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With the data of 41 cities, including urban and rural areas in the Yangtze River Delta (YRD) region from 2007 to 2019, this paper mainly uses the spatial econometric method to analyze the impact of forest resource abundance in the YRD region on economic development under the background of carbon neutrality. Direct effects, indirect effects, and total effects are further decomposed. The main conclusions are as follows. (1) The abundance of forest resources in the YRD has a U-shaped non-linear effect on economic development, and the curse of forest resources will gradually form forest resource welfare with economic improvement. (2) The phenomenon of economic convergence exists in the YRD region. (3) The spatial effect of forest resource abundance on economic development is non-linear, and the increase in greenery and carbon reduction should be moderately reasonable. (4) The abundance of forest resources can also promote the development of green total factor productivity. The research in this paper complements the existing literature and provides a reference for policymakers. [ABSTRACT FROM AUTHOR]

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from 6 p.m. until early morning. It includes a diverse range of sectors such as entertainment, dining, hospitality, and nightlife, with establishments such as bars, clubs, restaurants, theaters, and live music venues playing a significant role. The development of the night-time economy refers to the process of managing and promoting the growth of economic activities during the evening and night hours in a manner that balances economic, social, and environmental considerations. Therefore, the paper aimed to identify the factors affecting the night-time economy in Hanoi to achieve the sustainable development of this economy. The paper processed and analyzed the data using SPSS Statistics 26.0 software. The quantitative study included (1) testing the suitability of the scale for the variables using Cronbach's alpha, (2) analyzing the EFA factors to check the convergence of the observed variables and the separation between the independent variables, (3) checking the correlation to evaluate the problem of multicollinearity of the model, and (4) performing regression analysis to evaluate the impact of the factors on night-time economic development in Hanoi City. The empirical results showed that the variables positively impacted night-time economic development in Hanoi. However, the study found differences in the levels of their impact. Among the four factors, factor 3 (promotion and sharing) had the strongest impact on night-time economic development, followed by factor 2 (city infrastructure and safety), factor 1 (institutions and environment), and factor 4 (nature and resources). The empirical results will help policymakers promote the sustained development of the night-time economy in Hanoi, Vietnam. [ABSTRACT FROM AUTHOR]

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

As China's economy transitions from a stage of high-speed growth to a stage of high-quality development, the concept of low-carbon and green economic development has gained increasing popularity. Mastering the regional differences and changing patterns of low-carbon economy and economic growth quality is an important prerequisite for further promoting low-carbon economic development and improving the quality of economic growth. Taking the data of 21 prefecture-level cities in Guangdong Province from 2008 to 2019 as examples, we calculated the low-carbon economy and the quality index of economic growth, and analyzed the convergences between them through coefficient of variation analysis and a panel data convergence model with fixed effects. The results showed that: First, the convergence of low-carbon economy was better than the convergence of economic growth quality. Second, the low-carbon economy of Guangdong Province had σ convergence, and the imbalance between regions of low-carbon economy was alleviated, but the quality of economic growth of Guangdong Province did not have σ convergence. Third, there was absolute and conditional β convergence in the quality of low-carbon economy and economic growth in Guangdong Province. Fourth, the convergence rate of low-carbon economy in Guangdong Province showed "club difference"; the same was true of σ convergence, absolute β convergence, conditional β convergence, and dimensional convergence of economic growth quality in various regions of Guangdong Province. The exploration conducted in this article was conducive to better grasping the changing patterns of low-carbon economy and economic growth quality, enriching relevant research. The conclusions of this paper can provide decision-making basis for China to formulate urban and regional economic policies, achieve high-quality economic development, and "double carbon goal". [ABSTRACT FROM AUTHOR]

Given the scanty and inadequate studies on Serbia's growth performance before the First World War, this paper presents production‐side GDP estimates for Serbia for six years between 1867 and 1910. It probes into the growth dynamics, assessing convergence with the more developed countries of north‐western Europe, as well as progress towards achieving modern economic growth. Although the economy showed some dynamism in terms of overall GDP, per capita GDP in pre‐First World War Serbia grew by only 0.28 per cent per annum, as much of the overall GDP growth was eroded by rapid population growth. Far from converging with north‐western Europe, Serbia continued to fall behind. Sluggish structural transformation and slow income per capita growth suggest that Serbia's transition to modern economic growth was in its infancy. Growth in the dominant agricultural sector was extensive, driven by expanding arable land and population growth. Land was affordable and easy to obtain; hence, peasants invested little in new technologies. Meanwhile, the modern industrial and service sectors were below a threshold that could sustain rapid growth. Nevertheless, this study also highlights the rapid expansion of a small modern sector and export diversification that reflected emergent 'green shoots' in 1905–10. [ABSTRACT FROM AUTHOR]

The Balkan countries undergoing the transition must advance their economies to be more competitive. The aim of this paper is to analyse economic growth with a primary focus on the analysis of economic convergence in the Balkan region in the period of 1997-2020. The research analyses the following Balkan economies: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, North Macedonia, Romania, Serbia, and Slovenia. This study applies Gross Domestic Product (GDP) as a measure of economic growth and is based on the neoclassical economic growth model: the Solow's convergence concept. The results show that the Balkan countries experienced economic convergence with a speed of 1.82% in the cross-sectional model and 7.87% in the panel data model. It means that the initially less developed economies noted higher economic growth than those richer. [ABSTRACT FROM AUTHOR]

The article discusses various reports published within the article, including several papers discussing fluctuations caused by the economic crisis of 2008-2009, several papers concerning convergence in macroeconomics, and several papers focusing on trade and growth.

