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The increasing pressure on natural resources and the climate has been noted by businesses and governments worldwide, who now face the difficult task of integrating paths of environmental sustainability and economic growth. One promising approach to sustainable development, reducing the pressure on natural resources and solving waste problems is circular economy. From different ways of implementing circular economy, this study focuses on the productization of industrial side streams, which carry a great deal of underutilized potential. In this article, the productization of pulp and paper industry side stream, fiber sludge, for commercial use as a dust-binding agent is studied via a descriptive, in-depth case study. Apart from inconsistent quality, fluctuating supply, cost of storage and logistics, what makes industrial side stream utilization challenging is the lack of knowledge that stakeholders have about side streams and their utilization and the lack of new value chain development for their commercial use. Therefore, it is essential for all parties involved to have a clearer vision of what is being sold for what purposes, through productization. This study found that the productization of side streams follows the same steps as the productization of any other traditional product, and the productized side streams can be added to the company's product portfolio as by-products. [ABSTRACT FROM AUTHOR]

This work aims to analyze, from the input-output matrix, sectoral interconnection level indicators of Mato Grosso do Sul (MS) economy and demand impacts on employment and income. This general equilibrium model allows to generate employment and income policies, necessary for the development of the State based on a proposal directed to the Society, the Environment and Sustainable Regional Development. Thus, the sectors that impact the most were identified as follows: Trade and Services, Pulp and Paper Products, Mining and Quarrying, Clothing Items and Accessories, Leather Goods. The results presented provide guidance for the development and rational planning of public and private policies to stimulate the State's economic growth. [ABSTRACT FROM AUTHOR]

Knowledge is an essential ingredient for economic development, growth and gaining a competitive advantage. In order to produce novel and valuable knowledge, it is advantageous, perhaps vital, to rely on insights gained from prior research efforts. Those knowledge spillovers (KS) provide the rationale for sustained economic growth and produce unique place-based knowledge spaces. Due to the spatial embeddedness and stickiness of knowledge, most investigations mainly pay attention to the localized nature of KS, but what about those spillovers from other jurisdictions, or perhaps even from across the globe? To analyse the role played by international KS, the present study investigates to what extent international KS shape the evolution of the UK science and technology space. The first step involves creating knowledge spaces following the methodology outlined by Kogler et al. (2013; 2017) for the period 2006-15. Subsequently, we are following the paper trail of publications and patents developed by UK authors and inventors to depict to what degree international KS in specific science and technology domains have contributed to the production of novel knowledge in the UK. The results indicate that four out of five citations made in publications and patents in the UK are the works of authors and inventors residing elsewhere. This has important policy implications considering recent tendencies to curtail trade and the free movement of labour, all of which contribute to the diffusion of knowledge. [ABSTRACT FROM AUTHOR]

Economic Growth is a vital condition for human Development, yet not adequate in itself to promise it; in this way, different measurements and determinants of human improvement must be explored by analysts. This examination investigates the effect of outside direct speculation (FDI), human advancement record (HDI) and remote settlement on monetary development in south Asian nations for the time of 1986-2016. Board ARDL test comes about uncover a long-haul connection between FDI, human advancement files and foreign remittance on economy development. In this way, to get ideal outcomes approach producers ought to know about and consider the upsides and downsides of on a few parts of FDI, Human Development list and Economic growth. [ABSTRACT FROM AUTHOR]

At present, the digital economy, which takes information technology and data as the key elements, is booming and has become an important force in promoting the economic growth of various countries. In order to explore the current dynamic trend of China's digital economy development and the impact of the digital economy on the high-quality economic development, this paper measures the digital economic development index of 30 cities in China from the three dimensions of digital infrastructure, digital industry, and digital integration, uses panel data of 30 cities in China from 2015 to 2019 to construct an econometric model for empirical analysis, and verifies the mediating effect of technological progress between the digital economy and high-quality economic development. The results show that (1) The development level of China's digital economy is increasing year by year, that the growth of digital infrastructure is obvious, and that the development of the digital industry is relatively slow. (2) Digital infrastructure, digital industry and digital integration all have significant positive effects on regional total factor productivity, and the influence coefficients are 0.2452, 0.0773 and 0.3458 respectively. (3) Regarding the transmission mechanism from the digital economy to the high-quality economic development, the study finds that the mediating effect of technological progress is 0.1527, of which the mediating effect of technological progress in the eastern, northeast, central and western regions is 1.70%, 9.25%, 28.89% and 21.22% respectively. (4) From the perspective of spatial distribution, the development level of the digital economy in the eastern region is much higher than that in other non-eastern regions, and the development of digital economy in the eastern region has a higher marginal contribution rate to the improvement of the total factor productivity. This study can provide a theoretical basis and practical support for the government to formulate policies for the development of the digital economy. [ABSTRACT FROM AUTHOR]

In a world, which is characterized by globalization and a high speed of changes to working processes and jobs, the topic of innovation as a driver and precondition of economic growth becomes more and more important. The aim of this conference paper is to document the role of vocational education and training and its influence on innovation. Innovation is the basis for economic growth and the basis for economic growth is a well-trained workforce, which is only available when education systems, especially occupational education systems, target to bring forth highly qualified people, who have foresight and the potential to excel. The success of a country and its position in world economy is a result of its capability to develop human resources, to make people ready and open-minded for innovation and innovation processes. A result of this study is that innovation ensuing from vocational education and training is measurable and becomes visible by comparing economies' key education and innovation parameters. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine whether the development of carbon finance can promote sustainable economic growth in China through spatial spillover effects. On the basis of a theoretical analysis of this mechanism, this paper takes 30 provincial-level administrative regions in China as the research object and uses a variety of spatial econometric analysis techniques to empirically test them. It assesses sustainable economic development measured by green total factor productivity (GTFP). This study documents a significant and positive impact of province-level carbon finance improvement on sustainable economic growth through improving technological progress and increasing technological market turnover. The economic influence of carbon finance on sustainable economic growth is still positive after considering possible endogeneity concerns. Results reveal heterogeneity and spatial spillover effects of carbon finance on GTFP, notably stronger in eastern regions compared to central and western ones. We find that the technological progress and technological market turnover have significant and positive promotional effects on GTFP with increasing levels of carbon finance. This paper provides policy implications for improving sustainable economic development. [ABSTRACT FROM AUTHOR]

