Journal Description
Economies
Economies
is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.
- Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
- High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
- Journal Rank: CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
- Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.4 days after submission; acceptance to publication is undertaken in 6.5 days (median values for papers published in this journal in the second half of 2023).
- Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.
Impact Factor:
2.6 (2022);
5-Year Impact Factor:
2.7 (2022)
Latest Articles
Oil Volatility Uncertainty: Impact on Fundamental Macroeconomics and the Stock Index
Economies 2024, 12(6), 140; https://doi.org/10.3390/economies12060140 - 4 Jun 2024
Abstract
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,
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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 article belongs to the Section Growth, and Natural Resources (Environment + Agriculture))
Open AccessReview
Greece’s Economic Odyssey: Persistent Challenges and Pathways Forward
by
Evmorfia (Fay) Makantasi and Helias Valentis
Economies 2024, 12(6), 139; https://doi.org/10.3390/economies12060139 - 4 Jun 2024
Abstract
Two years after the COVID-19 pandemic, the Greek economy seems to have overcome the turmoil of the pandemic crisis as well as that of the following energy crisis. Nevertheless, it would be wrong to assume that the Greek economy has returned to a
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Two years after the COVID-19 pandemic, the Greek economy seems to have overcome the turmoil of the pandemic crisis as well as that of the following energy crisis. Nevertheless, it would be wrong to assume that the Greek economy has returned to a sound state, since this was not really the case even before the pandemic. Furthermore, the anemic growth rates of the pre-pandemic period were followed by an equally weak average growth rate (including the impact of the pandemic), as some of the significant fundamental weaknesses of the Greek economy, which had accumulated over time and constituted the real origin of the Greek crisis, have not been properly addressed yet. This paper attempts a complete mapping of the current state of the Greek economy, offering an insight into the external and internal determinants affecting it.
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(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)
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The Impact of Production Digitalization Investments on European Companies’ Financial Performance
by
Aiste Lastauskaite and Rytis Krusinskas
Economies 2024, 12(6), 138; https://doi.org/10.3390/economies12060138 - 3 Jun 2024
Abstract
Businesses investing in production digitalization equipment are supposed to benefit from increased productivity, enhanced efficiency, and revenue growth. Despite the increasing use of digital technologies in business, many companies still struggle to measure and maximize their returns from production digitalization investments. This research
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Businesses investing in production digitalization equipment are supposed to benefit from increased productivity, enhanced efficiency, and revenue growth. Despite the increasing use of digital technologies in business, many companies still struggle to measure and maximize their returns from production digitalization investments. This research assesses the impact of production digitalization investments on companies’ financial performance (operating revenue) for European businesses in the period of 2013 to 2021. To achieve this target, we performed a Fixed Effects Panel Regression analysis, using a sample size of 5706 records from the Orbis database for 30 countries, covering 634 business units. The production digitalization investment in this research is expressed by a calculated variable value, measured as the annual change in a company’s Plant and Machinery value, adjusted with corresponding an annual depreciation value for the assets. The regression output was analyzed by considering the characteristics of the company size and business location. The results suggest that companies in Eastern Europe benefit more from production digitalization than those in Western Europe. The analysis highlights the tendency for the company costs of the employee and intangible fixed asset value to increase as production digitalization investments grow. Additionally, it shows that large companies tend to gain more from such investments than smaller ones. The analysis provides support and guidance for businesses’ production digitalization investment strategic decision-making processes.
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Open AccessArticle
Unlocking Local and Regional Development through Nature-Based Tourism: Exploring the Potential of Agroforestry and Regenerative Livestock Farming in Mexico
by
Daniel Alfredo Revollo-Fernández, Debora Lithgow, Juan José Von Thaden, María del Pilar Salazar-Vargas and Aram Rodríguez de los Santos
Economies 2024, 12(6), 137; https://doi.org/10.3390/economies12060137 - 31 May 2024
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Nature-based tourism offers several positive effects, including bringing tourists closer to nature and increasing environmental awareness among them, creating new sources of employment, diversifying local and regional economies, promoting the conservation of local ecosystems, and protecting biodiversity. A pilot exercise based on choice
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Nature-based tourism offers several positive effects, including bringing tourists closer to nature and increasing environmental awareness among them, creating new sources of employment, diversifying local and regional economies, promoting the conservation of local ecosystems, and protecting biodiversity. A pilot exercise based on choice experiments is presented to estimate the monetary value per year of nature-based tourism (NbT). The exercise was applied in the Jamapa watershed in Mexico, and the results showed that NbT would amount to USD 7.7 million, with tourism activities linked to agroforestry and USD 5.5 million around regenerative cattle ranching. These results provide input for decision makers in developing public policies to benefit society, nature, and sustainable development.
