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Economies
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Economic Analysis and Policy before, during and after a Public...
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Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst

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

Deadline for manuscript submissions: 31 December 2024 | Viewed by 19123

Special Issue Editor

Dr. Angeliki N. Menegaki

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Guest Editor
Department of Business Administration and Tourism, Hellenic Mediterranean University, Heraklion, Crete, Greece
Interests: climate change; energy economics; valuation; renewable energy; economic growth; sustainable energy; energy policy; energy management; sustainability; tourism economics and the environment
Special Issues, Collections and Topics in MDPI journals

Special Issue Information

Dear Colleagues,

Economic analysis and policy can encompass a variety of topics that are of interest for the economy. The aim of this Special Issue is to collect various economic papers and applications in honor of the retirement of Prof George M. Agiomirgianakis, an economics professor currently at the Hellenic Mediterranean University in Crete and with a long and influential career in Hellenic Open University as a founder of several programmes and a mentor of various pioneering initiatives. The Special Issue welcomes papers from various fields of economics, either research papers, review papers and commentaries, in all fields adderessed in the Economies journal, namely macroeconomic economic theory and policy, economic development, growth and natural resources, health economics, labour and education economics, monetary and financial economics, international trade regional economics. If you are a colleague, co-author or a collaborator of Prof George M. Agiomirgianakis and you would like to contribute your work to this Special Issue, please send your tentative topic title and abstract to the Guest Editor Prof Angeliki N. Menegaki ([email protected]).

Dr. Angeliki N. Menegaki
Guest Editor

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Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

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Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1800 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

  • economic analysis
  • economic policy
  • public debt crisis
  • Inflationary
  • macroeconomic economic theory
  • economic development

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Published Papers (7 papers)

