Economies

26 pages, 1802 KiB

Open AccessArticle

Steadying the Ship: Can Export Proceeds Repatriation Policy Stabilize Indonesian Exchange Rates Amid Short-Term Capital Flow Fluctuations?

by Sondang Marsinta Uli Panggabean, Mahjus Ekananda, Beta Yulianita Gitaharie and Leslie Djuranovik

Economies 2025, 13(6), 180; https://doi.org/10.3390/economies13060180 - 19 Jun 2025

Viewed by 318

Abstract

This paper investigates the impact of repatriated export proceeds on exchange rate volatility in Indonesia. By applying a time-varying parameter vector autoregression (TVP-VAR) model with stochastic volatility, we assess whether the impact of repatriated export proceeds can dampen the effect of short-term capital [...] Read more.

This paper investigates the impact of repatriated export proceeds on exchange rate volatility in Indonesia. By applying a time-varying parameter vector autoregression (TVP-VAR) model with stochastic volatility, we assess whether the impact of repatriated export proceeds can dampen the effect of short-term capital flows. Our findings indicate that the influence of export proceeds on exchange rate volatility varies over time, with no evidence supporting its ability to dampen the impact of short-term capital flows in the short and intermediate terms. Furthermore, we identify a reversal pattern in the impacts of both repatriated export proceeds and short-term foreign capital flows after 3–5 days, suggesting a potential need to evaluate policies aimed at dampening short-term capital flow impacts on exchange rate volatility. Our results are robust across a range of sensitivity and robustness checks, confirming the reliability of our findings. Full article

(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)

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22 pages, 519 KiB

Open AccessArticle

Linking R&D and Productivity in South Africa: The Moderating Role of Human Skills

by Brian Tavonga Mazorodze, Darlington Chizema and Phetole Emanuel Ramatsoma

Economies 2025, 13(6), 179; https://doi.org/10.3390/economies13060179 - 18 Jun 2025

Viewed by 338

Abstract

This study examines the impact of research and development (R&D) on productivity outcomes across South African industries. Drawing on an industry-level panel dataset covering 66 industries (6 mining, 37 manufacturing, and 23 services) stretching from 1993 to 2023, the study estimates how a [...] Read more.

This study examines the impact of research and development (R&D) on productivity outcomes across South African industries. Drawing on an industry-level panel dataset covering 66 industries (6 mining, 37 manufacturing, and 23 services) stretching from 1993 to 2023, the study estimates how a change in the initial R&D stock affects labor and capital productivity over a five-year horizon using the Feasible Generalized Least Squares (FGLS) method. The results reveal a positive but weak elasticity of labor productivity to R&D stock (0.01–0.02%), consistent with existing literature. The effects on capital productivity are even lower (0.003–0.005%), suggesting that R&D more directly enhances labor productivity than capital. Sectoral estimations indicate that R&D has no significant effect on labor productivity in mining but a strong productivity effect in manufacturing and services—twice as large in the latter. In contrast, capital productivity gains are only evident in mining. Additionally, the study finds that R&D effects are larger in technology-intensive industries, and the productivity benefits increase with the share of skilled workers, underscoring the importance of absorptive capacity. Overall, the findings suggest that while R&D matters for productivity, its returns are stronger in human capital- and technology-intensive industries. Full article

(This article belongs to the Special Issue Innovation, Productivity, and Economic Growth: New Insights—2nd Edition)

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21 pages, 1777 KiB

Open AccessArticle

Classification of Latin American and Caribbean Countries Based on Multidimensional Development Indicators: A Multivariate Empirical Analysis

by Adel Mendoza-Mendoza, Delimiro Visbal-Cadavid and Enrique De La Hoz-Domínguez

Economies 2025, 13(6), 178; https://doi.org/10.3390/economies13060178 - 17 Jun 2025

Viewed by 304

Abstract

This study develops a multidimensional classification of Latin American and Caribbean countries based on a multidimensional set of economic, social, technological, and environmental indicators. This study develops a multidimensional assessment of the performance of Latin American and Caribbean countries, taking into account the [...] Read more.

This study develops a multidimensional classification of Latin American and Caribbean countries based on a multidimensional set of economic, social, technological, and environmental indicators. This study develops a multidimensional assessment of the performance of Latin American and Caribbean countries, taking into account the following indicators for the period 2017–2022: education expenditure (% of GDP), health expenditure (% of GDP), GDP per capita (constant USD), CO₂ emissions per capita (metric tons), energy consumption per capita (kWh), internet users (% of population), mobile phone subscriptions (per 100 inhabitants), and the Global Innovation Index (GII). Initially, through the application of principal component analysis (PCA), the objective was to reduce the complexity of the data set and reveal the main structural dimensions. Subsequently, cluster analysis was used to classify countries according to shared development patterns. To achieve this, the average of the indicators for the 2017–2022 period was used as a basis, which enabled the reduction in short-term distortions and the capture of structural trends. The results reveal the existence of distinct groups, with countries with higher levels of digital connectivity, investment in human capital, and economic dynamism experiencing more favorable development conditions. Full article

(This article belongs to the Section Economic Development)

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21 pages, 1475 KiB

Open AccessArticle

EU Accession, Institutional Change, Growth, and Human Capital

by Chander Kant

Economies 2025, 13(6), 177; https://doi.org/10.3390/economies13060177 - 17 Jun 2025

Viewed by 298

Abstract

The effects of initial institutions and change in institutions on the growth of ex-socialist countries is unsettled in the literature. This is due to difficulties in modeling the effects of institutions and their change. The objective of this paper is to contribute to [...] Read more.

