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Abstract: The paper forms a rejoinder to the paper by David Weaver (‘Organic, incremental and induced paths to sustainable mass tourism convergence’). It fully agrees with David Weaver that a sustainable development of tourism should focus on sustainable mass tourism development and not, as is currently the case, so much on niche products labelled ‘sustainable’. However, it critiques Weaver''s operationalization of sustainability, his assumption that sustainable mass tourism (SMT) will be the ‘emergent norm’ due to external factors, and his destination development theory showing different paths that, however, all end in SMT. Finally it is shown that the path development idea might be at odds with systems thinking. [Copyright &y& Elsevier]

This paper aims to approach the topic of structural convergence for new member states from the perspective of input-output analysis. Using a set of input-output measures, based on the OECD RStan database, and a number of unit-root tests, both for individual time series and panel data, this paper tests whether there is convergence relative to the production structure of the German economy. Although the individual tests are somewhat mixed, the panel unit-root tests indicate the presence of convergence. The results highlight the importance of assessing structural convergence based on panel tests. They also highlight that as nominal and real convergence are gradually achieved, structural convergence should also become more prioritized. [ABSTRACT FROM AUTHOR]

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

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

Purpose: This paper aims to investigate whether patterns of human resource management (HRM) are converging or diverging across the globe. Design/methodology/approach: The topic is analysed through a review of existing literature in the space, introducing the drivers for MNCs to seek the global integration of HRM practices, as well as the strategies MNCs may use for practice transfer. The debates of convergence and divergence in relation to HRM practices are then discussed in further detail whilst focusing on two key areas impacting these debates: the cultural factors and the institutional, political and economic factors. Findings: This paper suggests that patterns of HRM practices are not converging to one set of best practices approach, and there are numerous other factors which influence convergence, such as local business systems, legal practices and cultural differences. This paper suggests that there is a mix of some HRM practices converging due to MNC influence, whereas others continue to diverge. Originality/value: A holistic discussion is held on the theory of convergence and divergence, which will benefit HR professionals in assessing the state of convergence in their own organisation and common pitfalls to be wary of. [ABSTRACT FROM AUTHOR]

The measurement of inequality and its determinants are major tasks within the economic literature. The main objectives of this paper are to identify patterns of convergence in the income inequality in European Union countries and to investigate the factors behind the formation of convergence clubs. For those purposes and considering the Gini index during the period 2007–2018, the club convergence approach and an ordered logit model are employed. The results show four clubs and four divergent countries. In addition, the analysis identifies certain factors, such as economic openness, public intervention and education, as the main drivers of inequality reduction. Finally, the results from the club convergence analysis for an alternative inequality measure, specifically the ratio 80:20, are similar to those achieved in the case of the Gini index. [ABSTRACT FROM AUTHOR]

Recent economics of knowledge studies have highlighted the strong positive effects that the limited exhaustibility of knowledge and its cumulability exert on the recombinant generation of new technological knowledge. While existing empirical investigations primarily focus on the knowledge generation and technology production functions, the analysis of the cost of knowledge has received less attention. This paper aims to fill this gap by investigating the dynamics and determinants of patent costs in the European Union in the period 1992–2012. The analysis of patent unit costs in European countries, measured as the amount of research and development (R&D) expenditure per patent application to the European Patent Office (EPO), shows a steady decline and clear convergence toward lower levels, both in time and across countries. We find that a larger stock of patents and a higher technological variety and coherence of its composition are associated with a sharper reduction in patent costs. Our findings suggest that, in Europe, ideas have been getting cheaper. [ABSTRACT FROM AUTHOR]

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

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 trends of research conducted on companies using social media. Social media is one of the online platforms for sharing or exchanging individual thoughts, experiences, and opinions, and with the development of the IT environment, the use of social media has also grown rapidly. In recent years, research in the field of business administration or economics on the use of social media is also showing a significant increase. Contents posted on social media directly or indirectly affect corporate performance or corporate value. This study summarized the results of empirical research on this. This study proposes a technology-based convergence study on the economic effect of social media, and looks forward to expanding research in this field. [ABSTRACT FROM AUTHOR]

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

Introduces the May 2003 issue of the journal 'Meteroeconomica.' Influence of market power on employment, wage inequality and growth; Reasons for convergence in per capita income; Impact of environmental degradation on the growth performance of a developing economy.

