Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: JCR - Q2 (Economics) / CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.7 days after submission; acceptance to publication is undertaken in 5.6 days (median values for papers published in this journal in the first half of 2024).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.1 (2023);
5-Year Impact Factor:
2.2 (2023)
Latest Articles
Improving Agricultural Sustainability in Bosnia and Herzegovina through Renewable Energy Integration
Economies 2024, 12(8), 195; https://doi.org/10.3390/economies12080195 - 25 Jul 2024
Abstract
With the development of agricultural production, the demand for electricity correspondingly increases. To sustainably meet this demand, renewable energy sources (RESs) can be utilized. This paper explores the application of RES alternatives in agriculture to provide guidelines for enhancing sustainable agricultural practices in
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With the development of agricultural production, the demand for electricity correspondingly increases. To sustainably meet this demand, renewable energy sources (RESs) can be utilized. This paper explores the application of RES alternatives in agriculture to provide guidelines for enhancing sustainable agricultural practices in Bosnia and Herzegovina. The study employs expert decision making using fuzzy multi-criteria decision-making (MCDM) methods. A decision-making model incorporating nine criteria and six alternatives was developed. Using the direct weight calculation (DiWeC) approach, the findings indicate that economic criteria are prioritized over other sustainability criteria. The results from the fuzzy RAWEC (ranking of alternatives with weights of criteria) method reveal that solar energy has the greatest potential for advancing sustainable agricultural production in Bosnia and Herzegovina. For practical implementation of RES alternatives, active involvement from state institutions and local communities is essential.
Full article
(This article belongs to the Collection Agricultural and Natural Resource Economics)
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A Performance Analysis of Stochastic Processes and Machine Learning Algorithms in Stock Market Prediction
by
Mohammed Bouasabah
Economies 2024, 12(8), 194; https://doi.org/10.3390/economies12080194 - 24 Jul 2024
Abstract
In this study, we compare the performance of stochastic processes, namely, the Vasicek, Cox–Ingersoll–Ross (CIR), and geometric Brownian motion (GBM) models, with that of machine learning algorithms, such as Random Forest, Support Vector Machine (SVM), and k-Nearest Neighbors (KNN), for predicting the trends
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In this study, we compare the performance of stochastic processes, namely, the Vasicek, Cox–Ingersoll–Ross (CIR), and geometric Brownian motion (GBM) models, with that of machine learning algorithms, such as Random Forest, Support Vector Machine (SVM), and k-Nearest Neighbors (KNN), for predicting the trends of stock indices XLF (financial sector), XLK (technology sector), and XLV (healthcare sector). The results showed that stochastic processes achieved remarkable prediction performance, especially the CIR model. Additionally, this study demonstrated that the metrics of machine learning algorithms are relatively lower. However, it is important to note that stochastic processes use the actual current index value to predict tomorrow’s value, which may overestimate their performance. In contrast, machine learning algorithms offer a more flexible approach and are not as dependent on the current index value. Therefore, optimizing the hyperparameters of machine learning algorithms is crucial for further improving their performance.
Full article
(This article belongs to the Topic Big Data and Artificial Intelligence, 2nd Volume)
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Open AccessFeature PaperArticle
Is There a Link between Tax Administration Performance and Tax Evasion?
by
Milos Milosavljevic, Marina Ignjatovic, Željko Spasenić, Nemanja Milanović and Aleksandar Đoković
Economies 2024, 12(8), 193; https://doi.org/10.3390/economies12080193 - 24 Jul 2024
Abstract
The performance of tax administrations (TAs) is usually described as their capacity to complete activities with the minimum of resources engaged. Accordingly, tax administration performance is a multifaceted phenomenon, and measuring and benchmarking its performance against other countries or regions remains a puzzle
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The performance of tax administrations (TAs) is usually described as their capacity to complete activities with the minimum of resources engaged. Accordingly, tax administration performance is a multifaceted phenomenon, and measuring and benchmarking its performance against other countries or regions remains a puzzle for researchers and practitioners. This paper introduces a new approach for measuring tax administration performance using the Composite I-Distance Indicator (CIDI) based on 11 individual performance measures from 35 European tax administrations over two consecutive years (2018–2019). For the given scores of tax administrations, we conducted a correlation analysis with (a) tax evasion loss and (b) the fiscal deficit of countries in which these tax administrations operate, aiming to assess the strength of the statistical relationship between these variables. The study highlights Denmark and the Netherlands as exemplary models for tax administration, with “Revenue Collection” being identified as a crucial driver of excellence and “Operational Performance” (such as “e-filing” and “on-time filing”) forming critical aspects of TA efficiency. Also, the study finds a negative correlation between tax avoidance and tax administration performance.
