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Theories of income distribution in developing nations suggest contrasting expectations regarding how employment industrialization affects income inequality. However, past studies have not considered how the globalization of production shapes the relationship between manufacturing share of employment and income inequality in developing countries. Relatedly, social scientists argue that the globalization of production has exacerbated inequality, but past cross-national research focused on the Global South has yielded inconsistent findings regarding the trade-inequality link. In this article, I draw on the political economy literature focused on the distributional effects of global value chains (GVCs) in the developing world and argue that the rise of globalized production in recent decades has undermined the egalitarian characteristics of the manufacturing sector. While the sector was characterized by higher wages for low-skilled workers and a compressed wage distribution, I argue that rising competition, declining bargaining power of workers, and skill-biased industrial upgrading associated with GVCs has stretched wage distributions and heightened the skill premium in the manufacturing sector. Empirical analyses of cross-national panel data from broad samples of developing nations between 1970 and 2014 suggest that global integration has diminished the equalizing effect of manufacturing employment. I conclude by discussing the prospects for inclusive development in this era of globalization as well as the theoretical and policy implications of these findings., (Copyright © 2023 Elsevier Inc. All rights reserved.)

Background: Emerging countries continue to suffer gravely from insufficient healthcare funding, which adversely affects access to quality healthcare and ultimately the health status of citizens. By using panel data from the World Development Indicators, the study examined the determinants of health care expenditure among twenty-two (22) emerging countries from the year 2000 to 2018., Methods: The study employed cross-section dependence and homogeneity tests to confirm cross-sectional dependence and to deal with homogeneity issues. The Quantile regression technique is employed to test for the relationship between private and public health care expenses and its determinants. The Pooled mean group causality test is used to examine the causal connections among the variables., Results: The outcome of the quantile regression test revealed that economic growth and aging population could induce healthcare costs in emerging countries. However, the impact of industrialization, agricultural activities, and technological advancement on health expenses are found to be noticeably heterogeneous at the various quantile levels. Unidirectional causality was found between industrialization and public health expenses; whereas two-way causal influence was reveled amongst public health expenditure and GDP per capita; public health expenditure and agricultural activities., Conclusion: It is therefore suggested that effective and integrated strategies should be considered by industries and agricultural sectors to help reduce preventable diseases that will ultimately reduce healthcare costs among the emerging countries.

"This paper will present an analysis of urban structure in the Republic of Korea and Taiwan, which formed as these regions evolved into so-called ¿newly industrializing economies' (NIEs).... In Korea and Taiwan [the process of] over-urbanization and expansion of primate cities was already under way during the colonial period; but in the postwar process of rapid industrialization, their urban structures began to change again, giving rise to characteristics not observed in other developing countries. The first task of this paper is to analyze these characteristics in terms of a NIE.... The second task...is to undertake comparative analysis of the two types.... In Korea the rise of ¿regionalism' and the formation of an urban poor social stratum generated serious social conflict. Analyzing these problems is the third task of this paper.", (excerpt)

"We find that a nation's urban population percentage increases with GDP per capita; industrialization; export orientation; and possibly, foreign assistance. It decreases with the importance of agriculture. Industrialization and agricultural importance have the same implications for the concentration of urban population in cities with 100,000+ population as for the urban percentage. Greater export orientation reduces such concentration. Finally, GDP per capita, population, and export orientation reduce primacy. Political factors, such as whether a country's largest city is also its capital, affect primacy. Our results do not seem to imply that developing-country urbanization today differs fundamentally from urbanization in the past.", (excerpt)

The World Bank, the most important so-called development assistance agency, annually dispenses billions of dollars to Third World governments, ostensibly to "develop" their economics through a variety of loan projects. But even a superficial analysis reveals that the Bank is the perfect mechanism to help (i.e., subsidize) the large transnational corporations from the industrial countries to expand their industrial, commercial, and financial activities in the Third World, at the expense of the latter and particularly at the expense of the rural and urban proletariat. This article discusses Cheryl Payer's recent book, The World Bank: A Critical Analysis, in which she analyzes the Bank's role in the Third World and sets forth the major reasons why poverty, hunger, and malnutrition, as well as unemployment, and all the adverse social phenomena associated with them, are on the increase.