This paper constructs a digital financial inclusion evaluation system suitable for cross-country comparison. It uses the data of the World Bank and the International Monetary Fund to calculate the index of digital financial inclusion, and measure the level of digital financial inclusion in 105 countries. Then, we examine the relations between digital financial inclusion and economic growth by using spatial data and techniques for 86 neighboring countries. Our findings display that digital financial inclusion has a significantly positive effect on economic growth, and has spatial spillover effects on neighboring countries. [ABSTRACT FROM AUTHOR]

Purpose: The impact of financial inclusion on economic growth is a topic that is generating widespread interest among researchers and practitioners. In this paper, the authors review the existing literature to highlight the state of research in the literature and identify new opportunities for innovative research. Design/methodology/approach: The authors used a thematic literature review methodology which involves dividing the review along relevant themes. Findings: The authors find that significant research on the topic emerged in the post-2016 years. Most of the existing studies are from developing countries and from the Asian and African regions. Existing studies have not utilized relevant theories in explaining the impact of financial inclusion on economic growth. Most studies report a positive impact of financial inclusion on economic growth while very few studies show a negative impact. The most common channel through which financial inclusion affects economic growth is through greater access to financial products and services offered by financial institutions that increases financial intermediation and translates to positive economic growth. The common empirical methodology used in the literature are causality tests, cointegration and regression methods. Multiple proxies of financial inclusion and economic growth were used in the literature which partly explains the conflicting result among existing studies. The review paper concludes by identifying some directions for future research. Originality/value: This paper presents the first rigorous thematic review of the existing literature on the impact of financial inclusion on economic growth. It highlights the main approach that researchers have taken on this topic and identifies some important research areas for future investigation. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2022-0339. [ABSTRACT FROM AUTHOR]

This paper tests the hypothesis that action-based fiscal consolidations have a negative effect on GDP growth. Using the IMF's dataset on action-based fiscal consolidations, instrumental variables' regressions show that action-based fiscal consolidations have a significant positive effect on GDP growth. The instrumental variables' regressions also show that action-based fiscal consolidations significantly increase investment and productivity. The findings presented in this paper thus strongly reject the hypothesis that action-based fiscal consolidations reduce growth. The paper argues that least squares estimates presented in previous literature suffer from negative reverse causality bias: GDP growth has a significant positive effect on both the likelihood and the magnitude of action-based fiscal consolidations. To uncover causal effects of action-based fiscal consolidations, researchers need to use an instrumental variables approach. [ABSTRACT FROM AUTHOR]

China's rapid economic development has attracted worldwide attention, but the resulting environmental problems also cannot be ignored. Whether environmental regulations can achieve a win–win situation between "green" and "economic growth" has become the focus of academic circles. While related studies have examined environmental regulation through the "Cost-following theory" and "Porter hypothesis", they have mostly focused on a particular region or province, thus neglecting the spatial effects. The spatial effects of environmental regulation are important to study because of the overall environmental correlation across regions and especially adjacent provinces. This paper extends the "cost-following theory" and the "Porter hypothesis" to the spatial perspective and proposes two hypotheses, respectively. Through the spatial expansion of environmental regulation theory, this paper not only analyses the direct effect of local environmental regulation on local economic growth, but also the spatial spillover effect of adjacent provinces' environmental regulation on local economic growth. The empirical results show that the relationship between environmental regulation and economic growth in China is consistent with the spatial perspective of "Cost-following theory", but not with the spatial perspective of "Porter hypothesis". Through the above analysis, this paper is able to address the issues of how to make environmental regulation policies in adjacent provinces or regions as a whole, and how to coordinate environmental regulation with economic growth in adjacent regions. The findings of this paper also suggest that spatial effects need to be sufficiently considered in future studies on environment-related issues. [ABSTRACT FROM AUTHOR]

Education, innovation, the labour force, and new businesses are considered the key important sectors (factors) for developed and emerging economies. The paper analyses are performed by using the Cobb Douglas production function for analysing the impact and correlation of these factors (variables) on the economic growth of Kosova during the period 2013 - 2021. The variables of public expenditures on education as a percentage of GDP and the labour force have shown a negative impact on growth and they have operated under decreasing returns to scale (based on the Cobb-Douglas function), while the variables of information, computer and telecommunication services (which refer to innovation technology) and new business creation have indicated a positive impact on growth and they have operated under increasing returns to scale (based on the Cobb-Douglas function). In addition, this paper summarized a few useful conclusions: first, public expenditure on education should provide an important contribution on growth; second, enhancing the role of education to improve and develop new knowledge for the labour force in Kosova, and at the same time, to adapt with new labour market demand; third, information, computer and telecommunication is one of the leading export sectors and this sector should provide higher potential and contributions on the economic growth of Kosova; fourth, new businesses creation should provide a significant contribution to increase economic growth. These variables in many countries have made a key value contribution to the economy by driving it toward sustainability, development, and growth. [ABSTRACT FROM AUTHOR]

