Economies

32 pages, 2819 KB

Open AccessArticle

The Development of the Modern Logistics Industry and Its Role in Promoting Regional Economic Growth in China’s Underdeveloped Northwest, Driven by the Digital Economy

by Jiang Lu, Soo-Cheng Chuah, Dong-Mei Xia and Joston Gary

Economies 2025, 13(9), 261; https://doi.org/10.3390/economies13090261 (registering DOI) - 6 Sep 2025

Abstract

The digital economy is a key driver of industrial upgrading and regional growth. Focusing on Gansu Province—an under-represented, less-developed region in northwest China—this study constructs a multidimensional digital economy index (DEI) for 2009–2023 under a unified normalisation and weighting scheme. Two complementary MCDA [...] Read more.

The digital economy is a key driver of industrial upgrading and regional growth. Focusing on Gansu Province—an under-represented, less-developed region in northwest China—this study constructs a multidimensional digital economy index (DEI) for 2009–2023 under a unified normalisation and weighting scheme. Two complementary MCDA approaches—entropy-weighted TOPSIS and SESP-SPOTIS—are implemented on the same 0–1 normalised indicators. Robustness is assessed using COMSAM sensitivity analysis and is benchmarked against a PCA reference. The empirical analysis then estimates log-elasticity models linking modern logistics production (MLP) and the DEI to the provincial GDP and sectoral value added, with inferences based on White heteroskedasticity–robust standard errors and bootstrap confidence intervals. Results show a steady rise in the DEI with a temporary dip in 2021 and recovery thereafter. MLP is positively and significantly associated with GDP and value added in the primary, secondary, and tertiary sectors. The DEI is positively and significantly associated with GDP, the primary sector, and the tertiary sector, but its effect is not statistically significant for the secondary sector, indicating a manufacturing digitalisation gap relative to services. Cross-method agreement and narrow sensitivity bands support the stability of these findings. Policy implications include continued investment in digital infrastructure and accessibility, targeted acceleration of manufacturing digitalisation, and the development of a “digital agriculture–smart logistics–green development” pathway to foster high-quality, sustainable regional growth. Full article

(This article belongs to the Section International, Regional, and Transportation Economics)

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21 pages, 1011 KB

Open AccessArticle

Are Macroeconomic Variables a Determinant of ETF Flow in South Africa Under Different Economic Conditions?

by Fabian Moodley, Babatunde Lawrence and Mosab I. Tabash

Economies 2025, 13(9), 260; https://doi.org/10.3390/economies13090260 (registering DOI) - 6 Sep 2025

Abstract

The objective of this study is to examine the effect of macroeconomic variables on exchange-traded funds (ETFs) returns under different market conditions. The growing prominence of ETFs in emerging markets has over the years drawn much relevance in the academic front for the [...] Read more.

The objective of this study is to examine the effect of macroeconomic variables on exchange-traded funds (ETFs) returns under different market conditions. The growing prominence of ETFs in emerging markets has over the years drawn much relevance in the academic front for the ability to track the performance of prominent indices, which enhances return perspective. Despite this, ETF returns are influenced by many factors that dampen expected returns; these include macroeconomic variables and changing market conditions. To this extent, monthly data from November 2010 to December 2023 were used in the estimation of the Markov regime-switching model. The findings demonstrate that ETF returns are affected both positively and negatively by macroeconomic factors like inflation, money supply, interest rates, gross domestic product (GDP), and real effective exchange rate. More specifically, the effect tends to vary with market conditions such as bull and bear regimes. This implies there exists adaptive behavior among the ETF market in South Africa, suggesting there are periods of efficiencies and inefficiencies. The findings pose important implications to investors, portfolio managers, and policy makers, all of which is discussed herein. Full article

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

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32 pages, 1328 KB

Open AccessArticle

Economic Policy Uncertainty and Foreign Direct Investment: A Bilateral Perspective on Push and Consistency Effects

by Liqiang Dong, Mohamad Helmi Bin Hidthiir, Mustazar Bin Mansur and Nafisah Mohammed

Economies 2025, 13(9), 259; https://doi.org/10.3390/economies13090259 (registering DOI) - 6 Sep 2025

Abstract

Against the backdrop of unprecedented global FDI volatility—with flows declining 34.7% in 2020 and a further 12% in 2022—and China experiencing its first sustained capital outflow since reform, with foreign enterprises withdrawing over USD 160 billion in the first three quarters of 2023, [...] Read more.

