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The aim of this paper is to examine the relationships between financial development (FD), economic complexity and country stability. To achieve this objective, this paper applies a finite mixture model to a sample of 92 developing countries over the period 1995–2018. The study posits that the effect of FD on economic complexity differs across groups of countries with similar but unobserved characteristics. The study finds that the effect of FD on economic complexity varies across four classes of countries, which differ according to their level of economic, political and financial stability. Furthermore, the study argues that stable countries are more likely to be in class 1, including more performing countries – that is, the group of countries where FD spurs economic complexity. This finding remains consistent even when alternative measures of FD and economic complexity are considered. Hence, efforts by developing countries to undertake sound reforms to reduce economic, political and financial risks could help leverage the benefits of FD in fostering the development of sophisticated and complex economies. [ABSTRACT FROM AUTHOR]

Sister city relationships (SCRs) are a platform through which local governments (LGs) engage internationally. Increasingly, there is an expectation that such international engagement delivers economic opportunities and returns. Many LGs are therefore pursuing local economic development (LED) through their SCRs. Drawing on a national survey of Australian LGs (stage 1) and interviews with key council staff and stakeholders in five LG areas maintaining Australia–China SCRs (stage 2), this paper contributes to growing literature on LED by examining how LGs have developed their own capacities and supported local small‐ and medium‐sized enterprises (SMEs) to engage internationally. Our findings reveal insights into how Australian LGs have achieved international engagement through two strategies that leverage their SCRs, namely building government's capabilities and developing SMEs' capabilities. This paper contributes new insights into the evolving role of LGs in LED, including both current experimentation, challenges, and future opportunities. Points for practitioners: A growing number of Australian local governments pursue LED through their Chinese sister city relationships.Supporting the internationalisation of SMEs is an emerging component of local government pursuit of LED.International engagement of local governments has necessitated enhanced capacities in human, external, and financial resources.Findings highlight the unique and often overlooked role of local‐to‐local diplomatic and economic relations. [ABSTRACT FROM AUTHOR]

Against the backdrop of the current political developments in Central and Eastern European (CEE) countries, such as Ukraine, Poland, and Romania, the question arises as to the role played by economic transformation and the resulting innovation linkages in these countries over the last 20 years. The main purpose of this paper is to explore the impact of economic and institutional dimensions on the development of CEE countries, explicitly distinguishing between European Union (EU) members and non‐members, and thus reflecting the differences in institutions and path dependency. Furthermore, the paper contrasts the performance of CEE countries with that of Western European countries. To achieve these objectives, the impact of factors such as innovation, institutions, and political practices on the economic development of 37 European countries from 2000 until 2020 is followed using fixed effects regression and Ordinary least squares (OLS) regression. The results of the analysis show the importance of institutional factors such as low levels of corruption, political freedoms, and intellectual property. The effect of institutional variables was particularly pronounced in the case of non‐EU countries, which indicates the particular importance of the development of stable institutions for achieving higher levels of economic development for this category of countries. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to evaluate the sustainable efficiency of container terminals (CTs). By the definition of United Nations Conference on Trade and Development (UNCTAD), business sustainable development includes three domains: Economics, Environment, and Society. Accordingly, based on the definition and the practical features of CT operations, this paper assesses sustainable efficiency for CTs from three perspectives: container throughput, CO2 emissions, and occupational safety. In this paper, a modality movement and a fuzzy grey relational analysis (GRA) approach are first proposed to estimate CO2 emissions and occupational safety index for CT operators, respectively. A hybrid slacks‐based measure (SBM)‐DEA model is then developed to assess the sustainable efficiency of CT operators. Finally, the CT operators in the Port of Kaohsiung are empirically investigated to validate the research model. Based on the results, theoretical and practical implications for the management of CT operators and port authorities are discussed. [ABSTRACT FROM AUTHOR]