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Open AccessArticle
Exploring the Nexus between Employment and Economic Contribution: A Study of the Travel and Tourism Industry in the Context of COVID-19
by
Petra Vašaničová and Katarína Bartók
Economies 2024, 12(6), 136; https://doi.org/10.3390/economies12060136 - 30 May 2024
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The travel and tourism industry plays a crucial role in economies around the world. The impact of the COVID-19 pandemic on the tourism industry has been very pronounced. This paper aims to study the relationship between the country’s T&T industry Share of Employment
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The travel and tourism industry plays a crucial role in economies around the world. The impact of the COVID-19 pandemic on the tourism industry has been very pronounced. This paper aims to study the relationship between the country’s T&T industry Share of Employment (TTEMPL) and the country’s T&T industry Share of Gross Domestic Product (TTGDP). This study is specific because we do not focus on the development of indicators over time; instead, we propose the models for 117 countries using the quantile regression (QR) while comparing models in the context of COVID-19 (between 2019 and 2021). The results of the QR determined that individual percentiles of the TTGDP are more affected by the TTEMPL than other percentiles of the TTGDP, which is then reflected in the changes in regression coefficients. In addition, we compare analyzed indicators among countries according to region and income group. The study reveals that the tourism downturn caused by COVID-19 has adverse effects on the TTEMPL and the TTGDP. In addition, the results show that the impact of COVID-19 on the tourism industry appears to be varied among countries, regions, and income groups.
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The Timing and Strength of Inequality Concerns in the UK Public Debate: Google Trends, Elections and the Macroeconomy
by
Knut Lehre Seip and Frode Eika Sandnes
Economies 2024, 12(6), 135; https://doi.org/10.3390/economies12060135 - 30 May 2024
Abstract
Inequality among people has several unwanted effects, in humanistic, social and economic contexts. Several studies address distributional preferences among groups, but little is known about when inequality issues are focused and when and why inequality abatement measures are brought on the political agenda.
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Inequality among people has several unwanted effects, in humanistic, social and economic contexts. Several studies address distributional preferences among groups, but little is known about when inequality issues are focused and when and why inequality abatement measures are brought on the political agenda. We show that during the period 2004 to 2023, inequality issues were focused during elections to the EU and UK parliament and with greatest strength during the elections to the EU parliament in May 2004 and to the UK parliament in May 2015. Periods with high unemployment and inflation cause the discussion on inequality to be followed by discussions on inequality measures. However, when the discussion of inequality is followed very closely by the discussions of abatement measures, inequality aversion becomes more strongly associated with the macroeconomic variables inflation and GDP (recessions) than with unemployment and more strongly associated with the concerns for fairness than concerns with war and crime. The results were obtained examining Google Trends and scholarly studies.
Full article
(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)
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Understanding the Impact of the COVID-19 Pandemic on Indian Migrant Workers in the United Arab Emirates: Perceptions, Challenges, and Psychological Effects
by
Md Imran Khan and Majed Alharthi
Economies 2024, 12(6), 134; https://doi.org/10.3390/economies12060134 - 29 May 2024
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The United Arab Emirates (UAE) is often regarded as a preferred employment location for Indian migrant workers seeking improved financial stability and enhanced career opportunities. The spread of COVID-19 has led to a decline in international migration rates and an increase in the
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The United Arab Emirates (UAE) is often regarded as a preferred employment location for Indian migrant workers seeking improved financial stability and enhanced career opportunities. The spread of COVID-19 has led to a decline in international migration rates and an increase in the number of individuals returning to their home countries. Therefore, it is imperative to analyze the challenges and perspectives of migrant labour. The assessment was based on a sample size of 416 Indian migrant workers who were present in the UAE during the lockdown period of the pandemic. Statistical techniques were employed to assess the research objective and examine the formulated hypothesis. The study confirms that the employment status of the migrant population has transformed, leading to a decline in both income and remittance flows. There is a significant difference in remittances by Indian migrant workers in the United Arab Emirates before and during the COVID-19 pandemic. The statistical analysis reveals a significant finding in the chi-square test regarding the perception of migrants towards health facilities and other amenities offered by the Government of the UAE. The facilities provided by the Government of the UAE were perceived to be considerably more favourable in comparison to those offered by the Government of India. The favourable view of the UAE authorities led to the choice of several migrant workers to remain there rather than return to India throughout the pandemic. The logistic regression analysis reveals that demographic information such as age, duration of stay, level of education, sources of income, and earnings were the significant determinants of fear of COVID-19. The report also encompasses a few constraints and offers policy recommendations.
