give impetus to economic development. The worst option sector in both regions is that of agriculture, in Polog it marks the aloof effect1 and in the southwest the aloof effect 2. The results of the empirical analysis show that in these regions government policies should be much more active with state instruments to help the economic structure to improve. [ABSTRACT FROM AUTHOR]

China's local government debt (LGD) has recently become the focus of economic policy debates. However, information about LGD and its impact on economic growth in the Chinese economy is scarce. This paper attempts to present an empirical investigation of the impact of China's LGD on economic growth. It is probably the first of its kind to focus on China and thus contributes to the general literature on the relationship between government debt and economic growth. The paper first provides an assessment of LGD in China's regional economies, using recently released auditing statistics and other available secondary information. It then applies conventional growth analysis methods to examine the impact of LGD on regional growth in China. Various scenario and sensitivity analyses are also conducted, to accommodate the inadequacy and potentially poor quality of debt statistics. [ABSTRACT FROM AUTHOR]

While there is a correlation between economic growth and the increase in living standards, economic theory is evident in the purpose of the Gross Domestic Product (GDP) measurement. GDP measures only the production capacity and economic growth, not the nation's development, as often claimed by policymakers. Furthermore, as several studies show, by focusing on economic growth and neglecting the other two crucial systems, the ecosystem, and the social system, we will not be able to achieve economic growth in the future. Since the GDP was developed in 1937, it has faced criticism not only for its limitation related to its construction. Also, the concept of economic growth is currently being challenged and being replaced by the pursuit of sustainable development. Therefore, the role of GDP, as an economic growth indicator, in our economy needs to be clarified and re-assessed. The main aim of this paper is to investigate the usefulness of the GDP in the era of sustainable development. To achieve this, we investigated the historical development of various measures of economic growth, as well as the historical development of the GDP as an economic growth metric. Furthermore, we argue that the future of GDP should be in the multi-dimensional indicators, which are used to measure the sustainable development of a country, as opposed to a self-standing single-dimensional measure of economic growth. As a case study, we also construct two measures, based on Analytical Hierarchical Process (AHP) using the free online software 'SuperDecisions: our Simple three-dimensional index of the nation's growth and the enhanced holistic three-dimensional index - Holistic Nation's Growth Index. Using the AHP method, we showcase the difference between the countries' rankings if we consider only economic growth and if we focus on the country's development more holistically. Our comparative study reveals that it is not enough to look only at three main systems, the economic, social, and ecosystem while assessing the countries' development. It is necessary to also investigate and try to capture the relationships between those three main systems. [ABSTRACT FROM AUTHOR]

If U.S. health care spending growth continues unchecked, the nation will have far less in the future to purchase other essentials, including education, infrastructure, and consumer goods. The point at which nonhealth spending could begin a precipitous decline was previously projected in a paper by Michael Chernew and colleagues to be 2050, unless the rate of health cost growth can be lowered (that is, "bending the curve"). This paper evaluates alternative approaches. First, it looks at the effect on health and nonhealth spending of a one-time reduction in health costs--for example, through a sharp reduction in overuse of medical services in higher-cost regions of the country. It concludes that a one-time reduction in the range of 20-35 percent would delay Chernew's projected decline in nonhealth spending by ten to twenty years. Second, it looks at the effect of combining up-front spending reductions of this size with a longer-range cut in the rate of growth of health spending from 2 percentage points to 1.5 percentage points annually. It finds that this scenario would postpone a major drop in nonhealth spending almost until the twenty-second century. The paper argues that substantial up-front reductions in health spending are therefore worth pursuing to protect the nation's long-term economic growth.

As an emerging economy, market distortions exist in China's institutional adjustment during its economy transformation. However, the price distortion of capital and labor factors will lead to factor misallocation among provinces. This will eventually reduce the total factor productivity (TFP) at the national level. Based on Hsieh and Klenow's [1] model framework, this paper aims to measure the degree of misallocation of capital and labor factors among provinces, and estimates the growth potential of China's TFP by using input-output data from 1993 to 2017. The findings show that: First, the degree of inter-provincial labor misallocation is greater than that of capital. For example, in 2017, the degree of capital (labor) misallocation was 5.77% (10.25%), resulting in China's TFP loss of 17.23%. Second, due to the factor marketization reforms, the degree of labor misallocation has declined while the degree of capital misallocation has intensified in recent years. Lastly, this paper introduces the time-varying elasticity production function model, finding that using the Cobb-Douglas production function will cause the factor misallocation to be underestimated by 5.91% due to the assumption of constant output elasticity. [ABSTRACT FROM AUTHOR]

This paper explores the impact of the political hierarchies of cities in China from different perspectives. First, we examine the economic disparities between prefectural cities and municipalities. Furthermore, this paper draws upon a quasi‐ experiment to analyze the impact of upgrading Chongqing to a municipality in 1997 using the synthetic control method. The city‐upgrading policy significantly increased Chongqing's gross domestic product (GDP) in the following 4 years. Finally, we find that the policy increased GDP in treated cities within 1200 km of Chongqing by about 10%–13% relative to the control cities. [ABSTRACT FROM AUTHOR]

The paper studies the relationship between external debt and economic growth in a panel of emerging countries. A number of economists have proposed different methods of analysing the nexus between economic growth and public debt. The paper investigates the debt-growth nexus using a linear and non-linear specification, employing a panel ARDL model on 13 emerging countries during the period 1990–2016. The results show that there is no robust effect of debt on economic growth in the long run; however in the short run, external debt is negatively and significantly correlated to economic growth. [ABSTRACT FROM AUTHOR]

