Recent Topics in Economic Research – Feature Papers for Cerebrating the 10th Anniversary of Economies

A special issue of Economies (ISSN 2227-7099).

Deadline for manuscript submissions: closed (30 June 2022) | Viewed by 57538

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Dear Colleagues,

In 2023, Economies is celebrating its 10th anniversary. Thanks to the incredible support of all of you, the journal has developed into a well-respected academic journal. Economies has been included in several journal rankings, has a decent and growing number of submissions by well-known experts, and obtains very satisfactory citation scores given its young age. We want to acknowledge these achievements with a dedicated Special Issue. Therefore, we encourage researchers from all areas of economic research to submit abstracts for this Special Issue. We will then make a decision on each submission as to whether it will be accepted as a full manuscript for this Special Issue or as a regular paper.

Economies is an open-access journal that normally charges authors a fee. However, MDPI has agreed to publish papers that have been prepared for this important issue free of any charge.

The Special Issue is titled “Recent Topics in Economic Research”. We intend to cover a broad range of topics that are currently at the forefront of economics research matching your field of expertise and that are within Economies' scope. This includes original research papers as well as comprehensive review papers on topics that you deem of actual importance in economics.

Prof. Dr. Ralf Fendel
Prof. Dr. Robert Czudaj
Prof. Dr. Sajid Anwar
Guest Editors

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Published Papers (20 papers)

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Research

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23 pages, 1398 KiB  
Article
Income-Related Inequality in Health Care Utilization and Out-of-Pocket Payments in China: Evidence from a Longitudinal Household Survey from 2000 to 2015
by Miaoqing Yang and Guido Erreygers
Economies 2022, 10(12), 321; https://doi.org/10.3390/economies10120321 - 13 Dec 2022
Cited by 1 | Viewed by 2091
Abstract
In recent decades, China has experienced rapid economic growth and rising health inequality. The government has introduced a nationwide health care reform aimed at achieving affordable and equitable basic health care for all. This paper investigates income-related inequality in health care utilization and [...] Read more.
In recent decades, China has experienced rapid economic growth and rising health inequality. The government has introduced a nationwide health care reform aimed at achieving affordable and equitable basic health care for all. This paper investigates income-related inequality in health care utilization and out-of-pocket (OOP) payments and explores the underlying factors that drive the inequalities. Using data running from 2000 to 2015 and covering nine of thirty-one provinces in China, we calculate indices to measure income-related inequality and adopt a regression-based decomposition approach to explore the sources of inequality. We find pro-rich inequality in the use of preventive care and pro-poor inequality in the use of folk doctors. In addition, the better-off have preferential access to higher level hospitals, while the use of primary care facilities is more concentrated among the poor. The poor are also found to face a heavier financial burden since they tend to spend a larger share of their income on OOP payments. Education, employment and geographic regions all appear to contribute to the total inequality. Our results indicate that affordability remains a common barrier for the poor to access health care, and that the inequality is largely driven by socio-economic factors. Full article
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16 pages, 359 KiB  
Article
Financial Development and Language Structures
by Gregory W. Caskey and Nabamita Dutta
Economies 2022, 10(12), 313; https://doi.org/10.3390/economies10120313 - 8 Dec 2022
Cited by 1 | Viewed by 1928
Abstract
Using cross country data, we explore the role of linguistic structures for the financial development of countries. Specially, we investigate if future time reference (FTR), the requirement of an obligatory future tense marking in languages, matters for financial development or not. Our results [...] Read more.
Using cross country data, we explore the role of linguistic structures for the financial development of countries. Specially, we investigate if future time reference (FTR), the requirement of an obligatory future tense marking in languages, matters for financial development or not. Our results show that countries speaking weak FTR language or a language not needing a dedicated future tense marking have enhanced financial development relative to countries speaking strong FTR language. Discounting the future less or having a connection between the present and the future—characteristics of weak FTR languages—has implications for caring about saving and investment, having efficient property rights, protection of shareholders and cost of acquiring information. Our results are robust to multiple measures of financial development and inclusion of determinants of the same. Finally, results show that weak FTR language speaking countries benefit more when their financial development is low. Full article
22 pages, 661 KiB  
Article
The Industrial Pattern of Italian Regions: A Disaggregated Sectoral Analysis Based on Input–Output Tables
by Clio Ciaschini, Margherita Carlucci, Francesco Maria Chelli, Giuseppe Ricciardo Lamonica and Luca Salvati
Economies 2022, 10(12), 300; https://doi.org/10.3390/economies10120300 - 28 Nov 2022
Cited by 1 | Viewed by 4549
Abstract
Italy joined the so-called ‘Industry 4.0’ European framework in 2016, which designed and approved a national plan to regulate this key issue for regional development. To better support such a framework, the present study attempts to quantify the contribution of the Italian regions [...] Read more.