Increasing economic integration and global synchronization can be key for countries aiming to catch up in GDP per capita terms. Little attention has hitherto been placed in synchronization as determinant of convergence. In this paper we estimate the effect of economic globalization and synchronization on income convergence for a sample of 89 developed and developing countries in the period 1970–2015. We use a dynamic factor model and panel data techniques to undertake the objectives of the paper. We show that synchronized countries (those correlated with the factor) exhibit a higher response on GDP per capita growth with variations on the global business cycle. This implies that synchronization improves growth for that group in global expansionary phases, but also implies risks during global recessions. On the contrary, the effect on growth of an economic globalization index is less relevant for synchronized countries than for asynchronized countries. The latter result implies that asynchronized countries can benefit more increasing their levels of economic globalization. [ABSTRACT FROM AUTHOR]

The ICT industry in the Western Balkans presents a highly advanced and favorable sector with substantial potential to positively influence economic development. This sector has demonstrated great potential in creating new employment opportunities for young entrepreneurs, thereby positively impacting the region's export levels. Economic growth models emphasize the role of technology in maintaining productivity and economic development. This paper presents a literature review highlighting the impact of ICT on productivity within the Western Balkans (WB) and the structural convergence of the region. Utilizing secondary data and analyses from various scholars, this review explores different indicators for each country in the Western Balkans: Albania, Bosnia and Herzegovina, Kosovo, Macedonia, Montenegro, and Serbia. The initial conclusion indicates that while the Western Balkans exhibit a tendency towards productivity convergence among themselves and towards the EU, this progress lags behind the pace of GDP per capita convergence. The impact of ICT development in the region is significant both at the firm level and in terms of overall economic growth, yet it remains behind other regions. Promoting incentives for ICT businesses and fostering innovation is crucial to enhancing the region's economic competitiveness. [ABSTRACT FROM AUTHOR]

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

Recent economic convergence studies show that cross-country income inequalities have declined since the 1990s. However, this study finds that this episode of income convergence is unsustainable in the long run because countries' capacity to earn income diverges. Specifically, the paper analyses the convergence of per-capita Inclusive Wealth, which comprises all capital assets that contribute to the production of goods and services and the well-being of its society. Utilizing a diverse array of techniques to estimate convergence in a sample of 140 countries between 1990 and 2010, the paper demonstrates the simultaneity of unconditional convergence of GDP and unconditional divergence of Inclusive Wealth. Natural-resource-rich countries that lack human capital, in particular, appear unable to match the global per capita Inclusive Wealth growth rate. A trend emerges towards a bimodal Inclusive Wealth distribution with a substantial low-wealth peak. Thus, although swift income convergence appears promising for developing nations, I caution against optimism. When considering a more appropriate measure of future well-being, such as Inclusive Wealth, the economic outlook for many countries is bleaker than recent studies suggest. [ABSTRACT FROM AUTHOR]

In recent decades, farmland markets have risen sharply due to their attractiveness as safe investment and savings allocation instruments. This growth has occurred globally at different rates due to the uneven expected returns, and potential land uses in different regions. This paper provides evidence of the convergence of Italian farmland markets between 1990 and 2019 by using data on average land prices with a geographically detailed resolution that considers both administrative and altitude aspects of territories. The analysis combines traditional economic convergence approaches with spatial data exploration techniques. The results are consistent and show that territorial disparities in Italian farmland markets tend to increase over the study period. This proves that divergence patterns reflect the well-established North-South dualism and disparities in socio-economic characteristics. [ABSTRACT FROM AUTHOR]

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

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

This paper will compare and contrast Visegrád and Southeast European mobility towards (and away from) the European Union (EU) ideal of cohesion, in the process investigating conflicting "core" and "peripheral" assertions of "Europeanness." Though the Visegrád states have exceeded economic expectations, they have to varying degrees stood in opposition to the values of the EU's self-professed "European identity," with Hungary and Poland in particular demonstrating increasing illiberalism. Meanwhile, in Southeast Europe, lacklustre economic performance has tended to contrast with increasingly liberal democratic rule and strong popular support for the EU "project." The EU's cohesion strategy has prioritized economic convergence and, ultimately, this has meant that budgetary considerations, and political rhetoric and scrutiny, have often favoured the rebellious but economically resurgent Visegrád states over the weaker economies of a more compliant Southeast Europe. The EU's integration strategy of constructing "identity hegemony" depends upon both economic and socio-political convergence. This paper questions the congruence of these focuses, given the discriminatory application of integration incentives and the persistence of Orientalism/Balkanism in West European rhetoric. [ABSTRACT FROM AUTHOR]