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Investigating How Exchange Rates Impact Japan’s Machinery Exports since 1990
by
Willem Thorbecke
Economies 2024, 12(6), 133; https://doi.org/10.3390/economies12060133 - 28 May 2024
Abstract
Japan exports sophisticated capital goods. Since the Global Financial Crisis (GFC), Japanese companies have offshored the production of lower-end goods and parts and components to Asian countries. Because of this, several researchers argued that a weaker yen no longer stimulates machinery exports much
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Japan exports sophisticated capital goods. Since the Global Financial Crisis (GFC), Japanese companies have offshored the production of lower-end goods and parts and components to Asian countries. Because of this, several researchers argued that a weaker yen no longer stimulates machinery exports much because an increase in Japanese exports increases parts and components imports from overseas Asian subsidiaries. This paper finds that, after the GFC, a weaker yen no longer increases Japanese machinery exports to Asia but continues to stimulate exports outside of Asia. Thus, the weaker yen since 2020 does not help Asian firms to import vital Japanese capital goods but does increase the profitability of Japanese manufacturers and their exports to non-Asian countries.
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(This article belongs to the Special Issue Exchange Rates: Drivers, Dynamics, Impacts, and Policies)
Open AccessArticle
Intangible and Tangible Investments and Future Earnings Volatility
by
Taoufik Elkemali
Economies 2024, 12(6), 132; https://doi.org/10.3390/economies12060132 - 27 May 2024
Abstract
This study delves into the impact of intangible and tangible investments on future earnings volatility within the European financial market context. Drawing from International Accounting Standards (IAS) 16 and 38, we examine the intricate relationship between fixed assets, expenses, and the uncertainty surrounding
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This study delves into the impact of intangible and tangible investments on future earnings volatility within the European financial market context. Drawing from International Accounting Standards (IAS) 16 and 38, we examine the intricate relationship between fixed assets, expenses, and the uncertainty surrounding forthcoming earnings. Our analysis reveals that intangible assets, often associated with heightened uncertainty and risk, contribute to increased earnings volatility compared to capital expenditures. Furthermore, we find that capitalizing intangible assets serves to alleviate uncertainty, resulting in lower earnings volatility compared to expensing them. Our exploration of industries’ effects further reinforce these findings, with the effect of intangible and tangible investments on earnings volatility being more pronounced in high-tech industries than in low-tech industries. Additionally, our robustness test, utilizing goodwill as a proxy for intangible assets and property, plant, and equipment as a proxy for tangible assets, yields consistent results, further bolstering our findings.
Full article
(This article belongs to the Special Issue The Effects of Uncertainty Shocks in Booms and Busts)
Open AccessArticle
Modeling Tax Revenue Determinants: The Case of Visegrad Group Countries
by
Jadranka Đurović Todorović, Marina Đorđević, Vera Mirović, Branimir Kalaš and Nataša Pavlović
Economies 2024, 12(6), 131; https://doi.org/10.3390/economies12060131 - 25 May 2024
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This article provides panel data estimations of the tax revenue determinants in VG (Visegrad Group) countries (the Czech Republic, Hungary, Poland, and Slovakia) for the period 1994–2023. The aim of this research was to determine how the macroeconomic determinants affect the tax revenues
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This article provides panel data estimations of the tax revenue determinants in VG (Visegrad Group) countries (the Czech Republic, Hungary, Poland, and Slovakia) for the period 1994–2023. The aim of this research was to determine how the macroeconomic determinants affect the tax revenues in the selected countries. Within the static models, the Hausman test showed that the FE (fixed effects) model is appropriate and reflects the significant effects of the gross domestic product, population, inflation, unemployment, import, government revenue, government expenditure, and EU enlargement on the tax revenue. The PMG (Pooled Mean Group) model is an adequate model among the dynamic models and manifests the significant effect of the lagged value of the tax revenue. In the short term, growth of the gross domestic product and population by 1% causes higher changes in the tax revenue of 0.14% and 2.93%. Likewise, growth of the inflation rate by 1% decreases the tax revenue by 0.037%, which is higher than in the long term. Further, the results show that EU enlargement is significant for tax revenue in the short term, as well as in the long term. In the long term, unemployment has a greater significant effect on tax revenue, where 1% growth decreases the tax revenue by 0.15%. In contrast, government revenue is significant for tax revenue only in the long term, where 1% growth increases the tax revenue by 0.77%.