This paper constructs a general equilibrium spatial urban model and measures city geometric compactness using the patch‐shape index based on evidence from satellite imagery and basic vector maps of China. It adopts the ordinary least squares and instrumental variable approaches to examine the effect of city shape on the urban development of 279 Chinese cities at or above the prefecture level. The empirical results show that there was a significant negative correlation between city shape and economic outcomes. Specifically, every 1 percentage point increase in the patch‐shape index led to a decrease in city‐scale GDP by 0.009 percent, housing prices by 0.044 percent, and wages by 0.024 percent. More compact urban layouts attracted an inflow of households and firms, stimulated city economic growth, and were associated with increased housing prices and wage rates. The paper considers the cities' initial conditions, trends in population changes (expanding, shrinking, and stagnant cities), and geographic factors, and finds that the results are robust. An array of policy implications can be drawn from the research. [ABSTRACT FROM AUTHOR]

Migrants often face challenges in social integration. Using a nationally representative sample of migrant workers and employing the epidemiological approach, this paper examines the determinants of social integration. It finds that, conditional on a set of individual features, the migrants from less‐developed provinces have greater difficulty in integrating into local communities. These results still demonstrate robustness across alternative variables, samples, and various specifications. Mechanism analysis shows that educational and employment factors account for over 40 percent of the variance in social integration levels, suggesting their significant influence. Additionally, the analysis suggests that native bias against migrants, along with misunderstandings between them, may account for part of the remaining variation in social integration levels. Importantly, the ability to speak local dialects has been identified as a crucial factor that can significantly improve migrants' subjective experience of integrating into a new city. By identifying one specific cause of social integration, this paper provides information to individuals and governments and assists them to improve social integration. [ABSTRACT FROM AUTHOR]

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

Frankish customs regulations recorded in the tenth‐century 'Inquest on the tolls of Raffelstetten' have long formed a cornerstone of traditional arguments about slavery's role in the early medieval European economic revival. This paper experiments with the application of a more‐than‐human lens to the Raffelstetten record and other evidence to generate new insights into the intimate experience of enslavement and the interspecies networks of relations that shaped the slave trade and slave markets in early medieval Europe. Human and animal entanglements, as revealed in the Raffelstetten record, determined how enslaved people experienced capture, transport, and sale. [ABSTRACT FROM AUTHOR]

The existing studies usually find that technical change was very important in constraining the economic growth of the Soviet Union. While these studies have been successful in quantifying the extent of technical change, they have been less successful in quantifying its nature. This paper moves a step closer to probing the essence of Soviet efficiency by splitting the aggregate technical change into its subcomponents – namely, capital and labour efficiency. I find that the Soviet Union registered strong labour efficiency gains during most of the postwar period, converging towards the labour efficiency level of the global frontier – the US. Labour efficiency growth did decrease over time, but labour efficiency was not a primary cause of Soviet growth retardation. That retardation was instead caused by a decline in capital efficiency. At a disaggregated level, I find that the decrease in capital efficiency was driven by structures. I hypothesize that labour shortages and an inadequate investment policy resulted in a large stock of unfinished, and hence idle, structures, distorting Soviet economic growth. [ABSTRACT FROM AUTHOR]

This paper examines the evolution of consumption practices in Venice in the long eighteenth century through the combined use of post‐mortem inventories and household budgets. Although Italy experienced a period of relative decline between the seventeenth and eighteenth centuries, our findings suggest that Venetian households enjoyed a rich and vibrant material culture that was fully comparable with those of the most advanced European urban economies. However, although new products, practices, and fashions were adopted by Venetian society, the architecture of consumption did not undergo sudden and extreme changes; rather, consumption was gradually refined, following the path that it had begun during the Renaissance. We therefore argue that the Venetian economy did not experience a consumer revolution but, instead, consumer evolution. Moreover, this study shows that sophisticated consumption practices were not exclusive to the more dynamic economies of the continent but were widespread even in those regions that were victims of the Little Divergence. We thus suggest that the relationship between consumption development and economic development was not necessarily causal and that the diffusion of new consumption practices throughout society was a necessary, but insufficient, prerequisite for economic take‐off. [ABSTRACT FROM AUTHOR]

