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A special issue of Economies (ISSN 2227-7099). This special issue belongs to the section "Economic Development".

Deadline for manuscript submissions: 30 September 2026 | Viewed by 11924

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Special Issue Editors

Dr. Amirreza Kazemikhasragh

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Guest Editor

Department of Business Organization, Faculty of Economics and Business Administration, Complutense University of Madrid (UCM), Madrid, Spain
Interests: applied economics; economic development; trade; economic analysis; economic policy analysis; econometric analysis; economic modeling; econometric modeling; growth economics; general economics; gender and empowerment; Bitcoin adoption and Bitcoin

Prof. Dr. Alicia Girón

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Guest Editor

The University Program for Studies on Asia, Africa, and Oceania (PUEAAO), National Autonomous University of Mexico (UNAM), Mexico City 04360, Mexico
Interests: financial economics; development financing; and economic development; financialization; economic crisis; and financial systems in Latin America, Europe, Asia, and Africa; financial economics and gender

Special Issue Information

Dear Colleagues,

The Global South faces interconnected challenges of persistent poverty, gender disparities, fragile trade systems, and environmental degradation, which are often addressed in isolation, limiting the efficacy of policy interventions. The 2030 Sustainable Development Goals (SDGs), particularly SDG 1 (No Poverty), SDG 5 (Gender Equality), and SDG 8 (Decent Work and Economic Growth), underscore the need for integrated approaches to foster inclusive and sustainable economic progress. However, the synergies between trade policies, gender equity, and sustainable development remain underexplored, particularly in the context of Global South economies.

This Special Issue invites rigorous empirical and comparative studies from Africa, Asia, and Latin America to explore how governance frameworks, trade mechanisms, and gender-responsive policies can mutually reinforce sustainable economic outcomes. We seek contributions that bridge economics, political science, sociology, and environmental studies to address pressing questions: How do gender-sensitive trade policies enhance market access for marginalized groups? What role do local cooperatives and digital trade platforms play in empowering communities? How can fair and equitable trade systems be designed to promote economic resilience? Additionally, we encourage innovative methodologies to assess the economic, social, and ecological impacts of integrated policy reforms.

By improving interdisciplinary dialogue, this Special Issue aims to generate evidence-based insights and practical strategies to advance inclusive, equitable, and environmentally sustainable economic development in the Global South, aligning with global sustainability agendas.

Dr. Amirreza Kazemikhasragh
Prof. Dr. Alicia Girón
Guest Editors

Manuscript Submission Information

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Keywords

sustainable development
gender equality
economic development
crypto currency
Bitcoin, fair trade
global south
inclusive finance
economic policy
women's empowerment

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Published Papers (11 papers)

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Research

31 pages, 835 KB

Open AccessArticle

Demographic Revitalization and Gender Inequality: Labor-Market Effects of China’s Fertility Policy Reforms

by Qing Liu, Supanika Leurcharusmee, Roengchai Tansuchat and Songsak Sriboonchitta

Economies 2026, 14(5), 162; https://doi.org/10.3390/economies14050162 - 5 May 2026

Viewed by 440

Abstract

China’s shift from strict fertility control to a pro-natalist regime may have unintentionally intensified gender inequality in labor markets. This study investigates the gendered labor-market effects of fertility policy reforms using nationally representative data from the China Family Panel Studies (CFPS). We adopt a weighted nonlinear difference-in-differences (DID) and difference-in-differences-in-differences (DDD) framework to address selection bias and unobserved heterogeneity in binary labor-market outcomes, combining survey weights with causal reweighting to enhance population-level inference. The results indicate that while aggregate DID effects appear neutral to mildly positive, triple-difference estimates reveal substantial penalties for women aged 20–39. Specifically, fertility-policy reforms reduce promotion probabilities by approximately 6–8 percentage points, employment probabilities by 3–4 percentage points, and the likelihood of earning above the median wage by about 6–7 percentage points. These effects are consistent across alternative weighting schemes and remain robust to placebo tests, event-study specifications, and additional controls for differential trends. This study contributes to the literature by demonstrating how demographic policy interventions can generate unintended distributional consequences through employer expectations and statistical discrimination. The findings highlight a policy trade-off between demographic revitalization and gender equality, suggesting that pro-natalist policies may reinforce labor-market disparities in the absence of complementary institutional reforms. These results underscore the importance of aligning demographic objectives with gender-equality policies, particularly in the context of Sustainable Development Goal 5. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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15 pages, 1345 KB

