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We characterize the interaction between banks' liquid assets purchases and deposit issuance decisions. Using global games, we derive a liquidity multiplier : the amount of deposits a bank can create when endowed with one additional unit of liquid asset to maintain a given level of liquidity risk. In our central theorem, we prove it is larger than unity. This entails that banks have a special role in enhancing liquidity provision, "multiplying" liquid assets into a larger quantity of deposits. Our theory has implications for banks' balance sheet choices, the pricing of liquid securities, and the role of public liquidity provision. [ABSTRACT FROM AUTHOR]

We derived 2015 wildlife-based tourism multipliers for the rural area of Zambia where input-output tables (I-OT) are unavailable. To estimate multipliers in a data-poor environment, the national direct requirements coefficients were first derived from the country's 2010 I-OT. These direct requirements coefficients were re-scaled to rural area region by multiplication with the rural area production percentage shares, while the total requirements coefficients were computed through an inverse matrix conversion (Leontief inverse matrix). This procedure is particularly useful for rural area regions with active wildlife-based tourism, where input-output tables are unavailable, with time and financial resource constraints. The ranges of the derived direct multipliers for output, income, employment and value-added multipliers were 1.10–1.27, 0.04–0.20, 6.01–35.81 and 0.52–0.71, respectively. These estimated multipliers can be used in economic models for measurement of the economic impacts of protected areas is vital for planning and management purposes and for public understanding of wildlife resource values. [ABSTRACT FROM AUTHOR]

This essay contributes to the debate on the relevance of fiscal multipliers in the design of economic policies. The need for a different methodological perspective emerges from the results produced in the Eurozone by various fiscal consolidation programs, which, after being implemented following the sovereign debt crisis of 2011 and then suspended to address the COVID-19 crisis, are now being reintroduced according to the balanced budget rules set forth by the Maastricht Treaty. Building on the method elaborated by Pasinetti, we identify the sustainability area of the debt-to-GDP ratio within which different levels of public deficit can be achieved based on the fiscal multiplier. The analysis reveals that, under certain country-specific conditions, imposing limits on public spending can be counterproductive to the sustainability of public debt. [ABSTRACT FROM AUTHOR]

China–Malaysia economic engagement has deepened since the 1990s. The scale and scope of this relationship has also expanded significantly following the 2013 announcement of the Belt and Road Initiative. Offering a context-rich, historically-nuanced perspective, this paper analyses how Malaysian policymakers have engaged with economic opportunities opened up by the burgeoning Chinese market. In particular, it examines how Chinese foreign direct investment has contributed to industrial upgrading trajectories in Malaysia. The paper makes two inter-related arguments. First, it uncovers a correlation between closer Chinese–Malaysian economic integration and services liberalization, which results in Malaysia's lower emphasis on manufacturing and 'proper' industrialization. In other words, structural transformation has occurred, but it is geared towards the services sector. Relatedly, Chinese investment entering Malaysia, notwithstanding its relatively recent status, is composed primarily of service industries. The services-heavy nature of Chinese investment results in a relatively modest economic multiplier effect, potentially exacerbating some societal tensions and inequality. [ABSTRACT FROM AUTHOR]

Generalized nonlinear programming is considered without any convexity assumption, capturing a variety of problems that include nonsmooth objectives, combinatorial structures, and set-membership nonlinear constraints. We extend the augmented Lagrangian framework to this broad problem class, pre-serving an implicit formulation and introducing auxiliary variables merely as a formal device. This, however, gives rise to a generalized augmented Lagrangian function that lacks regularity. Based on parametric optimization, we develop a tailored stationarity concept to better qualify the iterates, generated as approximate solutions to a sequence of subproblems. Using this variational characterization and the lifted representation, asymptotic properties and convergence guarantees are established for a safeguarded augmented Lagrangian scheme. Numerical examples showcase the modelling versatility gained by dropping convexity assumptions and the practical benefits of the advocated implicit approach. [ABSTRACT FROM AUTHOR]

Copyright of International Journal of Engineering Research & Development (IJERAD) is the property of International Journal of Engineering Research & Development 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.)

