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Copyright of Ekonomika is the property of Society of Economists 'Ekonomika' 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.)

Purpose: This paper aims to provide an objective and comprehensive evaluation of the understanding of the professional code of ethics of Indian Professional Management Accountants in Business (PMAIBs). It further delves into their individual, job and organizational characteristics as determinants of their understanding of the code. Design/methodology/approach: This study relies on data from 247 responses to a survey-based questionnaire. Overall scores and sub-scores of the level of understanding of the code were calculated based on questions grounded in IESBA Code and ethical dilemmas. The drivers of these scores were then examined using one-way ANOVA, OLS, Probit and ordered probit regressions. Findings: This study found considerable heterogeneity in Indian PMAIBs' understanding of their professional code of ethics and substantial scope for improvements. PMAIBs were stronger in Application, Resolution and Threats but weaker in Theory and Principles. Further, PMAIBs who had ranked themselves higher on code-familiarity, had higher moral maturity, hailed from western India and worked for foreign-listed, foreign-owned firms were found to have a higher level of understanding of the code. Highly educated elderly professionals and professionals with more responsibility areas exhibited a lower level of understanding of the code. Research limitations/implications: Insights from the study can help professional bodies, employers and academics identify and segment PMAIBs based on their ethics-training needs and customize interventions, which can benefit businesses and society through reduced corporate ethical failures. Considering the risk implications of Indian PMAIBs' inadequacies in understanding their code of ethics, the Indian professional accounting organization (ICAI-CMA) should mandate ethics in continuing professional development and expedite its long pending convergence with the IESBA code, a global benchmark for professional accountants. Originality/value: This paper assesses the understanding of the professional code of ethics of PMAIBs, which is crucial yet amiss in the accounting ethics literature. While ethical decision-making is extensively researched, how well the professionals understand their code is yet unexplored. Research on PMAIBs, despite their unique ethical vulnerabilities and increasingly vital role in organizations, is still dormant. This study aims to fill these gaps by examining PMAIBs from India, an emerging economy under-represented in accounting ethics literature. India offers an important and rich setting for the study due to its large size, fast growth, deep integration with the global economy, high perceived corruption levels and poor ethical behavior of its firms. [ABSTRACT FROM AUTHOR]

Copyright of Polish Journal of Economics / Gospodarka Narodowa is the property of SGH Warsaw School of Economics 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.)

Background. The Afghanistan-China strategic relationship is multifaceted, characterized by economic convergences, security cooperation, and mutual diplomatic support. China's Belt and Road Initiative has played a significant role in deepening ties, especially through infrastructure development in Afghanistan. Purpose. In this paper authors tried to explore Afghanistan and China relations, how China plays an important role in the redevelopment of Afghanistan, discuss the prospects and challenges facing Chinese-Afghan relations, including from a regional perspective and also discussed how China fits into the vacuum left by the US withdrawal. Method. The method used applies a qualitative method that focuses on looking at social phenomena that occur in society. Results. At the same time, a rather stable Afghanistan free from threats by militant and terrorist groups could provide opportunities for China and other regional states to contribute to its post-conflict economic reconstruction and development. Conclusion. At the period since the Taliban took over an Afghanistan emptied of its foreign presence, there has been much more speculation that China will step in to fill the geopolitical, security and economic vacuum left by the West's withdrawal. China surely has direct interests in a stable, developed and well-governed Afghanistan, not least to prevent spillover and assets in the wider regions of Central and South Asia. [ABSTRACT FROM AUTHOR]

Purpose: The paper aims to investigate the impact of socially-responsible human resource (SR-HR) practices on organizational sustainability performance (OSP) in Indian business organizations that are mandated to publish business sustainability and responsibility reporting. Design/methodology/approach: Data were obtained from 620 working professionals employed in the organizations listed on National Stock Exchange in India. The proposed hypotheses were tested by deploying the statistical technique of multiple regression analysis using SPSS Version-21. Findings: The results demonstrated that overall, SR-HR practices impact OSP. More precisely, all the dimensions of SR practices are positively associated with the organization's financial performance, environmental performance and social performance (SP). There was a relatively higher significant impact of legal-oriented human resource management (HRM) on organizational economic and ecological performance. However, in the case of SP, a substantial effect of employee-oriented HRM was found. Practical implications: Study findings encourage HR practitioners to invest in SR-HR practices to build and strengthen employees' abilities and contributing to sustainability goals. Originality/value: This study is one of the few studies conducted in the Indian context that highlights the relevance of the convergence of HRM, human resource development and corporate social responsibility to realize sustainability goals. [ABSTRACT FROM AUTHOR]