Recent contributions to the literature on industrialization and development have confirmed that manufacturing continues to play a key role as a driver of economic development. As a corollary, these contributions highlight the importance of premature industrialization as a barrier to economic development and as one of the main sources of the middle-income trap. In this paper, we analyze the factors that may have hindered industrial development in the past four decades. In particular, we focus on the role of (non-Foreign Direct Investment) net capital inflows as a potential source of premature deindustrialization. We consider a sample of 36 developed and developing countries from 1980 to 2017, with major emphasis on the case of emerging and developing economies (EDEs) in the context of increasing financial integration. We show that periods of abundant capital inflows may have caused a significant contraction of manufacturing share to employment and GDP, as well as the decrease of the economic complexity index. We also show that the phenomena of "perverse" structural changes are significantly more relevant in EDE countries than in advanced ones and that they may similarly occur across EDE countries, regardless of structural differences in the way manufacturing contributed to their development. Based on such evidence, we conclude with some policy suggestions highlighting capital controls and external macroprudential measures taming international capital mobility as useful policy tools for promoting long-run productive development on top of strengthening (short-term) financial and macroeconomic stability. [ABSTRACT FROM AUTHOR]

This article explains independent Uzbekistan's transformation starting from its integration into the global economy as a primary commodity exporter. It argues that, in line with other resource-rich countries of the Global South, this transformation exhibited two enduring and interlinked features, namely rent-subsidised 'backward' industrialisation and the rise of a vast relative surplus population (RSP). First, the end of collective agriculture expropriated most of the Uzbek rural population from the land, so rents from cotton exports could subsidise 'backward' industries manufacturing for the domestic market. Second, as these industries could only absorb a minority of the population due to their limited (largely domestic) scale of production, the majority was turned into a vast RSP that struggles in the informal sector, including as labour migrants. Third, cotton's replacement by gold and natural gas as the main export commodities laid the basis for the current liberalisation. Still, Uzbekistan endures as a raw material exporter, hence as a 'backward' industrialiser and reservoir of RSP. As such, the paper problematises the transition literature's framing of Uzbekistan as an example of failed reform or successful developmentalism, showing instead how these enduring features of its development paralleled similar dynamics in other raw-material-exporting countries of the Global South. [ABSTRACT FROM AUTHOR]

This work focuses studied the experience of African countries in terms of industrialization. We explained the failure of this experiment by colonization. Likewise, the comparison of this experience with those of other developing regions is also made. [ABSTRACT FROM AUTHOR]

This document is an editorial for a special issue of the journal "Innovation & Development" focused on the financing of innovation for development in the Global South. The editorial highlights the need to address the relationship between finance and innovation, particularly in underdeveloped countries. It discusses the role of public financial institutions, such as national development banks, and explores novel forms of financing for innovation, such as micro-finance and venture capital. The editorial also introduces six research papers included in the special issue that touch on various aspects of finance and innovation in the Global South. Overall, the editorial aims to inspire new research questions and studies in this field. [Extracted from the article]

Energy is a key factor in the production and industrialization process in developing countries. This article aims to analyse the effect of energy policies on industrial development across 25 sub-Saharan African countries from 1996 to 2020. For this purpose, a new industrial development indicator and the Driscoll–Kraay estimation method are used. Results reveal that the implementation of energy policies promotes industrial development. Indeed, public energy policies and, more specifically, public investments in energy capital have a positive impact on the growth rate of the industrial sector's value added per capita. These results remain robust when using the generalized method of moments. In terms of policy implications, the results of this research suggest that the strengthening of existing public energy policies and the implementation of new policies with a focus on investments in energy capital accumulation are necessary to drive sustainable industrial sector development in sub-Saharan Africa. [ABSTRACT FROM AUTHOR]