The lack of capital stock statistics for empirical research of the Chinese economy has for a long time been one of the major impediments in the profession. Professor Gregory Chow is one of the pioneers who attempted to deal with this matter. His seminal paper on China's capital formation and economic growth was published in 1993 (Chow, 1993). Since then many authors have estimated their own capital stock data series. However, most authors have focused on investigations at the national level and their findings are not without controversies. In particular, few studies have provided estimates of capital stock for China's regional economies. This paper adds to the existing literature in several ways. First, it presents a critical review of the methods and findings in the existing literature. Second, it proposes an alternative approach to estimate China's capital stock series by region as well as across three economic sectors (agriculture, industry and services). Finally, preliminary analyses of the derived capital stock statistics are conducted to examine growth, disparity and convergence in China's regional economies. [ABSTRACT FROM AUTHOR]

The article aims to explain regional economic development and economic convergence under the theme of spatial econometrics. The major idea behind the economic convergence is decreasing returns to capital accumulation. The economic convergence can be achieved by variety of theoretical and statistical models. There are so many advanced studies came out. They will facilitate convergence model specification and statistical testing for better efficiency.

This paper is aimed at answering the question of whether absolute income (GDP per capita) beta-convergence exists in the case of regions in new EU Member States before the period of 2000-2008 and during the 2008-2011 crisis. The sample consists of 211 regions (NUTS 3-level) of Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovenia and Slovakia. The research is based on econometric models, namely on the spatial lagged model (SLM), the spatial error model (SEM) and the Durbin spatial model which contrary to the ordinary least squares the (OLS) model include possible spatial dependencies. The SLM and SEM models as well as the Durbin spatial model detect the absolute income beta-convergence on the level of about 1% during the years 2000-2008. Additionally, models do not confirm the existence of absolute income beta-convergence during the crisis of 2008-2011. SLM models (which offer the most reliable findings) find a spatial correlation (measured by the rho-parameter) at a level of 0.75 during 2000-2008 and 0.35 during 2008-2011. Thus, absolute income beta-convergence in the case of NUTS 3 regions in 10 new EU Member States existed only in the pre-crisis period and this period is characterized by much stronger spatial dependencies than the period of 2008-2011. [ABSTRACT FROM AUTHOR]

This paper considers the unevenness of the 2007–08 crisis by examining the literature of England's North–South divide. From the 1980s this longstanding divide was exacerbated as a result of promoting London as a global financial hub, so when the crisis hit many expected some regional economic convergence as redundancies spread throughout the financial sector. This has, however, not taken place and previous patterns of uneven development have rather been reinforced. Attempts have been made to explain this deepening of established geographical patterns as the result of different regions’ degrees of economic resilience, but this approach is, however, problematic because it naturalizes crises, downscales responsibility and neglects politics. Inspired by Martin Jones’s concept of the ‘spatial selectivity of the state’, the paper will rather argue that to understand the uneven geography of the economic crisis, one has to look beyond localized resilience to how the state’s austerity policies have displaced the crisis’s impacts away from its origins in a London-centred financial sector. [ABSTRACT FROM PUBLISHER]

This paper estimates the impact of public investment on regional economic growth and convergence at the NUTS 3 level in Greece. Using a new database of public expenditure per region for the period 1978-2007, it proposes a model which captures not just the impact of public investment in Greek prefectures, but also the spillover effects related to the existence of externalities from neighbouring regions. The results point to a positive long-run impact of public investment per capita on regional economic growth - but not on convergence - which also generates considerable spillover effects. However, the returns vary according to different types of public investment, with education and infrastructure spillovers having the highest impact. In general, public investment externalities seem to be more relevant for regional growth than direct public investment in each region. Finally, the impact of different types of public investment in Greece is mediated by politics and political factors, but the effect of politics disappears once we control for political-period-specific spatial-invariant variables. Resumen Este artículo estima el impacto de la inversión pública en el crecimiento económico regional y la convergencia a nivel NUTS 3 en Grecia. Haciendo uso de una nueva base de datos de gasto público por región para el periodo 1978-2007, se propone un modelo que identifica no solamente el impacto de la inversión pública en las prefecturas griegas, sino también los efectos de spillover relacionados con la existencia de externalidades procedentes de regiones vecinas. Los resultados apuntan a un impacto positivo a largo plazo de la inversión pública per cápita en el crecimiento económico regional - pero no en la convergencia - el cual genera unos efectos de spillover considerables. Sin embargo, los retornos varían de acuerdo con los diferentes tipos de inversión pública, siendo la educación y los spillovers de infraestructura los de mayor impacto. En general, las externalidades de inversión pública parecen tener una mayor relevancia para el crecimiento regional que la inversión pública directa en cada región. Para terminar, el impacto de los diferentes tipos de inversión pública en Grecia se ve influido por sus políticas y otros factores políticos, pero el efecto de las políticas desaparece una vez que se controlan las variables espacialmente-invariantes de tipo político ligadas a un periodo específico. [ABSTRACT FROM AUTHOR]

This paper aims to present an image of the main economic and social indicators of Romania in the perspective of 2040. Its purpose is to set possible targets according to the real potential of the Romanian economy in order to create a viable long-term development strategy. Our analysis starts from the current situation of Romania - the insufficiently structured economy, burdened by the existing development gaps compared to other EU member states, while aiming to expose a series of hypotheses regarding Romania's future European path. The paper will also highlight other important topic for the future development of Romania: the evolution of population, overcoming divergences between the state and markets, the impact of adopting the euro, the impact of shifting power balances between the main developed economies, as well as the possible consequences of EU's future enlargements. From a methodological perspective, the forecasts were based on previous evolutions of indicators, using the extrapolation method. The last part of the paper contains a series of recommendations for policy-makers. [ABSTRACT FROM AUTHOR]