This paper investigates the pattern of the financial development convergence for the top (Europe and Central Asia) and the bottom (South Asia) globalized developing regions from 1984 to 2016. We employ the Philips-Sul club convergence approach to measure the financial development convergence's speed. The results validate the convergence of financial development in all countries, including the top and bottom of globalized developing regions. Interestingly, the speed of financial development convergence is less in the bottom globalized developing region than in the top globalized developing region. However, these results vary across developing regions in the case of financial institutions and financial markets. Therefore, solid financial market governance can provide a productive and efficient financial system, particularly in the bottom globalized economies. [ABSTRACT FROM AUTHOR]

This paper analyses the impact of highways on the distribution of economic activities between urban agglomerations and peripheral regions in the European Union. In doing so, I use an empirical strategy based on the land use theory employing disaggregated economic and infrastructure data. To address endogeneity, I apply an IV strategy exploiting non-local highway construction as a source of exogenous variation. I find that highways contribute to the diffusion of urban economic activities into surrounding areas, reducing the income gap between European agglomerations and peripheries. Reduced-form estimations suggest that the gap would have been nearly 3% higher in 2020 if the highway networks of European countries had remained at the level of 1990. The study concludes that transportation infrastructure policies can alleviate regional income disparities, increasing economic convergence between urbanised and less urbanised areas. [ABSTRACT FROM AUTHOR]

This paper explores the convergence of public expenditures and revenues in the EU28 by applying the panel cluster convergence methodology to updated quarterly data for the period 2002–2019. In order to explore whether the recent debt crisis in EU has affected the harmonisation path, the paper, for the first time, considers both the whole period 2002–2019 and two equally‐sized sub‐periods, that is, 2002–2009 and 2012–2019, which correspond to pre‐and post‐debt‐crisis years. The issue is important for the debate on fiscal harmonisation in Europe, given that the EU's debt crisis has generated many asymmetries across the member states, whilst the design of effective public policies remains a key tool for achieving higher economic growth. Overall, our results provide evidence of divergence, especially for public expenditures since the European debt crisis, which suggests that in the future further efforts towards a stronger harmonisation path will be required by policymakers in EU member states. [ABSTRACT FROM AUTHOR]

Purpose: The attempts made by Saudi Arabia to utilize the soft power of sports over the last decade have helped it envision a promising post-oil future. This study aims to explain the paradigm governing the expansion of sports interactions between Iran and Saudi Arabia. Methods: The statistical population consisted of 11 political science and sports science professionals with written work (e.g., papers, books, notes, or interviews) on public diplomacy, sports diplomacy, and diplomatic interactions in the Middle East, especially between Iran and Saudi Arabia. Sampling was performed through purposive (snowball) sampling and the Delphi method until theoretical saturation. The validity and reliability of this research were evaluated with the contribution of interviewees with Intra-subject agreement of two coders. Results: The research findings indicated that four indirect categories (i.e., geopolitical, ideological, economic, and sociocultural categories) and three direct categories (i.e., sports events, human capital, and sports economy) constituted the paradigm governing the diplomatic interactions between Iran and Saudi Arabia. The key components of indirect and direct categories were economic concepts with a mean of 4.17 and sports economy with a mean of 4.30, respectively. Conclusion: According to the research findings, since Saudi Arabia has put substantial effort into organizing sports events and paid special attention to this area over the last decade, sports can be considered an intriguing means for these two countries to expand their political and economic convergence in the future. [ABSTRACT FROM AUTHOR]

Reducing regional economic disparities in China is an important task to facilitate inclusive and sustainable long-term economic growth. This paper investigates the role of technological innovation in facilitating regional economic convergence in China (i.e., narrowing the gap between more developed and less developed provinces). We utilize a province-level panel data set from 1998 to 2017 to calculate the so-called sigma (σ) and beta (β) regional economic convergence indexes, which allows us to examine the patterns of convergence in China over time. In particular, we use panel data regression models to calculate β indexes and examine how various measures of technological innovation influence regional economic convergence in China. Findings from our empirical analysis suggest that the provincial economies were diverging from 1998 to 2006. However, we observe regional economic convergence in China after 2006. Moreover, we find that technological innovation promoted regional economic convergence post-2006, and there is evidence that technological innovation spills over and benefits nearby surrounding provinces. We also find that transfer payments made by the Chinese central government to the provinces help boost regional economic growth and narrow regional economic disparities. [ABSTRACT FROM AUTHOR]

