Search Results (53)

Population aging poses significant challenges to the sustainability of pension systems. This study presents an integrated methodological approach that uniquely combines actuarial life-cycle modeling with agent-based simulation to assess the potential of Reverse Mortgage Loans (RMLs) as a dual lever for enhancing retiree welfare and supporting pension system resilience under demographic and financial uncertainty. We explore Reverse Mortgage Loans (RMLs) as a potential financial instrument to support retirees while alleviating pressure on public pensions. Unlike prior research that treats individual decisions or policy outcomes in isolation, our hybrid model explicitly captures feedback loops between household-level behavior and system-wide financial stability. To test our hypothesis that RMLs can improve individual consumption outcomes and bolster systemic solvency, we develop a hybrid model combining actuarial techniques and agent-based simulations, incorporating stochastic housing prices, longevity risk, regulatory capital requirements, and demographic shifts. This dual-framework enables a structured investigation of how micro-level financial decisions propagate through market dynamics, influencing solvency, pricing, and adoption trends. Our central hypothesis is that reverse mortgages, when actuarially calibrated and macroprudentially regulated, enhance individual financial well-being while preserving long-run solvency at the system level. Simulation results indicate that RMLs can improve consumption smoothing, raise expected utility for retirees, and contribute to long-term fiscal sustainability. Moreover, we introduce a dynamic regulatory mechanism that adjusts capital buffers based on evolving market and demographic conditions, enhancing system resilience. Our simulation design supports multi-scenario testing of financial robustness and policy outcomes, providing a transparent tool for stress-testing RML adoption at scale. These findings suggest that, when well-regulated, RMLs can serve as a viable supplement to traditional retirement financing. Rather than offering prescriptive guidance, this framework provides insights to policymakers, financial institutions, and regulators seeking to integrate RMLs into broader pension strategies. Full article

Weeds cause significant yield and economic losses by competing with crops and increasing production costs. Compounding these challenges are labor shortages, herbicide resistance, and environmental pollution, making weed management increasingly difficult. In response, precision weed control (PWC) technologies, such as robots and unmanned aerial vehicles (UAVs), have emerged as innovative solutions. These tools offer farmers high precision (±1 cm spatial accuracy), enabling efficient and sustainable weed management. Herbicide spraying robots, mechanical weeding robots, and laser-based weeders are deployed on large-scale farms in developed countries. Similarly, UAVs are gaining popularity in many countries, particularly in Asia, for weed monitoring and herbicide application. Despite advancements in robotic and UAV weed control, their large-scale adoption remains limited. The reasons for this slow uptake and the barriers to widespread implementation are not fully understood. To address this knowledge gap, our review analyzes 155 articles and provides a comprehensive understanding of PWC challenges and needed interventions for scaling. This review revealed that AI-driven weed mapping in robots and UAVs struggles with data (quality, diversity, bias) and technical (computation, deployment, cost) barriers. Improved data (collection, processing, synthesis, bias mitigation) and efficient, affordable technology (edge/hybrid computing, lightweight algorithms, centralized computing resources, energy-efficient hardware) are required to improve AI-driven weed mapping adoption. Specifically, robotic weed control adoption is hindered by challenges in weed recognition, navigation complexity, limited battery life, data management (connectivity), fragmented farms, high costs, and limited digital literacy. Scaling requires advancements in weed detection and energy efficiency, development of affordable robots with shared service models, enhanced farmer training, improved rural connectivity, and precise engineering solutions. Similarly, UAV adoption in agriculture faces hurdles such as regulations (permits), limited payload and battery life, weather dependency, spray drift, sensor accuracy, lack of skilled operators, high initial and operational costs, and absence of standardized protocol. Scaling requires financing (subsidies, loans), favorable regulations (streamlined permits, online training), infrastructure development (service providers, hiring centers), technological innovation (interchangeable sensors, multipurpose UAVs), and capacity building (farmer training programs, awareness initiatives). Full article