Full article
(This article belongs to the Special Issue Shadow Economy and Tax Evasion)
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Open AccessArticle
Does Mainstreamed Aid Advance Gender Parity? Insights from Empirical Evidence
by
Bedassa Tadesse, Elias K. Shukralla and Bichaka Fayissa
Economies 2024, 12(8), 192; https://doi.org/10.3390/economies12080192 - 24 Jul 2024
Abstract
This study investigates the effectiveness of gender-mainstreamed aid in mitigating gender inequality. We develop a robust theoretical model that accounts for the potential positive and perceived negative effects of shifts toward gender parity, capturing diverse societal perspectives. Utilizing a comprehensive dataset on aid
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This study investigates the effectiveness of gender-mainstreamed aid in mitigating gender inequality. We develop a robust theoretical model that accounts for the potential positive and perceived negative effects of shifts toward gender parity, capturing diverse societal perspectives. Utilizing a comprehensive dataset on aid activities focused on gender (in)equality and women’s empowerment across 118 countries from 2009 to 2022, primarily low-income nations, we employ panel fixed-effects and mixed-effects random coefficient models to examine the impact of gender-related aid on gender inequality. Our findings reveal that significant gender-related aid (SGRA), which integrates gender considerations into broader development projects, reduces gender inequality in 115 out of 118 countries. In contrast, principal gender-related aid (PGRA), which explicitly targets gender equality, shows significant effects in only 85 countries. When analyzing the effects of both components of gender-related aid, we find that SGRA consistently impacts gender inequality. However, the effectiveness of PGRA becomes less clear-cut. This observation, coupled with the variation in the effectiveness of the components across countries, underscores the importance of developing strategies tailored to country-specific needs and conditions in promoting gender parity effectively.
Full article
(This article belongs to the Section Economic Development)
Open AccessArticle
Financial Development, Monetary Policy, and the Monetary Transmission Mechanism—An Asymmetric ARDL Analysis
by
Olajide O. Oyadeyi
Economies 2024, 12(8), 191; https://doi.org/10.3390/economies12080191 - 24 Jul 2024
Abstract
This paper’s objective is to examine the asymmetric cointegration and asymmetric effects of financial development and monetary policy on monetary transmission mechanisms in the Nigerian context using annual data spanning the period from 1986 to 2023. This study pushes the frontiers of knowledge
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This paper’s objective is to examine the asymmetric cointegration and asymmetric effects of financial development and monetary policy on monetary transmission mechanisms in the Nigerian context using annual data spanning the period from 1986 to 2023. This study pushes the frontiers of knowledge by providing information on the nonlinear impacts of monetary policy and financial sector innovations on monetary transmission mechanisms in Nigeria to help policymakers tailor their strategies to local conditions, enhancing the effectiveness of monetary interventions in the economy. To achieve this, this paper adopted nonlinear ARDL models to understand how changes in the direction of monetary policy and developments in the financial system induce changes in the transmission of monetary policy. The findings document the existence of asymmetries in both the short and long run, revealing that the impacts of financial development and monetary policy on the different monetary policy channels are not uniform. These asymmetries indicate that the responses of various economic variables to monetary policy actions differ depending on the level of financial development. These findings underscore the complexity of the monetary transmission mechanism and the necessity for a nuanced understanding of how financial development and monetary policy interact in different contexts. Consequently, this finding is symptomatic of some characteristics of those financial markets on their way toward advanced developments. As the financial system matures, monetary policy may have a greater impact on the cost of short-term funding for banks without having any discernible effect on the rates at which businesses and households access funding. Therefore, this paper recommends focusing on the policies that will foster the financial system across the banking sector, capital market, bond market, and overall financial sector to improve the efficiency of the monetary transmission process.
