Search Results (1,009)

Gum arabic production is a key source of income for communities in several African countries. Despite this, producing nations capture only a small share of the market value due to weak domestic markets, low price incentives, and limited value-added. Meanwhile, global demand is expected to grow from USD 1.1 billion in 2025 to USD 2.2 billion by 2035, driven by rising consumption in food, pharmaceuticals, cosmetics, and textiles. Importing countries, such as France and the US, benefit from significantly higher export prices—French export prices rose from USD 1.58/kg to USD 4.63/kg—highlighting the value added from outside producer regions. This study uses a qualitative analytical approach to examine trends and challenges in enhancing value capture within producer countries. Key strategies include local value-added, collective action, compliance with international standards, market transparency, and direct trade linkages. Findings suggest that implementing these measures could raise farmgate prices by 30–50%, retain more value within African economies, and improve access to premium export markets. In conclusion, targeted interventions are crucial for strengthening the gum arabic supply chain and promoting sustainable and equitable collection practices in producer countries. Full article

This study seeks to develop and evaluate a methodological framework for assessing the tourism potential of hillforts, by using a selected sample of 25 of these heritage resources located in the Lower Silesia Voivodeship. This region, as one of Poland’s most popular among domestic and international tourists, is increasingly confronting overtourism at its primary attractions. Concurrently, it possesses underutilised cultural assets, notably 250 remnants of gords/hillforts (grodziska in Polish) spanning various historical periods and dispersed across the whole area. Thus, to ensure the universality of the method, samples of hillforts from three main topographic zones of Lower Silesia were selected. In addition to the aim of testing the method, a secondary objective of the research involved conducting a preliminary assessment of selected hillforts’ tourism potential in different parts of the voivodeship. The methodology combined desk research and field studies across all selected archaeological sites. Concerning the primary objective, the developed assessment tool effectively replicated the multidimensional analytical framework characteristic of established methodologies, yielding reliable outcomes for evaluating gords’ tourism potential. However, modifications to the scoring system are recommended to enhance methodological precision. Regarding analysis of the 25 surveyed hillforts, the results indicate that objects from all zones mainly demonstrate high tourism potential, suggesting an opportunity for transformation into tourist attractions. The integration of hillforts into existing tourism infrastructure could significantly contribute to localised sustainable development across the region. The primary significance of these heritage resources lies in their capacity to facilitate the diversification of tourism offerings across distinct areas of the voivodeship. This development holds particular strategic value for northern poviats currently peripherally engaged in tourism economy. Moreover, by leveraging hillforts, communities obtain assets important in the process of building a common identity around cultural/historical place while safeguarding monuments. Concurrently, the most attractive southern poviats will benefit from the new attractions as they can help in mitigating overtourism pressures at overcrowded places, being an interesting alternative to the top attractions. This approach aligns with strategies to disperse tourist flows through specialised archaeological tourism products, thereby balancing economic benefits and local communities’ well-being with heritage preservation. Full article

Economic stability in emerging market economies is increasingly shaped by the interplay between global financial integration, domestic monetary dynamics, and asset price fluctuations. Yet, early detection of financial market disruptions remains a persistent challenge. This study constructs a Financial Stress Index (FSI) for Pakistan, utilizing monthly data from 2005 to 2024, to capture systemic stress in a globalized context. Using Principal Component Analysis (PCA), the FSI consolidates diverse indicators, including banking sector fragility, exchange market pressure, stock market volatility, money market spread, external debt exposure, and trade finance conditions, into a single, interpretable measure of financial instability. The index is externally validated through comparisons with the U.S. STLFSI4, the Global Economic Policy Uncertainty (EPU) Index, the Geopolitical Risk (GPR) Index, and the OECD Composite Leading Indicator (CLI). The results confirm that Pakistan’s FSI responds meaningfully to both global and domestic shocks. It successfully captures major stress episodes, including the 2008 global financial crisis, the COVID-19 pandemic, and politically driven local disruptions. A key understanding is the index’s ability to distinguish between sudden global contagion and gradually emerging domestic vulnerabilities. Empirical results show that banking sector risk, followed by trade finance constraints and exchange rate volatility, are the leading contributors to systemic stress. Granger causality analysis reveals that financial stress has a significant impact on macroeconomic performance, particularly in terms of GDP growth and trade flows. These findings emphasize the importance of monitoring sector-specific vulnerabilities in an open economy like Pakistan. The FSI offers strong potential as an early warning system to support policy design and strengthen economic resilience. Future modifications may include incorporating real-time market-based metrics indicators to better align the index with global stress patterns. Full article