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Research

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30 pages, 680 KiB  
Article
Technological Innovation and Agricultural Productivity in Nigeria Amidst Oil Transition: ARDL Analysis
by Joel T. Adeyemo, Adel Ahmed, Dominic T. Abaver, Hosam Alden Riyadh, Mosab I. Tabash and Adedoyin Isola Lawal
Economies 2024, 12(9), 253; https://doi.org/10.3390/economies12090253 - 20 Sep 2024
Viewed by 1877
Abstract
In contemporary discourse, Nigeria’s reliance on its oil sector is proving insufficient for sustained economic growth. The volatility of oil prices, geopolitical tensions, technological advancements, and environmental sustainability concerns have exposed the vulnerabilities of an oil-dependent economy, emphasizing the need for diversification and [...] Read more.
In contemporary discourse, Nigeria’s reliance on its oil sector is proving insufficient for sustained economic growth. The volatility of oil prices, geopolitical tensions, technological advancements, and environmental sustainability concerns have exposed the vulnerabilities of an oil-dependent economy, emphasizing the need for diversification and a renewed focus on agriculture. This study investigates the relationship between technological innovation and agricultural productivity in Nigeria, contrasting it with the oil sector. Using the ARDL estimation technique, our findings reveal a significant negative influence of immediate lagged agricultural productivity (AGTFP(−1)), indicating technological constraints. Technological innovation, proxied by TFP, shows a substantial impact on agricultural productivity, with a negative long-term effect (−90.71) but a positive, though insignificant, impact on agricultural output (0.0034). The comparative analysis underscores that the agricultural sector tends to benefit more from technological innovation than the oil sector. This highlights the critical need to prioritize technological advancements in agriculture to drive sustainable growth and economic resilience in Nigeria. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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18 pages, 623 KiB  
Article
Governance and Fiscal Decentralisation in Latin America: An Empirical Approach
by Diego E. Pinilla-Rodríguez and Patricia Hernández-Medina
Economies 2024, 12(8), 207; https://doi.org/10.3390/economies12080207 - 19 Aug 2024
Viewed by 1096
Abstract
The objective of this study was to establish the relationship between certain institutional variables and the effectiveness of fiscal decentralisation in Latin America. To fulfil this objective, we took a sample of 15 Latin American countries for the years 1996 to 2020 to [...] Read more.
The objective of this study was to establish the relationship between certain institutional variables and the effectiveness of fiscal decentralisation in Latin America. To fulfil this objective, we took a sample of 15 Latin American countries for the years 1996 to 2020 to estimate the logarithm of GDP per capita based on the level of fiscal decentralisation, as well as its interaction with six institutional variables plus three control variables. The results show that institutional variables always modulate the effects of fiscal decentralisation, in most cases significantly and negatively, the exceptions being accountability with a positive result and government effectiveness with a non-significant result. It was concluded that in the presence of weak regulations, political conflicts, and corruption, fiscal decentralisation can worsen social or economic circumstances in Latin America. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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32 pages, 393 KiB  
Article
Crises and Contagion in Equity Portfolios
by Christos Floros, Dimitrios Vortelinos and Ioannis Chatziantoniou
Economies 2024, 12(7), 168; https://doi.org/10.3390/economies12070168 - 1 Jul 2024
Viewed by 977
Abstract
We examine the international impact of recent financial crises on contagion dynamics within international equity portfolios. First, we highlight the importance of macroeconomics for portfolio weighting for each region, and then we examine contagion via a structural regime-switching model and a contagion test. [...] Read more.
We examine the international impact of recent financial crises on contagion dynamics within international equity portfolios. First, we highlight the importance of macroeconomics for portfolio weighting for each region, and then we examine contagion via a structural regime-switching model and a contagion test. We also examine sources of contagion using regime variables, crisis events, and macroeconomic variables. In particular, we study the Argentine debt crisis, the US financial crisis, and the EU sovereign debt crisis. The macroeconomic variables include changes in market capitalization, trade integration, GDP growth, inflation rate, and interest rate. We also employ two classifications, one relating to the portfolio weighting scheme and another one that considers implied global and regional betas. The empirical findings reveal the existence of financial contagion for all the crises that we investigate. Both methods produce similar results. Stronger contagion is evident for global rather than regional betas. Europe is the region with the highest level of contagion and the one mostly affected by the crises. As far as macroeconomic variables are concerned, they are very important in two ways. They statistically significantly explain contagion, while they also reveal contagion under various portfolio weighting schemes. Both methods suggest that the Argentinian crisis mainly contributes to contagion. The research implications suggest that asset allocation and portfolio management should consider both the global and the regional aspects of contagion as differences can occur. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
19 pages, 285 KiB  
Article
The Relationship between Credit Rating and Environmental, Social, and Governance Score in Banking
by Dimitrios Vortelinos, Angeliki N. Menegaki and Spyros Alexiou
Economies 2024, 12(6), 152; https://doi.org/10.3390/economies12060152 - 15 Jun 2024
Viewed by 2488
Abstract
The present paper investigates the relationship between stock prices, credit ratings, and ESG scores for banks internationally. First, it describes stock prices and ESG scores at an annual frequency, as well as stock price and credit risk at a daily frequency. The relationships [...] Read more.