Background: Green development, which is crucial because of the escalating ecological and environmental issues, is largely driven by industrial transformation and environmental legislation. Purpose: The paper aims to examine the combined effects of environmental regulations and industrial change on the green economy, based on their separate effects. Methods: We use a fixed-effects regression on panel data covering 30 provinces in China in 2010-2020. Results: We reach the following conclusions: environmental regulations and rationalization of the industrial structure both support growth in the green economy, but advancement in the industrial structure hinders it. The combined effect of environmental regulations and advancement and rationalization in the industrial structure has a significantly positive impact on growth in the green economy; it is most pronounced in regions with higher resource endowments and economic development. Discussion: By providing specific empirical facts, this study clarifies the effects of industrial transformation and environmental regulations on growth in the green economy, contributing to enriching the literature and helping to pave the way to sustainable development. [ABSTRACT FROM AUTHOR]

This study aims to investigate the relationship between China's outward foreign direct investment (OFDI) in Central and Eastern European countries (CEECs) by assessing their impact on the economies of both the CEECs and China. By analyzing this connection, the paper seeks to gain insights into the economic dynamics and potential benefits derived from investment and trade activities between China and the countries in this region. The paper employs a regression model to examine the influence of foreign direct investment on trade with data from 2008 to 2022. The findings indicate that a one percentage point increase in China's OFDI corresponds to a 0.054 percent boost in bilateral trade between China and the 16 CEECs. In conclusion, the findings highlight a significant link between OFDI in CEECs and bilateral trade. OFDI opens up new trade opportunities and fosters economic growth in CEECs, thereby promoting the development of bilateral trade. Additionally, Chinese investment drives industrial upgrading and structural adjustments in CEECs, enhancing the competitiveness of bilateral trade. [ABSTRACT FROM AUTHOR]

Despite the tax reform in the 1980s, the Moroccan tax system still suffers from structural vulnerabilities that have led to inefficient tax policies and increasing sectoral disparities, which have led to an increase in the tax pressure rates between 1990 and 2020. To overcome these vulnerabilities, and according to the recommendations of the 2019 National Tax Conference, the Moroccan tax system has been recently restructured, with the aim of strengthening the principles of equity and tax efficiency. The main objective of this paper is to determine the impact of the tax pressure on long-term economic growth in Morocco from 1990 to 2020. To do so, the methodology adopted in this work consists of verifying the effect of the tax pressure on economic growth through a quantitative methodology based on two vector autoregression approaches: the vector autoregression model (VAR) and the vector error correction model (VECM). The results of this study confirm that the effect of fiscal pressure on economic growth in Morocco is not significant in the long run, and therefore, we can deduce that taxation is not yet a well-mastered instrument for the state to act on the economic sphere. The results show a complex relationship between tax pressures and economic growth in Morocco, underlining the importance of tax reform. However, the research is limited by the specific models and the need to explore other determinants. The contribution of this paper lies in its in-depth empirical analysis of fiscal pressure and its influence on long-term economic growth in Morocco, as based on VAR and VECM modeling. This econometric approach makes it possible to isolate the dynamic effects and responses of economic variables over time, offering an understanding of the interactions between tax policy and long-term economic growth. By focusing specifically on the Moroccan context, this study offers an original perspective and helps to fill the gap in the empirical research in this area while providing a valuable analytical framework for assessing fiscal policies and their impact on long-term economic growth. [ABSTRACT FROM AUTHOR]

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

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]

This paper investigates whether renewable energy influences economic growth and happiness. Using panel data from 25 European Union countries for the period 2012–2022, this study employs a panel model for estimation with fixed and random effects, and robust HAC standard errors. According to the research results, in general, the growing share of renewable energy in the energy mix has a positive impact on economic growth and the happiness of citizens. However, detailed research has shown that this effect depends on the type of energy; a significant positive impact was recorded only in solar share energy, wind share energy and economic growth. However, almost all types of renewable energy were included, i.e., biofuel, hydro, solar and other renewable share energy, and all had a significantly positive impact on the level of happiness. The exception was wind share energy, which showed a significant negative impact. The research findings of this paper provide empirical support for promoting renewable energy, which is positive both for economies and the happiness of citizens. It is one of the main aspects of sustainable economic growth. [ABSTRACT FROM AUTHOR]

The digital economy (DE) has become a major breakthrough in promoting industrial upgrading and an important engine for high-quality economic growth. However, most studies have neglected the important driving effect of regional economic and social (RES) development on DE. In this paper, we discuss the mechanism of RES development promoting the development of DE, and establish a demand-driven regional DE development model to express the general idea. With the help of spatial analysis toolbox in ArcGIS software, the spatial development characteristics of DE in the Yangtze River Delta City Cluster (YRDCC) is explored. We find the imbalance of spatial development is very significant in YRDCC, no matter at the provincial level or city level. Quantitative analysis reveals that less than 1% likelihood that the imbalanced or clustered pattern of DE development in YRDCC could be the result of random chance. Geographically weighted regression (GWR) analysis with publicly available dataset of YRDCC indicates RES development significantly promotes the development of DE. [ABSTRACT FROM AUTHOR]

The energy revolution in Saudi Arabia has accelerated significantly since 2016, driven by the National Vision 2030. Significant changes to energy subsidies took place, and the renewable energy sector has seen rapid growth. The paper presents an empirical analysis of the Saudi energy transition by emphasizing the drivers of fuel consumption in KSA. It primarily attempts to explore the long-run (LR) connection between oil consumption and several economic variables such as economic growth, crude oil prices, investment, and the labor force in Saudi Arabia (KSA) from 1991 up to 2021. The paper implemented the vector error correction model (VECM) and performed different diagnostic tests to provide more evidence about the validity and robustness of the tests. The empirical findings highlighted how important the labor force, savings, GDP, and crude oil price are in determining oil consumption for KSA. The law of demand is significantly present, which negatively affects oil consumption for KSA as an oil exporting country. The results also supported the existence of a long-term direct correlation between the variables and oil consumption. Furthermore, the short-term estimation highlighted that only saving has a negative impact on oil consumption for a single lagged period. Our findings provide governments and regulators with further incentive to slow the expansion in oil consumption, as a larger labor force is demanding more oil to attain the target, faster economic growth, and increased savings are all contributing factors. Our findings are significant because they can assist policymakers, investors, and regulators in generating more efficient oil substitutes and making them affordable for the economy. [ABSTRACT FROM AUTHOR]