In the existing literature on foreign direct investment, it is often assumed that multinational corporations and their direct investments reduce institutional differences among economies. Building upon this assumption, those influenced by management studies and mainstream economics see multinational corporations as an agent that upgrades local business conventions to global standards. Geographers do not usually accept this convergence theory and claim differences among host economies prevents convergence in business practices. The difference between these groups of scholars is that the non-convergence camp acknowledges the resilience of local business practices while the convergence camp does not. The papers comprising this special issue question this shared assumption of foreign direct investment as a cause of convergence. As outlined in this introductory paper, and explored in detail in the following papers, we pay attention to the simple fact that the foreign direct investment is from a company or individual whose business practices are inherently influenced by their experiences of business in the nation or region of origin, and these experiences indelibly influence, to varying degrees, their local operations in investment destination. Once we accept such an obvious fact, recent debates on variety of capitalism and related literatures on the developmental state, welfare regime and other concepts all become relevant to understanding of the local operation of foreign-owned businesses. [ABSTRACT FROM AUTHOR]

Copyright of Economic Horizons / Ekonomski Horizonti is the property of Economic Horizons 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.)

Based on two-country scenarios (entrants vs. incumbents), this paper employs the synthetic control method to quantify the macroeconomic effects of the European Union (EU) enlargement, and examines whether these effects varied before, during, and after economic crises. We find that enlargement effects are very complex, and significantly varied across economic cycles and the country groups. In particular, EU enlargement induced large and positive effects on the entrants which were merely stifled in the wake of the financial crisis and the subsequent euro crisis. In the interim, the 2004 enlargement triggered an instantaneous negative shock on the incumbents which was further exacerbated by the crises. Subsequently, the entrants recovered beyond their pre-crises gains, registering approximately 14 % higher per capita incomes by 2019, with Poland emerging as a clear winner. Meanwhile, incumbents' per capita incomes have, on average, declined by approximately 9 %. While our findings largely support the notion that the entrants are en route to catching up with their incumbent counterparts, a formal β-convergence analysis exploiting the observed and synthetic data intuitively confirms that EU integration reduces the half-life by 50 %. [ABSTRACT FROM AUTHOR]

This paper contributes to the growing body of literature exploring the ramifications of AI-driven technological singularity and its economic implications. The exploration unfolds in three key segments. First, it sheds light on the concepts of artificial general intelligence (AGI), AI superintelligence, and singularity itself. Subsequently, it discusses the AI alignment problem, addressing the potential outcomes of superintelligent AI on human civilisation. Further, Giddens’ structuration theory is used to highlight the prominent role of AI-based “authoritative resources” in determining the allocation of resources and ensuring distributive justice in a techno-utopian society. The paper also explores the idea of utopia and the “end of history” and concludes with the suggestion that achieving a technological utopia with superintelligent AI is a mechanism design problem.

In times of crisis, the study of employment is of vital importance, especially that generated by cooperatives, which show great resilience. This paper analyzes the evolution of employment created by cooperatives in the different Spanish regions in relation to total employment between 1999 and 2019 with a pioneering approach. We analyze the existence of convergence clubs among the Spanish regions using the methodology developed by Phillips and Sul (2007, 2009). The results show the existence of four clubs that include the regions that converge in relative terms of cooperative employment over the 20 years analyzed. The lack of homogeneity in the behavior of employment in cooperatives in the different Spanish regions is demonstrated, with certain divergences among regions. These divergences make it difficult to establish a model of cooperative employment for the whole of Spain. [ABSTRACT FROM AUTHOR]

Economic convergence was a goal of the European Union and financial integration was part of the tools to achieve this goal. After decades of successful convergence and closer financial integration, these movements have slowed since the Great Financial Crisis. In this paper, we contribute to explaining these stylized facts by showing, in a country panel setting, with 2SLS estimates, that the positive impact on productivity growth of financial flows, and in particular those intermediated by the banking system, depends on the quality of financial intermediation in the recipient country, but also on the quality of investors in the investor countries. [ABSTRACT FROM AUTHOR]

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]