Pakistan’s banking sector faces a critical juncture as rising competition intersects with uneven efficiency, jeopardizing financial stability. This study employs a two-stage empirical framework: (1) evaluating cost-efficiency (CE) evolution via a novel stochastic frontier analysis (SFA) framework incorporating desirable and undesirable outputs (e.g., nonperforming loans) and (2) assessing competition’s impact using a novel multi-product Lerner index across loan, deposit, and asset markets, analyzed via a two-step dynamic panel data system generalized method of moments. The first stage reveals an average CE of 81%, with significant ownership-based disparities. The second stage shows that market power enhances CE overall, supporting the banking-specificity hypothesis, suggesting that regulators balance competition with operational scale benefits. However, market power exhibits duality such as elevating CE in high-efficiency quartile banks but reducing it in low-efficiency quartile ones, confirming the efficient structure hypothesis. This highlights the need for policies promoting efficiency-driven consolidation and addressing structural bottlenecks in underperforming banks. Bank-specific and macroeconomic factors also significantly influence CE. The findings offer a policy roadmap to cultivate a competitive, efficient banking ecosystem, fostering sustainable economic growth. Full article

In the context of the implementation of the rural revitalization strategy in China, returning rural migrant workers are bound to have a certain impact on the rural economy, and land is a very important factor in the agricultural economy. Using data from the 2018 China Labor Dynamic Survey (CLDS), this study examines how migrant workers’ return behaviors influence farmland transfer-in. To address potential endogeneity, the analysis employs the Probit model, instrumental variable methods, and propensity score matching. The findings reveal that returning migrant workers significantly promote farmland transfer-in. Households with returning migrant workers exhibit stronger demands for land transfer-in and tend to operate farmland on a larger scale. Furthermore, returning migrant workers drive farmland expansion through mechanization labor substitution, enhanced access to agricultural loans, and reduced non-farm participation. Additionally, returning migrant workers who are highly educated and younger play a particularly influential role, underscoring the heterogeneous impacts across different migrant groups. This study provides empirical evidence for rural revitalization policies in China by systematically analyzing the effect of returning migrant workers in promoting land transfer-in and the path of influence on farmland scale. Full article

Traditional centralized energy grids struggle to meet urban areas’ increasingly complex energy demands, necessitating the development of more sustainable and resilient energy solutions. Smart microgrids offer a decentralized approach that enhances energy efficiency, facilitates the integration of renewable energy sources, and improves urban resilience. This study follows a systematic review approach, analyzing the literature published in peer-reviewed journals, conference proceedings, and industry reports between 2011 and 2025. The research draws from academic publications of energy institutions alongside regulatory reports, examining actual smart microgrid deployments in San Diego, Barcelona, and Seoul. Additionally, this article provides real-world case studies from New York and London, showcasing successful and unsuccessful smart microgrid deployments. The Brooklyn Microgrid in New York demonstrates peer-to-peer energy trading, while London faces regulations and funding challenges in its decentralized energy systems. The paper also explores economic and policy frameworks such as public–private partnerships (PPPs), localized energy markets, and standardized regulatory models to enable microgrid adoption at scale. While PPPs provide financial and infrastructural support for microgrid deployment, they also introduce stakeholder alignment and regulatory compliance complexities. Countries like Germany and India have successfully used PPPs for smart microgrid development, leveraging low-interest loans, government incentives, and regulatory mechanisms to encourage innovation and adoption of smart microgrid technologies. In addition, the review examines new trends like the utilization of AI and quantum computing to optimize energy, peer-to-peer energy trading, and climate resilient design before outlining a future research agenda focused on cybersecurity, decarbonization, and the inclusion of new technology. Contributions include the development of a modular and scalable microgrid framework, innovative hybrid storage systems, and a performance-based policy model suited to the urban environment. These contributions help to fill the gap between what is possible today and what is needed for future sustainable urban energy systems and create the foundation for resilient cities of the next century. Full article