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The (Political) Economics of Bilateral Investment Treaties—The Unique Trajectory of Brazil
by
Christian Bellak and Markus Leibrecht
Economies 2024, 12(6), 130; https://doi.org/10.3390/economies12060130 - 24 May 2024
Abstract
Brazil, after signing several traditional Bilateral Investment Treaties without ratifying them, recently shifted towards a different type of bilateral investment agreement, i.e., Investment Cooperation and Facilitation Agreements. Two claims have been made in the literature regarding the transition from traditional Bilateral Investment Treaties
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Brazil, after signing several traditional Bilateral Investment Treaties without ratifying them, recently shifted towards a different type of bilateral investment agreement, i.e., Investment Cooperation and Facilitation Agreements. Two claims have been made in the literature regarding the transition from traditional Bilateral Investment Treaties to Investment Cooperation and Facilitation Agreements—Claim #1: The non-ratification of the traditional BITs has not harmed Foreign Direct Investment into Brazil, a claim which puts into question the purpose of Bilateral Investment Treaties. Claim #2: While Investment Cooperation and Facilitation Agreements avoid some of the problems of traditional Bilateral Investment Treaties, on balance they are less effective than traditional Bilateral Investment Treaties would have been. We examine the two claims from an empirical economic point of view. We build on the literature about Brazil’s position vis-à-vis Bilateral Investment Treaties, which must be viewed by an amalgamation of (i) a historical legacy; (ii) domestic initiatives, and (iii) a particular U-turn in the political debate. Using empirical evidence on Foreign Direct Investment effects of Bilateral Investment Treaties, the following conclusions emerge: With regard to claim #1, empirical evidence in general as well as specific to Brazil suggests that Brazil has forgone Foreign Direct Investment by not ratifying traditional Bilateral Investment Treaties. Concerning claim #2, while Investment Cooperation and Facilitation Agreements include alternative dispute settlement mechanisms, which aim at a better compliance of states with the Investment Cooperation and Facilitation Agreements’ rules, rather than the compensation of foreign investors, the lower stringency of the State–State dispute settlement mechanism compared to Investor–State dispute settlement mechanism makes Investment Cooperation and Facilitation Agreements less effective. Yet, this weakening effect must be weighed against the effects on Foreign Direct Investment from innovative clauses in Investment Cooperation and Facilitation Agreements, which are absent in many traditional Bilateral Investment Treaties.
Full article
(This article belongs to the Special Issue Foreign Direct Investment and Investment Policy 2.0)
Open AccessArticle
Public Health Expenditure and Sustainable Health Outcomes in 45 Sub-Saharan African Countries: Does Government Effectiveness Matter?
by
Augustine Arize, Ebere Ume Kalu, Greg Lubiani and Ndubuisi N. Udemezue
Economies 2024, 12(6), 129; https://doi.org/10.3390/economies12060129 - 22 May 2024
Abstract
This paper examines the interaction between health expenditure and health outcomes with due consideration for government effectiveness across developing African economies. The rich data for this study draw from forty-five Sub-Saharan African (SSA) countries covering the period 1960 to 2022. The analysis follows
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This paper examines the interaction between health expenditure and health outcomes with due consideration for government effectiveness across developing African economies. The rich data for this study draw from forty-five Sub-Saharan African (SSA) countries covering the period 1960 to 2022. The analysis follows a country-specific comparative manner using the Autoregressive Distributed Lag (ARDL) model as the major estimation technique. The results indicate that poor health outcomes are not due to inadequate budgetary allocations alone. Specifically, this study found a cointegrating relationship and strong adjustment of health outcomes deriving from the shocks and dynamics of not just health expenditures, but also government effectiveness. It is therefore recommended that strong institutions and safety nets be created to guard against corruption and leakages that derail the beneficial impact of public health spending. Also, government expenditures should be focused more on cottage and primary health dimensions to better mitigate adverse health conditions in SSA countries.