Territorial spatial planning involves fixability and flexibility in different driving factors related to control and development orientation, and they play an important role in regional sustainable development, especially in developing countries such as China. With rapid urbanisation and industrialisation, China has been impacted by conflicts between development and protection in territorial space. To integrate the contradictions among different territorial spatial planning measures, planners and scholars have started to focus on studies regarding fixability–flexibility relationships and integration. However, the relationship between and integration of fixability and flexibility in territorial spatial planning have yet to be clearly summarised. This paper explores an innovative research direction for the fixability–flexibility relations in territorial spatial planning from a new perspective, the Food–Energy–Water Nexus, which is a dynamic and comprehensive framework for Sustainable Development Goals (SDGs) studies. This paper covers the existing research on fixability and flexibility in territorial spatial planning. Moreover, after summarising the conflicts of fixability and flexibility, the dialectical relationship between and the integration of fixability and flexibility are researched. [ABSTRACT FROM AUTHOR]

Achieving low-carbon development of the cement industry in the developing countries is fundamental to global emissions abatement, considering the local construction industry's rapid growth. However, there is currently a lack of systematic and accurate accounting and projection of cement emissions in developing countries, which are characterized with lower basic economic country condition. Here, we provide bottom-up quantifications of emissions from global cement production and reveal a regional shift in the main contributors to global cement CO2 emissions. The study further explores cement emissions over 2020-2050 that correspond to different housing and infrastructure conditions and emissions mitigation options for all developing countries except China. We find that cement emissions in developing countries except China will reach 1.4-3.8 Gt in 2050 (depending on different industrialization trajectories), compared to their annual emissions of 0.7 Gt in 2018. The optimal combination of low-carbon measures could contribute to reducing annual emissions by around 65% in 2050 and cumulative emissions by around 48% over 2020-2050. The efficient technological paths towards a low carbon future of cement industry vary among the countries and infrastructure scenarios. Our results are essential to understanding future emissions patterns of the cement industry in the developing countries and can inform policies in the cement sector that contribute to meeting the climate targets set out in the Paris Agreement. The rapid deployment of low-carbon measures is urgently needed to reduce cement emissions as cement CO2 emissions from developing countries will almost deplete the remaining cement emissions budget within climate targets. [ABSTRACT FROM AUTHOR]

During the second half of the 19th century, railroads developed worldwide and were regarded as carriers of modernity that could expand market potential and favor the transition from an agricultural economy toward an industrial one. Did railways actually have medium-run effects on the industrial sector? We bring new evidence by looking at the case of Sardinia. According to our estimates, those municipalities that received a railway station during the 19th century displayed higher industrial employment by 1911, specifically in subsectors such as foodstuff and metal processing. These effects stem primarily from locations having direct access to the primary railway lines with standard gauge rails. The present results are robust to a large set of control variables and district fixed effects, as well as to the use of an instrumental variable based on least-cost paths. Other sectors, such as minerals and construction, textiles, chemicals and extractive are not at the core of our analyses as, in 1911, they were present only in less than twenty percent of Sardinian municipalities. [ABSTRACT FROM AUTHOR]

Poverty alleviation through industrial development in China contributes to the long-standing debate on how the poor could benefit from the development. It creates four industrial organizing approaches (i.e. households operating independently, intermediary organizations providing linkages, modern enterprise leading and asset income distribution) and three ways of participation for the rural poor (i.e. participating as petty commodity producers, wage workers and shareholders), in which productivity has been improved and production relations adjusted. While highlighting the specificity of China's situation, this paper argues for the more general implications of China's case for other developing countries due to its theoretical hybridity in addressing poverty alleviation and development. [ABSTRACT FROM AUTHOR]

