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The opening of equity markets to foreign investment by developing countries appears to generate an enormously large positive growth effect (see Bekaert, Harvey, and Lundblad (2005), Journal of Financial Economics 77, 3–55) in spite of a relatively small role of such markets for financing investment in most economies. We propose a spillover channel from equity market opening to lower costs of bank loans, which helps to explain this puzzle. From analyzing bank loan data associated with China's introduction of the Qualified Foreign Institutional Investors program, we find significant support for this channel. Furthermore, we show that a reduction in the risk premium in loans is an important mechanism. [ABSTRACT FROM AUTHOR]

Encouraged by the ubiquitous belief entrepreneurship's value as a source of economic growth, for many governments developing entrepreneurial ecosystems has become elemental to their development strategies, representing a prominent trend in public entrepreneurship policy. However, the entrepreneurial ecosystems field is recent, undertheorized, and fragmented, limiting its capacity to explain the effects of entrepreneurial ecosystem policies. Advancing research is crucial for advising policy makers on how to formulate effective entrepreneurial ecosystem policies that are decisive for developing ecosystems. Lacking such solid and coherent theoretical foundations, entrepreneurial ecosystem policies risk being ineffective, while policy makers tend to simply replicate entrepreneurial ecosystem policies from other entrepreneurial ecosystems. We aim to address this issue by providing guidance on key parameters to inform the formulation of entrepreneurial ecosystem policies. The development of entrepreneurial ecosystems requires customizing a mix of policies adapted to the unique characteristics of each ecosystem, promoting the quality of entrepreneurship to ensure the allocation of resources to productive use, and addressing the complexity of entrepreneurial ecosystems with a holistic policy approach. Based on our findings, we present a conceptual framework and discuss three parameters for policy formulation: top-down versus bottom-up formulation, support to systemic versus framework conditions, and holistic versus siloed approaches. [ABSTRACT FROM AUTHOR]

The access and utilization of global knowledge flows are becoming increasingly relevant for individuals, organizations, and countries in order to foster knowledge creation, innovativeness, productivity, and economic growth. The importance of global knowledge flows is undisputed and substantial research has been conducted to understand the different transmission channels. However, the underlying characteristics, determinants, and impacts of global knowledge flows are only partly comprehended and remain to be explored in more detail. The purpose of this special section is to bring together different perspectives on global knowledge flows in order to provide novel insights and expand our understanding of how to utilize them. After a brief review of the relevant literature, we discuss the six papers in this special section and conclude with overall theory and policy implications and highlight key avenues for further research. [ABSTRACT FROM AUTHOR]

Entrepreneurship scholars often lament the lack of economic growth in contexts of poverty and informality. We propose that this dismal assessment, as well as subsequent prescriptions to address it, flow from a narrow epistemological approach to informality based on absence, where the lack of (Western) market-supporting legal and regulatory institutions explain missing economic growth at the firm level. In contrast, we build a theoretical approach grounded in presence, proposing that a more comprehensive incorporation of existing institutions may reveal less visible, individual level types of entrepreneurial growth occurring in informal economies. To do so, we conceptualize informal economies as institutional interfaces built of "bits and pieces" from market and nonmarket institutions. We propose that the configuration of these interfaces influences the cultural toolkits of inhabitant entrepreneurs, which in turn shapes how they grow in an informal economy. Specifically, we link three dimensions of institutional complexity at the institutional interface (jurisdictional influence, fragmentation, and incompatibility) to three types of growth (direct, dispersed, and disguised) that vary in terms of visibility. Our theory animates understanding of diverse informal economies and the entrepreneurial activity that exists within them. [ABSTRACT FROM AUTHOR]

This study investigates the impact of creative goods exports on economic growth. We use a panel dataset of 71 economies separated into two subsets of advanced and emerging or developing economies from 2002 to 2021. The main findings indicate that the impact of creative goods exports on economic growth is positive and statistically significant across countries. [ABSTRACT FROM AUTHOR]

We test the impact of globalization on the inflation process (global slack hypothesis) for 15 emerging economies over the period (1996Q1-2019Q4). The novelty of this article lies in testing the impact of globalization on the inflation process. We introduce the smooth transition regression (STR) model of the Phillips curve to capture the gradual impacts of globalization on inflation dynamics. The main results are as follows. (i) The asymmetries in inflation exist that are not captured by the linear Phillips curve. (ii) The domestic output gap remains a main driving force of inflation. (iii) Globalization based on the trade weighted average of the domestic output gap does not affect the inflation process compared to other variables like the trade openness, import prices, real exchange rate and international oil prices. Our results yield important implications that the central banks of the emerging economies can stabilize inflation and output gap in an effective way, exploiting the inflation-output gap relationship. When economic expansion of the trading partners increases, the process of inflation dynamics changes in two economies (Brazil, and China). [ABSTRACT FROM AUTHOR]

In this study, we apply a theoretical framework that combines the life-course perspective and the concept of temporality to explore the career agency of immigrants participating in employment interventions in Norway. Findings suggest that immigrants’ career agency is influenced by several factors, including the management of family duties and temporal asynchronies; career history and temporal liminality; and coping with past traumas and temporal suspension. Immigrants might overlook job opportunities due to family obligations or opt for low-skilled professions, seeking an exit from temporal liminality. The endured traumas, followed by temporal suspension, prompt the pursuit of the employment opportunities that are less mentally taxing. Our study highlights the need for employment counselling that acknowledges the effects of disrupted life courses and temporality on immigrants’ career agency. By comprehending clients’ experiences of temporal challenges, counsellors can create tailored strategies and advice that resonate with clients’ lived experiences and current social context. [ABSTRACT FROM AUTHOR]