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Open AccessArticle
Investigating the Efficiency of Insurance Companies in a Developing Country: A Data Envelopment Analysis Perspective
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Katerina Fotova Čiković, Violeta Cvetkoska and Mila Mitreva
Economies 2024, 12(6), 128; https://doi.org/10.3390/economies12060128 - 22 May 2024
Abstract
Insurance companies play a pivotal role in the financial systems of developing countries, wielding substantial influence on systemic financial stability. Thus, understanding their efficiency, performance, and sustainability is paramount for policymakers and stakeholders alike. The aim of this paper is to evaluate the
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Insurance companies play a pivotal role in the financial systems of developing countries, wielding substantial influence on systemic financial stability. Thus, understanding their efficiency, performance, and sustainability is paramount for policymakers and stakeholders alike. The aim of this paper is to evaluate the relative efficiency of insurance companies within the North Macedonian market spanning the years 2018 to 2022. Employing the input-oriented BCC DEA model, the study integrates capital and labour as inputs, while assessing risk-pooling/bearing services and intermediate function as outputs. Our findings underscore the fluctuating efficiency levels within North Macedonia’s insurance sector. Notably, the sector exhibited its peak efficiency in 2018 at 83.62%, dipping to its lowest point of 73.81% in 2020. Moreover, discerning between life and non-life insurers, we observe an average relative efficiency of 0.8067 for non-life insurers, contrasted with a higher average efficiency score of 0.9011 for life insurance companies over the examined period. This study contributes significantly on multiple fronts. Firstly, it pioneers empirical investigation of the efficiency on the North Macedonian insurance market, encompassing pre- and post-COVID efficiency metrics. This fills a notable gap in the literature, particularly within the context of emerging European markets. Secondly, our comprehensive approach facilitates a holistic evaluation of the insurance sector’s performance across a five-year span, offering insights into its overarching dynamics and efficacy. Thirdly, the implications of our findings extend to policymakers, regulators, and insurance company management, aiding in informed decision-making and strategic planning.
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(This article belongs to the Special Issue Financial Market Volatility under Uncertainty)
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Sustainable Financing for Renewable Energy: Examining the Impact of Sectoral Economy on Renewable Energy Consumption
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Edosa Getachew, Zoltan Lakner, Goshu Desalegn, Anita Tangl and Anita Boros
Economies 2024, 12(6), 127; https://doi.org/10.3390/economies12060127 - 21 May 2024
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This study examines the effect of international financial flows, including investments and development assistance, on the expansion of renewable energy technologies. It also seeks to investigate the impact of the sectoral economy on the proportion of renewable energy consumption in Ethiopia. This study
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This study examines the effect of international financial flows, including investments and development assistance, on the expansion of renewable energy technologies. It also seeks to investigate the impact of the sectoral economy on the proportion of renewable energy consumption in Ethiopia. This study used an explanatory research design and a quantitative research approach. An autoregressive distributed lag model was applied to explore the long and short-term relationship among variables. A time series of data aggregated and disaggregated ranging from 2000 to 2022 was used. According to this study, sustainable finance programs are essential for advancing and aiding renewable energy projects in the long and short term. Ethiopia’s use of renewable energy will increase as sustainable finance rises. The main economic sectors determining Ethiopia’s consumption of renewable energy in the long and short term include the manufacturing, mining and service industries. This study’s findings imply that policies focusing on providing continuous financial support and fostering international cooperation to promote the development of the manufacturing sector are needed. This could include incentives for adopting renewable energy technologies and investing in renewable energy infrastructure. On the other hand, since the service and mining industries negatively impact renewable energy use, there is a need to diversify renewable energy sources beyond these sectors. This could involve promoting renewable energy projects in other sectors, such as manufacturing, agriculture, construction and trade. Based on the findings of this study, it is suggested that policymakers carefully consider the consequences within each economic sector when formulating decisions related to renewable energy. This study is novel in presenting empirical evidence linking renewable energy use to long- and short-term economic growth.