The aim of this paper is to examine the impact of a country's entry into the monetary union on its economic variables growth rate of real GDP as well as on GDP per capita growth for the period from 2010 to 2020. The clustering method and the ANFIS method were used in the data analysis. A total of two cluster analyses were performed. The first cluster includes countries that joined the EU in 2004 and became EZ members by 2010. The second cluster refers to those countries that joined the EU in 2004 but are not yet members of the EZ. For the first individual cluster analysis two models were analysed and for the second individual cluster three models were analysed using the ANFIS method. As expected, the results showed that GDP growth is connected with trade, inflation and gross investments in fixed capital in the observed countries, while GDP per capita is connected with unemployment, interest rates and public debt. With regard to GDP growth, the difference between countries that are in the eurozone and those that are not is not significant, which is in line with other studies. [ABSTRACT FROM AUTHOR]

The current situation of the Romanian economy must be understood beginning from the analysis of the main measures of fiscal-budgetary policy applied over the last years by the public authority. In general, the Romanian fiscal policy (before and after accession) was procyclical. However, we continue by presenting some of its characteristics for the past years when we underwent the last ascending phase of the economic cycle. Actually, Romania's GDP exceeded constantly the potential level, and the demand surplus became predominant, generating inflationary pressures. Maintaining the expansionist level of the fiscal policy, in the conditions of a positive deviation of GDP, as of 2017, and opting-out regarding the structural deficit target contributed to affecting the stability of public finances, on short-and medium-term. Romania entered into an extremely difficult economic context, generated by the pandemic, with an extremely narrow fiscal space which limited a lot the possibilities of combating the effects of the pandemic. In this paper we analyzed a period limited to the year 2020, because we consider this time as marking the end of an economic cycle in a period of peace and economic calm, as another is about to begin based on the new realities. [ABSTRACT FROM AUTHOR]

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

This paper aims to analyze the impact of public debt on economic growth in eleven EU new member states (NMS) from Central and South-Eastern Europe for the period 2000--2019. More specifically, we investigate if there is evidence of a non-linear (quadratic) relationship in this group of countries. Having in mind different economic and financial development, historical connections, and geographical proximity, we split them into three more homogenous groups: Balkan countries (BAL-4), Baltic countries (B-3), and Visegrad countries (VIS-4). The results of our study in all models indicate a statistically significant non-linear impact of public debt ratios on annual GDP per capita growth rates. The results across all models show a significant non-linear impact of public debt ratios on annual GDP per capita growth rates. Further, the calculated debt-to-GDP turning point, where the positive effect of accumulated public debt inverts into a negative effect, is roughly between 42.7%--58% of GDP, dependent on which sub-group we have analyzed. In general, the research may contribute to a better understanding of the problem of high public debt and its effect on economic activity in the new EU. [ABSTRACT FROM AUTHOR]

This paper assesses the usefulness of comprehensive payments data for macroeconomic predictions in Canada. Specifically, we evaluate which type of payments data are useful, when they are useful, why they are useful, and whether machine learning (ML) models enhance their predictive value. We find payments data with a factor model can help improve accuracy up to 25% in predicting GDP, retail, and wholesale sales; and nonlinear ML models can further improve the accuracy up to 20%. Furthermore, we find the retail payments data are more useful than the data from the wholesale system; and they add more value during crisis and at the nowcasting horizon due to the timeliness. The contribution of the payments data and ML models is small and linear during low and normal economic growth periods. However, their contribution is large, asymmetrical, and nonlinear during crises such as COVID-19. Moreover, we propose a cross-validation approach to mitigate overfitting and use tools to overcome interpretability in the ML models to improve their effectiveness for policy use. [ABSTRACT FROM AUTHOR]

This paper focuses on a systematic assessment of the impact of development projects on different performance areas, with an emphasis on social. In the context of the ever-evolving digital era, development projects are becoming a key element for achieving competitiveness and sustainability in all sectors. The aim of this paper is to analyze how development (housing) projects affect economic growth, firm efficiency, social interaction and sustainable development from a theoretical knowledge perspective. [ABSTRACT FROM AUTHOR]

The city cluster of the Yangtze River Delta is a highly dynamic and competitive economic region in China. The integration of the market across the 27 cities is crucial in driving economic growth in the area. This paper aims to provide policymakers with recommendations on promoting regional integration, enhancing the structure, and improving overall performance. By utilizing the benefits and resources of each community more effectively, greater economic gains can be achieved. The findings of this study can also be applied to other Chinese towns or business areas. Market integration is a necessary foundation for regional integration, as it enables the seamless movement of goods and factors throughout the region while simultaneously reducing entry barriers and supporting the creation of a unified market. Unfortunately, the "vassal economy" model has impeded the region's economic growth. The integration of regional markets is crucial for economic growth. However, it is equally important to create industrial clusters with central towns as their hubs. The Yangtze River Delta urban agglomeration is a prime example of one of six world-class city clusters demonstrating how market integration can result in high-quality economic progress. The paper's primary discoveries are threefold: firstly, there has been a progressive elevation in the level of market integration among the 27 cities within the Yangtze River Delta city cluster, characterized by increasingly intimate connections concerning trade, investment, and population mobility. Secondly, this heightened market integration exerts a catalytic impact on the real economic growth of the Yangtze River Delta city cluster, particularly concerning regional industrial restructuring, transformation, and upgrading. Finally, market integration is poised to expedite the industrial division of labor and synergistic development between the cities, thus promoting a concentration of advanced manufacturing and new industries in the central cities and furthering the development of profitable industries in the central individual cities. [ABSTRACT FROM AUTHOR]