Full article
(This article belongs to the Special Issue Monetary and Fiscal Economics in the Context of Macroeconomic Stability)
Open AccessArticle
Specific Effect of Innovation Factors on Socioeconomic Development of Countries in View of the Global Crisis
by
Sergey Mikhailovich Vasin and Daria Mikhailovna Timokhina
Economies 2024, 12(8), 190; https://doi.org/10.3390/economies12080190 - 23 Jul 2024
Abstract
Although the coronavirus pandemic has now faded into the background, the global crisis caused by COVID-19 has had the most devastating impacts worldwide. Given the potential relapse of such unexpected and uncertain events, it is vital to specify the patterns thereof and develop
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Although the coronavirus pandemic has now faded into the background, the global crisis caused by COVID-19 has had the most devastating impacts worldwide. Given the potential relapse of such unexpected and uncertain events, it is vital to specify the patterns thereof and develop proactive measures for the countries to acquire an advanced readiness to deal with the related incidents. The most infected countries faced an increase in business bankruptcies, unemployment and inflation rates, low production volumes, and a decline in Gross Domestic Product (GDP). To withstand such socioeconomic consequences, the countries had to employ a number of measures, with innovation development acceleration being one. This paper aims to assess the dependency of an increase in GDP and a decrease in inflation and unemployment rates on the country-level growth of innovation development according to such Global Innovation Index (GII) pillars as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. The conducted research analysis covered the period from 2019 to 2022 based on the data for the GII pillar development level and economic performance indicators for 20 countries from five socioeconomic models. Descriptive and comparative statistics as well as correlation and regression analysis were used to prove the innovation development to be a key driver in increasing GDP and reducing inflation. To increase the GDP value, special attention should be paid to such GII pillars as institutions and human capital and research, while infrastructure and human capital and research are the pillars to reduce the inflation rates.
Full article
(This article belongs to the Special Issue Innovation, Reallocation and Economy Growth)
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Open AccessArticle
Selected Socio-Economic Aspects of the Last Two Economic Crises in Slovenia Assessed through a Three-Stage Territorial Model
by
Simon Kušar
Economies 2024, 12(7), 189; https://doi.org/10.3390/economies12070189 - 20 Jul 2024
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The aim of this paper is to provide a systematic insight into the socio-economic aspects of the last two economic crises in Slovenia: the Economic crisis between 2009 and 2013, and the COVID-19 crisis in 2020. A three-stage territorial model was developed as
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The aim of this paper is to provide a systematic insight into the socio-economic aspects of the last two economic crises in Slovenia: the Economic crisis between 2009 and 2013, and the COVID-19 crisis in 2020. A three-stage territorial model was developed as a theoretical tool for this study. The data for the analyses came from various statistical sources and from the available literature. The socio-economic aspects of both economic crises were analysed in 11 categories and at three territorial levels: macro (national), meso (regional) and micro (locational). Both economic crises differ fundamentally in many aspects. Compared to the Economic crisis, the COVID-19 crisis was much shorter and less severe, and had relatively little impact on the socio-economic structure of Slovenia and its regions. Both economic crises had some common features: reduction of interregional disparities and different development paths of regions during the crisis, as well as strong economic growth in the first year of recovery. The proposed model can be extended by additional territorial levels and by adding additional social and political-geographical aspects.
Full article
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Open AccessArticle
Modeling of Complex State Financial Support for Small and Medium-Sized Enterprises
by
Kristina Alekseyevna Zakharova, Danil Anatolyevich Muravyev and Egine Araratovna Karagulian
Economies 2024, 12(7), 188; https://doi.org/10.3390/economies12070188 - 18 Jul 2024
Abstract
This article describes a new approach to determining the optimal amount of state financial support provided to business entities. It is shown that there are three available methods to support economic agents. The most cost-effective option is subsidizing business entities to expand their
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This article describes a new approach to determining the optimal amount of state financial support provided to business entities. It is shown that there are three available methods to support economic agents. The most cost-effective option is subsidizing business entities to expand their current assets. It has been revealed that there are not just optimal amounts of government financial support but also optimal not-to-exceed amounts that make it possible to identify the boundaries of the so-called highly productive state of the economy. In this case, when the economy is highly productive, the prices of goods (services) fall, workers spend their savings, and the volume of production increases. This ultimately leads to an increase in the well-being of the population. The differential equations are the basis for the model, which is similar to the model of a simple two-sector single-product economy. The Monte Carlo method is used to determine the optimal not-to-exceed amount for government financial support. The identification of such intervals allows us to determine the amount of state financial support that will lead to a highly productive state and will not contribute to an unreasonable expansion of the budget expenditure. This study’s results can be utilized by government authorities for the development of a comprehensive system of state financial support for entrepreneurship. Business entities can use the results of this research concerning the calculation of the optimal not-to-exceed amount of financial support.
