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Narrowing the gap in regional innovation efficiency is conducive to the coordinated development of regional economies. Fiscal science and technology (S&T) expenditure is the government's primary means of supporting regional innovation. It also plays an essential role in improving the efficiency of regional innovation. This study constructs a spatial convergence economic model based on a dynamic perspective. It also examines the relationship between fiscal S&T expenditure and spatial convergence of regional innovation efficiency. China's regional innovation efficiency shows a trend of conditional β-convergence. Fiscal S&T expenditure positively affects the spatial convergence of regional innovation efficiency and has an inverted U-shaped, nonlinear relationship as a whole. The transmission mechanism test revealed that the cross-regional flow of research and development (R&D) personnel can enhance this positive effect, and the role of R&D capital is not significant. [ABSTRACT FROM AUTHOR]

An analysis of the similarity of countries' economic developments can provide an important premise for both the assessment of current international economic relations and the long-term prediction of their economic development potential. The paper presents research results on the paths of economic performance of the countries of Central and Eastern Europe in 2000–2022. As a reference object the EU-27 aggregate has been considered. A supplementary analysis of the impact of the last crises on the economic situation of the CEE countries was provided. The analysis is carried out based on the authors' method of multivariate analysis, where two positioning criteria are applied: an object's distance from the optimal point and an object's heterogeneity. A comparative analysis of economic performance paths dependency is provided using a first-order correlation coefficient for time series. It has been found that there has been a significant improvement in the macroeconomic situation of the CEE countries over the last two decades. Changes of economic performance in these countries were very similar, while the heterogeneity of their macroeconomic indicators was diminishing, due to nominal, real and institutional convergence. The CEE countries reacted in a similar way both to the worldwide economic crisis in 2009 and to the economic downturn caused by the COVID-19 coronavirus in 2020. It has been confirmed that the first of these crises had a greater negative impact on the economic situation of these countries. The originality of the study carried out lies, on the one hand, in the use of the author's research method and, on the other hand, in the presentation of the impact of economic crises on the economic situation of a selected group of countries in the long term. The added value of the study is an analysis of the correlations of paths describing the economic situation of individual countries. [ABSTRACT FROM AUTHOR]

This comprehensive study delves into the Harmonised Consumer Price Index (HCPI) behavior across European economies from the early 2000s to the post-pandemic period. By analyzing the patterns of convergence and divergence in HCPI persistence, the study aims to uncover the common external and country-specific factors driving these dynamics. Utilizing the local Whittle estimation method, the research examines the longmemory properties of headline inflation through monthly data from January 1996 to January 2023. The study expands upon existing knowledge of inflation persistence by exploring its changes and the various patterns of inflation persistence in Europe. The findings reveal significant differences in the persistence of inflation and the underlying factors behind it. As such, the study emphasizes the need for tailored policy approaches and a deeper understanding of inflation's true nature, expectation formation, price-setting behavior, and monetary policy in shaping inflation persistence. Given its important policy implications, this research is highly relevant to the European Central Bank (ECB) and national governments within the Eurozone. [ABSTRACT FROM AUTHOR]

The outbreak of COVID-19 has induced economic and financial disruptions to global economies, consistent with those experienced during previous episodes of economic or financial crises. This article offers a global perspective into the spread of the virus by investigating the convergence patterns of COVID-19 across 242 regions NUTS 2 in European Union, in period 2019 - 2022. The analysis presents regional imbalances evaluated by statistical techniques and methods that can reflect the evolution concerning the main economic aspects. Using the Gini coefficient for the last four years we demonstrated there was a slow convergence process in the NUTS 2 regions interrupted by the pandemic global crisis. Also, the evolution of the GDP per capita in PPS at regional level in the case of all the Member States for the 1997-2021 was analyzed in order to show the intensity between the crises. The pandemic crisis was also compared to the economic crisis (2008-2009) which demonstrated that the COVID-19 didn't have the same impact as the financial one, pandemic had the lower intensity. [ABSTRACT FROM AUTHOR]

