Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.4 days after submission; acceptance to publication is undertaken in 6.5 days (median values for papers published in this journal in the second half of 2023).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.6 (2022);
5-Year Impact Factor:
2.7 (2022)
Latest Articles
The Nexus between Oil Consumption, Economic Growth, and Crude Oil Prices in Saudi Arabia
Economies 2024, 12(5), 105; https://doi.org/10.3390/economies12050105 - 29 Apr 2024
Abstract
The energy revolution in Saudi Arabia has accelerated significantly since 2016, driven by the National Vision 2030. Significant changes to energy subsidies took place, and the renewable energy sector has seen rapid growth. The paper presents an empirical analysis of the Saudi energy
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The energy revolution in Saudi Arabia has accelerated significantly since 2016, driven by the National Vision 2030. Significant changes to energy subsidies took place, and the renewable energy sector has seen rapid growth. The paper presents an empirical analysis of the Saudi energy transition by emphasizing the drivers of fuel consumption in KSA. It primarily attempts to explore the long-run (LR) connection between oil consumption and several economic variables such as economic growth, crude oil prices, investment, and the labor force in Saudi Arabia (KSA) from 1991 up to 2021. The paper implemented the vector error correction model (VECM) and performed different diagnostic tests to provide more evidence about the validity and robustness of the tests. The empirical findings highlighted how important the labor force, savings, GDP, and crude oil price are in determining oil consumption for KSA. The law of demand is significantly present, which negatively affects oil consumption for KSA as an oil exporting country. The results also supported the existence of a long-term direct correlation between the variables and oil consumption. Furthermore, the short-term estimation highlighted that only saving has a negative impact on oil consumption for a single lagged period. Our findings provide governments and regulators with further incentive to slow the expansion in oil consumption, as a larger labor force is demanding more oil to attain the target, faster economic growth, and increased savings are all contributing factors. Our findings are significant because they can assist policymakers, investors, and regulators in generating more efficient oil substitutes and making them affordable for the economy.
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Open AccessArticle
Navigating Kazakhstan’s Sustainable Economic Future: A Study of Tech Innovation, Infrastructure, and Resource Management
by
Gani Rakhymzhan, Nazym Esbergenovna Dabyltayeva, Gaukhar Sakhanova, Elvira Abdulmitovna Ruziyeva and Assemgul Bauirzhanovna Bekmukhametova
Economies 2024, 12(5), 104; https://doi.org/10.3390/economies12050104 - 28 Apr 2024
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In a quest to illuminate Kazakhstan’s economic horizon within a sustainable context, this study delved into the complex interplay of sustainable tech innovation, investment in sustainable infrastructure, and natural resource management. The study assesses the potential for green economy development by introducing the
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In a quest to illuminate Kazakhstan’s economic horizon within a sustainable context, this study delved into the complex interplay of sustainable tech innovation, investment in sustainable infrastructure, and natural resource management. The study assesses the potential for green economy development by introducing the adoption of sustainable practices as the mediator and corporate social responsibility as the moderator in the examined relationships. We employed a cluster sampling technique, focusing on government sector employees in Kazakhstan. The choice of this sector stemmed from its pivotal role in shaping national policies. A time-lagged approach was incorporated, collecting data at two distinct time points to capture the dynamic evolution of green initiatives over time. As the data unfolded, sustainable tech innovation, investment in sustainable infrastructure, and natural resource management emerged as significant predictors for adopting environmentally responsible practices leading to green economy development. This development process, we found, was further augmented by the moderating influence of corporate social responsibility. Hence, our findings contribute both practical and theoretical insights to the discourse on sustainable economic development. In addressing the intricate interplay of technological, infrastructural, and resource-related factors, this study provides guidance for Kazakhstan’s ongoing transition towards a more sustainable and resilient economic trajectory.