Our main contribution in this paper consists of analyzing long-run interactions between structural policies and economic growth accounting for possible convergence. For this purpose, we are based on a sample of eight countries bordering the Mediterranean during the period 1975–2012. In fact, we used a technique based on panel ARDL methods which deals with the stationary series problem of different orders to monitor possible convergence in the long-run horizon. This method allows us to study potential long-term effects of structural economic policies on growth as well as capture the possible links between candidate variables and the trend of convergence in terms of per capita GDP. Our empirical results support convergence processes of GDP per capita in all the bordering Mediterranean countries. Moreover, we find that the increased number of secondary schools enrollment through public expenditure on education, greater economic openness, and fluid foreign direct investments stimulates economic growth. [ABSTRACT FROM AUTHOR]

This paper seeks to understand how the determinants of economic growth in Brazil may manifest themselves differently on various spatial scales between 1991 and 2000. Analysing this issue sheds light on the modifiable areal unit problem (a measurement issue). In addition, it also suggests potential explanations for the origin of this variability. This latter issue relates to the scale-dependent determinants of economic growth (a structural issue). The analysis reveals that the results change as the scale level changes and suggests a general framework for dealing with multiple spatial scales and model uncertainty. Moreover, the extent of the effects of spatial externalities and the issue of spatial heterogeneity are investigated. Resumen El objetivo de este artículo es entender como los factores determinantes del crecimiento económico de Brasil pueden mostrarse de manera diferente según la escala espacial entre 1991 y 2000. El análisis de este tema ilustra el problema de la unidad de superficie modificable (problema de medición). Además, sugiere también posibles explicaciones para el origen de esta variabilidad. Este último asunto esta relacionado con los factores dependientes de la escala que determinan el crecimiento económico (un problema estructural). El análisis revela que los resultados cambian a medida que lo hace la escala y sugiere un marco general para tratar con escalas espaciales múltiples y modelización de incertidumbre. Además, se investiga el alcance de los efectos de las externalidades espaciales y el problema de la heterogeneidad espacial. [ABSTRACT FROM AUTHOR]

In order to find the main driving forces affecting CO2 emission patterns and the relationship between economic development and CO2 emissions, this paper uses models of α -convergence, absolute β - convergence and conditional β -convergence to analyze the inner characteristics of CO2 emissions and the income level of 128 countries (and regions) in the world. The countries (and regions) are divided into 5 groups based on their per capita income levels. The results show that in the past 40 years, all the groups showed trends of convergence on the CO2 emissions. In terms of emission levels, lagging countries (and regions) tend to catch up with advanced nations, with convergence tending to be conditional on countryspecific characteristics such as energy use and energy structures rather than absolute convergence. Then this paper examines the impacts of selected variables such as GDP per capita, population, oil, gas, coal etc. on the emission trends. The analysis on the impacting factors shows that for the developing countries (and regions), the levels of economic development have greater effects on their carbon emissions patterns. And for the developed countries (and regions), the energy consumption structures wielded a big influence for the past 40 years. We find that the growth speed of CO2 emissions in developed countries (and regions) would get slower, and those of the developing countries (and regions) give expression to catching-up effects. These findings are expected to shed a light on the global policy making in coping climate change. [ABSTRACT FROM AUTHOR]

Copyright of Revista de Economía (Universidad Autónoma de Yucatán) is the property of Universidad Autonoma de Yucatan, Facultad de Economia and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of the paper is to analyze economic convergence of the Western Balkan countries towards the European Union member states with two types of measurement methodology, sigma and beta convergence. Sigma convergence measures the dispersion of real per capita GDP among the countries and beta convergence is based on the neoclassical growth theory. The main hypothesis of the paper is that the recent financial crisis has negatively affected the convergence process of the Western Balkan countries towards the twenty-eight member states of the European Union (EU-28). The relationship between selected macroeconomic variables and the rate of per capita GDP growth are econometrically tested. Sigma and beta convergence are estimated for the period 2004-2013 and two sub-periods: 2004-2008 and 2009-2013. The empirical findings support the hypothesis of economic convergence. The negative effects of the crisis on per capita GDP growth are confirmed, resulting in a slower convergence process. Dissimilarities between the growth patterns of the analyzed groups show the considerable heterogeneity of growth, i.e. the convergence clubs. [ABSTRACT FROM AUTHOR]

Research background: The processes of economic convergence observed in many developing countries are characterized by reduction of economic differences on the cross-country level, which are accompanied by growing internal economic inequalities. This may stem from the fact that in the catching-up countries, a more dynamic growth pattern is observed in the economically strongest regions, which is initially reflected in spatial polarization and increasing regional inequalities. However, just as the countries reach higher levels of development, the diffusion of growth-inducing impulses to less-developed areas should lead to the spatial equalizing of the development levels and reducing regional inequalities. Purpose of the article: The aim of the paper is to determine the relationship between the level of economic growth and observed economic inequalities in Central and Eastern European (CEE) countries. The theoretical framework adopted to describe and explain those relations is the so-called Williamson's hypothesis in which the relationship between the scale of regional inequalities and economic growth is illustrated by a curve shaped like an inverted U. Methods: The research procedure was intended to verify Williamson's hypothesis by estimating parabolic econometric models. Indicators of economic growth along with measure of regional inequalities (Williamson's coefficient of variation) were used in the regression modeling. The research period spanned the years 1995-2014. Findings & Value added: In the light of the study of CEE countries, it was possible to observe both convergence symptoms as well as divergence tendencies. It can be thus stated that the analyzed CEE countries followed a similar path to the one observed earlier by Williamson in other developing countries. However, the analyses conducted by the authors at the national and regional levels of CEE countries were equivocal and did not fully support the theoretical assumptions of Williamson's hypothesis. [ABSTRACT FROM AUTHOR]