This article analyses regional convergence and the diminishing regional disparities within the EU27 from 2000 to 2019. It assesses the impact of income fluctuations on regional inequality by employing secondary analysis of income per capita indicators across NUTS 3 level regions. The article provides a quantitative assessment of regional income inequality, encompassing the most prevalent instruments used in the analysis of inequality data. In particular, it determines EU regional disparities using constructed Theil, Gini and CV indices exposing a more comprehensive evaluation of regional disparities within the EU. It also examines the nexus between spatial effects on regional income inequality. The findings suggest that EU convergence persists at the NUTS 3 level, albeit at a decelerating pace. We also point to the role of clustering effects among neighbouring regions. Notably, the study highlights the diminishing role of regional clustering due to income inequality during the ongoing convergence process. [ABSTRACT FROM AUTHOR]

This paper investigates the contribution of industrial robots to labor productivity growth and cross-country economic convergence in a sample of 19 developed and 16 emerging countries over the period 1999 to 2019. To answer our research questions, we extend the non-parametric production frontier framework by considering industrial robots as a separate production factor. We find a positive contribution of robotization to labor productivity growth for all countries in our sample. In the period after the financial crisis (2009 to 2019) the contribution of robot capital deepening to productivity growth gained in importance. Over the period 1999 to 2019 we find some evidence of i) unconditional β-convergence (countries with lower initial productivity levels grow faster), ii) a reduction in the dispersion of productivity levels across economies (σ-convergence) and iii) a depolarization (shift from bimodal to unimodal distribution) of the labor productivity distribution in our sample. Accumulation of 'traditional' physical capital is the main driver of β-convergence. Robot capital deepening significantly contributed to economic convergence and the depolarization of the labor productivity distribution, but its effect on the entire shift of the labor productivity distribution is modest and dominated by other drivers of productivity growth such as 'traditional' physical capital deepening and technological change. [ABSTRACT FROM AUTHOR]

This paper contributes to the debate on the role of innovation and intellectual property rights (IPRs) in catch‐up policies in developing countries (DCs). We survey the literature on four key points. First, we review the neoclassical and evolutionary theoretical foundations of innovation and catch‐up. Second, we examine why some countries lag behind, in particular in terms of path dependency and multiplicity of convergence dynamics. From this follows the question of how to foster innovation in DCs. We examine the issues of IPRs protection in a third point and industrial policies in a fourth point. Strengthening IPRs protection is often recommended by international institutions. However, the related literature shows that their impact is strongly non‐linear, as the optimal level for DCs is initially low, then increases as the countries develop. This result is robust to a wide range of models and methods. Finally, the literature reveals that industrial policies can be crucial in fostering innovation in DCs, even though their implementation faces serious challenges, in particular the appropriate targeting of industrial policies, and rent‐seeking behaviours in a deteriorated institutional environment. [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]

This paper analyzes environmental convergence and its determinants. We construct our analysis in a bilateral setting and hypothesize that, through foreign direct investment (FDI), one or more investor countries could impact the environmental performance of their hosts, leading thus to a possible environmental convergence between home and host economies. To do this, we construct an original database on bilateral FDI encompassing 128 countries for the period 2000-2012. Our results suggest that, in general, FDI does not directly impact environmental convergence, except for the case of FDI originating from major investor countries. Under specific conditions, FDI can be expected to influence environmental convergence along with other variables such as GDP per capita, industrial development, geographical proximity, or cultural and historical ties. Overall, these effects may vary depending on the type of partnership considered (North-North, North-South, South-North, and South-South). [ABSTRACT FROM AUTHOR]

Economic inequality has increased in many EU countries in the past few decades. Yet efforts to assess regional disparities across the EU mostly concentrate on convergence in average per capita incomes, offering little analysis of how regional income is distributed. Using new data from the Luxembourg Income Study (LIS) for 1989–2013, we test whether income inequality convergence has taken place among EU regions and assess which structural factors may affect the pace of this process. The analysis offers three findings. First, NUTS 2 regions are converging to a higher level of income inequality. Second, this process is significantly faster when regions share similar structural characteristics. Finally, there is evidence of a convergence-acceleration effect for regions receiving Cohesion Policy funds, suggesting therefore that these may be driving the convergence process. • The paper investigates the dynamics of within-country income inequality in the European Union regions during 1989–2013. • We test whether regions with higher inequality levels experienced larger reductions in income concentration. • The main finding indicates that NUTS2 regions are converging but to a higher level of income inequality. • The convergence process is significantly faster when regions share the same structural features, such as similar levels of quality of institutions. • Regions receiving Cohesion Policy funds may be driving the convergence process. [ABSTRACT FROM AUTHOR]