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Patterns of Intergenerational Educational (Im)Mobility
by
Enzo Valentini
Economies 2024, 12(6), 126; https://doi.org/10.3390/economies12060126 - 21 May 2024
Abstract
Intergenerational education mobility is a key dimension of social mobility and explores the extent to which educational attainment is transmitted across generations within a society. The implications of low education mobility concern both equity (everyone should have the same opportunities) and efficiency (it
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Intergenerational education mobility is a key dimension of social mobility and explores the extent to which educational attainment is transmitted across generations within a society. The implications of low education mobility concern both equity (everyone should have the same opportunities) and efficiency (it would be good for the economy and society if the most gifted and deserving young people were to study and not the children of the already educated). The literature identifies several drivers that can influence the level of social mobility in general and education mobility specifically, including characteristics of educational systems, public spending, degree of urbanisation, informal frictions, and beliefs. This paper seeks to identify ‘patterns of intergenerational education (im)mobility’ through a cluster analysis that takes into account the level of intergenerational mobility in education and a number of variables concerning its possible drivers, considering data on 82 countries (with different levels of development). The advantage of cluster analysis lies in the possibility of identifying regularities, but avoiding reasoning ‘on average’, i.e., safeguarding the possibility that different social patterns may exist. The results also allow us to speculate on possible policies to increase school mobility, highlighting, among other things, the ‘equalising’ role played by public spending on education.
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(This article belongs to the Special Issue Income Distribution, Inequality and Poverty: Evidence, Explanations and Policies)
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Servicification in Global Value Chains in Emerging and Developing Asian Economies
by
Hiroyuki Taguchi and Ni Lar
Economies 2024, 12(6), 125; https://doi.org/10.3390/economies12060125 - 21 May 2024
Abstract
Servicification in global value chains (GVCs) in emerging and developing Asian economies has become a trend recently. However, there have been no scientific studies to elucidate the mechanism of servicification in GVCs. To fill this gap, this study aims to investigate the involvement
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Servicification in global value chains (GVCs) in emerging and developing Asian economies has become a trend recently. However, there have been no scientific studies to elucidate the mechanism of servicification in GVCs. To fill this gap, this study aims to investigate the involvement of service sectors in GVCs in Asian economies in terms of the quantitative interactions between service inputs and manufacturing exports and inputs and between service inputs and service exports. For this purpose, a panel vector-autoregressive model and the Trade in Value Added database of the Organization for Economic Cooperation and Development (OECD) were used for the empirical analysis during 1995–2018. The estimation results find that, first, there exist reciprocal interactions between the business services and manufacturing sectors; foreign business service inputs are induced by manufacturing exports, whereas manufacturing inputs are induced by business service exports. Second, foreign manufacturing inputs facilitate foreign business service inputs. Third, business service inputs are promoted by business service exports. These trends in the involvement of business services’ involvement in GVCs have accelerated since the mid-2000s. To enhance the role of services in GVCs, Asian economies should facilitate the removal of explicit restrictions in service trade and address regulatory divergence across countries.
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(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)
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Comparative Analysis between Quality of Life and Human Labor in Countries Belonging to G7 and BRICS Blocks: Proposition of Discriminant Analysis Model
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Gustavo Carolino Girardi, Priscila Rubbo, Evandro Eduardo Broday, Maik Arnold and Claudia Tania Picinin
Economies 2024, 12(5), 124; https://doi.org/10.3390/economies12050124 - 18 May 2024
Abstract
The aim of the present research is to identify and analyze the variables which help to effectively differentiate Quality of Life (QoL) and human labor in the G7 (Germany, France, Italy, Canada, Japan, United Kingdom, and United States of America—USA) and BRICS countries
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The aim of the present research is to identify and analyze the variables which help to effectively differentiate Quality of Life (QoL) and human labor in the G7 (Germany, France, Italy, Canada, Japan, United Kingdom, and United States of America—USA) and BRICS countries (Brazil, Russia, India, China, and South Africa) through a discriminant analysis. A discriminant analysis model is developed to classify countries as having a low, mid, or high QoL based on QoL and human labor variables. The variables used in the discriminant analysis were obtained between 2010 and 2022 from two platforms: NUMBEO variables capable of relating QoL to socioeconomic aspects and OECD’s (Organization for Economic Cooperation and Development) human-labor-related variables. Based on the results, the three variables that most discriminate the groups in order of importance are employed women in relation to the female population, the female labor force participation rate, and the female unemployment rate. Countries are classified as having a low, mid, or high QoL. The adopted technique will allow researchers and managers to classify and draw goals for action reorganization and investment in QoL and labor.
