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The green paradox describes an undesirable and socially inefficient phenomenon caused by the expansionary reactions of the supply as a response to the various mechanisms that combat climate change. This article seeks to understand and aggregate the different drivers of this phenomenon portrayed in the literature, as well the empirical evidence associated and the proposed solutions. For this purpose, compilation and systematization of the various scientific contributions up to date in this context have been elaborated and the driver's effective impact on the European scenario was evaluated, using a balanced panel for 28 countries in Europe over 1996-2018 and the generalized method of moments (GMM) econometric procedure. Proxies for all provocateurs identified in the state of the art were incorporated in this study: (i) environmental taxes, (ii) green support, (iii) uncertain property rights, (iv) emissions limit (cap), and (v) temporal lag. The dependent variables used are (1) the ratio between the annual production/extraction of oil and the consumption of primary energy and (2) the carbon dioxide (CO2) intensity. We have obtained evidences that the hiatus in the implementation of the European emission cap mechanism has generated a strong green paradox. Moreover, a robust reflection regarding the economic and environmental adequacy of green supports should be considered due to its questionable net benefits. Lastly, we offer some recommendations of public environmental policies that escape the paradoxical phenomenon, through the enunciation of the conditionalities of these provocateurs., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The aim of this study is to investigate the relationship between sectoral renewable energy consumption and economic growth in the US economy for the period 1950-2020 by using the Fourier component augmented unit root, cointegration, and causality analyses for the transportation, industrial, residential, electric power, and commercial sectors. Our results reveal in the long run that renewable energy will Granger cause growth through the new jobs it will create, the restructuring of the economy which is a prerequisite for replacing fossil energy with renewable energy. On the other hand, causal relationships are less stable and methodology and sector specific in the short run. Accordingly, the electric power and industrial sectors experience conservation patterns in terms of renewable energy consumption, while the growth hypothesis is confirmed for the commercial sector. Different implications are generated for each sector, which are now more important than ever given the current energy crisis in Europe and the urgent need to reduce dependence on fossil fuels., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

The aim of this paper is to investigate the nexus between natural resources, gross capital formation, globalization, and economic growth in the developing countries from European, Asian, African, and American continents. It adopted the panel vector autoregression (PVAR) approach to test this relationship for the period from 1980 to 2018. Results suggest that natural resources and globalization have a positive impact on economic growth in European, Asian, and American countries, while capital formation negatively affects growth. In African countries, the effect of globalization and gross capital formation is positive, but natural resources have a negative impact on GDP. Evidence from all continents illustrate that there is bidirectional causality between globalization and economic growth. Also, there is bidirectional causality detected between capital formation and growth in Europe and Asia and between natural resources and growth in Asia and America, while there is unidirectional causality from GDP to natural resources in Europe, from capital formation to GDP in Africa and America, from GDP to natural resources in Europe, and from natural resources to GDP in America. Based on these results, it can be said that new growth models can no longer be independent of natural resource rents and globalization., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH, DE part of Springer Nature.)

The present study aims to investigate the impact of climate change technologies on green growth for a panel of overall European economies, Eastern, and Western European economies over 2000 to 2017. The study estimates the STIRPAT (stochastic impacts by regression on population, affluence, and technology) and IPAT (human impact, population, affluence, and technology) models with a particulate focus to address the issue of cross-sectional dependence and cross-sectional heterogeneity in the model by using Westerlund cointegration approach and fully modified ordinary least square (FMOLS) approach. After confirming the cointegration relationship, the findings indicate that in the case of IPAT model, energy-related climate change technology contributes towards green growth, while in case of STRIPAT model, environment-related budget tends to have favorable impact on green growth. However, other variables, such as transport and production-related climate change technologies along with energy consumption, tend to have negative impact on green growth. The findings are almost robust concerning Eastern and Western Europe. The findings indicate that renewable energy is pro-growth and thus the authorities concerned need to promote and encourage the use of renewable energy. In this regard, the role of public-private-partnership is important as well as policymakers need to allocate environment-related specific budget and extend exemption in taxes on the use of environment-friendly technologies. Renewable energy programs ensure an improved return on green growth, although costly to implement. Attention needs to be focused on technologies related to wind power, solar electricity, biogas for electricity and heat generation, and biofuels for transport from low initial levels. Thus, policymakers should focus on the positive impact of environmental regulations. Polluting industries should be taxed to adopt clean technologies and clean industries should be supported with tax exemption as an incentive. Moreover, the research and development (R&D) budget should be increased.