The present paper investigates the relationship between stock prices, credit ratings, and ESG scores for banks internationally. First, it describes stock prices and ESG scores at an annual frequency, as well as stock price and credit risk at a daily frequency. The relationships between (a) stock price and credit rating returns with ESG score returns and (b) among ESG scores are examined by pairwise annual correlation, and daily correlations are examined between price and credit rating returns. Furthermore, Granger causality is used to examine the relationships between the following: (a) price and ESG score annual returns; (b) price and credit rating daily returns; and (c) total and pillar annual ESG scores. This study makes a significant contribution to the literature by providing a detailed temporal analysis using both annual and daily data frequencies, which is relatively rare in the field. There is evidence of statistically and empirically important relations in the form of pairwise correlations. The regressions reveal a low significance of few ESG score changes in explaining credit rating changes. A unique aspect of this paper is the comprehensive analysis of 16 granular ESG scores, including overall scores, pillar scores, and sub-scores, allowing for a multi-faceted understanding of how specific ESG factors impact financial metrics. We found evidence of the significance of COVID-19 in all research questions. Additionally, this paper highlights the impact of the COVID-19 pandemic on the relationships between ESG scores, credit ratings, and stock prices, offering timely insights into the heightened importance and volatility of ESG factors during crisis periods. Future research needs to shed more light on this relationship, however. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
17 pages, 1356 KiB  
Article
Digital Progression and Economic Growth: Analyzing the Impact of ICT Advancements on the GDP of European Union Countries
by Anastasios I. Magoutas, Maria Chaideftou, Dimitra Skandali and Panos T. Chountalas
Economies 2024, 12(3), 63; https://doi.org/10.3390/economies12030063 - 6 Mar 2024
Cited by 7 | Viewed by 6423
Abstract
This research thoroughly examines the dynamic relationship between the European Union’s economic growth and rapid advancements in Information and Communication Technology (ICT). Specifically, it assesses how certain ICT indicators are associated with significant economic growth. Utilizing an extensive dataset from the Digital Economy [...] Read more.
This research thoroughly examines the dynamic relationship between the European Union’s economic growth and rapid advancements in Information and Communication Technology (ICT). Specifically, it assesses how certain ICT indicators are associated with significant economic growth. Utilizing an extensive dataset from the Digital Economy and Society Index 2022 (DESI), the Statistical Office of the European Union (EUROSTAT), and the Organisation for Economic Co-operation and Development (OECD), this study encompasses data from all 27 European Union member states. Employing structural equation modelling, our analysis illustrates the positive correlation between ICT development and the Gross Domestic Product (GDP) index. Our findings highlight the critical role of swiftly evolving technological landscapes, emphasizing the growing influence of new Artificial Intelligence (AI) technologies in business sectors. Furthermore, this study showcases the need to enhance human capital and expedite the growth of e-government technologies. These advancements are pivotal in strengthening the infrastructure supporting citizens and public enterprises across European countries, thereby contributing to their economic vitality. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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20 pages, 1600 KiB  
Article
Asymmetric and Nonlinear Foreign Debt–Inflation Nexus in Brazil: Evidence from NARDL and Markov Regime Switching Approaches
by Mesbah Fathy Sharaf, Abdelhalem Mahmoud Shahen and Badr Abdulaziz Binzaid
Economies 2024, 12(1), 18; https://doi.org/10.3390/economies12010018 - 15 Jan 2024
Cited by 1 | Viewed by 2341
Abstract
This paper augments the sparse literature on the inflationary impact of foreign debt in Brazil while addressing methodological caveats in previous studies. We depart from the linearity assumption and employ two nonlinear techniques: the nonlinear autoregressive distributed lag (NARDL) model and a Markov [...] Read more.
This paper augments the sparse literature on the inflationary impact of foreign debt in Brazil while addressing methodological caveats in previous studies. We depart from the linearity assumption and employ two nonlinear techniques: the nonlinear autoregressive distributed lag (NARDL) model and a Markov Switching Regression (MSR) to investigate the connection between foreign debt and inflation within a multivariate framework. The analyses consider the presence of structural breaks via assessing variable stationarity using the Zivot and Andrew unit root test and incorporating a residual-based cointegration test proposed by Gregory and Hansen. Additionally, we apply a multiple structural breakpoints test by Bai and Perron to determine the presence of structural breaks in the impact of foreign debt on inflation. Our findings robustly indicate that the domestic money supply has a statistically significant positive effect, while the nominal effective exchange rate has a negative effect on inflation in both the short and long run. The NARDL model reveals that only positive changes in foreign debt have a statistically significant negative effect on inflation in the short run, whereas both positive and negative foreign debt changes significantly affect inflation in the long run. The results from the MSR model are generally consistent with those of the NARDL model. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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Review

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40 pages, 11472 KiB  
Review
Greece’s Economic Odyssey: Persistent Challenges and Pathways Forward
by Evmorfia (Fay) Makantasi and Helias Valentis
Economies 2024, 12(6), 139; https://doi.org/10.3390/economies12060139 - 4 Jun 2024
Viewed by 2305
Abstract
Two years after the COVID-19 pandemic, the Greek economy seems to have overcome the turmoil of the pandemic crisis as well as that of the following energy crisis. Nevertheless, it would be wrong to assume that the Greek economy has returned to a [...] Read more.
Two years after the COVID-19 pandemic, the Greek economy seems to have overcome the turmoil of the pandemic crisis as well as that of the following energy crisis. Nevertheless, it would be wrong to assume that the Greek economy has returned to a sound state, since this was not really the case even before the pandemic. Furthermore, the anemic growth rates of the pre-pandemic period were followed by an equally weak average growth rate (including the impact of the pandemic), as some of the significant fundamental weaknesses of the Greek economy, which had accumulated over time and constituted the real origin of the Greek crisis, have not been properly addressed yet. This paper attempts a complete mapping of the current state of the Greek economy, offering an insight into the external and internal determinants affecting it. Full article
(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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