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(This article belongs to the Special Issue Innovation, Productivity and Economic Growth: New Insights)
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The Model of Sustainability Balanced Scorecard and Supply Chain in Port Management for Tourism
by
Krongthong Heebkhoksung
Economies 2024, 12(5), 123; https://doi.org/10.3390/economies12050123 - 17 May 2024
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The development of ports for the sake of tourism is one of the key strategies in developing and strengthening a solid foundation in the tourism industry. The integration of a supply chain into port management for the purposes of tourism that is sustainable
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The development of ports for the sake of tourism is one of the key strategies in developing and strengthening a solid foundation in the tourism industry. The integration of a supply chain into port management for the purposes of tourism that is sustainable balanced can be used as a model for planning sustainable port development for tourism purposes. However, there are scarcely any studies on this topic, while plenty focus on the general concepts involved. To fill this gap, this article presents a model of a Sustainability Balanced Scorecard for ports. The author proposes a new approach to planning port development and supply chain management for tourism, particularity to provide recommendations and further our understandings of the relationships involved in the Sustainable Balanced Scorecard from the stakeholder perspective, the learning and growth perspective, the internal process perspective, the financial perspective and the environmental perspective. Using these five perspectives, the literature review identifies 56 indicators of 15 factors that can be used in the model. Therefore, this research helps to enhance and develop sustainable and efficient conditions in tourism while reducing future risks. Moreover, the research enables stakeholders to gain an understanding of and knowledge about the sustainable development and management of ports and for tourism. The insights can be applied in policy and strategy development according to the sustainable development goals (SDGs) to accommodate social movement, environmental risk and economic inequality.
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Is Thailand Attractive to Japanese Companies?
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Hiroaki Sakurai
Economies 2024, 12(5), 122; https://doi.org/10.3390/economies12050122 - 17 May 2024
Abstract
This study examines the relationship between the business sentiment of Japanese companies regarding promising or potential countries for investment and macroeconomic statistics, such as economic or population growth in Thailand, using data from the Survey Report on Overseas Business Operations by Japanese Manufacturing
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This study examines the relationship between the business sentiment of Japanese companies regarding promising or potential countries for investment and macroeconomic statistics, such as economic or population growth in Thailand, using data from the Survey Report on Overseas Business Operations by Japanese Manufacturing Companies from 1992 to 2022. Although investing in Thailand has been popular among Japanese companies since the late 1980s, it has seemingly become relatively inactive in recent years. The present study’s results are summarized as follows: First, the business sentiment of Japanese companies has some relationships with relatively short-term economic growth and the business cycle in the short run. Second, business sentiment depends on long-term trends, and this stance may have changed after 2020. Third, other elements, such as minimum wage or fewer young people, do not necessarily have a relationship with business sentiment. Although more studies including capital accumulation or the global value chain should be conducted, improving the sentiments of Japanese businesspersons is desirable.
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(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)
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Open AccessArticle
Factors Determining the Average Price Level: A Combined Microeconomic and Macroeconomic Approach
by
Tamara Peneva Todorova and Brikena Myftarallari
Economies 2024, 12(5), 121; https://doi.org/10.3390/economies12050121 - 16 May 2024
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We analyze various determinants of the average price level using a strictly mathematical approach. Starting with the microeconomic perspective, we review the effect of demand shifters such as consumer income and the level of advertising on the average price level in a simple
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We analyze various determinants of the average price level using a strictly mathematical approach. Starting with the microeconomic perspective, we review the effect of demand shifters such as consumer income and the level of advertising on the average price level in a simple partial market equilibrium model. Then, we discuss the effect of supply shifters such as the exogenous tax level, worker wage, rental rate, and technology. We use implicit differentiation and Jacobian determinants. While government spending triggers inflation, taxes have the opposite effect. This is consistent with Keynesian theory. Money supply increases national income and prices while reducing the equilibrium interest rate. Therefore, money supply has pro-inflationary effects. The effect of money demand is the opposite—it increases the equilibrium interest rate, thereby lowering national income and prices. Augmenting the model to the level of international trade, we find that exports raise national income, the interest rate, and the average price level, while the effect of imports is just the opposite. Government spending raises the exchange rate while continuous inflation lowers it.
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