Whenever there is a disaster, there are complaints of price gouging-- that is, of people selling critical goods at grossly inflated prices. Over the last half-century, states and territories have increasingly responded by adopting anti-gouging laws that limit how much sellers can increase prices on at least some goods and services during an emergency. An overwhelming majority of jurisdictions now have such laws, which share a few common characteristics. The laws vary considerably across jurisdictions, however, by what products, services, and sellers they cover, how long they last, and how strictly they limit price increases. This Article assesses how the states changed their laws during, and in response to, the unprecedented challenges of the COVID-19 pandemic. It surveys fifty-six state and territorial jurisdictions, and finds that more than one-third made changes to their anti-gouging laws between 2020 and 2022, mostly to adopt new laws or strengthen existing regimes. Although the state laws faced the same challenges in responding to the unique circumstances of COVID-19, there was no marked trend toward convergence on a single best approach to regulating price gouging. Instead, the laws are increasingly diverse, which provides both opportunities for policy learning and more pressure for a uniform standard. Although the states and territories overwhelmingly favor anti-gouging regulation, economists oppose them nearly as consistently. Critics blast the laws as unnecessary at best (because many businesses voluntarily freeze prices), and as harmful at worst, triggering and worsening consumer shortages and derailing important market forces that can speed up disaster recovery. This Article explores the criticism and support of anti-gouging regulation from both economic and moral perspectives. It concludes that critics and supporters alike have overlooked a potentially important impact of anti-gouging regulation: the possibility that such rules can help equalize the risk between wealthier and poorer communities that people will face unjustified price hikes in the event of an emergency. [ABSTRACT FROM AUTHOR]

This study examines Nordic economic convergence from the sixteenth to twentieth century respective of the economic leaders, in effect the UK before 1914 and USA thereafter. The paper uses a novel approach of combining the analysis of both GDP and wages. The examination of real GDP per capita suggests that there was a catch-up process in play, both with the economic leaders and among the Nordic states, from the early nineteenth century onwards. However, the examination of the adjusted silver wages suggests convergence among the Nordic economies by the end of the eighteenth century. Therefore, we argue, no single Nordic Model emerged from these development patterns, even though the Nordic states today do have striking similarities. Furthermore, they diverged from the West European growth path until the twentieth century, thus they were a part of the Little Divergence at Europe's other peripheries. The world wars and other crises delayed the full impacts of the convergence process until the latter part of the twentieth century. [ABSTRACT FROM AUTHOR]

This paper assesses the feasibility of West African economic and monetary union - in particular the planned use of the eco currency – in light of the legal structure and challenges of the European monetary union. The paper begins by briefly expounding on the concept of money and defining it in the broader context of law and of monetary union. Thereafter, the effective harmonization of laws and the relevance of sequential monetary integration are identified as the first legal factors affecting the eco currency. Next, the ongoing difficulty of economic convergence in the ECOWAS is investigated with a comparison to some shortcomings of European Union convergence and an assessment of convergence criteria. Central bank independence and effective criminal and judicial cooperation are reviewed as additional factors which may play a major role in the success of a West African single currency. The analysis concludes that the advent of monetary union in the ECOWAS region presently lacks feasibility when considering the issues identified but can be redeemed, among other things, by enhanced political will and implementation of monetary union law. [ABSTRACT FROM AUTHOR]

This article examines regional economic convergence in two federal contexts: Brazil and the European Union. Despite many differences, in the last decades these two economies have shown irregular economic growth and been facing economic inequalities, launching public policies to reduce them. We analyse the tendencies of regional convergence within these economies between 2002 and 2019, focusing on σ-convergence, absolute convergence, convergence clubs and the transitional behaviour of club members. The results show that in both cases convergence occurs, but at a slow rhythm, especially in the European Union. [ABSTRACT FROM AUTHOR]

The economic growth convergence between advanced nations and the rest of the world has been found to reduce global income inequality. However, less is known about convergence within nations, especially in developing economies with substantial regional heterogeneities. Using the neoclassical framework, this study tests for farm income convergence in India, where agriculture employs over 200 million workers. Household farm income is estimated in 599 districts using three pan‐India situation assessment surveys (2003, 2013, and 2019). The conditional convergence model—augmented to capture spatial spillovers—shows farm incomes are converging across Indian districts but at slower rates in recent years and among farmers in the left‐tail of the income distribution. Irrigation infrastructure, crop diversification, and distance to the urban market explain farm income growth, and hence, spatial income disparities. Returns to these factors are high for middle‐income farmers than for the rich or poor. Spatial spillovers, likely from technological change, captured in residuals also had a positive impact on farm incomes. Results remain unchanged when farm income was replaced by its value added. Connecting the poorest to the markets, strengthening infrastructure and promoting diversification for the middle‐income groups, and nudging high‐income farmers toward value chains could help equitable economic development. [ABSTRACT FROM AUTHOR]

