Search Results (13)

When governments have more revenue, they can invest in infrastructure, such as the provision of electricity or clean fuels, which is more effective in well-governed countries. Here, we use an equilibrium correction model to empirically investigate the relationship between government revenue per capita, six indicators of quality of governance, and the proportion of the population with access to electricity and clean fuels, using an unbalanced panel dataset that includes nearly all countries in the world. The results suggest a strong effect over time: as government revenue increases, the provision of electricity and clean fuels increases, and the magnitude of this influence is mediated significantly by a country’s quality of governance. This model offers the ability to demonstrate the impact of increases and decreases in government revenue in an individual country, while accounting for the impact of revenue on governance and on the provision of electricity and clean fuels. Full article

Measuring the contributions of the bioeconomy depends on the concept and method used. The concept of bioeconomy linked to biomass is widely used, and estimating the bio-based share in sectors, activities, or products is a limitation and a challenge. Therefore, the present study aims to propose a method for measuring the contributions of biomass-based bioeconomy (BmBB) by tracking the direct and indirect flows of biomass embodied in goods and services for intermediate and final demand. Our analysis focused on measuring the impact of BmBB on the gross value of production (GVP) and the value added to biomass through incremental improvements to the input–output models. The development and application of the method used data from Brazil’s input–output matrices from 2010 to 2018. The results suggest that the BmBB’s GVP shared 5.75% of the GDP, on average, between 2010 and 2018 and more than 6% in recent years. The BmBB accounted for 4.87% of the Brazilian economy’s added value. The ‘Biomass’ aggregate, comprising agriculture, livestock, and forestry, contributes 78.3% of GVP and 8.0% of BmBB’s added value. The opposite occurs with the ‘BioAgroindustry’ aggregate, whose GVP was only 12.3% but contributed 81.5% of the BmBB’s value added. The significant volume of direct sales of ‘’Biomass’ in the final demand of households and the foreign market may explain this situation. We concluded that the proposed method contributes to measuring the BmBB, capturing the biomass share involved in producing, manufacturing, and consuming goods and services. Full article

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. Full article

This research aims to examine the association between firm-specific and macroeconomic determinants and environmental expenditures in the Indian manufacturing sector. Furthermore, it seeks to investigate the moderation effect of country-level governance and economic development on the association between macroeconomic, firm-specific, and environmental expenditures. The current study is based on 70 manufacturing firms for the period of 2011 to 2021. The dependent variable is environmental expenditures and the independent variables are firm-specific and microeconomic determinants. The results revealed that market capitalization and firm size have a positive and significant impact on environmental expenditures. On the other hand, inflation and the rule of law negatively and significantly affect environmental expenditures. Regarding the moderation effect, the results revealed that the rule of law and GDP positively moderate the association between inflation and environmental expenditures. Hence, this research has significant implications for corporate executives, financial experts, regulators, and other interested parties. Full article

This study utilized both single-regime GARCH and double-regime GARCH models to investigate oil price volatility, Spanish macroeconomic factors, and stock prices during major crises such as geopolitical conflicts, the global financial crisis (GFC), and COVID-19, covering the period from Q2-1995 to Q4-2023. Additionally, the impact of crude oil price volatility on these factors was examined. The empirical results confirmed the presence of the leverage effect and identified multiple volatility switches associated with remarkable events like the GFC, the European debt crisis, the COVID-19 pandemic, and the Russian war. ARDL model analysis revealed a statistically significant positive relationship between oil prices and both unemployment and inflation rates in the long term, while other factors showed a negative correlation. Full article