This research work examines the nexus among renewable, non-renewable energy consumption, CO 2 emissions, and economic growth in 26 European countries with data obtained from the World Bank database within the time period of 1990 to 2018. Firstly, unit root and panel cointegration approach analyses are conducted to test the stationary. The results indicate that there exists a long-run nexus among non-renewable, renewable energy, carbon-monoxide, and economic growth. Granger causality test was also used to explore the direction among economic growth, carbon emissions, and energy consumption. The results from this test are inconsistent, while it indicated bidirectional causality between economic growth and renewable energy consumption, there was also a unidirectional causality between renewable energy and non-renewable energy consumption as well as renewable energy and CO 2 emissions. This result proves an interdependency and substitutability between both renewable and non-renewable sources of energy.

This study analyzes how economic resources invested in roads may affect mortality, depending on the level of economic development of a country. To this end, 23 European countries were classified into two groups-high-income countries and low-income countries-according to their average Gross Domestic Product (GDP) per capita over the period 1998-2016. The economic resources are considered through the investment in construction and the maintenance expenditure. Further variables are included to control for several factors related to the infrastructure, socioeconomics, legislation, and meteorology. Fixed-effects panel data models were built separately for the interurban road network of each group of countries. These models also capture the international inequalities within each group and the country-specific national trend for the study period. The main results indicate a reduction effect on the fatality rate of road maintenance expenditure (in both groups), and of the investment in construction (in the low-income countries). Other variables-such as proportion of motorways, motorization rate, unemployment rate, GDP per capita, alcohol consumption, Demerit Point System, and mean annual precipitation-showed statistically significant results as well. Finally, the country-specific fixed effects and the country-specific trend were mapped geographically, to better reflect national conditions for achieving lower fatality rates in the high-income countries, and greater progress in reducing fatalities in the low-income countries. In the end, this study provides evidence to policy-makers that can help to achieve a safer and more sustainable transport system, namely, how to tackle an ongoing major problem-traffic-related deaths-when attending and allocating the economic resources that road infrastructure needs., (© 2022. The Author(s).)

This paper empirically examines the environmental Kuznets curve (EKC) hypothesis using a country's water stress as an indicator of the pressure on renewable water resources. The sample consists of 9 European countries by covering the period 1995-2013. The paper adopts a panel threshold regression model which can predict the threshold level endogenously to analyze whether income per person has an impact on water stress. The empirical findings strongly demonstrate the existence of a threshold beyond which environmental pressures of GDP (real) per capita growth on renewable water resources tend to increase. The growth below the threshold levels has no statistically significant effect on water stress, while the growth rate above the threshold increases stress on water resources. The available empirical findings obtained, albeit limited, tend not to support the EKC hypothesis, which postulates an inverted-U-shaped relationship.

This study aims to explore the relationship of environmental degradation with economic growth and energy innovation by utilizing the panel data of 33 European countries by covering the period of 1996 to 2017. We use the cross-sections independence and control the heterogeneity between cross-sections by using the second-generation econometric of panel data. The Westerlund bootstrap co-integration, CIPS unit root test, Pedroni co-integration, panel causality techniques, and FMOLS have been used to analyze the relationship. The result of the study shows that all the variables are integrated in the long run. Energy innovation has a negative and significant impact on environmental degradation. On the other hand, gross domestic product has a U-shape and significant relationship with environmental degradation by supporting Kuznets curve. Therefore, this study helps not only the policymaker and government but also the people and businessmen on how they can increase the growth of the business and economy without effecting the environment.