The effects of initial institutions and change in institutions on the growth of ex-socialist countries is unsettled in the literature. This is due to difficulties in modeling the effects of institutions and their change. The objective of this paper is to contribute to this area. Ex-socialist countries faced heterogenous initial conditions at transition. Those that joined the EU experienced institutional integration as well as institutional improvement. Using publicly available data from about ten years before and after EU accession and two-way fixed effects differences-in-differences estimation, this paper finds that these countries experienced growth boosts post-EU accession. Achieving institutional integration cum improvement by accepting and implementing EU’s regulations and norms in all details permitted this boost. The initial conditions mattered—the effect was greater in “new” ex-socialist countries (which had the additional burden of creating new administrative structures and economic relationships) than in the “old.” Using the neo-classical growth model, the paper then examines whether this boost in growth was due to a higher contribution of inputs or due to an increase in the efficiency with which inputs were used. It indicates that it was due to increased contribution of human capital rather than an increase in the amount of human capital or other economic or political confounders. These countries’ skilled labor, already high in skills at transition by OECD standards, needed the right institutions to unlock its potential. Full article

(This article belongs to the Special Issue Economic Development in the European Union Countries)

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16 pages, 8067 KiB

Open AccessArticle

Asymmetry in Distributions of Accumulated Gains and Losses in Stock Returns

by Hamed Farahani and Rostislav A. Serota

Economies 2025, 13(6), 176; https://doi.org/10.3390/economies13060176 - 17 Jun 2025

Viewed by 210

Abstract

We studied decades-long (1980 to 2024) historic distributions of accumulated S&P500 returns, from daily returns to those over several weeks. The time series of the returns emphasize major upheavals in the markets—Black Monday, Tech Bubble, Financial Crisis, and the COVID pandemic—which are reflected [...] Read more.

We studied decades-long (1980 to 2024) historic distributions of accumulated S&P500 returns, from daily returns to those over several weeks. The time series of the returns emphasize major upheavals in the markets—Black Monday, Tech Bubble, Financial Crisis, and the COVID pandemic—which are reflected in the tail ends of the distributions. De-trending the overall gain, we concentrated on comparing distributions of gains and losses. Specifically, we compared the tails of the distributions, which are believed to exhibit a power-law behavior and possibly contain outliers. To this end, we determined confidence intervals of the linear fits of the tails of the complementary cumulative distribution functions on a log–log scale and conducted a statistical U-test in order to detect outliers. We also studied probability density functions of the full distributions of the returns with an emphasis on their asymmetry. The key empirical observations are that the mean of de-trended distributions increases near-linearly with the number of days of accumulation while the overall skew is negative—consistent with the heavier tails of losses—and depends little on the number of days of accumulation. At the same time, the variance of the distributions exhibits near-perfect linear dependence on the number of days of accumulation; that is, it remains constant if scaled to the latter. Finally, we discuss the theoretical framework for understanding accumulated returns. Our main conclusion is that the current state of theory, which predicts symmetric or near-symmetric distributions of returns, cannot explain the aggregate of empirical results. Full article

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23 pages, 556 KiB

Open AccessArticle

Empirical Re-Investigation into the Export-Led Growth Hypothesis (ELGH): Evidence from EAC and SADC Economies

by Ojo Johnson Adelakun, Oluwafemi Opeyemi Ojo and Sakhile Mpungose

Economies 2025, 13(6), 175; https://doi.org/10.3390/economies13060175 - 16 Jun 2025

Viewed by 527

Abstract

The Export-Led Growth Hypothesis (ELGH) posits that expanding exports drive long-run economic growth. While this has held true for several Asian economies, its effectiveness across African regional blocs remains underexplored. This study investigates the validity of ELGH in the East African Community (EAC) [...] Read more.

The Export-Led Growth Hypothesis (ELGH) posits that expanding exports drive long-run economic growth. While this has held true for several Asian economies, its effectiveness across African regional blocs remains underexplored. This study investigates the validity of ELGH in the East African Community (EAC) and Southern African Development Community (SADC), assessing whether exports significantly contribute to economic growth in these regions. The analysis covers 22 EAC and SADC economies from 1990 to 2022—regions marked by structural transformation efforts, trade liberalisation, and participation in the AfCFTA. A dynamic panel data model based on an augmented Cobb-Douglas production function is estimated using the System Generalised Method of Moments (System GMM) to address endogeneity and reverse causality. Granger causality tests supplement the analysis. Exports and technology significantly enhance GDP growth, while labour and FDI are statistically insignificant. Trade openness negatively affects growth, suggesting vulnerability to external shocks. A bidirectional Granger causality exists between exports and GDP. This study offers the first dynamic, bloc-level empirical evaluation of ELGH across EAC and SADC, incorporating trade-related interactions. Findings affirm ELGH’s relevance and stress the need for export diversification, technological upgrading, and institutional reform for sustained growth in Africa. Full article

(This article belongs to the Special Issue Dynamic Macroeconomics: Methods, Models and Analysis)

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18 pages, 745 KiB

Open AccessArticle

The Impact of Trade with Border Effect on GDP per Capita: Global Evidence

by Hansen Tandra, I Gusti Ayu Putu Mahendri, Sujianto Sujianto, Bahtiar Rifai, Zamroni Salim, Helena da Silva and Yulia Pujiharti

Economies 2025, 13(6), 174; https://doi.org/10.3390/economies13060174 - 15 Jun 2025

Viewed by 824

Abstract

Many countries worldwide share borders that offer several benefits, such as easier access, faster knowledge transfer, and more efficient trade diplomacy. However, reliance on land-border trade alone has not been consistently shown to increase GDP per capita or vice versa. This study investigates [...] Read more.

Many countries worldwide share borders that offer several benefits, such as easier access, faster knowledge transfer, and more efficient trade diplomacy. However, reliance on land-border trade alone has not been consistently shown to increase GDP per capita or vice versa. This study investigates the relationship between trade and GDP per capita by distinguishing trade between land-border countries and non-land-border countries. The analysis applied two-stage least squares (2SLS) estimation using data from 87 countries with land borders covering 2010 to 2021. The share of trade to land and non-land borders around the world was dominated by China, Germany, and the United States, with a share of more than 10%. The results revealed a negative relationship between trade with land-border countries and GDP per capita, while trade with non-land-border countries showed a positive effect. To enhance the benefits of land-border trade, improving governance and infrastructure are essential to sustain its impacts in the future. Full article

(This article belongs to the Section Economic Development)

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26 pages, 747 KiB

Open AccessArticle

Hunger and Malnutrition in a COVID-19 Environment: What Are the Effects Amidst Rising Food Prices in Sub-Saharan Africa?

by Bernadette Dia Kamgnia and Kan David N’Dri

Economies 2025, 13(6), 173; https://doi.org/10.3390/economies13060173 - 14 Jun 2025

Viewed by 303

Abstract

The COVID-19 pandemic intensified existing structural challenges in Africa, including poverty, weak healthcare systems, and fragile agricultural supply chains. Consequently, examining its effects remains a critical area of study. This research investigates the effect of food prices on the prevalence of malnutrition in [...] Read more.