Poverty reduction is considered as the top priority of governments and international institutions. At the same time income inequality is a far-reaching concern especially in emerging nations. US former president even labelled income inequality and poverty are the challenges of our times. Theoretically there are different views on the impact of microfinancing and financial inclusion on income inequality and poverty, hence, it is interesting to evaluate these estimations in Vietnamese context from 1986 to 2020. The researchers have applied the Bayesian Auto-regressive Distributed Lags (BARDL) model and exposed that microfinancing, financial inclusion, educational loans increase income equality and reduces poverty. Based on the evidences, the paper implies that government institutions must focus on microfinancing and financial inclusion aspects to facilitate poor and boost prosperity which ultimately brings income equality. [ABSTRACT FROM AUTHOR]

Almost simultaneously, two developing countries – Kenya and Vietnam – set out to promote industrial development through FDI. Vietnam embarked on a targeted strategy aimed at selecting FDI that could specifically aid the country's strategic export sectors through linkages to local industry. In contrast, Kenya embarked on a cross-the-board FDI attraction policy with no specific sector orientation and with few specific linkage policies. This paper asks how FDI has contributed to local industry development in the two countries. Based on an analysis of firm level data from the World Bank Enterprise Survey, the paper compares the two countries' ability to generate spillovers from FDI spillovers and discusses what explains differences and similarities. The paper finds that in spite of the obvious differences between the two countries in terms of local industrial development and policy, firm and industry factors appeared to be better predictors of variations in spillovers than country level factors. Among the policy implications drawn are that developing countries should focus their FDI policies on firms and industries that have high linkage and hence spillover potential rather than adopting cross-the-board policies. [ABSTRACT FROM AUTHOR]

The paper seeks to understand the pattern of manufacturing exports in 35 developed and developing countries and 99 industrial sectors over the period 1999-2013 using a methodological approach that relies on propositions of the neoclassical trade theory. Next to the impact of traditional factors such as the endowment of public capital, we look at the importance of accounting for public capital heterogeneity, by distinguishing countries based on their proximity to the technology frontier. We consider public capital as a non-rival factor, which has a property of "creation of atmosphere" in a model that treats factor intensity as a mechanism of industrial development. We use the system GMM technique to estimate the elasticities of public capital. Our results show that public capital plays a differentiated role in the capacity to export industrial goods depending on whether countries are far or close to the technological frontier. [ABSTRACT FROM AUTHOR]

A key driver of growing youth unemployment across African economies was identified by Rodrik (2016) as “premature deindustrialisation”, where developing countries move out of labour-absorptive, low-income manufacturing and into low value-added services sooner than their industrialised counterparts did so historically. Developing countries also make this transition at lower rates of per capita income than their wealthier peers. Manufacturing has, traditionally, been the primary channel through which employment growth has occurred, creating a sustained middle class, which in turn strengthens the political equilibrium (Acemoglu et al., 2019). A preliminary descriptive analysis of manufacturing performance in Africa reveals starkly divergent trajectories between SADC and non- SADC countries. SADC’s output and employment growth as a measure of manufacturing performance is worse than that of non-SADC countries in Africa. This paper quantitatively examines whether SADC is an outlier, controlling for intervening variables. Specifically, we employ econometric modelling with a focus on introducing decade-region interaction effects to ascertain whether SADC suffers a statistically significant difference in industrialisation trends when compared with countries in the rest of Africa. We account for this discrepancy by referring to the weak performance of SADC’s dominant economy, South Africa, and further consider whether the industrialisation prospects of other SADC countries are adversely impacted by a relatively strong reliance on oil and mineral rents. Finally, we propose some adjustments to the current SADC Industrialisation Strategy (2015-2063). [ABSTRACT FROM AUTHOR]