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Assessing the Impact of COVID-19 on Capital Structure Dynamics: Evidence from GCC Economies
by
Amanj Mohamed Ahmed, Deni Pandu Nugraha and István Hágen
Economies 2024, 12(5), 103; https://doi.org/10.3390/economies12050103 - 26 Apr 2024
Abstract
This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset covering
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This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset covering 208 non-financial listed firms across five GCC countries, with data spanning the years 2010 to 2022. Capital structure is a dependent variable and is measured by total debt to equity, equity multiplier, and short-term debt ratios, while the COVID-19 pandemic, firm size growth, return on assets, tangibility, and growth were applied as independent variables. Using the generalized least squares (GLS) method, findings demonstrated that COVID-19 has a significant and positive influence on debt-to-equity and equity multiplier ratios but a negative one on short-term debt ratio. Thus, non-financial firms increased their debt financing and transferred debt from short-term to long-term funding. In addition, firm-specific factors, such as firm size, tangibility, and macroeconomic factors, such as GDP growth, positively and significantly impact capital financing. Conversely, profitability has a negative relationship with financial leverage. There is a lack of empirical research on how COVID-19 affects the financial structure of non-financial listed companies in GCC nations. Consequently, by filling the previously specified gaps, this study provides proof to support the idea of using debt financing to raise capital for economic recovery. GCC policymakers need to give priority to ensuring that firms have convenient access to inexpensive finance in light of the financial consequences caused by COVID-19. This will guarantee that companies have the resources necessary to bounce back and support economic growth.
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(This article belongs to the Special Issue Economics after the COVID-19)
Open AccessArticle
Fuel Price Networks in the EU
by
Fotios Gkatzoglou, Theophilos Papadimitriou and Periklis Gogas
Economies 2024, 12(5), 102; https://doi.org/10.3390/economies12050102 - 26 Apr 2024
Abstract
This study deals with the evolution of fuels’ prices over time in the EU. The central research inquiry revolves around whether there exists any correlation among the trajectories followed by national prices in the gasoline and diesel markets. The EU, and more specifically
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This study deals with the evolution of fuels’ prices over time in the EU. The central research inquiry revolves around whether there exists any correlation among the trajectories followed by national prices in the gasoline and diesel markets. The EU, and more specifically the Euro-Area, by its construction, is treated as an OCA (Optimum Currency Area). In an OCA, certain conditions are met to ensure the smooth functioning of a common currency. The fuel price synchronization is essential because it contributes to the effective implementation of policies and promotes stability across the entire macroeconomy. The study covers the period of 2017–2022. For each type of fuel and year, we construct an individual network where network nodes represent the EU member states while the edges connecting these nodes represent strong temporal fuel price correlations among the member states. The properties of the resulting networks are analyzed within a Complex Network framework. Our goal is twofold: first, to detect any potential convergence or divergence in the trajectories of the prices, and second, to investigate the impact of tax and duty implementation on the co-movements of the prices. The empirical findings show that diesel markets have a more pronounced pattern of price co-movements compared to the gasoline markets. Moreover, the application of fuel taxation policies seems to adversely affect the co-movements of prices.
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(This article belongs to the Special Issue Complex Networks on Macroeconomics and Finance: Models, Methods, Applications)
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Family Restrictions at Work
by
Enriqueta Aragones
Economies 2024, 12(5), 101; https://doi.org/10.3390/economies12050101 - 26 Apr 2024
Abstract
This paper analyzes one of the causes of the current gender-unbalanced situation in the labor market: the discrimination that individuals face at work due to their commitment to unpaid care work. It aims at finding mechanisms that may induce a change from the
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This paper analyzes one of the causes of the current gender-unbalanced situation in the labor market: the discrimination that individuals face at work due to their commitment to unpaid care work. It aims at finding mechanisms that may induce a change from the current unbalanced situation to a world in which males and females are found in more equal shares in all professions and at all levels. I construct a formal model that includes the heterogeneity of individuals regarding their family commitments and I investigate how it affects the individual’s optimal labor market participation. The welfare of individuals with commitment to family duties is reduced for two different reasons: for not being able to participate as much in the labor market and thus receive a lower labor income and for not being able to contribute as much to their family commitments. I compare the results for the female and male sections of the society and I illustrate the observed gender gaps in terms of labor market participation, income levels, and the overall utility obtained. I find that even though the gender wage gap may be alleviated with reductions in the cost associated to unpaid care work, the gender utility gap will persist.