The emergence of remote work has ushered in a transformative era of economic change, profoundly altering the dynamics of regional economies and extending its impact nationwide. This abstract explores the profound implications of remote work on local economies, focusing on the operation of the multiplier effect within a country's economic framework. The multiplier effect is a fundamental economic principle that elucidates how changes in expenditure and investment can trigger a ripple effect, magnifying their influence on an economy. In the context of remote work, this concept gains heightened relevance as it sets in motion a cascade of economic activities originating from remote employees and radiating to their local communities. The increased flexibility and reduced geographical constraints associated with remote work have reshaped resource distribution, potentially diminishing the demand for commercial real estate in urban hubs and necessitating adaptable urban design strategies. In summary, the advent of remote work has instigated a paradigm shift in regional economies, propelled by the multiplier effect, which fosters job diversity, innovation, and infrastructure development within communities by amplifying the impact of spending and investment. The ongoing transformation of work and life due to remote work necessitates a comprehensive understanding of its amplifying impact, bearing significant importance for policymakers, businesses, and local communities. The multiplier effect, a cornerstone of economics, underscores how alterations in expenditure can trigger substantial repercussions in a country's economy through a cascade of economic operations, offering lasting influence rather than a transient effect, although it can also operate negatively when expenditure decreases, leading to a decline in both economic activity and income. This concept highlights the interconnectedness of economic activity and underscores the significance of changes in spending patterns for a nation's overall economic wellbeing. The magnitude of the multiplier effect is shaped by factors such as the marginal propensity to consume, leakages like savings and taxes, and the extent to which additional spending drives additional production capacity within the economy. A comprehensive understanding of the multiplier effect is invaluable for policymakers, enabling them to assess the potential outcomes of adjustments in fiscal and monetary policies. [ABSTRACT FROM AUTHOR]

Output response to discretionary fiscal policy is a key aspect of examining various theories, findings of empirical studies and delivering guidance to policymakers. This study analyses the output response to unanticipated fiscal spending shocks under several structural economic characteristic factors, including business cycle states, debt burden, openness of the economy, exchange rate regimes and political governance regime, using annual data from 40 countries in SSA spanning from 2000 to 2019 in a panel threshold vector auto‐regression model. The findings indicate that fiscal spending multipliers have much larger effects on output in times of recession, in economies operating under lower trade openness, a fixed exchange rate, low‐debt burden, restricted capital mobility, less financial development and a democratic governance regime. Based on the results, the discretionary countercyclical fiscal policy and optimal fiscal policy action are recommended. Moreover, in order to have effective fiscal policy must target hand‐to‐mouth consumers (non‐Ricardian consumers) and firms with limited liquidity, concentrating on social services and social protection to increase short‐term demand. Likewise, A proper fiscal monetary policy mix should be considered with other structural measures to maximising the positive effects of the fiscal expansion. [ABSTRACT FROM AUTHOR]

This article discusses how the permit simplification for upstream oil and gas operation in Indonesia is conducted. In doing so, the authors utilize two perspectives, namely development administration and good governance. This research is inspired by a condition where there are many regulations apply and required to obtain permits for upstream oil and gas operation in Indonesia. The current problem nowadays are related to the type of the permits, the regulations and procedures to follow, as well as permit issuers to deal with are too many submissions. This have caused handicaps for the industry to grow competitively. Meanwhile, Indonesia still has a high dependency on Oil and Gas Industry for State Income reason and Energy Resilience. Even though the reformation has been started since 1998 however the change of old bureaucratic system and mentality of the bureaucrats into the new paradigm of good governance is still very less and tend to be progressing very slowly. Therefore, this qualitative research is interested in viewing the implementation of the ongoing simplification. This research is qualitative in nature and utilizes secondary data related to the permitting system of the upstream oil and gas activities. This research concludes that the current system is not in line with the principles of development administration and good governance. Second, the findings conclude that the simplification is urgently needed for maintaining State Finance, Energy Resilience, and Multiplier Effect to the Economic Growth. [ABSTRACT FROM AUTHOR]

The agriculture, livestock, forestry, and fishing sectors are very important in Andalusia (Spain), being strongly focused on foreign markets, which has required them to make great efforts to improve their competitiveness. The aim of this work is to understand the interrelationships between the fruit and vegetables sector and the remaining sectors of the Andalusian economy, as well as knowing its multiplying effects on production, income, and employment. To this end, the input-output tables of Andalusia for 2016 will be used in order to know if it is a key sector and how it can help to establish economic policy objectives. Regarding forward linkages, the branches that most demand fruit and vegetable products are the industries related to other food products, and the preparation of canned fish and vegetables. In relation to backward linkages, they focus on the manufacture of basic chemicals, and other agricultural crops and services. Despite its importance in Andalusian agriculture, the fruit and vegetable sector is not considered a key sector according to the Rasmussen coefficients, as it is classified as an independent industry. The reasons may be that it uses few primary inputs, is poorly integrated with the rest of the productive sectors, and its production is destined to satisfy final demand (national and international). However, it generates an above average impact on the economy in most multipliers, being important for stimulating economic policy measures. [ABSTRACT FROM AUTHOR]

Copyright of Indonesian Journal of Forestry Research is the property of Indonesian Journal of Forestry Research 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.)

