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Many articles examine the effect of institutions and education on economic growth in growth models or empirical settings. However, the opposite effect of economic development on institutions and education is less researched. Systematic evidence is scarce when looking at the interplay of education and institutions. Most of the literature focuses on post‐war evidence starting in the 1960s only. However, institutions and education, both, only change slowly over time and, thus, should be analysed over a longer period. In this article, we try to close a gap by examining the relationship between all three variables over 138 years. By estimating a vector error correction model for a sample of 20 Organisation for Economic Co‐operation and Development (OECD) countries, we are additionally able to differentiate between short‐ and long‐run results. We find positive effects of institutions and education on growth and vice versa. In contrast, institutions and education do not significantly affect each other. Our results are robust to several robustness tests and extensions. [ABSTRACT FROM AUTHOR]

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

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

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

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

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

The convergence of advanced detection mechanisms, engineering management, and intelligence analysis presents a disruptive model for local companies pursuing economic growth. The paper presents a thorough strategy meant to improve regional processes for making decisions to promote long-term economic growth by utilizing modern technology. Using deep learning techniques, such as neural networks and deep neural architectures, to examine large datasets that are pertinent to local businesses. This makes data-driven decision-making easier and empowers stakeholders to choose wisely and strategically for the best possible economic results. incorporating management of engineering concepts to optimize resource allocation, improve operational efficiency, and streamline operations. To guarantee the successful implementation of economic development programs, management of projects, quality control, and methods for optimization must be applied. The research's findings have great potential to further regional businesses' goals for economic development. Through the integration of robust engineering management concepts and the analytical capacity of deep learning, this framework aims to equip decision-makers with the essential skills to navigate the intricacies of local economic environments, propel sustainable expansion, and promote equitable prosperity. [ABSTRACT FROM AUTHOR]

This research analyses the interplay between trade liberalisation, economic growth, and economic development in South Africa. The research focuses on two distinct periods, pre-BRICS (1991 to 2010) and post-BRICS (2011 to 2021) and aims to assess economic growth and development trajectories which are intertwined with liberalisation. A Vector Error Correction Model (VECM) is used to account for potential cointegration among the variables. The study reports a long-run equilibrium relationship among the variables. The study finds that trade openness substantially influences GDP growth in the post-BRICS period and highlights a unidirectional causal relationship between trade liberalisation and economic growth. The research also reveals a positive association between trade openness and economic development, implying that openness fosters growth and facilitates broader development outcomes in South Africa. The research underscores the importance of trade openness as a driving force for economic growth and economic development in emerging economies like South Africa. [ABSTRACT FROM AUTHOR]

Amidst global sustainability challenges, green finance emerges as a crucial instrument for advancing sustainable development, garnering increasing attention for its pivotal role in fostering high-quality economic development (HQED), particularly within the dynamic economic landscape of China. This study delves into the nexus between green finance and HQED across 30 Chinese provinces from 2012 to 2021. Employing the entropy method, indices for green finance and HQED index system are calculated, and their interaction is analyzed through a panel data model, incorporating tests for moderating effects of FinTech and green technological innovation, as well as assessing the heterogeneity across diverse regions. The findings highlight green finance's significant role in enhancing HQED, with notable regional disparities. Specifically, the eastern region shows the strongest impact, followed by the central region, while the western and northeastern regions exhibit weaker influences. The study also identifies FinTech and green technological innovation as pivotal moderators, amplifying green finance's positive effect on HQED. These insights underscore green finance's importance in driving sustainable economic growth and highlight the necessity for region-specific strategies to optimize its impact. Policy recommendations based on these findings include prioritizing the development of green finance, formulating region-specific strategies, and leveraging the catalytic roles of FinTech and green technological innovation to enhance the efficacy of green finance in achieving HQED. [ABSTRACT FROM AUTHOR]

This study employed advanced panel data analysis, accounting for cross‐sectional dependence and heterogeneity, to investigate the impact of tourism development and economic output on forest areas in major international tourist markets. The research was guided by forest transformation hypothesis (FTH). The study assessed the validity of FTH, examined the influence of tourism, and identified the income level at which a turning point occurs. The results revealed a heterogeneous impact of tourism on forested areas across major international tourist markets. Specifically, tourism development encouraged afforestation in Germany, Italy, Mexico, Spain, the United Kingdom, and the United States, but led to deforestation in China. In contrast, no significant relationship was observed between the tourism‐forest area nexus in Türkiye and Thailand. Additionally, the study provided evidence supporting FTH in the relationship between economic growth and forested areas in Italy, Spain, Türkiye, the United Kingdom, and the United States. Given these findings, the paper underscores the strong heterogeneity among the individual countries and their tourism, economic development, and forest areas. Consequently, country‐specific sustainable policies are advocated over generic approaches in the fight against deforestation. [ABSTRACT FROM AUTHOR]