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(This article belongs to the Special Issue The Relationship between Macroeconomics and Small and Medium Enterprises)
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Open AccessArticle
The Role of Comparative Advantage in Enhancing Trade in Value-Added Using a Dynamic GMM Model
by
Josephine Wuri
Economies 2024, 12(7), 187; https://doi.org/10.3390/economies12070187 - 18 Jul 2024
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Currently, international trade has evolved into international production fragmentation captured in GVCs. Countries must enhance intermediate exports in comparative advantage sectors to increase their trade in value-added (TVA) in global production chains. However, traditional measurements of revealed comparative advantage (RCA) based on gross
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Currently, international trade has evolved into international production fragmentation captured in GVCs. Countries must enhance intermediate exports in comparative advantage sectors to increase their trade in value-added (TVA) in global production chains. However, traditional measurements of revealed comparative advantage (RCA) based on gross exports need to be updated due to overvaluation, double counting, and implicit distortions in international trade. This study uses a new comparative advantage measure, “new revealed symmetric comparative advantage” (NRSCA). Using a dynamic General Method of Moment (GMM) approach, we investigate the role of comparative advantage in driving TVA regarding backward and forward linkages and examine the impact of the COVID-19 pandemic. We use data from the current Asian Development Bank multi-regional input–output database for 2010–2020. Our findings reveal that comparative advantage significantly impacted international TVA, along with the support of quality institutional services in each country. Implementing a new comparative advantage measure, NRSCA, provided accurate estimation results to overcome the overvaluation problem. Moreover, the COVID-19 pandemic disrupted value-added trade.
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Open AccessArticle
Resident Evaluation of Reconstruction Challenges and Lessons Learned from the Great East Japan Earthquake: Recommendations for Reconstruction and Industrial Policies 12 Years after the Disaster
by
Tetsuya Nakamura, Steven Lloyd and Satoru Masuda
Economies 2024, 12(7), 186; https://doi.org/10.3390/economies12070186 - 17 Jul 2024
Abstract
The year 2023 marks the 12th anniversary of the Great East Japan Earthquake (GEJE). Immediately after the disaster, the number of evacuees reached approximately 470,000, but by November 2022, the number had decreased to approximately 31,000. The reconstruction of housing, disposal of debris,
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The year 2023 marks the 12th anniversary of the Great East Japan Earthquake (GEJE). Immediately after the disaster, the number of evacuees reached approximately 470,000, but by November 2022, the number had decreased to approximately 31,000. The reconstruction of housing, disposal of debris, public infrastructure development, and overall restoration and reconstruction has progressed steadily. However, a re-examination of the status of industrial restoration and reconstruction reveals that restoration and reconstruction have not progressed in some areas. This research statistically analyzes how the Japanese public perceives the issues around the recovery process and what memories and records they would like to learn from regarding the GEJE. The purpose of this study is to ask about reconstruction issues and lessons learned from the GEJE by conducting a web-based survey with 2000 respondents in Japan. The method of estimation is the use of ordinal logistic regression analysis to statistically estimate whether there are differences in recovery issues and lessons learned depending on individual attributes. The results suggest that those who are interested in, remember, and express anxiety about the recovery issues and lessons learned tend to be men, do not have children, are highly educated, and have a higher income. In sum, many of Japan’s citizens are highly interested in the reconstruction of agriculture, forestry, fisheries, housing, urban development, living environment, industry, and livelihood in the affected areas. In the future, they will play a central role in modernizing, scaling up, and integrating the agriculture, forestry, and fisheries industries, as well as in rebuilding towns and livelihoods. In the affected areas, it will be necessary to draw on the lessons learned from the GEJE and create reconstruction plans for the future, and then, policymakers will need to formulate reconstruction policies that reflect the concerns of the Japanese people.
