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Humanity faces a wide range of freshwater challenges and threats, from the failure to provide safe water and sanitation to all, to ecological disruptions and degradation, increasing violence over water resources, accelerating climate change, and failing institutions and infrastructure. In recent years, crises around minerals, energy, food, and water have stimulated new debates over definitions and concepts of sustainability—including whether the world is reaching a point where natural resource limits will constrain growing populations and economic expansion. Understanding the concept of "peak water" and the strategies that might be available to avoid these constraints is key to moving toward a more efficient and sustainable water future. [ABSTRACT FROM AUTHOR]

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

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

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

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

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

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

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

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

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

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

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

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

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

Digital entrepreneurship is playing an increasingly prominent role for economic growth and development. However, the most effective methods of facilitating it remain unclear, as scholars continue to debate the factors that contribute to its success. We therefore conducted a comprehensive systematic literature review by searching the Web of Science and Scopus databases for empirical studies examining the drivers of successful digital entrepreneurship. By this first review paper on this topic, we were able to identify a total of 45 different drivers, encompassing subjective and objective factors at the individual, organizational, and regional/national levels. While certain drivers were specific to the digital context, such as smart-city initiatives, many aligned with those identified in broader research on entrepreneurial success, such as the educational attainment of founders. To enhance our understanding and facilitate action in promoting digital entrepreneurship, we propose a multi-level conceptual framework that places greater emphasis on specific digital-related drivers. [ABSTRACT FROM AUTHOR]

This article explores the intricate relationship between economic growth and unemployment across multiple African countries, with a focus on estimating the Okun's coefficient. Data from the International Labour Office (ILO) and the World Bank's databases for 39 African nations were utilised. Two distinct methodological approaches, first differences and the Hodrick-Prescott (HP) filter, were employed to assess result robustness. Findings reveal that in most African countries, the link between GDP growth and unemployment is weak or non-existent, unlike advanced economies. This divergence underscores unique economic structures and labour dynamics in African nations, necessitating tailored approaches to address unemployment. The study also investigates factors contributing to Okun's coefficient variability in Africa, emphasising structural, demographic, and economic influences. Demographic trends, domestic market competition, and the rule of law are identified as key determinants. Consequently, policymakers are urged to prioritise measures targeting these factors to enhance job creation and economic stability. Additionally, the study highlights the role of growth volatility, particularly in Morocco, emphasising the need for policies to stabilise economic growth and mitigate unemployment fluctuations. [ABSTRACT FROM AUTHOR]

This research examines the long-term causation between financial deepening and economic growth in African-emerging economies. The fully modified and dynamic ordinary least square methods are used. Bidirectional causality exists between domestic credit to the private sector, money supply ratio, trade openness and gross domestic product per capita. Unidirectional causality flows from capital formation to gross domestic product per capita. The central banks should apply policies which encourage credit flow to private enterprises via banks' intermediation and eliminate the bottlenecks undermining credit flow. The governments should establish an investment friendly environment in all sectors and upgrade the productive capacity. Studies have been conducted on the nexus of financial deepening and economic growth with debatable outcomes. Some studies illustrate a positive alliance between financial deepening and economic growth, supporting the supply-leading model. Other findings support the demand-following theory, while some demonstrate mutuality in the nexus between financial deepening and economic growth. Nevertheless, limited studies have been conducted on the nexus between financial deepening and economic growth to ascertain if the supply-leading or demand-following hypotheses hold. [ABSTRACT FROM AUTHOR]

Realizing cultural diversity's impact on regional entrepreneurial activity has become crucial for scholars and policymakers. As a step in this direction, this study integrates insights from creative cognitive psychology and the knowledge spillover theory of entrepreneurship to examine this effect and the boundary conditions explaining it. Based on a six-year multisourced panel dataset for the 50 U.S. states, the analyses support the proposed arguments in that they indicate that cultural diversity is positively associated with entrepreneurial activity, and this relationship is moderated by regional immigration policy and regulatory framework. Specifically, the effect of cultural diversity on entrepreneurship is more substantial when a region's immigration policy climate is more inclusionary than exclusionary. In addition, this relationship is also more robust when a region's regulatory policy is more conscientious than more lax. These findings make novel contributions to our knowledge of how and when contextual conditions regulate (i.e. stimulate or hinder) the effect of cultural diversity on entrepreneurship. The manuscript draws vital implications for policymakers. [ABSTRACT FROM AUTHOR]