AbstractWe analyze developmental strategies in various sectors in countries with underdeveloped economies and their implications for North Korea. We investigate the development plans of four underdeveloped transitional economies during the 1990s using the World Bank’s engagement reports. We find an emphasis on energy, transportation, and agriculture in those countries, while development strategies in North Korea focused on ICT in addition to energy, transportation, and agriculture during the same period. Statistical regression analysis reveals that ICT has the greatest potential impact on economic growth. Historically, domestic and external constraints have limited the performance of North Korea’s ICT policy. However, we recommend that ICT should have high priority in North Korea’s strategic development plan for the following reasons: the socio-economic environment is changing; ICT service trade across borders has been increasing; the population is aging; and our analysis identifies disruptive [ABSTRACT FROM AUTHOR]

The China-Pakistan Economic Corridor (CPEC) is a cornerstone of China's Belt and Road Initiative (BRI). It aims to enhance regional trade and economic expansion in Pakistan. We adopted systematic review approach to investigate the agricultural trade narrative of the CPEC and identify future research avenues. Our study uses the Web of Sciences and Scopus database to extract the relevant literature. We executed the search query for 2013–2023. We followed the Preferred Reporting Items for Systematic Review and Meta-Analysis (PRISMA) statement to identify the literature. The final analysis includes only 14 articles. We found that the literature mainly focuses on three topics, Gwadar port, road infrastructure, and agricultural complementarity and competitiveness. The review reveals the significant potential of CPEC on the agricultural trade of Pakistan. Based on the review, we point to avenues that could be considered in future research work to fully exploit the potential of CPEC in the agriculture sector of Pakistan. [ABSTRACT FROM AUTHOR]

Shadi Hamid, in his book “The Problem of Democracy, advocates for the promotion of minimalist democracy for the Middle East. Can minimalist democracy respond to the aspirations of the Arab public? Using data from the Arab Barometer (2018) survey, I emphasize that many citizens of Arab countries define democracy by its expected economic outcomes. Whether minimalist democracy can spur economic development is a puzzle. Literature on democratization and economic growth is inconclusive. In the Middle East and North Africa region, ballot box alone may not overcome significant barriers, such as overriding interest groups and corruption, to spur development. Democratic openings in the region often failed to promote expected economic growth. Therefore, while minimalist democracy would be an improvement for the current standards of governance in the region, it may fail to respond to the aspirations of the masses, making authoritarian reversion a likely outcome. [ABSTRACT FROM AUTHOR]

Africa began implementing the Sustainable Development Goals (SDGs) in 2015 emphasizing on sustainable management and effective use of natural capital to spur economic growth (Goals 12, 14, and 15). This study using World Bank data sets from 46 African countries selected for the years 2000 to 2022, examined the nexus between natural resource endowments and economic growth in Africa. We used the system generalized method of moments (sys-GMM) and dynamic panel threshold regression (DPTR) to analyze the data. The findings of the two-step sys-GMM estimation using 'xtabond2' revealed that when the institutional quality variable is added and excluded from the model, natural resource dependence negatively impacts economic growth, but the impact is greater when the institution is excluded. In the estimation of the interaction variable of natural resource dependence and institutional variable included in the model, natural resource dependence positively impacts economic growth. The results of the DPTR using "xthenreg" showed that when the threshold value of natural resource dependence is ≤ 1.73% of gross domestic product, natural resource dependence has a positive impact on economic growth and a negative impact when the threshold value is above 1.73%. Similarly, when the institutional quality threshold is ≤ 0.277, natural resources dependence impacts economic growth negatively; above the threshold (0.277), the impact is positive. In conclusion, natural resource endowment is a curse with no or low-quality institutions and a blessing with high-quality institutions. Thus, building strong institutions and proper utilization of natural resources helps to minimize the adverse impact of resource endowments on economic growth. [ABSTRACT FROM AUTHOR]

The impact of logistics development on the economy covers many aspects, such as production, cost, employment, international trade, etc. It is an indispensable part of the modern economy, which helps to improve overall economic efficiency and social prosperity. This study studies the spatiotemporal dynamic evolution characteristics of China's logistics development from 2008 to 2018 and explores its impact on economic growth in multiple dimensions of time and space. The research findings indicate the following: (1) From 2008 to 2018, China's logistics development level (LDL) exhibited a clear upward trend. The differences between the eastern, central, and western regions showed fluctuating downward patterns, ultimately converging towards a high-level concentration. Concerning spatial distribution, China's logistics development demonstrated a trend towards the west and south. However, the spatial pattern of "strong in the east and weak in the west " has existed for a long time. Moreover, the "T-shaped" pattern between coastal provinces and those along the Yangtze River Basin deepened, and the LDL in the central and western regions significantly improved. (2) The advancement of China's LDL effectively promotes its economic growth, confirming that the Belt and Road Initiative enhances the role of logistics development in driving economic growth. Regarding regional differences, logistics development positively influences economic growth in the eastern and western regions, with a less significant impact on the central region. Regarding the strength of influence, logistics development has a more substantial effect on promoting high-ranking provinces in the entire country, the eastern region, and the central region, as well as boosting economic growth in low-ranking provinces in the western region. [ABSTRACT FROM AUTHOR]

This paper describes and analyzes the process and results of the construction of a framework to assess the sustainability of alternative food networks in Mexico City, using a transdisciplinary and systemic approach. We generated a practical tool with twenty-two evaluation criteria linked to five themes: “care for nature and waste reduction;” “equity and economic viability;” “quality, diversity and local products;” “social equity, transparency and democracy,” and “learning and collaboration.” Our method allowed us to develop common languages and context-appropriate tools for sustainability assessment; identify trade-offs and leverage points; and promote collective learning in alternative food networks. [ABSTRACT FROM AUTHOR]