An area of debate in development economics is how financial openness affects economic development. In spite of considerable research, there is no consensus. This is because there are many financial openness indices, so the results are not robust to variations in the index, as discussed in Gräbner et al. (2021). Due to the possibility of different initial conditions, different levels of development, and/or different stages of transitions, the effect of financial openness could vanish without considering these factors. Therefore, this paper categorizes countries into stable countries (High-, Medium-, and Low-income countries) and transition countries (Transitioning to High and Transitioning to Medium income) based on World Bank Categorization. The results show that the effect of financial openness is positive for medium- and low-income level countries. However, it is not at a high-income level. [ABSTRACT FROM AUTHOR]

This study explores how foreign direct investment (FDI), material footprint, economic growth, and information and communication technology (ICT) influence the load capacity factor (LCF) in 37 Sub-Saharan African (SSA) countries. The analysis leverages data spanning 1970 to 2019 and employs a range of robust econometric techniques (FM-OLS, D-OLS, DSUR). The findings reveal a surprising yet significant positive association between material footprint and LCF. Conversely, economic growth, FDI, and ICT all exhibit negative relationships with LCF. Interestingly, a causal analysis suggests that these variables-ICT, material footprint, and economic growth-have a two-way influence on LCF, meaning they both affect and are affected by it. These insights highlight the complex interplay between economic development, material footprint, and technological advancement in shaping SSA's LCF. The study concludes by offering clear policy recommendations for SSA countries aiming to optimize their LCF. [ABSTRACT FROM AUTHOR]

Understanding information and communication technology (ICT) adoption's particular effects on a nation like Bangladesh is critical because ICT adoption continues to play a significant role in promoting economic progress globally. By analysing the relationships between ICT use and economic growth in Bangladesh, this study examines data from 2002 through 2021 using a time series analysis. ICT export, gross capital formation, mobile cellular subscriptions, government budget allocation, and foreign direct investment are just a few of the independent variables the study takes into account in relation to ICT adoption. These factors were selected based on their applicability to the adoption of ICT and their potential impact on economic expansion. According to the results of the time series research, the ICT sector's growing exports have a favourable and considerable impact on long-term economic growth. Mobile cellular subscriptions negatively affect economic growth, with significant short-term impact and insignificant long-term effect. The influence of the government budget is detrimental but insignificant for both long-term and short-term economic growth. The study comes to the conclusion that Bangladesh's economic development is significantly benefited by the adoption of ICT. The study also highlights the significance of government assistance through budgetary allocation and strategies that draw in foreign direct investment. The results can direct the development of policies and evidence-based decision-making to use ICT adoption as an accelerator for sustained economic development in Bangladesh. [ABSTRACT FROM AUTHOR]

Purpose: The financial system plays an essential role in facilitating the intermediation process for economic growth. Policymakers stress on achieving a well-developed and regulated financial system to achieve economic development and resiliency. Using data from the State of Qatar, this paper aims to examine the impact of financial development indicator on economic growth; the impact of financial development indicator on hydrocarbon and nonhydrocarbon sector; the impact of Islamic banking on hydrocarbon and nonhydrocarbon economic growth. Design/methodology/approach: The research uses quarterly data from 2007 to 2019 and adopts autoregressive distributed lag cointegration techniques to test the long- and short-run dynamic relationship between various measures of financial development and economic growth. Findings: The results present evidence of long-term cointegration between overall financial development indicator and economic growth. Furthermore, the authors document the existence of long-term relationship between financial development and nonhydrocarbon sector. However, there is a lack of evidence on the long-run relationship between financial development and the hydrocarbon sector. Notwithstanding, Islamic banking contributes to overall economic development, as well as to the nonhydrocarbon sector. Practical implications: This paper offers policymakers with insights to evaluate measures to diversify the economy. It also assists decision-makers in promoting Islamic finance, particularly to the banking sector as a vital contributor to economic growth. Originality/value: To the best of the author's knowledge, this paper is the first to evaluate financial development and economic growth for the case of Qatar in light of recent developments in Islamic finance. [ABSTRACT FROM AUTHOR]

This article draws upon original research including a series of interviews, extensive desk research, and a canon of political economy scholarship hailing from Lebanon and elsewhere to explore the political dynamics underpinning Lebanon's emerging tech "ecosystem." It focuses on a seemingly peripheral actor within this ecosystem, the coding school, both as a window into the ecosystem's political machinery and as a surprisingly important site through which its wider interests are mediated. This focus explores how the coding school generates so-called empowerment conceived largely in terms of training and preparing Lebanon's "underprivileged youth" for global tech markets, through a strategic alignment with the ecosystem. Thus, empowerment becomes a political currency of sorts, helping to reify and repackage an enclave of Lebanon's economy. The article suggests that the political work to engineer this new economic landscape reflects how state-business interests come together to repackage so-called development and enforce new regimes of accumulation at a time of deepening crisis. [ABSTRACT FROM AUTHOR]