The Australia-New Zealand alliance is a critical element of New Zealand foreign and defence policy. It is especially important in a region that is becoming less stable and more competitive. This commentary asks how the alliance influences New Zealand’s China policy. Australia and New Zealand both enjoy significant trade relations with China, and both have sought to manage relations to maximise economic opportunities. Following decades of economic growth, China has led a regionwide increase in defence spending, becoming a more powerful, consequential and at times disruptive regional actor. This shift has complicated China policy in both countries and further underlined the importance of the alliance partnership for New Zealand. Both countries have recalibrated their China policies and strengthened the cohesion of the alliance. This is shown by shared assessments of opportunity and risk, of synchronised shifts due to changes in China and joint actions to shape China’s behaviour and the regional order. Temporal differences in policy shifts, notably in security settings and public diplomacy, follow a tradition of loyal opposition that ultimately strengthens the alliance response to a rejuvenated China. [ABSTRACT FROM AUTHOR]

In recent decades, innovation has become recognized as a key driver of economic growth. This study investigated the relationship between innovation and economic growth in 32 African countries from 2006 to 2017. The linear regression panel corrected standard errors (PCSEs) regression estimation was used to analyze the data. PCSE estimation accounted for heteroskedasticity and possible contemporaneous correlation across panels. The findings showed a positive association between the innovation index and economic growth. This result remained true even when research and development (R&D) expenditure (the conventional measure of innovation) was considered for a handful of countries. This finding highlights the significance of innovation in fostering economic growth. The study also found that domestic investment and human capital encouraged economic growth. The study estimated an endogenous growth model with an alternative measure of innovation. Based on the findings, the study recommends that African countries provide financial and material support for R&D in public and private institutions through funding, imparting entrepreneurial research attitudes in academics, and providing an enabling environment for business enterprises. [ABSTRACT FROM AUTHOR]

AbstractDrawing on ethnographic fieldwork with Workers’ Party supporters in Northeast Brazil, and analysis of electoral campaign materials, I show that left-wing populist discourse can activate aspects of a traditional and apparently illiberal political culture that are compatible with liberal democracy, particularly the principles and ideals of representation, accountability and redistribution of economic growth. By political culture, I refer to the intersection between, on the one hand, cultural aspects such as religion, power relations rooted in history and life trajectories dictated by political and economic constraints, and, on the other hand, political discourses, leaders and policies. Moreover, I show that Workers’ Party voters are not irrational actors, as some scholars of populism argue, but vote for politicians and parties that radically transformed their lives. Using Northeast Brazil as a case study, the paper contributes to debates about the relationship between populism and liberal democracy, showing how the two are not incompatible. [ABSTRACT FROM AUTHOR]

