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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]

Early papers found empirical support for a natural resource curse—the notion that exporting natural resources is detrimental to economic growth. Later papers, using reportedly improved econometric models and data, largely reversed these early findings by estimating that natural resources improve economic performance. However, this changing coefficient on natural resource dependence over time may not only be a function of model or data quality. Masked by this evolution in the economics literature is the possibility that the fundamental relationship between natural resources and economic performance has changed over the past several decades. This paper sheds a new perspective on the substantial resource curse literature by repeatedly estimating a single econometric model on data that evolve over time. The coefficient on natural resource dependence is estimated to steadily increases with the passage of time from a value that is negative and significant (for 1970, the basis for much of the early literature) to a positive and significant value a few decades later. Whatever natural resource estimated initially with data from 1970 seems to have evolved into a resource blessing over time. [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]

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]

The primary objective of this conceptual paper is to provide the reader with a methodological toolkit for analysing China's transition to a new economic trajectory based on qualitative production factors such as research and development and innovation, as well as highly skilled human capital, etc., which thereby could help the country in escaping the middle-income trap. The nature of the proposed methodology is impact assessment, i.e., the paper discusses the ways and means of assessing and predicting the impact of policy measures on the economy. The use of a specific set of indicators and the application of the DEA-SBM and the PSM-DID models is proposed for quantitative analyses amended by the Markov Chain Model for predictions. The main contribution of this paper to the existing body of knowledge is the proposition of a comprehensive model for evaluating economic development in general. By exploring the role of economic policies, a deeper understanding can be obtained of how the economy should be reformed and developed. It is a valuable and practical approach to compare differences and solve problems at the macro, mezzo, and microeconomic levels that can be applied to other regions and countries facing similar challenges. [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 aim of the paper is to verify whether there has been a causal relationship between economic performance and the quality of political environment in the last 200 years. Mainly, the paper explores the bi-directorial causality for the period of 1821–2016. To attain the aim, the paper uses Granger causality test. The differences between the individual regions (Europe, Latin America and former British colonies) are taken into consideration. Economic performance is expressed as annual growth rate of GDP per capita (taken from Maddison Project Database); the quality of political environment is associated with the Electoral Democracy Index and the Liberal Democracy Index (from the V-Dem Project). The paper offers three findings. Firstly, the results indicate that a statistically significant relationship between economic performance and political development was identified for the researched period. Secondly, bi-directorial causality was peculiar to the European countries, whereas the linkage was not identified within other regions. Thirdly, the results for the sub-periods confirm the previous conclusions with two additions. The quality of political environment and economic performance did not interact with each other in the period of 1821–1870 across all three regions, while in the period after World War II, bi-directorial causal relationship could also exist in the Latin American economies. [ABSTRACT FROM AUTHOR]

Throughout the nineteenth century, federal Indian policy oscillated between two extreme positions: assimilation versus isolation. While scholars have often been interested in the impact of past federal policy on current levels of economic development among American Indian tribes, none have explicitly examined the influence of federal assimilation policy on long-run economic development. In this paper, I take advantage of tribal-level variation in the application of federal policies to estimate the effect of assimilation on long-run economic performance. To quantify the impact of such policies, I introduce a novel measure of cultural assimilation: the prevalence of traditional indigenous names relative to common American first names. To calculate the distribution of name types, I have gathered the names and locations for all American Indians enumerated in the 1900 United States census. After classifying each name, I calculated the reservation-specific share of non-indigenous names. I estimate the relationship between cultural assimilation in 1900 and per capita income from 1970 through 2020. I find that historical levels of assimilation are consistently associated with higher levels of per capita income in all census years. The results are robust to the inclusion of a variety of cultural and institutional controls and regional fixed effects. [ABSTRACT FROM AUTHOR]

AGIs (agricultural geographical indicators) are effective quality signals that can improve market welfare, but few studies have investigated the impact of AGIs on economic development. To fill this gap, this paper explores the impact of AGIs on per capita GDP and its mechanisms, according to country-level data in China from 2000 to 2018. For every additional AGI in the country, GDP per capita increased by 0.2–0.4%. Our conclusion remained reliable after various robustness tests. These effects were more salient in western areas, the main grain-producing areas, and settled areas. AGIs related to aquatic environments, animal husbandry, and planting products promoted economic development most significantly. For these effects, encouraging an increase in agricultural value (improving the quantity and quality of products) and promoting the agglomeration of populations, capital, and enterprises in the agricultural sector were the main mechanisms. [ABSTRACT FROM AUTHOR]

In each country, in the economy observed over long periods of time, usually we can find some developmental phases due to socioeconomic changes, globalization, political decisions, and unexpected events. The identification of such phases, their duration, turning points in the trends of macroeconomic indicators, and some other early signals comprise interesting goals for research. The aim of this paper is to find homogeneous phases in the economic development of Poland from 2007-2019. Eight monthly variables were used, including data on labour markets, salaries, inflation, manufacturing, retail sales, exports, and the overall business climate. This multidimentional time-series dataset was partitioned using cluster analysis methods, namely Ward's agglomerative method and k-means. Seven sub-periods have been found and they are illustrated by segmented trends and displayed as models and graphs. Economic interpretation of the developments in the phases is explained and interpreted below. Looking at the periods that have been found, one can consider the quality of economic and political decisions, both within the world in general and the European economic situation. This paper presents original periodisation of Poland's economy and is based on real monthly data with the use of a clustering approach to multidimensional time series. [ABSTRACT FROM AUTHOR]