For a few last decades, economists have been showing a continuous interest in doing research in the key factors of regional growth and the developmental convergence (divergence) of the region. However, beside the wealth of theoretical and empirical research in the mentioned categories, it is obvious that there is still no generally accepted explication of the key factors of regional growth. The same conclusion can be borne in mind in relation to the existence of the connection between the accepted economic growth of a country and a tendency to increase, i.e. decrease regional inequalities. The paper presents a theoretical explication of a) the key factors of regional growth and b) the phenomenon of developing the convergence (divergence) of the region, five representative theoretical approaches to the regional economy (classical, neoclassical, endogenic, new economic geography and spatial innovation systems). The current economic reality on the global plan which speaks of an increasing regional inequality confirms the accuracy of the theoretical considerations of the representatives of the contemporary theoretical approaches related to the analyzed issues. [ABSTRACT FROM AUTHOR]

Research background: Geographical proximity, common historical roots and collaboration within the Nordic Council cause the Nordic countries to be often wrongly treated as monoliths. However, in reality, Nordic regions differ in terms of broadly defined social and economic development. Issues concerning the standard of living are one of the priorities of the Helsinki Treaty signed by Nordic countries. Purpose of the article: The main goal of this paper is to analyze the existence of the social convergence in the Nordic NUTS-3 regions over the 2000-2015 period. The social convergence refers to a reduction in the dispersion of the standard of living across regions. The results of this analysis may be helpful in evaluating the efficiency of the activities under third and fourth Nordic Strategy for Sustainable Development. Methods: The spatial taxonomic measure of development proposed by Pietrzak was used as the standard of living approximation. Inclusion of spatial relationships in the construction of taxonomic measure of development is justified as regions are not isolated in space and can be affected by other units. The existence of beta-, sigma- and gamma convergence was tested for global spatial aggregate measure and as well for sub-groups of determinants forming the standard of living. Findings & Value added: The analysis showed that the regions with the highest standard of living are those situated on the west coast of Norway. Regions with the lowest standard of living were the ones located in central Finland. However, the most important part of this research was to investigate the existence of beta-, sigma- and gamma- social convergence. The results show that there is no convergence for global standard of living measure. However, the convergence occurs in groups of determinants of education and health care. [ABSTRACT FROM AUTHOR]

The reform and development of the financial sector was one of the most significant challenges that the former socialist countries faced during their transition to a market economy. At the start of this transition, their financial system was underdeveloped and centralised (monobank), where the central bank of each economy also functioned as a commercial bank. The restructuring, integration and development of the financial sector to enhance viability and enable it to respond to new demands was imperative, particularly for economic growth and the convergence of these economies with the developed economies of the region. This process of financial integration suffered a powerful shock with the economic crisis transmitted to the region in 2009. The initial aim of this paper is to highlight the problems created after the global economic crisis affecting the financial institutions of the former socialist countries of South-eastern Europe, as well as the problems that already existed, though not apparent, and were nevertheless exacerbated by the outbreak of the crisis. An attempt to investigate the role of the financial sector, dominated by the banking sector, follows, with regard to achieving macroeconomic equilibrium among the economies of the countries in the region and the potential for sustaining it in future as part of a path to growth. To fully satisfy this goal, we propose that it is preferable to avoid a linear approach to the issue, abandoning equilibrium theory to adopt an analysis inspired by the method of cumulative causation, based on the work of Nicholas Kaldor. Our analysis allows us to postulate that, in a post-crisis period, conditions prevail for the potential appearance of future structural impasses of a cumulative nature, which could lead to a systemic crisis and leave the development process of the region's economies exposed. [ABSTRACT FROM AUTHOR]

In this paper we consider the usefulness of alternative measures of convergence in an equality of opportunity framework. In particular we use established results from the public finance and mobility literature to show that a form of β-convergence is both a necessary and sufficient condition for a reduction in inequality of opportunity for a wide range of popular inequality measures. We illustrate our approach using regional data from the United States, Japan, and Europe. [ABSTRACT FROM AUTHOR]

Economic disparities between the regions of the European Union are of constant concern both for policy and economic research. In this paper, we examine whether there are overlapping trends of regional development in the EU: overall convergence, on the one hand, and persistent or even increasing spatial concentration (agglomeration), on the other. Kernel density estimation, Markov chain analysis and cross-sectional regressions provide evidence that convergence of regional per-capita income in the EU15 has become considerably stronger in the 1990s. The reduction of income disparities, however, is a phenomenon between nations but not between regions within the EU countries. European integration (and possibly European regional policy) fosters the catching-up of lagging countries but at the same time forces towards agglomeration of economic activities tend to increase disparities within the EU member states. Resumen. Las disparidades económicas entre regiones de la Unión Europea son una preocupación constante para la investigación relacionada con políticas y con economía. En este artículo examinamos si existen tendencias superpuestas de desarrollo regional en la UE: convergencia en términos generales, por un lado, y por otro una concentración espacial (aglomeración) continua o incluso en aumento. La estimación por núcleos ( kernel) de la función de densidad, el análisis mediante cadenas de Markov y las regresiones transversales aportan pruebas de que la convergencia de ingresos regionales per cápita de la UE15 se ha fortalecido considerablemente en la década de los noventa. La reducción en la disparidad de ingresos, sin embargo, es un fenómeno entre naciones pero no entre regiones dentro de países de la UE. La integración europea (y quizá la política regional europea) fomenta la puesta al día de los países rezagados pero al mismo tiempo las fuerzas conducentes a la aglomeración de actividades económicas tienden a aumentar las disparidades dentro de los estados miembros de la UE. [ABSTRACT FROM AUTHOR]