This study examines the intricate relationship between natural resource abundance, with a specific focus on oil production, and its impact on economic growth in Ghana. Through the application of the robust Fully Modified OLS methodology and using data spanned from 1960–2021 the research underscores the essential inclusion of oil as a significant variable in comprehending economic growth dynamics. Contrary to traditional resource curse theories, the study unveils a positive nexus between oil production and economic growth, particularly within a comprehensive variable framework. This finding challenges simplistic resource curse notions and underscores the need for a holistic economic perspective. Overall, the results show that the impact of oil production on economic growth is sensitive to the inclusion or exclusion of other variables in the model. In Model 1, where all variables are included, oil production has a significant positive (0.0112**) impact on growth. Ghana’s success in avoiding the resource curse is attributed to a multifaceted strategy encompassing diversified economic approaches, transparent governance, and responsible oil revenue management. Importantly, the inclusion of oil as a pivotal variable is well-justified by its tangible contributions to economic growth. The observed positive impacts emphasize the benefits of harnessing oil resources while maintaining a holistic view of the broader economic context. Looking ahead, the insights inform policymakers in resource-rich nations, illustrating how strategic resource management—illustrated by oil—can drive resilient and comprehensive economic growth. Ghana’s experience serves as a compelling template for informed policy decisions, offering valuable lessons for achieving sustainable prosperity. Full article

In this research, the intertemporal optimal management of subsidies offered by the environmental regulator and the dynamic conflict between two groups of economic agents involved in environmental quality are discussed. First the environmental model is examined in its optimal control management form with two state variables. The analysis of the improved model, inspecting the social planner’s decision (policy) variable, the variable which influences not only environmental quality but the national budget stock, reveals that is dependent on the growth of the national budget stock. A negative growth rate leads to the long run saddle point equilibrium, while an incremental growth rate, but less than the model’s discount rate, leads to an interesting complicated limit cycle equilibrium, for which under certain parameter values the orbit’s phase portrait can be drawn. For the dynamic game model between the social planner and natural resource exploiters, the equilibrium conditions are examined. It is rather a richer than the point equilibrium for which the cyclical strategies have great importance. Therefore, the conditions for that rich equilibrium are found. As a continuation, the paper concludes that the equilibrium condition is that the players’ discount rates are both greater than the national budget interest rate. Finally, the certain values of the equilibrium strategies and national budget stock are provided. Full article

Although the movement of people from rural to urban areas has caused the increased use of energy, the abundance of water resources can be made into a form of renewable energy known as hydroelectricity. As European countries are ranked as the first users and exporters of hydropower, the production of renewable energy in developed countries such as the Nordic region has caused great impacts on economic growth and human development. The importance of this paper is to investigate the relationship between hydroelectricity and the Human Development Index by depending on some variables such as urbanization, rule of law, corruption, trade openness, and GDP per capita from 2002 to 2021 in Nordic countries. The results were estimated depending on impulse response function after conducting the Vector autoregressive model (VAR) model and Granger causality test. Results showed a negative impact from hydro plants in the short run but a significant positive impact in the long run in Nordic countries. The long-term sustainment of Human Development Index (HDI) is due to policies limiting the immigration of labor as well as protection of energy use. Water batteries are gaining popularity across Europe and their implementation is near mandatory. Full article

Mechanisms for sectoral change in the economy are being used to move towards a circular economy. Trade in recycled raw materials could contribute to circular economy development and is treated as the main circular indicator used to monitor progress toward a circular economy. However, the research area surrounding the transition to a circular economy lacks adequate tools, as until now, the circular economy has been investigated from an evolutionary and ecological perspective. In the article, the authors conduct a study identifying important variables for trade in recycled raw materials as the main indicator of CE development. The authors propose a two-step methodology for researching the links between main trade in recyclables and circular economy indicators. The authors found correlations between trade in recyclables and private investments in circular economy sectors. The authors used panel data analysis, compiled a regression matrix, and formed a dynamic regression model. The statistical tests showed that the formed regression model has no significant autocorrelation and heteroscedasticity. The framework can be applied in practice to serve policymakers and the academic community interested in analyzing the move toward a circular economy and its main circular indicators. Full article