The petrochemical industry is an integral contributor to the global economy and plays a critical role in improving the lives of people worldwide. However, its development has also led to frequent accidents, and the evolution and global impact of these risks have not been adequately assessed. This study is aimed at quantitatively analyzing the current state of petrochemical risk and its impact on industrial development in 58 coastal countries (regions) worldwide by identifying petrochemical risk impact indicators and constructing threshold regression models. We showed that the global petrochemical risk has been unevenly decreasing in recent years. In some countries (regions), the petrochemical risk remains unchanged or is increasing; in particular, coastal provinces of China need to address this issue. Moreover, when industrialization and economic development levels are < 53.6 and 34,918.4 USD/person, respectively, petrochemical accidents negatively affect industrial development; however, above these thresholds, they do not impact industrial development. Coastal areas of China and some developing countries are far below these thresholds. Therefore, the risk from petrochemicals remains a critical factor affecting industrial development in countries with low industrialization levels. [ABSTRACT FROM AUTHOR]

• The DEA model was proposed for measuring industrial parks' green development performance. • The green development efficiency of the industrial parks exhibits spatial heterogeneity. • The overall scale efficiency outperforms technical efficiency. Greening the industrial parks is one of China's attempts to explore sustainable development for the industrial sector. The efficiency of green development has come to serve as a criteria index to evaluate the performance of green development for industrial parks. In this paper, a non-desired output and non-radial DEA model was proposed for measuring industrial parks' green development performance. We use the panel data of 171 green industrial parks certified by China's central government to evaluate the green development efficiency. It shows that the green development efficiency of the industrial parks exhibits significant spatial and temporal heterogeneity. We further decompose the green development efficiency and analyze the input redundancy and output insufficiency. We also choose Suzhou and Yunnan Anning Industrial Park for case studies, in order to explore the measures which can be replicated and promoted, and contribute to the green development of industrial parks in China and other developing countries. [ABSTRACT FROM AUTHOR]

Many developing countries have, in recent years, adopted structural transformation strategies and strengthened state economic activism. While prima facie reminiscent of the post-war era's developmentalist strategies, contemporary industrial policies have resurfaced in a different environment: they are often designed and implemented in (newly) democratic, rather than authoritarian, political regimes. This paper argues that when democratic developing countries seek to (re)deploy industrial policies, governments must navigate the specific demands arising in an institutional setting in which political power is constrained and contestable. Therefore, the focus of the classical industrial policy literature on instrumental-rational, top-down, technocratic -policy-making, with centralised state–business relations, needs to adapt to this environment. This paper discusses how challenges to secure fiscal space, reach parliamentary consensus, and address diverse societal demands in a formal democratic institutional setting influence industrial policies in developing countries. We exemplify this using Indonesia as a case study. [ABSTRACT FROM AUTHOR]

The histories of Business Schools (BS) are usually produced from U.S.-centric perspectives. Seeking to recenter the Global South in the making of these histories, this paper aims to analyze the history of BS in Brazil via dependency studies. Dependency is the condition of a hierarchical relationship between two or more economies that become entangled for the benefit of the richer countries. Dependency studies aim to examine dependent conditions prevailing since colonial times to overcome them. We analyze the creation and dissemination of five BS from 1937 to 1961, a period marked by the emergence of the first undergraduate courses in the field and a heavy push towards industrial development in the country. We argue that dependency macro factors were the main drivers behind the creation, implementation, and dissemination of BS in Brazil. We posit local agents performed dependency ambiguity, that is, exploring context drivers within the Brazilian technological-industrial dependency and seeking external support to establish early BS in the country. We claimthat through dependency lenseswe can reposition the narratives about the development of BS in the Global South away from a U.S.-centric explanation, emphasizing the role of local contextual factors and actors within Global South countries dependency longue duree. [ABSTRACT FROM AUTHOR]

Does local internet diffusion spur manufacturing performance in developing countries? To answer this question, we conduct instrumental variable estimations, using repeated cross-section data on 44,073 manufacturing firms from 109 developing and transition economies, and find large positive spillover effects of local email incidence on manufacturing firms sales and sales per worker. This evidence is driven by the local dissemination of email technology within industries rather than across industries. However, further analysis stresses that inter-industry spillovers are actually U-shaped, that is, negative at low email incidence rates but turning positive once incidence reaches approximately 50% of the local universe of firms. This suggests that local internet spillovers across industries are subject to network effects. Last, these threshold effects seem related to the presence of outward-oriented firms, which are known to exhibit higher digital absorptive capacity. Overall, this paper shows that local industrialisation paces may strongly diverge between poorly and highly digitalised environments. [ABSTRACT FROM AUTHOR]