China's environmental governance exhibits a significant imbalance with its economic development. To enhance the "green" and sustainable practices of enterprises, employing environmental, social, and governance (ESG) principles is imperative. The literature examining the correlation between ESG and green innovation (GI) lacks detailed clarity and obscures the different effects of each dimension. Inefficient resource allocation may also result from ignoring the distinct implementation costs associated with each dimension of ESG. Such problems eventually hinder the guidance of corporate practices. Therefore, the promoting or inhibiting effects stemming from each of these dimensions warrant further study. In this paper, we use data from A‐share listed companies in China for the years 2004 to 2020 to investigate the mechanism that links the E, S, and G dimensions of ESG with GI from an externality perspective. We prove a linear or U‐shaped relationship between the E or S dimension and GI, and we explore the mediating effect of financing constraints on these relationships. We compare these dimensions under a unified theoretical framework to clarify their differences in externality and internality. This study's results highlight the importance for enterprises to emphasise environmental issues and social recognition, instead of just corporate operations, to achieve sustainable development. [ABSTRACT FROM AUTHOR]

The economic impact of resource investments into higher education has been the focus of considerable research in recent years. Many contributions analyse the strength of the connection between economic development and higher education at the local level and the conditions which make certain systems more effective and efficient than others. In this paper, we provide a systematic bibliometric review of the available literature on the subject, various dimensions of this complex issue, constructing and analysing a map of variables used by selected researchers in the field. A summary of knowledge gaps, research limitations, topics explored and applied methods is provided to envisage future research in this field. [ABSTRACT FROM AUTHOR]

Modern communication technologies make information more easily and quickly accessible, leading to more transparent and competitive markets. Based on a theoretical model, this paper provides new empirical evidence on the potential impact of online search intensity on asymmetric cost pass‐through. Prices often move as ‘rockets and feathers’: they rise quickly in response to cost increases and they fall slowly in response to cost reductions. A panel threshold error correction model is applied to weekly producer and retail prices of chicken and mutton in Iran. The results suggest that the volume of online searches is associated with a more complete and less asymmetric cost pass‐through from farmgate to retail prices. Thus, online platforms and search engines have the potential to increase competition by bringing prices closer together and reducing profit margins. [ABSTRACT FROM AUTHOR]

A high‐quality green transition is essential to achieving sustainable and coordinated global development. In this paper, a new method of two‐step geometric average is proposed to measure green transition, and a comprehensive framework on the relationship between sustainability and coordination via the propelling force of green transition is constructed at both the national and provincial levels. In addition, the mediating effect model and the threshold model are employed to empirically verify the mechanisms and influences. According to the results, green transition can contribute to regional economic growth at national level and to the coordinated development of regional economies at provincial level in China. Meanwhile, the non‐linear 'U‐shaped' relationships between green transition and regional economy are demonstrated in Asia and the eastern region of China, and spillover effect of technological innovation can indirectly promote regional development. In addition, the heterogeneity effect of green transition fully releases the dividend of economic quality and environmental governance capacity, promoting the coordinated development of regional economies. In the meantime, the driving force of green transition on regional economy is dependent on the external environment, particularly before and after the outbreak of COVID‐19, when its impact has altered substantially. Therefore, it is necessary to promote green transition via greater technological innovation efficiency, and then to restore the vitality of regional economic development; which could provide policy makers and professionals in the regional economy with information for enhancing sustainable and coordinated development. [ABSTRACT FROM AUTHOR]

China holds the distinction of being the foremost global consumer of water resources and contends with a significant level of water scarcity. In light of this quandary, China has been assiduously endeavoring to foster water conservation practices with the ultimate objective of reaching a peak point in water use. In this paper, we construct a framework for forecasting China's total water use (TWU) peak path. In this framework, we select influencing factors in terms of both economy and technology to forecast the peak path of China's TWU under six different scenarios, and analyze the economic and technological circumstances at the peak. Our findings indicate that China's TWU will persist in its upward trend based on both the high growth and business as usual scenarios. The projected peak period is estimated to transpire in 2037, 2032, 2030, and 2028, respectively, with the corresponding peak levels amounting to 644.03, 633.93, 625.79, and 620.92 billion m3. However, in the low growth scenarios, China's TWU reached its peak in 2013. The extent of economic development plays a pivotal role in determining the timing and manner of water usage peaking. Early peaking of water usage could potentially result in a loss of gross domestic product (GDP). Furthermore, technological advancements hold the potential to facilitate a reduction in water use without requiring a significant trade‐off between resource conservation and economic development. The results of sensitivity analysis show that the average acreage of water used for irrigation on cropland, GDP, water use efficiency, and population contribute the most to TWU, while the increase in the proportion of industrial, service, and water‐saving irrigation area can reduce water use. Our analytical framework provides a commonly applicable solution for the water use forecast in areas seeking to reach the water use peak or to achieve sustainable development. [ABSTRACT FROM AUTHOR]