Climate change has generated intense concerns from public authorities and international institutions with regard to shaping the behavior of companies, consumers, investors, and other stakeholders so as to manage this challenge as efficiently as possible. In order to address the climate emergency in the post-pandemic era, recovery plans need to trigger decarbonization, and a green transition, including specific investments and providing a more adaptive structure of the sources of energy in different regions, able to meet the need for a systemic shift towards a more sustainable economy that works for both people and the planet. The main measurable effect of energy production and consumption is by far represented by carbon emissions. In the present paper, we aim to identify the statistical significance of several factors influencing the carbon dioxide emission per capita in the European countries-level of economic development, level of globalization, trade openness, and the intensity of energy transition measured by the share of renewable energy in total energy consumption. The results show an increased interest of the experts in energy consumption model shift through green energy increased share, with relatively high differences among the 42 European countries analyzed. The analysis was conducted for the period 1990-2018 and policy differences depending on variables (GDP/capita, globalization index, trade openness, and renewable energy share in total energy consumption) were identified. The results showed that the carbon dioxide emission per capita evaluation designed model is representative of the European countries. The fact that the targets set by European non-EU member states for reducing CO2 emissions are lower than for the EU is influencing the dynamics of the energy transition, with implications for the size and destination of funds to finance the development of renewable energy., (© 2022. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

Renewable energy production is necessary for digital society; it is also beneficial for labor market and sustainable development. This paper examines the impact of renewable energy production on unemployment rate by employing panel NARDL-PMG and robust asymmetric quantile regression for European countries from 1991 to 2019. The results reveal that renewable energy production significantly reduced unemployment in European countries in long run. The renewable energy production effect is found significant in the asymmetric model, specifically, in European countries; a positive change in renewable energy production has a negative significant impact on unemployment, and a negative change in renewable energy production has a positive significant impact on unemployment in long run. The GDP, investment, and technology innovation process are found to be triggered in labor market by reducing the unemployment rate in the long run. In addition, the asymmetric effects of renewable energy production on unemployment growth are robust in the different quantile regression. The findings suggest some insightful policy implications for government officials and policymakers., (© 2021. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper marks the changes that have taken place in the Senegalese higher education system. As Senegalese citizens and leaders have worked diligently to improve their economy and society as a whole, they have experienced a great deal of obstacles in moving forward. Throughout this process, education has been an important aspect to improving the economic and social development of the country. Included in this economic, social, and educational overhaul, higher education was a component that required a great deal of work. In order to contend in the global society, the higher education system needed to be reformed. This paper included a discussion of the reformation process of Senegal's higher education from the French model at the heart of its inception to the adoption of the Bologna process. This process has allowed higher education in Senegal to become better with time and grow in its success.

The study empirically examines the environmental Kuznets curve (EKC) hypotheses by investigating the relationship between ecological footprint, economic growth, energy consumption, and population growth. The study uses ecological footprint as a measurement of environmental degradation which is a more comprehensive indicator and considers all factors responsible for environmental degradation. Keeping in view the problem of cross-sectional dependence, a more efficient estimation tools like pooled mean group and augmented mean group have been used to estimate the long-run parameters for 22 European countries from 1995 through 2015. Results of the study found a quadratic relationship between income growth and ecological footprint and support validity of EKC. Energy consumption positively contributes to ecological footprint, while population growth plays no significant role in determining environmental quality. The long-run estimates of the study are validated through robustness analysis by employing dynamic ordinary least square (DOLS) and fully modified ordinary least square (FMOLS) techniques. Dumitrescu and Hurlin (2012) panel non-causality test indicated that there is a unidirectional causality running from GDP to ecological footprint while bidirectional causality running between energy consumption and ecological footprint. The study identified that population growth in European region is not a severe issue as compared to intensive energy consumption. Policies which restrict emission, deforestation, and water pollution should be adopted for sustainability of environment.

This study examines the association between air pollution and economic growth based on the idea of environment Kuznets curve (EKC) hypothesis which suggests an inverted U-shaped link between air pollution and economic growth in six different regions including Latin America and the Caribbean, East Asia and the Pacific, Europe and Central Asia, South Asia, the Middle East and North Africa, and Sub-Saharan Africa over the period 2000 to 2018. This regional classification is done to investigate the regional differences of the EKC relationship for carbon emissions. Models based on panel data econometric models are employed to obtain empirical results. Random effect and fixed effect models are used in the present study. A multivariate framework is used in which carbon dioxide emission, per capita gross domestic product, trade openness, foreign direct investment, primary school enrollment, financial development indicator, and institutional quality that is measured by six indicators are included. The result is that the EKC hypothesis is supported in all the abovementioned regions except in the Sub-Saharan Africa region. Thus, the hypothesis that different regions have dissimilar EKC relationships is supported through the results of this research study.