The global surge in migration has led to diversification in immigrant populations and their migration patterns, even towards countries like Japan, China, and South Korea with traditionally low immigration rates. This study examines the forces driving migration among professional Hispano-Americans. It introduces an analytical framework, inspired by Archer and Bourdieu, that unravels the interplay between agency and structure, utilizing the concept of migratory trajectories to investigates dynamic shifts and subjective dimensions inherent in migration. Using grounded theory, in-depth interviews and a questionnaire survey involving 236 professionals reveal four distinct migration profiles. The data highlights the intricate nature of participants' migration expectations, shaped by tensions like the education-occupation gap, corruption, nepotism, and security concerns in their home countries. These aspirations are influenced by a convergence of economic, socio-cultural, and political factors, emphasizing professional growth, enhanced quality of life, and enriching socio-cultural experiences. Importantly, these expectations lead to a tendency to deviate from conventional migration routes, driven by a highly positive perception of destination countries. The findings shed light on the complex interplay of socio-structural tensions, migration expectations, and resulting trajectories. [ABSTRACT FROM AUTHOR]

The configurative comparative method, Dynamic Pattern Synthesis (DPS) is used to replicate previous research into the impact of the euro on economic convergence. The DPS method ensures a forensic examination of the diverse variable patterns that influence cluster memberships. As with previous research conclusions, there are multiple patterns of convergence and divergence. Consistent clusters across the time periods compared are Germany, the Netherlands, Luxembourg, and Ireland; Slovakia and Estonia; Italy, Spain, and Slovenia; and Portugal and Greece. The variable patterns most likely to influence cluster definitions are differences in GDP per capita, productivity, and investment, although there are other differing variable patterns that influence specific smaller cluster memberships and the consistency of memberships over time. Externalities undermine nominal convergence. An example is the divergence of the experience of consumer inflation between 2016 and 2022. Nevertheless, some convergence in long-term interest rates is achieved. There is also divergence in the real convergence target of GDP per capita. As regards structural changes, productivity differences widen, and investment as a percentage of GDP converges during COVID-19. The theoretical implications are that the complex dynamics between collaboration, competitive markets, and global instabilities makes convergence unlikely. Real convergence, such as reducing the distribution differences of GDP per capita, is only likely to be possible over many decades, and needs considerable government interventions. Complex systems theory informs us that limits to convergence are inevitable in dynamic systems where events bring unplanned divergences. [ABSTRACT FROM AUTHOR]

Whereas manufacturing seems to hold the key to modern economic growth, the role of manufacturing in economy‐wide convergence across countries is debatable. One strand of scholarship argues that productivity levels in manufacturing tend to remain stable across countries, and that economy‐wide convergence takes place through structural transformations. Another strand maintains that productivity levels of less‐developed countries tend to approach those of developed countries unconditionally, and that deindustrialization thwarts economy‐wide convergence. We examine productivity in Brazilian manufacturing relative to the United States, 1912–2019. The result shows dramatic swings in the Brazilian/US productivity ratio, increasing in the decades following the Second World War, peaking in the late 1970s at impressively high levels, and declining precipitously thereafter. This sluggish performance of Brazilian manufacturing since the peak in the late 1970s has probably hindered income convergence with richer countries. [ABSTRACT FROM AUTHOR]

I document wage convergence in conglomerates using detailed plant-level data: Workers in low-wage industries collect higher-than-industry wages when the diversified firm also operates in high-wage industries. I confirm this effect by exploiting the implementation of the North American Free Trade Agreement (NAFTA) and changes in minimum wages at the state level as sources of exogenous increases in wages in some plants. I then track the evolution of wages of the remaining workers of the firm, relative to workers of unaffiliated plants. Plants where workers collect higher-than-industry wages operate with higher capital intensity, suggesting that internal labor markets may affect investment decisions in internal capital markets. [ABSTRACT FROM AUTHOR]

Management research has alluded to organizational and environmental conditions that drive firms' tendencies to explore versus exploit. We complement this research by developing theory on vicarious learning to explain how a firm adjusts its own exploration level based on the exploration levels of its alliance partners and competitors. Using panel data on 180 electronics firms publicly traded in the United States, we reveal an inverted U-shaped association between a firm's exploration tendency and the exploration levels of its partners and competitors. Convergence is explained by imitation and legitimation, while divergence is associated with risk perception and specialization in the knowledge domain. We further show how the convergence of the exploration tendency becomes stronger under firm-specific uncertainty but weaker when the exploration patterns exhibited by the firm's partners and competitors are incoherent. Finally, counter to expectations, we show that this convergence is weakened by the technological proximity of the firm's competitors. Our findings inform research on vicarious learning and the antecedents of exploration by underscoring the role of interdependence in firms' exploration tendencies. [ABSTRACT FROM AUTHOR]