The green transformation of industry and sustainable economic development both require considerable investment. In this regard, green finance that is compatible with economic development can help cope with the massive demand for capital. Taken China's Yangtze River Delta (YRD) as an example, this study is to measure the coordination degree between green finance and economic development. First, the concept, content and scope of green finance is defined based on the new financial regulation mechanism. Second, a green finance measurement index is built to calculate the green finance index for 30 Chinese provinces by the CFA test. Third, based on the economic structure index, an economic development index is built. Testing the rationality of green financial index and the economic development index, this paper finally measures the degree of coordination between green finance and economic development in the YRD. The results reveal that, first, green finance is a financial instrument that integrates financial industry development, environmental improvement, and economic growth. The measurement of the green financial development index includes the sum of regional green credit, green investment, green securities, and green insurance. Second, after years' development, the comprehensive score of YRD's coupling coordination degree exceeds 0.8 in 2020, which shows a high level of coordinated development between green finance and economic construction. However, there is a 2-year timing effect between the economic development and green finance index increase, which reveals that green finance development in the YRD requires further policy guidance and support. This study's findings can provide a theoretical reference and case support for the further development of green finance and related policies in China. [ABSTRACT FROM AUTHOR]

The issue of environmental degradation has become pertinent and the call for carbon neutrality has intensified in recent years. Achieving this target will require countries to meet the conditions of the sustainable development goals. To do this, the study applied spatiotemporal modelling and the generalized method of moments (GMM) to examine the nexus between economic growth (EG) and the load capacity factor (LCF) through environmental goods (ENG) and environmental tax (ENT) among European Union (EU) nations from 1995 to 2018. The findings demonstrate that spatial dependence leads to a change in EG and LCF that impacts the EG and LCF of the neighbouring countries. The study also found that there is a significant positive and bidirectional relationship between economic growth and load capacity factor. Moreover, the study revealed that a positive effect of ENG, ENT, REN and Human Capital Index (HCI) on EG, with a reducing effect from natural resource rents (NRR). Finally, HCI improves environmental quality, while ENG, ENT, REN and NRR degrade the environment. Our findings justify the need for EU countries and other developed nations to implement policies that will help achieve a green economic transformation. [ABSTRACT FROM AUTHOR]

University–Industry Collaborations (UIC) are increasingly recognized as crucial drivers of economic growth and development. While numerous studies have been conducted on this topic, this paper specifically focuses on UIC in the Arab World. The aim of this study is to explore the establishment of successful UIC by conducting a review of existing literature to identify and synthesize key factors that enable collaborative innovation between industry and universities. The findings are summarized into six main themes: the importance of UIC, barriers to UIC, gaps between universities and industry in the Arab World, partnerships and sustainable growth, current trends and perspectives, and future agenda for Arab countries. These themes are elaborated on and used to summarize results from the reviewed studies regarding facilitators of collaborative innovation. The contribution of this work lies in enhancing the existing body of literature and knowledge regarding collaboration between higher education and industry in the Arab World. This research presents specific measures that can be implemented to ensure successful UIC in the future. Its outcomes are significant for policymakers, academics, and industry experts in the Arab region, who aspire to form productive UIC partnerships that encourage economic development and innovation. [ABSTRACT FROM AUTHOR]