Open AccessArticle

Financial Repression and Economic Growth: Insights from CEMAC and UEMOA

by Amirreza Kazemikhasragh

Economies 2026, 14(5), 154; https://doi.org/10.3390/economies14050154 - 30 Apr 2026

Viewed by 559

Abstract

This study investigates the direct impact of financial repression on economic growth in the Central African Economic and Monetary Community (CEMAC) and the West African Economic and Monetary Union (UEMOA) using a lagged composite repression index and panel fixed-effects regressions. Contrary to theoretical expectations, lagged repression exhibits a significantly positive association with GDP growth in the main model, with robustness checks confirming no negative direct effect. The findings suggest that in pegged currency unions, repression may support growth through public channels or forced savings, offsetting private crowding-out, while capital formation remains a key driver. This effect, contrasting with repression’s negative impact on investment, highlights union-specific resilience and calls for calibrated reforms to balance stability with deepening. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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19 pages, 560 KB

Open AccessArticle

The Impact of the Exchange Rate and Oil Prices on SME Manufacturing Output in Kazakhstan

by Raikhan Tazhibayeva and Aziza Syzdykova

Economies 2026, 14(5), 149; https://doi.org/10.3390/economies14050149 - 25 Apr 2026

Viewed by 555

Abstract

This study investigates the impact of oil prices and exchange rates on the manufacturing output of small and medium-sized enterprises (SMEs) in Kazakhstan using data from the period 2000 to 2023, within the framework of the ARDL model. In the Kazakhstani economy, approximately 60% of SMEs operate in the wholesale and retail trade sectors, a factor that has been taken into consideration in interpreting the effects of macroeconomic variables on SME output. The results of the long-run analysis reveal that the exchange rate has a significant and strong positive effect on SME manufacturing output. Although oil prices do not directly exert a statistically significant influence on production output, the study identifies an indirect effect of oil revenues on SME output via the exchange rate channel. In the short-run findings, both exchange rates and oil prices are found to have significant effects on production output; in particular, oil prices exhibit a positive impact in the short term, which partially reverses in subsequent periods. The error correction term indicates a rapid adjustment back to equilibrium in the long run. These results highlight the high sensitivity of SME production performance in Kazakhstan to exchange rate fluctuations and underscore the indirect influence of oil prices through exchange rate movements. The study recommends enhancing the financial resilience of SMEs, minimizing exchange rate risks, and closely monitoring changes in energy prices. Furthermore, it suggests the development of policies aimed at promoting SMEs’ involvement in foreign currency-generating activities, as well as protecting enterprises in the wholesale and retail sectors against price volatility. In this context, the study makes a valuable contribution by providing a comprehensive evaluation of the effects of macroeconomic variables on SME manufacturing output. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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28 pages, 1466 KB

Open AccessArticle

Regulatory Employment Thresholds and Firm Size Distortions: Evidence from Ecuador

by Gelmar García-Vidal, Laritza Guzmán-Vilar, Alexander Sánchez-Rodríguez, Rodobaldo Martínez-Vivar, Geisel García-Vidal and Reyner Pérez-Campdesuñer

Economies 2026, 14(3), 102; https://doi.org/10.3390/economies14030102 - 23 Mar 2026

Viewed by 698

Abstract

This study examines whether size-contingent employment regulations are associated with distortions in firm size distribution and whether such patterns are more consistent with productivity-based selection or with broader constraints on firm scaling. Using 2024 census data covering 86,758 formal firms in Ecuador, we combine bunching analysis, regression discontinuity design (RDD), and logistic regression to analyze firm responses at the 10- and 50-employee thresholds. We document significant bunching below the 50-employee threshold, consistent with an economically meaningful implicit regulatory tax on firm scaling. However, RDD estimates reveal no productivity discontinuity at the cutoff, indicating that the observed threshold effects are more consistent with broad-based scaling constraints than with selective filtering of low-productivity firms. Sectoral analyses show a consistent pattern of bunching across technologically diverse industries, supporting an institutional rather than technological interpretation. Conditional on threshold proximity, firm crossing is more strongly associated with sales growth than with productivity advantages. By distinguishing between compositional avoidance and local crossing, the study sheds new light on the puzzle of absent productivity selection. These findings provide the first rigorous evidence of regulatory threshold effects in Ecuador and show how size-based regulations may distort firm scaling and contribute to allocative inefficiencies. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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23 pages, 566 KB

Open AccessArticle

Short-Run and Long-Run Determinants of Bilateral Trade Between Saudi Arabia and Jordan: An ARDL Approach

by Kolthoom Alkofahi

Economies 2026, 14(3), 88; https://doi.org/10.3390/economies14030088 - 10 Mar 2026