We analyse economic convergence across 64 districts of Bangladesh using newly harmonized satellite night light data over 1992–2018. The growth in night lights – taken as a proxy for regional economic activity – reveals overwhelming evidence of absolute convergence. Regional differences in night light (or income) growth have been shrinking at an annual convergence rate of 4.57%, corresponding to a half-life of 15 years. Net migration plays a relatively prominent role in the regional convergence process. [ABSTRACT FROM AUTHOR]

This paper investigates a novel distributed optimization scheme for the economic dispatch problem of distributed generators (DGs) connected via directed communication links. The optimization is carried out using incremental cost (IC) consensus under the constraint of supply–demand balance while considering the capacity and ramp rate limits of the DGs. The optimality analysis has been provided via a variant of the conventional Lyapunov function for an additional term, addressing both consensus of ICs and convergence of supply–demand mismatch on directed graphs. In contrast with the previous work, the proposed algorithm is not susceptible to initial conditions of DGs, which makes it more resilient to communication failure and delay despite working under directed communication topologies. Extra limitations of capacity and ramp rate limits of DGs are taken into account by the algorithm while avoiding any supply mismatch. The simulation tests are carried on an IEEE benchmark to verify the efficacy of the proposed technique. The results indicate that the proposed technique is superior to existing traditional and distributed methods in various performance aspects. [ABSTRACT FROM AUTHOR]

Given that the studies conducted so far reveal a wide range of conflicting results concerning the potential transmission channels of income inequality, the following questions arise: Is there a ß-convergence process at the European level that is influenced by financial and social inequalities? What is the relationship between economic growth and inequality in Romania and other emerging Eastern European countries, given that there is mixed evidence in the literature? Therefore, in carrying out this research, we aim to assess the specificity of the economic growth-income inequality nexus in 5 ex-communist CEE states over the period 2010-2019 using spatial econometric techniques. On one hand, the main results support the existence of a ß-convergence process in Europe that is conditioned by absolute poverty phenomena. This argues for considering poverty as an additional channel that may hamper the economic performance of EU members. On the other hand, our findings reveal a predominantly negative relationship between variables that is determined by variations in the initial income level and the degree of poverty. Additionally, by conducting sub-national analyses, we observe that, in Romania, the growth-poverty-inequality triangle is influenced by severe socioeconomic disparities. From a policy perspective, economic growth can be a useful instrument in reducing regional poverty in Romania if it is supported by consistent increases in the population's revenues (i.e. the case of North-West and Centre regions), while a higher pace of income growth compared to the regional productivity growth rate tends to foster future rises in poverty. [ABSTRACT FROM AUTHOR]

Fostering economic, social and territorial cohesion has represented a key principle since the foundation of the European Economic Community. Gradually, the gaps between countries and regions have become more prominent, the European Union reaffirming its commitment towards supporting convergence of the less developed Members. The main purpose of this paper was to study the regional convergence patterns, focusing on the key concepts β-and σ- convergence. Considering the interval 2000-2021, we have illustrated that the initially less developed NUTS 2 regions from Central and Eastern Europe experienced higher growth rates compared to the developed ones. Moreover, by estimating cross-sectional regressions, we have found evidence in favor of a universal speed of convergence, with an average catching-up rate among the European regions of 1.9% per year. Complementary, based on σ-convergence, we have illustrated that income disparities diminished between 2000 and 2021 both at the aggregate level and considering the regions from Central and Eastern Europe. However, the Covid-19 pandemic reversed the favorable trend, determining an increase of income gaps among regions, the most affected being the economies belonging to the Old Members. The study draws attention that economic cohesion is an objective difficult to achieve, the crises reversing the favorable trend identified in the first decade of the 21st century. [ABSTRACT FROM AUTHOR]

The purpose of the research is to substantiate ways to improve Ukrainian legislation, defining the features of the functioning of individual elements of SLREA, which will facilitate the achievement of SDGs. The study is based on a review of scientific literature dedicated to specific elements of SLREA (public procurement and state aid), Ukrainian legislation, and specific EU legal acts regarding the application of certain stimulating measures to achieve SDGs. It is argued that, compared to the institution of public procurement, the institution of state aid exhibits a significantly lower degree of actualization and integration into the legal framework supporting SDGs. It is substantiated that the modernization of Ukrainian legislation in the field of state aid should occur based on the model of legal regulation of the state aid system in the EU on the principles of SDGs. The development of SLREA in the context of adapting Ukrainian legislation to EU law should involve the integration of SDGs into the legal toolkit of such a regime. [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]