This article seeks to investigate which demand component led and shaped the growth patterns of the US economy between 1954 and 2020 and comprehensive sub-periods relying on a proper allocation of imports. In doing so, it aims to establish whether the external sector can make a positive contribution to growth even in a context of negative net exports. Finally, it seeks to shed light on the reasons for higher or lower output growth, drawing particular attention to the engines of growth in each historical period. This article takes a novel approach in two ways: (1) it calculates and analyzes the decomposition of the contributions to growth for the US; (2) it divides the analysis into sub-periods and engines of growth, separately analyzing movements in the components of the multiplier, the dynamics of each component’s share with respect to GDP, and their respective growth rates. The empirical results show that the very low growth rates experienced between 2008 and 2020 are mainly explained by a minimal contribution of the government sector accompanied by weak demand from the private sector, highlighting the importance of growth-oriented public policies. These negative results have been only partially compensated by improvements in the external sector. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of capital flight on economic growth in Africa using 54 African countries from 2000 to 2021. The study employed the GMM and the dynamic panel threshold regression estimation techniques. GMM results revealed that capital flight negatively and significantly affects economic growth in Africa. The study also revealed that external debt repayment and outward foreign direct investment, proxies of capital flight, have a negative and significant effect on economic growth in Africa, except foreign portfolio investment outflow, which positively and insignificantly influences economic growth. Again, the dynamic panel threshold estimation results also revealed that capital flight negatively affects economic growth at all levels of capital flight in Africa. The study also revealed that all the proxies of capital flight, external debt repayments, foreign portfolio investment outflows, and outward foreign direct investment negatively and significantly affect economic growth above a certain threshold. However, external debt repayment has an insignificant negative effect on economic growth below the threshold in Africa. Based on the findings, African countries should implement stringent policies to curb capital flight and regulate external debt repayments and outward foreign direct investment to enhance economic growth. [ABSTRACT FROM AUTHOR]

This study examines the impact of female labour participation and life expectancy on economic growth in Southeast Asia economies using non-stationary panel data techniques. The study utilizes balanced panel data spanning from 1992 to 2020, encompassing ten countries in Southeast Asia. The results reveal that economic growth, female labour participation, and other factors are cointegrated. The findings indicate that trade openness has a negative impact on economic growth. However, we find that female labour participation, female longevity, female education, domestic investment, and foreign direct investment have a positive long-term effect on economic growth. Our study also highlights that the effect of female labour participation on growth varies depending on female longevity. We find that female labour participation positively impacts economic growth but changes negatively when countries exhibit a high level of female life expectancy. [ABSTRACT FROM AUTHOR]

Green innovation plays a pivotal role in fostering sustainable and robust economic growth. Hence, it is of great practical significance to accurately assess green innovation efficiency and analyze its evolving trends and discrepancies from a spatiotemporal dynamic perspective. This study analyzes the green innovation efficiency across 30 provinces in China from 2001 to 2019 using the Super-SBM model, Dagum Gini coefficient, Kernel density estimation, and convergence models. The results reveal a consistent enhancement in China's green innovation efficiency, yet substantial room for further improvement persists, standing at 0.679 in 2019. Both China as a whole and its four major regions exhibit a polarisation trend in green innovation efficiency, characterised by notable internal disparities, albeit displaying a declining pattern. Interregional divergence is the primary source of the overall disparity, followed by intraregional disparities and the intensity of transvariation. China's green innovation efficiency demonstrates sigma and beta convergence trends. The study also highlights how uneven regional development and resource allocation disparities lead to an imbalanced convergence of regional green innovation efficiency. [ABSTRACT FROM AUTHOR]

This paper examines the national saving behaviour in the process of economic growth through a comparative analysis of countries in developing Asia from a historical perspective. Developing Asia provides an ideal laboratory for the study with considerable differences in the saving behaviour among countries and over time within individual countries, notwithstanding the 'model saver' image of the region that is based mainly on the experience of high-performing East Asian economies. The empirical analysis distinguishes between private and government saving rates, with specific emphasis on the former. The results of the empirical analysis are consistent with the view of a 'virtuous circle' between growth and saving, with growth initiating the saving transition. No evidence to suggest that a prior phase of promoting saving through specific policy initiatives is needed to initiate the process of growth and structural transformation. The private saving rate is also associated positively with export orientation of the economy, and net foreign capital inflows and negatively with the young dependency ratio of the population and domestic credit availability. [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 article introduces a panel threshold model with covariate-dependent and time-varying thresholds and unobserved individual-specific threshold effects (PTCDI). We develop methods for estimation and inference for threshold parameters in the proposed PTCDI model by employing the correlated random effects (CRE) device. We also suggest test statistics for linearity, threshold constancy, unobserved individual-specific threshold effects, and for determining the number of thresholds. We derive the asymptotic properties of the proposed estimator in the small-threshold-effect framework and establish the limiting distributions of the suggested test statistics. We also investigate the extension to dynamic panels and show that both the static and dynamic models can be handled uniformly in the CRE framework. Monte Carlo simulation results indicate that the estimation, inference, and testing procedures have the desired performance in finite samples. The model is illustrated with two empirical applications to the relationship between cash flow and investment and the nexus between inflation and economic growth. [ABSTRACT FROM AUTHOR]