Several issues related to designing and operating wastewater and sanitation systems have become more complex in emerging economies like the Philippines. The challenge of such sustainable wastewater management or a lack thereof is characterized by interrelated political, economic, social, technological, environmental, and legal factors where rapidly growing population and urbanization are exacerbating the challenges. The selection of the most appropriate technique to assess the system’s current state and design a resilient and sustainable wastewater system is deemed necessary. This paper aims to provide a PRISMA-guided systematic review to synthesize and analyse the existing literature on the application of planning models to wastewater management systems. A comprehensive search of relevant databases, such as Scopus and Google Scholar, is applied to identify initially relevant studies. A total of 3178 studies were identified from the search for the last 15 years (2007-2022) using the keywords “planning model” AND "wastewater management systems" OR “planning models” AND “wastewater management” OR “waste_water management.” The result of the systematic review shows limited planning methodologies that could address uncertainty in the design of wastewater management systems. [ABSTRACT FROM AUTHOR]

When sulfur is left in fuel, it has a tendency to be oxidized during combustion and cause problems to engines and harm when released into the atmosphere. One way to reduce sulfur content is by adsorptive desulfurization, which makes use of solid materials as adsorbents to adsorb sulfur from fuel selectively. This process is gaining interest from researchers as it can produce a high sulfur yield at mild temperatures and pressure, and the use of effective and regenerative adsorbents can lower the cost of the process. Clay adsorbents, like kaolinite, bentonite, and montmorillonite, are being studied as their availability and low cost make them good candidates. The objective of this paper is to review studies making use of bentonite as a desulfurization adsorbent and determine future research topics in this scope. It also aims to gain insight into the performance of bentonite and its mechanism in adsorbing different sulfur compounds. Several studies have made use of bentonite as an adsorbent for different compounds, specifically dibenzothiophene, dibenzothiophene sulfone, benzothiophene sulfone, dimethyl sulfide, propyl-mercaptan, and thiophene. Though these studies showed the wide range of effectiveness of bentonite to adsorb sulfur, modification to the adsorbent generally increases its effectiveness as it encourages chemisorption between the adsorbent and target molecule. It also aids in improving the physical properties of the adsorbent, like the surface area available for adsorption. The review showed that modifications to bentonite improved its performance in adsorbing sulfur, presenting the potential for industrial use with further research. For future studies, other modifications of bentonite can be investigated, such as activation and impregnation of other ions for adsorption of other sulfur compounds. [ABSTRACT FROM AUTHOR]

The release of sulfur-containing compounds into the atmosphere has been a widespread environmental issue throughout the world. In producing fuel oils, oxidative desulfurization (ODS) has been a widely studied alternative method to hydrodesulfurization, as it requires lower operating parameters. Mixing-assisted oxidative desulfurization (MAOD) is a modification of the ODS process that employs high-shear mixing to enhance fluid/fluid interfacial area between an oxidant and a fuel. Since MAOD is a relatively new field, not all common ODS oxidants and catalysts have been applied to the process. This paper reviews common oxidant-catalysts used in the MAOD process, namely, H2O2 and Fe(VI) oxidants, along with heteropoly acids (HPA) and acetic acid catalysts. The majority of MAOD studies have shown that H2O2 is commonly preferred as it is cheap, easily available, and environmentally friendly. HPA consists of polyoxometalate anions that create intermediate products in reaction with H2O2 to enhance oxidation. A highly effective HPA in MAOD studies is phosphotungstic acid (HPW). Optimization studies that used the H2O2-HPW oxidant/catalyst system reported sulfur conversions ranging from 82 % and above. The highest sulfur removal of 100 % was achieved at 40 °C operating temperature, 10,000 rpm agitation speed, and 1:1 PTA to catalyst ratio for this system. In addition, the incorporation of activated carbon to HPW was reported to enhance the desulfurization performance, with the AC acting as a catalyst and an adsorbent. On the other hand, Fe(VI) has a high redox potential among commonly utilized oxidants in ODS. Fe(VI) is usually paired with an acetic acid catalyst as the high redox potential is achieved at acidic conditions. However, the separation and recycling of acetic acid after desulfurization has been seen as a potential challenge. With this, ODS studies have paired Fe(VI) with solid superacid, such as SO42−/γ-Al2O3, for their highly acidic strength, and environmental friendliness. An optimization study reported sulfur removal of 91.3 % using a Fe (VI)-SO42−/γ-Al2O3 system and 100 % using H2O2/UIO-66(Zr) system. These systems can be subjected to MAOD for a potential increase in sulfur conversion. Applying further optimization to lower economic and environmental implications may be advantageous for possible scale-up applications of the MAOD process. [ABSTRACT FROM AUTHOR]

Multiple organizations and institutions have been resorting to indicators on diverse aspects of culture (e.g., creativity, social cohesion, cultural vitality, economic participation), according to their particular purposes and views of what is to be measured. This paper presents results from a research report of a qualitative study that analyzed 35 papers on cultural indicators found via Internet, based on four categories: purpose, assumptions about culture, concept of culture they sustain, and dimensions of indicators considered. Results show that even when the importance of culture is widely recognized in the papers, most of them propose indicators without having solid theoretical foundations, and with an emphasis on the relation between culture and economy. Also, most of the documents do not have a definition of culture or present an instrumental conceptualization of it, where culture is valued not as an end in itself but as a resource than can serve to development. [ABSTRACT FROM AUTHOR]