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(This article belongs to the Special Issue Industrial Clusters, Agglomeration and Economic Development)
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Open AccessArticle
Problems and Prospects for the Development of Cluster Structuring in the Economy of Kazakhstan’s Agricultural Sector: Theory and Practice
by
Anastassiya Tkacheva, Saniya Saginova, Madina Karimbergenova, Timur Taipov and Gulnar Saparova
Economies 2024, 12(7), 185; https://doi.org/10.3390/economies12070185 - 17 Jul 2024
Abstract
This article discusses the issues of cluster policy formation in the Republic of Kazakhstan on the basis of studying the experience of leading countries. The research aim is to find new effective tools and institutions for the development of the cluster structuring of
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This article discusses the issues of cluster policy formation in the Republic of Kazakhstan on the basis of studying the experience of leading countries. The research aim is to find new effective tools and institutions for the development of the cluster structuring of the agro-industrial complex economy of Kazakhstan. Cluster policy in the field of supporting regional clusters starts with the identification of already existing clusters in the region, because by viewing the regional economy through the prism of various local industries and innovative enterprises, regional authorities can identify measures of effective impact and support for their clusters. This research examines the possibilities of using clusters and cluster policy as one of the most important components of the policy for the development and support of small and medium-sized enterprises in Kazakhstan’s agro-industrial complex. The research methodology includes qualitative and quantitative data analysis methods, comparative analysis, and mathematical processing (the Pearson correlation coefficient), as well as the modeling of possible development scenarios. The obtained results show that there are significant opportunities for a wider involvement of small and medium-sized enterprises in the formation of cluster structures of the agro-industrial sector through joint efforts by the government and regional centers in the conditions of innovative development of the country’s economy.
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(This article belongs to the Section Growth, and Natural Resources (Environment + Agriculture))
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Open AccessArticle
Survival Analysis of Small Business during COVID-19 Pandemic, a Brazilian Case Study
by
Jorge Luis Tonetto, Josep Miquel Pique, Adelar Fochezatto and Carina Rapetti
Economies 2024, 12(7), 184; https://doi.org/10.3390/economies12070184 - 11 Jul 2024
Cited by 1
Abstract
The impact of COVID-19 on the economy was devastating. Small businesses typically have few resources to fight against such adversity. Many businesses remained closed for some time during the pandemic period, resulting in significant consequences for people in terms of jobs, income and
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The impact of COVID-19 on the economy was devastating. Small businesses typically have few resources to fight against such adversity. Many businesses remained closed for some time during the pandemic period, resulting in significant consequences for people in terms of jobs, income and life. The objective of this research is to identify the factors that contributed to increasing company failures during the pandemic. Furthermore, this study aims to verify whether the size of the companies, the sectors of economic activity in which they operate and their geographic location influence enterprise failure. This article analyzes the survival of 8931 small businesses from 2017 to 2023, in Rio Grande do Sul, Brazil. The study applied a survival analysis using the Kaplan–Meier procedure, complemented with the Cox procedure, to determine the effects of the size of companies, sector activity and location on the survival time. The results indicate that survival is much higher in small companies with large revenues that are located in the Campaign and West Frontier regions, as well as in the Northeast, North, Production, South, Taquari, and Rio Pardo Valleys regions, whereas the survival rates were extremely lower in the commercial sector and in financial intermediation activities. In the second analysis restricted to the commerce sector, the data highlighted the retail activities, accommodation and food activities sectors as the most affected in terms of overall survival. The results indicated that the survival of small business remained relatively strong during the COVID-19 pandemic, signaling the pertinent support from the government. The smallest business with revenues under USD 15,576 (BRL 81,000) per year were the most affected, with only 39% survival after 7 years. Some activities and some regions suffered more than others, emphasizing the need for special attention from authorities in future catastrophes.