Charcoal is a dominant energy source in urban areas of Uganda, and increases in retail prices in the past have led to social unrest. This paper assesses the relationship between charcoal and fuel prices to determine whether fuel prices influence the retail price of charcoal. We specify a transportation cost model for charcoal supply and derive the reduced-form equilibrium price function. We estimate an error-correction model for the equilibrium price with monthly data from July 2010 to January 2021 to determine whether there are long-term and/or short-term relationships between the retail and supply prices of charcoal and the prices of diesel and other fuel types. As the price data are integrated of orders zero and one, the autoregressive distributed lag (ARDL) bounds test is used. The results show that there is a long-term relationship (cointegration) between the retail price of charcoal and the supply price of charcoal and the price of kerosene, which is a substitute energy source for the end users. The prices of firewood and diesel are not statistically significant in the model. The long-term equation includes a positive trend, indicating that the retail price of charcoal is increasing more over time than implied by the supply price of charcoal and the price of kerosene. The increasing demand from a growing urban population and the reduced supply from deforestation are trends that will increase the equilibrium price of charcoal, as observed. Full article

This paper aims to examine the impact of natural disasters on banking stability across different levels of economic development. Utilizing bank-level data from 1242 banks in 72 countries, combined with natural disaster data from the Center for Research on the Epidemiology of Disasters, we contribute to the literature in three ways. Firstly, we directly assess the influence of natural disasters on banking stability. Secondly, we focus on bank-level data instead of country-level data. Thirdly, we expand on existing research by using different thresholds for the total number of people affected to population ratio, surpassing the previously suggested threshold of 0.5%. Our panel regression analysis with banks and year-fixed effects reveals that natural disasters significantly affect bank stability, particularly in middle- and low-income countries. These effects are robust across alternative measures and estimations, leading to higher non-performing loans, lower return on assets, and decreased capital and return on equity ratios, indicating a negative impact on bank performance. Full article

To ensure development sustainability, the linear economic approach is being transformed into a cyclical model. For the pulp and paper industry (PPI), which occupies a significant place in the Russian economy, the shift of circular principles to the field of bioeconomics is becoming more important. This requires the development of basic biotechnological approaches implemented in closed cycles (biorefining). The aim of this study was to develop the biotechnological foundations of the circular economic system of the pulp and paper industry. To achieve the goal, the factors for the implementation of the circular mechanism in the pulp and paper industry were established. The composition of pulp and paper waste was systematized, taking into account the places of their occurrence; the directions and forms of the biorefining of pulp and paper secondary renewable resources were determined; and the principal possibility of obtaining bioethanol, based on the whole complex of sugars from cellulose production wastes, is shown. A wide range of general scientific methods was involved (analysis, synthesis, classification, modeling, etc.). Statistical methods were used to process experimental results in the field of pulp and paper waste bioconversion. The biotechnologies involved included methods of destruction, detoxification, and conversion of useful resources into secondary raw materials and final products. From the standpoint of the environmental approach, there are serious efficiency imbalances in the pulp and paper industry, which justify the implementation of circular mechanisms for organizing economic systems. The overall efficiency is ensured by the use of renewable resources and obtaining environmental effects. Algorithms and parameters of green biotechnological regulations for pulp and paper industry waste recycling provide the possibility of microbiological production of a complex of products: biocomposites, bioplastics, medical products, fertilizers, feed additives, vitamin supplements, and bioenergy resources. A strategy for the efficient biochemical processing of pulp and paper waste into green ethanol was determined. The possibility of increasing the efficiency of alcoholic fermentation using various biocatalysts was experimentally confirmed. The technological features of this method, associated with the need for microaerobic fermentation modes, were determined. Full article

This paper investigates the influence of “green finance” on the sustainability performance of banking institutions with a specific focus on the context of Palestine. A structured questionnaire was administered to gather data from a representative sample of 104 credit managers employed within Palestinian banking, utilizing descriptive statistics, structural equation modeling, and multiple regression analysis. This study examines the intricate interplay of the social, economic, and environmental facets of green financing and their impact on sustainability performance. Moreover, the study explores the potential moderating effect of female representation within financial institutions. The findings suggest that gender diversity and exclusivity significantly contribute to reinforcing the favorable association between green finance and sustainability performance. Integrating green finance into the strategic frameworks of financial institutions can yield environmental benefits and enhance both long-term and short-term sustainability performance, particularly in emerging economies such as Palestine. Ultimately, this study offers valuable insights into the evolution of green finance and its consequential effects on the sustainability performance of financial institutions in emerging countries. Full article