The African Growth Opportunity Act (AGOA) has been a crucial trade and development initiative, offering preferential access to qualified Sub-Saharan African (SSA) countries to the United States market since its enactment in 2000. This paper presents a comprehensive review of scholarly articles and policy reports that analyze the impact of AGOA on the economic performance of SSA countries. Employing various econometric methods and data analysis techniques, researchers have investigated the effects of AGOA on trade flows, foreign direct investment (FDI) inflows, employment, economic growth, and poverty levels. The findings reveal that AGOA has positively affected the region's trade, particularly in apparel, textiles, and agriculture. However, its influence on promoting export diversification and attracting FDI is nuanced, with substantial heterogeneity among the beneficiary countries and industries within each country. While some SSA countries have experienced substantial export growth and FDI inflows, others have not fully leveraged the benefits of AGOA due to absorptive capacity constraints and governance challenges. AGOA's effectiveness in promoting broad-based employment, GDP growth, and poverty reduction remains an active area of inquiry, necessitating further research to understand the policy's sustained impact and inform future trade policy designs for SSA countries. [ABSTRACT FROM AUTHOR]

This paper explores the effect of middle class share on economic performance and institutional outcomes across Indian states. It is argued that the middle class has a role in creating better economic and institutional outcomes. A three stage least squares model is used to study the association between economic/ institutional outcomes and middle class across Indian states. The results show that middle class size has an impact on GDP per capita and its growth. Middle class share positively influences health outcomes, but does not affect some other institutional outcomes. There is no prior empirical analysis dealing with the role of middle class in shaping economic development and institutions in the Indian context. This paper attempts to fill this gap by systematically studying the relationship using an econometric model. [ABSTRACT FROM AUTHOR]

This paper presents a comprehensive analysis of key financial indicators influencing the operational efficiency of banks in Jordan over the period 2006 to 2021. The study, focusing on fifteen commercial banks, employs seven regression models to assess the impact of selected variables on bank operating efficiency. Our findings reveal novel insights with substantial contributions to banking practice. We identify a statistically significant influence of both bank-specific factors and temporal effects, demonstrating the nuanced dynamics shaping the operational efficiency of Jordanian banks. Notably, a positive and significant correlation is established between the operating efficiency ratio and return on assets, bank size, and the ratio of loan loss provisions to net interest income, providing valuable strategic guidance for effective management. Conversely, a significant negative relationship is observed between the operating efficiency ratio and the total expense ratio, underscoring the critical importance of careful cost management. No significant associations are found between the operating efficiency ratio and credit risk, the equity-to-asset ratio, the deposit-to-liability ratio, and the equity-to-liability ratio. This study makes a unique contribution by shedding light on these previously unexplored correlations, offering actionable insights for enhancing operational efficiency in the banking sector. Additionally, our research advocates for the Central Bank of Jordan (CBJ) to persist in adaptive policy measures, which are crucial for ongoing banking reforms and improved monitoring practices. Based on our empirical findings, these recommendations aim to fortify the resilience and adaptability of Jordan's banking sector, contributing both academically and practically. Importantly, they reinforce the symbiotic link between a stable banking sector and sustained economic development in Jordan. [ABSTRACT FROM AUTHOR]

The paper examines a paradigmatic example of post-conflict economic development of Vukovar, Croatia. It represents a pertinent case study for localities encountering analogous challenges, most notably urban areas in Ukraine in the near future. The war that broke out in 1991 brought significant human casualties, population displacement, and extensive destruction of residential, social, and economic infrastructure. The completion of the peaceful reintegration of Vukovar into Croatia's legal system in 1998 marked the beginning of the socio-economic revitalization process. The research scrutinizes the primary impediments and prospects for Vukovar's economic growth, probing why substantial investments in reconstructing housing, transport, communal infrastructure, and fiscal incentives for businesses have not paralleled its economic performance. It concentrates on the local business climate and influential factors as potential explanations for this discrepancy. The topic was designed as a case study and was covered by document analysis, survey method, and semi-structured interviews. Utilizing a mixed-methods approach, the study collates perspectives from entrepreneurs and business support institutions. The results confirmed that reconstruction of housing and social infrastructure is necessary, but more conditions are needed for successful post-conflict economic development, and that the business climate in lagging local units highly depends on state- and locally designed business-support measures. [ABSTRACT FROM AUTHOR]

In the conditions of the modern global economy, tax policy is a direct tool of management that influences the economic development of the country. This paper dwells on the assessment of the interconnection between tax policy and economic development of the Kyrgyz Republic. The paper considers the issue of adapting the country’s tax policy to the conditions of the world economy, as well as to domestic needs and possibilities. This research focuses on the specific features of Kyrgyzstan's tax system, including the structure and recent changes in the legislation and their influence on fiscal policy and economic indicators. The authors emphasize that to achieve sustainable economic growth and raise the population’s well-being, it is important to create a tax system that would adequately react to the changes in the world economy. This paper contains a detailed analysis of macroeconomic factors and key economic indicators that is aimed at determining the current trends and potential opportunities for the optimisation of the tax burden. Special attention is paid to the development of tax tools that facilitate the formation of a favourable environment for sustainable economic development and prosperity of the national economy. This research is a complete overview of the tax system of the Kyrgyz Republic, with an analysis of the recent changes in the context of their impact on fiscal policy and economic indicators. Summing up, this paper distinguishes the strategic significance of effective tax policy for the stimulation of sustainable economic growth. [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]