Against the backdrop of unprecedented global FDI volatility—with flows declining 34.7% in 2020 and a further 12% in 2022—and China experiencing its first sustained capital outflow since reform, with foreign enterprises withdrawing over USD 160 billion in the first three quarters of 2023, understanding the complex mechanisms through which EPU affects international investment has become critically important. Existing research predominantly examines unilateral EPU effects while neglecting the bilateral dynamics that characterize modern interconnected economies, creating a significant gap in explaining recent FDI pattern shifts. This study systematically examines the differential impact mechanisms of EPU on China’s FDI inflows using panel data from 20 countries spanning 2005–2023, employing FE models and GMM methods. The research reveals that policy uncertainty affects international investment through two mechanisms: first, a “push effect” whereby relatively higher EPU in home countries drives FDI flows to China (β = 0.002, p < 0.001); second, a “consistency effect” where differences in policy environments between home countries and China impede FDI flows (β = −0.004, p < 0.001), with the latter effect being stronger. Moderating effects analysis demonstrates that institutional quality and bilateral political relations exert complex non-linear moderating effects on the EPU–FDI relationship. Heterogeneity tests reveal that when China’s EPU is relatively low, the negative impact of policy uncertainty is significantly weakened. This study extends real options theory and provides empirical evidence for the dual mechanisms of the EPU–FDI relationship, emphasizing that policy coordination is more important than relative policy advantages for international investment decisions. The findings provide theoretical foundations and practical guidance for policymakers to optimize international investment environments and strengthen policy coordination. Full article

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18 pages, 929 KB

Open AccessArticle

Shadow Economy and the Ecological Footprint Nexus: The Implication of Foreign Direct Investment in ASEAN Countries

by Nattapan Kongbuamai, Quocviet Bui and Suthep Nimsai

Economies 2025, 13(9), 258; https://doi.org/10.3390/economies13090258 - 5 Sep 2025

Abstract

This study examines the influence of economic growth, energy consumption, a shadow economy, and foreign direct investment (FDI) on the ecological footprint in ASEAN countries. The analysis covers a panel of nine member states—Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand, [...] Read more.

This study examines the influence of economic growth, energy consumption, a shadow economy, and foreign direct investment (FDI) on the ecological footprint in ASEAN countries. The analysis covers a panel of nine member states—Brunei, Cambodia, Indonesia, Lao PDR, Malaysia, the Philippines, Singapore, Thailand, and Vietnam—over the period from 1993 to 2017 due to data availability. To ensure robustness, various panel econometric techniques were employed, including cross-sectional dependence, panel unit root, and cointegration tests, as well as estimation methods such as Driscoll–Kraay standard errors, feasible generalized least squares (FGLS), and panel-corrected standard errors (PCSE). The results do not support an inverted U-shaped Environmental Kuznets Curve (EKC) between economic growth and ecological footprint in the ASEAN countries. Moreover, the findings consistently show that energy consumption, the size of the shadow economy, and FDI exert a statistically significant and positive impact on the ecological footprint towards the Driscoll–Kraay standard errors, FGLSs, and PCSE estimators. For policy recommendations, a country’s pursuit of economic growth should be aligned with a higher degree of environmental sustainability by strategically reducing energy consumption, curbing the shadow economy, and managing foreign direct investment responsibly. Full article

(This article belongs to the Special Issue Globalisation, Environmental Sustainability, and Green Growth)

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27 pages, 1573 KB

Open AccessReview

True Wealth of Nations: Valuing Resources Beyond GDP as a Framework for Sustainable and Inclusive Economic Policy in the European Union

by George Halkos, Panagiotis-Stavros C. Aslanidis and Shunsuke Managi

Economies 2025, 13(9), 257; https://doi.org/10.3390/economies13090257 - 5 Sep 2025

Abstract

Moving beyond Gross Domestic Product (GDP) as the sole measure of economic performance is increasingly critical for addressing the complex challenges of sustainable development. The Inclusive Wealth Index (IWI) offers a more comprehensive framework for assessing long-term sustainability by accounting for changes in [...] Read more.