Sustainable development is a subject of study and consideration by scientists and policymakers, especially the sustainable development of the night-time economy. The night-time economy refers to the various economic activities and businesses that primarily operate during the evening and night hours, typically from 6 p.m. until early morning. It includes a diverse range of sectors such as entertainment, dining, hospitality, and nightlife, with establishments such as bars, clubs, restaurants, theaters, and live music venues playing a significant role. The development of the night-time economy refers to the process of managing and promoting the growth of economic activities during the evening and night hours in a manner that balances economic, social, and environmental considerations. Therefore, the paper aimed to identify the factors affecting the night-time economy in Hanoi to achieve the sustainable development of this economy. The paper processed and analyzed the data using SPSS Statistics 26.0 software. The quantitative study included (1) testing the suitability of the scale for the variables using Cronbach's alpha, (2) analyzing the EFA factors to check the convergence of the observed variables and the separation between the independent variables, (3) checking the correlation to evaluate the problem of multicollinearity of the model, and (4) performing regression analysis to evaluate the impact of the factors on night-time economic development in Hanoi City. The empirical results showed that the variables positively impacted night-time economic development in Hanoi. However, the study found differences in the levels of their impact. Among the four factors, factor 3 (promotion and sharing) had the strongest impact on night-time economic development, followed by factor 2 (city infrastructure and safety), factor 1 (institutions and environment), and factor 4 (nature and resources). The empirical results will help policymakers promote the sustained development of the night-time economy in Hanoi, Vietnam. [ABSTRACT FROM AUTHOR]

In order to assess the effectiveness of individual management systems in the analysed EU countries (Croatia, Poland, Slovakia, Latvia, Lithuania, Estonia, Malta, Cyprus, Slovenia, Hungary), an econometric analysis of the interdependence between the quality of the institutional and regulatory framework and the absorption of EU funds and economic growth was conducted. Conceptually, the econometric analysis aims to identify two levels of interdependence between institutional and regulatory variables on the one hand and dependent variables on the other: (1) the effect of the quality of the institutional and regulatory environment on the absorption of EU funds; (2) the effect of the quality of the institutional and regulatory environment on economic growth. The results of the analysis confirm that EU funds have led to increased economic growth in EU countries which provides basis for economic convergence. However, the allocation of funds alone did not necessarily increase the quality of the institutional framework and competitiveness of the analysed countries. Thus, the paper confirms the importance of improvement of the institutional and regulatory framework of particular grant recipient country, as this not only increases the absorption of EU funds, but also improves the economic growth prospects. [ABSTRACT FROM AUTHOR]

With the data of 41 cities, including urban and rural areas in the Yangtze River Delta (YRD) region from 2007 to 2019, this paper mainly uses the spatial econometric method to analyze the impact of forest resource abundance in the YRD region on economic development under the background of carbon neutrality. Direct effects, indirect effects, and total effects are further decomposed. The main conclusions are as follows. (1) The abundance of forest resources in the YRD has a U-shaped non-linear effect on economic development, and the curse of forest resources will gradually form forest resource welfare with economic improvement. (2) The phenomenon of economic convergence exists in the YRD region. (3) The spatial effect of forest resource abundance on economic development is non-linear, and the increase in greenery and carbon reduction should be moderately reasonable. (4) The abundance of forest resources can also promote the development of green total factor productivity. The research in this paper complements the existing literature and provides a reference for policymakers. [ABSTRACT FROM AUTHOR]

The article discusses the different policy responses for unemployment benefits and jobs subsidies in a group of noncoastal states east of the Mississippi River that they call the eastern heartland. The seven principles that the authors used to assess the economic policy proposal are explored. Some of the rich theories of the possible solutions to the economic malaise of the eastern heartland are also offered.

Focuses on the impact of endogenous forces on open economic systems and convergence. Description of the article by Nijkamp and Poot that used a model to show how technological change can be endogenized in a macroeconomic growth context; Description of the paper by Fujita and Mori that combined growth thinking with an emerging perspective on geographical economics; Description of the paper by Bal and Nijkamp that examined the impact of endogenous and exogenous growth in a spatial system.