Increasing research on spinouts highlights the key role that employees play in new business creation, knowledge diffusion, and economic development. However, this research conflicts on many points, including on definitions of key concepts. In this paper, we review the theoretical and empirical literatures on private sector employee spinouts and integrate insights spanning multiple academic disciplines. We address definitional ambiguity and propose a cross‐disciplinary conceptual framework that adequately captures the extant literature on this phenomenon. Doing so allows us to organize the selected academic articles on employee spinouts into six themes: antecedents at the individual, organizational (parent firm), and external environmental levels, and consequences of spinouts for spinout founder(s), parent firms, and external environments. For each theme, we summarize the key research questions, theories, and evidence to date, and refer to potential integration points that could help to expand our knowledge. We conclude our review of each major theme with targeted suggestions for future research. [ABSTRACT FROM AUTHOR]

The Ricardian comparative advantage model suggests doing what you are best at. Meanwhile, many development experiences resulted in producing the impossible. Do the two prescriptions lead to an antagonism that the industrial policy must side by one? Or can industrial policy consider the current comparative advantage while aiming for significant changes in the export basket? This paper answers yes by suggesting a path to transformation through the tracks of current comparative advantage. I use the Product Space network to define the two attributes of a product: New products closer to the existing comparative advantage are easier to include in the export basket. On the other hand, central products in the core of the product space might be far from the export basket, but once added, they contribute more to the transformation and further diversification. Hence, a trade‐off exists between the proximity of a new product to the current export basket and its contribution to further diversification and transformation. I offer industrial policymakers to use a combination of product nearness and centrality. A policymaker seeking a gradual and secure transformation can prioritize nearness, while centrality can be given greater weight for rapid transformations. [ABSTRACT FROM AUTHOR]

Estimating the contribution of enslaved workers to output and growth in the United States during the first half of the nineteenth century is a crucial building block to better understand the contours of nineteenth‐century US economic history, and more generally, the connection between slavery and capitalism. Existing estimates only present a partial picture and are potentially problematic. In this paper, we use data on enslaved person valuations to calculate the contribution made by enslaved workers to regional and national gross national product (GNP) in 1839 and 1859 and to the growth in per capita output in the 20 years before the Civil War. We find that in the United States, enslaved workers were responsible for somewhere between 12.49 per cent and 18.0 per cent of the increase in output per capita between 1839 and 1859. [ABSTRACT FROM AUTHOR]

This paper studies the relationship between public investment and private investment in a sample of 21 Organization for Economic Cooperation and Development (OECD) countries between 2000 and 2019. Using panel data nonlinear threshold regression models, the empirical results show that there exist threshold levels for the share of public investment in private investment, the real Gross Domestic Product (GDP) growth rate and the real interest rate that affect the relationship between public and private investment. All estimates support a crowding‐in effect of public investment on private investment. In terms of policy prescriptions, by increasing public investment, OECD governments can expect positive spillovers to private investment. [ABSTRACT FROM AUTHOR]

Studies have shown that external capital account liberalisation can boost capital inflows and augment economic development. Nevertheless, in the case of developing and emerging economies (DEE), adverse currency fluctuations could hamper external competitiveness due to relative price differences creating currency overvaluation, which might not be mitigated via financial openness alone. Therefore, this paper uses annual panel data for 35 DEEs over 40 years to explore whether financial openness of countries can help preserve their external price competitiveness, in the presence of greater trade openness and better institutional quality. Our findings suggest that financial openness alone does not aid export competitiveness, unless it is supported by greater trade openness. In addition, both cross country and regional analyses show that financial openness can benefit economies in maintaining their export competitiveness if they have stronger quality of institutions. Our results remain robust when we estimate the role of financial openness and institutional quality jointly on external competitiveness across regions, and during the pre‐ and post‐crisis periods. We conclude that financial openness alone is not sufficient to improve external competitiveness of an emerging economy, but it does help in the presence of greater trade openness or better institutions, enabling reduction in trade costs and thereby making these countries more price‐competitive. [ABSTRACT FROM AUTHOR]