This paper examines the environmental Kuznets curve (EKC) hypothesis in Nordic countries (Denmark, Finland, Iceland, Norway and Sweden) over the period 1981–2018. The link between economic growth and carbon dioxide (CO2) emissions is analysed. The study includes causality analysis and controls for cross-sectional dependence (CSD), slope heterogeneity, stationarity and cointegration patterns. Estimations validate the EKC hypothesis for Denmark and Iceland, but not for Norway and Sweden. Finland data show no significantly visible trend. [ABSTRACT FROM AUTHOR]

This Survey highlights the role of urbanisation as a growth engine for Indonesia. With the country's economy growing steadily, including by 5.11% in the first quarter of 2024, this Survey highlights the vital contribution of urban productivity to national income. Despite growth driven by non-tradable sectors and relatively strong consumption patterns due to Idul Fitri and general election events, urbanised areas face problems that hinder their productivity. Constraints in urbanisation—such as congestion, housing and pollution—decrease urban potential. Further, this Survey discusses institutional policies and alternative urban financing to improve urban productivity and foster sustainable urban development to help strengthen national economic growth. [ABSTRACT FROM AUTHOR]

This paper criticizes attempts to present narrow perspectives on innovation policy as reflecting the use of the concept innovation system. While it is correct that innovation policy, at least until recently, has given higher priority to economic growth than to global challenges such as climate change and income inequality this is in no way immanent in the innovation system concept. To illustrate, the author introduces concepts and perspectives related to the innovation system approach which are particularly useful, when it comes to develop innovation policies aiming at system transformation. It is concluded that there is a need to combine different theoretical framings as inspiration for transformative innovation policy. In addition, all framings need to have a double focus on climate change and global income inequality, and they need to go beyond national perspectives and consider policies aiming at system transformation at the global level. While the paper refers to empirical illustrations it is principally conceptual. [ABSTRACT FROM AUTHOR]

We analyse the relationship between Energy-saving Technological Change (ESTC) and economic growth, using panel data of 280 cities in China from 2010 to 2018, and explore the possible moderating effect and threshold effect of factor endowment structure between technological progress of energy-saving and regional economic growth. We have the following findings: (1) ESTC has a significant negative effect on regional economic growth. Each unit increase in ESTC reduces economic growth by 0.4–0.8 percentage points. (2) An increase in factor endowment structure will significantly alleviate the inhibiting effect of ESTC on regional economic growth, showing a specific moderating effect. (3) The impact of ESTC on regional economic growth is heterogeneous depending on the regional factor endowment structure. However, the regions with a capital stock per capita of more than 92.002, ESTC will have no impact on potential economic growth rates. Thus, we provide a new perspective on how to achieve ESTC without compromising economic growth. [ABSTRACT FROM AUTHOR]

This study examines the lead–lag relationships between the levels of housing affordability of different regions of the U.K. By utilizing government data, a number of housing affordability indicators are constructed to explore whether spatial diffusion exists between different regional submarkets of first-time homebuyers over the period of 2000 – 2021. The results reveal that during periods of economic expansion, housing unaffordability tended to diffuse from regions of slower economic growth to regions of higher economic development. It is further evident that in the aftermath of the GFC, the London housing market Granger-caused other regional markets in terms of housing (un)affordability. Lastly, the U.K'.s decision to leave the EU in 2016 seems to have led to more divergence between the submarket regions, which in a Granger causal sense, have become less causally correlated in terms of pricing. We conjecture that the causal interactions between the different regional housing submarkets exist with the lead–lag relationships governed primarily by their underlying macroeconomic fundamentals. [ABSTRACT FROM AUTHOR]