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(This article belongs to the Section Labour and Education)
Open AccessArticle
The Manufacturing Reshoring Phenomenon: A Policy-Oriented Analysis of Factors Driving the Location Decision
by
Xavier Bornert and Dario Musolino
Economies 2024, 12(5), 100; https://doi.org/10.3390/economies12050100 - 25 Apr 2024
Abstract
For several decades, multinational enterprises (MNEs) have offshored their manufacturing activities to low-cost countries to achieve significant productivity gains. However, changes in the relative competitiveness of countries, social effects of deindustrialization in advanced economies and the vulnerability of global value chains (GVCs) revealed
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For several decades, multinational enterprises (MNEs) have offshored their manufacturing activities to low-cost countries to achieve significant productivity gains. However, changes in the relative competitiveness of countries, social effects of deindustrialization in advanced economies and the vulnerability of global value chains (GVCs) revealed by the COVID-19 pandemic have encouraged some firms, supported by governments, to “reshore” part, or all of their offshore industrial operations back to their home country. Reshoring decisions are motivated by a variety of endogenous and exogenous factors that are empirically analyzed in this paper to understand how reshoring policies implemented by governments can more effectively address the factors driving the firms’ location decisions. A review of the reshoring policies implemented in Europe, the UK and the US is conducted to provide general policy recommendations regarding policy instruments, SMEs, innovation and regionalization of value chains. This paper fills a gap in the literature by connecting the micro-level supply chain management analysis of firms’ reshoring drivers with the macro-level economic policy perspective on reshoring. The review of existing reshoring policies calls for an in-depth analysis by the manufacturing sector and at the local level.
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(This article belongs to the Special Issue Global Value Chains—Development Challenges in Uncertain Circumstances)
Open AccessArticle
Exploring the Macroeconomic Effects of Renewable Energy in Tajikistan: An Empirical Analysis
by
Mirzosaid Sultonov, Behruz Hasanov, Pirumsho Valizoda and Fumiaki Inagaki
Economies 2024, 12(5), 99; https://doi.org/10.3390/economies12050099 (registering DOI) - 25 Apr 2024
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Tajikistan holds the eighth position globally in terms of hydropower potential, estimated at 527 terawatt-hours (TWh), with a technically exploitable capacity of 317 TWh. Only 4–6 percent of this immense potential is currently utilized. In this paper, employing a combination of the Johansen
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Tajikistan holds the eighth position globally in terms of hydropower potential, estimated at 527 terawatt-hours (TWh), with a technically exploitable capacity of 317 TWh. Only 4–6 percent of this immense potential is currently utilized. In this paper, employing a combination of the Johansen cointegration test, vector autoregression, and the Granger-causality test on annual data from 1993 to 2021, we examine the causality relationship between electricity production and key macroeconomic variables, including gross domestic product (GDP), GDP per capita, exports, imports, final consumption, capital investment, and employment, in Tajikistan. The empirical findings reveal a positive unidirectional causality from electricity production to exports and imports. A positive bidirectional or feedback causality is found between electricity production and variables such as GDP, GDP per capita, final consumption, and employment. No causality relationship between electricity production and variables such as trade openness and capital investment is observed. The exploration of complex causal relationships between electricity production and key macroeconomic variables in Tajikistan, as revealed in this study, offers a modest yet meaningful addition to academic discourse. It presents insights that may inform policymakers and stakeholders, albeit with a recognition of the limitations inherent in the findings. These insights could potentially guide the formulation of sustainable development strategies and shed light on the underutilized potential of the country’s hydropower resources.