ne of the main expectations in European transition economies is that the processes of building the market economy and European integrations lead to a significant increase in the living standard, as well as to catching up with the level of the income per capita achieved in developed European economies. A quarter century after the beginning of transition, many of the former socialist countries joined the EU and significantly increased their GDP per capita. On the other hand, transition in the countries of the so-called Western Balkans has disappointed in this sense. The paper tests the existence and speed of income convergence in the Western Balkan states and developed EU countries, in comparison with the so-called „New Member States". The results indicate that, despite the achieved income convergence in the pre-crisis years, the outbreak of the global economic crisis has revealed many structural and reform problems that the countries of the region have been facing for a long time. Catching up with developed EU members' average GDP per capita stopped in the Western Balkan states after the beginning of the crisis, with a simultaneous increase in the income gap between the Western Balkan states and the new EU member states. [ABSTRACT FROM AUTHOR]

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

This paper studies cross-country patterns of economicgrowth from the viewpoint of income distribution dynamics. Sucha perspective raises new empirical and theoretical issues ingrowth analysis: the profound empirical regularity is an “emergingtwin peaks” in the cross-sectional distribution, not simplepatterns of convergence or divergence. The theoretical problemsraised concern interaction patterns among subgroups of economies,not only problems of a single economy's accumulating factor inputsand technology for growth. [ABSTRACT FROM AUTHOR]

The main focus of the paper is the growth process in transition countries in the period 1992-2002, by using the production function approach. The empirical cross-section study performed found that initial life expectancy and net savings speed up growth while death rate, inflation, and terms of trade hamper the increase in GDP. The paper also aims at providing policy implications, e.g. better spending in the legal system, healthcare and social security could help governments foster the restructuring process and decrease the effect of the mistakes made in the past. [ABSTRACT FROM AUTHOR]

We test for economic convergence in GDP per capita and consumption per capita within two distinct sets of countries: those with significant (and plausibly exogenous) fossil fuel (FF) endowments and those without such endowments. Among countries with FF endowments, we find evidence of both absolute and conditional convergence across both macroeconomic dimensions, as indicated by standard β- and σ-convergence tests. By contrast, we do not find robust evidence of convergence among countries without FF endowments. This pattern—convergence among FF-endowed and non-convergence among non-endowed countries—is robust to changes in the sample period, controlling for potential resource curse effects, and is largely consistent across growth components. We discuss the implications for economic development and comment on its implications for global decarbonization policies. [ABSTRACT FROM AUTHOR]

Stock market integration gives the opportunity of risk diversification on international level. The main effects of this integration are the development of stock markets and economic growth. This paper analyses the integration of stock markets from Central and Eastern Europe using convergence. Beta-convergence gives us information about integration's speed and sigmaconvergence presents information about the degree of integration of stock markets from Central and Eastern Europe on the stock market of Euro Zone. [ABSTRACT FROM AUTHOR]

With initial low levels of income per capita, a declining population and relatively modest economic growth rates, there are little prospects of diminishing the gap between Romania and the EU countries. Nevertheless, in the long term, convergence is expected. The question then arises, "What are the drivers and their likely potential to boost economic growth and the catching-up process?". This paper presents shortly the theoretical background of economic convergence and then focuses on the assessment of possible paths of Romania's convergence towards the EU. Based on the existing long-term macroeconomic projections and the assessment of the possible future developments of the drivers of economic growth, we have built three scenarios of economic convergence, highlighting the possible timespan of convergence. We have employed growth accounting methods to decompose output growth rate into production factors' contributions (capital and labour) and total factor productivity. [ABSTRACT FROM AUTHOR]

This paper evaluates the accuracy of macroeconomic economic forecasts of the Ministry of Finance of the Czech Republic using the average forecasting error, the mean absolute error and Theil's inequality coefficient. The paper analyses the forecast accuracy of the main macroeconomic indicators - real GDP growth, nominal GDP growth, GDP deflator growth, real private consumption growth, average inflation rate, average unemployment rate and current account balance to GDP Ratio. The forecast accuracy is also assessed using the modified Diebold and Mariano test, which compares the accuracy of two forecasts under the null hypothesis that assumes no differences in accuracy. Last but not least, the paper compares the accuracy of the forecasts of the Ministry of Finance to those of the European Commission, Organization for Economic Co-operation and Development and International Monetary Fund. [ABSTRACT FROM AUTHOR]

In this paper we explore convergence of real per capita output and health expenses across the Indian States. The new panel convergence methodology, developed by Phillips and Sul (Econometrica 75:1771–1855, 2007 ), is employed. The empirical findings suggest that these States form distinct convergent clubs, exhibiting considerable heterogeneity in the underlying growth and health expenses factors. These findings should help policy makers in designing appropriate growth-oriented and/or health sector programs and setting priorities in their implementation. [ABSTRACT FROM AUTHOR]

ABSTRACT: In this paper, we examine the convergence hypothesis using a long memory framework that allows for structural breaks and does not rely on a benchmark country using both univariate and multivariate estimates of the long memory parameter d. Using per capita GDP gaps, we confirm the findings of non‐stationarity and long memory behavior that have been found previously in the literature using univariate tests. However, the support for these findings is much weaker when using a multivariate framework, in which case we find more evidence of stationary behavior. Based on these results, we also investigate club formation, something that would suggest the presence of conditional convergence. We describe a club formation methodology using the sequential testing criteria that we have employed in our analysis as the basis for forming clusters or clubs of countries with similar convergence characteristics. [ABSTRACT FROM AUTHOR]