AbstractThis study examines the membership duration of travel and leisure (tourism) firms in the United Nations Global Compact Sustainability Reporting Programme between 2007 and 2020. Important factors of duration include firm characteristics (such as size and ownership) as well as contextual country-specific elements relating to environmental progress and control of corruption. Data originate from 693 member firms entering the programme at any point during the analysis period. Estimation results, based on the Cox proportional hazard model, show that tourism firms in countries that decouple emissions from economic growth are more likely to endure in the programme. A high level of corruption control in the home country is also associated with a significantly higher probability of membership duration. Larger firms, publicly listed firms and members of local Global Compact networks are also more likely to remain in the programme. Control of corruption is only important for duration outside the OECD; meanwhile, environmental performance at the country level is crucial independent of location. Environmental performance is particularly significant in more recent years, in parallel with an accelerated green transition in many countries. [ABSTRACT FROM AUTHOR]

This paper examines the influence of population density, economic growth, and regulatory quality on the environmental performance of five SAARC countries from 2000 to 2020. To this end, fixed and random effects models are used. Quantitative data on socio-economic and environmental characteristics reveals notable differences across countries. The results show a significant positive and negative impact of the covariates economic growth and population density, respectively, on environmental performance. While the estimated coefficient of the regulatory quality variable was positive, it was statistically insignificant. The results also suggest a significant inter-country dependency and a significant change in environmental performance across countries over time. Based on the results, several strategic approaches are proposed at both individual and multi-country settings. Furthermore, we emphasize the roles of the government, international and regional agencies, private sector, and civil society organizations. Finally, possible extensions of the present paper are discussed. [ABSTRACT FROM AUTHOR]

AbstractThis study aims to investigate how Foreign direct investment (FDI) and trade openness influenced economic growth in BRICS countries from 1990 to 2022, using the Pooled Mean Group Autoregressive Distributed Lag (PMG-ARDL) and System Generalized Method of Moments (System-GMM) methods. Our findings show that these two variables boost economic growth by 0.172, 0.021, 0.291, and 0.072%, respectively. Additionally, the results indicate that BRICS countries have demonstrated greater resilience in terms of FDI and trade before and after the COVID-19 pandemic and the Russia-Ukraine war, underscoring the effectiveness of their investment and trade policies in maintaining economic growth amidst global disruptions. [ABSTRACT FROM AUTHOR]

Are societies required to pursue continual economic growth as a matter of justice? In "The Value of Economic Growth", Julie Rose considers three arguments in favor of the need for continual economic growth, each of which revolves around the instrumental value of economic growth for promoting an important good that is needed for a just society. In each case, Rose argues that there are mechanisms other than economic growth that could allow a society to deliver the relevant goods, and thus meet the demands of justice with respect to those goods. I raise a set of issues for Rose's argument that put pressure on the normative significance of her discussion. At the heart of these issues are ones about which possibilities Rose considers and which idealizations she makes. These issues tie into more general questions about the aims and methodology of normative work in social/political philosophy. Thus, in addition to being a contribution to the debate over the politics of economic growth, this paper can be understood partly as a case study in how reflection on these kinds of issues – ones about modality, idealization, and methodology – can matter to how we evaluate specific arguments in social/political philosophy. [ABSTRACT FROM AUTHOR]

The dominant interpretation of the classical theories of aggregate activity levels and economic growth is that they are supply-side in nature with the contributions of Sismondi and Malthus viewed as notable exceptions. However, a focused examination of the key texts of the classical economists such as Cantillon, Quesnay, Turgot, Steuart, Smith, and Ricardo reveals that strong demand-side thinking has in fact been lurking beneath the surface in the theoretical world of the classical economists even before Sismondi and Malthus. The major implication is that Say's law is an imposition on classical economists and that in the case of Ricardo, his endorsement of Say's law cannot easily be reconciled with the demand-side ideas in his writing. [ABSTRACT FROM AUTHOR]