Background: The implementation of the Common Agricultural Policy of the European Union aims at a balanced territorial development and economic convergence of the rural areas. However, in some cases, EU rural funding didn't manage to reduce the gaps between regions, but quite the contrary, the wealthiest regions attracted most of the resources. Purpose: The main objective of the paper was to assess whether EAFRD funding reached the most vulnerable areas. This is a measure of the contribution of CAP to economic convergence. Study design/methodology/approach: Cluster analysis was performed on Galați County in Romania. The analysis was performed at LAU level, considering four variables: population, poverty, agricultural area and the value of implemented EAFRD projects. Findings/conclusions: The analysis concluded five clusters, with poorer areas receiving less funding, calling for better development strategies, focused on the central, northern and north-eastern parts of the county, where these areas are concentrated. Also, territorial reorganization of rural areas may be necessary in some cases, in order to address the uneven development and poverty. Limitations/future research: The present research focused only on EAFRD funding related to agricultural exploitations. For more precise conclusions and recommendations, further research will also need to include other EAFRD submeasures. [ABSTRACT FROM AUTHOR]

Economic resilience and sustainable finance are two interlinked and crucial issues for development and convergence in Romania's counties increasing cohesion. These issues can contribute to sustainable and balanced growth of local and regional economies and to the reduction of inequalities in regional development. Economic resilience in counties refers to their capacity to adapt and survive in the face of unforeseen economic shocks or challenges, and sustainable finance refers to ensuring responsible management of financial resources to support long-term development and protect the environment. Identifying and understanding the significant variations in economic resilience and sustainable financing between counties is essential for the formulation of regional development policies and strategies. These variations provide valuable information about the vulnerabilities and opportunities of individual counties and guide resource allocation and investment decisions. The research provides new data and relevant information on the significant variations among counties in economic resilience and sustainable financing, using a Markov transition probability matrix and exploratory–visual method. This study on Romanian counties aims to provide valuable information for the formulation of public policies to support balanced economic development across the country. The results showed that economic diversification is essential to increase the resilience of the economy to shocks and fluctuations. Counties that have a diversified economic structure, with multiple sources of income and economic activities, are less vulnerable to the negative impact of economic or natural events. Governance and political stability are key factors in creating a favorable environment for investment and economic development. Well-managed government policies can help maintain macroeconomic stability and increase the resilience of the economy to external fluctuations. [ABSTRACT FROM AUTHOR]

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]

This research analyses the convergence of residential electricity prices in 22 European countries between 1995 and 2019. The findings reveal the existence of two sub-convergent clubs of residential electricity prices. Half of the countries studied belong to the club with higher residential electricity prices, while the other half belong to the lower-price club. Household income increases the probability of belonging to the club of lower residential electricity prices. An increase in heating degree days decreases the probability of belonging to the club of lower residential electricity prices. A similar effect is observed for the price of non-renewable energy sources used in electricity production. Further, although a country's likelihood of belonging to the club of lower residential electricity prices diminishes with a rise in the share of renewable electricity production, the converse pattern is obtained at the residential level, such that residential renewable electricity share has a beneficial effect. Our findings suggest that households have benefitted in paying lower prices for renewable sourced electricity. Therefore, this research indicates that ongoing clean energy initiatives and the availability of affordable substitutes for conventionally generated electricity are being realized to a certain extent, improving electricity markets for the countries we analysed. [ABSTRACT FROM AUTHOR]

This paper analyzed the convergence of economic growth and socioeconomic development in the Legal Amazon region. For this, the methodology of Convergence Means was used. To measure economic growth, the Gross Domestic Product (GDP) per capita and the Gross Value Added (VAB) per capita referring to the three sectors of the economy were used as variables. Regarding socioeconomic development, the Firjan Index of Municipal Development (IFDM) was used as variables for the dimensions: General, Health, Employment and Income and Education. The results showed that the variables related to economic growth, presented themselves as convergent and showed a great growth in the period. In relation to variables related to socioeconomic development, the level of convergence was significant, with exception of the variable employment and income, which proved to be divergent. [ABSTRACT FROM AUTHOR]