High-quality innovation is an inevitable requirement for high-quality economic development, and an accurate grasp of the regional distribution characteristics of the level of highquality innovation development (HQID) can better understand and simulate high-quality innovation. This paper constructs a dataset of high-value inventions based on the Chinese patent database using textual analysis methods and the criteria for High-Quality Inventions proposed by the State Intellectual Property Office, and explores inter-provincial variability and convergence by using the Theil index, α convergence, and β convergence. This paper finds that High-Quality Inventions are significantly and positively correlated with various indicators measuring the quality and value of patents. In general, the overall level of HQID is on an upward trend with clear differences among provinces, which shows a regional unbalanced but overall rapid development. From the regional differences of HQID, the regional differences of HQID have been narrowed, mainly within the region. In terms of the convergence of HQID, α convergence, absolute β convergence, conditional β convergence, and club convergence exist nationally and within each region, which indicates that the gap between the national and regional levels of HQID has been narrowing over time. HQID has a positive promotion effect on the relationship between HQID and economic growth, economic growth rate, and total factor productivity. High-quality innovation can improve the quality of input factors, cultivate new dynamic energy for economic development, and then promote high-quality economic development. In the context of the shift of IP work from pursuing quantity to improving quality, the scientific understanding of high-quality innovation, the development status, and the differences of regional innovation high-quality development is of great significance for improving innovation quality and efficiency, and effectively supporting high-quality economic development. [ABSTRACT FROM AUTHOR]

Background: Innovation ecosystems are an important driver of regional economic growth and development. STEM assets connected to universities may play an important role in such ecosystems. Objective: To systematically review the literature relating to the effect of university STEM assets on regional economies and innovation ecosystems, providing a better understanding of how the impact is generated and constrained, as well as identifying any gaps in knowledge. Methods: Keyword and text word searches using the Web of Science Core Collection (Clarivate), Econlit (EBSCO) and ERIC (EBSCO) were performed in July 2021 and February 2023. Papers were double screened on abstract and title, and were included if there was consensus that they fulfilled the inclusion criteria of: (i) relating to an OECD country; (ii) having been published between 1 January 2010 and 28 February 2023; and (iii) concerning the impact of STEM assets. Data extraction was undertaken for each article by a single reviewer and checked by a second reviewer. Due to the heterogeneity of the study designs and outcome measures used, it was not possible to perform a quantitative synthesis of results. A narrative synthesis was subsequently undertaken. Results: Of the 162 articles identified for detailed review, 34 were accepted as being sufficiently relevant to the study to be included for final analysis. Three important features identified were that the literature: i) is predominately concerned with supporting new businesses; ii) describes a high level of involvement with a university in providing that support; and iii studies economic impacts at local, regional and national levels. Discussion: The evidence points to a gap in the literature relating to looking at the broader impact of STEM assets and any corresponding transformational, system-level effects that go beyond narrowly defined, short to medium-term outcomes. The main limitation of this review is that information on STEM assets in the non-academic literature is not captured. [ABSTRACT FROM AUTHOR]

This paper assesses the relationship between trade openness and economic growth in Africa by accounting for the heterogeneity of African countries. In addition, the paper contributes to the literature on trade openness and economic growth nexus by applying the instrumental variable panel smooth transition regression, a methodology that accounts for nonlinearity and endogeneity in the relationship between the two variables. The results of the empirical analysis reveal that the investment ratio is a channel through which trade openness affects economic growth in the African continent. In addition, the relationship between trade openness and economic growth varies according to the degree of a country's development in Africa. The study finds a negative relationship between openness and growth in low‐income countries. Conversely, for upper‐income countries, the coefficients of trade indicators are positive and statistically significant. The results indicate that African countries are not homogeneous, especially concerning trade openness and economic growth nexus. [ABSTRACT FROM AUTHOR]

More than 40 years of urbanization in China has brought rapid economic growth, but the uneven development of region and how to achieve common prosperity through urbanization remain a serious concern. This paper analyzes the effect of the urbanization mode of population aggregation in central cities on common prosperity in China. Using panel data of 283 cities from 2004 to 2019, the study constructs a common prosperity index based on the coupling coordination degree of economy, ecology, and society. The Spatial Durbin Model is used to analyze the influence of population aggregation in central cities on common prosperity and the moderating effect of financial self-sufficiency rate. The results show that population aggregation in central cities has a positive effect on common prosperity. There is also a spatial spillover effect, but the impact exhibits an inverted U-shaped characteristic. Moreover, the fiscal self-sufficiency rate has a negative moderating impact on the effect of population aggregation on common prosperity in the early stage, but a positive moderating impact in the later period. This paper concludes by suggesting that the government should promote urbanization, control the size of large cities, accelerate the reform of household registration, and pay attention to the coordinated development of economy, society, and ecology to promote the realization of common prosperity. [ABSTRACT FROM AUTHOR]

The common production functions include the Leontief production function, the Cobb-Douglas (C-D) production function, the constant elasticity of substitution (CES) production function, the variable elasticity of substitution (VES) production function and so on. With different elasticity of substitution of factor, the production functions have different ranges of applications. In the production functions, the C-D production function is used the most widely because of its simple form, while the CES production function and the VES production function have limitations in applications due to their complicated forms. However, the C-D production function has the elasticity of substitution of factors of 1, and the CES production function has the elasticity of substitution of factors which is not 1 but a constant, so the two production functions both have limitations in applications. The VES production function with the variable elasticity of substitution is more practical in some application cases. This paper studies the applications of the VES production function model and gives a method of calculating the contribution rates of economic growth factors scientifically. As for the parameter estimation of the model, this paper gives an improved Sine Cosine Algorithm (SCA) to enhance the convergence rate and precision. Finally, the paper makes an empirical analysis on the contribution rates of economic growth factors of Shanghai City, China, using the method proposed. [ABSTRACT FROM AUTHOR]