Moving beyond Gross Domestic Product (GDP) as the sole measure of economic performance is increasingly critical for addressing the complex challenges of sustainable development. The Inclusive Wealth Index (IWI) offers a more comprehensive framework for assessing long-term sustainability by accounting for changes in produced, human, and natural capital. This paper contributes to this debate by examining the comparative dynamics of these three forms of capital in Greece in relation to European Union averages. Specifically, we employ a repeated-measures design and the mixed ANOVA method to analyse their interactions over time (1990–2020) and across regional contexts. The novelty is to cover the research gap on how the different capitals interact, with Greece serving as a critical case given its environmental vulnerabilities, economic challenges, and position within the European sustainability agenda. The empirical results demonstrate a consistent hierarchy (human > produced > natural), significant growth over time, and pronounced regional disparities, with Western and Northern Europe outperforming Eastern and Southern Europe in overall capital stocks. Moreover, human, produced, and natural capital differed significantly (

η_{p}^{2} = 0.967)

, with the EU-27 dominated by human and produced capital, while Greece lagged substantially (

η_{p}^{2} = 0.71

). A robust interaction effect indicated structural divergence (

η_{p}^{2} = 0.811

). The pairwise comparisons confirmed these results with very large effect sizes (Cohen’s d = 2.3–11.2 in the 95% CI). These findings underscore the importance of moving beyond GDP and highlight the policy relevance of inclusive wealth accounting for ensuring resilience and intergenerational equity. Full article

(This article belongs to the Section Economic Development)

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29 pages, 893 KB

Open AccessArticle

Spillover Effect of Food Producer Price Volatility in Indonesia

by Anita Theresia, Mohamad Ikhsan, Febrio Nathan Kacaribu and Sudarno Sumarto

Economies 2025, 13(9), 256; https://doi.org/10.3390/economies13090256 - 4 Sep 2025

Abstract

Food price volatility is a persistent challenge in Indonesia, where agriculture is central to food security and rural livelihoods. While price transmission has been studied, little is known about how volatility spreads sub-nationally in archipelagic economies with fragmented infrastructure. This study applies a [...] Read more.

Food price volatility is a persistent challenge in Indonesia, where agriculture is central to food security and rural livelihoods. While price transmission has been studied, little is known about how volatility spreads sub-nationally in archipelagic economies with fragmented infrastructure. This study applies a Dynamic Conditional Correlation GARCH (DCC-GARCH) model to monthly rural producer price data from 2009 to 2022 for six commodities: rice, chicken, eggs, chili, cayenne, and shallots. Results show that Java functions as the core volatility transmitter, with long-run conditional correlations exceeding 0.92 in Sumatra, 0.91 in Kalimantan, and 0.90 in Papua, reflecting strong and persistent co-movements. Even in low-production regions such as Maluku, significant volatility linkages reveal structural dependence on Java. Volatility clustering is particularly intense for perishables like chili and shallots. The findings highlight the need for spatially differentiated stabilization policies, including upstream interventions in Java and cooperative-based storage systems in outer islands. This study is the first to apply a DCC-GARCH framework to rural producer price data in an archipelagic context, capturing volatility transmission across regions. Its novelty lies in linking these spillovers with regional market dependence, offering new empirical evidence and actionable insights for designing inclusive and geographically responsive food security strategies. Full article

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44 pages, 4535 KB

Open AccessReview

The Pacific Alliance Integration Process: A Systematic Literature Review

by Antonella Alexandra Canovas Roque, Juan Carlos Daniel De Vinatea Murguía, Alexander David Perez Chamochumbi, Ricardo Alonso Quimper Roncagliolo, Ángela Isamar Tapia Ostos, Jeremy Yermain Torres Jauregui and Julio Ricardo Moscoso Cuaresma

Economies 2025, 13(9), 255; https://doi.org/10.3390/economies13090255 - 2 Sep 2025

Abstract

The Pacific Alliance has established itself as one of the most dynamic regional economic integration initiatives, standing out for its pragmatic and consensual approach to trade, capital and people liberalisation. However, between 2020 and 2025, the bloc faced both opportunities and challenges arising [...] Read more.

The Pacific Alliance has established itself as one of the most dynamic regional economic integration initiatives, standing out for its pragmatic and consensual approach to trade, capital and people liberalisation. However, between 2020 and 2025, the bloc faced both opportunities and challenges arising from the international situation, including global tensions, internal political crises and the need for technological adaptation. Against this backdrop, this study aims to conduct a systematic review of the scientific literature published between 2020 and 2025 on the Pacific Alliance, identifying the predominant theoretical approaches and the main findings on the integration process. This systematic review followed the PRISMA methodology, which contributed fundamentally to this research by providing a structured, transparent and rigorous framework for a deeper and more informed understanding of the integration process. The results show that, despite some progress, structural limitations persist, such as asymmetries between countries, institutional obstacles and superficial integration in economic and social aspects, as well as fragmentation in academic production and little incorporation of geopolitical perspectives. This study contributes to a critical understanding of the current state and future challenges of the Pacific Alliance, offering inputs for the formulation of public policies and future research in the field of Latin American integration. Full article