Research background: Digitalization in the context of the COVID-19 pandemic has accelerated significantly across Europe, including in regions that are at the stage of catch-up development. However, as innovative technologies are intensively integrated into everyday life, the digital gap between the EU countries is increasing. The widening digital gap is becoming a serious threat to achieving the EU's sustainable development goals and building a sustainable European society. Purpose of the article: The purpose of the article was to empirically substantiate the inclusiveness and convergence of the digital strategy in the EU countries. Methods: Using the method of fuzzy sets, the level of asymmetry in access to transactional (e-commerce), information (cloud computing), operational (artificial intelligence) technologies in the EU countries was assessed. The negative impact of the digital gap within the countries (the gap between small, medium, large companies) and the global digital gap (the gap between EU countries) on the competitiveness of countries was established, for which correlation analysis and the Granger causality test were used. Findings & value added: The findings of this study contribute to the literature of digital transformation and digital gap of European countries. The impact of the digital gap in transactional, information, operational technologies on the competitiveness of countries is differentiated depending on the level of digitalization of the country. Cluster groups of countries are determined by the convergence of digitalization and ways to ensure long-term competitiveness. The directions for reducing the digital gap in the EU countries are substantiated by changing the priorities of spending on innovation and increasing productivity, diversifying the digital technologies used. The empirical results obtained can serve as a basis for improving the effectiveness of the digitalization policy in the EU countries in accordance with individual convergence goals. The main added value of the paper is related to the presented research procedure, which can be used in analyses of digital technologies development also for other countries. The results provide valuable insights into evaluating the digital technologies in European countries. [ABSTRACT FROM AUTHOR]

Increasing economic inequalities between Romanian counties triggered a wealth of research on this topic, including many theoretical and empirical studies focused on assessing the divergence process. While previous studies addressing the regional economic convergence/divergence in Romania applied various methods of investigation, some even acknowledging the spatial dependence and employing specific spatial econometric models, our study aims to advance the empirical analysis by using a more powerful investigation tool, namely the dynamic spatial panel model, important for capturing the spatial spillover effects. Drawing on data from 2000–2020, issued by the Romanian National Institute of Statistics (NIS), our study finds that tertiary education has a convergence accelerating effect on GDP per capita, while secondary education seems to be statistically insignificant in most models. Far from implying that secondary education is not important, this result simply reflects the fact that its territorial distribution is rather uniform relative to the population, therefore it does not bring evident comparative advantages. Our study highlights the importance of highly educated (hence more efficient and productive) workforce in reducing economic growth disparities. Nevertheless, we argue that investing only in education and not creating complementary job opportunities may lead to internal and external migration. Our results provide valuable insights for Romania's territorial policy on education. [ABSTRACT FROM AUTHOR]

The study aims to evaluate the effectiveness of active trading strategies developed using technical indicators against the buy-and-hold passive investment strategy. It uses the simple moving average (SMA), Bollinger band (BB), and moving average convergence divergence (MACD) as technical indicators to generate the buy and sell signals. The study uses the data of treasury bills as a proxy for a risk-free portfolio and the Nifty Total Return Index (TRI) as a proxy for a risky equity portfolio in daily frequency from June 30, 1999, to March 31, 2021. It creates the cumulative wealth index for the sample period using active portfolio management based on the buy and sell signals generated using various technical indicators. The findings suggest that SMA and MACD trading strategies provide better risk-adjusted returns than buy-and-hold and Bollinger band trading strategies. Also, the shorter days moving average outperforms the longer days moving average trading strategy. The trading strategies perform better during the bear market than the bull market. [ABSTRACT FROM AUTHOR]

We revisit the highly cited Mankiw et al. 1992 (MRW) paper by updating the data for the periods 1960-2015, 1970-2015 and 1990-2015. We present results for the Solow model, the augmented Solow model and the conditional convergence on saving rates, population growth and human capital. The augmented model fits the data better. Human capital remains significant and its impact is higher than the MRW estimates for both the augmented model and the conditional convergence. The updated dataset highlights that the importance of human capital for growth is higher than MRW have demonstrated to be. The datasets for reproduction are also provided. [ABSTRACT FROM AUTHOR]

Fit for 55 calls for an expansion of the Emissions Trading Scheme and a reform of the Energy Tax Directive that will lead to higher energy prices. The goal is to reduce household energy consumption and achieve the 2030 energy and climate targets. Our study attempts to answer the question of whether this can be achieved without jeopardizing human development in all EU member states. We use the Gini coefficient, Hoover index, and rank correlation coefficients to examine differences in household energy consumption across Member States, and a path model to analyze the direct and indirect relationship between these variables and human development. Our results show significant, but decreasing over time, spatial differences in household energy consumption among the countries and country groups studied. The path analysis reveals an important link: household energy use has a significant direct (and independent) impact on human development, not only indirectly through other socio-economic-environmental variables. In other words, until the two indicators are decoupled, households in seven Member States will have to increase their energy consumption in order not only to maintain but also to raise the level of human development achieved and to achieve social and economic convergence in the European Union. [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]