In Croatia, the social security system is based on generational solidarity, i.e. payment of contributions, which is known as pay as you go (PAYG), but the balance of its functioning is permanently and significantly disturbed by long-term unfavourable demographic processes. Projections show that the worrying demographic situation will deteriorate even further and that, with low birth and fertility rates and negative natural growth, negative net migration will contribute to further depopulation. In addition, contributions directly burden labour, i.e. they increase labour costs for employers and reduce their competitiveness in the marketplace, affecting economic growth. The paper reviews empirical research on the impact of different tax structures on economic growth, the sublimated conclusion of which is that direct taxes have a negative effect on growth, while indirect taxes are neutral. The Croatian tax system, with VAT as the main factor in the tax structure, is focused on taxing consumption, but is also characterized by a high level of levies. In this paper, the authors use the vector autoregression model to analyse the relationship between economic growth and the changed tax structure of the Republic of Croatia, in which the role of indirect taxes would be more emphasized. Data in model are consist of different types of taxes, GDPpc, population growth, gross fixed capital formation, unemployment rate and cover the time period from 2004 to 2019. The authors prove that the reduction of the tax burden through direct taxes has positive economic, demographic and fiscal effects. [ABSTRACT FROM AUTHOR]

This paper attempts to explore the decoupling relationship and its drivers between industrial economic increase and energy-related CO2 emissions (ICE). Firstly, the decoupling relationship was evaluated by Tapio index. Then, based on the DEA meta-frontier theory framework which taking into account the regional and industrial heterogeneity and index decomposition method, the driving factors of decoupling process were explored mainly from the view of technology and efficiency. The results show that during 2000e2019, weak decoupling was the primary state. Investment scale expansion was the largest reason hindering decoupling process of industrial increase from ICE. Both energy saving and production technology achieved significant progress, which facilitated the decoupling process. Simultaneously, the energy technology gap and production technology gap among regions have been narrowed, and played a role in promoting decoupling process. On the contrary, both scale economy efficiency and pure technical efficiency have inhibiting effects on decoupling process. The former indicates that the scale economy of China's industry was not conducive to improve energy efficiency and production efficiency, while the latter indicates that resource misallocation problem may exist in both energy market and product market. [ABSTRACT FROM AUTHOR]

The aim of the paper is to assess the causes of spatial variations in labour productivity of Italian regions using the gravitational model of economic growth. The model is an extension of Robert Solow's economic growth model. The model parameters are calibrated using historical data and numerical simulations of the long-run equilibrium states of the model are carried out. The scenarios considered in the paper vary in forecast investment rates, employment growth rates and urbanisation rates. Based on the results of numerical simulations, it is claimed that to achieve the full convergence in labour productivity, it is necessary to maintain higher investment rates in the south of the country than in Lombardy (by about 4%–11%), and to keep investment rates in central and northern Italy at a similar level as in Lombardy. The fall in investment has affected the poorest regions, Southern Italy, the most, followed by central Italy and the richest regions of the north of the country the least. [ABSTRACT FROM AUTHOR]

As a product of combining digital technology and traditional finance, digital inclusive finance plays a vital role in economic growth. This paper deeply analyzes the impact of digital inclusive finance on economic growth and the specific transmission path. This research selects the municipal panel data of Beijing-Tianjin-Hebei from 2011 to 2020 and empirically studies the impact of digital inclusive finance on economic growth. From the perspectives of industrial structure transformation speed, industrial structure upgrading, and industrial structure rationalization, this study analyzes the role of industrial structure in the impact of digital inclusive finance on economic growth and tests the heterogeneity of the impact of digital inclusive finance on economic growth. The results show that digital inclusive finance has a significant role in promoting economic growth. The depth of use of digital inclusive finance has the most significant impact, followed by the breadth of coverage, and the degree of digitization is the smallest. The industrial structure transformation speed and the industrial structure rationalization play a significant intermediary role in the economic growth effect of digital inclusive finance, and the industrial structure upgrading has no significant impact on the economic growth effect of digital inclusive finance; the promotion effect of digital inclusive finance on economic growth is bigger in the economically developed group, the higher digital inclusive finance group and the technologically developed group, and the promotion effect is smaller in the economically underdeveloped group, the lower digital inclusive finance group and the technologically underdeveloped group. The results provide a strong reference for policy formulation to promote the development of digital inclusive finance and economic growth. [ABSTRACT FROM AUTHOR]

This paper addresses the role of the U.S. dollar in fostering global economic growth during the post-war period. The existing literature lacks a comprehensive understanding of the true implications of the U.S. dollar's status as a reserve currency and a dearth of studies examining its impact. In this study, we explore the dynamic long-run and short-run relationships between cross-border U.S. dollar claims, global GDP, and global trade while gauging the impact of the Global Financial Crisis (GFC) and the COVID-19 pandemic. In doing so, we use ARDL methodology for a data set that spans the period of 1980 to 2022. The estimation results reveal a robust long-run relationship between U.S. dollar claims, global GDP and global trade and no clear evidence of asymmetric effects. Our findings are of great significance for monetary authorities, emphasising the need for a nuanced understanding of the implications of the U.S. dollar's conducive role in shaping global economic dynamics and fostering growth. [ABSTRACT FROM AUTHOR]