Now, more than ever, infrastructure integration in Africa has become critical to recalibrating Africa's growth strategy toward increased intraregional trade, especially in an era of global isolationism, protectionism and supply chain disruptions from COVID and the war in Ukraine. This paper investigates the extent to which infrastructure development and integration can act as a catalyst for trade, innovation and income improvements in Africa. Using panel data analysis, we show that the infrastructure sector with the strongest multiplier effect on economic activity is the information and communication technology (ICT) sector, followed by the transport sector, the electricity sector and, last, the water sector. This ranking of the catalytic role of infrastructure sectors should guide policy prioritisation on infrastructure investments to accelerate growth and unlock the potential of the AfCFTA. Benchmarking exercises on infrastructures' catalytic role in the regional economic communities (RECs) show that infrastructure has had the strongest impact on economic outcomes in the East African Community bloc, making the EAC a type of flying‐geese RECs for other regions to emulate. [ABSTRACT FROM AUTHOR]

Imports can contribute to economic activity and have positive backward and forward linkages in national and regional economies, particularly in the presence of limited domestic supply. Seafood in the United States (U.S.) is a remarkable example of import dependence since most consumption by both processing industries and households relies on imports. To assess the economic contributions of seafood imports, this study starts by applying a Ghoshian matrix to estimate the forward linked economic activity associated with seafood imports. It concludes that the $22.4 billion of seafood imported by the U.S. in 2019 supported a significant amount of economic activity across different industries. The economic contributions associated with this activity are estimated at more than $70 billion in sales revenues, $37 billion in value-added, and 512 thousand full-time and part-time jobs throughout the U.S. economy. In terms of industries, the largest shares of the total economic contributions are attributed to retail and restaurant activity, while, in terms of species, shrimp and salmon support the most significant shares of economic activity attributed to seafood imports. The results suggest that policies that target the limitation of seafood imports or international trade will have adverse effects even in sectors that, in many cases, are not directly involved with the commodity supply chain but depend on the economic activity generated through the supply chain. [ABSTRACT FROM AUTHOR]

The article discusses the views of provincial government on the need for change to British Columbia forest management, which include careers in traditional forest management recommended a fundamental change from managing timber with constraints to prioritizing ecosystem health.

Purpose: This paper presents a regionally downscaled economic model developed to assess the impacts of the management of dredged sediments on Gross Domestic Product (GDP) and jobs created; the model is validated and applied using real project data from sediment management projects in Ireland and Scotland. The model provides significant insight into and allows impact analysis for the economic aspect of sediment management projects with the potential to facilitate and inform stakeholders across the sediment management sector. Methods: The economic model facilitates regional analysis of the impacts of sediment management projects on GDP and job creation for direct, indirect and induced effects. Methods for estimating the economic induced impacts are based on industry-specific type I and type II economic multipliers and coefficients, derived for the EU Interreg SURICATES partner countries (Ireland, Scotland, France and the Netherlands) using symmetric input–output tables and application of the open Leontief model and based on available economic data for the identified countries. The model is applied to sediment management projects in Ireland (a harbour development project at Castletownbere) and in Scotland (a bioremediation project at Falkirk). Model results are compared to project data for direct contribution to GDP and direct jobs created, and the model also estimates the indirect and induced economic project impacts. The model has been applied to undertake sensitivity analyses and compare different sediment management options. Results: Model results provide a satisfactory comparison to real project data for direct cost and jobs created. Indirect economic benefits for GDP and employment created were estimated from 47 to 53% of direct impacts. The model has been applied to undertake sensitivity analyses and assess a range of different site-specific sediment management options with indirect economic impacts ranging from 42 to 53% of direct impacts. Conclusions: The economic model results are compared to real project economic data, the validation exercise proving satisfactory with promising results. Sensitivity analyses and site-specific sediment management options have been assessed. The positive economic impacts of the Castletownbere Harbour project in particular are evident. These results highlight the potentially different economic impacts of the implementation of different sediment management options and in different regions and countries. The model allows the quantification of the economic benefits of sediment management projects. The model provides significant insight into and allows impact analysis for the economic aspect of sediment management projects and has the potential to facilitate and inform stakeholders and decision-makers across the sector. [ABSTRACT FROM AUTHOR]