As a critical environmental political project, the degrowth movement contests the hegemony of economic growth. Much scholarship has sought to unpack degrowth’s proposals to reduce matter and energy throughput and to promote socio-ecological justice, democracy and wellbeing. Few studies, however, examine how the movement sustains itself. In this article, therefore, we explore the role fantasy plays in the movement’s emergence and sustenance. We draw on semi-structured interviews and officially-disseminated documents to examine the discourse of degrowth through a Critical Fantasy Studies lens, arguing that fantasies structure supporters’ desires and sustain the energy lying behind their environmental politics and actions. We suggest that the fantasy of ‘mutual dependence and care’, in particular, affectively fortifies their efforts to contest economic growth’s hegemonic norms and, in doing so, bolsters degrowth’s distributed modes of political action while also allowing its members to cultivate a prefigurative ethics of engagement. [ABSTRACT FROM AUTHOR]

Using Mahanadi basin as a case, the study demonstrates benefit-sharing can improve water allocation among riparian states experiencing water stress. The results show the basin having a yearly average water deficit of 5429 million cubic metres (MCM) under business-as-usual which increases to 6781 MCM under high economic growth for 2011–2050. Even after various water supply augmentation and demand management interventions and climate change-induced increased runoff, the upper riparian state continues to have a water deficit. This can be reduced if the lower riparian state allows the upper one to divert 1500 MCM of additional water annually which will require a strong governance mechanism in place. [ABSTRACT FROM AUTHOR]

We model permanent and transitory changes of the predictive density of U.S. GDP growth. A substantial increase in downside risk to U.S. economic growth emerges over the last 30 years, associated with the long-run growth slowdown started in the early 2000s. Conditional skewness moves procyclically, implying negatively skewed predictive densities ahead and during recessions, often anticipated by deteriorating financial conditions. Conversely, positively skewed distributions characterize expansions. The modeling framework ensures robustness to tail events, allows for both dense or sparse predictor designs, and delivers competitive out-of-sample (point, density and tail) forecasts, improving upon standard benchmarks. [ABSTRACT FROM AUTHOR]

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]

The deployment of new broadband networks (NBNs) based on fiber-optic transmission technologies promises high gains in terms of productivity and economic growth. It has attracted subsidies worth billions from governments worldwide through various state aid programs. Yet, such a program's effectiveness and efficiency still need to be studied. We employ panel data from 32 OECD countries from 2002 to 2019 to provide robust empirical evidence that state aid significantly increases NBNs by facilitating the deployment of new connections to 22 percentage points of households in the short term and 39.3 percentage points in the long term. We find it highly cost-efficient, as the programs break even after three years on average. We also discuss possible efficiency improvements in future funding programs, particularly requirements of technology neutrality, consideration of mobile broadband solutions, and integration of demand-side funding. [ABSTRACT FROM AUTHOR]

Innovation has become a buzzword of the contemporary public sector, yet the practical uses of innovation are diverse and sometimes conflicting. This article highlights four different innovation approaches and describes their use with examples from the municipal organization in Stockholm. These innovation approaches have different end goals, perspectives and logics that drive them. With a better understanding of the broad concept of innovation that is relevant within a city organization, municipal officials can make conscious decisions about their innovation practices. ABSTRACT Innovation is an increasingly influential agenda for municipalities to apply to multiple activities and objectives. This article presents an institutional logics framework to clarify the ways that municipalities use innovation to achieve their long-term ambitions. The framework consists of four approaches that co-exist within a single municipality: the business-enabling approach supports local economic growth, the organizational change approach focuses on improving internal processes and services, the attractiveness approach promotes the territory for investment, and the transformative approach engages with broader societal challenges. The framework clarifies how innovation is interpreted and practised by municipalities and reveals opportunities to enhance these activities. [ABSTRACT FROM AUTHOR]