Even though health expenditures are one of the significant determinants of accumulation of human capital and economic growth, researchers have paid less attention to unveiling interactions between health care expenditures and economic performance. The main objective of this study is to investigate disaggregated health care expenditures and economic growth nexus in Türkiye from 1979 to 2019 by using an asymmetric causality approach. The main empirical findings could be briefly summed up as follows: there exist asymmetric causal effects running from total health expenditures, out-of-pocket health expenditures and voluntary health expenditures to economic growth, while there is no asymmetric causal effect from compulsory health expenditures to economic growth. The policy inferences of empirical results for enhancing the productivity of health expenditures are stated in the body of the paper. [ABSTRACT FROM AUTHOR]

What determines the differences in economic performance across European regions? In addressing this question, this paper takes inspiration from two different approaches. One approach highlights the role of capability-building, of a technological or social nature, while another perspective emphasizes the potential advantages of proximity and, hence, a relatively diversified economic structure, for regional economic performance. The paper argues that the impacts of capability-building and diversification on regional economic development need to be assessed jointly. Using information for 261 regions at NUTS2 level in 27 European countries in the 2000s, novel data sources are exploited to construct measures of technological and social capabilities, which are combined with indicators of related and unrelated variety in the analysis of regional economic dynamics. The results suggest that capability-building play a key role in regional economic development while the results for diversification are more mixed. [ABSTRACT FROM AUTHOR]

China's economy has shifted from the stage of high-speed growth to the stage of high-quality development. This paper selects panel data of 30 provinces, municipalities directly under the Central Government and autonomous regions (except Tibet) in mainland China with the time dimension of 2006–2016, selects indicators from five dimensions of innovation, coordination, greenness, openness and sharing, uses principal component analysis to construct a system of indicators of high-quality economic development, and uses the spatial Durbin model to empirically the impact of government investment behavior in the three industries on the regional economic high-quality development was studied. The results show that: first, there is a significant positive spatial correlation between China's economic quality development. Second, government investment in different industries has different effects on the quality development of the economy. Investment in the tertiary industry can boost employment, raise income level, promote economic quality development, and enhance sharing, coordination and innovation; investment in the secondary industry can enhance innovation, but because of the "crowding-out effect", it will reduce openness and sharing, and is not conducive to promoting economic quality development; investment in the primary industry can Investment in the primary industry can significantly improve coordination, but it will reduce innovation, greenness, openness and sharing, which will also have a negative impact on the overall high-quality economic development. Third, there is a significant spatial spillover effect of government investment behavior on regional economic quality development, and the economic quality development of this region will have an impact on neighboring regions. Finally, based on the research results, this paper puts forward countermeasure suggestions for promoting high-quality economic development. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic is presenting a serious health crisis to humanity. This pandemic is also raising questions for both academic and policy administration. Using a global database, this paper aims to clarify the relationship between COVID-19 statistics and some macroeconomic indicators in 206 countries worldwide. The quantitative analysis process is done by two methodologies including the Pearson correlation and the Pooled-OLS regression. The result shows that the number of infections and deaths has positive and significant relationships with the population, the median age, and income per capita. The information from this paper can help policymakers have a better view of the COVID-19 pandemic as well as prepare effective responses in combating potential pandemics in the future. [ABSTRACT FROM AUTHOR]

The paper contains a series of complex analyses on the study of typologies of economic crises and can bring a significant contribution to the literature in determining the effects of external factors on economic growth, taking into account the distinct characteristics of the periods of decline. The work includes Hodrick-Prescott filtering techniques for characterizing business cycles in three Central and Eastern European countries and the Structural Vector Autoregression (SVAR) technique is used to analyze the impact of external shocks on economic growth over two distinct time-horizons. External shocks such as external debt, external interest rate, external output, producer price index and real interest rate were taken into account. For each economy analyzed, the impact of the two types of economic crisis was observed, namely financial crisis and health crisis, and two time-horizons were defined for each complete economic cycle. Over these two time-horizons, the impact of external shocks on economic growth has been assessed. There has been a general decrease in the effects of shocks in the second time-horizon, in which the most severe values of economic growth are associated with the health crisis, compared to the time-horizon associated with the financial crisis. It has also been observed that, in the case of both Hungary and Romania, the responses of economic growth to external shocks are faster compared to the Czech economy. Moreover, external production is the factor that explains most of the variance in the economic growth rate in the first time-horizon, while in the second, one of the most influential indicators is the external production price index, which has been severely affected by the slowdown in the global production process. [ABSTRACT FROM AUTHOR]

This paper analyzes the capital market and the evolution of Romania's economic growth, examining the correlation between the main indicators of the two economic and financial mechanisms. The purpose of this paper is to examine the relationship between financial development and economic growth in the period 2000-2020, using indicators for the development of the stock market sector and the macroeconomic environment. Most of the existing studies on this topic address the markets of developed economies, but we believe that the degree of correlation may differ in the case of less developed countries. This paper tries to bring its contribution to the specialized literature by studying the indicators in the case of Romania, during the period when this developing market aspires to the status of an emerging market and in the context in which this promotion took place in 2020. [ABSTRACT FROM AUTHOR]