(This article belongs to the Section International, Regional, and Transportation Economics)

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19 pages, 293 KB

Open AccessArticle

R&D and Innovation and Its Impact on Firm Performance and Market Value: Panel Evidence from G7 Economies

by Mohammed Saharti

Economies 2025, 13(9), 254; https://doi.org/10.3390/economies13090254 - 29 Aug 2025

Abstract

This study provides the first empirical evidence on the impact of innovation and firm growth on performance across G7 economies, using a unique panel dataset of 252 firms from 2020 to 2024. This study examines two core dimensions of firm performance—labor productivity and [...] Read more.

This study provides the first empirical evidence on the impact of innovation and firm growth on performance across G7 economies, using a unique panel dataset of 252 firms from 2020 to 2024. This study examines two core dimensions of firm performance—labor productivity and asset turnover—and employs multiple innovation proxies, including R&D Intensity, R&D-to-Assets, and R&D Growth Rate. To address potential endogeneity arising from reverse causality and omitted variable bias, the author implements the heteroskedasticity-based instrumental variable estimator, which constructs internal instruments from the model’s error structure. The study’s results reveal a consistent and significant positive causal effect of innovation on labor productivity, confirming its role as a driver of firm-level efficiency. However, innovation exhibits a negative and significant association with asset turnover, highlighting short-term trade-offs in operational efficiency, particularly in firms with aggressive R&D strategies. This study further finds that these effects are moderated by firm profitability and industry conditions, suggesting the importance of strategic and contextual alignment in innovation outcomes. Taken together, the findings offer new insights into the dual nature of innovation, enhancing productivity while imposing transitional efficiency costs and carrying significant implications for corporate innovation strategy and public policy in advanced economies. Full article

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

22 pages, 482 KB

Open AccessArticle

Research on the Mechanism of Digital–Real Economic Integration Enhancing Industrial Structure Upgrading

by Daojin Cheng, Yu Zhao and Yuanyuan Guo

Economies 2025, 13(9), 253; https://doi.org/10.3390/economies13090253 - 27 Aug 2025

Abstract

The integration of the digital and real economies (DRI) is an inevitable trend in future economic growth. This study measures DRI levels across 30 Chinese provinces from 2012 to 2022 using a coupling coordination model with panel data and empirically examines DRI’s impact [...] Read more.

The integration of the digital and real economies (DRI) is an inevitable trend in future economic growth. This study measures DRI levels across 30 Chinese provinces from 2012 to 2022 using a coupling coordination model with panel data and empirically examines DRI’s impact on industrial structure upgrading (ISU) through fixed-effects models, mediation effect models, and panel threshold models. The findings reveal that (1) DRI promotes industrial structure upgrading, a conclusion that remains valid under robustness tests and endogeneity tests; (2) DRI can facilitate ISU by enhancing consumption levels, correcting factor distortions, and accelerating the marketization process; (3) there exists a threshold effect, with a positive effect of DRI on ISU based on the level of digital economy and the scale of the real economy as threshold variables; (4) the impact of DRI on ISU differs across different regions due to differences in policy support and resource allocation; (5) ISU has a significant spatial spillover effect, as shown by spatial econometric analysis. These conclusions offer a new perspective, practical policy implications for China’s high-quality economic development, and strategic insights to enhance industrial competitiveness in the global value chain. Full article

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26 pages, 3399 KB

Open AccessArticle

Modeling the Impact of G7 Interest Rates on BRICS Equity Markets: A DLNM Approach Using MSCI Indices

by Orlando Joaqui-Barandica, Jesús Heredia-Carroza, Sebastian López-Estrada and Daniela-Tatiana Agheorghiesei

Economies 2025, 13(9), 252; https://doi.org/10.3390/economies13090252 - 27 Aug 2025

Abstract

This study examines the dynamic and nonlinear effects of global interest rate (based on the G7 market) shocks on equity markets in BRICS countries. A World Interest Rate (WIR) index is constructed using principal component analysis of short-term interest rates from developed economies. [...] Read more.