In order to explore the causal relationship between the level of urban digital construction and urban economic growth, this paper takes 280 cities in China as the research object and constructs a comprehensive indicator evaluation system covering digital infrastructure, overall economic level, innovation development level, digital industry development status, and ecological environment conditions. Using the entropy method to weigh various indicators, this paper has obtained the evaluation results of the digital construction level of each city from 2011 to 2021. Furthermore, a panel data regression model is used to empirically analyze the impact of urban digital construction level on urban economic growth. The results show that for every 1% increase in the level of urban digital construction, the GDP will increase by 0.974. Through the above research, we hope to further enrich the theoretical and empirical research in the field of the digital economy, provide a scientific and reasonable method for quantitatively evaluating the level of urban digital construction, and provide decision-making references for improving the level of urban digital construction and promoting sustainable urban development. [ABSTRACT FROM AUTHOR]

In this paper, to investigate the dynamic interplay between supply and demand, with a focus on collectability, a novel mathematical model was introduced via conformable operator. This model considers the possibility that operating expenses or a lack of raw materials causes a manufacturing delay than the supply of goods instantly matching demand. This maturation (delay) is represented by the delay factor (τ) . Stability analysis revolves around the equilibrium point other than zero. Chaotic behavior emerges through Hopf bifurcation at the critical delay parameter value. If this delay parameter is even slightly perturbed, oscillatory limit cycles can be induced in the market dynamics, leading to equilibrium with brisk market expansion, frequent recessions, and sudden collapses. We conducted sensitivity and directional analysis on a number of factors while also examining the stability and duration of the Hopf bifurcation. Numerical findings were validated using MATLAB. Additionally, the Caputo operator was used to examine the fractional of demand and supply dynamics. Importantly, we assumed a pivotal role in advancing fair labor practices and fostering economic growth on a national scale. In this paper, to investigate the dynamic interplay between supply and demand, with a focus on collectability, a novel mathematical model was introduced via conformable operator. This model considers the possibility that operating expenses or a lack of raw materials causes a manufacturing delay than the supply of goods instantly matching demand. This maturation (delay) is represented by the delay factor . Stability analysis revolves around the equilibrium point other than zero. Chaotic behavior emerges through Hopf bifurcation at the critical delay parameter value. If this delay parameter is even slightly perturbed, oscillatory limit cycles can be induced in the market dynamics, leading to equilibrium with brisk market expansion, frequent recessions, and sudden collapses. We conducted sensitivity and directional analysis on a number of factors while also examining the stability and duration of the Hopf bifurcation. Numerical findings were validated using MATLAB. Additionally, the Caputo operator was used to examine the fractional of demand and supply dynamics. Importantly, we assumed a pivotal role in advancing fair labor practices and fostering economic growth on a national scale. [ABSTRACT FROM AUTHOR]

This paper examines the role of dynamic capabilities as resources for achieving environmental sustainability, economic sustainability, and corporate social responsibility within the pillars of the Sustainable Development Goals. Economic growth and technological progress, while driving societal advancements, have also contributed to challenges such as inefficient resource utilization, social inequality, climate change, and unsustainable production. Through an integrative review, the paper identifies sixteen dynamic capabilities incorporated into a business framework. These capabilities aim to support environmental and economic sustainability, along with corporate social responsibility in line with the Sustainable Development Goals. The paper emphasizes opportunities for companies and academia to adopt sustainable practices. This contribution aims to advance the broader objective of sustainable development by promoting a balance between societal progress and responsible resource management. [ABSTRACT FROM AUTHOR]

The Republic of Moldova is a country deeply dependent on agriculture holding sub-branches with most tangential areas, encompassing the economic and social sphere and defining the way of life in rural areas and the standard of living of the population. Subsidizing agriculture is one of the main mechanisms through which the state can promote its policies in this sector. The aim of this paper is to analyze the subsidy process and its impact on the economic growth of the agricultural sector. The research was carried out based on data provided by the Agricultural Intervention and Payments Agency and the National Bureau of Statistics. Several methods were used in this paper such as: comparison, average and relative magnitudes method, graphical and tabular, logical and synthetic analysis. Based on the results obtained, it was found that the impact of the subsidy process in the agricultural sector is positive, because through it, the state sends a clear message to agricultural producers regarding the priority directions of investment, which generating increased profits will result in an increase in the quality of life of the population. [ABSTRACT FROM AUTHOR]

The proliferation of cryptocurrencies and the remarkable expansion of novel economic practices associated with them pose an unprecedented challenge to established norms of taxation and market regulation. Drawing on two years of fieldwork, surveys, as well as big data analysis of the most valuable 100 cryptocurrencies' white papers and the terms of service agreements of all cryptocurrency exchange platforms, this paper proposes an evidence-based framework to design a novel regulation and taxation approach to cryptocurrencies and their markets by using the US as case study. This new framework calls for approaching cryptocurrencies as data money. Drawing on the material political economy of new digital financial practices, the paper locates the universe of taxable events and invisible/vague regulation areas by approaching exchange platforms as stacked economization processes. We need to make sense of these new economic spaces in order to imagine more effective regulative instruments addressing questions of economic actor protection and efficiency. The paper concludes by proposing a new instrument of taxation (Data Money Tax) and a dynamic regulative approach to cryptocurrency exchange platforms (Stack Regulation). [ABSTRACT FROM AUTHOR]

To help move society towards more sustainable states, policies have been developed in various countries to create a circular bioeconomy (CBE) in biobased sectors such as forestry and agriculture. In operationalizing CBE, initiatives must be created in which feedback loops between life-cycle stages are established to enable a "stock" of resources to be recirculated in the economy. By creating such feedback loops, CBE aims to decouple economic growth from natural resource depletion and degradation. However, few CBE initiatives have been developed. This implementation gap has partly arisen because policies to promote CBE are somewhat theoretical and do not seem to be informed by the practical realities of implementing CBE initiatives on the ground. While CBE policies do not and should not set out detailed implementation plans to address these issues, they do need to better account for how favourable circumstances and contexts can be created for the development of CBE initiatives. In response, this paper critically examines how possibility spaces can be created for the development of CBE initiatives. Assemblage thinking is used in longitudinal case study research focused on a major CBE initiative situated in the south of Sweden: Foodhills. Assemblage thinking is both an approach and method widely used in geography to study how spaces for action such as the construction of CBE initiatives are created. As such, the paper identifies and unpacks multiple issues arising in the development of CBE initiatives on the ground including geographical relations, actor networks and power. [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]