Higher education transformation in the Czech Republic has been aimed at increasing the competitiveness of Czech higher education institutions within the European context, as well as strengthening their role as the main sources of innovation for sustainable development in its economic and social dimensions. This transformation has undergone a turbulent development in last years. The paper elucidates some recent legislative amendments and aims of the Ministry of Education's development plans. We also clarify some research steps that have been undertaken to shed light on the next steps in the transformation. The problem with the reform process is that many systemic undertakings come under pressure from changes in policy cycles, governmental priorities, budgeting, and socio-demographic conditions.

This study explored the long-run association among greenhouse gases (GHGs), financial development, forest area, improved sanitation, renewable energy, urbanization, and trade in 24 lower middle-income countries from Asia, Europe, Africa, and America (South and North) by using panel data from 1990 to 2015. Granger causality was tested by Toda and Yamamoto approach. The bi-directional causality was established among urbanization and GHGs (Asia), financial development and forest (Asia), energy use and renewable energy (Asia), renewable energy and forest (Asia), improved sanitation and forest (Asia, Africa, America), urbanization and forest (Asia), and improved sanitation and financial development (Europe). The GHG emission also shows one-way causality is running from financial development to GHG (America), energy to GHG (Asia), renewable energy to GHG (America), forest area to GHG (America), trade openness to GHG (Africa), urbanization to GHG (Europe), GHG to financial development (Europe), GHG to energy use (Europe, Africa, and America), and GHG to trade openness (Asia). On the basis of fully modified ordinary least square and generalized method of moment, the reciprocal relationship of GHGs was observed due to financial development in Asia and Africa; renewable energy in all panels; forest area in Asia, Europe, and America; improved sanitation in Asia, Africa, and America; trade openness in Africa; and urbanization in Europe and America. Policymakers should concentrate on these variables for the reduction in GHGs. The annual convergence towards long-run equilibrium was 50.5, 31.9, and 20.9% for America, Asia, and Africa, respectively.

Water scarcity is a growing concern across the globe due to climate change and demands for increased economic development. This paper analyses the relationship between economic development and freshwater abstraction in order to investigate its European impact. The analysis focuses on a total of 19 European countries, including 18 EU member states and one candidate, from 2007 to 2018. Using a panel dataset, the impact of a diverse selection of indicators of economic development (per capita GDP, the Human Development Index - HDI, water productivity and volume of international trade) on freshwater abstraction, our analysis finds that all explanatory variables are significant for cross-country variations except for international trade. To maintain scope, the analysis is limited to economic-development indicators themselves, excluding the effects of climate change and the availability of water resources. [ABSTRACT FROM AUTHOR]

This study examines the determinants of the ecological footprint of production in European countries from 1992 to 2020. Using partial and semipartial correlation analyses and Bayesian Model Averaging (BMA) approach for the first time, the research identifies key variables affecting ecological footprint. Using Bayesian methods, posterior inclusion probabilities (PIPs) were calculated for each variable's coefficient estimates, revealing their relative importance. Biocapacity, energy consumption, industrialization, financial development, life expectancy, and globalization displayed notably high PIPs, indicating their strong influence on the ecological footprint. In addition, the study employs cointegration tests to examine the long-run relationship between ecological footprint and explanatory variables. The results indicate significant cointegration between these variables across panels, supported by various test statistics. In the Weighted Pooled DOLS estimation, biocapacity, energy consumption, and life expectancy significantly influence the ecological footprint, while industrialization, financial development, and globalization exert a comparatively smaller impact. Researchers and policymakers should consider these determinants for effective sustainable development planning. These findings underscore the intricate interplay of factors shaping the ecological footprint and offer insights for effective policy interventions towards sustainable development., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier B.V. All rights reserved.)