The COVID-19 pandemic intensified existing structural challenges in Africa, including poverty, weak healthcare systems, and fragile agricultural supply chains. Consequently, examining its effects remains a critical area of study. This research investigates the effect of food prices on the prevalence of malnutrition in the context of the COVID-19 pandemic in sub-Saharan Africa. The findings indicate a significant long-term relationship between the number of COVID-19 cases, food prices, and the prevalence of undernourishment. Specifically, increases in food prices are associated with a rise in undernourishment rates over the long term. These results are corroborated by estimations using Fully Modified Ordinary Least Squares (FMOLS). To mitigate malnutrition in the face of potential future health shocks, governments could create and operationalize food price stabilization funds to cushion against sharp increases in food prices. These funds can be used to subsidize key staples during periods of price volatility, ensuring affordability for vulnerable populations. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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23 pages, 519 KiB

Open AccessArticle

Food Insecurity During COVID-19 in Cameroon: Associated Factors and Adaptation Strategies

by Atanase Yene and Sophie Michelle Eke Balla

Economies 2025, 13(6), 172; https://doi.org/10.3390/economies13060172 - 14 Jun 2025

Viewed by 241

Abstract

This study seeks to identify the factors driving household food insecurity in Cameroon during the COVID-19 pandemic, examine the effects of coping strategies on household resilience, and explore complementarities among these strategies. We used data from the COVID-19 panel surveys conducted by the [...] Read more.

This study seeks to identify the factors driving household food insecurity in Cameroon during the COVID-19 pandemic, examine the effects of coping strategies on household resilience, and explore complementarities among these strategies. We used data from the COVID-19 panel surveys conducted by the National Institute of Statistics of Cameroon. Three models are estimated: an ordered logit model for food insecurity factors, a logit model for the impact of coping strategies, and a multivariate probit model for complementarities. The findings reveal that food insecurity is exacerbated by conflict, socio economic shocks (e.g., loss of employment, crop theft), and price hikes. About 28.59% of households are resilient, mainly due to past savings, cash transfers, free food, and in-kind transfers. The study emphasizes the importance of social and governmental support to mitigate food insecurity during crises, and underscores the need for monitoring socio-economic conditions during pandemics and other crises. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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33 pages, 2296 KiB

Open AccessArticle

From Click to Cargo: The Role of Digitalization, Cross-Border E-Commerce, and Logistics in Deepening the China–Africa Trade

by Dinkneh Gebre Borojo and Huang Weimin

Economies 2025, 13(6), 171; https://doi.org/10.3390/economies13060171 - 12 Jun 2025

Viewed by 753

Abstract

Enhancing digital connectivity, advancing cross-border e-commerce (CE), and optimizing logistics performance (LP) are fundamental pillars for boosting trade flows between trading partners. However, the multifaceted impacts of digitalization, CE, and LP on China–Africa (C-A) trade remain underexplored. Therefore, employing the gravity model, this [...] Read more.

Enhancing digital connectivity, advancing cross-border e-commerce (CE), and optimizing logistics performance (LP) are fundamental pillars for boosting trade flows between trading partners. However, the multifaceted impacts of digitalization, CE, and LP on China–Africa (C-A) trade remain underexplored. Therefore, employing the gravity model, this study examines the impacts of digitalization, CE, and LP on C-A trade using data on Chinese trade flow to 53 African countries from 2007 to 2023. Further analysis is conducted by accounting for African countries’ income, population, resources, and institutional heterogeneity. We also control for the impact of digitalization and logistics performance distance between China and African countries on C-A trade. The findings provide evidence that the digitalization of African countries and China significantly enhances C-A trade. Moreover, CE and LP improvements in China positively affect C-A trade, revealing that promoting the sustainable development of CE and LP can lead to increased trade integration between China and African countries. Furthermore, the effects of digitalization, CE, and LP on C-A trade are influenced by heterogeneity in the income level, population size, and institutional performance of African countries, revealing more beneficial effects in middle-income countries, more populated countries, and countries with better institutional quality. Policy suggestions are forwarded based on the findings. Full article

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20 pages, 650 KiB

Open AccessArticle

From Policy to Outcome: How Economic Conditions and National Funding Affect Graduation Rates: Case of Lithuanian Universities

by Gintarė Židonė and Rytis Krušinskas

Economies 2025, 13(6), 170; https://doi.org/10.3390/economies13060170 - 12 Jun 2025

Viewed by 273

Abstract

This study examines how national public funding and macroeconomic conditions affect higher education performance, measured by graduation rates. A panel dataset covering 2013–2022 and ten Lithuanian public universities integrates economic, financial, and institutional variables. Lithuania applies a mixed higher education funding model that [...] Read more.

This study examines how national public funding and macroeconomic conditions affect higher education performance, measured by graduation rates. A panel dataset covering 2013–2022 and ten Lithuanian public universities integrates economic, financial, and institutional variables. Lithuania applies a mixed higher education funding model that combines institutional support with elements of student-based financing, where part of the public resources follow individual enrollment patterns. Both immediate and lagged effects are analyzed using multiple regression models with time-lag factors. A review of academic literature indicates that increased funding does not necessarily lead to better outcomes; instead, the strategic allocation of resources to priority areas is particularly important. The results confirm that macroeconomic factors are statistically significant and that overall public funding does not have a positive impact unless it is allocated efficiently. On the contrary, funding directed toward research and infrastructure consistently shows a positive effect. These findings underscore the importance of evaluating the effectiveness of education policy through lagged impact analysis. Full article

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18 pages, 1497 KiB

Open AccessArticle

Multiplier Effects of Ferry Transportation Development on Indonesia’s Medium-Term Economy by Using Input–Output Approach: A Case Study of Samosir Island

by Edward Marpaung, Shirly Wunas, Muhammad Yamin Jinca and Langas Denny Siahaan

Economies 2025, 13(6), 169; https://doi.org/10.3390/economies13060169 - 11 Jun 2025

Viewed by 328

Abstract

This research investigates the multiplier effect of ferry transportation development on the medium-term economy of Samosir Island from 2016 to 2022. The study will provide insights into the implications of ferry transportation for the economies of rural or remote regions like Samosir Island. [...] Read more.