Italy joined the so-called ‘Industry 4.0’ European framework in 2016, which designed and approved a national plan to regulate this key issue for regional development. To better support such a framework, the present study attempts to quantify the contribution of the Italian regions to the output formation process. More specifically, a multi-sectoral Input–Output (IO) model that supports national policies was proposed to cumulatively consider 29 industries that partition the Italian economy into representative branches at the level of administrative regions. Elementary input data were derived from the inter-sectoral table of the economy released by the Italian National Institute of Statistics (ISTAT). The economic outcomes of the Italian regions were estimated using a non-survey procedure, based on Flegg Location Quotients, to determine the upstream and downstream positions of each industry at country and regional levels. Indices grounded on the Hypothetical Extraction Method (HEM) further delineated the role each industry plays in the regional economy. The empirical findings of this study demonstrate how non-survey IO regionalization and the resulting industry-based indices provide appropriate knowledge for regional development policies. Full article
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16 pages, 1883 KiB  
Article
A High-Resolution Lead-Lag Analysis of US GDP, Employment, and Unemployment 1977–2021: Okun’s Law and the Puzzle of Jobless Recovery
by Knut Lehre Seip and Dan Zhang
Economies 2022, 10(10), 260; https://doi.org/10.3390/economies10100260 - 20 Oct 2022
Cited by 4 | Viewed by 1788 | Correction
Abstract
Okun’s law is formulated as the ratio between GDP and unemployment (UE): β = f(GDP/UE). It is used to investigate the relations between output and labor input across regions or across business cycles. Based on results by James D. Hamilton we replaced the [...] Read more.
Okun’s law is formulated as the ratio between GDP and unemployment (UE): β = f(GDP/UE). It is used to investigate the relations between output and labor input across regions or across business cycles. Based on results by James D. Hamilton we replaced the United States UE with employment (EM) for the years 1977 to 2021 and examined how employment changed relative to output during recessions and recoveries. We found that (i) EM was leading GDP before and lagging GDP after all recessions, except the 2020 recession. (ii) The βE(9) = GDP/EM for rolling ordinary linear regression over 9 months decreases just after a recession and then recovers over 2- to 4-year periods. (iii) The two series showing that EM → GDP and βE(9) < 0.5 coincided in the 34 months that partly preceded and partly followed five of six NBER recession dates, providing a probability of ≈0.0002 to coincide with the recessions by chance. Thus, the two series may be used to support forecasts of coming recessions. Since EM precedes GDP and labor productivity declines before recessions, a policy recommendation for avoiding “jobless recovery” is that employment should not increase more rapidly than the real economy. Full article
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18 pages, 1266 KiB  
Article
The Global Textile and Apparel Value Chain: From Mexico–US–China Linkages to a Global Approach
by Óscar Rodil-Marzábal, Ana Laura Gómez Pérez and Hugo Campos-Romero
Economies 2022, 10(10), 258; https://doi.org/10.3390/economies10100258 - 18 Oct 2022
Cited by 4 | Viewed by 5138
Abstract
The aim of this paper is to analyze the participation in the global textile and apparel value chain with special attention, first, to the case of three dynamic and interrelated economies (Mexico, the United States, and China); and second, to a general approach [...] Read more.
The aim of this paper is to analyze the participation in the global textile and apparel value chain with special attention, first, to the case of three dynamic and interrelated economies (Mexico, the United States, and China); and second, to a general approach to a larger sample of countries through the analysis of trade in value added. From the descriptive analysis, a high domestic share in each country’s exports is found. However, China is the leading exporter in the industry, accounting for around a third of the domestic value added in the global textile final demand. An econometric estimation has also been carried out to observe the effects of tariffs, FDI, and labor costs on the total and backward participation in the textile GVC. In this case, the sample has been extended to 39 developed and 22 developing countries. The results reveal tariff protection as a determinant of the degree of participation of the sector, especially when backward participation and developing economies are considered. However, FDI and labor costs only show the expected results in the case of developing countries. This may be due to the different tasks performed by developing economies (primarily manufacturing) versus developed economies (branding, design) within the sector’s value chain. Full article
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56 pages, 696 KiB  
Article
Prices and Taxes in a Ramsey Climate Policy Model under Heterogeneous Beliefs and Ambiguity
by Peter von zur Muehlen
Economies 2022, 10(10), 257; https://doi.org/10.3390/economies10100257 - 17 Oct 2022
Viewed by 1531
Abstract
In a Ramsey policy regime, heterogeneity in beliefs about the potential costs of climate change is shown to produce policy ambiguities that alter carbon prices and taxation. Three sources of ambiguity are considered: (i) the private sector is skeptical, with beliefs that are [...] Read more.