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(This article belongs to the Special Issue Economics after the COVID-19)
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Open AccessCase Report
Exploring the Impact of Political Patronage Networks on Financial Stability: Lebanon’s 2019 Economic Crisis
by
Samar Abou Ltaif and Simona Mihai-Yiannaki
Economies 2024, 12(7), 183; https://doi.org/10.3390/economies12070183 - 11 Jul 2024
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Amid Lebanon’s multifaceted economic crisis, this paper explores the intricate dynamics between political patronage networks and financial stability. Grounded in the theoretical frameworks of New Institutional Economics (NIE) and Project Management (PM), the study delves into how entrenched political elites and patronage networks
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Amid Lebanon’s multifaceted economic crisis, this paper explores the intricate dynamics between political patronage networks and financial stability. Grounded in the theoretical frameworks of New Institutional Economics (NIE) and Project Management (PM), the study delves into how entrenched political elites and patronage networks have shaped Lebanon’s financial system, exacerbating vulnerabilities and perpetuating the ongoing crisis. Utilizing qualitative methods including in-depth interviews, document analysis, and case studies, the research illuminates the pivotal role of political actors and their vested interests in economic policies and financial institutions. The findings reveal systemic governance failures, crony capitalism, and institutional decay as underlying causes of Lebanon’s economic stress. In response, the paper proposes a comprehensive framework for governance reform that integrates insights from NIE and PM, emphasizing structured planning, accountability mechanisms, and institutional strengthening. The purpose of this study is not only to contribute to a nuanced understanding of Lebanon’s challenges but also to offer actionable insights for policymakers, academics, and stakeholders to address the root causes of the crisis and pave the way for sustainable economic recovery and revitalization.
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Open AccessArticle
Analysis of the Competitiveness, Complementarity, and Trade Combination of Kazakhstan and China in the Oil and Gas Trade
by
Binghan Du, Jappar Juman, Aiymzhan Tulegenovna Makulova, Assel Valitkhanovna Khamzayeva and Xuan Zhai
Economies 2024, 12(7), 182; https://doi.org/10.3390/economies12070182 - 10 Jul 2024
Abstract
The oil and gas trade is one of the main ways to promote regional economic development by improving the effectiveness of resource allocation. While regional energy cooperation could lead to growth in the energy trade, blind investment will reduce effective yields. Kazakhstan and
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The oil and gas trade is one of the main ways to promote regional economic development by improving the effectiveness of resource allocation. While regional energy cooperation could lead to growth in the energy trade, blind investment will reduce effective yields. Kazakhstan and China maintain a stable oil and gas trade, but resource exports to China are not growing as expected. The aim of this research is to analyze the competitiveness and complementarity of Kazakhstan and China in the oil and gas trade, as well as the main factors affecting the oil and gas trade between Kazakhstan and China. By creating a linear regression equation to analyze the gravity model of the oil and gas trade between Kazakhstan and China, it was revealed that a 1% growth of the gross domestic product in both countries would lead to a 1.471% increase in the oil and gas trade. However, an increase in oil and gas production in Kazakhstan will not contribute to the expansion of the oil and gas trade with China. Kazakhstan and China could improve their oil and gas trade by strengthening financial cooperation, improving energy efficiency, increasing investment in infrastructure such as oil refineries and pipelines, and developing new oil and gas fields in Kazakhstan.
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(This article belongs to the Topic Energy Economics and Sustainable Development)
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Open AccessArticle
Economic and Political Determinants of Sovereign Default and IMF Credit Use: A Robustness Assessment Post 2010
by
Lina Maddah, Hassan Sherry and Hussein Zeaiter
Economies 2024, 12(7), 181; https://doi.org/10.3390/economies12070181 - 9 Jul 2024
Abstract
According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial,
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According to the IMF, the current public debt makes up nearly 40 percent of the global debt, marking the highest share since the mid-1960s. Despite the vast research on alarming levels of sovereign default, the literature remains inconclusive. This paper investigates macroeconomic, financial, and political determinants of IMF credit use in the post-2010 era. The main contribution of our study lies in its temporal analysis as we investigate how the robustness of different factors has evolved. By utilizing an extensive dataset on 216 countries over the period of 2010–2021 and employing a variant of the Extreme Bounds Analysis (EBA) method, our study reveals that fluctuations in the IMF credit to external debt ratio can be attributed to changes in the total reserves to external debt ratio, where this relationship is statistically significant and reliable. However, high political risks seem to no longer affect the IMF’s decision, post 2010. Furthermore, our findings demonstrate that excluding countries with low debt arrears strengthens the results’ robustness. These findings contribute to a better understanding of the complexities surrounding IMF credit use in the contemporary global economic scene and offer new standpoints on the Fund’s lending choices.
