Search Results (242)

Sustainable economic development requires transparent and consistent institutional communication from monetary authorities to maintain long-term financial stability and public trust. This study investigates the latent authorial structure and stylistic heterogeneity of central bank communications by applying stylometric analysis and unsupervised machine learning to official announcements of the Central Bank of the Republic of Turkey (CBRT). Using a dataset of 557 press releases from 2006 to 2017, we extract a range of linguistic features at both sentence and document levels—including sentence length, punctuation density, word length, and type–token ratios. These features are reduced using Principal Component Analysis (PCA) and clustered via Hierarchical Clustering on Principal Components (HCPC), revealing three distinct authorial groups within the CBRT’s communications. The robustness of these clusters is validated using multidimensional scaling (MDS) on character-level and word-level n-gram distances. The analysis finds consistent stylistic differences between clusters, with implications for authorship attribution, tone variation, and communication strategy. Notably, sentiment analysis indicates that one authorial cluster tends to exhibit more negative tonal features, suggesting potential bias or divergence in internal communication style. These findings challenge the conventional assumption of institutional homogeneity and highlight the presence of distinct communicative voices within the central bank. Furthermore, the results suggest that stylistic variation—though often subtle—may convey unintended policy signals to markets, especially in contexts where linguistic shifts are closely scrutinized. This research contributes to the emerging intersection of natural language processing, monetary economics, and institutional transparency. It demonstrates the efficacy of stylometric techniques in revealing the hidden structure of policy discourse and suggests that linguistic analytics can offer valuable insights into the internal dynamics, credibility, and effectiveness of monetary authorities. These findings contribute to sustainable financial governance by demonstrating how AI-driven analysis can enhance institutional transparency, promote consistent policy communication, and support long-term economic stability—key pillars of sustainable development. Full article

As governments increasingly explore digital financial instruments to diversify funding channels and expand citizen participation, Thailand’s G-Token represents an early attempt to integrate blockchain technology into sovereign debt issuance. This study examines its potential implications through a multi-dimensional risk and governance framework, situating the analysis within both domestic regulatory structures and international benchmarks. The evaluation considers macroeconomic effects—such as potential shifts in monetary policy transmission, bank disintermediation risks, and systemic liquidity impacts—alongside micro-level concerns involving investor protection, market integrity, and financial literacy. Using comparative analysis with the European Union, Singapore, and United States regulatory approaches, the paper identifies critical gaps in legal classification, oversight maturity, and structural safeguards. Findings indicate that while Thailand’s design—particularly its separation from payment systems—supports monetary coherence, its ad hoc legal integration, reliance on administrative investor protections, and early-stage market infrastructure pose vulnerabilities if adoption scales. The study concludes that achieving long-term viability will require explicit statutory authorization, enhanced disclosure and governance standards, strengthened interagency oversight, and inclusive market access strategies. These insights provide a structured basis for emerging economies seeking to adopt government-backed tokenized instruments without undermining financial stability or public trust. Full article

The Okapi Wildlife Reserve (OWR) in northeastern Democratic Republic of the Congo represents both a biodiversity hotspot and the ancestral homeland of the Indigenous Mbuti and Efe peoples, whose livelihoods and knowledge systems are closely tied to forest resources. This study investigates how Indigenous knowledge and practices contribute to sustainable resource management under conditions of rapid socio-cultural transformation. A mixed-methods approach was applied, combining socio-demographic surveys (n = 80), focus group discussions, floristic inventories, and statistical analyses (ANOVA, logistic regressions, chi-square, MCA). Results show that hunting, fishing, gathering, and honey harvesting remain central livelihood activities, governed by customary taboos and restrictions that act as de facto ecological regulations. Agriculture, recently introduced through intercultural exchange with neighboring Bantu populations, complements rather than replaces traditional practices and demonstrates emerging agroecological hybridization. Nevertheless, evidence of biodiversity decline (including local disappearance of species such as Dioscorea spp.), erosion of intergenerational knowledge transmission, and increased reliance on monetary income indicate vulnerabilities. Multiple Correspondence Analysis revealed a highly structured socio-ecological gradient (98.5% variance explained; Cronbach’s α = 0.977), indicating that perceptions of environmental change are strongly coupled with demographic identity and livelihood strategies. Floristic inventories confirmed significant differences in species abundance across camps (ANOVA, p < 0.001), highlighting site-specific pressures and the protective effect of persistent customary norms. The findings underscore the resilience and adaptability of Indigenous Peoples but also their exposure to ecological and cultural disruptions. We conclude that formal recognition of Indigenous institutions and integration of their knowledge systems into co-management frameworks are essential to strengthen ecological resilience, secure Indigenous rights, and align conservation policies with global biodiversity and climate agendas. Full article