As globalization continues to shape the global economic landscape, understanding its intricate relationship with economic growth remains paramount in regions like sub-Saharan Africa. Hence, this study presents a comprehensive analysis of globalization's impact on economic growth in sub-Saharan Africa from 1971 to 2019. Using panel data from reputable databases on Trade and Development (UNCTAD), World Development Indicators, Penn World Table 10.0, and Our World Data, the paper explores various dimensions of globalization, including economic, social, and political factors. The feasible generalized least square (FGLS) estimation technique was used to analyze data. Findings reveal nuanced dynamics, with social and financial globalization indices showing positive effects on economic growth and statistically significant at 1% significance level. Additionally, this study uncovers the influence of demographic indicators, government consumption, and the rule of law on economic growth. The result of the study revealed demographic indicators, government consumption, and the rule of law had statistically significant impacts on the economic growth of sub-Sahara Africa. In contrast, certain aspects of economic globalization exhibit negative impacts. However, political, trade, information, and cultural globalization had no significant impact on economic growth of the region. It is important to recognize that the absence of significant effects does not necessarily imply an absence of impact, but rather reflects the multifaceted nature of globalization's influence on economic growth. Several factors, including differences in the periods analyzed, may account for the differences in these results compared to previous studies. This study not only adds to the existing literature on globalization and economic growth but also offers valuable insights for policymakers tasked with promoting sustainable development in sub-Saharan Africa. By acknowledging the complexities of globalization's impact, policy makers can formulate more effective strategies to harness its benefits while mitigating its potential drawbacks. This research contributes to a deeper understanding of globalization's role in economic development, laying the foundation for evidence-based policy interventions tailored to the unique challenges and opportunities facing sub-Saharan Africa. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to shed light on the experience of the United Arab Emirates (UAE) in balancing three main pillars: the environmental criteria, the reduction of CO2 emissions and the economic growth. Based on the environmental Kuznets curve (EKC) framework, it will assess the causal relationship between economic indicators such as gross domestic product (GDP) per capita, trade openness and energy use and environmental indicators such as CO2 emissions. Design/methodology/approach: The analysis relies on a period of 40 years (1981–2020) where data is extracted from the World Bank database. This study uses the unit root test for time series stationarity, the optimal lag length test, the "Johansen" test for co-integration and the vector error correction model. Findings: The paper concludes to two major findings. On a short-term basis, CO2 emissions and economic indicators are negatively correlated, whereas on a long-term basis, there is no association between CO2 emissions and economic indicators in the UAE. Research limitations/implications: The research ends with important recommendations. It illustrates the importance of rationalizing the use of primary resources and the necessity to embrace successful and efficient policies in the energy production. Practical implications: More specifically, UAE is urged to address the problem of CO2 emissions in the electricity sector and increase awareness of the use of environmentally friendly processes in the transport and industrial sectors. While setting their economic agendas, UAE are encouraged to meet environmental criteria and invest in renewable energy projects such as "Shams 1", the largest solar power plant outside of Spain and the USA. Originality/value: The current study is significant in its research on the environmental impact of economic development, trade openness and energy use policies in the UAE. It uses CO2 emissions as an environmental proxy and evaluates the environmental policies adopted in the UAE to reduce its impact. [ABSTRACT FROM AUTHOR]

The text explores the case of three economies with a significant degree of internationalization (Brazil, South Korea and Mexico) between 2005 and 2015 to define their mode of integration and its impact on economic development. The study, rooted in input-output analysis, specifically on productive leaks and linkages methodology, discusses three integration schemes that influence economic growth in unique ways, depending on the type of trade specialization and dependence. This leads to the conclusion that not all export promotion strategies benefit different countries; hence, export orientation is not always synonymous with economic development. [ABSTRACT FROM AUTHOR]

Copyright of Environmental & Social Management Journal / Revista de Gestão Social e Ambiental is the property of Environmental & Social Management Journal 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.)

Copyright of Mexican Journal of Economics & Finance / Revista Mexicana de Economia y Finanzas is the property of Instituto Mexicano de Ejecutivos de Finanzas 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.)

Sino-Latin American trade have increased substantially for decades. However, the increasing trade imbalances between China and several Latin American countries have yielded growing trade frictions. In this paper, we re-calculate the bilateral trade balance using the value-added content in trade and measure the contribution of Sino-Latin American trade to economic growth. The results show that gross trade statistics seriously overestimate the real bilateral trade imbalance, and China's trade surplus with Mexico decreased by over 50%. The composition of Sino-Latin American trade suggests that most Latin American economies are complementary with Chinese economy. The South-South trade has been increasingly important for both China's and Latin America's economic development. We foresee an optimistic future of relations and continuously increasing trade between China and Latin America. Meanwhile, more efforts should be made to settle trade frictions and intensify Sino-Latin American relations. [ABSTRACT FROM AUTHOR]

Scholars have given enormous attention to the roles of energy use and trade in economic growth strategies; however, recent international trade literature suggests that not merely the volume of trade but the diversification of goods may have a potential effect on economic growth. Thus, this paper uses the diversification of export goods and diversification of import goods as explanatory variables along with energy consumption and assessed the role of these important variables in economic development. The empirical results from Westerlund's (J Appl Econom 23:193–233, 2008) and Westerlund's (Oxf Bull Econ Stat 69:709–748, 2007) tests disclosed the existence of cointegration. The long-run estimations obtained from the CUP-FM technique revealed that both import and export product diversifications positively influence economic growth. This presents a vital opportunity for emerging nations to expand growth by diversifying export and import products. Likewise, energy use, labor, and capital contribute to increasing economic growth. The estimates from the causality test illustrated bidirectional causality between export diversification and economic growth and unidirectional causality from energy to export diversification. Finally, policy suggestions to expand economic progress are discussed. [ABSTRACT FROM AUTHOR]