In a recent contribution, Redding and Schott [2003. "Distance, Skill Deepening and Development: Will Peripheral Countries Ever Get Rich?" "Journal of Development Economics": 72 (2): 515-541. doi:10.1016/S0304-3878(03)00118-4] add human capital to a two sector NEG model, highlighting that remoteness represents a penalty that gives disincentives to invest in human capital. But is this hypothesis consistent with long-term evidence? We test the persistence of this effect at the regional level in an historical setting. The results show that market access has a significant positive influence on human capital in OLS, Tobit and IV regression models. Thus, the paper confirms the 'penalty of remoteness' hypothesis for Europe in the long run.

The aim of the paper is to verify whether there has been a causal relationship between economic performance and the quality of political environment in the last 200 years. Mainly, the paper explores the bi-directorial causality for the period of 1821–2016. To attain the aim, the paper uses Granger causality test. The differences between the individual regions (Europe, Latin America and former British colonies) are taken into consideration. Economic performance is expressed as annual growth rate of GDP per capita (taken from Maddison Project Database); the quality of political environment is associated with the Electoral Democracy Index and the Liberal Democracy Index (from the V-Dem Project). The paper offers three findings. Firstly, the results indicate that a statistically significant relationship between economic performance and political development was identified for the researched period. Secondly, bi-directorial causality was peculiar to the European countries, whereas the linkage was not identified within other regions. Thirdly, the results for the sub-periods confirm the previous conclusions with two additions. The quality of political environment and economic performance did not interact with each other in the period of 1821–1870 across all three regions, while in the period after World War II, bi-directorial causal relationship could also exist in the Latin American economies. [ABSTRACT FROM AUTHOR]

The endeavor to implement the 2030 Agenda of national and international stakeholders became increasingly impetuous, considering the wide range of uncertainties and risks. The new humans-centered development model built on the prominence of environmental and social values seeks to reinforce communities' resilience and mitigate environmental risks, leaving no one behind. For this to happen, solid and effective institutions, the right environmental policies, and a safe statutory labor framework are the sine qua non. In this study, we evaluated the effects of informality, institutional quality, and renewable energy consumption on ecological footprint of two groups of emerging countries from Europe and Asia from 2002 to 2018. Our results by PMG-ARDL approach highlight dissimilarities between the two groups, showing greater heterogeneity. In this sense, informality is found to have positive and significant effects on ecological footprint in the long run in emerging European countries. In contrast, the effect is negative for emerging Asian countries. In the short run, the effects are less critical in the studied countries between the two groups. Institutional quality variables impacted environmental quality differently. In this sense, it is detrimental for policymakers to consider concerted measures to decrease institutional vulnerabilities and reduce the level of the informal economy. The outcome of this study concurs with a complete awareness of the importance of informality and institutional quality to mitigate social and environmental risks conjunctively., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2023 Elsevier Ltd. All rights reserved.)

Various studies show that higher education institutions contribute to regional economic development by R&D, creation of human capital, knowledge and technology transfer, and by creation of a favourable milieu. It is brought out that the basic procedure is to sum expenditures of the college community (students, faculty, staff and visitors) created by the presence of the institution and apply multipliers to account for the interdependency of economic activity in a local economy, resulting in an estimated "local economic impact." The aim of the paper is to investigate the relationship between students in tertiary education and economic growth in NUTS 2 level in Europe from 1998 to 2008 by looking whether the share of tertiary students (measuring human capital) is correlated with the share of knowledge-intensive employment (KIE) in different regions. The increase in KIE is related to increasing levels of GDP per capita and R&D expenditures. Taking into account regional-level fixed effects, the share of tertiary students is not statistically significant. We found out that the increase in KIE is related to increasing levels of GDP per capita and R&D expenditures. The share of students five periods ago has a positive relation with the KIE: as we assumed, it takes time for the human capital to contribute to the economic development.