Research background. Cross-border cooperation promotes multifield relations in the global economy with small and medium-sized enterprises (SMEs) aiming to find new markets and business networks and achieve any higher economic performance. In addition, it is more than healthy for businesspeople to use their experience to address the challenges of multi-cultural interactions and to form, develop, adjust and strengthen relationships within dynamic environments. Current studies on business-to-business (B2B) relationships and internationalization provide evidence that there is no single theoretical framework, and the analysis of the correlation between the two processes is an area of interest for future research. Thus, international relationships which take into account the general challenges of global intricacies, the cultural differences between target markets, emerge as relevant. Purpose of the article . The paper seeks to examine managers' perception and attitude towards different facets of B2B relationships availed by SMEs in international contexts. Methods: The research method used is the interview-based survey, a qualitative, eminently exploratory method which facilitates an investigation of presumed relationships between different constructs and, implicitly, a pertinent description of socio-human processes and phenomena. Findings & Value added. The qualitative analysis of the collected data pointed to several main conclusions. Firstly, most of the interviewed subjects rated the dimensions related to B2B relationships as important in the internationalisation process of their SMEs. Secondly, managers consider that economic interests and overall business details prevail over socio-cultural differences between business partners and over the characteristics of the country of origin. [ABSTRACT FROM AUTHOR]

The high-tech industry, as a two-stage system consisting of technology development and economic transformation, plays an important role in the transformation and upgrading of China's economic development. Productivity analysis is the primary method for assessing the performance of economic growth. Hence, it is important to accurately measure productivity changes, which can provide valuable guidance for its further development. Accordingly, based on the provincial-level sample data of the high-tech industry, this paper measures the productivity changes of the whole system and each stage by adopting Malmquist and Hicks–Moorsteen indices both under the convex and nonconvex measures. Further, a comparative analysis of productivity changes from the national and regional high-tech industry perspective has been performed. Empirical results suggest that productivity changes differ significantly among the national, Eastern, and Northeast regions only for the variable returns to scale assumption under the nonconvex measure, specifically for the whole system. Moreover, more contradictory results between Malmquist and Hicks–Moorsteen indices occur under variable returns to scale and nonconvex technology. Furthermore, productivity growth for the whole system is primarily attributed to that of the technology development stage, except for the Central region. In addition, the differences in productivity changes across regions are reduced. Finally, some constructive suggestions have been made so that policymakers can provide theoretical references when making decisions for the high-quality development of the high-tech industry. [ABSTRACT FROM AUTHOR]

This paper examines the connection between measures of a U.S. metropolitan area's new urban crisis (i.e., unaffordable housing, economic inequality, and residential segregation) and its year-over-year employment change in the period immediately before and during the COVID-19 pandemic. Results show that measures of the new urban crisis did not generally have a statistically significant association with year-over-year employment change between January and September of 2020, which captures the period before COVID-19 and the beginning of the pandemic (e.g., shutdown). The severity of a region's economic segregation and inequality, however, are associated with higher rates of employment decline in the early recovery months of October to December of 2020. These findings suggest that places that rate worse for indicators of the new urban crisis were less able to recover from the negative economic shocks related to COVID-19. [ABSTRACT FROM AUTHOR]

Recently, several studies using various methods for analysis have tried to evaluate factors affecting knowledge creation activity, but few analyses quantitatively account for the impact that economic determinants have on them. This paper introduces a non-parametric method to structurally analyze changes in information and communication technology (ICT) patenting trends as representative outcomes of knowledge creation activity with economic indicators. For this, the authors established a symmetric model that enables several economic contributors to be decomposed through the perspective of ICTs' research and development (R&D) performance, industrial change, and overall manufacturing growth. Additionally, an empirical analysis of some countries from 2001 to 2009 was conducted through this model. This paper found that all countries except the United States experienced an increase of 10.5-267.4% in ICT patent applications, despite fluctuations in the time series. It is interesting that the changes in ICT patenting of each country generally have a negative relationship with the intensity of each country's patent protection system. Positive determinants include ICT R&D productivity and overall manufacturing growth, while ICT industrial change is a negative determinant in almost all countries. This paper emphasizes that each country needs to design strategic plans for effective ICT innovation. In particular, ICT innovation activities need to be promoted by increasing ICT R&D investment and developing the ICT industry, since ICT R&D intensity and ICT industrial change generally have a low contribution to ICT patenting. [ABSTRACT FROM AUTHOR]

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The concept of inclusive economic development and the basic concepts that underlie it are examined in the scientific paper. The definitions of "inclusive growth" offered by the leading international organizations and scientists are studied. The methods of inclusive economic development assessment are analyzed: the methodology of the Asian Development Bank, the method of calculating of inclusive development index offered by the World Economic Forum in Davos (Switzerland) likewise the method of inclusive rural development assessment is substantiated. Their main advantages and disadvantages are revealed. The policy of inclusive growth should be based on institutional support and good governance policy. To determine the level of inclusive economic development the key components should be considered: political, economic, social, and environmental. The need to improve the existing methods by including the environmental component and indicators that determine the degree of equal opportunities for the citizens regardless of their age, gender, physical abilities, religion, nationality, and place of residence is shown. [ABSTRACT FROM AUTHOR]