This paper investigates the extent to which commodity prices can predict economic growth, the growth exposure of the countries to specific commodity group, and whether the country stage of development matters for growth dependency on commodities. We use a novel time‐varying mixed‐frequency vector autoregressive model to jointly estimate causality between monthly commodity prices and quarterly economic growth for the period from January 1980 to March 2020. Our findings suggest that growth dependency on commodities varies over time and across different synthetic measures, but in general solid evidence of predictability is determined. The overall commodity index shows better performance in predicting economic growth than the segregated proxies of either fuel or non‐fuel commodities in developed economies. However, the overall commodity index is as effective as the fuel index in predicting economic growth for their developing counterparts. We develop a new index of global commodity growth connectivity (GCGCI) to determine the economic growth dependency on commodities over time. Our results show that economic growth dependency on commodities has increased at least three times with financialization of commodity markets. The GCGCI for all commodities reveals a higher growth dependency on commodities in developing countries than developed ones in the post‐financialization period. Interestingly, we find that growth decreases its reliance on fuel commodities in both developed and developing countries after financialization of commodity markets. Our findings bear implications for policymakers to design stabilization policies in an attempt to protect economies vulnerable to commodity price shocks and lay the foundation for sustainable economic growth. [ABSTRACT FROM AUTHOR]

This study explores the complex interplay between corruption, economic growth, and logistics performance in EU nations, utilizing a mixed-method approach and data from pre- and post-pandemic periods. Applying the Resource-Based View (RBV) and Qualitative Comparative Analysis (QCA), it identifies critical conditions impacting GDP growth, highlighting the intertwined roles of pre-pandemic logistics and corruption perceptions. The findings, relevant for policymakers, underscore the importance of robust governance in navigating economic challenges. This novel approach combines RBV and QCA, offering insights into the dynamics of financial and logistical landscapes during global upheavals. [ABSTRACT FROM AUTHOR]

This paper examines how the worship of ancient wisdom affects economic progress in historical China, where the learned class embraced classical wisdom for millennia but encountered the shock of Western industrial influence in the mid-nineteenth century. Using the number of sage temples to measure the strength of classical worship in 269 prefectures, I find that classical worship discouraged intellectuals from appreciating modern learning and thus inhibited industrialization between 1858 and 1927. By contrast, industrialization grew faster in regions less constrained by classicism. This finding implies the importance of cultural entrepreneurship, or the lack thereof, in shaping modern economic growth. "The humor of blaming the present, and admiring the past, is strongly rooted in human nature, and has an influence even on persons endued with the profoundest judgment and most extensive learning." —David Hume (1754, p. 464). [ABSTRACT FROM AUTHOR]

Africa is a rapidly changing continent. But for many, it is still an unknown place, shrouded by myths and distorted perceptions. Africa is in many ways still a marginalized continent. But things are certainly changing, and are going to change much more in the near future. This paper examines the debate surrounding the issue of ‘good governance’ and whether it is actually good for development. It offers a concise summary of literature and evidence in the three areas: the ‘good governance’ agenda as it has affected Africa, the research-based response to this, and the implications for Africa’s economic transformation. Thus, the second section discusses the origins of the concern about governance quality in Africa between the 1970s and the 1990s; the third section reviews the rebuttals and reformulations that have led the scholarly debate since the turn of the millennium; the fourth section applies the findings to the challenge of moving Africa on from economic growth to economic transformation; and the fifth section concludes that comprehensive governance improvement is not necessarily a precondition for economic progress in developing Africa. [ABSTRACT FROM AUTHOR]

Emerging institutions have garnered signifi cant worldwide attention due to their unique characteristics and pivotal roles in fostering economic development. These institutions represent innovative economic models that have gained prominence in numerous countries, aiming to nurture emerging ventures and empower innovators. Like many nations, Algeria has adopted an alternative economic approach to achieve sustainable development and elevate the national economy. This approach prioritizes fostering creativity and innovation, enabling economic diversifi cation, and encouraging the establishing of emerging institutions. Algeria aims to drive the desired development and investment momentum by expanding business opportunities within a sound economic environment. This strategy is a viable alternative to wealth creation and economic expansion beyond the hydrocarbon sector and traditional economic rents. Hence, Algeria issued an arsenal of legal texts to encourage these institutions and open the door for those with innovative ideas to implement their ideas on the ground. Therefore, supporting emerging enterprises has become a priority for Algerian economic decision-makers to contribute to advancing development and enhancing local production. [ABSTRACT FROM AUTHOR]

The current analysis explores the effect of external debt on economic growth and how better governance interacts with this relationship. For empirical assessment, we sample 20 years of data (2000–2019) of South Asian economies and consider the FMOLS and DOLS models to model the regression among the variables. The statistical analysis reveals a significant negative effect of both long- and short-term external debts, while governance has a significant positive effect on economic growth. In addition, the positive moderating role of governance was also observed in the nexus of external debt and economic growth. Enhancing governance can make external borrowing beneficial for economic progress. The empirical analysis posits multiple policies regarding the reduction of external borrowings, enhancement of the quality of governance, and effective utilization of external debt for development projects through better governance systems. By exploring the empirical relationship between external debt, governance, and economic growth, this study provides original evidence on how to enhance the utilization of external debt to ensure economic growth. [ABSTRACT FROM AUTHOR]