Summary: Motivation: While economic growth is usually necessary to reduce poverty, it is often not sufficient. Industrialization, especially manufacturing, tends to create jobs that are more productive than in other sectors, and which pay more, thereby reducing poverty. Structure of production therefore matters as well as growth of production. Purpose: How much does industrialization mediate the relation of economic growth to poverty reduction? Methods and approach: We deploy Causal Mediation Analysis, with industrialization as the mediator. The mechanism decomposes the impact of economic growth into direct effects on poverty, and those that apply indirectly through the mediator of industry. Data comes from the Groningen Growth and Development Centre and UNU‐WIDER Economic Transformation Database (ETD) which covers 51 countries in the global South from 1990 to 2018. Findings: Economic growth directly reduces poverty, but the full impact arises from the mediating role of industrialization. Almost 50% of the impact on poverty occurs through employment in manufacturing. Policy implications: Social policies to reduce poverty will be incomplete if the production structure of economy is disregarded. Economic policy must consider the importance of industrial economic activities to amplify the impact of economic progress. On the contrary, policies promoting economic growth without creating industrial jobs will fail to offer accurate solutions to the poverty problem. [ABSTRACT FROM AUTHOR]

Today's world trends in the field of rapid population growth and urbanization have led to uncontrolled waste accumulation. The development of industrial activities in developing countries has increased the amount of waste generated from economic activities, which has led to environmental problems due to the complexity of waste management. The purpose of the study is to consider and update the knowledge on the practical application of national waste management strategies and plans in developed countries (United States, Japan, Australia, European Union countries), states with economies in transition (Russian and Kazakhstani cases), and developing countries (Asia and South America cases). The conceptual method was used to analyze the nature of complete and partial waste disposal and utilization as forms of waste management as well as for practical application of certain forms of waste management in different states. Knowledge about the practical aspects of the implementation of national waste management strategies and plans in various states was updated and systematized, the advantages and disadvantages of certain waste management forms were revealed. The paper provides an opportunity to systematize world experience regarding innovations in the field of waste recycling and how it can be applied in countries with different levels of development. [ABSTRACT FROM AUTHOR]

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This article analyses the 'backward' form of import-substitution industrialisation (ISI) in countries integrated into the global economy as exporters of primary commodities, using the example of the car industry in Uzbekistan. This form of incorporation defines the way in which all manufacturing capitals, regardless of 'nationality', accumulate at the average rate of profit via raw material rents, as mediated by specific state policies. This has been the case of Uzbekistan's state-owned car manufacturer UzAvtoSanoat, in joint-venture with Korean Daewoo Motor Company and American General Motors in the 1992–2016 period. Orthodox ('neoliberal') economists view the Uzbek car industry as inefficient due to state intervention. Heterodox ('developmental state') scholars hail it as an example of export-oriented industrial upgrading. Neither explain, however, why leading MNCs would invest in such an inefficient market (as per the former), given its low scale of production that is mostly purchased domestically (pace the latter). Instead, I contend that all manufacturing capitals in the country could stay profitable only via rent subsidisation, the main reason for leading MNCs to invest in it. As such, 'backward' manufacturing ISI in Uzbekistan epitomises a specific national form taken by the global process of capital accumulation in resource-rich countries of the Global South. [ABSTRACT FROM AUTHOR]