This research investigates the multiplier effect of ferry transportation development on the medium-term economy of Samosir Island from 2016 to 2022. The study will provide insights into the implications of ferry transportation for the economies of rural or remote regions like Samosir Island. The analysis was conducted by comparing the multiplier effects before and after the development, utilizing the input–output approach, which encompassed the output multiplier, the multiplier on gross value added (GVA), and the household income multiplier. The findings from the input–output analysis indicate that the average output multiplier for 37 industries on Samosir Island has declined by 0.84% annually, with the average output multiplier recorded at 1.80 in 2016, decreasing to 1.71 by 2022. This suggests that, overall, the advancement of ferry transportation in the medium term is comparatively ineffective in promoting economic growth in rural or remote regions such as Samosir Island. Conversely, the average GVA multiplier rose by 1.04% annually. Similarly, the household income multiplier index experienced an increase of 1.91% each year. This indicates that ferry transportation seems to exert a notable influence on both GVA and the household income multiplier, albeit the effect is comparatively modest. Full article

(This article belongs to the Special Issue Economic Indicators Relating to Rural Development)

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17 pages, 735 KiB

Open AccessArticle

Assessing the Impact of the Real Exchange Rate on Okun’s Misery Index in Mexico

by Fernando Sánchez and Ericka Judith Arias Guzmán

Economies 2025, 13(6), 168; https://doi.org/10.3390/economies13060168 - 10 Jun 2025

Viewed by 479

Abstract

The exchange rate is among the main variables determining foreign trade, as it affects the prices of both exports and imports. Meanwhile, Okun’s misery index (MI) attempts to synthesize the main issues affecting a society by combining two major macroeconomic variables—unemployment and inflation. [...] Read more.

The exchange rate is among the main variables determining foreign trade, as it affects the prices of both exports and imports. Meanwhile, Okun’s misery index (MI) attempts to synthesize the main issues affecting a society by combining two major macroeconomic variables—unemployment and inflation. This study examines how Mexico’s bilateral real exchange rate index with the United States influences Okun’s misery index from 2005Q1 to 2023Q3. A quantitative analysis considering both the long- and short-run relationship between Okun’s MI and the real exchange rate was performed. The results show a unidirectional relationship between the exchange rate and the misery index in the long term, as indicated by the Toda–Yamamoto test. An unrestricted vector autoregressive model was used for the short-run analysis and found that depreciation increases the MI. A variance decomposition analysis shows that the real exchange rate considerably explains variations in the MI, whereas a historical decomposition analysis suggests that this relationship primarily occurs during periods of crisis. Full article

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24 pages, 559 KiB

Open AccessArticle

Integrating Higher Education Strategies into Urban Cluster Development: Spatial Agglomeration Analysis of China’s Key Regions

by Yangguang Hu, Chuang Yang and Junfeng Ma

Economies 2025, 13(6), 167; https://doi.org/10.3390/economies13060167 - 10 Jun 2025

Viewed by 380

Abstract

As urbanization accelerates globally, higher education agglomeration (HEA) emerges as a critical mechanism for integrating regional economic theories with practical strategies, driving innovation and sustainable development. This paper examines how HEA promotes innovation, human capital accumulation, industrial restructuring, and equitable income distribution across [...] Read more.

As urbanization accelerates globally, higher education agglomeration (HEA) emerges as a critical mechanism for integrating regional economic theories with practical strategies, driving innovation and sustainable development. This paper examines how HEA promotes innovation, human capital accumulation, industrial restructuring, and equitable income distribution across 193 cities in the “Two Transverse and Three Lengthways” urban clusters from 2006 to 2020. Using dynamic panel regression and spatial econometric models, the results show that HEA yields significant local and spatial spillover benefits, particularly in core cities that facilitate knowledge diffusion and resource sharing. Heterogeneity analysis reveals that these positive spillovers are strongest in first-tier, highly developed clusters and third-tier, early-stage clusters but weaker or even negative in second-tier, rapidly expanding regions. These spatial effects grow over time, reflecting the evolving patterns of regional integration. Theoretically, the paper advances the understanding of spatial synergy and spillover mechanisms in HEA in urban clusters. Practically, the findings highlight the need to tailor higher education strategies to the developmental stage of each urban cluster to optimize resource allocation and foster inclusive growth. This paper provides policy insights for using HEA as a catalyst for coordinated urban development. Full article

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16 pages, 393 KiB

Open AccessArticle

Political Uncertainty Cycles and the Impact of Oil Shocks on Supply Chain Pressures

by Corey Williams

Economies 2025, 13(6), 166; https://doi.org/10.3390/economies13060166 - 9 Jun 2025

Viewed by 652

Abstract

This study explores how energy price inflation affects supply chain pressures under different levels of political uncertainty. Using local projection impulse–response functions, we examine the effects of oil price shocks under two regimes: one with above-average levels of political uncertainty and another with [...] Read more.

This study explores how energy price inflation affects supply chain pressures under different levels of political uncertainty. Using local projection impulse–response functions, we examine the effects of oil price shocks under two regimes: one with above-average levels of political uncertainty and another with below-average uncertainty. While previous research has focused on the direct macroeconomic impacts of oil price shocks, particularly on firm costs and consumer prices, this study highlights the effects of these shocks on supply chain disruption as a whole. Our findings indicate that heightened political uncertainty significantly amplifies the impact of oil price shocks on supply chain pressures, causing notable and persistent disruptions. Conversely, when political stability is high, the response of supply chains to the same shocks is minimal, suggesting that a stable political environment fosters greater resilience in supply chains. Full article

(This article belongs to the Special Issue Energy Shocks, Stock Market and the Macroeconomy)

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13 pages, 389 KiB

Open AccessReview

Institutional Change and Endogenous Development: Theoretical Contributions

by Bruna Coradini Nader Adam, João Garibaldi Almeida Viana and Carine Dalla Valle

Economies 2025, 13(6), 165; https://doi.org/10.3390/economies13060165 - 9 Jun 2025

Viewed by 404

Abstract

This essay aims to address the existing theoretical gap regarding the in-depth study of institutional change and its relationship with the endogenous development potential of regions. The intersection of these two theoretical approaches offers an understanding of how changes in formal and informal [...] Read more.