Urban agglomerations (UAs), which serve as pivotal hubs for economic and innovative convergence, play a crucial role in enhancing internal circulation and strengthening external linkages. This study utilizes the China city-level multi-regional input-output tables, incorporating the Dagum Gini coefficient and kernel density estimation methods, to perform a thorough quantitative analysis. Disparities within the national and global value chains ("dual value chains") of Chinese UAs from 2012 to 2017 were assessed. Additionally, the logarithmic mean Divisia index (LMDI) method was applied to disaggregate the drivers of both national and global intermediate inputs (NII and GII). The study's key findings include the following: (1) The national value chain (NVC) within UAs exhibits robust growth, contrasting with the decline in the global value chain (GVC). (2) The inter-UA disparity contribution rate significantly surpasses the combined rates of intra-UA contribution and super-variation density. (3) Distinct evolutionary peak trends are discerned among various UAs within the "dual value chains", highlighting diverse spatial polarization characteristics and expansiveness. (4) The growth of the NVC has transitioned from a negative to a positive impact on NII, while the decline in GVC has substantially counteracted GII growth. Economic and demographic factors notably drive positive improvements in both NII and GII, whereas the efficiency of outflows presents a negative driving effect. Based on these findings, this study offers strategic recommendations to facilitate the effective integration of UAs into the new development paradigm, thereby providing a scientific basis for related decision-making processes. [ABSTRACT FROM AUTHOR]

This study deals with the evolution of fuels' prices over time in the EU. The central research inquiry revolves around whether there exists any correlation among the trajectories followed by national prices in the gasoline and diesel markets. The EU, and more specifically the Euro-Area, by its construction, is treated as an OCA (Optimum Currency Area). In an OCA, certain conditions are met to ensure the smooth functioning of a common currency. The fuel price synchronization is essential because it contributes to the effective implementation of policies and promotes stability across the entire macroeconomy. The study covers the period of 2017–2022. For each type of fuel and year, we construct an individual network where network nodes represent the EU member states while the edges connecting these nodes represent strong temporal fuel price correlations among the member states. The properties of the resulting networks are analyzed within a Complex Network framework. Our goal is twofold: first, to detect any potential convergence or divergence in the trajectories of the prices, and second, to investigate the impact of tax and duty implementation on the co-movements of the prices. The empirical findings show that diesel markets have a more pronounced pattern of price co-movements compared to the gasoline markets. Moreover, the application of fuel taxation policies seems to adversely affect the co-movements of prices. [ABSTRACT FROM AUTHOR]

The ongoing development of entrepreneurship within small and medium-sized enterprises (SMEs) represents an essential factor pertaining to the growth of the modern economy because it has an extremely important impact on economic development, increasing the level of innovation and creating jobs. We tend to believe that SMEs represent a central pillar in the countries with a developing economy, and not only there because of the many benefits they bring about including the demonstrated ability to respond quickly to the changes in the market. The present study presents the convergence of the literature on entrepreneurship, SME, management, innovation and performance in the business sector, highlighting the interest of a very large number of researchers who have studied SMEs on economic growth. In the present study, we used the VOSviewer software for the bibliometric research, the results being reflected in the bibliometric maps that show the links between the keywords identified in the research of specialists in the field. [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]

This article investigates the dynamic process of convergence among a set of real alternative (art, fine wine, gold, residential real estate) and financial assets in the US context over the period 2003–2019. The objective is to explore the time-varying behavior of their links considering structural breaks coming from exogenous economic and financial shocks that prevent market convergence from being a linear process. Using a procedure that determines endogenously multiple structural breaks and a rolling co-integration framework, we show that price co-movements depend on the global financial and economic environments. Our results confirm the existence of a long-term co-integration relationship among price series but with structural breaks. We find that exogenous shocks lead to a lower degree of convergence of real alternative and conventional assets, and expansion phases promote market convergence between them. Our results contribute to guiding investors in their efforts to diversify their wealth and portfolio. [ABSTRACT FROM AUTHOR]