The economic convergence of U.S. regions has slowed greatly, and rates of long-term nonemployment have even been diverging. Simultaneously, the rate of nonemployment for working age men has nearly tripled over the last 50 years, generating a social problem that is disproportionately centered in the eastern parts of the American heartland. Should more permanent economic divisions across space lead U.S. economists to rethink their traditional skepticism about place-based policies? We document that increases in labor demand appear to have greater effects on employment in areas where not working has been historically high, suggesting that subsidizing employment in such places could reduce the rate of not working. Proemployment policies, such as a ramped-up Earned Income Tax Credit, that are targeted toward regions with more elastic employment responses, however financed, could plausibly reduce suffering and materially improve economic performance. [ABSTRACT FROM AUTHOR]

This paper reviews catch-up growth in various parts of the world, especially in the twentieth century, with a particular focus on what this implies for the Global South. In 1950, US per capita national income, adjusted for purchasing power, was nearly five times the world average. Since then, Western Europe and Japan have closed their per capita income gaps with the USA. East Asia, South Asia and some other developing countries have also started to close their gaps with the West in recent decades. Thus, after well over a century of growing international economic disparities or divergence, the world has witnessed an era of uneven catching up with the North in parts of the South since the mid-twentieth century. [ABSTRACT FROM AUTHOR]

Since the Reform and Opening-up policy had been implemented in 1978, mainland China has experienced significant economic growth, with GDP rising on an annual average of about 10%. However, this growth miracle was far from being evenly distributed across space. It is, therefore, the aim of this paper to study the evolution of spatial disparities in economic development across the country between 1993 and 2012, a period which is characterized by all provinces having access to international markets and being open for international investors. We seek to answer the question of whether Central and Western Chinese provinces were catching up with the East. We define 'catching up' as a growing similarity among spatial units. Convergence processes might manifest in four dimensions, including (1) the spatial allocation of employment, value added generation and the fixed capital stock, (2) forms of technical change, (3) productivity patterns, and (4) income distribution. Results show that persistent phases of convergence appeared. However, in some cases the catching up of China's less developed parts with the flourishing East was limited to only a few Western and Central Chinese provinces. A high degree of path-dependency in economic development prevented catching up from taking place in a more uniform manner. [ABSTRACT FROM AUTHOR]

Theoretical background: Silver has a great importance in the real economy, i.e. in photography, medicine, electrical, electronic and chemical industry. The growing importance of renewable energy sources and the development of solar panels, accumulators and batteries means that the role of silver is significantly strengthened. At the same time, it is also used as an investment asset providing variety in portfolios, on numerous occasions being a cheaper substitute for gold. Researchers are studying connections between those two resources and providing different perspectives on their future based on real economy and the financial market. Purpose of the article: The purpose of this article is to assess the current role of silver in the economy and answer the question of its investment prospective. Research methods: The research methods include elements of descriptive statistics and Pearson’s linear correlation between the prices of silver, gold and copper of the EUR/USD exchange rate and the Dollar Index. The research period is from 2000 to 2023. The analyzed data are daily. A measure of the amount of money in circulation in the United States is the M2 index, which includes cash in circulation and deposits. The inflation will be shown by the Consumer Price Index. The research method is also critical analysis of the subject literature. Main findings: We found that the change in the price of silver is strongly dependent on the USD, and specifically on its supply. A significant increase in the price of silver in the analysed period is related to the ongoing process of quantitative easing and financialization, understood as a growing volume of futures contracts. The occurrence of silver and copper in nature makes them dependent on each other, not only in determining prices, but also currently constitutes a barometer of industrial development. Thanks to the growing demand from industry, shortages of silver can result in serious consequences for production, for which reason they may decide to aggressively improve metal recycling efficiency or hoarding supply, which might push prices further up. However, investment use will not disappear due to its anti-inflation characteristics and may cause an increase in demand among investors who see gold as too expensive. [ABSTRACT FROM AUTHOR]

Theoretical background: The dynamic development of generative artificial intelligence such as ChatGPT has transformed the perception of creative work. In the graphic realm, AI systems like Midjourney, DALL-E, or Adobe Firefly allow the creation of high-quality graphics without the need for artistic skills or hiring a talented designer. Concurrently, the emergence of cryptocurrencies and the associated non-fungible tokens (NFTs) has resulted in radical changes in the creative sector, especially in the art market. Purpose of the article: The aim of this article is to examine the development pace and impact of AI-generated art and NFTs on the global art market, focusing on market trends, dependency on energy prices, segmentation, and how these changes influence artwork pricing and artists’ livelihoods. Research methods: The author has assessed the popularity and development of the NFT market, as well as the main reasons for its collapse in 2022. The author identified possible scenarios for the development of the art market, pointed out the primary potential threats, and highlighted the key determinants of future digital asset valuation. Main findings: Despite initial euphoria, buyers depreciate digital goods, especially those generated by artificial intelligence. They are considered inherently inferior and less valuable. Overproduction of works combined with the availability of AI solutions means that the traditional supply and demand mechanism lowers the price of assets and thereby forces more and more graphic designers, photographers, and painters to abandon their professions. Competition from artificial intelligence is subject to the same supply and demand mechanisms, which reduces the cost of access to quality graphics for entrepreneurs and individuals. Simultaneously, as the market becomes saturated with synthetic goods, there will be a delineation at the segment level, similar to what has happened with artisanal beers, hand-assembled cars, and furniture, or handmade ceramics. An unwritten, “made by humans” certificate will result in a 300–500% higher price for similar goods made by humans compared to works of artificial intelligence. This situation will resemble the division of the clothing or furniture market into mass-produced goods and designer items. Amid all this, the increasingly prominent role of NFTs will be evident, which will also appreciate in value, but due to the ecological taxation resulting from energy consumption that is 100,000 times higher than that of a regular bank payment. [ABSTRACT FROM AUTHOR]