Full article
(This article belongs to the Special Issue The Political Economy of Money)
Open AccessArticle
The Impact of Gastronomic Tourism on the Regional Economy of Thailand: Examined by the Dynamic I-O Model after the Decline of COVID-19
by
Banjaponn Thongkaw, Nattapan Kongbuamai, Warattaya Chinnakum and Chukiat Chaiboonsri
Economies 2024, 12(7), 180; https://doi.org/10.3390/economies12070180 - 9 Jul 2024
Abstract
It is reasonable to state that gastronomic tourism is an efficient tool that has the potential to refresh Thailand’s macroeconomic viability. With the aim of becoming a hub of tourism in Southeast Asia, Thailand’s tourism industry must urgently address and sustainably integrate gastronomic
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It is reasonable to state that gastronomic tourism is an efficient tool that has the potential to refresh Thailand’s macroeconomic viability. With the aim of becoming a hub of tourism in Southeast Asia, Thailand’s tourism industry must urgently address and sustainably integrate gastronomic activities to navigate the troubled situation caused by its decline after the COVID-19 pandemic. This has led the authors to conduct a deep study on a regional input–output (I-O) table analysis for Thailand’s tourism system, specifically focusing on gastronomic activities and tourism industries. The tourism I-O data used in this study come from the official source provided by the Thailand Ministry of Tourism and Sport. Empirically, the results of the dynamic regional I-O model predict that Bangkok and its surrounding areas are the heart of gastronomic tourism development, driving income into Thailand’s economy. The eastern region stands as the second-largest area of gastronomy tourism, generating a positive impact on Thailand’s economy. On the other hand, the Northeast of Thailand receives less income from gastronomy tourism despite being the largest area in the country. Ultimately, there should be a greater emphasis on gastronomy tourism policies in order to fully maximize their potential for tourism development, stimulating every part of Thailand during the economic depression caused by COVID-19. Moreover, gastronomy tourism has the potential to play an important role in driving economic growth through the combination of cuisine and tourism development.
Full article
(This article belongs to the Special Issue Demographics and Regional Economic Development)
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Open AccessArticle
Granular Cities
by
Leon Esquierro and Sergio Da Silva
Economies 2024, 12(7), 179; https://doi.org/10.3390/economies12070179 - 9 Jul 2024
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This study extends the concept of granularity from firms to cities, examining how large cities influence national economic dynamics beyond their relative size. By applying Zipf’s law, which describes the power law distribution of city sizes, we investigate the interplay between granularity and
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This study extends the concept of granularity from firms to cities, examining how large cities influence national economic dynamics beyond their relative size. By applying Zipf’s law, which describes the power law distribution of city sizes, we investigate the interplay between granularity and business cycles. Our aim is to test the granular hypothesis that large cities have a significant impact on the business cycle beyond their relative size. We analyze data from American and Brazilian cities between 2003 and 2019 assessing the granular residuals and their explanatory power. Our findings reveal that in the United States, the granular city size is three metropolitan areas or five counties when redefined. In Brazil, it equates to three municipalities. These results emphasize the substantial role large cities play in national economic fluctuations, suggesting that policy interventions that target infrastructure, education, and innovation in major urban centers could have widespread economic benefits. This paper’s contribution to the literature is to highlight a spatial component of granularity not considered so far.
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Open AccessArticle
Multi-Criteria Evaluation of the Institutional and Tax Environment for Business in the EU Economies
by
Charalampos Kalligosfyris, Zacharias Dermatis, Eleni Kalamara and Athanasios Anastasiou
Economies 2024, 12(7), 178; https://doi.org/10.3390/economies12070178 - 9 Jul 2024
Abstract
The purpose of this study is to evaluate the institutional and tax environment for businesses in 21 countries of the European Union (EU), using a multi-criteria analysis and, in particular, the PROMETHEE II method, based on thirteen evaluation criteria and the ranking of
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The purpose of this study is to evaluate the institutional and tax environment for businesses in 21 countries of the European Union (EU), using a multi-criteria analysis and, in particular, the PROMETHEE II method, based on thirteen evaluation criteria and the ranking of the European economies. Through the research, the importance of factors related to the efficiency of the tax administration, the tax capacity of the country, the growth rate of the economy, the quality of institutions, the level of corruption, the tax burden, the time of tax compliance and the political stability of the country is studied, in the formation of an attractive environment for the development of entrepreneurship in the EU economies. Moreover, the results of the analysis revealed the existence of significant fiscal and institutional differences between the EU economies under investigation, regarding the development of entrepreneurship. These differences are due to the size of the economy, the institutions, the history, the economic crises of each country and a wide range of dissimilar policy recommendations, which reflect asymmetric policy responses. The study concludes by offering theoretical and political recommendations to improve the institutional and fiscal environment in EU economies so that entrepreneurship can play an important role in improving the economic and social situation of a country.