In a Ramsey policy regime, heterogeneity in beliefs about the potential costs of climate change is shown to produce policy ambiguities that alter carbon prices and taxation. Three sources of ambiguity are considered: (i) the private sector is skeptical, with beliefs that are unknown to the government, (ii) private agents have pessimistic doubts about the model, or (iii) the policy authority itself does not trust the extant scientific climate model and fears the worst. These three sources of ambiguity give rise to four potential belief regimes characterized by differentials between the government’s and the private sector’s inter-temporal rates of substitutions, with implications for the prices of carbon and capital, framed in terms of distorted Arrow–Debreu pricing theory that establishes an equivalence between the optimal carbon tax and the permit price of an underlying asset—the government-imposed limit on emissions in economies with cap and trade. This paper shows that in most instances, skeptical beliefs and resulting ambiguities justify higher carbon taxes and lower capital taxes to offset the private sector’s increased myopia compared with rational expectations. Conversely, ambiguities created by worst-case fears in either the private sector or in government tend produce forces in the opposite direction. Full article
17 pages, 1315 KiB  
Article
Which Demographic Quintile Benefits from Public Health Expenditure in Nigeria: A Marginal Benefit Analysis
by Kanayo K. Ogujiuba
Economies 2022, 10(10), 253; https://doi.org/10.3390/economies10100253 - 12 Oct 2022
Viewed by 1611
Abstract
Policymakers concur that social investments are crucial, and that inequality must be decreased to accomplish long-term poverty reduction. Nigeria, one of the 20 poorest countries in the world, has a severely unequal society at the moment, with over 80% of the people living [...] Read more.
Policymakers concur that social investments are crucial, and that inequality must be decreased to accomplish long-term poverty reduction. Nigeria, one of the 20 poorest countries in the world, has a severely unequal society at the moment, with over 80% of the people living in deep, severe, and pervasive poverty, with an estimated 5% of the population possessing 85% of the country’s resources. This article’s focus is on how benefits are dispersed among various demographic groups. Previous data collection does not reflect the present realities of this topic. For this analysis, in southeast Nigeria, data sets from government agencies and for-profit service providers were utilized. The benefits of distinct quintiles were estimated using a marginal benefit incidence analysis. The results show that governmental spending in Nigeria is not pro-poor and that the country’s southeast governments supported spending for the wealthy rather than the poor. The results show, among other things, that investment in health is not well directed; benefits from primary education and primary healthcare appear to be disproportionately dispersed to the upper class in the states studied, as they are throughout Nigeria. The paper serves as an example of the value of benefit incidence analysis (BIA). This article recommends effective targeted discretionary spending to lower systemic poverty and inequality. If education and health spending were more pro-poor, better education and health outcomes, strong governance, high per capita income, and wider access to information would all be more likely. Full article
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19 pages, 725 KiB  
Article
The Impact of Remittances on Saving Behaviour and Expenditure Patterns in Vietnam
by Thanh Xuan Hua, Roselinde Kessels and Guido Erreygers
Economies 2022, 10(9), 223; https://doi.org/10.3390/economies10090223 - 14 Sep 2022
Cited by 3 | Viewed by 3965
Abstract
We examine the effects of receiving remittances on household saving behaviour and expenditure patterns in Vietnam. We consider the amount of saving, the saving rate, and the share of expenditure, as well as per capita expenditure on education, health, assets, house repairs, food, [...] Read more.