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Monetary Policy Spillovers and Inter-Market Dynamics Perspective of Preferred Habitat Model
by
Abdul Wahid and Oskar Kowalewski
Economies 2024, 12(5), 98; https://doi.org/10.3390/economies12050098 (registering DOI) - 24 Apr 2024
Abstract
This study advances the understanding of the Preferred Habitat Model’s capacity to shed light on the inter-market transfer of mean returns and the diffusion of price volatility in Pakistani investment markets. It examines the extent to which returns in one market exert a
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This study advances the understanding of the Preferred Habitat Model’s capacity to shed light on the inter-market transfer of mean returns and the diffusion of price volatility in Pakistani investment markets. It examines the extent to which returns in one market exert a systematic influence on returns across others under the potential sway of interest rate policy shifts, USD exchange rate volatility, and domestic inflation trends. Employing a methodological arsenal that includes the GARCH process, enhanced by Dynamic Conditional Correlations (DCC), as well as the Markov Switching Model, this research assesses the propagation of mean returns and volatility across markets. The analysis uncovers significant linkages between monetary policy and stock market indices, underscoring the profound impact of monetary policy on cross-market performance transmission. These insights are pivotal for regulators overseeing the nuanced interaction between monetary policy and market performance. They are crucial for local and international investors interested in developing economies, especially in Pakistan’s markets.
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(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Tax Complexity and Firm Tax Evasion: A Cross-Country Investigation
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Prianto Budi Saptono, Gustofan Mahmud, Fauzilah Salleh, Intan Pratiwi, Dwi Purwanto and Ismail Khozen
Economies 2024, 12(5), 97; https://doi.org/10.3390/economies12050097 (registering DOI) - 24 Apr 2024
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This paper endeavours to investigate whether a complex tax system influences firms’ propensity toward tax evasion across countries. To achieve the objectives of this study, we utilised the World Bank Enterprise Survey and the World Bank’s Doing Business databases covering more than 46,000
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This paper endeavours to investigate whether a complex tax system influences firms’ propensity toward tax evasion across countries. To achieve the objectives of this study, we utilised the World Bank Enterprise Survey and the World Bank’s Doing Business databases covering more than 46,000 companies from 83 countries. Our study revealed that the increased time required to pay taxes and higher total tax payments were associated with a greater extent and incidence of tax evasion among firms. The consistency of these benchmark regression results was proven through endogeneity analysis and several robustness tests. Furthermore, our heterogeneity analyses showed that the effect of tax complexity on firm tax evasion was more prominent in low- and lower-middle-income countries and also in the primary industry. These findings offer promising evidence for policymakers, particularly in low- and lower-middle-income countries where the majority of companies operate in the primary industry. Addressing the complexity of the tax system could potentially mitigate the adverse impact on tax evasion levels in these countries. Furthermore, our spatial analysis provides valuable insights, emphasising the potential impact of tax complexity in neighbouring countries and underscoring the necessity for policymakers in the home countries to strategise on harmonising and streamlining their tax systems.
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Exchange Rate Regimes in India: Central Bank Interventions and Purchasing Power Parity in the Context of ASEAN Currencies
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Angad Siddharth, Constantinos Alexiou and Sofoklis Vogiazas
Economies 2024, 12(4), 96; https://doi.org/10.3390/economies12040096 - 19 Apr 2024
Abstract
In this study spanning four decades, we explored the relationship between the Reserve Bank of India’s (RBI) interventions and the validity of Purchasing Power Parity (PPP) across two distinct exchange rate regimes: the fixed exchange rate regime (1975–1993) and the managed floating regime
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In this study spanning four decades, we explored the relationship between the Reserve Bank of India’s (RBI) interventions and the validity of Purchasing Power Parity (PPP) across two distinct exchange rate regimes: the fixed exchange rate regime (1975–1993) and the managed floating regime (1994–2015). Applying an error correction model (VECM), our analysis reveals that under the fixed exchange rate regime, the environment is conducive to PPP due to frequent interventions by the RBI. However, in the managed floating regime, selective interventions weaken the applicability of PPP. These findings align with prior research but also hint at the limitations of linear models in capturing the intricate dynamics of PPP when central banks are involved. Nonlinear models may hold the key to unraveling the relationship more effectively.