Understanding the nature of monetary and fiscal policy interactions has gained more importance over the years, especially within the context of the global financial crisis and the recent COVID-19 pandemic. This study uses a Time-Varying Parameter Vector Autoregressive (TVP-VAR) model and a Markov Switching Dynamic Regression (MSDR) framework to explore the dynamics of monetary–fiscal policy interactions in South Africa. The analysis employs time series data from 1994 to 2023 and tests the dynamic response of key macroeconomic variables to positive monetary and fiscal policy shocks. Furthermore, the MSDR framework is utilised to analyse how policy behaviour evolves during regime change. The TVP-VAR results show that fiscal expansions led to a positive response in GDP over time, a stable interest rate reaction post-COVID-19, and a consistently negative CPI response, contradicting conventional theory. The MSDR analysis reveals a dominant regime where monetary policy is active and fiscal policy is passive, with a positive interaction between interest rates and government spending, likely reflecting South Africa’s high debt environment. These findings underscore the importance of understanding policy interactions’ landscape to inform policy decisions better and minimise sub-optimal policy outcomes. Full article

This paper explores the central role of monetary governance, i.e., high politics and low politics, in protecting a currency’s exchange rate and reducing its volatility during periods of global crisis. Using annual panel data from 15 developed and emerging economies between 2001 and 2023, and applying a panel ARDL approach, the study assesses the effectiveness of high politics—captured through governance indicators—and low politics—captured through economic indicators—as a shield against external shocks, such as the 2008 financial crisis, the COVID-19 pandemic, and the Russo–Ukrainian conflict. The findings demonstrate that strong monetary governance significantly strengthens the Real Effective Exchange Rate (REER) and dampens its volatility in the long-term. In contrast, macroeconomic variables such as inflation, public spending, and trade openness exert destabilizing effects. The results highlight the strategic importance of governance as a long-term anchor of exchange rate resilience, suggesting that countries with robust institutional frameworks are better equipped to withstand global disruptions. These insights offer crucial policy implications for reinforcing monetary governance, especially in emerging economies vulnerable to financial and geopolitical turbulence. Full article

The growing importance of local governments, alongside the swift development of their bond markets, provides a novel framework for examining the coordination of monetary and local government fiscal policies in China. This investigation contributes a new viewpoint on local fiscal sustainability by emphasizing the role of policy coordination. Empirical evidence derived from regression models and proxy structural vector autoregression (Proxy SVAR) analyses conducted in this study substantiates the presence of coordination between monetary and local government fiscal policies in China; nevertheless, such coordination may pose risks to long-term local fiscal sustainability. Drawing on empirical data, this study utilizes a dynamic stochastic general equilibrium (DSGE) model that integrates key features characteristic of the Chinese economy to investigate the coordination of monetary and local government fiscal policies, as well as the effects of this coordination on local fiscal sustainability. The results derived from the baseline model indicate that although monetary and local fiscal policies in China are coordinated, such coordination facilitates the accumulation of local government debt, which ultimately compromises long-term local fiscal sustainability. Furthermore, the baseline model is extended and examined through multiple analytical approaches. When local government competition is introduced, monetary policy and local government fiscal policy become disconnected, which undermines local fiscal sustainability. Conversely, when local government cooperation is introduced, monetary policy and local government fiscal policy become more coordinated, which in turn improves local fiscal sustainability. Moreover, a higher steady-state debt level among local governments promotes greater coordination between monetary and fiscal policies, resulting in stronger fiscal sustainability. However, the imposition of debt constraints on local governments diminishes this coordination and adversely affects local fiscal sustainability. Additionally, in the absence of local financial friction, monetary and local fiscal policies exhibit increased coordination; however, this may potentially undermine long-term local fiscal sustainability. It is therefore imperative for the central government of China to prioritize the harmonization of monetary and local fiscal policies and to consider their implications for local fiscal sustainability, while simultaneously encouraging intergovernmental cooperation and the establishment of an integrated large-scale market. Full article