The purpose of this study is to examine the threshold effect of inflation on the foreign direct investment (FDI) – economic growth nexus in sub-Saharan Africa using panel samples of countries that have adopted an inflation-targeting regime. The study sourced data from the World Bank’s World Development Indicators over a period of 1982–2020 and adopted the fixedeffect panel threshold model approach for its analysis. The findings reveal two separate thresholds of inflation in the FDI – growth nexus. The growth-enhancing effect of FDI is largely realized when inflation is below the optimal threshold level of 7.26%. Beyond the second threshold level of 16.49%, the beneficial effect of FDI on growth is seen to diminish in terms of effectsize. This study provides new insights into the growth effect of FDI and the role of inflation levels in this nexus. The thresholds of inflation and the attendant size-effect of FDI on growth can be benchmarks for Africa and other developing and emerging economies in assessing their situations. As African monetary authorities choose which inflation targets to set for their monetary policies, the findings raise significant implications for them. [ABSTRACT FROM AUTHOR]

From the perspective of investment-driven to innovation-driven for high-quality development, this study discussed an influence mechanism of investment structure optimization on the industrial agglomeration degree and its growth path of balanced regional economics. We put forward assumptions about their relationship with a mediator of the regional innovation capability and a moderator of the market-oriented business environment to solve problems of the regional economic gap to accelerate the construction of a unified national market in China. We used the regional industrial data of 31 provinces in China from 2004 to 2017 to verify these hypotheses. Finally, we found that regional innovation capability completely moderates the relationship between investment structure optimization and industrial agglomeration degree, and the market-oriented business environment adequately moderates the relationship. This result shows that regional innovation capability and market-oriented business environment restrict industrial agglomeration degrees and accelerate the integration of diversified capital. So, improving the investment of human capital and R&D capital is the key to solving the regional economic gap. It has enriched the research of high-quality development and provided necessary enlightenment for the practical application of regional industrial economic growth. [ABSTRACT FROM AUTHOR]

This study explored the causal association between Information and Communications Technology (ICT) infrastructure development, measured by an ICT index, and the economic growth of 42 African economies between 2000 and 2019. Whether ICT development has contributed to real per capita GDP growth or ICT infrastructure expansion has just been a consequence of growth in real per capita GDP has been overlooked in prior studies concerning Africa. The econometric techniques used to analyse the data included robust second-generation tools to investigate cross-sectional dependence, slope homogeneity, and panel causality. The findings detected significant independence between the variables across countries, the slope was heterogeneous, and there was a long-run association between all of the economies in the sample. Dumitrescu and Hurlin’s panel causality analysis indicated a unidirectional causal association between per capita income and the ICT index. The results also demonstrated that capital and employment were the leading causes of per capita GDP growth. The findings suggested that accelerating economic growth in developing economies was essential to promoting ICT investment. [ABSTRACT FROM AUTHOR]

Decoupling economic growth and carbon emissions is essential for sustainable growth. However, the impact of ICT agglomeration, especially its long-term impact on decoupling, has received little attention. Drawing on the Tapio decoupling model and dynamic decoupling path theory, this study examines the short-term and long-term effects of ICT agglomeration on decoupling by using a panel data set for 257 cities in China from 2003 to 2017. The results show that most cities are in a state of weak decoupling (253/257) and on an intensive dynamic decoupling path (192/257). Our empirical analyses confirm that ICT agglomeration negatively impacts the short-term decoupling trend but positively impacts the long-term decoupling path. The mediating mechanism analysis indicates that ICT agglomeration affects decoupling by driving ICT infrastructure investment, promoting green technology innovation, and stimulating consumption of ICT equipment. Green technology innovation significantly drives decoupling in both the short-term and long-term impacts. [ABSTRACT FROM AUTHOR]

The economy-based growth governance of local government departments significantly influences the strategic behaviour of firms in their jurisdictions. We mainly explore how local economic growth targets affect ESG transformation. Results indicate that the higher the local economic growth target is set, the lower the level of ESG transformation of companies is. Additionally, the inhibitory effect of local economic goals on ESG in State-owned enterprises has been significantly higher than that in non-SOEs. [ABSTRACT FROM AUTHOR]