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(This article belongs to the Collection International Financial Markets and Monetary Policy)
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CO2 Emissions, Remittances, Energy Intensity and Economic Development: The Evidence from Central Asia
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Bekhzod Kuziboev, Olimjon Saidmamatov, Elbek Khodjaniyazov, Jakhongir Ibragimov, Peter Marty, Davron Ruzmetov, Umidjon Matyakubov, Ekaterina Lyulina and Dilshad Ibadullaev
Economies 2024, 12(4), 95; https://doi.org/10.3390/economies12040095 - 17 Apr 2024
Abstract
Remittances are a crucial part of economic expansion, especially in Central Asia. Nevertheless, it is not possible to ignore its environmental damage. This paper is a pioneer in investigating the association among CO2 emissions, remittances, energy consumption and economic development in Central
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Remittances are a crucial part of economic expansion, especially in Central Asia. Nevertheless, it is not possible to ignore its environmental damage. This paper is a pioneer in investigating the association among CO2 emissions, remittances, energy consumption and economic development in Central Asian countries (Uzbekistan, Kazakhstan, Kyrgyzstan and Tajikistan) spanning the period of 1995–2022. As a methodology, the FMOLS estimator is applied to check linear impact and long-run association as well. Panel threshold regression model and 2SLS method are applied to examine potential non-linear relations among the studied variables. Hausman–Taylor and Amacurdy estimators are employed to control the endogeneity issue among the variables of interest. The results suggest the existence of a long-run relationship among the studied variables. Precisely, applying the FMOLS method, remittances negatively impact CO2 emissions in the long run. The relationship between CO2 emissions and remittances is distorted when the endogeneity issue is considered with the Panel threshold regression model, 2SLS method, and Hausman–Taylor and Amacurdy estimators. This distortion validates the linear impact of remittances on CO2 emissions in CA. The Dumitrescu–Hurlin causality test shows that all independent variables have a causal effect on the dependent variable, validating the effect of the studied variables. Consequently, decision-makers should facilitate remittances towards more environmentally friendly and sustainable solutions to prevent the detrimental effects of remittance inflows on carbon emissions in Central Asia.
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(This article belongs to the Special Issue Economics of Migration)
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Government Funding Allocations to Universities and the Business Cycle: An Analysis of Canada’s Provincial Governments
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Duane Rockerbie and Stephen Easton
Economies 2024, 12(4), 94; https://doi.org/10.3390/economies12040094 - 16 Apr 2024
Abstract
Canada’s universities each receive an annual operating grant from their provincial government to partially finance operating expenses. This paper estimates the sensitivity of provincial operating grants to the business cycle by disentangling the effects of procyclical income on government revenue and the countercyclical
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Canada’s universities each receive an annual operating grant from their provincial government to partially finance operating expenses. This paper estimates the sensitivity of provincial operating grants to the business cycle by disentangling the effects of procyclical income on government revenue and the countercyclical effect on student demand by utilizing an economic regression model composed of three equations. Our panel data include the total real operating grant paid to all universities within a province, total student enrolment, real per capita government revenue, and real per capita gross domestic product for Canada’s ten provinces over the 1992–2019 sample period. The results confirm that real per capita government revenues are procyclical and that full-time equivalent student enrolments are counter-cyclical. The total real operating grant is only weakly associated with cyclical changes in provincial government revenue. Instead, the total real operating grant is mainly determined by countercyclical changes in student demand. This partially offsets the potential reduction in funding to universities during an economic downturn. Provincial governments in Canada can smooth the total allocation over the business cycle by adjusting other expenditures and using debt financing. Our results suggest they do this to some extent, but not enough to avoid a net reduction in real operating grants during an economic downturn.