Using a multi-sector model, with joint-products and heterogeneous labour, and data from the Supply and Use Tables, this paper analyses the inter-sectoral structure of the Greek economy and estimates the COVID-19 multiplier effects on this economy. It is found that the economy is heavily dependent on imports of industrial commodities, while significant multiplier effects are concentrated, primarily, in services and, secondarily, in the primary production. Furthermore, using these estimations and the available facts and figures about the COVID-19 impact on the elements of autonomous demand in 2020, we estimate a decrease in GDP in the range of 5.67–7.16 per cent, a decrease in the levels of employment in the range of 5.32–7.20 per cent, and a decrease in total imports in the range of 10.40–15.53 per cent, respectively. The evaluation of the results of our analysis indicates that, on the one hand, a short-term demand management recovery programme could be implemented, mainly, through the Public Sector and, secondarily, the Tourism Sector, while, on the other hand, a long-term growth-oriented policy should be directed towards industrial production and implement policies of import substitution. [ABSTRACT FROM AUTHOR]

The current study explores direct spending profiles of sport event tourists in a very small rural destination as an alternative to the multiplier effect economic impact studies. Sport event tourism has been used as an economic engine tool by a variety of destination sizes but has been neglected for small rural destinations, where people arrive from various distance radiuses to participate in this central activity for the place. Data were collected from participants at a small-scale recurring mountain running event. An online survey instrument was sent to the participants after the event. Participants reported on their daily and total expenditures regarding accommodation, meals and other tourist spending. The results revealed that the participants who responded to the survey spent on average about EUR 163 for accommodation, EUR 205 for meals and about EUR 38 for other tourist spending, such as souvenirs. Respondents from closer radius, spent less on average, approximately EUR 156, EUR 383 and EUR 26 for the respective spending categories. Rural destinations counting on hosting sport events for economic boosts in poorly economic areas witness considerable financial gains for the regions via the estimation of the more feasible direct spending calculations. [ABSTRACT FROM AUTHOR]

This study examines the impact of financial development on economic growth with the multiplier effect of the higher education by employing yearly data covering the years between 1990 and 2018 measured in TL. The results reached could shape the policies in achieving sustainable economic growth. Co‐integration between the series are tested with ARDL based bounds test; since Zivot‐Andrews structural unit root test results showed that variables are integrated at different orders. Furthermore, FMOLS and DOLS are applied to check for robustness. Moreover, Toda‐Yamamoto Causality test is employed to test for the causal relationship between the series. Results show that there is a bidirectional causal relationship between financial depth and economic growth; and unidirectional causal relationships from money supply to financial depth, from economic growth and financial depth to education sector. Diagnostic and stability tests results confirm the reliability and stability of the parameters of the model employed. [ABSTRACT FROM AUTHOR]

Purpose: Mora and Acevedo (2019) report that the government spending multipliers in Latin American countries are notably higher than what is typically reported for developed economies. Latin American countries have been inclined toward using procyclical fiscal policies. Those policies have been perceived as being effective at mitigating the effects of the 2008–2009 Great Recession. This study aims to estimate the government spending multiplier using Latin American panel data from 19 Latin American countries from 2000 to 2018. The estimates are conditional on the extent of openness, capital mobility and economic freedom. Based on the results, the latter is important: the less economically free a country, the larger its spending multiplier. Lower economic freedom in Latin American countries can help to account for their large spending multipliers. In particular, restrictions on international trade are positively associated with multipliers. This is the case even while controlling the trade share of GDP. Design/methodology/approach: The authors provide regression results that are conditional on the extent of openness, capital mobility and economic freedom. Findings: The less economically free a country, the larger its spending multiplier. Lower economic freedom in Latin American countries can help to account for their large spending multipliers. In particular, restrictions on international trade are positively associated with multipliers. This is the case even while controlling the trade share of GDP. Originality/value: To the best of the authors' knowledge, this is first study to estimate the fiscal multiplier conditional on economic freedom levels. The authors provide correctly calculated multipliers conditional on different levels of economic freedom. The authors point the way to future studies considering the effectiveness of fiscal policy conditional on institutional/policy quality. [ABSTRACT FROM AUTHOR]