This essay aims to address the existing theoretical gap regarding the in-depth study of institutional change and its relationship with the endogenous development potential of regions. The intersection of these two theoretical approaches offers an understanding of how changes in formal and informal institutions can influence local development, especially when internal resources and local capacities drive this progress. The research was conducted using a bibliographic method and adopts a qualitative approach, seeking an in-depth understanding of the topic. Relevant assumptions about endogenous development were presented and articulated with the institutional change by Douglass North. The contribution of this theoretical approach was to highlight the role of institutional change as a driving force behind regional endogenous development, defining, from the perspective of endogenous development, the institutions that are determinants of the development process of economies. Based on our theoretical construction, we suggest future studies that are concerned with illustrating empirical cases of how formal and informal institutions can promote endogenous development. Full article

(This article belongs to the Section Economic Development)

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16 pages, 640 KiB

Open AccessArticle

An Asymmetric Analysis of the Impact of Foreign and Domestic Debt on South Africa’s Economic Growth

by Gisele Mah

Economies 2025, 13(6), 164; https://doi.org/10.3390/economies13060164 - 6 Jun 2025

Viewed by 382

Abstract

South Africa has been struggling with high levels of gross debt. The COVID-19 pandemic has worsened as the government has had to adjust its budget continuously, resulting in fiscal stance and debt sustainability becoming a matter of concern. This research aims to assess [...] Read more.

South Africa has been struggling with high levels of gross debt. The COVID-19 pandemic has worsened as the government has had to adjust its budget continuously, resulting in fiscal stance and debt sustainability becoming a matter of concern. This research aims to assess the possible asymmetric effect of foreign and domestic debt on economic growth in South Africa. Annual data from 1960 to 2023 was obtained from the South African Reserve Bank for the following variables: total domestic debt as a percentage, total foreign debt as a percentage, and gross domestic product. The nonlinear autoregressive distributed lag was used, and the results reveal that a positive change in total domestic debt has a negative and significant effect on GDP. A negative change in total domestic debt as a percentage has a positive and significant effect on GDP. These results suggest that South Africa’s GDP responds significantly to a decrease in total domestic debt when compared to an increase in total domestic debt. A positive change in total foreign debt as a percentage has a positive and statistically significant effect on GDP. A negative change in total foreign debt as a percentage has a negative and statistically insignificant relationship with GDP. In South Africa, foreign debt has a positive relationship, while domestic debt has a negative relationship with gross domestic product in South Africa. This means that for the gross domestic product to increase, there is a need for an increase in foreign debt and a decrease in total domestic debt in South Africa. The foreign debt should be at a certain level to avoid high debt services. Full article

(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)

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23 pages, 277 KiB

Open AccessArticle

The Role of Remittances in Household Spending in Rural Nepal

by Resham Thapa-Parajuli, Tilak Kshetri and Sanjit Singh Thapa

Economies 2025, 13(6), 163; https://doi.org/10.3390/economies13060163 - 6 Jun 2025

Viewed by 940

Abstract

Foreign remittances have become a crucial component of the Nepalese economy. This study investigates the impact of remittances on household consumption patterns in rural Nepal using data from the World Bank’s Nepal Household Risk and Vulnerability (NHRV) Survey Panel, covering the period from [...] Read more.

Foreign remittances have become a crucial component of the Nepalese economy. This study investigates the impact of remittances on household consumption patterns in rural Nepal using data from the World Bank’s Nepal Household Risk and Vulnerability (NHRV) Survey Panel, covering the period from 2016 to 2018. Employing an instrumental variable regression approach, we estimate the elasticity of remittances to various consumption categories. Our findings indicate that foreign remittances significantly affect total consumption expenditure. Disaggregated results reveal that remittances positively influence spending on food items and non-food categories such as education and healthcare, highlighting their role in enhancing nutrition and human capital development. However, remittances do not contribute to unproductive expenditures like tobacco, alcohol, or rituals. Therefore, other things remaining the same, remittance is enhancing welfare in rural Nepali households. Full article

(This article belongs to the Special Issue Economic Indicators Relating to Rural Development)

17 pages, 280 KiB

Open AccessArticle

Decarbonizing Agriculture: The Impact of Trade and Renewable Energy on CO₂ Emissions

by Nil Sirel Öztürk

Economies 2025, 13(6), 162; https://doi.org/10.3390/economies13060162 - 6 Jun 2025

Viewed by 373

Abstract

This study investigates the environmental effects of agricultural trade, renewable energy use, and economic growth in a panel of 14 selected countries for the period 2000–2021. Per capita CO₂ emissions are modeled as the dependent variable using a second-generation panel data method, [...] Read more.

This study investigates the environmental effects of agricultural trade, renewable energy use, and economic growth in a panel of 14 selected countries for the period 2000–2021. Per capita CO₂ emissions are modeled as the dependent variable using a second-generation panel data method, the Augmented Mean Group (AMG) estimator, which accounts for cross-sectional dependence and slope heterogeneity. The analysis reveals that the share of renewable energy in total energy consumption significantly reduces carbon emissions, emphasizing the role of green energy policies in environmental improvement. In contrast, economic growth is found to increase emissions, indicating the validity of only the initial phase of the Environmental Kuznets Curve (EKC) hypothesis. Additionally, agricultural imports—and in certain cases, exports—exert upward pressure on emissions, likely due to logistics and production-related externalities embedded in the trade process. Group-specific results highlight distinct dynamics across countries: while renewable energy adoption plays a stronger role in emission mitigation in developing economies, trade composition and production technology drive environmental outcomes in developed ones. The findings underscore the need to redesign trade and energy strategies with explicit consideration of environmental externalities to align with long-term sustainability objectives. Full article

(This article belongs to the Section Economic Development)

35 pages, 1651 KiB

Open AccessArticle

Bank Profitability in Times of Quantitative Easing: The Role of Central Bank Transparency

by Athanasios Koukouridis

Economies 2025, 13(6), 161; https://doi.org/10.3390/economies13060161 - 5 Jun 2025

Viewed by 863

Abstract

To stabilize economies, central banks implemented unconventional monetary policies like quantitative easing following the global financial crisis. Although much research has been done on how quantitative easing affects financial markets, the influence of central bank transparency on bank profitability under such policies is [...] Read more.