The aim of this work was to assess the developments in the Greek collective bargaining system and the wage policy after the period of the Memoranda of Understanding with the lenders. Moreover, it discusses the critical role of collective bargaining (CB) in the Greek economy and society and its contributions to forging a new balance between capital and labor in the post-memoranda era. Finally, it provides a number of proposals that could improve the state of play in the field. Firstly, a comprehensive approach to the current debate on the key issues of collective bargaining was portrayed. Secondly, the main developments in the Greek case of collective bargaining and the wage policy were recorded. Thirdly, an effort to interpret the pertinent developments that could lead to the diffusion of a decent work status in the domestic labor market was made. Finally, this work examined whether the current situation of collective bargaining threatens Greek employees’ living and working conditions, which were regarded as being at stake during the memoranda period. Full article

This paper analyzes the volatility relationship between the Romanian BET index and the U.S. SFT-500 index during the period 2019–2024, with a particular focus on the impact of political and geopolitical shocks. The study investigates whether financial markets in emerging economies react symmetrically or asymmetrically to external shocks originating from mature markets, especially during periods of political uncertainty. The research period includes four major systemic events: the COVID-19 pandemic, the military conflict in Ukraine, the 2024 U.S. presidential elections, and the 2024 Romanian elections, all of which generated significant volatility in global markets. The methodological approach combines time series econometrics with the Impulse Indicator Saturation (IIS) technique to identify structural breaks and outliers, without imposing exogenous assumptions about the timing of events. The econometric model includes autoregressive and lagged exogenous variables to estimate the influence of the SFT-500 index on the BET index, while IIS variables capture unanticipated political and economic shocks. Additionally, a Fractionally Integrated GARCH (FIGARCH) specification is applied to model the persistence of volatility over time, capturing the long-memory behavior often observed in emerging markets like Romania. The results confirm a statistically significant but partial synchronization between the two markets, with lagged and contemporaneous effects from the SFT-500 index on the BET index. Volatility in Romania is markedly higher and longer-lasting during domestic political episodes, confirming that local factors are a primary source of market instability. For investors, this underscores the need to embed political risk metrics into emerging market portfolios. For policymakers, it highlights how stronger institutions and transparent governance can dampen election- and crisis-related turbulence. Full article

The increasing integration of intermittent renewable energy sources necessitates effective energy storage solutions, with battery energy storage systems (BESSs) emerging as promising candidates for energy arbitrage operations. This study conducted a comprehensive comparative analysis of 29 European electricity markets to identify optimal locations for utility-scale BESS-enabled energy arbitrage ventures. Using hourly wholesale electricity price data spanning January 2015 to December 2023, we employed statistical analysis techniques, 3D surface plots, and developed a novel energy arbitrage feasibility (EAF) score-based ranking system that integrates electricity market volatility metrics with regulatory and economic variables including gross domestic product per capita, index of economic freedom, and electricity supply-origin risk (ESOR). Five investor preference scenarios were analyzed: risk-averse, ESOR-sensitive, economy-sensitive, volatility-sensitive, and equally weighted approaches. Results demonstrated that Estonia ranked highest in three scenarios, achieving the maximum absolute EAF score of 0.558197 in the volatility-sensitive scenario, while Luxembourg led in the ESOR and economy-sensitive scenarios. Estonia’s market characteristics support single daily charge–discharge cycles, whereas Luxembourg enables dual cycles, offering different operational strategies. The EAF scoring methodology provides a standardized framework for cross-country investment decision-making in energy arbitrage ventures. These findings indicate that market selection significantly impacts the BESS arbitrage profitability, with Estonia and Luxembourg representing the most favorable investment destinations. Full article