The Indonesian spectrum usage fees—the so-called Biaya Hak Pengguna Frekuensi Izin Pita Frekuensi Radio (BHP IPFR)—are currently calculated using a formula determined by the three following main parameters: the frequency band, the country's economic parameter, and the nationwide population. As spectrum usage fees are proportional to the width of the bandwidth, the current formula would result in an extremely high price when applied to 5G-mmWave private networks, with the cost burden being a direct consequence for the service operator. In this paper, we propose the formulation of a new spectrum usage fee for 5G-mmWave private network implementation in Indonesian industrial areas. To do so, we evaluate the current formula, adopt the framework offered by the ITU-R SM.2012-5 (06/2016), and use an industrial reference index—the Indonesia Industry Readiness Index 4.0 (INDI 4.0) score. We test the proposal by applying the new formula to calculate the 5G-mmWave private network spectrum usage fee for the Jakarta industrial area. The result shows that the new formula gives a lower spectrum usage fee than the current formula, which benefits 5G-mmWave private network service operators. Such savings can be regarded as a government subsidy for the service operators to use in various ways in the industry, providing further economic benefits. Using the input–output model, we prove that despite the proposed new formula brings a lower spectrum usage fee, resulting in a loss in state income, it will lead to a much greater positive impact on the national economic output. Applying the new formula will eventually have a multiplier effect on various sectors and encourage digital economic growth and national digital transformation, especially for vertical industries in Indonesia. This study may serve as a guideline or initial reference for Indonesian policymakers and service operators for applying the CAPEX and OPEX cost of using the new spectrum for 5G-mmWave private network service implementation and estimating the economic multiplier for 5G-mmWave private network service deployment in industrial areas. It can also be used as a benchmark case for other countries to apply spectrum usage fees for private networks in industrial areas. [ABSTRACT FROM AUTHOR]

Alaska fisheries are characterized by a large leakage of revenues and value-added generated in the fisheries due to heavy reliance on imported inputs. A large portion of the multiplier effects from Alaska fisheries flow to other states, reducing benefits accruing to Alaska households. In this case, various policymakers (national and regional economic development policymakers as well as fisheries managers) may want to know how much of the total economic impact from a fisheries management action remains in Alaska and how much flows elsewhere. To help address this question, this study uses a 10-region multi-regional social accounting matrix (10MRSAM) model for Southwest Alaska (SWAK) fisheries to examine how economic impacts are distributed across regions for each of the major species caught and landed in each of the six SWAK boroughs and census areas (BCAs). We find, among other things, that 60–80% of total US household income generated from the SWAK fisheries is earned by non-Alaska households, depending on the species caught and the region where the fish is landed. The information on the spatial distribution of impacts resulting from fisheries management actions as described by the components of the relevant regional multipliers will be a useful tool for policymakers making decisions regarding Alaska fisheries. [ABSTRACT FROM AUTHOR]

Regression equations are stated in (1)-(3) where I g i is the real GDP growth rate. HT ht Graph (1) The variable I min i is a dummy variable taking the value 1 if the year is a minor conflict year and 0 if not. More specifically, having a PKO during recovery is associated with a growth rate that on average exceeds peacetime growth by 2.9 p.p. Finally, regression (3) implies that the positive association between peacekeeping and economic recovery is strongest for, and likely driven by, transformative PKOs as a transformative PKO is associated with a growth rate that is 4.2 p.p. higher than peacetime growth and the coefficient on traditional PKOs is positive, but statistically no different from zero. Based on available data the average annual spending of a transformative PKO is 13.4 percent of the PKO-receiving country's GDP compared to 1.4 percent for the average traditional PKO. [Extracted from the article]

Brussels is known worldwide for hosting (most of) the European institutions as well as several other international organisations like North Atlantic Treaty Organization (NATO). Besides the symbolic political value, their presence has an economic impact because of their administrative activities and staff remunerations. Estimating the economic impact poses two main challenges. First, the supranational nature of these organisations makes it challenging to quantify the size of these institutions and related bodies because country-based statistical systems hardly account for transnational organisations. Second, as these institutions and organisations mainly rely on taxpayers' funding, policymakers need transparent estimates to assess the implications of their decisions as well as for a matter of accountability. For these purposes, a meticulous data collection is carried out, and transparent assumptions are used to estimate the local economic multiplier effect of these activities accounting for operational expenditures, employees' consumption as well as (Belgian) taxes and saving. The results show that the economic impact for the Brussels-Capital Region lies between 23% and 26% of regional turnover and 19% and 20% of employment, while interregional spillovers are estimated being around 1.5% to 1.7% of regional turnover and 0.6% to 0.7% of employment for both Flemish and Walloon regions. [ABSTRACT FROM AUTHOR]