This work aims to conduct an empirical study on the social benefits of cultural tourism towns featuring the tourism performance industry in the integration of cultural tourism. It combines the BP deep neural network and fuzzy comprehensive analysis method to construct a BP-fuzzy comprehensive evaluation model and applies it to the social empirical investigation of Taiyuan Cultural Tourism Town. In addition, the weights of evaluation indicators such as cultural inheritance and protection, ecological environment improvement and commodity economic development on the development of small towns are calculated. The results show that the weight values of cultural inheritance and protection, ecological environment improvement and commodity economy development on the social results are 0.522, 0.570 and 0.424, respectively. A total of 41.20% of the life benefit G1 is excellent; 39.5% of the environmental benefit of G2 is excellent; and 40.5% of the economic benefit is good. A total of 30.76% of the total social results of the cultural tourism towns are excellent, 37.69% are good, 21.48% are qualified and 10.07% are unqualified. In conclusion, the total social results of TAIYUAN's cultural tourism town are good. Cultural inheritance and protection, ecological environment improvement and commodity economy development are the key evaluation factors of social results. [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]

Regional trade agreements are vigorously debated, especially since the effects of trade on economic development is uncertain. Since East Asian trade occurs mostly within the region, we examine how trade structures might affect economic growth and provide directionality. The role of export composition is known to affect the rate of growth of emerging economies depending on trade structure similarity. This paper analyses the role of export baskets in the economic growth of developing countries in Southeast Asia, and tests the hypothesis that similarity of export structures leads to economic catch-up by providing directionality. The empirical analysis uses export data of East Asian countries to measure the bilateral similarities in export structures between the past and the present trade structures of Southeast Asian countries and comparing them withNortheast Asian countries that became wealthier earlier and Southeast Asian countries that tend to be latecomers. We find that the similarity of export structure provides directionality based on the overall competitiveness of a country's export sectors. This study fills the previous research gap of structural change from the perspectives of catch-up and directionality, by analysing the linkage between export structure convergence and economic catch-up, and linkage between export structure diversification and path-dependence. [ABSTRACT FROM AUTHOR]

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Business Schools have positioned themselves as one of the central axes of specialized education in the world, and Latin America is no exception to this phenomenon. International accreditations are one of the main aspects of its positioning, which homogeneous guidelines can lead to imitation and nondifferentiation processes, without adopting adaptation strategies to the needs of its context. For this, the sustainable development goals (SDGs) are studied as a context, through a content analysis of 229 strategic elements from 60 business schools in Latin America, Europe, Asia, North America, the Middle East and Africa, and Oceania is analyzed to identify if Latin American schools differ or have isomorphic behavior compared to schools in other regions. Similarly, a comparison is established with the strategic response of companies to the SDGs, to identify if there is an aligned position of business schools against the actions taken by these. It was found that Latin American business schools have a similar behavior in terms of linking sustainable development goals in their strategy with schools in other areas of the world. Moreover, the strategic response of business schools to these needs is not articulated with the actions taken by companies in Latin American, so it is interpreted that there is a double disarticulation of business schools, opening a field to generate differentiation and positioning in the short and medium term. [ABSTRACT FROM AUTHOR]

Promoting convergence between regions is essential to ensure that both the wealthiest and poorest regions achieve comparable levels of development over time. With this objective in mind, the objectives of the research were to determine the existence of global convergence or convergence clubs among the regions in Peru, as well as to identify the factors influencing such convergence. To identify convergence clubs, the study utilized the load factor methodology introduced by Phillips and Sul (2007) and analyzed panel data from the 2004-2008 period. The results reveal the presence of three convergence clubs based on GDP per capita and labor productivity. Additionally, the composition of the clubs in terms of GDP per capita and labor productivity depend directly on human capital, royalty transfers, and spatial location. These findings suggest that the State should prioritize regions belonging to the poorer convergence clubs. [ABSTRACT FROM AUTHOR]

The rise of China as a new great power and the evolving patterns of Sino–African relations have generated different interpretations of the ambitions of China in Africa and the consequences for the continent. In this article, we outline the dominant trends in China's activities in Africa in the last 25 years and compare them with those of Europe in the nineteenth and twentieth centuries. We do so, first, in order to identify and highlight the areas of convergence and divergence between the two. We then infer from the analysis the outcome of Sino–African interactions. But we begin with an exploration of aspects of the scholarship of Africa's great conceptualiser, Ali Mazrui, that focus on Africa and the West, in order to adapt some of his conceptual categories to gain comparative insights into the changes and continuities in, on the one hand, China's emerging system of empire, or neo-dependency, in Africa, and, on the other hand, Europe's colonial empires. [ABSTRACT FROM AUTHOR]