The influence of oil proceeds on an economy remains a subject of debate among scholars. Most scholars agree that income from oil has direct effect on economic expansion. We explore the impact of revenue from oil on economic growth in Nigeria from 1986 to 2016. Data were collected from the Nigerian Central Bank and the World Data Indicators. We employed a non‐linear autoregressive distributive lag approach to analyse the data. The outcome exposes a direct and significant association between revenue from oil and GDP both in the short and long term. Trade openness exhibits a significant negative effect on GDP from both short‐ and long‐term perspectives. Gross capital formation directly influences GDP in the short and long run, with significant impacts primarily in the long term. The study suggests that revenue from oil has a direct and significant impact on the Nigerian economy during the period from 1981 to 2016. We recommend that the Nigerian government create a conducive environment for private investment to thrive, thereby sustaining the nation's growth potential. Additionally, the government should wisely utilise revenue from oil to revitalise non‐booming productive sectors in the economy, thus diversifying revenue sources. [ABSTRACT FROM AUTHOR]

AbstractOwing to the mainstream interpretation of classical economics as being supply-side, studies examining the analytical role of demand and consumption have been scarce. In this paper, I bring together such passages in Cantillon, Steuart, Smith and Ricardo and forge an analytical link between social tastes and consumption—an attempt at reconstructing a classical theory of taste formation. A classical theory of taste formation has as its foundation methodological holism—viewing social classes as the fundamental unit of analysis. Through a discussion of necessaries and luxuries in the above classical economists, the social division of commodities is highlighted. By drawing on social classes and the social division of commodities, it is seen that taste plays a critical role in the determination of economic growth by influencing consumption expenditure. Finally, it is demonstrated that taste is both a cause and consequence of foreign trade. [ABSTRACT FROM AUTHOR]

As the six central provinces account for 23% of total national carbon emissions (CE), research into the decoupling status of their economic growth (EG) and carbon emissions is critical to achieving the Dual Carbon Goals and the Rise of Central China Plan. This research initially examines the decoupling status between CE and EG using the Tapio decoupling model, based on energy consumption (EC) dataset from six central provinces in China between 2000 and 2019. The decoupling index (DI) is then divided into five decoupling drivers using the LMDI method. Finally, an enhanced STIRPAT model is used to examine the decoupling status of CE and EG in the six central provinces from 2020 to 2040. The research findings are: (1) The six central provinces exhibited a stable decoupling status between 2000 and 2019. The DI of the six central provinces ranged from -1.2 to 3.4. (2) The decoupling performance is influenced mainly by the inhibitory effect of economic development (GI) and the promoting effect of energy intensity (EI). The GI consistently maintains an impact value of around 0.9. EI performance varies widely across provinces. (3) From 2020 to 2040, Anhui, Hubei, Henan, and Hunan show significantly strong decoupling indices distributed between -2.21 and -0.07 in all three scenarios. It is important to note that Shanxi and Jiangxi provinces will experience a Reverse Decoupling phenomenon. These findings are helpful in developing regionally coordinated development policies and strategies for reducing CE. [ABSTRACT FROM AUTHOR]

Along most of the 2005–2019 period, Uruguay experienced an impressive economic growth. The country extended its public policies across industrial, technological, and social domains. However, there was a dearth of significant structural changes, constraining Uruguay’s ability to embark on a sustained developmental trajectory. Our findings reveal that the majority of implemented policies were designed to enhance competitiveness and build capabilities horizontally, rather than promoting structural changes. This allows us to discuss the dynamic nature of developmental processes marked by increasing policy challenges. In doing so, we stress the relevance of policy support and coordination to sustain inclusive growth processes. [ABSTRACT FROM AUTHOR]

Malaysia’s economic growth and democratisation since 2003 have vaulted it into the ranks of the middle powers in the international system. However, Malaysia remains hesitant about its middle power status. It has assumed a counterhegemonic or pro-multipolarity role; it has supported some new international rules and institutions; it leads regional governance institutions; and it advocates for small countries on development issues. However, these middle power behaviours are countered by a continuation of traditional Malaysia diplomacy which is inactive in shaping the emergence of superpower China as well as being disruptive and personalistic, most recently because of its embrace of radical Islam. It would require major shifts in international system structures and Malaysian national role conceptions for Malaysia to become a fully active middle power. [ABSTRACT FROM AUTHOR]

The relationship between economic growth and CO2 emissions has been analyzed testing the environmental Kuznets curve hypothesis, but traditional econometric methods may be flawed. An alternative method is proposed using segmented-sample regressions and implemented in 164 countries (98.34% of world population) over different periods from 1822 to 2018. Results suggest that while the association between GDP per capita and CO2 emissions per capita is weakening over time, it remains positive globally, with only some high-income countries showing a reversed association in recent years. While 49 countries have decoupled emissions from economic growth, 115 have not. Most African, American, and Asian countries have not decoupled, whereas most European and Oceanians have. These findings highlight the urgency for effective climate policies because decoupling remains unachieved on a global scale, and we are moving away from, rather than approaching, the Paris Agreement goal of limiting temperature increase to 1.5 °C above preindustrial levels. [ABSTRACT FROM AUTHOR]

The Guangdong-Hong Kong-Macao Greater Bay Area has attracted attention for its extraordinary pace of economic development and is considered to be leading the way in China's transformation from a manufacturing to an innovation cluster. However, due to rapid economic expansion and rapid urbanization, the Great Bay Area still struggles with low energy efficiency and environmental degradation, which has slowed down the pace of development. Therefore, in order to alleviate energy pressure, promote the country's sustainable development and gain a competitive advantage in the global market, researching energy efficiency and improving energy utilization efficiency is crucial. In this study, macro-level energy efficiency indicators are constructed using energy consumption data from various cities in the Greater Bay Area for the period from 2000 to 2020, and the spatio-temporal evolution of energy efficiency is analysed. The results show that all cities in the Greater Bay Area experienced an increasing trend in energy efficiency from 2000 to 2019, with significant variation in growth rates and magnitudes between cities. Compared to the nine cities in Guangdong province, Hong Kong and Macao exhibited significantly superior energy efficiency, with Foshan recording the highest growth rate of 14%. In 2020, most cities experienced a decline in energy efficiency due to the COVID-19 pandemic, with Macao experiencing the greatest decrease at 57%. Hong Kong and Macao are both in the "low consumption and high efficiency" target region, while Guangzhou, Shenzhen and Zhuhai are consistently in the "both high" region. Changes in the industrial upgrading index correspond significantly with changes in energy efficiency trajectories, with the transition from primary to secondary and tertiary industries playing a more substantial role. There is no significant association found between the strength of environmental regulation and changes in energy efficiency. The study's findings indicate that the most effective way to achieve economic transformation in the majority of China's regions is to combine adequate environmental legislation with industrial structural adjustment. [ABSTRACT FROM AUTHOR]