We examine the effects of receiving remittances on household saving behaviour and expenditure patterns in Vietnam. We consider the amount of saving, the saving rate, and the share of expenditure, as well as per capita expenditure on education, health, assets, house repairs, food, non-food, and utilities. We apply propensity score matching to data from the Vietnam Household Living Standard Survey (VHLSS) of 2012. We find that remittances have a positive impact on household savings and increase both the amount of saving and the saving rate. As far as expenditure patterns are concerned, our results indicate that receiving households spend more on health, assets, and house repairs, and less on food. This finding suggests that households tend to use remittances productively, with receiving households increasing their investments in human and physical capital. For the economy as a whole, remittances can create more opportunities for the development of services provided by banks, financial institutions, hospitals and healthcare centres, and give incentives to the production of building materials and tangible assets. Full article
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15 pages, 404 KiB  
Article
The Impact of Environmental Uncertainty on Accounting Information Relevance and Performance: A Contingency Approach
by Rui Pires and Maria-Ceu G. Alves
Economies 2022, 10(9), 211; https://doi.org/10.3390/economies10090211 - 2 Sep 2022
Cited by 8 | Viewed by 3056
Abstract
This paper examines the association between environmental uncertainty, accounting information relevance, and organizational performance. From a contingency approach, this paper attempts to contribute to a stream of research that investigates the relationship between accounting information relevance and organizational performance. The presence of environmental [...] Read more.
This paper examines the association between environmental uncertainty, accounting information relevance, and organizational performance. From a contingency approach, this paper attempts to contribute to a stream of research that investigates the relationship between accounting information relevance and organizational performance. The presence of environmental uncertainty in this relationship has not been fully established. This paper contributes to this area by suggesting a framework to study and explain this connection. An online questionnaire-based survey was conducted, which produced 119 valid responses (a response rate of 23%) from large manufacturing companies operating in Portugal. The results suggest that in contexts of environmental uncertainty, the relevance of non-financial information increases. However, the relevance of financial information continues to outstrip that of non-financial information. The results also suggest that financial information and non-financial information are complementary, and not substitutes, and can be used simultaneously in different situations. These results have several implications for professionals involved in decision-making activities. It offers findings which are potentially useful for both theory and practice. The study addresses an identified gap in the literature and adds to the existing body of work analyzing the association between environmental uncertainty, accounting information relevance for decision-making purposes, and organizational performance. Full article
17 pages, 2093 KiB  
Article
Moderation Effects of Government Institutional Support, Active and Reactive Internationalization Behavior on Innovation Capability and Export Performance
by Antonio Moreira, Eurico Navaia and Cláudia Ribau
Economies 2022, 10(8), 177; https://doi.org/10.3390/economies10080177 - 22 Jul 2022
Cited by 9 | Viewed by 2414
Abstract
Although innovation capabilities are important drivers of export performance, few studies address how they influence export performance in the context of emerging economies. This paper evaluates the moderating effects of government institutional support and firms’ active and reactive internationalization behaviors on the relationship [...] Read more.
Although innovation capabilities are important drivers of export performance, few studies address how they influence export performance in the context of emerging economies. This paper evaluates the moderating effects of government institutional support and firms’ active and reactive internationalization behaviors on the relationship between innovation capabilities and export performance. The sample analyzed is based on 250 Mozambican small and medium enterprises (SMEs). The results indicate that although innovation capabilities positively influence the export performance of Mozambican SMEs, the moderating effects of government institutional support and firms’ active and reactive internationalization behaviors were not found to be statistically significant. Full article
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13 pages, 1338 KiB  
Article
A Bibliometric Analysis of the Developments and Research Frontiers of Agent-Based Modelling in Economics
by Ayesha Zehra and Amena Urooj
Economies 2022, 10(7), 171; https://doi.org/10.3390/economies10070171 - 19 Jul 2022
Cited by 7 | Viewed by 2101
Abstract
Dynamic Stochastic General Equilibrium (DSGE) models are widely used as a tool for policy decision-making. These models lost their fame when they could not predict the crisis in 2008 and could not address policy problems afterward. Meanwhile, the Agent-Based Modelling (ABM) approach emerged [...] Read more.