As the processes of market liberalization and globalization increase the confidence of international actors involved in national third sectors, there exists a cosmopolitan tension between ‘mobile elites’ and ‘locked in’ nationals. This paper explores the impact of these tensions on the social enterprise ecosystem in the Republic of Poland and the Socialist Republic of Vietnam. Focused on the internationalized mechanisms of support, the relationship between the social enterprise incubators and international stakeholders, and power distance inherent to the global versus local debate, the findings suggest that normative isomorphic pressures are causing a fundamental ecosystem shift. The monopolization of support and terms of reference have led to entrepreneurs detrimentally being treated as ‘organizational heroes’ risking burnout, the primacy of international voices within the local context, and the transference of nationals from being ‘locked in’ to national processes to being ‘locked out’ of national support. The research suggests the cosmopolitan‐led transformation of activists into entrepreneurs needs to be more carefully considered, to ensure that enforced alignment to international system does not alienate them from other sources and means of sustainability. [ABSTRACT FROM AUTHOR]

With increasing global urbanization, the proportion of the world's population engaged in the primary sector of the economy continues to decrease, leading to significant changes in the experience of nature (EoN). As a result, not only are opportunities for EoN reduced, but they are shifting structurally because the proportion of nature experiences that take place in leisure time increases relative to that which takes place in a work and production context.In order to understand the implications of this structural change, a new typology is introduced that defines experiences of nature by considering their social context: economic and recreational EoN.Economic EoN is predominantly purpose‐oriented, while recreational EoN is primarily experience‐driven. Compared to economic EoN, recreational EoN often requires less skill and knowledge while relying on stereotypical constructs of nature, demonstrated, for example, by traditional land uses and tourism, respectively. As urbanization continues, the proportion of recreational nature experiences will continue to increase, raising an important question: How can the experience‐driven, recreational relation to nature contribute to long‐term engagement and responsible stewardship?Long‐term engagement is evident in leisurely behaviour where people pursue hobbies. In urban societies, many people invest a considerable amount of time and material resources in their hobbies, while developing specific skill sets and acquiring extensive knowledge in the process. Furthermore, nature‐related hobbies enable the transformation of irrelevant economic EoN into meaningful recreational EoN, allowing the emergence of an individual perspective on and a lasting relationship with nature, as well as creating a skill‐based sense of place.Policy implications: As traditional economic EoN diminish and becomes irrelevant during the urbanization process, hobbies can help preserve ecological knowledge and skills with recreational EoN. Protected areas and other organizations curating nature experiences should create and promote experiences that relate to nature‐based hobbies and focus on supporting skill development. Read the free Plain Language Summary for this article on the Journal blog. Read the free Plain Language Summary for this article on the Journal blog. [ABSTRACT FROM AUTHOR]

Background: Cattle farming plays a pivotal role in Africa's agricultural and livestock sector, poised for growth due to population expansion and rising per capita consumption of animal‐sourced food. Forages are a primary source of feed for dairy cattle, significantly impacting production costs. While local forage varieties are preferred by dairy farmers, there has been an increase in the adoption of improved forages in recent years. However, the overall adoption rate is still low, for example, due to underdeveloped forage seed markets. Methods: This study describes the dynamics, challenges, and potential of these markets in Kenya and selected East African countries, focusing on (i) market evolution over the past decade, (ii) forthcoming market prospects, and (iii) bottlenecks and opportunities for improvement. Data were gathered in 2022 through qualitative interviews with stakeholders representing six segments of the forage seed sector across six countries. Results: We found a sustained growth of the improved forage seed market in recent years. The main challenges for further growth are high seed prices, regulatory difficulties, and limited producer knowledge. Conclusions: The findings unveil positive dynamics in the region's forage seed market, fueled by the engagement and determination of stakeholders who recognize the manifold benefits that it holds for both the dairy industry and economic growth. The realization of this market's potential requires addressing prevailing challenges, including elevated seed costs, intricate variety registration processes, and a pervasive lack of awareness among farmers. [ABSTRACT FROM AUTHOR]