Cited by 1 | Viewed by 872

Abstract

This study examines the short-run dynamics and long-run determinants of bilateral trade between Saudi Arabia (KSA) and Jordan during the period of 1995–2024 using the autoregressive distributed lag (ARDL) bounds testing approach. Employing a country-pair time series framework, the analysis examines how economic growth, foreign direct investment (FDI), inflation differentials, and crude oil prices affect trade volume between the two countries over time. The ARDL bound test confirms the presence of long run cointegration among the variables. The Long-run results suggest that crude oil prices, inflation differential, and FDI exert positive and statistically significant effects on bilateral trade, while Saudi economic growth and FDI show negative long-run effects, suggesting that Saudi’s economy structural characteristic and domestic absorption may decrease the demand for Jordanian’s products in the long-run. The short-run results reveal a negative and statistically significant error-correction term, confirming convergence toward long-run equilibrium with approximately 32.16% of deviations corrected each year, implying a moderate speed of adjustment following economic shocks. In the short-run, economic growth, FDI, Inflations differentials, and oil prices exert significant but mixed effect on trade volume, with oil prices emerging as the most influential determinant. Several variables displayed lagged responses due to adjustment costs, production constraints, and contractual rigidities between the two countries. Overall, the findings contribute new time-series evidence on the macroeconomic drivers of bilateral trade between an oil-exporting economy such as Saudi Arabia and a neighboring non-oil-exporting partner like Jordan, offering policy insights for strengthening trade integration and economic cooperation. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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28 pages, 858 KB

Open AccessArticle

Evaluation of Public Expenditure in Morocco: An Analysis Using Efficiency Frontiers

by Yassin Lhajhouji, Rachid Hasnaoui and Mohcine Bakhat

Economies 2026, 14(2), 59; https://doi.org/10.3390/economies14020059 - 13 Feb 2026

Viewed by 1589

Abstract

In Morocco, the increasing public expenditure on essential sectors, such as education, does not always lead to improved outcomes, highlighting a significant gap between resource allocation and quality enhancement. This study examines the efficiency of public expenditure in education, health, and infrastructure from 1990 to 2022, employing a robust Data Envelopment Analysis (DEA) approach supplemented by bootstrap regression techniques. Our analysis reveals considerable inefficiencies, particularly in education, where higher expenditures have not consistently resulted in greater efficiency. This underscores the importance of prioritising quality, effective management, and optimal resource utilisation alongside budget increases. By integrating DEA with bootstrap methods, we provide more reliable efficiency estimates and identify key economic factors, such as inflation, urbanisation, corruption, and political stability that influence the performance of public expenditure. These findings offer valuable insights for policymakers aiming to optimise resource use and enhance the effectiveness of public expenditure within Morocco’s broader development strategy. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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18 pages, 359 KB

Open AccessArticle

FDI and Corruption: Panel Evidence from EU Member States

by Davor Mance, Mara Trbojević and Davorin Balaž

Economies 2026, 14(2), 54; https://doi.org/10.3390/economies14020054 - 11 Feb 2026

Viewed by 1043

Abstract

This paper examines the relationship between corruption and foreign direct investment (FDI) inflows in European Union member states using a dynamic panel framework. Using an unbalanced EU panel from 2002 to 2022 and an Arellano–Bond difference-GMM specification, we model inward FDI inflows per capita as a function of institutional integrity (measured by Transparency International’s Corruption Perceptions Index), market size, development level, and trade integration. The results show a robust positive association between improvements in perceived integrity (higher CPI scores) and increases in inward FDI inflows per capita, conditional on macroeconomic controls and dynamic adjustment. Market size and trade variables have the expected signs, while GDP per capita is the empirically sensitive margin, consistent with the idea that higher development can indicate greater purchasing power but also higher costs and saturation effects in advanced economies. Robustness checks using the inverse hyperbolic sine transformation—suited to heavy tails, zeros, and negative net flows—confirm that the governance association is not an artifact of scaling. The findings highlight the importance of institutional quality and market openness as correlates of FDI attractiveness within the EU. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

15 pages, 305 KB

Open AccessArticle

Stock Market Development and Economic Growth Nexus: Evidence from the Fragile Five Countries

by Yeşim Helhel

Economies 2026, 14(2), 52; https://doi.org/10.3390/economies14020052 - 9 Feb 2026