Dynamic Stochastic General Equilibrium (DSGE) models are widely used as a tool for policy decision-making. These models lost their fame when they could not predict the crisis in 2008 and could not address policy problems afterward. Meanwhile, the Agent-Based Modelling (ABM) approach emerged as an alternative to DSGE models. Between 2000 and 2020, this study examined scholarly research on the topic of ABM in economics. The information is gathered using the SCOPUS database. Numerous bibliometric indicators are provided, including the total number of publications and citations. The study reveals that agent-based modelling in economics research has grown in recent years. The majority of active research occurs in countries such as the United States of America, and collaboration allows researchers to reach out to many more countries. ABM has the potential to be applied in a wide range of economic fields. ABM also necessitates research into its own development to be used to better understand economic phenomena. Full article
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17 pages, 529 KiB  
Article
Radial Symmetry Does Not Preclude Condorcet Cycles If Different Voters Weight the Issues Differently
by Richard F. Potthoff
Economies 2022, 10(7), 166; https://doi.org/10.3390/economies10070166 - 13 Jul 2022
Cited by 1 | Viewed by 1898
Abstract
Radial symmetry, by our definition, is a precise condition on continuous ideal-point distributions, rarely if ever found exactly in practice, that is similar to the classical 1967 symmetry condition of Plott but pertains to an infinite electorate; the bivariate normal distribution provides an [...] Read more.
Radial symmetry, by our definition, is a precise condition on continuous ideal-point distributions, rarely if ever found exactly in practice, that is similar to the classical 1967 symmetry condition of Plott but pertains to an infinite electorate; the bivariate normal distribution provides an example. A Condorcet cycle exists if the electorate prefers alternative X to Y, Y to Z, and Z to X. An alternative K is a Condorcet winner if there is no alternative that the electorate prefers to K. Lack of a Condorcet winner may engender turmoil. The nonexistence of a Condorcet winner implies that a Condorcet cycle exists. Radial symmetry precludes the existence of Condorcet cycles and thus guarantees a Condorcet winner; but this result assumes that all voters weight the dimensions alike. Our counterexamples show that a Condorcet cycle can arise, even under radial symmetry, if the weighting of issues varies across voters. This finding may be of more than theoretical value: It may suggest that in an empirical setting (without radial symmetry), a Condorcet cycle may be more frequent if voters differ as to how they weight the dimensions. We examine, for illustration based on two dimensions (left–right, linguistic), a Condorcet preference cycle in Finland’s 1931 presidential election. Full article
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17 pages, 1010 KiB  
Article
Does the Obesity Problem Increase Environmental Degradation? Macroeconomic and Social Evidence from the European Countries
by Matheus Koengkan and José Alberto Fuinhas
Economies 2022, 10(6), 131; https://doi.org/10.3390/economies10060131 - 6 Jun 2022
Cited by 6 | Viewed by 2587
Abstract
The macroeconomic effect of the obesity epidemic on environmental degradation was examined for panel data from thirty-one European countries from 1991 to 2016. The quantile via moments model (QVM) was used to realize our empirical investigation. The empirical results indicate that the obesity [...] Read more.
The macroeconomic effect of the obesity epidemic on environmental degradation was examined for panel data from thirty-one European countries from 1991 to 2016. The quantile via moments model (QVM) was used to realize our empirical investigation. The empirical results indicate that the obesity epidemic, electricity consumption, and urbanisation encourage environmental degradation by increasing CO2 emissions, while economic growth decreases them. Moreover, we identify that the obesity epidemic raises the environmental degradation problem in three ways. First, the obesity epidemic is caused by the increased consumption of processed foods from multinational food corporations. The increase in food production will positively impact energy consumption from non-renewable energy sources. Second, obesity reduces physical and outdoor activities, increasing the intensive use of home appliances and motorized transportation and screen-viewing leisure activities, consequently increasing energy consumption from non-renewable energy sources. A third possible way can be related indirectly to economic growth, globalization, and urbanisation. This empirical investigation will contribute to the literature and for policymakers and governments. Therefore, this investigation will encourage the development of initiatives to mitigate the obesity problem in European countries and accelerate the energy transition process. Finally, this investigation will open a new topic in the literature regarding the correlation between the obesity epidemic and environmental degradation. Full article
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5 pages, 198 KiB  
Article
Aggregate Online Brand Name Pharmacy Price Dynamics for the United States and Mexico
by Thomas M. Fullerton, Jr. and Steven L. Fullerton
Economies 2022, 10(5), 112; https://doi.org/10.3390/economies10050112 - 12 May 2022
Viewed by 1820
Abstract
Virtual cross-border medical tourism allows many residents in the United States to purchase brand name medicines from companies in Mexico without travelling there. Monthly economic reports indicate that the online brand name pharmaceutical product prices in Mexico are noticeably lower than the corresponding [...] Read more.