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(This article belongs to the Topic Risk Management in Public Sector)
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What Factors Are Limiting Financial Inclusion and Development in Peru? Empirical Evidence
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Sergio Luis Náñez Alonso, Javier Jorge-Vazquez, Lieslie Gallegos Arias and Noelia Muñoz del Nogal
Economies 2024, 12(4), 93; https://doi.org/10.3390/economies12040093 - 16 Apr 2024
Abstract
Despite recent efforts in Peru to boost financial inclusion, significant issues of exclusion persist, especially among vulnerable groups. This article aims to identify and analyze areas at risk of financial exclusion using a multifaceted methodology: the Financial Access Survey (FAS) for comparative analysis
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Despite recent efforts in Peru to boost financial inclusion, significant issues of exclusion persist, especially among vulnerable groups. This article aims to identify and analyze areas at risk of financial exclusion using a multifaceted methodology: the Financial Access Survey (FAS) for comparative analysis (Peru versus other countries and regions), geographical-distribution analysis, and the Access to Cash Index (ACI) methodology. Findings reveal that remote rural areas of Peru, particularly those inland, as well as mountainous or jungle regions, face higher risks of financial exclusion due to low digital literacy, limited digital banking usage, sparse branch and ATM networks, and inadequate transportation infrastructure. These insights can inform targeted public policies to enhance financial inclusion in Peru, as well as the development.
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(This article belongs to the Special Issue Economic Indicators Relating to Rural Development)
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Estimating Spillover Effect from International Oil Market to Stock Market: Evidence from Korean Portfolio-Level Analysis
by
Sunghee Choi
Economies 2024, 12(4), 92; https://doi.org/10.3390/economies12040092 - 15 Apr 2024
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Using a diagonal BEKK model, this paper estimates a spillover effect from the international crude oil market to the Korean stock market. Empirical results suggest that shocks and volatility in Dubai oil prices are significantly transmitted into twenty portfolios of the Korean stock
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Using a diagonal BEKK model, this paper estimates a spillover effect from the international crude oil market to the Korean stock market. Empirical results suggest that shocks and volatility in Dubai oil prices are significantly transmitted into twenty portfolios of the Korean stock market. Also, it was found that these spillover effects dramatically rose during the year 2020, when the threat of COVID-19 was the most serious. More specifically, oil-oriented portfolios, such as the power and gas firms’ portfolio and chemical firms’ portfolio, had a greater spillover effect from the international crude oil market rather than other portfolios. Further, compared to larger-capitalization firm portfolios, small-capitalization firm portfolios had a relatively greater spillover effect. Several implications and important avenues for further research are identified.
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Identifying Determinants of Food Security Using Panel Data Analysis: Evidence from Maghreb Countries
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Guerrache Mohamed, Fayçal Chiad, Menacer Abdesslam, Belkacem Omar and Mujeeb Saif Mohsen AL-Absy
Economies 2024, 12(4), 91; https://doi.org/10.3390/economies12040091 - 15 Apr 2024
Abstract
Countries and international bodies are focusing on agriculture as a route to achieving sustainable food security. Hence, the aim of this study is to examine the determinants of food security. It investigates the effects of gross domestic product deflator (GDPD), rural population, arable
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Countries and international bodies are focusing on agriculture as a route to achieving sustainable food security. Hence, the aim of this study is to examine the determinants of food security. It investigates the effects of gross domestic product deflator (GDPD), rural population, arable area, agricultural workers, farmers, agricultural exports, and agricultural imports on agricultural performance, which is a metric of food security. This study uses time lapse data models of a sample from the group of Maghreb states, namely Libya, Tunisia, Algeria, Morocco, and Mauritania, for the 2003–2018 period. All these data were collected from the statistical reports of the Arab Organization for Agricultural Development. The results provide evidence of the significant positive impacts of gross domestic product, arable areas, and agricultural exports on the agricultural sector’s performance, which results in achieving food security. However, the results indicate that the rural population and the number of workers in the agricultural sector have a significantly negative relationship with agricultural sector performance. In terms of agricultural imports, the results do not show a relationship between agricultural imports and agricultural sector performance. To the best of the researchers’ knowledge, this is the first study conducted in the Maghreb states, including five countries. This study alerts policymakers to issues regarding the importance of having effective policies that could enhance the performance of agricultural production to achieve food security in the Maghreb states. Policymakers must improve the investment climate in North African countries to encourage investors to enter the agricultural sector.