This study examines the dynamic and nonlinear effects of global interest rate (based on the G7 market) shocks on equity markets in BRICS countries. A World Interest Rate (WIR) index is constructed using principal component analysis of short-term interest rates from developed economies. The analysis applies Distributed Lag Nonlinear Models (DLNMs) to evaluate the temporal response of each market to positive and negative WIR shocks over a six-period horizon. The results reveal notable asymmetries and heterogeneity. Brazil and Russia experience stronger reactions to negative shocks, while India and China show milder or delayed effects. South Africa stands out for its persistent and symmetric sensitivity to both types of shocks, suggesting deeper exposure to global financial cycles. The DLNM framework allows for a nuanced interpretation of exposure-lag relationships, offering new insights into how global monetary conditions affect emerging markets. These findings highlight that financial integration does not imply uniform vulnerability across countries and that global liquidity shocks can trigger diverse equity market responses. This paper contributes to the literature on international financial linkages and provides relevant implications for investors and policymakers managing portfolio exposure or economic risk in emerging markets. Full article

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18 pages, 1784 KB

Open AccessArticle

The Impact of Globalization on Economic Growth in Sub-Saharan Africa: Evidence from the Threshold Effect Regression

by Mustapha Mukhtar and Idris Abdullahi Abdulqadir

Economies 2025, 13(9), 251; https://doi.org/10.3390/economies13090251 - 27 Aug 2025

Abstract

This study employs the panel quantile regression (QR) technique to evaluate whether globalization threshold conditions are essential for achieving effective economic growth, utilizing data from 47 Sub-Saharan African (SSA) countries for the period from 2000 to 2021. The bootstrap simultaneous conditional QR analysis [...] Read more.

This study employs the panel quantile regression (QR) technique to evaluate whether globalization threshold conditions are essential for achieving effective economic growth, utilizing data from 47 Sub-Saharan African (SSA) countries for the period from 2000 to 2021. The bootstrap simultaneous conditional QR analysis was conducted using the fixed-effects panel QR approach. The study findings revealed that the globalization thresholds at which the total effect of globalization as a percentage of global integration changes from negative to positive are 3.82% and 4.36%, respectively. Furthermore, the critical mass of FDI and trade thresholds at which the total effects of FDI and trade, as a percentage of knowledge spillovers, change from negative to positive is 4.66% and 2.19%, respectively. Conversely, these results revealed an asymmetric relationship between globalization and growth among SSA countries. Therefore, these triggers and globalization thresholds serve as essential conditions and catalysts that will foster economic development in SSA economies. The results also indicate significant effects of globalization thresholds on economic growth among the SSA countries. Regarding policy relevance, these findings are also crucial for policymakers when they are developing strategies that will promote equal opportunity and balance development in the region through knowledge spillovers and improvements in global integration. Full article

(This article belongs to the Section Economic Development)

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20 pages, 780 KB

Open AccessArticle

Tourism Sustainability in Uzbekistan: Challenges and Opportunities Along the Silk Road

by Mamurbek Karimov, Ravshan Okmullaev, Peter Marty and Olimjon Saidmamatov

Economies 2025, 13(9), 250; https://doi.org/10.3390/economies13090250 - 27 Aug 2025

Abstract

As a dynamic driver of globalization, tourism is a rapidly expanding and highly visible sector in the global economy, playing a substantial role in a country’s GDP. In recent years, scholars and policymakers have placed growing emphasis on integrating economic, cultural, social, and [...] Read more.

As a dynamic driver of globalization, tourism is a rapidly expanding and highly visible sector in the global economy, playing a substantial role in a country’s GDP. In recent years, scholars and policymakers have placed growing emphasis on integrating economic, cultural, social, and environmental sustainability into tourism practices and planning. In the era of globalization, Uzbekistan must strike a delicate balance between commercial potential and the conservation of its priceless cultural and natural riches as its tourism sector expands. Furthermore, the cities of Samarkand, Bukhara, and Khiva along the Silk Road were chosen as case studies to enhance our comprehension of the correlation between tourism growth and sustainability. This research aims to contribute to sustainable tourism in Uzbekistan through an in-depth analysis using various frameworks, including Glocal RPMs, SANEL HERMES, Importance–Performance Analysis (IPA), and Structural Equation Modeling (SEM). The study’s findings indicate a consistent growth and advancement in the tourism industry of Uzbekistan. Nevertheless, several conditions and activities in Uzbekistan are not viable in terms of their impact on the economy, society, ecology, and tourism industry. So, this study recommends that, by applying its findings to the cities, the poor conditions and activities affecting the tourism industry along the Silk Road could be addressed as opportunities for sustainable development. Full article