The key preoccupation and focus of the analytical attention of this paper is the consideration of the causative and consequential relations between the political and economic dimension of social life, that is, passing the boundary line between economy and politics. The major debate in this paper is: what is the causal relationship between democracy and economic development? When we are debating the Democracy-Development Nexus, the key finding of the analysis is reflected in the fact that, in spite of what the evidence in the scholarly literature is mixed and inconclusive, there is little disagreement that over time democracy and development are interdependent and mutually reinforcing. Although a strong positive link between the GDP per capita (key indicator of economic development) and the degree of development of the democratic structure in the case of selected transition economies has been confirmed, democracy, however, does not exclusively depend on the state of the economy, and economic weakness does not translate directly into the impossibility of democracy. [ABSTRACT FROM AUTHOR]

This paper aims to study the pedestrian pavement application of the green building material rubber concrete. As the majority of worn-out tyres are discarded in landfills in large masses, the looming threat over the environment is becoming more tangible. The "black pollution" waste tire rubber is mixed into the concrete, which not only solves the problem of black pollution, but also provides a new concrete material that is more resistant to cracking than the current concrete pavement for road construction. In order to study the applicability of rubber concrete pedestrian pavement, this paper uses the axial compressive strength test to measure the rubber content of rubber concrete suitable for use in pedestrian pavement. The rubber content is to replace 20 % of the volume of fine aggregate with rubber particles, and then the rubber with this mix ratio is used. Concrete flexural experiments were carried out to explore the mechanical properties of rubberized concrete. The results show that the mechanical properties of rubberized concrete meet the requirements of pavement construction, and the flexural strength is about 20 % higher than that of ordinary concrete of the same strength. In addition, the incorporation of rubber particles improves the cracking resistance of concrete as measured by early and long-term crack resistance experiments. The number of short-term cracking cracks is much smaller than that of ordinary concrete, and the long-term drying shrinkage rate is about 1/2 of that of conventional concrete. It can be seen that rubberized concrete not only meets the requirements of sustainable development, but also satisfied the mechanical and service performance of pavement construction. [ABSTRACT FROM AUTHOR]

The priority areas for the development of different purposes ceramics technology are the energy-saving technologies creation and the reduction of production energy costs. The main efforts should be directed to the implementation of energy-saving reserves at the firing stage of products as the most energy-intensive technological operation. The necessity of temperature reduction and the firing time shortening requires special attention to the ceramic masses and glazes prescripts, designed to ensure high-quality products under energy)saving firing conditions. This paper considers the new approach for low-temperature masses and frit-free glaze development and presents an algorithm for composition designing in the production of building, technical and household ceramics. Examples of the original and low-cost method used for the energy-saving reserves implementation in porcelain slabs, electrical, sanitary and tableware porcelain production are given. The effectiveness of the proposed method was experimentally confirmed. Its use made it possible to reduce the firing temperature of products by 100-150 °C, significantly shorten the production cycle and, as a result, reduce energy costs by 15-20 %. [ABSTRACT FROM AUTHOR]

Chemical engineering is a complicated combination of skills that depends on the curricula, teachers, and teaching environment and it requires huge resources to prepare skilled personnel for chemical and related industries. Chemical plant specialists face new challenges as digital and energy transition, new products and processes, circularity paradigm, etc. All these need awareness of new trends and the capability to solve related industrial problems. This paper presents a computer-aided process engineering-based (CAPE-based) curricula development that supports continuous improvements of chemical plants and speeds up the application of up)to-date knowledge directly to industrial practice. The approach is based on the interplay of engineers, plant managers and university professors in solving the real industrial problem. The procedure is supported by a cloud-based CAPE environment for teaching, training, and producing the project results. The industrial problems are identified by the plant personnel and appropriate engineers are assigned by managers. The specific structure of the curricula presumes face-to-face, online and hybrid training and consulting in a triangle engineer, plant supervisor, and professor to solve a problem in the chemical and petrochemical industry. The pool of university professors is adjusted to cover all necessary tasks, provide up-to-date knowledge, and give a new paradigm to engineering thinking. The fellows improve in machine learning, data science, communication skills, presentation skills, economic assessment, etc., to increase the importance of the company. As the real results of one of the case studies, the steam consumption of the petrochemical plant was reduced by 64 % and the yield of the production unit was increased. Eleven case studies were solved covering energy and resource efficiency, wastewater treatment, by-product recycling, new product development and other issues. As the final project results the mechanical specification of the equipment, new plant layout and economic efficiency were assessed. [ABSTRACT FROM AUTHOR]

The use of renewable energy sources as a solution to the energy dependency on fossil fuels requires innovative solutions to the issue of energy storage. Among the solutions suggested in the literature, electrothermal energy storage comprised of a heat pump and a heat engine using transcritical CO2 cycles, water as a thermal energy storage (TES) fluid to store sensible heat and ice as a cold storage medium to store latent heat, appears promising. In this paper, a steady state mathematical model of the system is developed using Aspen Plus V11, validated and compared against results available in the literature. The validated model’s performance is then studied utilizing parametric sensitivity analysis by exploring the effect of different parameters on multiple efficiency metrics, with the best case achieving improvement on the round-trip efficiency (ηR-T) of 7.64 %. The hydraulic turbine inlet temperature and the heat engine minimum pressure are found to contribute the most to the ηR-T improvement, with the minimum pressure being the one that can be further decreased by using cold TES mediums with lower freezing points. Finally, the effect of alternative cold TES mediums (with lower freezing temperature than ice) on the performance of the system is evaluated. It was concluded, that the ηR-T of the model decreases as the freezing temperature declines, from 46.90 % at 0 °C to 44.90 % at -20.19 °C. As a result, no benefit related to the ηR-T of the model can be deduced by choosing cold TES mediums with lower freezing p than ice. [ABSTRACT FROM AUTHOR]