Theoretical background: The article constitutes an analysis of the macroeconomic situation from 2020 to the first quarter of (Q1) in relation to real estate investments. Factors such as the COVID-19 pandemic, the influx of refugees to Poland, and rising inflation had a significant impact on investor behavior in the discussed market. The dynamic macroeconomic situation also led to changes in consumer and tenant preferences, while significantly affecting demand and supply. The years 2020–2023 (Q1) were characterized by a distinct specificity that accentuated the risks associated with real estate investments. This emphasized clear differences in various categories between real estate as investment assets and funds, securities, or other alternative investment methods. Purpose of the article: The aim of the article is to identify the risks associated with real estate investment in Poland during the period from 2020 to 2023 (Q1). It is also crucial to describe the macroeconomic aspects and their impact on the investment real estate market during the mentioned period. Research methods: The article presents the results of an empirical study aimed at identifying factors contributing to the increase in risk associated with real estate investment in the years 2020–2023 (Q1). Additionally, it was significant to verify the financing methods for the purchase of investment properties by the survey participants. The study was based on a survey questionnaire. A total of 250 respondents participated in the study, expressing their willingness to purchase their first or subsequent property for investment purposes during the years 2020–2023 (1Q). Respondents were asked 7 questions, including those related to factors influencing or hindering the completion of investment property transactions in the years 2020–2023 (Q1), as well as the method of financing the purchase and the reason why respondents utilized borrowed capital or relied solely on their own funds. Furthermore the article employed a research methodology that included critical analysis of secondary sources, as well as methods such as analysis, synthesis, description, deduction, induction, and reduction. The Polish and foreign literature related to investment and investment properties was subjected to analysis. Additionally, laws, resolutions, regulations, scientific works from other organizations, and reports were studied, serving as valuable sources of information about the real estate market situation from 2020 to 2023 (Q1). In formulating recommendations, a generalizing-synthesizing method was employed (deduction, reduction, induction). The inductive method aided in analyzing the significance and characteristics of investment properties. On the other hand, the deductive method was used to analyze the issue starting from the macroeconomic situation in Poland and delving into the changes in the investment real estate market. By making a critical analysis of the literature, the reduction technique was applied, thus, verifying the previously formulated hypotheses. Main findings: Based on the conducted analysis, it can be observed that the return on equity (ROE) from real estate investments takes on a negative value when investors partially use borrowed capital. This situation is influenced by high interest rates. However, alongside this factor, there is also a social element related to the high demand for property rentals. In the case of investors investing solely from their own sources, this leads to a return on equity ranging between 2.7% and 3.6% during the analyzed time period. The conducted analysis reveals that macroeconomic, social, and legal factors dynamically shape the demand and supply in the real estate market during the period from 2020 to 2023 (Q1). This is closely related to the decisions of investors aiming to invest their capital in investment properties. [ABSTRACT FROM AUTHOR]

Theoretical background: When making a decision on foreign investments, it is crucial for investors to have a clear understanding of both the potential of the host country and the risks awaiting them. To date, numerous approaches have been developed for assessing the business environment and investment climate (attractiveness) of countries. These developments are based on the research of international organizations, rating agencies, business schools, scientific and research institutions. Among them there are both universal (e.g. Harvard Business School, The Doing Business, Political Risk Services) and specialized (e.g. Method ology of the Bank of Austria, RAEX-Analytics) approaches. The abundance and diversity of methodologies have generated numerous studies aimed at their classification and comparative analysis. Purpose of the article: The aim of this article is to conduct a comparative assessment of selected specialized methodologies for evaluating the investment attractiveness of countries and classify them according to the Applicability Matrix. Research methods: The authors reviewed the literature in the field of investment theory and investment climate assessment, as well as materials containing a direct description of the methodologies for assessing investment climate themselves, algorithms for their application and the results of previous evaluations. The application of the system critical analysis method allowed for a comprehensive examination of the selected approaches and determination of their key characteristics, advantages, and disadvantages. The research procedure also necessitated the utilization of expert assessment method to conduct a weighted comparative analysis of the applicability of the methodologies. Main findings: Within the study, the characteristics, strengths, and weaknesses of the selected specialized methodologies for evaluating investment attractiveness were identified regarding to two key dimensions: information coverage and complexity. The main results include a comparative evaluation of the practical applicability of selected methodologies for assessing the investment climate, as well as their classification into groups with relevant qualitative characteristics according to Applicability Matrix. [ABSTRACT FROM AUTHOR]