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(This article belongs to the Section Macroeconomics, Monetary Economics, and Financial Markets)
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Open AccessArticle
‘Unlock the Complexity’: Understanding the Economic and Political Pathways Underlying the Transition to Climate-Smart Smallholder Forage-Livestock Systems: A Case Study in Rwanda
by
Chiara Perelli, Luca Cacchiarelli, Mutimura Mupenzi, Giacomo Branca and Alessandro Sorrentino
Economies 2024, 12(7), 177; https://doi.org/10.3390/economies12070177 - 8 Jul 2024
Abstract
The livestock-dairy sector in Sub-Saharan Africa, particularly in Rwanda, is experiencing rapid growth due to population expansion, urbanisation, and changing food preferences. The unmet local production demands are causing soil and water pollution, competition for biomass, land, and water, but also grassland degradation,
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The livestock-dairy sector in Sub-Saharan Africa, particularly in Rwanda, is experiencing rapid growth due to population expansion, urbanisation, and changing food preferences. The unmet local production demands are causing soil and water pollution, competition for biomass, land, and water, but also grassland degradation, biodiversity loss, and increased GHGs emissions. Rwanda has the lowest productivity in the region, largely due to inadequate and poor-quality livestock feed resources. To increase animal productivity, promoting forage species with higher nutritional value and better adaptation to drought-prone and poor-fertility soils could be beneficial. Using a mixed-methods approach, the study explores Brachiaria forage adoption and profitability and analyses policy objectives and measures to overcome adoption barriers and promote the transition from subsistence to market-oriented systems. Results show that Brachiaria, although advantageous from an economic point of view, is characterised by very low adoption rates. Furthermore, access to extension programmes is limited and often not supported by adequate incentives. To overcome such barriers, policy interventions should be harmonised and information and knowledge management prioritised, public and private extension and advisory services (EASs) programmes coordinated, agricultural input subsidies increased, and institutional coordination promoted to enhance climate-smart animal feeding.
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(This article belongs to the Special Issue Economic Indicators Relating to Rural Development)
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Open AccessArticle
Analysis of Albania’s Trade Direction: Is the Open Balkan a New Center of Gravity?
by
Glediana Zeneli (Foto), Arsen Benga and Altin Hoti
Economies 2024, 12(7), 176; https://doi.org/10.3390/economies12070176 - 8 Jul 2024
Abstract
Trade is considered one of the main drivers of a country’s economic growth and development. Therefore, a successful analysis that identifies the bilateral trade flows, their determinants, and the regional integration costs and benefits opens new horizons for international trade perspectives. This study
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Trade is considered one of the main drivers of a country’s economic growth and development. Therefore, a successful analysis that identifies the bilateral trade flows, their determinants, and the regional integration costs and benefits opens new horizons for international trade perspectives. This study examines the effects of new and existing regional agreements on the international trade patterns of Western Balkan countries based on the Albanian case. In this regard, an extended trade gravity model is applied with a panel data set of trade flows between Albania and 43 of its regional strategic partners during the period of 2008 to 2022. This work considers two different similarity indexes to explain the effect of the economic structures of partner countries on their trade volumes: the relative factor endowment and the absolute factor endowment. The first is used to test the Linder Hypothesis, and the latter is used to test the effect of similarity in economic size between trading partners. Empirical results indicate that the effect of the selected explanatory variables, such as transportation costs, economic size, economic strength, exchange rate, and their relative as well as absolute endowment, is within expectations. Unexpectedly, the domestic economic size and strength are found to be insignificant in explaining the import flows and inversely proportional to the exports of Albania. Finally, it is indicated that trade flows are clearly dependent on traditional ties rather than on new incentives like the Open Balkan, which cannot offer a new regional center of gravity. To the best of our knowledge, this is the first time that the gravity of the Open Balkan initiative has been tested for one of the participating countries. The study concludes that while the Open Balkan initiative shows potential, the Berlin Process remains a more reliable path toward EU integration for Albania.
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(This article belongs to the Special Issue Foreign Direct Investment and Investment Policy 2.0)
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