The purpose of the presented in this paper research is to give the physicochemical and morphological characterization of one of the most popular among Kazakhstani people peloid of Moiyldy lake. The results could lead to a more complex use of their potential as a self-healing source of biologically active components of natural origin as an environmentally safe material. A review of the available studies of natural mud in Kazakhstan has shown the absence of systematic studies of the composition and structure of peloids in the North-Eastern part of the country. For the first time, a comparative analysis of the data obtained with previous studies of peloids of other Kazakhstan regions was carried out. The results indicate that the studied samples of therapeutic mud have a medium mineralized, slightly alkaline continental origin with an insignificant content of humic carbon (3.861 %). It is characterized by an increased concentration of ammonium (253,849 mg kg-1 ), which is the biologically active component that has anti-allergic and anti-inflammatory effects. Based on the elemental content, it is concluded that elements whose gross concentrations exceed the accepted values are bismuth (41.4 times), tantalum (10.6 times), and cesium (8.0 times). The mineralogical and elemental analysis results demonstrate diverse composition that allows biologically active elements synergistically empower their effect and expand the scope of the therapeutic application of peloid in the future. [ABSTRACT FROM AUTHOR]

Cement manufacturing is an energy-intensive industry and is the third largest greenhouse gas (GHG) emitter accounting for 8 % of the world’s total emissions. There are mitigations to limit its carbon footprint through process optimization and using alternatives to fossil-derived fuels. Another technological option to meet the higher carbon dioxide (CO2) reduction target is carbon capture. The post-combustion process is considered the most straightforward and widely studied among carbon capture technologies (CCTs) in advanced stages of development for industrial application. However, the progress of CCTs on an industrial scale has been hindered by low profitability due to the high capital necessary to upscale the technology and retrofit industrial plants. Sales from utilizing the captured CO2 and carbon taxing and trading benefit the application of these technologies. This paper proposes a methodology built from the P-graph and Analytical Hierarchy Process (AHP) to aid in the planning of retrofitting cement plants with post-CCTs in a cap-and-trade environment utilizing an Emissions Trading Scheme (ETS). Three alternative post-combustion technologies were considered, namely monoethanolamine (MEA) absorption technology, chilled ammonia process (CAP), and membrane-assisted liquefaction (MEM). The criteria used to prioritize alternatives are the net CO2 avoided, profitability, and the retrofitability of the technology to an existing plant. The results suggest that CAP is the most profitable based on P-graph calculation. However, MEA is the most optimal network considering the importance of net CO2 avoided and the level of retrofitability. Further sensitivity analysis of the model shows that CAP is the most applicable technology once the profitability score exceeds 0.8341. CAP and MEA will have an equal ranking at a retrofitability score of 0.0632. More than this score, the latter outranked the other two technologies. Finally, MEM surpassed CAP and MEA at a minimum net CO2 avoided score of 0.7079. [ABSTRACT FROM AUTHOR]

Freshwater is a limited and irreversible resource that is essential for human existence. Freshwater conservation is one of the critical components for sustainable development, socioeconomic development, a healthy ecosystem and social survival. Pinch Analysis, a tool in process integration, can be used to conserve freshwater resources in water conservation networks (WCNs). In many WCNs, multiple freshwater resources exist; the primary objective is cost-effectively conserving freshwater. Typically, WCN problems with up to two freshwater resources are efficiently solved using the existing methodologies in Pinch Analysis. In WCNs with three or more freshwater resources, replacing some freshwater resources with a combination of other freshwater is possible and may lead to a cost-optimal solution. This replacement strategy will be demonstrated for the first time in this paper. This paper aims to develop an algorithm based on Pinch Analysis to identify the replacement criteria for freshwater resources. The proposed algorithm is graphically represented with the help of a cost vs. concentration sensitivity diagram. The proposed algorithm is explained through a numerical example. [ABSTRACT FROM AUTHOR]