Crowdfunding has emerged as a transformative alternative to traditional innovation financing. Limitations of conventional funding sources have led to increased interest in alternative financing mechanisms. Crowdfunding, leveraging online platforms, has democratized access to capital, enabling entrepreneurs to develop products and services that align with broader population needs. This paper surveys the literature, demonstrating how crowdfunding platforms have opened doors to capital for entrepreneurs who might otherwise have found it challenging to secure funding through established channels. While crowdfunding's impact on innovation is multifaceted and contingent on factors like innovation type, entrepreneur quality, and regulatory frameworks, its growth trajectory remains robust, solidifying its significance as a source of entrepreneurial finance. The study aims to (1) analyze the effectiveness of crowdfunding in bridging the funding gap for startups, (2) compare crowdfunding with other forms of entrepreneurial finance, (3) assess crowdfunding's role in fostering innovation, (4) differentiate between crowdfunding and crowdsourcing, and (5) identify the types of innovation facilitated by crowdfunding. Effective crowdfunding implementation hinges on these factors, necessitating concerted efforts from entrepreneurs, investors, and policymakers to surmount associated challenges and harness its potential for innovation and economic growth. The findings highlight the necessity for a supportive regulatory framework and the importance of transparency and trust in crowdfunding practices. This study underscores the role of policymakers in creating an environment that fosters innovation through alternative financing. However, this study is limited by the availability of comprehensive data across different crowdfunding platforms and regions. Further empirical research is needed to generalize the findings across various contexts, deepen our understanding of crowdfunding's impact on innovation, and develop strategies to leverage the potential of crowdfunding for innovation. [ABSTRACT FROM AUTHOR]

The Yangtze River Delta (YRD) ports are pivotal in shaping the Yangtze River Economic Belt and advancing urban economies across China. This article utilizes panel data from 20 cities with ports in the YRD area, spanning from 2011 to 2020, using the spatial Durbin model to explore how these ports influence urban economic growth. The findings indicate that: (1) The YRD ports significantly contribute to economic growth in both the port cities and their surrounding areas, with the indirect impact on neighboring cities being more substantial than the direct effect on the cities themselves; (2) The beneficial spillover effects of the YRD ports on the economic growth of nearby cities vary in intensity over different spatial ranges, marked by distinct boundary effects and geographical attenuation. The influence extends up to approximately 110km; (3) Within the various elements impacting the economic growth of cities in the YRD, financial development prominently exhibits a threshold effect on urban economic growth; (4) Upon analyzing heterogeneity, inland and coastal port cities manifest divergent spillover effects, with inland port cities predominantly exerting a positive spillover on adjacent regions. Accordingly, in order to eventually achieve the shared prosperity of the region's economy, it is recommended that a strong top-level design be established and that efforts be made to transform the YRD region into a core region a diffusion and driving effect. [ABSTRACT FROM AUTHOR]

Physical capital stock is the basic indicator of macroeconomic empirical studies and also an important manifestation of macroeconomic activity capacity. When measuring China's provincial physical capital stock by the perpetual inventory method, the treatment for the depreciation rate and the initial physical capital stock in the existing literature has some defects in reflecting the economic performance. The purpose of this paper is to build the most reliable and reasonable statistical series of China's provincial physical capital stock. We establish a measurement formula in form of the variable depreciation rate and improve the treatment for the depreciation rate and the initial physical capital stock. For the depreciation rate, we measure the benchmark depreciation rate of physical capital and determine the variable depreciation rate according to the economic growth rate, which makes the variable depreciation rate reflect the economic growth. For the initial physical capital stock, we measure the initial physical capital stock according to the capital output ratio, which makes the initial physical capital stock reflect the economic aggregate. Based on these improvements, we measure China's provincial physical capital stock from 1952 to 2022 by the perpetual inventory method. Through analyzing the measurement results, we have a more distinct insight into the temporal and spatial characteristics of China's provincial physical capital stock: The growth rate of physical capital stock at the provincial level has slowed in spite of remaining high; The eastern region is much higher than the central and western regions. According to these two characteristics, it is suggested that policymakers need to improve market mechanisms and adjust investment policies to promote a benign profile of economic growth and a regional optimization of capital formation. [ABSTRACT FROM AUTHOR]

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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]

The prospect of decoupling economic development from CO2 emissions in Ghana is examined in this paper, with an emphasis on the manufacturing, export, and adoption of renewable energy sectors. The paper investigates the long-term and short-term correlations among CO2 emissions, renewable energy consumption (RNE), population growth (POP), manufacturing value-added (MVA), Economic growth (GDP), and exports (EXP) using an Autoregressive Distributed Lag (ARDL) bounds testing method using time series data from 1990 to 2020. The outcomes show that the variables are long-term cointegrating. Long-term GDP and CO2 emissions show a positive but negligible correlation, whereas exports show a negative and insignificant correlation. In the near term, using renewable energy has a markedly undesirable consequence on releases, yet, over time, the connection is positive and negligible. Because the turning point when economic expansion results in lower emissions is not apparent, the Environmental Kuznets Curve concept is not entirely substantiated. The report emphasizes how specific laws encouraging the use of renewable energy, environmentally friendly export and manufacturing processes, and technical advancements are necessary to help Ghana move toward a low-carbon economy. [ABSTRACT FROM AUTHOR]