Asia has constantly been in the spotlight regarding economic development as it has been the fastest-growing global region over recent decades. This study investigated the effect of financial development on economic growth in selected Asian countries at various stages of economic development. A recently introduced approach, the Dynamic Common Correlated Effects (DCCE) method, was applied to 12 Asian countries/areas covering 26 years (1995–2020). The 12 countries/areas were divided into three groups based on their current economic development status: underdeveloped, moderately, and highly developed. The study results indicated that the effect of financial development on economic growth varied for countries at different economic levels. The association between financial development and economic growth was strongly negative for underdeveloped countries. However, a positive relationship existed between the sampled moderately and highly developed countries/areas. This situation implied that financial development should not be considered a viable way to boost economic growth for countries with underdeveloped economies. Instead, countries with a higher economic status should priorities financial development to promote economic prosperity effectively. [ABSTRACT FROM AUTHOR]

Using the series of the top 1% income shares in 137 countries, I examine the relationship between top-end inequality and subsequent economic growth from the 1920s to the 2010s. These data enable a versatile exploration of various time horizons. To address concerns regarding chosen functional forms, I employ penalized spline methods to accommodate potential nonlinearities. Empirical findings suggest that the relationship between top-end inequality and subsequent growth is complex, contingent upon both the investigated time horizon and the level of economic development. I find some evidence for a positive link at medium levels of economic development, with this positive link being more pronounced in short- to medium-term associations. I also find that the positive medium-run association weakens as economic development advances. In advanced economies, a negative (or nonpositive) medium- to long-term relationship emerges between the top 1% income share and growth in many settings. Furthermore, I conclude that longer-run associations need to be investigated further. [ABSTRACT FROM AUTHOR]

This study aims to investigate the impact of the banking sector on economic growth and commodity prices. Through panel data analysis, the research explores the relationship between the banking sector and economic growth in Spain, France, and Romania from 2000 to 2020. The findings reveal a positive correlation between the strength of the banking sector and economic growth across these nations, underscoring its pivotal role in fostering economic expansion and subsequently improving commodity prices. Additionally, this study evaluates various regulatory measures crucial ensuring the banking sector's sustainability and preventing financial crises, including credit risk management, lending policies, liquidity constraints, and international financing and investment strategies. By analyzing the interplay between regulatory measures and banking sector performance, incorporating variables such as non-performing loans, household debt, liquid liabilities, government consumption expenditure, foreign investments, and trade openness, this research provides policymakers with valuable insights to formulate effective strategies for promoting economic stability and ensuring the sustainability and growth of the banking sector. [ABSTRACT FROM AUTHOR]

Population aging has become a social issue of concern to the whole world, and as the world's most populous country, how to cope with population aging will be a hot issue that all sectors of Chinese society must think about. This paper uses provincial panel data from 30 provinces in China from 2000 to 2021 to study the relationship between population aging and economic development based on the perspective of health expenditure. The DIFF-GMM model, the fixed effect model (FE), and fixed effect instrumental variable model (FE-IV) are used to test this study. The following two conclusions are drawn from the empirical study: (1) population aging has a significant inhibitory effect on economic development, while health expenditures have a significant promotional effect on economic development; and (2) increased health expenditures help to alleviate the negative impact of population aging on economic development. However, the deepening of population aging will likewise inhibit the positive effect of health expenditure on economic growth. Based on the conclusions of the study, it is recommended that the government and society should continue to increase spending in the field of health protection, encourage and guide residents to carry out self-care, and moderately increase personal health expenditure, to promote economic development with healthy bodies and realize the goal of "Healthy China". [ABSTRACT FROM AUTHOR]

This study aims to determine the significance of Green Sukuk in enhancing Indonesia's economic development strategy in the new normal era. - The method employed was quantitative with forecasting. Furthermore, the researchers employed the least squares quantitative and historical analogy qualitative techniques. The study's findings indicate Green Sukuk's role in boosting Indonesia's economic development plan in the new normal era. The implications of the study are likely to add to the body of knowledge linked to the function of Green Sukuk in enhancing Indonesia's economic growth strategy in the new normal era. Increasing the number of issuances and contributions of State Sukuk (Islamic bonds/shariah-compliant bonds) to APBN funding, with an annual average of roughly 30% of total Government Securities (SBN) financing. To the best of the researchers' knowledge, this is one of the first attempts to empirically study the function of Sukuk in boosting Indonesia's economic development strategy in the new normal era. [ABSTRACT FROM AUTHOR]