This study examines the impact of personal remittances on housing prices in European Union (EU) countries, while also accounting for a broader set of macroeconomic, demographic, and structural variables. Using annual data for 27 EU countries from 2007 to 2022, we employ a comprehensive panel econometric approach, including cross-sectional dependence tests, second-generation unit root tests, pooled mean group–autoregressive distributed lag (PMG-ARDL) estimation, and panel causality tests, to capture both short- and long-term dynamics. Our findings confirm that remittances significantly and positively influence long-term housing price levels, underscoring their relevance as a demand-side driver. Other key variables such as net migration, GDP, travel credit to GDP, economic freedom, and real effective exchange rates also contribute to housing price movements, while supply-side indicators, including production in construction and building permits, exert moderating effects. Moreover, real interest rates are shown to have a significant long-term negative effect on property prices. The analysis reveals key causal links from remittances, FDI, and net migration to housing prices, highlighting their structural and predictive roles. Bidirectional causality between economic freedom, housing output, and prices indicates reinforcing feedback effects. These findings position remittances as both a development tool and a key indicator of real estate dynamics. The study highlights complex interactions between international financial flows, demographic pressures, and domestic economic conditions and the need for policymakers to consider remittances and migrant investments in real estate strategies. These findings offer important implications for policymakers seeking to balance housing affordability, investment, and economic resilience in the EU context and key insights into the complexity of economic factors and real estate prices. Importantly, the analysis identifies several causal relationships, notably from remittances, FDI, and net migration toward housing prices, underscoring their predictive and structural importance. Bidirectional causality between economic freedom and house prices, as well as between housing output and pricing, reflects feedback mechanisms that further reinforce market dynamics. These results position remittances not only as a developmental instrument but also as a key signal for real estate market performance in recipient economies. Full article

With the rapid development of the social economy, human activities have increasingly disrupted water environments, and the continuous input of pollutants poses significant challenges for water environment management. Taking the Xiaoxingkai Lake basin as the study area, this paper develops a social–economic–water environment model based on the system dynamics methodology, incorporating subsystems for population, agriculture, and water pollution. The model focuses on four key indicators of pollution severity, namely, total nitrogen (TN), total phosphorus (TP), chemical oxygen demand (COD), and ammonia nitrogen (NH₃-N), and simulates the changes in pollutant loads entering the river under five different scenarios from 2020 to 2030. The results show that agricultural non-point sources are the primary contributors to TN (79.5%) and TP (73.7%), while COD primarily originates from domestic sources (64.2%). NH₃-N is mainly influenced by urban domestic activities (44.7%) and agricultural cultivation (41.2%). Under the status quo development scenario, pollutant loads continue to rise, with more pronounced increases under the economic development scenario, thus posing significant sustainability risks. The pollution control enhancement scenario is most effective in controlling pollutants, but it does not promote socio-economic development and has high implementation costs, failing to achieve coordinated socio-economic and environmental development in the region. The dual-reinforcement scenario and moderate-reinforcement scenario achieve a balance between pollution control and economic development, with the moderate-reinforcement scenario being more suitable for long-term regional development. The findings can provide a scientific basis for water resource management and planning in the Xiaoxingkai Lake basin. Full article