Microfinance aims to promote financial inclusion among underprivileged individuals, particularly through progressive microcredit, which enables borrowers to access increasing loan amounts over time. This study examines the conditions under which progressive microcredit positively impacts both small business performance and household well-being, considering borrower characteristics and business activity conditions. Using a dataset of 278 households across 110 administrative sectors in Tunisia from 2012 to 2020, this study employs two-stage least squares (2SLS) and three-stage least squares (3SLS) econometric techniques to estimate simultaneous equation models. The findings reveal that the cumulative amount of progressive microcredit received is mainly determined by project capital, suggesting that businesses with higher capital requirements tend to secure larger loans over successive cycles. Household well-being is significantly influenced by progressive microcredit, household income, net business benefit, rate of development index, and homeownership. Meanwhile, business profitability is driven by project capital and total fixed assets, highlighting the long-term impact of microcredit. The results highlight the critical role of microfinance in enabling small-scale entrepreneurs to expand their businesses while simultaneously improving household financial security. By promoting sustainable income generation, progressive microcredit serves as a key instrument in poverty alleviation and economic stability. This study underscores the necessity for microfinance institutions (MFIs) to tailor their lending strategies, ensuring optimal loan progression that balances business expansion with financial sustainability. Additionally, policymakers should refine microcredit frameworks to enhance accessibility and long-term economic benefits for low-income borrowers. Overall, these insights contribute to the broader discourse on financial inclusion and sustainable development, emphasizing that progressive microcredit not only facilitates entrepreneurship, but also serves as a driver of socioeconomic mobility. Full article

Buildings account for a significant share of global energy consumption and carbon emissions, making deep renovations essential for climate mitigation. Renovation passports (RPs) are an emerging concept still in the early stages of development, designed to provide structured step-by-step renovation roadmaps that prevent lock-in effects and optimise energy performance over time. However, their large-scale adoption in the European Union (EU) remains limited due to technical, financial, behavioural, and policy challenges. This study conducts a Systematic Literature Review (SLR) to identify key strategies for the successful development and large-scale implementation of RPs in EU. A total of 217 research articles from Scopus and ScienceDirect, along with 99 EU policy documents and 16 Building Performance Institute Europe (BPIE) reports, were analysed to assess the technical, financial, behavioural, and policy dimensions of RP adoption. Our findings highlight the role of digital tools like Building Information Modelling (BIM), digital building logbooks (DBLs), and one-stop shops (OSSs) in improving RP usability and accessibility. Financial barriers, such as high upfront costs and fragmented funding, require harmonised incentives, green loans, and energy performance contracting. Behavioural factors, including homeowner awareness, trust in renovation services, and decision-making complexity, also influence RP adoption. This study underscores the need for stronger policy integration between RPs and energy performance certificates (EPCs), improved financial instruments, and enhanced stakeholder engagement. By addressing these gaps, this research provides actionable recommendations for policymakers and stakeholders to accelerate the adoption of RPs and contribute to the EU’s Renovation Wave strategy and broader climate neutrality objectives. Full article

This study employs advanced data-driven and machine learning techniques to critically assess the integration of Work-Integrated Learning (WIL) into academic programs, with a focus on psychological well-being, financial, and equity and inclusion risks. Using data from the 2018 National Graduates Survey in Canada, the analysis examines how WIL programs influence students’ academic and career trajectories, with particular emphasis on identifying key risk factors. The study explores psychological well-being risks associated with academic programs, financial burdens both during and after education, and equity and inclusion risks for institutions. By analysing variables related to work placements, student loans, financial assistance, and the alignment of WIL experiences with students’ post-graduation employment, this research provides critical insights into the effectiveness of WIL programs from a large-scale, survey-based, big data perspective. The findings highlight key areas for improvement to mitigate these risks and enhance the overall value of WIL for students across various disciplines. Full article

Improving productivity is an important channel for satisfying household food needs through food availability. Increasing the productivity of small-scale farmers is linked to a number of factors, including land access, labor, chemicals, fertilizers and so on. Most farmers resort to expanding their cultivated areas to increase production because of insufficient financial resources available for purchasing inputs during agricultural seasons. This situation, combined with increasing pressure on land, does not favor agricultural production and, by extension, food security. This study therefore assesses the impact of different modes of access to land on agricultural productivity. Regime-switching multinomial regression techniques were used to account for endogeneity bias due to observed and unobserved factors. The results of the study show that access through free loans, tenancy and sharecropping negatively affect agricultural yields. The counterfactual analysis reveals a positive gain estimated at 509.9 kg/ha from land access by landowners. If the lenders were landowners, their gain would be 396.6 kg/ha, whereas the farmers would gain 485.1 kg/ha if they were landowners, and similarly the sharecroppers would gain 389.8 kg/ha if they were landowners. It is clear from these results that improving agricultural yields depends on securing land and requires the establishment of an effective land ownership system. This research impacts land ownership policies, which need to be revised to address customary rights and reduce inequalities in access to secure land. It highlights the way land tenure security drives agricultural advancements and offers actionable recommendations for policy improvements on food security. Full article