In this essay, I assess Stalin's ideas and concepts about nationalities, their 'manipulability' and their legacies. I do this by briefly reconstructing their theoretical and political roots in both Tsarist and socialist traditions. Special attention will be paid to the discovery of a positive correlation between economic development and the growth of nationalism among 'backward' peasant peoples, which went against the grain of previous socialist beliefs, and to the appearance of a theory according to which socialism would naturally produce a superior national-popular society. After discussing the evolution of these ideas and concepts, their practical applications, and the reaction they generated up to 1953, I will focus on the Soviet post-Stalinist theories and practices, and their results, also by taking into consideration the development in Soviet times and after 1991, of new, hybrid variants of Russian nationalism, as well as of Eurasian trends. [ABSTRACT FROM AUTHOR]

This study examines university-driven partnerships that promote entrepreneurship in underserved communities, drawing from the experiences of NCGrowth, an economic development center at the University of North Carolina at Chapel Hill. We address the following questions: Who are the central stakeholders? How do they interact? What do their challenges and experiences imply for policymaking and practice in nurturing entrepreneurship ecosystems in underserved communities? We employed social-network analyses of NCGrowth's projects spanning 2013–2019, supplemented by document analysis of archival data and in-depth interviews. The study uncovers highly asymmetric connections among stakeholders, with universities and government agencies emerging as dominant entities, leveraging universities' specialized knowledge and community relationships. Nevertheless, challenges surface due to overlapping roles as facilitators, the absence of consistent community carriers of development plans, and a dearth of financial institutions. Our findings advocate for an ecosystem-focused approach to economic development in underserved areas, emphasizing the involvement of additional anchor institutions such as hospitals, major corporations, and philanthropists. Furthermore, policies and practices should integrate the objectives of entrepreneurship, economic growth, and social equity to cultivate inclusive entrepreneurship ecosystems. [ABSTRACT FROM AUTHOR]

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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]

Purpose: The purpose of this study is to examine the effects of financial development on the economic growth of jurisdictions with systemically important Islamic finance. Design/methodology/approach: The authors use several estimation methods. The primary analysis is based on the LSDVC method using a sample of 23 countries covering the period of 2000–2019. Findings: The findings suggest that the financial sector may not be a significant factor in determining economic growth, or that it may decrease it depending on the proxy used. These results are in line with recent studies and robust across different estimation specifications and methods used. Practical implications: Finance practitioners may reconsider the way they conduct their daily activities as their impact on economic growth is fading away. Similarly, policymakers should consider the role that financial development plays in economic growth alongside other factors that may influence its impact. It may be necessary to examine the moderating effects of institutional development on the relationship between finance and growth and consider the channels through which financial development can contribute to economic growth. Additionally, it would be useful to study the impact of Islamic finance on economic growth using different data sources. Originality/value: Although the topic has been explored using different data sets and focusing on different samples, it has not been explored considering the impact of Islamic finance development on economic growth. Given the global appeal of the Islamic finance industry, it is worth investigating its significance for economic growth. [ABSTRACT FROM AUTHOR]

Openness to international trade is often conducive to long-term economic development. Indeed, thanks to trade instruments based on an effective and selective policy of openness, and to human capital that is both qualified and specialised, trade liberalisation is a key determinant of healthy and progressive economic growth. The aim of this article is to study the nature and direction of causal relationships in a dynamic framework, between the variable to be explained (trade openness) measured by the volume of exports and imports as well as by human capital, and the variable to be explained (economic growth) measured by GDP at the level of Morocco. In this respect, we will attempt to examine this causal relationship in the Moroccan context. From this perspective, our question, which remains important, can be formulated as follows: To what extent does trade openness promote economic growth in Morocco? In order to find more relevant answers to our question, we carried out a mixed analysis (both theoretical and empirical) based on mortgagedeductive reasoning derived from a purely positivist posture, on the one hand, and, on the other, we applied econometric modeling to the case of Morocco, based on the ARDL approach. The data collected is annual and covers a period from 1985 to 2020. It was gathered from the HCP and World Bank databases. To do this, we used the ARDL method. The results received by the econometric modeling and the tests that verify the relationship and the direction of causality indicate that trade openness have a positive influence on Moroccan economic growth. [ABSTRACT FROM AUTHOR]

The theoretical literature on the FDI-growth relationship suggests that FDI with high technological content might play a peculiar role. To investigate the existence and magnitude of this peculiar effect, we collected data for 28 countries over the period 1989 to 2019 and used GMM techniques for empirical estimation. We employed the U.N. International Standard Classification (ISIC) Revision 3 to classify FDI data and follow the criteria laid down by the Organization for Economic Cooperation and Development (OECD) to distinguish FDI data by technological content. The empirical findings of this article confirm that technology plays an important role in determining the FDI-Growth relationship. Interestingly, the empirical evidence supports a U-shaped relationship between FDI and economic growth when FDI is disaggregated by different technological contents. More specifically, we find strong evidence that in the manufacturing sector, FDI with a higher technological content exhibits a positive association with growth in the host country. We also find evidence pointing towards a positive relationship between FDI and growth in the host country at the other end of the technology spectrum (low-tech). Further investigation confirms the robustness of these findings across different estimation techniques as well as across different sampling strategies. [ABSTRACT FROM AUTHOR]