To stabilize economies, central banks implemented unconventional monetary policies like quantitative easing following the global financial crisis. Although much research has been done on how quantitative easing affects financial markets, the influence of central bank transparency on bank profitability under such policies is still underexplored. This paper looks at how central bank transparency affects bank profitability in advanced countries under unconventional monetary policy. Using a panel dataset of commercial banks from 25 advanced economies (2013–2019), we apply a two-step Generalized Method of Moments (GMM) estimator to handle any endogeneity. Focusing on central bank transparency as a main transmission route, the model accounts for macroeconomic factors and bank-specific characteristics. The results show that central bank transparency greatly improves bank profitability together with quantitative easing. Although other elements, macroeconomic conditions and bank-specific characteristics, support transparency as a vital channel via which monetary policy influences the operation of the banking sector. This paper provides recommendations for legislators trying to enhance the effectiveness of unconventional policies in various institutional contexts by highlighting the need for central bank transparency as a channel for monetary policy efficacy. Full article

(This article belongs to the Special Issue Monetary Policy and Central Banking: Challenges in the Current Environment)

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19 pages, 425 KiB

Open AccessArticle

Economic Clues to Crime: Insights from Mongolia

by Dagvasuren Ganbold, Enkhbayar Jamsranjav, Young-Rae Kim and Erdenechuluun Jargalsaikhan

Economies 2025, 13(6), 160; https://doi.org/10.3390/economies13060160 - 4 Jun 2025

Viewed by 574

Abstract

This paper examines the dynamic relationship between economic indicators, law enforcement mechanisms, and property-related crimes in Mongolia using a time-series econometric approach. Relying on the theoretical frameworks of Becker’s economic model of crime and Cantor and Land’s motivation–opportunity hypothesis, the study explores the [...] Read more.

This paper examines the dynamic relationship between economic indicators, law enforcement mechanisms, and property-related crimes in Mongolia using a time-series econometric approach. Relying on the theoretical frameworks of Becker’s economic model of crime and Cantor and Land’s motivation–opportunity hypothesis, the study explores the effects of unemployment, detection probability, and incarceration rates on four crime categories: total crime, theft, robbery, and fraud. An error correction model (ECM) is employed to capture both short-run fluctuations and long-run equilibrium relationships over the period 1992–2022. The empirical findings reveal that detection rates exert a statistically significant deterrent effect on robbery in the short term, while incarceration rates are effective in reducing theft. Unemployment shows a positive and significant long-run effect on theft prior to 2009 but weakens thereafter due to methodological changes in labor statistics. Fraud demonstrates a distinct response pattern, exhibiting negative associations with both incarceration and unemployment, and showing no sensitivity to detection probability. Diagnostic tests support the model’s robustness, with heteroskedasticity in the theft model addressed using robust standard errors. This study contributes to the literature by providing the first country-specific empirical evidence on crime determinants in Mongolia. It highlights the heterogeneous impact of economic and institutional factors on different crime types in a transition economy. The findings underscore the need for integrated policy responses that combine improvements in law enforcement with inclusive economic and social development strategies. Full article

(This article belongs to the Section Economic Development)

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24 pages, 3567 KiB

Open AccessArticle

A Study on the Construction and Dynamic Evolution of a Chinese Science and Technology Finance Index

by Qingguo Zhang

Economies 2025, 13(6), 159; https://doi.org/10.3390/economies13060159 - 3 Jun 2025

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Abstract

This study addresses regional disparities and the dynamic evolution of China’s science and technology finance integration (STFI) by constructing a composite index system using the entropy method. Recognizing the limitations of subjective weighting in traditional assessment frameworks, the entropy approach was employed to [...] Read more.

This study addresses regional disparities and the dynamic evolution of China’s science and technology finance integration (STFI) by constructing a composite index system using the entropy method. Recognizing the limitations of subjective weighting in traditional assessment frameworks, the entropy approach was employed to objectively quantify the contribution weights of 23 indicators across four dimensions: capital investment intensity, market development level, technological innovation efficiency, and public service accessibility. Analysis of panel data from 31 provinces (2010–2020) reveals three key findings: (1) China’s overall STFI exhibits a declining trend, with market development and capital investment emerging as primary drivers; (2) regional disparities are widening, as evidenced by a 2.3-fold increase in the coefficient of variation, with northwestern provinces demonstrating the fastest growth, while southwestern regions lag significantly; and (3) public services and innovation contributions remain underdeveloped, accounting for only 15.6% of the composite index. The entropy-based assessment framework demonstrates superior discriminatory power compared to principal component analysis, particularly in capturing regional heterogeneity. Policy implications include calls for intergovernmental coordination mechanisms, national market unification, inclusive service diffusion strategies, and targeted innovation investments. This research contributes a novel quantifiable tool for evaluating technology–finance synergies while highlighting systemic inefficiencies in China’s innovation-driven development paradigm. Full article

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24 pages, 376 KiB

Open AccessArticle

Causal Impact of Stock Price Crash Risk on Cost of Equity: Evidence from Chinese Markets

by Babatounde Ifred Paterne Zonon, Xianzhi Wang, Chuang Chen and Mouhamed Bayane Bouraima

Economies 2025, 13(6), 158; https://doi.org/10.3390/economies13060158 - 2 Jun 2025

Viewed by 1051

Abstract

This study investigates the causal impact of stock price crash risk on the cost of equity (COE) in China’s segmented A- and B-share markets with an emphasis on ownership structures and market regimes. Employing a bootstrap panel Granger causality framework, Markov-switching dynamic regression, [...] Read more.