This paper examines the impact of ten microeconomic factors on hotel business success. This research encompassed a sample of 115 small, family-operated hotels situated in rural regions of the Western Balkan countries (WBC). This research was based on the assumption that factors such as the size of the hotel, age, solvency, liquidity, labour productivity, capital productivity, CSR, and reduction of CO₂ emissions exhibit a positive influence on business success, whereas leverage, indebtedness, and energy consumption have a negative effect on the business success of hotels. The findings revealed that business success from the previous period, size, liquidity, and CSR exhibit a positive influence on business success, whereas leverage, capital productivity, and indebtedness demonstrate a negative effect. Conversely, the age of the hotel and labour productivity were not found to significantly influence business success, as did energy consumption. In the context of sustainable development, a positive CSR impact means that tourists value this behaviour of the hotel, while a lack of a statistically significant impact of energy consumption implies either that hotels do not implement efficient measures of energy efficiency or that energy efficiency may not be a crucial factor in attracting guests or influencing their loyalty. The findings also show that labour productivity expressed conventionally does not have a statistically significant impact on hotel business success. However, when expressed in a way that respects the concept of sustainable development and CSR, workforce productivity is a significant factor in hotel business success. Due to the problem of multicollinearity, the influence of CO₂ emissions was not examined. The findings suggest the following two groups of key measures: 1. Policymakers must work on ensuring more favourable conditions under which hotels can borrow, as well as on ensuring adequate infrastructure; 2. They must work on improving the strategy for maintaining liquidity to avoid the high costs of short-term loans and increasing size in order to further utilise economies of scale. These two microeconomic factors have the greatest impact on the business success of hotels. Full article

In China, many Internet financial platforms (IFPs) are grappling with sustainability challenges due to elevated default rates, which have triggered widespread investor anxiety. To evaluate the sustainability practices of these platforms, we propose a reputation evaluation model designed to rank IFPs based on their sustainability. The economic sustainability of an IFP is decomposed into three components: scale strength, capital liquidity, and sustainable operating capability. Through an analysis of the correlation relationships between various indicators, we have identified nine significant indicators. Mathematical models are established to quantify these nine indicator variables. Subsequently, the score values of each indicator are integrated to establish a reputation evaluation model utilizing the weighted geometric mean method. Furthermore, the reputation evaluation values for 18 Chinese IFPs were calculated using the developed model, and the sustainability of the platforms was ranked according to the reputation evaluation value. A comparative analysis was also conducted between the sustainable rankings proposed in this study and the development rankings of the “Home of Online Loans” (HOL). The results reveal that our model effectively considers both the current operational strength and the sustainable development capability of the platform. It successfully identifies platforms with poor sustainability, assisting investors in making more informed decisions. Simultaneously, this study identifies key indicators influencing the sustainability of IFPs, providing valuable insights for managers seeking to enhance the sustainable operational levels of their platforms. Full article

In semi-arid Northern Ghana, smallholder farmers face food insecurity and financial risk due to climate change. In response, the Village Savings and Loan Association (VSLA) model, a community-led microfinance model, has emerged as a promising finance and climate resilience strategy. VSLAs offer savings, loans, and other financial services to help smallholder farmers cope with climate risks. In northern Ghana, where formal financial banking is limited, VSLAs serve as vital financial resources for smallholder farmers. Nevertheless, it remains to be seen how VSLAs can bridge financial inclusion and climate resilience strategies to address food insecurity. From a sustainable livelihoods framework (SLF) perspective, we utilized data from a cross-sectional survey of 517 smallholder farmers in northern Ghana’s Upper West Region to investigate how VSLAs relate to food insecurity. Results from an ordered logistic regression show that households with membership in a VSLA were less likely to experience severe food insecurity (OR = 0.437, p < 0.01). In addition, households that reported good resilience, owned land, had higher wealth, were female-headed, and made financial decisions jointly were less likely to experience severe food insecurity. Also, spending time accessing the market increases the risk of severe food insecurity. Despite the challenges of the VSLA model, these findings highlight VSLAs’ potential to mitigate food insecurity and serve as a financially resilient and climate-resilient strategy in resource-poor contexts like the UWR and similar areas in Sub-Saharan Africa. VSLAs could contribute to achieving SDG2, zero hunger, and SDG13, climate action. However, policy interventions are necessary to support and scale VSLAs as a sustainable development and food security strategy in vulnerable regions. Full article