Theoretical background: The concept of the economic convergence process is one of the conclusions of neoclassical growth models, especially the Solow–Swan model. According to it, it is possible to catch up with countries with a lower level of economic development to the economic level of developed countries and to finally equalize the economies of countries. However, endogenous economic theories have indicated that economic convergence is not the only realistic scenario of economic development in the modern economy. Purpose of the article: The aim of the research is to determine the degree of beta and sigma economic convergence of the countries of Central and Eastern Europe to the EU-12 in the years 2004–2021. Research methods: Descriptive statistics and regression analysis were used in the research. The regression analysis was based on a beta and sigma convergence study. The first one was aimed at checking whether less developed countries are characterized by a faster rate of economic growth than more developed states, while sigma convergence made it possible to check whether dispersion in the level of socio-economic development in selected countries was levelled in the years 2004–2021. Main findings: According to the results of the research, it is possible to confirm the existence of beta convergence of the CEE countries compared to the EU-12 in terms of economic prosperity, taking into account the average wealth of citizens (GDP per capita). The economic measure, which is key in the study of economic convergence, is the basis for stating that in the years 2004–2021, there was a process of convergence between the groups of the surveyed EU countries. On the other hand, no reduction in the economic differentiation of the countries studied was observed based on the sigma convergence study. [ABSTRACT FROM AUTHOR]

Analogies with mechanisms ruling the natural world have often been sought in the course of economic phenomena. This paper is also an attempt to combine the physical phenomenon of a harmonious oscillator with the theory of economic growth by J. H. Dunning (1981). In his theory, Dunning distinguished stages of economic growth of countries that imply the dependency between the investment position of countries and their GDP per capita, while the graph presenting this dependency reminds a trajectory of oscillating motion of a damped harmonic oscillator. This analogy has given inspiration to reinterpret the theory of economy on the grounds of the mechanism of a physical model. In this paper, the harmonious oscillator motion equation was adapted to the description of dependencies shown in the theory of economic growth by J. H. Dunning. The mathematical solution of this equation is properly parameterised and parameters are estimated with the use of the Gauss-Newton algorithm. The main objective of this paper is to allocate a specific stage in the economic growth to each country on the basis of the values of parameter estimations of the proposed cyclical models of changes in the net investment indicator. [ABSTRACT FROM AUTHOR]

The huge regional disparity in government health expenditures (GHE) is a major policy concern in China. This paper addresses whether provincial GHE converges in China from 1997 to 2009 using the economic convergence framework based on neoclassical economic growth theory. Our empirical investigation provides compelling evidence of long-term convergence in provincial GHE within China, but not in short-term. Policy implications of these empirical results are discussed. [ABSTRACT FROM AUTHOR]

In the last years a central issue in regional economic growth debate is represented by the convergence problem. Many empirical economists have noticed that per-worker GDP of poor regions tend to converge to those of richer regions. However more recently it has been observed that the economic convergence might not be achieved if, in the empirical analysis, we consider the entire data set as one sample. The phenomenon should be analyzed considering regions as belonging to different sub-samples with quite similar economy. Many authors refer to this hypothesis as economic convergence clubs. The definition of these homogeneous groups represents a crucial issue in many regional economic growth studies. The aim of this paper is to propose a method for the identification of convergence clubs for the European regions at NUTS 2 level. The econometric specification used is based on the classical, and spatial augmented version of the conditional β-convergence model. Two different optimization algorithms for the identification of convergence clubs are proposed and compared: Simulated Annealing and Iterated Conditional Modes. [ABSTRACT FROM AUTHOR]

Based on the theoretical framework of the Solow growth model, this paper employs a dynamic panel data approach to examine the impact of openness on growth and convergence in labor productivity in the Chinese provinces during the period 1984-2008. The study finds that regional openness has a significantly positive effect on regional growth in labor productivity in the Chinese provinces. When regional heterogeneity and regional openness are accounted for, the study finds fast conditional convergence in labor productivity across the Chinese provinces. As a byproduct, this study also estimates the structural parameters of the aggregate production function in the case of China. In sum, the major findings of this study lend strong support to the claim that openness promotes growth of labor productivity in China. [ABSTRACT FROM AUTHOR]

This paper provides empirical evidence that there is no convergence between the GDP per-capita of the developing countries since 1950. Relying upon recent econometric methodologies (non-stationary long-memory models, wavelet models and time-varying factor representation models), we show that the transition paths to long-run growth (the catch-up dynamics) are very persistent over time and non-stationary, thereby yielding a variety of potential steady states (conditional convergence). Our findings do not support the idea according to which the developing countries share a common factor (such as technology) that eliminates per-capita output divergence in the very long run. Instead, we conclude that growth is an idiosyncratic phenomenon that yields different forms of transitional economic performance: growth tragedy (some countries with an initial low level of per-capita income diverge from the richest ones), growth resistance (with many countries experiencing a low speed of growth convergence), and rapid convergence. [ABSTRACT FROM AUTHOR]

Schumpeterian growth theory stresses the role of structural change in long run growth. Countries which increase the share of technology-intensive sectors in their economic structures benefit more from technological learning and innovation. In addition, they are more able to respond to changes in the international markets and to compete in sectors whose demand grows at higher rates. The paper compares Brazil (and to a lesser extent the CIBS group of countries) from the point of view of the direction and intensity of structural change. It is suggested that structural change has been relatively weak in Brazil and that this has been associated with a less dynamic growth performance since the 1980s. [ABSTRACT FROM AUTHOR]

This paper develops a methodology to measure the degree of economic integration between nations that are members of an integrated area. We show that a fully integrated economic area (IEA) is characterized by three properties regarding the distribution of member shares of total IEA output and total IEA stocks of physical and human capital. We then show that the expected distribution of member shares within a fully IEA is a harmonic series, with the share distribution depending only on the number of IEA members. This property is then used to develop a composite indicator of the degree of economic integration within an IEA that indicates the distance between the theoretical and actual distribution of shares: the closer is the actual distribution to the expected distribution, the greater the degree of integration. We empirically compute our degree of integration for US states, and alternative regional trading agreements (e.g., EU countries, MERCOSUR, Bangkok Agreement, etc.) and a 'world' comprising 64 countries. [ABSTRACT FROM AUTHOR]