The postsocialist nations of Central and Eastern Europe lack entrepreneurial traditions and practical experience. One difficulty in adapting Western business experience is the need for a common language and understanding of ethical standards. (SK)

The heritage of the past 50 years is the greatest challenge facing higher education in central Europe. Issues to be addressed include the traditional separation of teaching and research, low enrollment and labor market needs, diversification, access, the role of the government, and the economic context and impact of higher education. (MSE)

Reviews science and technology policymaking in five countries with free-market economies: the United Kingdom, Germany, France, the Republic of Korea, and the United States. Implications for eastern European and other countries currently reorganizing toward domestic market economies and greater orientation toward world trade are discussed. (61 references) (LRW)

Poloni reviews implications for unions of recent economic, social, technological, and political changes in Central and Eastern Europe. Flechsenhar states that unions play a role in the development and restructuring of developing countries by providing special services to meet the economic and social needs of their members. (SK)

Discusses the roles academic and public libraries can play in the process of economic restructuring and development. A business school library in Hungary is described, and its role in economic restructuring and the education of future managers is discussed; and the role of public libraries in the United States is examined. (four references) (LRW)

In the policy period following the Lisbon Strategy of 2000, European governments increasingly regard universities, and the research they produce, as key to enhancing economic performance. With this heightened respect for the value of university-based research, comes an impatience to see returns on the public investments made. We analyze how policy is being used to influence the academic research process through the evaluations and funding allocation that accompany public funding. This paper features examples from the European Union and recent policy developments in two nation states to investigate how policy seeks to enhance the non-academic impacts of academic research.

What determines the differences in economic performance across European regions? In addressing this question, this paper takes inspiration from two different approaches. One approach highlights the role of capability-building, of a technological or social nature, while another perspective emphasizes the potential advantages of proximity and, hence, a relatively diversified economic structure, for regional economic performance. The paper argues that the impacts of capability-building and diversification on regional economic development need to be assessed jointly. Using information for 261 regions at NUTS2 level in 27 European countries in the 2000s, novel data sources are exploited to construct measures of technological and social capabilities, which are combined with indicators of related and unrelated variety in the analysis of regional economic dynamics. The results suggest that capability-building play a key role in regional economic development while the results for diversification are more mixed. [ABSTRACT FROM AUTHOR]

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If market economies are to emerge from the ruins of the Soviet empire, people need training in almost everything. Efforts are being made in the areas of management, service, accounting, and police work. (Author/JOW)

This paper examines the importance of trade openness for attracting Foreign Direct Investment (FDI) inflows, using a sample of 36 developing economies for the period 1990-2008. It provides a direct test of causality between FDI inflows, trade openness and other key variables in developing regions of the world: Latin America, Asia, Africa, CIS (Commonwealth of Independent States) and Eastern Europe. Trade openness is measured by using eight different indicators. The main empirical findings of the panel regression analysis reveal that in the long run, trade openness contributes positively to the inflow of FDI in developing economies.

The renewable energy consumption plays a significant role in achieving sustainable development, but a sectoral approach is necessary to design the better recommendations for each sector. In this context, the main objective of this paper is to assess the impact of the use of this type of energy on economic growth in 23 European Union (EU) member states in the period 1990-2020. Besides overall renewable energy consumption, different utilisations of this energy are considered: in industry, transport, in commercial and public services, and for residential purposes. The methodological background is built around panel data models that start from a Cobb-Douglas function. The renewable energy consumption is considered an important factor that should generate economic growth. The panel data approach based on causality analysis and Augmented Mean Group and Common Correlated Effects Mean Group estimators suggests that renewable energy use in industry does not determine economic growth, but economic development is a cause for more utilisation of this energy in industry. In addition, more renewable energy consumption in transport enhances economic growth. A high level of economic development can promote the consumption of renewable energies in industrial sectors. In this way, industrial companies can allocate more financial funds to research in the field of renewable energies and can afford to adopt renewable energy sources. Investment in biofuels can contribute to achieving sustainable transport in the EU.