This study examines policy uncertainty on mergers and acquisitions (M&A) in South Africa, emphasising the extensive regulatory review by the Competition Commission under the ‘public interest consideration’ criterion. It aims to identify the cost implications and uncertainties associated with M&A transactions to propose measures to reduce these uncertainties. Utilising qualitative methodologies, the study gathers empirical evidence through interviews with companies and competition lawyers involved in the M&A processes. The findings reveal significant concerns about economic uncertainty, merger control, and policy and regulation impacting investment decisions. Policy uncertainty, particularly in the context of merger regulation, imposes substantial cost implications and delays on M&A activities, negatively affecting investment, growth, and economic development. It emphasises the necessity for a regulatory framework that minimises disruptions and costs to business participants. The findings suggest that addressing policy uncertainty and streamlining regulatory processes are crucial steps towards enhancing South Africa's attractiveness as an investment destination and fostering economic growth and development. [ABSTRACT FROM AUTHOR]

For developing nations to achieve net-zero targets, macroeconomic linkages impacting the decoupling of emissions from economic growth must account for non-linear business cycles and economic shocks. This study aims to delineate decarbonization policy pathways for the Indian electricity sector in the aftermath of COVID-19 by analysing the long-term evolution of the economy–electricity–emissions (3E) nexus during the 2008 financial crisis and during COVID-19, covering the period of 1996Q2 to 2020Q3. Upon testing multiple theoretical 3E systems, it was found that a model internalizing trade, inflation, and stochasticity was able to minimize the reproduction errors from growth to recession phases, as well as predict the rebound effect from an economic crisis. This was revealed to be due to more information within the coefficients in a trade stochastic model. Our results confirm the existence of electricity-associated emission decoupling with capital formation in the long-run, post-crisis, while economic growth and inflation increase CO2 emissions. The main finding highlights the negative feedback loop of inflation->trade->emissions, which shows that GDP and emissions are not directly causal. This long-run macroeconomic dynamic death spiral causes decoupling to be inhibited, where fossil fuel imports should not be subsidized for economic shock rebound, and the risk hedging of energy transition investments should occur in the post-COVID-19 era. [ABSTRACT FROM AUTHOR]

The existence of heterogeneity in the literature that addresses the sources of economic growth, from an empirical point of view, generates a problem of uncertainty. The objective is to identify robust determinants of economic growth in Mexico by reducing the uncertainty of the model. To do so, the Bayesian Model Averaging (BMA) methodology is proposed, which analyzes many explanatory variables simultaneously. Thus, 28 possible determinants are considered in a sample that includes the 32 federal entities, to include the period 2010-2021. The BMA constructs various possible combinations of models to extract the most robust determinants. Similarly, the instrumental variables BMA (IVBMA) is used to consider possible endogeneity problems. The results show a set of significant economic, institutional, and social variables to understand economic growth in Mexico. [ABSTRACT FROM AUTHOR]

This paper investigates the effect of administrative level on local economic growth from the perspective of officials' rank. We notice an interesting phenomenon that higher‐ranking local officials (HRO) serve in cities with lower administrative level, can effectively improve economic performance similar to the effect of promoting administrative level of local government. Based on prefecture‐level city data from 2001 to 2019, we find that HRO can significantly promote local economic growth, especially in cities with lower levels of development. The mechanism analysis shows that the HRO cities not only could receive upper‐level government's favoritism but also tend to shape good business environment to attract investment. Further, HRO is a softer and shorter way than a formal change of regional administrative level, with less negative impact on the surrounding regions. The results provide new evidence that raising administrative level promotes regional development. [ABSTRACT FROM AUTHOR]

In the scope of this study, we delved into a thorough exploration of the intricate relationship between PISA study outcomes and a spectrum of socio-economic variables across 33 diverse countries. Our analytical approach harnessed the power of multivariate linear regression models, executed using STATA, a reliable and robust statistical software. These models served as a precise tool to effectively gauge the influence of a multitude of factors on PISA scores, thereby offering a nuanced understanding of the dynamics at play. However, we didn't stop at mere regression analysis. We further enriched our investigation by embracing the K-means clustering method. This clustering approach allowed us to classify countries into distinct groups based on shared characteristics related to PISA scores and socio-economic factors. By doing so, we unlocked a deeper layer of insight into the unique patterns and commonalities within the dataset, shedding light on the complex interplay between education, socio-economic variables, and the broader landscape of economic development. The amalgamation of these two analytical methods presented a holistic perspective, enabling us to unravel the multifaceted interactions that underlie education outcomes and socio-economic conditions. These findings, ripe with implications, offer valuable guidance for policymakers, educators, and researchers alike, as they grapple with the challenges of enhancing educational quality and promoting sustainable economic development. [ABSTRACT FROM AUTHOR]