(This article belongs to the Special Issue Globalisation, Environmental Sustainability, and Green Growth)

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25 pages, 5177 KB

Open AccessArticle

Impact of Government Investment in Human Capital on Labor Force Participation and Income Growth Across Economic Tiers in Southeast Asian Countries

by Pathairat Pastpipatkul, Htwe Ko and George Randolph Dirth

Economies 2025, 13(9), 249; https://doi.org/10.3390/economies13090249 - 23 Aug 2025

Abstract

Prior economic research emphasized land, labor and physical capital as the primary drivers of growth, but contemporary work highlights the pivotal role of human capital. Investments in education, health and governance are now regarded as central to sustainable development; yet important questions remain [...] Read more.

Prior economic research emphasized land, labor and physical capital as the primary drivers of growth, but contemporary work highlights the pivotal role of human capital. Investments in education, health and governance are now regarded as central to sustainable development; yet important questions remain regarding their effectiveness and context-specific impact. This study investigates how human capital investment influences labor force participation and income growth within the ASEAN nine economies for the period from 2000 to 2022 which provides a rich example of contrast in economic and governance outcomes within a single geographic region. Impacted units of measurement of labor force participation and income growth are evaluated using the Bayesian Additive Regression Trees model to select the most important variables, the Bayesian Dynamic Nonlinear Multivariate panel model to estimate regional effects, and the Time-varying Seemingly Unrelated Regression Equations model to evaluate country-specific dynamics, which considers not just the influence of investments in health and education but also the context of rule, law, and governance. The findings indicate that human capital investments exhibit heterogenous effects across economic tiers and the need for strategies and future study of preconditions to improve returns particularly in low-tier economies. Accordingly, mid-tier, emerging economies exhibit the greatest benefit from human capital investments while top-tier exhibit the probable impact of the law of diminishing returns as their human capital development is already well underway. Despite the limited scope, this study still has the potential to draw constructive theoretical and practical implications. Full article

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

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23 pages, 511 KB

Open AccessArticle

Investigating Economics Students’ Perception of the Recent Trends in Globalization, Localization, and Slowbalization

by Titus Suciu, Alexandra Zamfirache, Ruxandra-Gabriela Albu and Ileana Tache

Economies 2025, 13(9), 248; https://doi.org/10.3390/economies13090248 - 22 Aug 2025

Abstract

This study investigates the perceptions of economics students from Romania’s Central Region regarding the global phenomena of globalization, localization, and slowbalization (GLS), analyzed through the lens of environmental, economic, and educational sustainability. The research highlights a high level of awareness and understanding of [...] Read more.

This study investigates the perceptions of economics students from Romania’s Central Region regarding the global phenomena of globalization, localization, and slowbalization (GLS), analyzed through the lens of environmental, economic, and educational sustainability. The research highlights a high level of awareness and understanding of globalization and localization, while the concept of slowbalization remains relatively unfamiliar and often perceived with uncertainty or neutrality. Most respondents view globalization as the most sustainable model for long-term economic development, emphasizing its contributions to international trade, market expansion, investment flows, and access to global education and research. At the same time, localization is recognized for its role in preserving cultural identity, strengthening local economies, and addressing pressing environmental issues through low-carbon solutions. Regarding educational sustainability, students support a hybrid model that balances global exposure with the appreciation of local knowledge and traditions—a glocal approach particularly endorsed by master’s students. The study also reveals statistically significant differences between undergraduate and graduate respondents, indicating more mature perspectives among those in advanced studies. The paper could help in course design and lesson engagement and concludes by recommending curricular reforms in economic education and proposing future interdisciplinary, comparative, and qualitative research to deepen understanding of GLS dynamics, particularly in the context of emerging global trends and technological transformations. Full article

(This article belongs to the Special Issue Globalisation, Environmental Sustainability, and Green Growth)

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17 pages, 587 KB

Open AccessArticle

The Impact of Exchange Rate Volatility on South African Agricultural Exports

by Ireen Choga and Teboho Charles Mashao

Economies 2025, 13(9), 247; https://doi.org/10.3390/economies13090247 - 22 Aug 2025

Abstract

The South African exchange rate has been volatile in recent years affecting the competitiveness of commodities in the market. Consequently, South African agricultural exporters have faced lower profitability or entire losses. More South Africa is among the top agricultural exporters in Africa. Thus, [...] Read more.