Although it is generally accepted that economic freedom stimulates economic growth, its effects in transitional economies are still up for debate. More empirical research is needed to examine the long-term effects of economic freedom on growth in the Western Balkans, a region characterised by uneven reform trajectories, fiscal pressures, and institutional fragility. This study examines the effects of seven fundamental factors on real GDP per capita growth (annual percentage change) in six Western Balkan nations between 2013 and 2023. These factors include property rights, government spending, government integrity, business freedom, monetary freedom, trade openness, and education spending. Importantly, in order to better capture macroeconomic constraints, it takes into account two fiscal burden indicators: the public debt and the government budget deficit. A triangulated analytical framework is used: Random Forest regression identifies non-linear patterns and ranks the importance of variables; Bayesian Vector Autoregression (VAR) models dynamic interactions and inertia; and the Generalised Method of Moments (GMM) handles endogeneity and reveals causal relationships. The GMM results show that while government integrity (β = −0.0820, p = 0.0206), government spending (β = −0.0066, p = 0.0312), and public debt (β = −0.0172, p = 0.0456) have negative effects on growth, property rights (β = 0.0367, p = 0.0208), monetary freedom (β = 0.0413, p = 0.0221), and the government budget deficit (β = 0.0498, p = 0.0371) have positive and significant effects on growth. Although the majority of economic freedom indicators are statistically insignificant, Bayesian VAR confirms strong growth persistence (GDP(−1) = 0.7169, SE = 0.0373). On the other hand, the Random Forest model identifies the most significant variables as property rights (3.72), public debt (5.88), business freedom (4.65), and government spending (IncNodePurity = 9.80). These results show that the growth effects of economic freedom depend on the context and are mediated by the state of the economy. Market liberalisation and legal certainty promote growth, but their advantages could be offset by inadequate budgetary restraint and difficulties with transitional governance. A hybrid policy approach, one that blends strategic market reforms with improved institutional quality, prudent debt management, and efficient public spending, is necessary for the region to achieve sustainable development. Full article

The bond market serves dual roles in fiscal and financial spheres, playing a crucial role in coordinating monetary policy. This paper investigates the impact of quantitative and price-based monetary policies on the liquidity level of China’s bond market. A comprehensive index measuring the liquidity of the local bond market is constructed using a combination weighting method that integrates the entropy method and the coefficient of variation. Employing the time-varying stochastic volatility structure vector autoregression (TVP-SV-SVAR) model on data spanning from 2013 to 2021, this study empirically compares the impulse response of local bond market liquidity to monetary policy shocks. The findings reveal that both types of monetary policy operations exhibit asymmetric, nonlinear, and time-varying impacts on bond market liquidity. Quantitative monetary instruments induce deeper impulse responses, with longer-lasting effects. These conclusions offer insights for monetary policy reforms and bond market development in China. Full article

This study evaluates the impact of digital systems and IT audit frameworks on tax performance and integrity within tax administrations. Using international data from organizations like the World Bank, OECD (Organisation for Economic Co-operation and Development), and IMF (International Monetary Fund), the research examines the relationship between tax revenue as a percentage of GDP, digital infrastructure, corruption perception, e-government development, and cybersecurity readiness. Quantitative analysis, including correlation, regression, and clustering methods, reveals a strong positive relationship between digital maturity, e-governance, and tax performance. Countries with advanced digital governance systems and robust IT audit frameworks, such as COBIT, tend to show higher tax revenues and lower corruption levels. The study finds that e-government development and anti-corruption measures explain over 40% of the variance in tax performance. Cluster analysis distinguishes between digitally advanced, high-compliance countries and those lagging in IT adoption. The findings suggest that digital transformation strengthens fiscal integrity by automating compliance and reducing human contact, which in turn mitigates bribery risks and enhances fraud detection. The study highlights the need for adopting international best practices to guide the digitalization of tax administrations, improving efficiency, transparency, and trust in public finance. Full article

This study aims to map the scientific knowledge of bank profitability and its determinants. It identifies trends and gaps in existing research through a bibliometric analysis. To this end, 634 documents published in the Web of Science database over the last 54 years were analyzed using the bibliometric package. The results indicate an increase in the volume of publications following the 2008 financial crisis, focusing on analyzing the factors influencing bank profitability and economic growth. The Journal of Banking and Finance is the preeminent publication in this field. The literature reviewed shows that bank profitability depends on internal factors (size, credit risk, liquidity, efficiency, and management) and external factors (such as GDP, inflation, interest rates, and unemployment). In addition to the traditional determinants, the recent literature highlights the importance of innovation and technological factors such as digitalization, mobile banking, and electronic payments as relevant to bank profitability. ESG (environmental, social, and governance) and governance indicators, which are still emerging but have been extensively researched in companies, indicate a need for evidence in this area. This paper also provides relevant insights for the formulation of monetary policy and the strategic formulation of banks, helping managers and owners to improve bank performance. It also provides directions for future empirical studies and research collaborations in this field. Full article