Financial integration has been proven to benefit European economies. However, it may obstruct diversification attempts, and so attracts the attention of investors and researchers. The aim of this paper is to analyze changes in spillovers between European markets, the European Index, and the World Index, over a period of two decades (2000–2021), with regard to the level of development. Mature markets have higher spillovers than emerging and frontier ones. The main finding is that non-developed markets’ spillover levels in tranquil periods did not substantially increase in the last two decades, despite ongoing integration with developed European markets. However, spillover rises in time of global or regional crisis (e.g. Great Financial Crisis, Eurozone Debt Crisis, COVID-19 pandemic) for all markets, regardless of economic development, which can undermine diversification attempts just when they are most needed. Afterwards, the transmission of shocks falls back to the pre-crisis level, with the exception of the spillover between Eurozone markets and European Index, which remained very high even after the end of the particular crisis. [ABSTRACT FROM AUTHOR]

Abstract: Executive summary: As to the alignment of “Horizon 2020”, ir is a more integrated approach to European science policy than expressed in the proposals previously drafted, and specifically considers: (i) promoting excellence in Science, (ii) establishing a sound industrial leadership and (iii) expressing an ambition to address current and future societal challenges. In this respect, the quest for a knowledge-based economy in Europe should result in proposals for industrial and employment policies that will consolidate the major European advantages in the biomedical, healthcare and pharmaceutical sectors. Horizon 2020 also provides the possibility of adopting a more flexible and simplified management route to drive European research through innovation, research and development. What should be additionally considered? Unmet medical needs, under pressure from demographic changes, await the generation of new medicines and health technologies which will evolve into a driver for a unified European policy. We believe that this should be focused on harnessing pharmaceutical knowledge for clinical use, as part of a response to accommodate patient needs and economic growth based on a robust, scientific approach. The bolder ambition for European research is to unlock key bottlenecks currently undermining European competitiveness. The historical lack of an appropriate business/innovation environment with reduced access to adequate risk finance instruments has severed the path for economic growth and industrial development. These issues are of critical importance and a solution is urgently needed to foster translation from the university to the healthcare sector through the generation and support of start-ups, spin-offs, university-industry consortia, and other platforms, which support translational research. The ultimate goal is implementation of holistic programmes: the ‘bench to bedside’ paradigm of medicines and other healthcare products. The European Research Council supports the basic biomedical research programmes of long term importance for development of medicines; however, fundamental research initiatives on medicines development will not be competitive in such an environment. In order to strengthen the long term outlook, we must foster innovative research within the university sector, EUFEPS proposes that a fund for such research be set up within Horizon 2020, which would be open for individual research groups and which would include Public–Public Partnerships (complementing already existing Public–Private Partnerships). How do we look for implementation? There is an established research agenda for medicines research that is globally focused, and which incorporates a cooperative model between universities and industry, facilitating integration of complex technologies. Regulatory Science will play an important role in this integration. This agenda uses tools arising from systems approaches (including discovery with systems biology and also systems pharmacology) and has the potential for providing better knowledge management, as well as technological innovation (including manufacturing). It also addresses the drive towards personalised medicines and can, with support from both public and private sectors, foster translation of knowledge to new technologies and from that, to new medicinal products and complex integrated systems. This is a part of a strategy capable of solving unmet medical needs, which would increase the quality of life of patients suffering from chronic and debilitating diseases. The instruments to allow the development of a research agenda should strengthen existing partnerships such as the IMI-JU model; allow for the creation of European-network infrastructures that can bring together existing competences with adequate European coordination, thus promoting advanced training and continuous professional development for the pharmaceutical sciences. This will be the cornerstone of a knowledge management strategy, providing education and training for healthcare professionals and scientists. A key role for EUFEPS is to help the research community to embrace these new holistic policies applied to the spectrum of pharmaceutical, medical and cognate sciences. [Copyright &y& Elsevier]

Social and institutional determinants of economic development are attracting increasing attention among development economists. The present paper analyses the impact of macro-level social capital and related social factors on economic development in 34 European countries. Macro-level social capital comprises different aspects of institutional quality and is closely related to income distribution and social cohesion. We used principal component analysis to group initially selected social determinants of economic development into three components (human and social capital, income equality, and redistribution), which altogether describe 64.4% of the variation in initial variables. The following regression analysis proved that all these components have a positive effect on economic development, measured by the human development index. [ABSTRACT FROM AUTHOR]