This paper examines the relationship between supplier concentration and R&D investment of Chinese firms using the sample of all A-share listed companies on the Shanghai Stock Exchange and Shenzhen Stock Exchange from 2008 to 2015. Empirical results present the significant negative relationship between supplier concentration and firms' R&D expenditure. Further analysis indicates that the weaker the firm's market power, the stronger the negative impact of supplier concentration on the firm's R&D investment. This paper enriches corporate R&D investments, supply chains, and market power literature. As developing countries deepen their participation in global supply chain networks and transform through technological upgrading, the findings of this paper have important practical implications for developing country firms to overcome R&D resistance and for policymakers to lead industrial development. [ABSTRACT FROM AUTHOR]

Given that the patents of the first high cost and complex biopharmaceuticals have started to expire, biotechnology offers opportunities for developing countries to pursue an upgrading process by entering the sector as early imitators. In the case of biotechnology applied to the health sector, the characteristics of the innovation process and the specificity of the regulatory process for biopharmaceuticals raises new questions as to the learning path open to the developing countries that intend to build an industrial promotion strategy on the basis of early entry as imitators. Given those specific characteristics, it is worth asking how far creative imitation strategies could constitute an opportunity for late late industrializing countries to undertake rapid industrial upgrading processes. [ABSTRACT FROM AUTHOR]

Developing nations aim to industrialize and grow sustainably often ignoring the environmental consequences. However, few empirical studies have looked at the influence of industrialization-driven economic transition on carbon footprint in developing nations using a non-parametric approach. In this milieu, on the ground of Kaya's identity and the novel multivariate quantile-on-quantile regression (QQR) (extension of Sim and Zhou's (2015) bivariate QQR model), the present research studies the impact of industrial value-added (IGVA), population, energy intensity, and carbon intensity on CO2 emissions in India. This study is one of the first in the literature to evaluate the industrialization-carbonization nexus in the context of Kaya's identity for the Indian economy utilizing an innovative multivariate QQR approach, which makes a methodological and empirical addition to the literature. The outcomes of the multivariate QQR technique demonstrate that economic and environmental development requires continual long-run strategies. The empirical findings revealed that there is no authentication that India's carbon emissions increased due to its industrialization, which exhibited that IGVA has a negative and significant connection with CO2 emissions. In some quantiles, population size positively impacts CO2 emissions. On the other hand, carbonization in the Indian economy is asymmetrically affected by GDP per capita and energy and carbon intensity. The quantile Granger causality study further supported the aforementioned results. The current analysis also offers policy suggestions for environmentally friendly sustainable economic growth and to achieve the sustainable development goals (SDGs) of India. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this study is to probe into the influence mechanism of financial opening onto industrial restructuring from the prism of financial development and examine the role of the credit market, capital market and currency market in transmitting the impact of financial opening onto industrial restructuring in both developed countries and developing countries. Design/methodology/approach: In the theoretical model, the indicator of financial opening was introduced in Cobb–Douglas production function formula. Using constant elasticity of substitution utility function, based on Engel's law, the optimal industrial structure in the economy was concluded. For the empirical analysis, data was collected from 36 developed countries and 34 developing countries during the period 2000 to 2019. Multiple mediator models with bootstrap techniques were used to identify the linkage between financial opening, financial development and industrial restructuring. Findings: First, there is a U-shaped relationship between financial opening and industrial restructuring. Second, financial development plays a mediating role in transmitting the effects of financial opening onto industrial restructuring mainly through the credit market at the global level. Third, developed countries are in a trend of "reindustrialization," while developing countries show a trend of "premature deindustrialization." Moreover, for developed countries, the capital market leads to reindustrialization, while the credit market and currency market contribute to deindustrialization. For developing countries, the capital market and credit market lead to deindustrialization, while the currency market contributes to industrialization. Originality/value: Unlike most previous researches, this paper focuses on examining three-variable relationship between financial opening, financial development and domestic industrial restructuring. Against the backdrop of the pandemic, monetary policy shifts of developed economies have led to an increase in cross-border capital flows, which will lead to the increasing risks for international financial markets and the reallocation of the global value chain. It is of great significance to clarify the linkage between these three variables in the face of a volatile international financial environment. [ABSTRACT FROM AUTHOR]