Virtual cross-border medical tourism allows many residents in the United States to purchase brand name medicines from companies in Mexico without travelling there. Monthly economic reports indicate that the online brand name pharmaceutical product prices in Mexico are noticeably lower than the corresponding internet prices in the United States. There have been very few econometric studies on how these prices are linked and the dynamic nature of those relationships. Results in this study indicate that online medicine prices in Mexico respond very rapidly to online prices changes in the high-price market. Full article
19 pages, 502 KiB  
Article
The China Shock Impact on Labor Informality: The Effects on Brazilian Manufacturing Workers
by Lourenço S. Paz
Economies 2022, 10(5), 109; https://doi.org/10.3390/economies10050109 - 7 May 2022
Cited by 1 | Viewed by 2844
Abstract
The vigorous growth of the Chinese economy together with its increasingly successful role in international trade may have profoundly impacted developing countries. This study examines the large increase in the international trade exposure of the Brazilian economy during 2000–2012 to assess the impacts [...] Read more.
The vigorous growth of the Chinese economy together with its increasingly successful role in international trade may have profoundly impacted developing countries. This study examines the large increase in the international trade exposure of the Brazilian economy during 2000–2012 to assess the impacts of import competition on its manufacturing formal and informal labor markets. In this period, import penetration grew by more than 20 percent in Brazil, and the share of the import penetration originating in China increased from 3 to 20 percent. At the same time, the share of informal workers in manufacturing declined from 27 to approximately 15 percent. Employing a switching regression model and Brazilian household survey data, this study finds that a greater industry-level Chinese and ‘rest of the world’ import penetration increases the likelihood of jobs becoming informal at different intensities, and these effects are smaller in unskilled-labor intensive industries and manufacturing states. Additionally, both types of import penetration positively impact the average informal wage. In contrast, the estimates suggest that a larger Chinese import penetration reduces average formal wages, while imports from elsewhere have the opposite effect. The results also indicate that the magnitude of the effects on wages are moderated by the unskilled labor intensity of the industry and whether the worker is located in a manufacturing state. Full article
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8 pages, 213 KiB  
Article
Firm Survival and Gender of Firm Owner in Times of COVID-19: Evidence from 10 European Countries
by Joachim Wagner
Economies 2022, 10(5), 98; https://doi.org/10.3390/economies10050098 - 21 Apr 2022
Cited by 5 | Viewed by 2008
Abstract
This paper uses firm level data from World Bank Enterprise surveys conducted in 2019, and COVID-19 follow-up surveys conducted in 2020, in ten European countries to investigate the link between the gender of the firm’s owner and the firm’s survival until 2020. The [...] Read more.
This paper uses firm level data from World Bank Enterprise surveys conducted in 2019, and COVID-19 follow-up surveys conducted in 2020, in ten European countries to investigate the link between the gender of the firm’s owner and the firm’s survival until 2020. The empirical investigation uses econometric models that control for the firm’s characteristics that are known to be related to firm survival. The estimated effect of female ownership is positive ceteris paribus. Furthermore, the size of this estimated effect can be considered to be large on average. Having a female owner helped firms to survive. Full article
12 pages, 486 KiB  
Article
Efficiencies of Faith and Secular Microfinance Institutions in Regions of Asia, Africa, and Latin America: A Two-Stage Dual Efficiency Bootstrap DEA Approach
by Adithya Kiran Kolloju and Michele Meoli
Economies 2022, 10(3), 66; https://doi.org/10.3390/economies10030066 - 16 Mar 2022
Cited by 2 | Viewed by 2575
Abstract
Purpose: the objective is to measure the financial and social performance of 127 microfinance institutions (MFIs) and observe the effects with explanatory factors such as “type”, “geography region”, and “secular and faith” variables. Design/methodology/approach: The time-series performance analysis of microfinance institutions is determined [...] Read more.