The South African exchange rate has been volatile in recent years affecting the competitiveness of commodities in the market. Consequently, South African agricultural exporters have faced lower profitability or entire losses. More South Africa is among the top agricultural exporters in Africa. Thus, the purpose of this study was to examine the effect of exchange rate volatility on agricultural exports in South Africa using the Exponential Generalized Autoregressive Conditional Heteroskedastic (EGARCH) model over the period extending from first quarter of 2013 to first quarter of 2024. The study finds that the exchange rate affects agricultural export negatively in South Africa. The findings display that the exchange rate is statistically significant in explaining agricultural exports in South Africa. In addition, this study finds interest rate affects agricultural exports negatively whereas investment and trade openness affect agricultural export positively in South Africa. This infers that agricultural exports in South Africa are explained by various economic factors. Therefore, this study proposes implementing currency stabilisation policies is a crucial strategy to reduce exchange rate volatility, thereby reducing the negative impact on agricultural exports in South Africa. The policymakers can use currency hedging as tool to lessen the negative impact associated with the exchange rate volatility. Full article

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23 pages, 1419 KB

Open AccessSystematic Review

Mapping Entrepreneurial Collaborative Economy Landscape: A Systematic Literature Review with Textometric Analysis

by Salvador Bueno, Eva M. Gallego, Ramiro Montealegre and M. Dolores Gallego

Economies 2025, 13(8), 246; https://doi.org/10.3390/economies13080246 - 21 Aug 2025

Abstract

The collaborative economy is experiencing a remarkable surge, offering vast potential for growth. Consequently, this burgeoning movement has become a focal point of interest in the realm of entrepreneurship. However, numerous unexplored or inadequately addressed research gaps persist, leaving us without a well-defined [...] Read more.

The collaborative economy is experiencing a remarkable surge, offering vast potential for growth. Consequently, this burgeoning movement has become a focal point of interest in the realm of entrepreneurship. However, numerous unexplored or inadequately addressed research gaps persist, leaving us without a well-defined paradigm for what we can term the entrepreneurial collaborative economy. In light of these challenges, this study embarks on a quest to bridge these gaps through a comprehensive systematic literature review. Two research objectives guided our endeavor: (1) mapping the literature related to the collaborative economy in the field of entrepreneurship to propose a research taxonomy, and (2) analyzing areas in this field that warrant further research. Our literature review, conducted using the PRISMA methodology, yielded 407 studies. Employing advanced textometric techniques, we uncovered a research taxonomy consisting of three distinct clusters within entrepreneurial collaborative economy studies. In particular, our investigation has unveiled that the entrepreneurial collaborative economy paradigm remains in a state of emergence within the academic literature. The paper concludes with thought-provoking discussions and key insights. Full article

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17 pages, 379 KB

Open AccessArticle

The Scale Logic of Government Debt for Overall Development and Security—From the Perspective of Dual Scale Economy of Explicit and Implicit Debt

by Yunxiao Yuan, Xiaoyu Yang and Muhammad Umer

Economies 2025, 13(8), 245; https://doi.org/10.3390/economies13080245 - 21 Aug 2025

Abstract

Government debt can potentially enhance high-quality economic development, yet its effects and risks diverge substantially under the interplay of scale economies and diseconomies. Against the backdrop of the 20th CPC Central Committee’s Third Plenary Session, which emphasized coordinated development-security integration and local debt [...] Read more.

Government debt can potentially enhance high-quality economic development, yet its effects and risks diverge substantially under the interplay of scale economies and diseconomies. Against the backdrop of the 20th CPC Central Committee’s Third Plenary Session, which emphasized coordinated development-security integration and local debt risk resolution, this study investigates the debt-development nexus through the lens of dual-scale economies in explicit/implicit local government debt. We innovatively incorporate resource allocation efficiency and investment levels as mediating factors. Empirical results demonstrate the following: (1) An inverted U-shaped relationship between local debt scale and economic development quality during two debt rectification periods, with implicit debt exhibiting a more pronounced curvilinear pattern; (2) Both resource allocation efficiency and investment levels significantly moderate the scale economies of explicit/implicit debt, yet paradoxically constrain development quality. Key obstacles include short-term adjustment costs, income disparity, and innovation suppression. Notably, while government debt currently operates within scale economies, implicit debt possesses greater borrowing capacity than explicit debt. Debt-driven economies of scale exhibit significant regional heterogeneity. In coastal areas, these effects are more sustainable, whereas in inland areas it is relatively weak. Policy implications suggest the following: (1) Recognizing debt’s nonlinear developmental impacts; (2) Optimizing resource allocation to improve investment quality; (3) Clarifying central-local fiscal responsibility demarcation; (4) A regionally differentiated collaborative strategy is needed for coordinating debt, investment, and resource allocation. Full article