Projections show sharp increases in public spending on long-term care (LTC) services across Europe. However, a purely cost-based focus on LTC services is economically misleading. Private and public expenditure on LTC services directly and indirectly generates income in the form of salaries, taxes, and social security contributions. The aim of this paper is to quantify the economic impact and multipliers of LTC services for Austria. Based on an econometric regional Input-Output model for Austria, we estimate the direct, indirect, and induced effects of public and private expenditures on value added, employment, taxes, and social security contributions. According to our results, each euro spent on LTC services is associated with domestic value added of € 1.70; 70 cents per euro spent flows into public budgets in the form of taxes and social security contributions. The economic multipliers of the LTC services are comparatively high due to the high share of wages and salaries in direct expenditure and the associated high direct value added. Public expenditure on professional care services should therefore not be regarded merely as a cost factor in the public budget. Rather, this rapidly growing economic sector is also an increasingly important economic factor in a time of ageing societies. While the model does not provide information on the causal economic effect of the LTC sector, the findings are still highly important for planners of LTC reforms, as they provide information on the total value added associated with LTC expenditures and on the total number of jobs that these expenditures sustain. [ABSTRACT FROM AUTHOR]

The aim of this article is to assess both the economic and social value of balneotherapy and spa tourism, being the first paper in carrying out this analysis. The study has been conducted in Maresme, a region of Catalonia, Spain. On the one hand, an Input-Output (IO) model with a Social Accounting Matrix (SAM) has been carried out to assess the economic value. On the other hand, a Cost-Benefit Analysis (CBA) has been used to monetise the social value in this region, taking into account, among other concepts, direct and indirect health profits, given that balneotherapy helps to alleviate various diseases. The results show that whereas the economic multiplier is 1.529 considering the direct and indirect effects and 1.712 taking into account also the induced effects, which are similar to health and medical tourism multipliers, social value generates additional positive value, given that the cost-benefit ratio is 1.858. The theoretical implications of the paper as well as the findings' implications for policy so as to encourage investments in spa tourism are discussed. [ABSTRACT FROM AUTHOR]

Towards a just and green recovery for better well-being and growth It is important to note the absence in this Special Issue of coverage of key climate adaptation policies and disaster risk preparedness even though such policies are a central pillar to effectively tackling the COVID-19 crisis and climate change. The authors argue that the case is even stronger for introducing a carbon price during the COVID-19 crisis than under normal conditions and can contribute to a more sustainable COVID-19 recovery. Keywords: Climate policy; economy; COVID-19; green recovery; just transition EN Climate policy economy COVID-19 green recovery just transition 1249 1256 8 11/26/21 20211101 NES 211101 Introduction The global crises of COVID-19 and climate change present unparalleled challenges, with policymakers now at a crossroads. A climate-positive COVID-19 recovery thus not only requires the greening of recovery packages in major consumer countries, but also strong and differentiated policies to help fossil fuel stakeholders - including workers, communities, companies, and governments - to more actively pursue a green and just energy transition. [Extracted from the article]

The article informs about Glasgow, the 26th Conference of the Parties to the Union Nations Framework Convention on Climate Change is important global climate summit since the 2015 Paris conference, which led to the eponymous Paris Agreement. Topics include notable exception of the rules on international cooperation and carbon trading; and the global governance architecture on climate change is largely in place for countries to review their nationally determined contributions (NDCs) to the Paris Agreement.

Subsidies in the form of direct transfers from the government to citizens constitute a powerful mechanism for crisis mitigation and for the alleviation of economic inequalities. However, the connection between direct transfers of cash assistance to selected individual beneficiaries and the prosperity of their immediate surrounding local economy has not been sufficiently explored. This paper presents a case study which analyzes the effects of allocating cash assistance in the form of a local currency. It shows that, under certain conditions, such a transfer not only provides the beneficiaries with additional purchasing power to satisfy their needs but also that the monetary injection benefits local SMEs by generating additional turnover. Using transactional data from the system, some indicators are proposed to analyze the properties of the system, namely, user satisfaction, total and average income generated by local businesses, the local multiplier, the recirculation of the local currency, and the velocity of its circulation. Our findings indicate that cash assistance provided in the REC local currency could contribute to local economic development and financial stability by sustaining local commerce, while preserving most of the original positive effects of cash assistance in a legal tender. [ABSTRACT FROM AUTHOR]