Purpose: the objective is to measure the financial and social performance of 127 microfinance institutions (MFIs) and observe the effects with explanatory factors such as “type”, “geography region”, and “secular and faith” variables. Design/methodology/approach: The time-series performance analysis of microfinance institutions is determined in two stages. In the first stage, both the social and financial efficiencies are measured with Data Envelopment Analysis (DEA) approach. The two explanatory factors along with faith and secular variables show the effect on these determined efficiencies by the second stage of the Tobit regression Random effect Model. Findings: Financial performance is greater than the social performance from the first stage analysis. When considering the explanatory variables, the social performances are not significant with religious factors. When the regression is performed in a group, the financial score is more significant with religious and other explanatory variables. Faith-based and secular-based microfinance institutions are strongly significant if the performances (efficiencies) are highly maintained. Originality/Value: faith and secular variables are identified based on the background/history information of each microfinance institution (MFI). Full article
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Review

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23 pages, 1065 KiB  
Review
A Systematic Literature Review of the Impact of Complexity Theory on Applied Economics
by Philip Haynes and David Alemna
Economies 2022, 10(8), 192; https://doi.org/10.3390/economies10080192 - 8 Aug 2022
Cited by 11 | Viewed by 4780
Abstract
A systematic literature review is used to explore the relationship between complexity theory and economics. Broad search terms identify an unmanageable large number of hits. A more focused search strategy follows the PRISMA protocol and screens for Economics branded publications, and with key [...] Read more.
A systematic literature review is used to explore the relationship between complexity theory and economics. Broad search terms identify an unmanageable large number of hits. A more focused search strategy follows the PRISMA protocol and screens for Economics branded publications, and with key words for different applications of economics occurring in the abstract. This results in a distinct group of 247 publications. One hundred and twenty-two publications are excluded due to inclusion criteria or a lack of relevance. The remaining 113 are analysed for (1) use of complexity theory concepts, (2) types of methodology and methods, and (3) the applications for macro, meso, and micro issues. The publication with the greatest frequency of resulting articles is Complexity, closely followed by Ecological Economics. The highest annual citation ratio for a single article was 33.88. Complexity theory concepts included: non-linearity, system interactions, adaption, and resilience. Many developed a meso application, rather than solely focusing on macro or micro designs. Agent Based Models (ABMs) were popular, as were general systems models following the practice of the late system theorist, Donella Meadows. Applications were interdisciplinary and diverse, including world system models that linked macroeconomics to climate and sustainability, as contrast with micro and meso models trying to explain the complexity of agent-based behaviour on specific organisations or higher-level processes. Full article
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18 pages, 2036 KiB  
Review
A Review Research on Tourism in the Green Economy
by Diego R. Toubes and Noelia Araújo-Vila
Economies 2022, 10(6), 137; https://doi.org/10.3390/economies10060137 - 9 Jun 2022
Cited by 15 | Viewed by 4894
Abstract
Following the publication of the 2011 United Nations Environment Programme (UNEP) Green Economy Report, the UNWTO published the Tourism in the Green Economy report as clear evidence of the tourism sector’s growing influence on green economy. This paper provides the first narrative review [...] Read more.
Following the publication of the 2011 United Nations Environment Programme (UNEP) Green Economy Report, the UNWTO published the Tourism in the Green Economy report as clear evidence of the tourism sector’s growing influence on green economy. This paper provides the first narrative review on green tourism economy based on all available published research. The paper synthesizes existing knowledge, reviews responses and initiatives on green tourism, and suggests future research and methodological approaches to help advance this field. The Scopus and WoS databases were used for the bibliometric study. The results are structured into three sections—challenges, opportunities, and enabling conditions—which comprehensively cover the main themes. Full article
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Other

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13 pages, 2338 KiB  
Case Report
Domestic vs. External Economic Sectors and the Political Process: Insights from Greece
by George Petrakos, Kostas Rontos, Luca Salvati, Chara Vavoura and Ioannis Vavouras
Economies 2022, 10(8), 198; https://doi.org/10.3390/economies10080198 - 17 Aug 2022
Cited by 1 | Viewed by 1861
Abstract
Building on the well-established relationship between economic dynamics and political processes, we focus on the most important element of the political process, namely, general (or national) elections, and look into their effects on public finance and total economic output. In this vein, the [...] Read more.
Building on the well-established relationship between economic dynamics and political processes, we focus on the most important element of the political process, namely, general (or national) elections, and look into their effects on public finance and total economic output. In this vein, the present study has three objectives: (i) to investigate political budget cycles in Greece during the period known as the ‘Third Hellenic Republic’ (in Greek, ‘Metapolitefsi’, hereafter THR) since 1974; (ii) to assess whether national elections affect total economic activity in a stabilizing or destabilizing way; and (iii) to examine the possible effects of the external sector of the economy on the budget balance. The empirical findings of our analysis document how the Greek economy was characterized by sharp political budget cycles in correspondence with the THR, exerting a destabilizing effect on the total output of the economy. Performances of the external sector of the economy have significantly affected budget balances in Greece. Full article
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