This study investigates the causal impact of stock price crash risk on the cost of equity (COE) in China’s segmented A- and B-share markets with an emphasis on ownership structures and market regimes. Employing a bootstrap panel Granger causality framework, Markov-switching dynamic regression, and panel threshold regression models, the analysis reveals that heightened crash risk significantly increases COE, with the effects being more pronounced for A-shares because of domestic investors’ heightened risk sensitivity. This relationship further intensifies in bull markets, where investor optimism amplifies downside risk perceptions. Ownership segmentation plays a critical role, as foreign investors in B-shares exhibit weaker reliance on firm-level valuation metrics, favoring broader risk-diversification strategies. These findings offer actionable insights into corporate risk management, investor decision making, and policy formulation in segmented and emerging equity markets. Full article

15 pages, 256 KiB

Open AccessArticle

The Impact of Foreign Direct Investment on Economic Development in South Asia and Southeastern Asia

by Darlington Chizema

Economies 2025, 13(6), 157; https://doi.org/10.3390/economies13060157 - 2 Jun 2025

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Abstract

This study examines the impact of inward foreign direct investment (FDI) on economic growth in South and Southeast Asia from 2006 to 2022, using a comprehensive panel dataset and multiple econometric techniques. The baseline estimation employs Feasible Generalized Least Squares (FGLS), with robustness [...] Read more.

This study examines the impact of inward foreign direct investment (FDI) on economic growth in South and Southeast Asia from 2006 to 2022, using a comprehensive panel dataset and multiple econometric techniques. The baseline estimation employs Feasible Generalized Least Squares (FGLS), with robustness checks using Fixed Effects with Driscoll–Kraay standard errors, the Common Correlated Effects Mean Group (CCEMG) estimator, and Two-Stage Least Squares (2SLS). The results consistently show that FDI and Gross Capital Formation (GCF) significantly promote growth, while the Human Capital Index (HCI), Trade Openness (TO), and Inflation (I) have limited or adverse effects. Government spending (GS) is negatively associated with growth, suggesting inefficiencies in public resource allocation. The findings underscore the importance of enhancing absorptive capacity through investments in education, institutional quality, and trade facilitation. Policy recommendations include adopting performance-based budgeting and independent audits, drawing on Malaysia’s anti-corruption and audit reforms. To address the weak impact of human capital, this study advocates for expanding public–private partnerships in technical and vocational education, modelled on Singapore’s SkillsFuture initiative. Additionally, digital investment platforms like Indonesia’s Online Single Submission (OSS) system and infrastructure upgrades are recommended to reduce trade costs and improve the investment climate. Finally, the study calls for deeper regional integration through harmonized investment regulations under the ASEAN Comprehensive Investment Agreement (ACIA) and the development of cross-border special economic zones (SEZs). These recommendations are grounded in empirical evidence and tailored to the region’s structural characteristics, offering actionable insights for policy-makers. Full article

(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)

15 pages, 550 KiB

Open AccessArticle

Threshold Effects of Emigrant’s Remittances on Dutch Disease and Economic Growth in Pakistan

by Hiroyuki Taguchi and Bushra Batool

Economies 2025, 13(6), 156; https://doi.org/10.3390/economies13060156 - 2 Jun 2025

Viewed by 852

Abstract

Pakistan is one of the largest recipients of remittances globally and has substantial remittance inflow fluctuations; thus, finding the remittance–gross domestic product (GDP) ratio threshold is expedient. This study examined the macroeconomic impacts of emigrant remittances in Pakistan using a vector autoregressive estimation [...] Read more.

Pakistan is one of the largest recipients of remittances globally and has substantial remittance inflow fluctuations; thus, finding the remittance–gross domestic product (GDP) ratio threshold is expedient. This study examined the macroeconomic impacts of emigrant remittances in Pakistan using a vector autoregressive estimation framework and investigated the threshold of the remittance–GDP ratio that has real effects on the economy in terms of Dutch Disease and capital accumulation. The empirical results showed that, regarding the Dutch Disease effect, a remittance–GDP ratio greater than 6% leads to a decrease in the manufacturing–services ratio, whereas as for the capital accumulation effect, a remittance–GDP ratio greater than 5% leads to a decrease in the investment–consumption ratio. These outcomes suggested that emigrants’ remittance inflows in Pakistan that exceed certain levels relative to the GDP aggravate industrialisation (Dutch Disease effect) and capital accumulation. Full article

(This article belongs to the Section Economic Development)

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22 pages, 1893 KiB

Open AccessArticle

Food Insecurity During the COVID-19 Pandemic in Burkina Faso

by Pouirkèta Rita Nikiema and Finagnon Antoine Dedewanou

Economies 2025, 13(6), 155; https://doi.org/10.3390/economies13060155 - 2 Jun 2025

Viewed by 857

Abstract

This paper investigates the implication of the COVID-19 pandemic on household food insecurity in Burkina Faso. We used data from the High-Frequency Phone Survey collected from the period June 2020 to June 2021 by the World Bank in collaboration with the National Institute [...] Read more.

This paper investigates the implication of the COVID-19 pandemic on household food insecurity in Burkina Faso. We used data from the High-Frequency Phone Survey collected from the period June 2020 to June 2021 by the World Bank in collaboration with the National Institute of Statistics. To assess the persistence of food inadequacy, we estimated a dynamic linear probability model. Our results revealed that female and elderly household members were more likely to skip meals during the pandemic than their respective counterparts. For households that skipped a meal due to the pandemic, the likelihood of facing food insecurity in the subsequent month increased by 37 percent. Similarly, individuals who ran out of food in consecutive months were 0.28 times more likely to experience the same situation in the following month. While other shocks can cause food insecurity, the global health-related, economic, social, and information dimensions of COVID-19 created a distinctive and multifaceted form of food shortage that sets it apart from many other types of shock. These findings suggest the implementation of effective programs to respond to shocks and the mitigation effects experienced by most disadvantaged groups. Full article

(This article belongs to the Special Issue Addressing Health Financing Vulnerabilities in Africa Due to the COVID-19 Pandemic)

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23 pages, 1758 KiB

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Barriers and Initiatives to Access International Market for European Cross-Border Regions

by Aristi Karagkouni and Dimitrios Dimitriou

Economies 2025, 13(6), 154; https://doi.org/10.3390/economies13060154 - 30 May 2025

Viewed by 469

Abstract

This paper explores the role of export-oriented firms in shaping regional economic development, with a focus on their operational footprint, strategic orientation, and interaction with institutional and infrastructural environments. Set within the broader context of regional competitiveness and sustainable growth, the study examines [...] Read more.