The paper investigates the Granger-causal relationship between government spending (G) and income (Y) for Saudi Arabia for which G is the main driver of economic growth. Previous studies investigated two-way causality, from G to Y (Keynesian) and from Y to G (Wagnerian). This paper investigates a new explanation (post-Keynesian) that links Y to G through banks' loan-making and deposit-creation. The latter is accompanied by an increase in statutory reserves (R). The findings are consistent with the post-Keynesian theory (from Y to R, and to G). [ABSTRACT FROM AUTHOR]

The construction industry in many developing countries is considered the main engine for economic growth. Quantification of the resilience of the construction industry in developing economies is essential for stakeholders and decision makers. Many researchers have attempted to quantify the construction industry's resilience in the context of developed economies; however, there is lack of established measures of such quantification in developing countries. This paper proposes a framework for the composition of an index that quantifies the resilience of the construction industry in developing countries. The proposed framework is demonstrated in the context of three developing countries: Rwanda, Egypt, and Turkey. The index is composed of measures such as the construction value added to a country's gross domestic product (GDP) and employment in construction. Principal Component Analysis (PCA) is utilized for weighting and aggregation of the individual variables. Studying the causal relationship between construction growth and economic development from 1971 to 2022, results show that construction growth leads to economic development in each of the three countries. Results of the proposed index values indicate that the construction industry in each of the three countries demonstrated increased resilience by sustaining both its outputs and its employment generation aspect in the two years following the coronavirus pandemic in 2019. Quantification of the construction industry's resilience in countries where the construction growth leads to the economic growth would provide a crucial insight for stakeholders and decision makers. [ABSTRACT FROM AUTHOR]

The Covid-19 pandemic has affected the economy across the globe and generated uncertainties in the functioning of the industries, governments and the daily life of people. The impact that this crisis has on poverty alleviation, the global GDP and the rapid development of the digitalization process are some of the factors that have reshaped the world. Hence, the way in which the companies and different sectors have operated is now in the past. The new economic condition requires quick adaptability to the new trends and fast implementation of digital solutions. Therefore, new strategies and more advanced practices are a necessity not only for the proper functioning of the businesses, but for the governments and the countries as well. The rapid shift towards the digital channels caught many businesses off guard. All these fast changes and the late transformation slowed down the economic growth, mostly in the countries that did not reacted immediately. Considering that the Balkan region tried to provide digitally enhanced offerings and maintain the economic growth during the pandemic, many people were laid off, many business sectors were affected and many companies were closed. All these transformations affected the economic development and stagnated the growth. Therefore, the aim of this paper is to evaluate what are the main factors that have affected the economic growth in the Balkan region and the reason that contributed to digital transformation of these countries. [ABSTRACT FROM AUTHOR]

As developing nations grapple with the economic challenges of the 21st century, the aptness of new approaches to boost economic growth is more than ever desired. To this end, this paper examined the relationship between the proportion of seats of women in national parliament and economic growth in South Africa; accordingly, the paper is anchored on women and development theory. The research applied a quantitative approach and secondary data on proportion of female seats in South Africa's national parliament and the GDP growth for South Africa were retrieved from the World Bank development indicators for 1998 - 2017 (20 years); in addition, foreign direct investment (FDI) was used as a control variable. The OLS regression statistics was applied to analyse the relationship at an alpha value of 0.05. Findings from the results showed that whilst the FDI disclosed no significant relationship with economic growth, the proportion of female seats in national parliament indicated a significant positive relationship with the GDP growth for South Africa during the 20 years of study at a P-value of 0.0001. The paper contributes to the literature by examining this phenomenon within the South African context. From the result, the paper makes policy and research recommendations, which includes inter alia, the need to balance the parliamentary seats equitably for females and to increase female political seats in provincial legislators and in municipal managerial seats as this has the propensity to increase economic growth the more. Further research is apposite to examine this relationship at the provincial levels and across countries in Africa in a cross-sectional panel approach. [ABSTRACT FROM AUTHOR]

Alauddin Madrasa has played an important role in Albanian society since its foundation until today. Madrasa graduates have a respectable place in society and as such have always been close to the people in the most difficult days. However, despite the contribution that madrasa graduates make to society, no one has been interested in their welfare. In other words: How do they cope with the challenges of life? The aim of this paper is to study the religious coping of madrasa graduates. To achieve this goal, a survey was conducted with 300 madrasa graduates. A construct measuring religious coping was adopted from the literature. Data were analysed using SPSS ver. 27. All mean scores obtained as a result of the research show that the level of religious coping of madrasah graduates is high. This indicates that madrasa graduates generally are coping quite well. The madrasa has prepared them well for the life challenges that graduates face. In light of these findings, the paper discusses the impact of studying in a madrasa and the lessons it teaches its graduates. [ABSTRACT FROM AUTHOR]

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This paper investigates the extent to which the East African Community (EAC) countries have developed economically over time and whether income inequality decreases with economic growth. The relationship between trade and GDP per capita amongst EAC member countries is evaluated using the World Bank's meta-data of development indicators and the EAC Secretariat's data spanning from 2000--2019. Convergence in GDP per capita and inequality are tested using Coefficient of variation (CV) and weighted beta. The results show that agriculture, manufacturing, trade and repair, construction, and transport and storage constituted the top five GDP value adding activities, contributing about 38 percent to total annual GDP. The EAC GDP per capita were diverging in the long run but converging in short to medium terms, implying increase and decrease in the regional income inequality respectively. Agriculture, electricity and gas, transport and storage, real estate activities, public administration, and education were income inequality-increasing sectors. Together with finance and insurance, these sectors were also positively associated with GDP per capita. The exports of EAC member countries were found to be highly concentrated in few sectors and destination markets, implying limited diversification of products and markets. In their quest to diversify, these countries should choose the right mixes of export goods and services keeping in view of the prevailing market factors in importing countries, such as, changing taste and demands. [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]