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(This article belongs to the Collection Agricultural and Natural Resource Economics)
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Assessing Production and Marketing Efficiency of Organic Horticultural Commodities: A Stochastic Frontier Analysis
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Etty Puji Lestari, Sucihatiningsih Dian Wisika Prajanti, Fauzul Adzim, Faizul Mubarok and Arif Rahman Hakim
Economies 2024, 12(4), 90; https://doi.org/10.3390/economies12040090 - 12 Apr 2024
Abstract
Inefficiency is a problem in the production process, including in the organic farming sector. Over a long term period, this problem can disrupt the productivity of agricultural crops. This research aims to analyze the production and marketing efficiency of organic cabbage farming in
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Inefficiency is a problem in the production process, including in the organic farming sector. Over a long term period, this problem can disrupt the productivity of agricultural crops. This research aims to analyze the production and marketing efficiency of organic cabbage farming in the Kopeng agropolitan area, Indonesia. We utilized a Cobb–Douglas production efficiency analysis with the Stochastic Frontier Analysis (SFA) approach. The variables in this study include organic cabbage production, land area, seedlings, organic fertilizers, organic pesticides, and labor. We conducted in-depth interviews with 60 organic cabbage farmers in Kopeng, Indonesia, from January to August 2023. The research results showed that organic cabbage cultivation was economically inefficient in production, technical, and marketing. The use of organic fertilizers, the ability to diversify products on limited land, and the use of pesticides, have not been utilized optimally yet. The results of the marketing efficiency analysis showed that it was efficient. Organic plants were believed to have their market share and to have a higher selling value than non-organic ones. The implication was that the government needed to provide training in producing organic fertilizers and pesticides to reduce production costs so that organic farming could be technically and financially efficient. This research enriched the discussion regarding the need to analyze production and marketing efficiency to find strategies to increase organic cabbage productivity.
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(This article belongs to the Topic Novel Studies in Agricultural Economics and Sustainable Farm Management)
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Can ESG Stocks Be a Safe Haven during Global Crises? Evidence from the COVID-19 Pandemic and the Russia-Ukraine War with Time-Frequency Wavelet Analysis
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Ioannis Katsampoxakis, Stylianos Xanthopoulos, Charalampos Basdekis and Apostolos G. Christopoulos
Economies 2024, 12(4), 89; https://doi.org/10.3390/economies12040089 - 12 Apr 2024
Abstract
In times of intense economic variability and social turbulence worldwide, this paper aims to examine the existence of transient correlations and interdependencies between the most important MSCI ESG indices worldwide and the most important commodities’ index, economic uncertainty, natural gas, gold, and VIX,
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In times of intense economic variability and social turbulence worldwide, this paper aims to examine the existence of transient correlations and interdependencies between the most important MSCI ESG indices worldwide and the most important commodities’ index, economic uncertainty, natural gas, gold, and VIX, in a geographical and social context during two recent crises: the COVID-19 pandemic and the energy crisis due to the Ukrainian war. Using daily data from 3 January 2020 and extending until 23 August 2022, this study applies a wavelet coherence approach to analyze time series co-movements, in order to emphasize all possible combinations’ correlations and achieve more accurate outcomes at any given time and frequency band simultaneously and spontaneously. The results show robust coherence between different geographical areas, time, and frequency bands, indicating both positive and negative correlations with most of the combined ESG indices and other economic indicators. The study suggests that stock indices of leading ESG companies in North America and Europe constitute a safe investment haven during major upheavals and crises, providing a way for investors to manage risk and generate positive returns while contributing to economic sustainability.