This paper explores the role of export-oriented firms in shaping regional economic development, with a focus on their operational footprint, strategic orientation, and interaction with institutional and infrastructural environments. Set within the broader context of regional competitiveness and sustainable growth, the study examines how firms in geographically peripheral and structurally challenged areas position themselves within global markets. Emphasis is placed on understanding the internal and external factors that influence export performance, innovation capacity, and the integration of sustainability principles into business practices. The research adopts a survey-based methodology, collecting data from firms located in a cross-border region to assess their perceptions of trade barriers, infrastructure needs, strategic values, and environmental awareness. The analysis draws on established frameworks in regional development, international business, and sustainability transitions, offering a multidimensional perspective on firm behavior. By linking firm-level insights with regional development policy, the study contributes to ongoing discussions around how enterprises in remote regions can overcome structural constraints and engage more fully with global value chains. It also supports the growing call for place-based, context-sensitive strategies that align economic competitiveness with innovation, digital transformation, and environmental responsibility. This integrated approach offers valuable implications for both policymakers and practitioners concerned with fostering inclusive and resilient regional economies. Full article

(This article belongs to the Special Issue Economic Development in the European Union Countries)

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24 pages, 1427 KiB

Open AccessArticle

Assessing the Impact of IT, Trade Globalisation, and Economic Complexity on Carbon Emissions in BRICS Economies

by Tuba Rasheed, Hamza Akram, Mahwish Zafar and Md Billal Hossain

Economies 2025, 13(6), 153; https://doi.org/10.3390/economies13060153 - 29 May 2025

Viewed by 1322

Abstract

The escalating threat of climate change has placed carbon dioxide (CO₂) emissions at the forefront of global environmental policy. The relationship between carbon dioxide (CO₂) emissions and information technology (IT) is crucial in shaping international climate change strategies. This [...] Read more.

The escalating threat of climate change has placed carbon dioxide (CO₂) emissions at the forefront of global environmental policy. The relationship between carbon dioxide (CO₂) emissions and information technology (IT) is crucial in shaping international climate change strategies. This study investigates the impact of information technology, trade globalisation (TG), and economic complexity (EC) on CO₂ emissions in BRICS countries using panel data from 1996 to 2018. The analysis applies the CUP-FM estimator to assess long-run relationships and the Dumitrescu–Hurlin panel causality test to evaluate directionality. The results show that information technology significantly reduces CO₂ emissions. This effect is primarily driven by the promotion of the service sector, reduced material use, and improved energy efficiency. In contrast, trade globalisation has an inconsistent impact. While it can lower emissions through technology diffusion and efficiency gains, it can also increase them due to Scale Effects and the relocation of polluting industries. This study also identifies a U-shaped relationship between economic complexity and CO₂ emissions, indicating that emissions initially rise with complexity but decline as innovation and clean production practices improve. These findings suggest that developing digital infrastructure and green technologies and trade Globalisation can promote sustainable development in BRICS economies. Therefore, policymakers should prioritise strengthening the IT environment, fostering international trade partnerships, and integrating clean technologies to balance economic growth with environmental protection. Full article

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22 pages, 1525 KiB

Open AccessArticle

Are Nations Ready for Digital Transformation? A Macroeconomic Perspective Through the Lens of Education Quality

by Roman Chinoracky, Natalia Stalmasekova, Radovan Madlenak and Lucia Madlenakova

Economies 2025, 13(6), 152; https://doi.org/10.3390/economies13060152 - 28 May 2025

Viewed by 943

Abstract

The global shift toward digital transformation presents both opportunities and challenges for national economies, particularly in terms of workforce readiness. While many studies assess digital readiness via infrastructure or technological adoption, fewer investigate the preparedness of countries’ future labor forces. This article addresses [...] Read more.

The global shift toward digital transformation presents both opportunities and challenges for national economies, particularly in terms of workforce readiness. While many studies assess digital readiness via infrastructure or technological adoption, fewer investigate the preparedness of countries’ future labor forces. This article addresses this research gap by examining how quality of education relates to job automation risk across OECD countries. The goal is to identify which nations are least prepared for digital disruption due to weak educational foundations and high automation exposure. Using data on education expenditure, PISA scores, and the Education Index, compared to the percentage of jobs at high risk of automation, this study applies correlational analysis and a quadrant overview to assess national readiness. Findings show that countries such as Slovakia, Poland, and Greece are least prepared, combining low investment in education and high exposure to automation. Conversely, nations like Finland, Norway, Sweden, and New Zealand exhibit strong readiness, characterized by robust education systems and lower automation risks. This study contributes to the literature by integrating automation vulnerability into national readiness assessments and offers actionable insights for policymakers focused on education reform and workforce development. Full article

(This article belongs to the Special Issue Economic Development in the Digital Economy Era)

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29 pages, 400 KiB

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Politically Driven Cycles in Fiscal Policy: Evidence from Disaggregated Budgets in Middle-Income Countries

by Sri Fatmawati, Ardyanto Fitrady and Tri Widodo

Economies 2025, 13(6), 151; https://doi.org/10.3390/economies13060151 - 28 May 2025

Viewed by 477

Abstract

This paper examines the electoral cycle and the conduct of the central government’s fiscal policy. It uses a panel database with disaggregated spending and revenue series for 34 middle-income countries over 2000–2022. A dynamic panel approach was used to look at overall government [...] Read more.

This paper examines the electoral cycle and the conduct of the central government’s fiscal policy. It uses a panel database with disaggregated spending and revenue series for 34 middle-income countries over 2000–2022. A dynamic panel approach was used to look at overall government spending and income, and their parts, to find budget patterns during election seasons. The analytical methodology employs the two-step system generalized method of moments to address endogeneity concerns. The dynamic effect captured by the first lag of budgetary indicators suggests that the widening of that indicator is persistent. There is evidence that the current government is opportunistic, which suggests that the electoral cycle affects fiscal performance, especially when it comes to spending on economic matters and taxes on income, profits, and capital gains. Policymakers should be more aware of the government’s opportunistic impact during the electoral period. To keep the budget stable, regulating corruption and having a democratic attitude might lessen the effects of the electoral cycle. Full article

(This article belongs to the Section Economic Development)

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Economies, Volume 13, Issue 6 (June 2025) – 35 articles

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