For some time now the International Association of Insurance Supervisors has been working towards the harmonization of solvency assessment regimes worldwide. Having developed a common structure for solvency assessment, it is now working on more detailed requirements which will take the form of international supervisory standards. At the same time as this work has been progressing, work has been ongoing at the International Accounting Standards Board on Phase II of its Insurance Contracts Project. This project will result in an international financial reporting standard for insurance contracts. This article discusses the desirability of having a single methodology that can be used for financial reporting for both solvency assessment and general-purpose financial reporting purposes. It goes on to argue that, while absolute convergence is neither likely nor necessarily desirable, current indications are that the dream that a single model can form the basis for both reporting regimes might still be realized. This in turn would promote greater transparency and therefore enhance credibility in financial reporting by insurers.The Geneva Papers (2007) 32, 332–344. doi:10.1057/palgrave.gpp.2510135 [ABSTRACT FROM AUTHOR]

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

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

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

Purpose: The aim of the paper is to verify the process of β-convergence at a local level in Poland within 2007-2016, taking the impact of spatial effects and obtained EU funds related to innovation on economic growth into account. Design/methodology/approach: Spatial econometric methods were used in the research procedure. The modelling uses the economic aggregate, which is an alternative to the GDP measure of development. In addition, the traditional convergence equations were modified by adding variables defining spatial interactions to the specifications of the estimated models that may affect the rate of economic growth. The study covers data from all counties (NTS4) in Poland. Findings: The estimated econometric models showed that between 2007-2016, there was a slow process of reducing economic inequalities between counties in Poland. The convergence process was conditioned by the amount of European funds obtained for innovation. The funds acquired in a given county stimulated the economic growth of this unit while, at the same time, having negative impact on the development dynamics of neighbouring units. Originality/value: The added value of this elaboration is the inclusion of spatial effects affecting economic growth in the conducted analyses of conditional convergence. The presented study is one of a few in which the spatial impact was verified by including weights in the modelling of the matrix based on proximity, distance, flows and affiliation, carried out using data relating to all NTS4 units of a given European Union country. [ABSTRACT FROM AUTHOR]

In this paper, a discrete-time sliding mode inventory management strategy based on a novel non-switching type reaching law is introduced. The proposed reaching law eliminates undesirable chattering, and ensures that the sliding variable rate of change is upper bounded by a design parameter which does not depend on the system initial conditions. This approach guarantees fast convergence with non-negative, upper limited supply orders, and ensures that the maximum stock level may be specified a priori by the system designer. Furthermore, a sufficient condition for 100% customers' demand satisfaction is derived. The inventory replenishment system considered in this paper involves multiple suppliers with different lead times and different transportation losses in the delivery channels. [ABSTRACT FROM AUTHOR]

Objective: In this paper, we investigate any next potential exit from the European Union after Brexit which has left a distinct scent of a withering Europe in the air. Prior Work: Most analyses have concentrated why Brexit and the effect on Britain rather than the remaining countries in the EU. Approach The thinking is: Can there be a domino effect? The methodological approach is based on the optimum currency area theory. The study focuses on the economic convergence criterion and a four variable structural vector autoregression model is used to recover the four underlying shocks: domestic demand, domestic supply, external supply, and monetary shocks. Results The correlation analysis of the shocks support Brexit and point out unanimously Sweden to be the next most likely to exit from EU given that its shocks’ follow a similar pattern to that of the UK. Even though not asimminent as Sweden, Poland’s shocks show enough asymmetric trait with the region, for it to be an exit contender. Implications There is a possibility of a new wave of “de-europeanisation” if UK succeeds and political will is one such factor that may trigger other potential waverers. Value This paper brings in another dimension to the Brexit conundrum and brings in the thought-provoking idea of looking at what may happen if Brexit is successful. [ABSTRACT FROM AUTHOR]

We live in a rapidly changing, uncertain environment. The political and economic strength of countries and regions is changing based on their capabilities to become more resilient, futureoriented and knowledge-based. In this environment, basic economic indicators like growth measured by Gross Domestic Product (GDP) or Gross Fixed Capital Formation (GFCF) do not measure future readiness, resilience to change, or development in general, as they are based on past decisions. This paper argues that in order to be able to successfully adapt to the changing environment, economic and social achievements have to be measured not by growth indicators, but by development ones, which highlight real progress and convergence. Among them, intangible asset and intangible investment indicators are especially crucial, as they measure the real health of the economy and society. The key competitive factor on which progress will be based is human capital with good health, knowledge and skills. The paper proves that countries with excellent growth results lag behind in terms of development achievements, measured by the mentioned intangibles. This discrepancy may lead to a dangerous development trap situation. The paper uses statistical data of different countries to prove its suggestions. [ABSTRACT FROM AUTHOR]