Cited by 1 | Viewed by 1405

Abstract

In emerging markets, stock markets play a crucial role in supporting long-term growth. This study explores the causal relationship between stock market development and economic growth in the Fragile Five countries—Brazil, India, Indonesia, South Africa, and Turkey—covering the period from 2001 to 2024. To ensure robust findings, it uses second-generation panel cointegration and causality tests that account for cross-sectional dependence and structural heterogeneity. The model includes three parameters representing financial depth, liquidity, and efficiency. Results indicate significant long-term cointegration, suggesting causality from stock market development to economic growth, supporting the supply-led growth hypothesis. This aligns with recent evidence highlighting the importance of institutional quality and sectoral interconnectedness in emerging markets. Furthermore, Panel DOLS and FMOLS analyses reveal that stock market capitalization has a notable positive effect on domestic productivity. Overall, these findings underscore that stock market parameters are vital for accurate economic forecasting and that strengthening capital markets is essential for sustainable growth in the Fragile Five. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

18 pages, 717 KB

Open AccessArticle

Spending on Education, Human Capital, and Economic Growth in Central America: A Panel Data Analysis with Driscoll-Kraay Standard Errors

by José Rodolfo Sorto-Bueso, Juan Jacobo Paredes Heller and Roldán Hernán Villela Morales

Economies 2026, 14(1), 28; https://doi.org/10.3390/economies14010028 - 20 Jan 2026

Cited by 1 | Viewed by 2028

Abstract

The main purpose of this study is to assess the effect of current public expenditure on education and human capital on economic growth in Central America between 1992 and 2021. In this context, data on education spending and human capital for Guatemala, Honduras, El Salvador, Nicaragua, and Costa Rica were analyzed using a panel data approach with Driscoll–Kraay standard errors. The time series were primarily obtained from the online databases of the World Bank, UNESCO, and national public sources. The results show a positive and significant effect of current education expenditure and human capital formation on the economic growth of Central America. This research provides empirical evidence on a topic that has been scarcely examined in the Central American regional context, and its findings constitute relevant input for scholars, practitioners, and policymakers. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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16 pages, 352 KB

Open AccessArticle

The Investing–Saving Relationship Debate Between Opposing Views: A Panel Analysis Across Main Economic Regions

by Antonio Focacci

Economies 2026, 14(1), 22; https://doi.org/10.3390/economies14010022 - 13 Jan 2026

Viewed by 831

Abstract

This paper focuses on an empirical analysis of the relationship between investing and saving, taking into account various economic regions. The economic aggregates are selected following the International Monetary Fund (IMF) standard classification. The investigation is developed within the theoretical frameworks proposed by the debate between the mainstream neoclassical school of thought and the post-Keynesian school. Our approach differs from other empirical works on the subject in that we apply innovative Granger non-causality panel tests to four datasets covering a wide range of countries over the period 1980 to 2024. This is the very first time these advanced panel tests have been applied to such data. The information is valuable for defining macroeconomic policy and supporting potential credibility of one theory over another in the debate. Our empirical results are coherent with the post-Keynesian interpretation of the relationship between the variables when applied to an international context in which trade and capital movements are liberalized. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

61 pages, 2202 KB

Open AccessArticle

Deterministic and Stochastic Macrodynamic Models for Developing Economies’ Policies: An Analysis of the Brazilian Economy

by Milton Biage, Pierre Joseph Nelcide and Guilherme de Ferreira Lima, Jr.

Economies 2025, 13(11), 312; https://doi.org/10.3390/economies13110312 - 31 Oct 2025

Cited by 1 | Viewed by 975

Abstract

This work verifies the interactions between fiscal and monetary policies in Brazil, involving real GDP, the Interest index, Inflation index, real Exchange rate, and actual public debt, using empirical data from January 1998 to December 2018 to calibrate the model. In the analyses, we employ macrodynamic deterministic and stochastic models of differential equations to examine the interconnection of the endogenous variables and the stability of Brazilian economic policy. In the stochastic model, we introduced stochastic perturbations in the uncontrollable coefficients and additive random walks affecting the endogenous variables. Shocks imposed on the structured dynamic model showed that stochastic innovations propagate more strongly in the monetary variables: inflation, interest rates, and exchange rates. We have also established forecasts for endogenous variables from January 2019 to December 2026 and conducted backtest analyses using the empirical data observed for the endogenous variables from January 2019 to December 2023. The forecast estimations were demonstrated to be satisfactory. Full article

(This article belongs to the Special Issue Advances in Applied Economics: Trade, Growth and Policy Modeling)

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