Research on ecosystem carbon sequestration services and ecological compensation is crucial for advancing carbon neutrality. As a public good, ecosystem carbon sequestration services inherently lead to externalities. Therefore, it is essential to consider externalities in the flow of sequestration services. However, few studies have examined intra- and inter-regional ecosystem carbon sequestration flows, making regional ecosystem carbon sequestration flows less comprehensive. Against this background, the research objectives of this paper are as follows. The flow of carbon sequestration services between Henan Province and out-of-province regions is studied. In addition, this study clarifies the beneficiary and supply areas of carbon sink services in Henan Province and the neighboring regions at the prefecture-level city scale to obtain a more systematic, comprehensive, and actual flow of carbon sequestration services for scientific and effective eco-compensation and to promote regional synergistic emission reductions. The research methodologies used in this paper are as follows. First, this study adopts a meta-coupling framework, designating Henan Province as the focal system, the Central Urban Agglomeration as the adjacent system, and eight surrounding provinces as remote systems. Regional carbon sequestration was assessed using net primary productivity (NEP), while carbon emissions were evaluated based on per capita carbon emissions and population density. A carbon balance analysis integrated carbon sequestration and emissions. Hotspot analysis identified areas of carbon sequestration service supply and associated benefits. Ecological radiation force formulas were used to quantify service flows, and compensation values were estimated considering the government’s payment capacity and willingness. A three-dimensional evaluation system—incorporating technology, talent, and fiscal capacity—was developed to propose a diversified ecological compensation scheme by comparing supply and beneficiary areas. By modeling the ecosystem carbon sequestration service flow, the main results of this paper are as follows: (1) Within Henan Province, Luoyang and Nanyang provided 521,300 tons and 515,600 tons of carbon sinks to eight cities (e.g., Jiaozuo, Zhengzhou, and Kaifeng), warranting an ecological compensation of CNY 262.817 million and CNY 263.259 million, respectively. (2) Henan exported 3.0739 million tons of carbon sinks to external provinces, corresponding to a compensation value of CNY 1756.079 million. Conversely, regions such as Changzhi, Xiangyang, and Jinzhong contributed 657,200 tons of carbon sinks to Henan, requiring a compensation of CNY 189.921 million. (3) Henan thus achieved a net ecological compensation of CNY 1566.158 million through carbon sink flows. (4) In addition to monetary compensation, beneficiary areas may also contribute through technology transfer, financial investment, and talent support. The findings support the following conclusions: (1) it is necessary to consider the externalities of ecosystem services, and (2) the meta-coupling framework enables a comprehensive assessment of carbon sequestration service flows, providing actionable insights for improving ecosystem governance in Henan Province and comparable regions. Full article

This paper proposes an incentive scheme based on a public–private partnership (PPP) to encourage low-carbon travel behavior by inducing the mode choice shift from private cars to public transit. The scheme involves three key entities: travelers, the government, and the private sector. Travelers can choose between private cars and public transit, producing different emissions. As the leader, the government aims to reduce total emission to a certain level with limited budgets. The private sector, as an intermediary, invests subsidies in low-carbon rewards to attract green travelers and benefits from a larger user pool. A two-layer multi-objective optimization model is proposed, which includes travel time, monetary cost, and emission. The objective of the upper level is to maximize the utilities of the private sector and minimize social costs to the government. The lower layer is the user equilibrium of the travelers. The numerical results obtained through heuristic algorithms demonstrate that the proposed scheme can achieve a triple-win situation, where all stakeholders benefit. Moreover, sensitivity analysis finds that prioritizing pollution control strategies will be beneficial to the government only if the unit pollution control cost coefficient is below a low threshold. Contrary to intuition, larger government subsidies do not necessarily lead to better promotion of low-carbon travel. 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

This paper highlights the importance of accounting for both the maturity structure of government debt and the composition of fiscal instruments when studying the macroeconomic effects of fiscal policy. Using a dynamic stochastic general equilibrium (DSGE) model featuring a debt maturity structure and six exogenous fiscal shocks spanning both the expenditure and revenue sides, we show that long-maturity debt systematically weakens the expansionary effects of fiscal policy under dovish monetary policy, particularly in response to increases in government purchases, government investment, and capital income tax cuts, where long-term financing leads to the significant crowding-out of private activity. In contrast, short-term debt financing yields output multipliers that often exceed unity. The maturity structure also alters the relative efficacy of fiscal instruments: while labor income tax cuts produce the largest multipliers under short-term debt, government purchases become more potent under long-term debt financing. We also show that the stark difference between short- and long-term debt becomes muted under a hawkish monetary regime. Our results have important policy implications, suggesting that the maturity composition of public debt should be carefully considered in the design of fiscal policy, particularly in high-debt economies. Full article

This article thoroughly examines the multidimensional consequences of intimate partner violence against women (IPVAW) and estimates the monetary costs associated with this kind of violence in Spain for 2022. Based on the accounting model approach, three alternative scenarios are proposed to quantify the direct tangible costs of IPVAW from a microeconomic perspective. Each scenario considers the out-of-pocket expenditures and the opportunity cost of lost income due to IPVAW, borne by the survivor women, their families and relatives, the public sector, and the private organizations. The study utilizes microdata from the latest Spanish Macro-survey on Violence Against Women, conducted in 2019 by the Government Office against Gender-Based Violence (Spanish Government). Results show the costs ranging from EUR 1.38 billion (the most conservative estimate) to EUR 3.01 billion (the highest estimate). Further research is needed to deepen understanding of the mechanisms by which violence affects the various domains and agents of society. Full article