To evaluate water pollution status and sustainable development potential in the Huai River Basin, this study focused on the spatiotemporal evolution and influencing factors of the grey water footprint (GWF) across 35 cities in the basin from 2005 to 2020. This study quantifies the GWF from agricultural, industrial, and domestic perspectives and analyzes its spatial disparities by incorporating spatial autocorrelation analysis. The Tapio decoupling model was applied to explore the relationship between pollution and economic growth, and geographic detectors along with the STIRPAT model were utilized to identify driving factors. The results revealed no significant global spatial clustering of GWF in the basin, but a pattern of “high in the east and west, low in the north and south” emerged, with high-value areas concentrated in southern Henan and northern Jiangsu. By 2020, 85.7% of cities achieved strong decoupling, indicating improved coordination between the environment and economy. Key driving factors included primary industry output, crop sown area, and grey water footprint intensity, with a notable interaction between agricultural output and grey water footprint intensity. The quantitative analysis based on the STIRPAT model demonstrated that seven factors, including grey water footprint intensity and total crop sown area, exhibited significant contributions to influencing variations. Ranked by importance, these factors were grey water footprint intensity > total crop sown area > urbanization rate > population size > secondary industry output > primary industry output > industrial wastewater discharge, collectively explaining 90.2% of the variability in GWF. The study provides a robust scientific basis for water pollution control and differentiated management in the river basin and holds significant importance for promoting sustainable development of the basin. Full article

Decarbonization of the Greek economy requires significant investments in clean technologies. This will boost demand for goods and services and will create multiplier effects on output value added and employment, though reliance on imported technologies might increase the trade deficit. This study employs input–output analysis to estimate the direct, indirect, and multiplier effects of green transition investments on Greek output, value added, employment, and imports across five-year intervals from 2025 to 2050. Two scenarios are considered: the former is based on the National Energy and Climate Plan (NECP), driven by a large-scale exploitation of RES and technologies promoting electrification of final demand, while the latter (developed in the context of the CLEVER project) prioritizes energy sufficiency and efficiency interventions to reduce final energy demand. In the NECP scenario, GDP increases by 3–10% (relative to 2023), and employment increases by 4–11%. The CLEVER scenario yields smaller direct effects—owing to lower investment levels—but larger induced impacts, since energy savings boost household disposable income. The consideration of three sub-scenarios adopting different levels of import-substitution rates in key manufacturing sectors exhibits pronounced divergence, indicating that targeted industrial policies can significantly amplify the domestic economic benefits of the green transition. Full article

Forests play a crucial role in storing excess carbon released into the atmosphere. By mitigating climate change, forest carbon stocks play a vital role in achieving green transitions. However, limited information is available regarding the factors that affect forest carbon stocks. The primary objective of this analysis is to investigate the impact of green agricultural technologies and bioenergy on forest carbon stocks. The empirical investigation was conducted using the method of moments quantile regression (MMQR) technique. Results using the MMQR approach indicate that bioenergy is beneficial in augmenting forest carbon stores at all levels. A 1% increase in bioenergy is associated with an increase in forest carbon stocks ranging from 3.100 at the 10th quantile to 1.599 at the 90th quantile. In the context of developing economies, similar findings are observed; however, in developed economies, bioenergy only fosters forest carbon stocks at lower and middle quantiles. In contrast, green agricultural technologies have an adverse effect on forest carbon stocks. Green agricultural technologies have a significant negative impact on forest carbon stocks, particularly between the 10th and 80th quantiles, with their influence declining in magnitude from −2.398 to −0.619. This negative connection is observed in both developed and developing countries at most quantiles, except for higher quantiles in developed economies. Gross domestic product (GDP) has an adverse effect on forest carbon stores only in developing countries, whereas human capital diminishes forest carbon stocks in both developed and developing nations. Governments should provide support for the creators of bioenergy and agroforestry technologies so that forest carbon stocks can be increased. Full article

The study investigates the contribution of technology (TECH), quantified by Internet penetration, in influencing tourism performance (TP) among the top ten touristic nations in Europe: France, Spain, Italy, Turkey, the United Kingdom, Germany, Greece, Austria, Portugal, and the Netherlands. Using panel data from 2000–2022, the study includes additional structural controls like environment quality, gross domestic production (GDP) per capita, exchange rate (ER), and safety index (SI). The Method of Moments Quantile Regression (MMQR) is employed to capture heterogeneous effects at different levels of TP, and Driscoll–Kraay standard error (DKSE) correction is employed to make the analysis robust against autocorrelation as well as cross-sectional dependence. Spectral–Granger causality tests are also conducted to check short- and long-run dynamics in the relationships. Empirical results are that TECH and SI are important in TP at all quantiles, but with stronger effects for lower-performing countries. Environmental quality (EQ) and GDP per capita (GDPPC) exert increasing impacts at upper quantiles, suggesting their importance in sustaining high-level tourism economies. ER effects are limited and primarily short-term. The findings highlight the need for integrated digital, environmental, and economic policies to achieve sustainable tourism development. The paper contributes to tourism research by providing a comprehensive, frequency-sensitive, and distributional analysis of macroeconomic determinants of tourism in highly developed European tourist destinations. Full article