Copyright of Contaduría y Administración is the property of Facultad de Contaduria y Administracion-Universidad Nacional Autonoma de Mexico 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 uses the follow-up survey data of six time points between 1978 and 2018 from 40 fixed observation points in Beijing suburbs by stratified sampling, and makes a long-term observation and analysis of the convergence of village collective economy (VCE). The main findings are as follows. (1) Since the start of reform and opening-up, the gap between villages in terms of total village economic income (TVEI) and total assets of village collectives has obviously widened, and the gap between villages in terms of the number of members of VCE organizations has also widened to a certain extent. (2) There is a big gap in VCE between villages in urban-rural fringe, plain and mountainous areas, and the convergence of "space club" appears. (3) In the early stage of reform and opening up, the VCE development had the opportunity to reshuffle, but from 1998 to 2018, village development showed a trend of "good-medium-poor" hierarchical solidification. Therefore, it is necessary to explore a new path of cross-village joint development, especially to develop and strengthen the township-level collective economy, so as to promote farmers' common prosperity in rural areas. [ABSTRACT FROM AUTHOR]

In a general one-sector model of optimal stochastic growth where the productivity of capital is bounded but may vary widely due to technology shocks, we derive a tight estimate of the slope of the optimal policy function near zero. We use this to derive a readily verifiable condition that ensures almost sure global conservation of capital (i.e., avoidance of extinction) under the optimal policy, as well as global convergence to a positive stochastic steady state for bounded growth technology; this condition is significantly weaker than existing conditions and explicitly depends on risk aversion. For a specific class of utility and production functions, a strict violation of this condition implies that almost sure long run extinction of capital is globally optimal. Conservation is non-monotonic in risk aversion; conservation is likely to be optimal when the degree of risk aversion (near zero) is either high or low, while extinction may be optimal at intermediate levels of risk aversion. [ABSTRACT FROM AUTHOR]

>The outbreak of COVID-19 pandemic caused an unprecedented global public health crisis, which led to a drastic decline in economic activity and sharp rises in government deficits and public debts. Our research aims to analyse the aggregated impact of COVID-19 pandemic on each EU country and their health systems and correlate it with the main economic convergence indicators for 2020. To this purpose, we built a composite COVID index using Principal Component Analysis, employed TOPSIS to rank the EU countries according to nominal and real convergence indicators, and correlate the index with each ranking. Our findings suggest that in the first year of the pandemic, nominal convergence indicators were more affected than real convergence indicators. Non-euro CEE countries managed to keep some of their convergence indicators at relatively sustainable levels despite having high COVID index values. Baltic and Scandinavian countries seem to have outperformed the others, the latter having an initially more relaxed approach to the restrictions imposed on the population. The risk of diverging during the pandemic crisis appears to be increasing in countries where there were imbalances prior to 2020. [ABSTRACT FROM AUTHOR]

This study aims to investigate the convergence of digitalisation in the European Union (EU) in terms of DESI per capita in all EU countries during 2015–2020. The empirical results sustain the hypothesis of convergence of the degree of digital level in the European Union member countries. In evaluating the convergence process, we also aimed to investigate the role of economic development and education, measured by gross value added and education index. The analysis results, the use of sigma and beta convergence methods, showed that the role of economic development is likely to be decisive in resolving disparities, as opposed to that of educational development. The sigma convergence analysis showed that the gap between the EU-28 countries regarding digitalisation tends to decrease in the analysed period. Spatial data analysis, in turn, provides strong evidence for the presence of spatial autocorrelation in the DESI distribution. This result is based on a spatial lagged model that considers that DESI growth rates are related both to their initial levels of digitalisation and the growth rates of neighbouring regions. [ABSTRACT FROM AUTHOR]

The importance of economic aggregates per capita: final consumption expenditure and Gross Domestic Product, for the well-being of the entire population of a country determined the analysis of the economic convergence in the countries of the Central and South-Eastern European Union (CSE). The econometric approach of convergence as a steady state of these variables was performed on panel data models with an error correction term. Establishing the long-run and short-run equations describes the convergence of welfare in the CSE region and the choice of the best model. [ABSTRACT FROM AUTHOR]

This document uses the Phillips and Sul (2009) test to assess the hypothesis of convergence on educational achievement of public and private schools, at the municipal level, for the period 1980-2014. Even though the normativity and provision of public education is homogeneous across the country, we find that the educational attainment of the municipalities do not show evidence of global convergence. However, we find the existence of six convergence clubs. The first two clubs, which include the municipalities with the best performance, are mainly private institutions in the major metropolitan areas, while the latter three clubs are composed primarily for public institutions located on the Pacific coast and in the Caribbean region. [ABSTRACT FROM AUTHOR]