This study attempts to investigate how Germany's energy transition has affected environmental quality by considering natural resources, economic growth, financial development, and financial globalization for the period from 1980 to 2021. It is also aimed to discover that the interactions alter with different levels of load capacity factor and explanatory variables using novel quantile-based approaches. Thanks to the unique approaches utilized, the environmental efficacy of the energy transition process can be determined for different quantiles and time periods. The results reveal that although financial globalization and financial development enhance environmental quality, economic growth and increasing natural resource rents harms environment. In addition, the increase in energy transition in all quantiles also has a positive effect on the load capacity. This impact is weak in quantiles with high and low environmental quality, but it becomes more pronounced in middle quantiles of load capacity. Our study offers various policy recommendations to increase the short- and long-term low-level environmental effectiveness of the energy transition process in Germany. [ABSTRACT FROM AUTHOR]

Foreign aid has been a critical instrument in addressing economic development and poverty reduction in many low-income countries. This article investigates the relationship between foreign aid, economic growth, and poverty reduction in Bolivia, shedding light on how various factors, including institutional quality, human capital, economic freedom, and the level of democracy influence the effectiveness of foreign aid. Employing smooth transition autoregressive models, the analysis highlights the intricate interplay between foreign aid, economic growth, and poverty reduction. The empirical findings provide evidence that foreign aid exerts a positive influence on both economic growth and poverty reduction, especially when aligned with investments in human capital and the enhancement of economic freedom. However, the revelations brought forth by this study challenge the conventional wisdom, revealing that these relationships are not linear. In emphasizing the nuanced nature of aid's impact on economic development and poverty reduction, this study contributes significantly to the ongoing discourse on foreign aid efficacy. It underscores the importance of tailoring aid interventions to the specific contextual intricacies of the recipient country. The interplay between foreign aid, institutional quality, human capital, economic freedom, and democratic governance makes clear that a tailored, context-specific approach is needed for foreign aid to have the best possible impact. If the case of Bolivia serves as a useful example for other developing nations, the principal recommendation emanating from these findings is that foreign aid must be carefully tailored to the unique needs and challenges of the recipient nation. A one-size-fitsall approach is insufficient in harnessing aid's full potential to foster sustainable economic growth and meaningful poverty reduction. The findings presented here serve not only as a contribution to the academic literature but also as a roadmap for policymakers and development practitioners navigating the complex terrain of foreign aid. By emphasizing the intricate dynamics of foreign aid and other important institutional, economic, and human capital factors, the empirical findings in this article advance the understanding of foreign aid's role as a catalyst for transformative change and set the stage for more targeted, effective interventions in the pursuit of economic development and poverty eradication. [ABSTRACT FROM AUTHOR]

The present paper is an endeavour to get in the brutal social practices against scheduled caste (SC) women in India utilizing state-level information over the period of nearly two decades, that is, 2001–2019. Besides law enforcement and punishment, there can be other compelling instruments for controlling rape against SC women. The result proposes interstate disparity in rape rate. Rape against SC women may be controlled with higher economic growth, education and expanding expenditure on police. The DEMARU states are still found slacking behind in controlling rape of SC women. [ABSTRACT FROM AUTHOR]

• We find that financial development reduces growth variability across various horizons, with some signs of heterogeneity and nonlinearity. • Since Burns (1960) many authors drew attention to a trend that macroeconomic volatility has been declining at least from the WW2 and mid-eighties both in US and other countries. • Like some authors, we found evidence of a non-linear relationship (decreasing marginal effect) , although not in every specification and horizon. • Fluctuations in world economic growth have been the most consistent factor amplifying growth fluctuations in individual countries, while institutional development has had a significant dampening effect. • Although there is no single identifiable date for any individual or collective moderation, data from our sample suggest that both average volatility in each period and volatility in most individual economies have been decreasing for at least 40 years. • Estimates of the main equation using five-year data with various specifications show that financial development is significantly associated with decreasing volatility at the relevant p values (Table 3, regression 1 (R1) to regression 8 (R8). • From this level, the financial development index begins to increase growth volatility instead of decreasing it. • On the contrary, the relationship is stronger with a larger coefficient and linearity in reducing volatility. • We find that there is a strong theoretical literature that suggests alternative causes and channels to explain how financial development can help reduce volatility. • As expected from nonlinearity, marginal effects were stronger when we excluded high-income (eurozone) economies. Growth is liked, but volatility is not. Volatility implies uncertainty, as up and down are often large unpredictable fluctuations. In fact, according to the financial literature, people pay a price to reduce it. Some studies found a trend that macroeconomic volatility has been changing and proposed some structural changes that are responsible for its decline. Many studies have found that financial development helps growth. And relatively few studies have shown that financial development also explains structurally varying macroeconomic volatility. In this panel study, we investigated the relationship between financial development and growth volatility using the Financial Development Index with recent data from eighty-six countries. We also looked at its relationship with consumption and investment fluctuations using its sub-indices. The index is the result of many dimensions of financial development such as access and efficiency, not just the size of credit. We find that financial development reduces growth variability across various horizons, with some signs of heterogeneity and nonlinearity. Institutional development (polity index) and volatility in global economic growth are other important consistent variables. [ABSTRACT FROM AUTHOR]

• Both economic growth targets and environmental targets drive green growth. • The two types of targets crowd out each other in driving green growth. • They drive green growth through a shared channel of stimulating green innovation. Stimulating green growth is an important element of China's economic planning. Green growth has dual attributes of greenness and growth, while economic growth targets and environmental targets respond to these two attributes, respectively. Whether the combination of dual targets is more effective than a single target is critical to understanding the dynamics of green development. Although scholars and practitioners have studied government performance targets, we know little about interaction effects of different targets in a multi-target system. This study considers the interaction effects of environmental and economic growth targets on green growth. Using panel data from China's provinces, we find both economic growth and environmental targets can drive green growth. However, these targets crowd out each other in driving green growth, implying a trade-off between economic growth and environmental protection. The crowding-out effect exhibits a clear inverted U-shaped trend influenced by environmental governance and technological support, as it is prominent mainly in provinces with moderate environmental governance and technological support. Furthermore, economic growth targets affect green growth by promoting investment in research and development, while environmental targets drive green growth by promoting industrial agglomeration. Notably, green innovation is a shared channel for both types of targets to influence green growth, making both targets crowd out each other. These findings suggest that we should value synergy between multiple targets in the future. [ABSTRACT FROM AUTHOR]