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(This article belongs to the Collection International Financial Markets and Monetary Policy)
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Tourism and Economic Misery: Theory and Empirical Evidence from Mexico
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Fernando Sánchez López
Economies 2024, 12(4), 88; https://doi.org/10.3390/economies12040088 - 11 Apr 2024
Abstract
The misery index (MI) was devised to summarize the most evident costs for a society, attempting to objectively measure the loss in general welfare. It has been remarked in the literature that economic growth exerts a negative impact on the MI; however, analyses
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The misery index (MI) was devised to summarize the most evident costs for a society, attempting to objectively measure the loss in general welfare. It has been remarked in the literature that economic growth exerts a negative impact on the MI; however, analyses of this relationship in the tourism field have been neglected. This study assessed the effectiveness of the tourism sector at improving welfare conditions by measuring the impact of tourism GDP on the misery index and providing a theoretical framework for the relationship between tourism and the MI. A quantitative analysis was conducted using quarterly time series data for the period 2005Q1–2021Q2. Firstly, the existence of a long-term relationship was tested by using the Toda–Yamamoto procedure, and secondly, by applying linear and nonlinear ARDL models. The main results show that tourism can help to reduce the loss of welfare mirrored by the MI. These findings have policy implications, as they provide evidence that expanding the tourism sector counters the MI, and, consequently, the economic malaises derived from it.
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(This article belongs to the Section Economic Development)
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Sectoral Performance Trends and Differences in the Balkan and Eastern European Region
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Tamás Kristóf, Attila Virág and Miklós Virág
Economies 2024, 12(4), 87; https://doi.org/10.3390/economies12040087 - 11 Apr 2024
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This article provides an empirical analysis aimed at evaluating the financial trends and disparities at the sector level within the Balkan and Eastern European region. The dataset encompasses a period of nine years and comprises more than 20 million firm-year observations from 24
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This article provides an empirical analysis aimed at evaluating the financial trends and disparities at the sector level within the Balkan and Eastern European region. The dataset encompasses a period of nine years and comprises more than 20 million firm-year observations from 24 industries in 21 countries. It uses 19 financial ratios to assess sectoral performance. In the empirical investigation, trend analysis and the two-step cluster analysis methods were used. Following the global financial crisis, a significant proportion of financial ratios exhibited favorable trends, indicating robust business and economic circumstances. Nevertheless, this trajectory was temporarily disrupted in 2020 due to the onset of the COVID-19 pandemic. By 2021, the financial ratios had reverted back to their historical patterns. Country membership, margin, liquidity, trade turnover, profitability, and leverage ratios are the most effective variables for explaining differences in sectoral performance. Sector membership is a comparatively less influential factor. Although this study effectively identified significant disparities in financial ratio profiles, it does not suggest that companies in the most developed countries in the region attain the most favorable financial performance. Stakeholders who have a vested interest in this region should carefully contemplate the ramifications of the findings from this study.
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(This article belongs to the Special Issue Industrial Clusters, Agglomeration and Economic Development)
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Open AccessArticle
Short Run and Long Run Effects of Corruption on Economic Growth: Evidence from Balkan Countries
by
Stefano Lucarelli, Klodian Muço and Enzo Valentini
Economies 2024, 12(4), 86; https://doi.org/10.3390/economies12040086 - 11 Apr 2024
Abstract
One of the factors that characterize the different countries of the Balkan area is the level of corruption which, as often stressed by scholars, may significantly influence the economic growth of its countries. However, there is still no agreement on the sign of
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One of the factors that characterize the different countries of the Balkan area is the level of corruption which, as often stressed by scholars, may significantly influence the economic growth of its countries. However, there is still no agreement on the sign of this effect: there are theoretical arguments and empirical results in favor of a positive correlation between corruption and growth, and there are also theoretical arguments and empirical results that support the opposite view. Comparing the short-term and long-term impacts can help to explain this contradiction. In this perspective, we propose an auto-regressive distributed lag (ARDL) methodology. This approach gives both short-run and long-run results simultaneously and it is robust with small samples. The results are not homogeneous for the eight countries covered by our study (Bulgaria, Croatia, Greece, North Macedonia, Romania, Serbia, Slovenia, and Turkey), but the following theoretical intuition is confirmed: although corruption could be seen as a factor that helps economic growth by speeding up the bureaucratic processing in the short run, conversely, in the long run, the social costs associated with corruption are considerable, making it difficult to sustain the political, economic, and social burdens, thus leading to a higher levels of corruption that negatively affect the economic growth. These results confirm certain aspects of Albert Hirschman’s ideas regarding private interests and public action.
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(This article belongs to the Section Economic Development)
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