Economic integration and globalization are expected to promote economic growth and convergence. This article offers a comparative analysis of the pace of development in terms of GDP per capita in 79 economies from 1970 to 2019. Usually, economic convergence literature aims to establish whether catching-up processes have been successful. This article verifies the existence of growth path similarities to identify clusters of countries that grow at a similar pace and react in a similar way to crises, and compares their dynamics in time. According to the results, coherently with globalization pressures, clusters have become fewer and larger. However, growth path divergences persist and suggest a cluster-based convergence. Integration processes, such as the European Union, have not influenced this trend. The extent to which these clusters are composed of structurally similar economies has been investigated and some consistencies have emerged between the composition of clusters and the classifications provided by the varieties of capitalism theory. [ABSTRACT FROM AUTHOR]

This study analyses 17 care economies using 2016 Luxembourg Income Study data to contribute to extant debate regarding the ongoing utility of care regimes as a classificatory schema for cross-national comparison. Examining similarities and differences in the provision of low-status work in health, education, social work, and domestic services – the 'care economy' – the data reveal devaluation of the labour done by immigrant women care workers, net of national and regime-level variation. In addition, numerous similarities across liberal, corporatist, social democratic, and central and eastern European care regimes emerge, in terms of the overrepresentation of immigrant women in low status care work, and the disproportionate financial penalties these workers incur. Together, findings suggest that notwithstanding national and policy-specific differences, there has been considerable convergence across economies of care towards a 'migrant in the market' model of employment. Such large-scale evidence of this trend calls into question the ongoing efficacy of care regimes for national comparisons of migrant care work under conditions of neoliberal globalization. [ABSTRACT FROM AUTHOR]

The devastating effects of the financial and economic recessions within the last two decades have led researchers to question whether there is a connection between the public and private financial sectors that contributes to the rapid propagation of crisis. We analyze the fractional cointegrating structure between the private and public debt-to-GDP ratios for 17 European countries to examine the relevance of this relationship as an amplification channel of shocks. On the one hand, the univariate fractional integration approach reveals that shocks have permanent effects on financial variables in all the countries considered. On the other hand, we find that the number of countries for which private and public debt are cointegrated increase after the Great Recession. [ABSTRACT FROM AUTHOR]

Understanding the spatial differences and evolutionary characteristics of urban economy and exploring the impact of industrial agglomeration and industrial proximity on urban economic convergence are the bases for scientifically formulating policies for coordinated regional economic development. This study used QGIS 3.10.10 software and the Theil index to analyze the spatial distribution characteristics and regional disparities of urban economy. Then, a spatial econometric model was constructed to analyze the convergence and influencing factors of Guangdong's urban economy. The results indicate that from 2006 to 2020, Guangdong's urban economy grew rapidly and the degree of economic agglomeration gradually weakened, but its economic pattern always maintained the "Core-Edge" structural feature. The interval disparities between the Pearl River Delta Urban Agglomeration (PRD) and the edge area have always been greater than the intra-regional disparities, so they are main source of disparities in Guangdong. In Guangdong's urban economy, σ-convergence and β-convergence coexist. The conditional β-convergence rate is 0.96~1.53%, and the half-life cycle is 45.4~72.36 years. Compared to the PRD, the economic disparities in the edge area are smaller but the convergence speed is faster and the half-life cycle is shorter. Both industrial agglomeration and industrial proximity have a significant impact on the economic convergence of Guangdong's cities. Among them, industrial agglomeration has a positive impact, while industrial proximity has a negative impact. There is spatial heterogeneity in the impact of industries on economic development. Industrial agglomeration has a positive impact on the overall economic development of Guangdong, but it is not significant within the regions. Industrial proximity has significant negative externalities in the PRD region, and its impact is not significant in the edge area. [ABSTRACT FROM AUTHOR]

In this study, we investigate the potential differences in topic-specific corporate social responsibility (CSR) disclosure between companies located in liberal market economies (LMEs) and coordinated market economies (CMEs). We also examine the potential convergence of the reporting practices that characterise these two economies over time. We analyse a sample of 5,939 CSR reports issued by European and U.S. firms over 2008–2019. We use textual analysis to examine how explicitly such reports address specific CSR topics. Following Matten and Moon (2008), we focus on three thematic areas: 'human resources', 'environmental protection', and 'society at large'. Each area comprises three distinct topics. Our results show that companies operating in LMEs report more explicitly on these thematic areas, with one exception: those operating in CMEs report more explicitly on parental policies. Additionally, the reporting practices of companies operating in these two types of economies converge for most of the topics under study. For the disclosure of parental leave policies, biodiversity, and waste, no distinct trend is observable. [ABSTRACT FROM AUTHOR]

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