This paper examines the trajectory of global income inequality since 1981. Commonly used (relative) definitions indicate a decline in global inequality since the late 1980s. Looking ahead, it has been intuited that the influence of China's economic development—and that of other rapidly growing, populous nations—on the between-country component will, at some juncture, diminish and start to add to global inequality should economic growth persist. Our paper formalizes the turning point of global inequality through a simple model. For illustrative purposes, we empirically present the implications for the timing of the turning point in the context of a weaker post-pandemic growth recovery versus a stronger, albeit improbable, post-pandemic growth recovery. We conclude by arguing that the era of declining global income inequality is likely over, considering the forces influencing both the between-country and within-country components. [ABSTRACT FROM AUTHOR]

It is imperative to explore the contribution of the Indian state to the country's impressive long-term growth performance during the free-market era, given the looming demand deficiency problem arising from this iniquitous growth process. Drawing on Marx's idea of circuit of capital, this article investigates the various ways in which the state contributes to the process of accumulation and economic growth, especially in the context of India during the period of market-oriented reforms. Additionally, this study aims to trace the changing nature of interventions of the Indian state to ascertain the domain and extent of its withdrawal and continued presence. Furthermore, it investigates the interventions undertaken by the Indian state to sustain or cushion the growth momentum at times of economic downturn during the free-market era. JEL Classification : B51, E62, O11, P16 [ABSTRACT FROM AUTHOR]

To investigate the impact of the digital economy on urban green development and its fluctuations, the entropy method is employed to measure the degrees of the digital economy and green development in 284 cities of China during 2013 to 2019. A panel fixed-effect model is established for the exploration of how the digital economy affects urban green development. The results indicate: (1) Throughout the research period, notable variations were observed in digital economy and green development levels among cities, both of which demonstrated an upward trajectory overall. After undergoing several robustness tests, it is evident that the digital economy plays a significant role in advancing urban green development. (2) The impact of the digital economy on urban green development varies due to differences in urban resource endowments and geographical locations. In non-resource-based cities and the eastern regions, the positive influence of the digital economy on urban green development is more pronounced and significant. (3) The effect of the digital economy on urban green development does not follow straight-line characteristics. When the digital economy level attains a specific threshold, its positive impact will notably intensify. The results aid in shaping specific policies for different regions, promoting digital economic growth, and facilitating the urban green transformation. [ABSTRACT FROM AUTHOR]

The Sustainable Development Goals (SDGs) have made it necessary for us to reevaluate the connection between environmental preservation and economic growth. The article uses Chinese city-level panel data from 2011 to 2019 to analyze the relationship between digital finance (DF) and environmental performance (EP), relaxing the linear relationship in the conventional empirical model and applying the partial linear functional-coefficient (PLFC) model, in order to better understand the factors influencing EP. The findings indicate as follows: (i) DF can greatly improve EP, and the robustness analysis confirms this statement. (ii) Science, technology, and innovation (STI) influence the promotion effect of DF on EP; when the level of STI exceeds a certain threshold, the promotion effect of DF on EP increases, and this effect increases with the level of STI. (iii). There is substantial geographical variation in the moderating influence of STI level. It has a larger role in eastern coastal cities. Finally, policy suggestions are offered to promote DF and increase EP based on the nonparametric link between those two variables. [ABSTRACT FROM AUTHOR]

Digitalization has a profound impact on the daily lives of individuals and plays a pivotal role in promoting sustainable development. Digital economy has emerged as a prominent driver of sustainable development worldwide. It plays a crucial role in environmental sustainability, economic expansion, and social progress. This study primarily examines the role of the digital economy in facilitating sustainable regional development (SRD). Furthermore, this study examines the moderating effect of digital financial inclusion on the relationship between digitalization and SRD. Panel data from 30 Chinese provinces spanning the period 2011 to 2021 were utilized for this analysis. Digital economy (Digi-E) and SRD were measured using the panel entropy method and principal component analysis. SRD considers three main dimensions of sustainable development: the economic, environmental, and social sustainability of the provinces. The spatial Durbin dynamic model and spatial regression were used to analyze the data. The findings revealed that Digi-E significantly affected SRD, with a marginal effect of 0.297. Similarly, digital financial inclusion significantly and positively moderates the relationship between Digi-E and SRD. The spatial Durbin dynamic model also showed that Digi-E has a significant effect on SRD when both types of weights are considered, such as economic geography and geographic distance. Moreover, it was confirmed that the SRD in the previous year significantly contributed to the SRD in subsequent years, and that the SRD in the local region also significantly contributed to the SRD of the adjacent region. Spatial regression also revealed a significantly positive impact of the interaction terms Digi-E and digital financial inclusion on SRD. Thus, Digi-E can contribute significantly to sustainable regional development both individually and through digital financial inclusion. The new economic growth and development plan requires governments to drive the digital revolution and improve the infrastructure. Governments should increase digital financial services with a focus on rural monitoring. [ABSTRACT FROM AUTHOR]

This study aims to examine the impact of energy poverty on the aggregate and disaggregate material footprint components such as biomass, fossil fuel, metal ores and non-metallic minerals while considering the economic growth and tourism development during 2000–2014 for the BRICS countries (Brazil, Russia, India, China, and South Africa). By applying econometric tools, the study confirms a positive and significant impact of energy poverty on aggregate material footprint and its components. The same finding has been reached for tourism development. Moreover, this study finds a U-shaped Environmental Kuznets Curve (EKC) for all indicators used for material footprints. Based on the findings, this study proposes a set of policies for energy poverty alleviation to attain a sustainable environment and inclusive economic growth in the BRICS region. [ABSTRACT FROM AUTHOR]