Morocco is facing a situation of alarming water stress, aggravated by climate change, overexploitation of resources, and unequal distribution of water, placing the country among the most vulnerable to water scarcity in the MENA region. This study aims to investigate the dynamic relationship between economic growth and water stress in Morocco while highlighting the importance of integrated water management and adaptive economic policies to enhance resilience to water scarcity. A mixed methodology, integrating both qualitative and quantitative methods, was adopted to overview the economic–environmental Moroccan context, and to empirically analyze the GDP (gross domestic product) and water stress in Morocco over the period 1975–2021 using an Autoregressive Distributed Lag (ARDL) approach. The empirical analysis is based on annual data sourced from the World Bank and FAO databases for GDP, agricultural value added, renewable internal freshwater resources, and water productivity. The results suggest that water productivity has a significant positive effect on economic growth, while the impacts of agricultural value added and renewable water resources are less significant and vary depending on the model specification. Diagnostic tests confirm the reliability of the ARDL model; however, the presence of outliers in certain years reflects the influence of exogenous shocks, such as severe droughts or policy changes, on the Moroccan economy. The key contribution of this study lies in the fact that it is the first to analyze the intrinsic link between economic growth and the environmental aspect of water in Morocco. According to our findings, it is imperative to continuously improve water productivity and adopt adaptive management, rooted in science and innovation, in order to ensure water security and support the sustainable economic development of Morocco. Full article

Economically, all countries seek sustained growth driven by domestic demand, investment, and exports; however, COVID-19 revealed the vulnerability of interconnected economic systems and a sharp contraction in global trade. The objective of this research is to analyze through an econometric model the effect of traditional exports on Peru’s economic growth during the 2012–2023 period. The study employed a quantitative approach with a non-experimental, longitudinal design, using quarterly data from the Central Reserve Bank of Peru and the National Bureau of Statistics of China, which were transformed into natural logarithms. Unit root tests, the ordinary least squares (OLS) method and a two-stage least squares (2SLS) model were applied to correct for endogeneity. The results show that mining accounts for 81.7% of total traditional exports from Peru. The model indicated that a 1% increase in traditional exports leads to a 0.29% increase in GDP, confirming a positive impact. However, the high dependence of the mining sector exposes the economy to external risks. Therefore, a productive diversification strategy, alongside the modernization of the mining sector, is recommended to strengthen Peru’s economic resilience in the face of global crises and external fluctuations. Full article

Housing prices have recently risen sharply in many countries, primarily linked to the global credit cycle. Although various factors play a role, the ability of developing countries to navigate this cycle and maintain autonomous monetary policies is crucial. This paper introduces a dynamic macroeconomic model featuring a housing production sector within an imperfect banking framework. It captures key housing and economic dynamics in advanced and emerging economies. The analysis shows domestic liquidity policies, such as bank capital requirements, reserve ratios, and currency devaluation, can stabilize investment and production. However, their effectiveness depends on foreign interest rates and liquidity. Stabilizing housing prices and risk-free bonds is more effective in high-interest environments, while foreign liquidity shocks have asymmetric impacts. They can boost or lower the effectiveness of domestic policy, depending on the country’s level of financial development. These findings have several policy implications. For example, foreign capital controls would be adequate in the short term but not in the long term. Instead, governments would try to promote the development of local financial markets. Controlling debt should be a target for macroprudential policy as well as promoting saving instruments other than real estate, especially during low interest rates. Full article