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13 pages, 431 KB

Open AccessArticle

Interest Rates and Economic Growth: Evidence from Southeast Asia Countries

by Tan Huu Nguyen

Economies 2025, 13(8), 244; https://doi.org/10.3390/economies13080244 - 21 Aug 2025

Abstract

This study examines the dynamic interplay between interest rates, inflation, and GDP growth in Southeast Asian economies from 2000 to 2023, employing the Panel ARDL framework with the Pooled Mean Group (PMG) model. The findings confirm a robust long-term relationship among the Deposit [...] Read more.

This study examines the dynamic interplay between interest rates, inflation, and GDP growth in Southeast Asian economies from 2000 to 2023, employing the Panel ARDL framework with the Pooled Mean Group (PMG) model. The findings confirm a robust long-term relationship among the Deposit Interest Rate (DIR), Lending Interest Rate (LIR), Consumer Price Index (CPI), and GDP growth. Higher deposit rates consistently promote economic expansion by encouraging savings and investment, while lending rates support long-term growth but limit short-term activity due to higher borrowing costs. Inflation adversely affects long-term growth by reducing purchasing power but boosts short-term demand. Historical GDP trends highlight the region’s susceptibility to global shocks, such as the 2008–2010 financial crisis and the 2020 COVID-19 pandemic, with forecasts indicating a gradual recovery from 2021 to 2025. The study emphasizes the importance of balanced monetary policies to enhance growth and stability in Southeast Asia, providing practical insights for policymakers addressing global and regional economic challenges. Full article

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27 pages, 978 KB

Open AccessArticle

Global Shocks and Local Fragilities: A Financial Stress Index Approach to Pakistan’s Monetary and Asset Market Dynamics

by Kinza Yousfani, Hasnain Iftikhar, Paulo Canas Rodrigues, Elías A. Torres Armas and Javier Linkolk López-Gonzales

Economies 2025, 13(8), 243; https://doi.org/10.3390/economies13080243 - 19 Aug 2025

Abstract

Economic stability in emerging market economies is increasingly shaped by the interplay between global financial integration, domestic monetary dynamics, and asset price fluctuations. Yet, early detection of financial market disruptions remains a persistent challenge. This study constructs a Financial Stress Index (FSI) for [...] Read more.

Economic stability in emerging market economies is increasingly shaped by the interplay between global financial integration, domestic monetary dynamics, and asset price fluctuations. Yet, early detection of financial market disruptions remains a persistent challenge. This study constructs a Financial Stress Index (FSI) for Pakistan, utilizing monthly data from 2005 to 2024, to capture systemic stress in a globalized context. Using Principal Component Analysis (PCA), the FSI consolidates diverse indicators, including banking sector fragility, exchange market pressure, stock market volatility, money market spread, external debt exposure, and trade finance conditions, into a single, interpretable measure of financial instability. The index is externally validated through comparisons with the U.S. STLFSI4, the Global Economic Policy Uncertainty (EPU) Index, the Geopolitical Risk (GPR) Index, and the OECD Composite Leading Indicator (CLI). The results confirm that Pakistan’s FSI responds meaningfully to both global and domestic shocks. It successfully captures major stress episodes, including the 2008 global financial crisis, the COVID-19 pandemic, and politically driven local disruptions. A key understanding is the index’s ability to distinguish between sudden global contagion and gradually emerging domestic vulnerabilities. Empirical results show that banking sector risk, followed by trade finance constraints and exchange rate volatility, are the leading contributors to systemic stress. Granger causality analysis reveals that financial stress has a significant impact on macroeconomic performance, particularly in terms of GDP growth and trade flows. These findings emphasize the importance of monitoring sector-specific vulnerabilities in an open economy like Pakistan. The FSI offers strong potential as an early warning system to support policy design and strengthen economic resilience. Future modifications may include incorporating real-time market-based metrics indicators to better align the index with global stress patterns. Full article

(This article belongs to the Special Issue Emerging Market Economies: Globalization, Monetary Policy, and Asset Prices)

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