Sustainability is an important topic in the development process of urban agglomerations. Sustainability assessment is an effective way to monitor the sustainable development of urban agglomerations. Based on the three‐pillars model, the paper assessed the sustainability of the three major urban agglomerations in China by selecting 18 indicators from economic, social, and environmental dimensions. A new sustainability‐differentiation‐combined weighting method was proposed, which considers the sustainability at indicator level as well as highlights the difference at urban agglomeration level. The assessment results show that the Pearl River Delta (PRD) urban agglomeration performed best, followed by the Yangtze River Delta (YRD) urban agglomeration and the Beijing‐Tianjin‐Hebei (BTH) urban agglomeration. However, the sustainability level of the three urban agglomerations was not high. It primarily caused by the downward development trend of economic sustainability of the three urban agglomerations. And the YRD and PRD urban agglomerations had lower performances on social sustainability. The spatial sustainability of the urban agglomerations was also analyzed, and the results show the spatial linkage development within the urban agglomerations was poor. Based on these findings, some valuable suggestions were provided as reference for the sustainability construction of the urban agglomerations. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates the (a)symmetric effects of financial development in the presence of economic growth, energy consumption, urbanization and foreign direct investment on environmental quality of South Africa between 1980 and 2017. Design/methodology/approach: A robust measure of financial development is generated using banking institutions and non-banking institutions market-based financial development indicators, while environmental quality is measured using carbon footprint, non-carbon footprint and ecological footprint. The objectives of the study are captured using linear and non-linear autoregressive distributed lag. Findings: The result from the symmetric analysis suggests that financial development stimulates carbon footprint and ecological footprint in the short run; however, financial development abates non-carbon footprint. In the long run, financial development has a significant negative effect on carbon footprint and ecological footprint. However, the asymmetric analysis established strong asymmetric effect in the short run, while no asymmetric effect is found in the long run. The short run asymmetric analysis reveals that positive shock in financial development increases carbon footprint and ecological footprint; however, positive changes in financial development reduce non-carbon footprint. Negative shocks in financial development, on the other hand, have a positive impact carbon footprint, non-carbon footprint and ecological footprint. Practical implications: The study's outcome implies that the concept of "more finance, more growth" could also be applied to "more finance, better environment" in South Africa. The study offers vital policy suggestions for the realization of sustainable development in South Africa. Originality/value: This empiric adds to the body of knowledge on the influence of financial development on various components of environmental quality (carbon footprint, non-carbon footprint and ecological footprint) in South Africa. [ABSTRACT FROM AUTHOR]

Purpose: This article examines the links between average city size, fiscal decentralisation, and national economic growth in 33 Organisation for Economic Co-operation and Development (OECD) countries. Design/methodology/approach: The data in this paper comprise an unbalanced panel dataset which contains economic growth indicators, average city size, fiscal decentralisation indicators and control variables in 33 OECD member countries from 1975 to 2015 in five-year intervals. Fixed-effects (FE) estimators are used for the analysis. Findings: This research finds i) countries with larger weighted average city sizes have higher economic growth, ii) countries with greater fiscal decentralisation have higher economic growth, but iii) countries with larger weighted average city sizes with greater decentralisation have lower rates of economic growth. Originality/value: The research highlights the importance of agglomerations and decentralised governance and management for economic growth. While the findings are consistent with previous evidence that larger city sizes and fiscal decentralisation are separately associated with higher rates of economic growth, the authors find countries which have larger cities and greater fiscal decentralisation experience lower rates of economic growth highlighting a need for caution on decentralisation agendas in such cases. The implications of this suggest policymakers should proceed with caution on decentralisation agendas in countries with large cities. [ABSTRACT FROM AUTHOR]

Measurement of an economic indicator or phenomenon starts by defining it first and determining its components. Tax evasion as a component of the underground economy is a phenomenon that is hard to be observed and estimated because of its hidden nature. To be able to compare the figures for tax evasion from different countries, there is the need for a definition internationally accepted. This paper aims to make a literature review on the phenomenon and to find a definition that is widely accepted. In this area, not only the literature review is important but also the legislation from different countries. We will look closely at the definition of tax evasion given by the legislation of different countries from the EU and the USA. In the literature, there are several methods to estimate the underground economy. There are direct methods (questionnaire), indirect methods (indicator methods), and statistical methods (MIMIC), but all of them have their shortcomings. In the paper, all the shortcomings of each method used in the present are discussed to estimate the underground economy. As a conclusion, we can state that at the present moment there is not a definition internationally accepted for the underground economy, making it hard to estimate and to compare the results from different countries. In addition, the methods used to estimate the phenomenon have advantages and disadvantages. None of the methods is better than the other. When estimating the underground economy, it is advised to use more than one method. At this moment it is safe to say that the link between theory and empirical estimation is still unsatisfactory. [ABSTRACT FROM AUTHOR]

An adequate level of basic financial knowledge of the population contributes to achieving individual well-being, ensuring the stability of financial markets, and proper functioning of the economy. This paper aims to identify Romania's position on financial literacy indicators, compared to other European countries, and to investigate the link between financial literacy, economic development, and financial development at a cross-country level. The findings reveal that Romania has the lowest level of financial literacy, although its income per capita is not the lowest in the European Union (EU). The low financial inclusion in Romania is strongly linked to inadequate financial education. Moreover, the population underestimates the benefits of long-term savings. These results challenge Romanian policymakers to develop effective financial education tools and programs, aimed at increasing financial awareness and financial literacy of population. [ABSTRACT FROM AUTHOR]

he purpose of this paper is to analyze whether Kosovo is benefiting from being partof the eurozone or should start thinking on leaving eurozone by starting to issue its own currency.As a new country with a developing economy we know that staying within the eurozone conditions a reduction in inflation and all this affects the slowdown the rapidity of economic development. This has led it us to analyse whether staying in the eurozone is beneficial for Kosovo. The data collected in this paper are primary data obtained from the basic literature analysis, as well as the secondary data analyzed according to the descriptive analysis by observing and analyzing the macroeconomic and financial indicators in Kosovo. The findings of the study show that in the current situation, both politically and economically, there are more benefits of using euro than its own currency for Kosovo.Because of being part of eurozone, Kosovo has benefited from loans with lower interest rates than other neighboring countries for the sole reason that Kosovo is in the eurozone and they are not, by ranking us in a safer place for investors and a more stable place as a result of euro. [ABSTRACT FROM AUTHOR]