The pivotal role of farmers’ cropland conservation behavior (CCB) in advancing green agricultural practices is well-recognized. This paper underscores the critical role of stable land tenure in enhancing farmers’ CCB, exemplified by the practice of mulch recycling. Drawing on a survey of 349 cotton farmers in Xinjiang, Northwest China, it offers a systematic examination of how land tenure stability influences CCB and its underlying mechanisms. The findings reveal a significant positive correlation between land tenure stability and CCB. Notably, this relationship is mediated by the facilitation of land mortgages, wherein written contracts and extended land tenure durations enhance farmers’ participation in land mortgages, thereby bolstering CCB. Furthermore, the stabilizing effect of land tenure on CCB also mitigates the negative impacts of risk aversion and time preference. The study additionally highlights the differential effects of land tenure stability based on farm size and technical training; its facilitative role in CCB is more pronounced among larger-scale farmers and those engaged in technical training. Full article

In this study, we undertake a systematic study of historic market volatility spanning roughly five preceding decades. We focus specifically on the time series of the realized volatility (RV) of the S&P500 index and its distribution function. As expected, the largest values of RV coincide with the largest economic upheavals of the period: Savings and Loan Crisis, Tech Bubble, Financial Crisis and Covid Pandemic. We address the question of whether these values belong to one of the three categories: Black Swans (BS), that is, they lie on scale-free, power-law tails of the distribution; Dragon Kings (DK), defined as statistically significant upward deviations from BS; or Negative Dragons Kings (nDK), defined as statistically significant downward deviations from BS. In analyzing the tails of the distribution with $RV>40$, we observe the appearance of “potential” DK, which eventually terminate in an abrupt plunge to nDK. This phenomenon becomes more pronounced with the increase in the number of days over which the average RV is calculated—here from daily, $n=1$, to “monthly”, $n=21$. We fit the entire distribution with a modified Generalized Beta (mGB) distribution function, which terminates at a finite value of the variable but exhibits a long power-law stretch prior to that, as well as a Generalized Beta Prime (GB2) distribution function, which has a power-law tail. We also fit the tails directly with a straight line on a log-log scale. In order to ascertain BS, DK or nDK behavior, all fits include their confidence intervals and p-values are evaluated for the data points to check whether they can come from the respective distributions. Full article

This comprehensive study explored the efficiency landscape of the Jordanian banking industry from 2006 to 2021, utilizing a dual-pronged approach. First, we assessed the efficiency scores of 15 commercial banks, comprising 13 conventional and 2 Islamic institutions, through data envelopment analysis (DEA). Secondly, we investigated the determinants influencing relative efficiency using the Tobit regression model. Our dataset, spanning 240 observations over 16 years, provides a nuanced examination of industry dynamics. DEA, specifically focusing on variable return to scale (VRS), unveils efficiency scores by accounting for scale inefficiencies. The research contributes insights into the operational efficacy of Jordanian banks and provides a robust methodology for understanding efficiency dynamics in the broader financial landscape. The results reveal significant relationships between return on assets, return on equity, GDP growth, and efficiency. Furthermore, it is noteworthy that Islamic banks demonstrate higher efficiency compared to conventional banks. Additionally, non-significant associations were observed with credit risk, bank size, and the ratio of loan loss provision over net income. The findings hold implications for policymakers, industry stakeholders, and researchers aiming to bolster the resilience and competitiveness of Jordan’s banking sector. Full article