This study investigated the impact of population aging on the relationship between exports and economic growth in Korea using the export-led growth hypothesis framework with an autoregressive distributed lag model and data for the period 1990–2021. We found that export positively influenced economic growth. However, the effect of export on economic growth was negative considering population aging. Furthermore, the negative effect of export increased with aging. Our results also show a positive effect of population aging on economic growth in the long run, which implies the dominance of the human capital effect over the negative productivity effect. Hence, our results indicate that developed countries seeking to achieve sustainable growth through exports should control the population aging problem. Our study suggests two possible policies for solving the population aging problem: promote births and encourage immigration growth. [ABSTRACT FROM AUTHOR]

With the transition from Millennium Development Goals (MDGs) to Sustainable Development Goals (SDGs), the concept of development has shifted from development to inclusive development. This motivates authors to include not only growth and inequality but also poverty, which will represent our concept of inclusive development. The literature on trade and its impact on inequality and poverty is ambiguous and heterogeneous, reflecting the need for more empirical analyses to enable effective policy targeting and implementation. The study examines the dynamic linkages between trade and the GIP triangle (economic growth, poverty, and inequality) in 18 emerging countries from 1991 to 2020. As a contribution to the existing literature, the study emphasizes direct and indirect linkages between trade and the GIP triangle. Using the panel ARDL approach for panel data, the study finds that trade promotes growth. Trade also helps in deteriorating income inequality, while it is not a factor of poverty eradication in emerging economies. The study recommends that to maximize the effectiveness of trade policies; they must be complementary and implemented in tandem with trade reforms. [ABSTRACT FROM AUTHOR]

Palm oil, derived from Elaeis guineensis, is a critical component of the global edible oil and industrial fat market. This review provides a comprehensive overview of the sustainability of the palm oil chain, focusing on industrial applications, environmental implications, and economic sustainability. The processing of palm oil, from fruit pulp to refined oil, is detailed, highlighting the importance of refining in maintaining quality and extending application ranges. While palm oil offers health benefits because of its rich fatty acid composition and antioxidant properties, its production poses significant environmental challenges. This review underscores ongoing efforts to balance technological and culinary demands with environmental stewardship and sustainable economic growth. Emerging trends, including interspecific hybrids such as E. guineensis and E. oleifera, are discussed for their potential to increase sustainability and productivity. [ABSTRACT FROM AUTHOR]

By sustaining the required capital and investment, the financial sector plays a critical role in achieving economic growth and stability. This paper conducts a comprehensive examination of the relationships between stock market development and economic growth in 11 post-socialist countries and China. Unbalanced panel data from selected countries from 1995 to 2020 were used for this study. We wanted to disclose the cointegration of crucial variables in assessing Granger causalities using the Vector Auto-Regressive (VAR) model. Our findings confirm the Neutrality Hypothesis (NLH) when we investigated the existence of an independent association between Economic Growth (EG) and the Composite Index of Stock Market Development (SMD). The study's recommendations emphasize the significance of changing economic policies to account for disparities in economic growth and stock market development to ensure sustainable development in the selected countries. [ABSTRACT FROM AUTHOR]

A general conception is that investment induces economic growth, but there is still debate over which type of investment contributes more to economic growth. The disaggregation of investment into public and private components allows estimation of the impact of the two types of investments on economic growth. This research, therefore, empirically estimates the relationship between each investment component against economic growth by constructing panel data for Ghana and Kenya from 1991 to 2O22. The empirical strategy adopted in this study can be divided into three major stages. First, the LLC unit root test in the panel series is undertaken. Second, if integrated in the same order, a Kao co-integration test is conducted. Finally, if the series is co-integrated, the vector of cointegration in the long run is estimated using the dynamic ordinary least squares (DOLS) method. Our estimation results, based on the panel cointegration approach confirm a long-run relationship between the study variables. Further analysis shows that public investment can promote economic growth in the long run. In contrast, the results indicate that private investment can obstruct growth. The study has shown that private investment did not always increase economic growth in Ghana and Kenya. The study findings indicate that public investment is more efficiently allocated in Ghana and Kenya than private investment, suggesting the best economic strategy is for private investment to be complementary and promote higher public investment to improve public sector productivity. Therefore, policymakers should focus on creating a favourable investment climate, providing fiscal stimulus and promoting public-private partnerships to enhance infrastructure development and stimulate private -sector investment, which can sustain long-term economic growth. [ABSTRACT FROM AUTHOR]

Recent literature revisits cross-country convergence patterns over the last six decades. Whilst the debate has been about unconditional or conditional convergence, we question whether convergence rates differ across countries. Using the same dataset as in the recent studies of Kremer et al. (NBER Macroecon Annu 36:337–412, 2022) and Acemoglu and Molina (NBER Macroecon Annu 36:425–442, 2022) (GDP per capita for 108 countries over 58 years, 1960–2017), we systematically search models where the degree of heterogeneity varies from the mean group, pooled mean group, fixed effects and pooled estimators of convergence. The Bayesian Information Criterion selects the heterogeneous model whether we use the U.S., a common factor or country-specific trends as the steady state. We estimate a multi-country technological catch-up statistical model using the U.S. as the technological frontier. We show empirically that a failure to allow for heterogeneous rates of convergence creates a bias in the convergence coefficient towards zero. The long-run elasticity to the U.S.—another convergence parameter of interest—associates positively (0.79) with the country's average growth. Countries that learn from the technological frontier also grow faster. [ABSTRACT FROM AUTHOR]

Does China pull up its 31 mainland provinces as it converges to the incomes of advanced economies? The conventional method of modelling convergence in the Chinese provinces has been the Barro approach. This paper models convergence through a common factor, interpreted as the rising tides that lift the boats—the growth of China lifts its provinces. We question the conventional (Barro in Q J Econ 106:407–443 1991) definition of convergence. Imposing a common convergence rate across provinces would bias the convergence rate towards zero. We focus on the heterogeneous model where the convergence rate and long-run elasticity to the common factor differ across provinces. The rising tides of growth disproportionately benefit the poorer provinces and lifts the poor provinces more than the wealthier ones. This reveals the effects of transfer from the coastal provinces that developed first to the inner provinces that developed later. [ABSTRACT FROM AUTHOR]