This study investigates the causal relationships between international tourism development and the economic growth of a global city–state – Singapore – drilling into the temporal details of the tourism-economy nexus in small countries. Many studies have examined whether the tourism-led growth hypothesis or the economy driven-tourism growth hypothesis holds in large developed and emerging countries. Still, relatively few studies examine small countries' tourism-economy nexus, and the temporal details of the nexus have not been adequately examined. We examine the tourism-economy nexus in Singapore using quarterly data from 1991Q1 to 2020Q4 and the Autoregressive Distributed Lag (ARDL) Model, with the long- and short-run dynamics and the feedback loop of the nexus considered. Our statistical findings show that international tourism development leads economic growth by two quarters in Singapore. Also, there are both 'consistent' and 'contemporaneous' positive feedback loops between tourism development and economic growth, but those loops cannot last for more than a quarter. From the economic perspective, our study reveals that improving tourism activities may accelerate the post-Covid economic recovery of some small countries that rely on tourism. Yet, continuous input is required to sustain the tourism-economy synergy. [ABSTRACT FROM AUTHOR]

The study of inequality by economists has largely focussed on distributive inequalities of various kinds. The focus on different dimensions of distributive inequality in access and outcomes is welcome. However, it is also important to consider relational inequalities and power imbalances, which economists typically consider to be the domain of sociology, anthropology and related disciplines. Many economic processes cannot be understood without analysing the underlying relational inequalities, which can reveal much about economic processes and associated policies. Some examples from the Indian experience, specifically relating to power imbalances created by gender and caste differentiation, indicate how this can play out. These are not simply 'traditional social forms' that are in opposition to or contradictory with capitalist accumulation. Rather, they are crucial in enabling segmented labour markets and enabling extractivist patterns of accumulation, on which recent Indian economic growth has been dependent. [ABSTRACT FROM AUTHOR]

This research aims to examine the effects of the development in the higher education and financial sector on economic growth in the case of North Cyprus. Findings of time series data show that there is a long-term equilibrium relationship between real income and its elements such as labor, capital, higher education, and financial growth. Results show that both capital and labor have a statistically significant effect on economic growth. Additionally, development in the financial sector is a significant contributor to economic growth, however, higher education shows evidence of greater contribution to economic growth in North Cyprus. It draws attention that the higher education sector has a greater impact on economic development than the financial sector. In this context, government authorities should support both the financial and higher education sectors in order to accelerate their contribution to economic development. Policymakers needed to concentrate more on the higher education sector in Northern Cyprus. [ABSTRACT FROM AUTHOR]

Remittances are a crucial part of economic expansion, especially in Central Asia. Nevertheless, it is not possible to ignore its environmental damage. This paper is a pioneer in investigating the association among CO2 emissions, remittances, energy consumption and economic development in Central Asian countries (Uzbekistan, Kazakhstan, Kyrgyzstan and Tajikistan) spanning the period of 1995–2022. As a methodology, the FMOLS estimator is applied to check linear impact and long-run association as well. Panel threshold regression model and 2SLS method are applied to examine potential non-linear relations among the studied variables. Hausman–Taylor and Amacurdy estimators are employed to control the endogeneity issue among the variables of interest. The results suggest the existence of a long-run relationship among the studied variables. Precisely, applying the FMOLS method, remittances negatively impact CO2 emissions in the long run. The relationship between CO2 emissions and remittances is distorted when the endogeneity issue is considered with the Panel threshold regression model, 2SLS method, and Hausman–Taylor and Amacurdy estimators. This distortion validates the linear impact of remittances on CO2 emissions in CA. The Dumitrescu–Hurlin causality test shows that all independent variables have a causal effect on the dependent variable, validating the effect of the studied variables. Consequently, decision-makers should facilitate remittances towards more environmentally friendly and sustainable solutions to prevent the detrimental effects of remittance inflows on carbon emissions in Central Asia. [ABSTRACT FROM AUTHOR]

The paper explores the complex interplay between economic development and environmental sustainability in the context of India's pursuit of the Sustainable Development Goals (SDGs). It examines the inherent contradictions and trade-offs involved, particularly in agriculture, industrialisation, and infrastructure sectors. The paper highlights how economic growth, essential for improving living standards, often conflicts with environmental objectives. The paper underscores the importance of integrating economic, environmental, and social objectives to achieve a sustainable and inclusive future for India. [ABSTRACT FROM AUTHOR]