The literature on convergence in per-capita income across countries has not converged on a common concept of convergence. It may be within a country towards its own steady state or between countries. Between country convergence may be absolute convergence to the same steady state; conditional convergence to country specific steady states, functions of observed variables; or club convergence to different steady states. It may be measured by beta convergence; sigma convergence; or the presence of a common trend. This paper surveys the econometric issues involved in estimating the rate of convergence; testing for convergence; and specifying the unobserved steady state. The survey suggests that rather than there being different ways to measure a single concept, convergence, the different measures are measuring different things. [ABSTRACT FROM AUTHOR]

Post occupancy evaluation of housing reconstruction after a disaster is imperative for every nation that pushes ahead the idea of disaster resilient housing, which is obligatory for the social, cultural, and economic growth of a society or a country. Cyclone SIDR is the most dreadful of all catastrophes that have struck Bangladesh and aftermath of this devastation, a number of donor organizations stepped forward to help disaster victims by providing housing solutions. The aim of this study is to effectiveness analysis of these housing reconstruction programs from planning and construction standpoints with a post occupancy framework. Based on three months of detailed field survey at the most devastated location of cyclone SIDR, Southkhali Union (small rural area) of Sarankhola Upazila (sub-district) of Bagerhat District, this research infers that the donor organizations didn't pay much attention in terms of choice, need and indigenous practices to provide reconstructed houses for the target beneficiaries. The study found that about 78% of the reconstructed houses hold dissatisfaction of the beneficiaries. As a result, people prompt to transform or modify 54% of the 'Donor Driven' houses soon after completion of the project. Another 16% donor driven house remained abandoned and rest 8% demolished. On the other hand, 'Owner Driven' houses were functionally perfect. They had freedom to build their houses with locally available natural materials with resilient planning and construction features which reduces disaster vulnerability and sustains for long time in comparison with donor driven houses. [ABSTRACT FROM AUTHOR]

Pakistan has struggled for a political system suitable for its postindependence development; however, repeated struggles between democracy and dictatorship have slowed Pakistan's economic growth. I quantified the impact of military dictatorship on Pakistan's economy from 1999 to 2008 using synthetic control methods. I found that while the average annual GDP per capita growth grew during the military dictatorship, it was four times lower than synthetic Pakistan's. I conclude that the military did not help Pakistan with its economic malaise. The increase in military expenditure and the prevalence of terrorism due to the military dictatorship may have hindered Pakistan's economic growth. [ABSTRACT FROM AUTHOR]

This paper analyzes the nonlinear impact of political risk and economic development on tourism revenues. A dynamic threshold panel model is applied to a sample of 119 countries over 8 years. A positive association between economic development and tourism revenues is identified. The results also show that the impact of improvements in political stability on growth in tourism revenues is dependent on the current level of economic development. For highly developed countries, increased political stability does not impact tourism revenues. However, there is a significant positive impact of improved political stability on tourism revenues for less-developed countries. [ABSTRACT FROM AUTHOR]

This study investigates the macroeconomic impact of the Belt and Road Initiative (BRI) on Pakistan using the synthetic control method. Based on the panel data of 42 non-BRI countries, we construct a synthetic Pakistan to estimate the economic growth trend of the country without the BRI. By comparing the actual economy with the synthetic case, our results show that the BRI increases the annual per capita GDP growth rate of Pakistan from 3.04% to 4.69% for the period 2013–2018. Pakistan's per capita GDP in 2018 would have been Int$5,022 instead of Int$5,567 if the BRI had not existed. The outcomes of the in-time placebo test, in-place placebo test, and dropping sample test all confirm the robust impact of the BRI on Pakistan. [ABSTRACT FROM AUTHOR]

In recent years, the continuous development of China's digital inclusive finance has provided favorable conditions for improving the consumption level of domestic residents and stimulating national economic growth. Based on the theory of financial development and deepening, this paper studies the mechanism and effect of digital inclusive finance on rural residents' consumption and economic growth. The results show that (1) the development of digital inclusive finance can directly promote economic growth. Specifically, the breadth of coverage, the depth of use and the degree of digitization of digital inclusive finance all contribute to economic growth. (2) Digital inclusive finance significantly promotes rural residents' consumption, and rural residents' consumption significantly promotes economic growth, that is, digital inclusive finance can indirectly promote economic growth by promoting rural residents' consumption. (3) When digital inclusive finance is at different levels of development, rural residents' consumption has different effects on economic growth. The higher the development level of digital inclusive finance, the better the promotion effect of rural residents' consumption on economic growth. Therefore, we should continue to promote the development of digital inclusive finance, give full play to the inclusiveness and convenience of digital inclusive finance, and contribute to the promotion of rural residents' consumption and economic growth. [ABSTRACT FROM AUTHOR]

With the development of Internet technology and modern supply chains, cross‐border e‐commerce (CBEC) has become one of the most important forms of international trade. The impact of this new mode of trade on economic growth and income disparity is worthy of further examination. This study treats the CBEC pilot zone policy as a quasi‐natural experiment, using the difference‐in‐differences approach to examine its impact on the urban–rural income gap. The findings showed that: (1) This policy significantly widened the urban–rural income gap; (2) innovation, entrepreneurship, and export are important paths toward expanding the impact of the CBEC pilot policy on the income gap, but the digital environment suppresses these expanding paths; and (3) the impact of this policy on the income gap shows distinct regional heterogeneity. This study provides several recommendations on how to promote balanced incomes. [ABSTRACT FROM AUTHOR]