Economic Change and Restructuring最新文献_第7页

Decomposing the impact of financial openness on finance and income inequality: principle vs. outcome-based approaches from Africa 分解金融开放对金融和收入不平等的影响：非洲的原则性方法与基于结果的方法

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-16 DOI: 10.1007/s10644-024-09638-5

Biruk Birhanu Ashenafi, Yan Dong

{"title":"Decomposing the impact of financial openness on finance and income inequality: principle vs. outcome-based approaches from Africa","authors":"Biruk Birhanu Ashenafi, Yan Dong","doi":"10.1007/s10644-024-09638-5","DOIUrl":"https://doi.org/10.1007/s10644-024-09638-5","url":null,"abstract":"This paper investigates the impact of financial openness on financial sector development and income inequality. We use two approaches to capture financial openness for a panel dataset of 52 African countries from 1980–2019 and find that: (1) Principle-based financial openness policy negatively affects financial sector development and widens income inequality. In contrast, the outcome-based measures positively affect banking sector development and narrow income inequality. (2) Capital inflow to African countries is not merely pulled a vibrant macroeconomic fundamental. Only schooling and governance factors facilitate the impact of financial openness on financial sector development. (3) Adverse non-policy factors play an insignificant role in moderating the impact of financial openness. This implies that the impact of financial openness on financial sector development and income inequality is weak in countries experiencing a banking crisis or passing through a lengthy conflict. Our finding is consistent with the institutional quality theory, which claims robust institutions are needed. We underline that countries should take caution in implementing principle-based reforms. Particularly, there is an alternative policy path for African countries to optimize the benefit by pursuing outcome-based financial openness measures.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"8 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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Achieving environmental sustainability through renewable energy transition in the Next Eleven countries: the importance of establishing sound democratic governance 未来十一个国家通过可再生能源转型实现环境可持续性：建立健全民主治理的重要性

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-10 DOI: 10.1007/s10644-024-09595-z

{"title":"Achieving environmental sustainability through renewable energy transition in the Next Eleven countries: the importance of establishing sound democratic governance","authors":"","doi":"10.1007/s10644-024-09595-z","DOIUrl":"https://doi.org/10.1007/s10644-024-09595-z","url":null,"abstract":"<h3>Abstract</h3> The majority of the Next Eleven nations are yet to undergo the renewable energy transition in full swing. Rather, over time, these nations have become even more reliant on fossil fuels. As a result, establishing environmental sustainability is a matter of deep concern for these emerging nations. Against this backdrop, this study assesses the macroeconomic determinants of their annual carbon dioxide emission growth rates considering the period from 1991 to 2020. In a nutshell, the results from the econometric exercises affirm that undergoing renewable energy transition does not inhibit the emission growth rates of the Next Eleven nations unless sound policies are executed for promoting better democratic governance, in tandem. In this regard, improving the state of democratic governance is witnessed to act as a mediating factor between renewable energy transition and lower carbon dioxide emission growth rates. Besides, verifying the pollution haven hypothesis, incoming receipts of foreign direct investment are observed to boost the emission growth figures while liberalizing international trade barriers is found to be ineffective in influencing carbon emission growth rates. Lastly, a complementary relationship between population growth and carbon emission growth rates is affirmed by the results. Hence, considering these above mentioned findings, a set of policies is recommended for enabling the Next Eleven nations to achieve environmental sustainability in due course.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"10 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

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Toward a greener energy transition: examining the effects of circular economy and carbon footprint for sustainable development 实现更加绿色的能源转型：研究循环经济和碳足迹对可持续发展的影响

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-08 DOI: 10.1007/s10644-024-09601-4

Yongqin Niu

引用次数: 0

Sustainable development through structural transformation: a pathway to economic, social, and environmental progress 通过结构转型实现可持续发展：经济、社会和环境进步之路

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-07 DOI: 10.1007/s10644-024-09583-3

Lingfu Kong, Emrah Sofuoğlu, Balogun Daud Ishola, Shujaat Abbas, Qingran Guo, Khurshid Khudoykulov

{"title":"Sustainable development through structural transformation: a pathway to economic, social, and environmental progress","authors":"Lingfu Kong, Emrah Sofuoğlu, Balogun Daud Ishola, Shujaat Abbas, Qingran Guo, Khurshid Khudoykulov","doi":"10.1007/s10644-024-09583-3","DOIUrl":"https://doi.org/10.1007/s10644-024-09583-3","url":null,"abstract":"Over the last several decades, environmental sustainability along with social as well as economic growth has been given key importance due to the pressure it imposes on an economy. Therefore, to achieve these three goals together, the world now advances toward attaining sustainable development agenda signed in 2015. The objective of this study is to scrutinize the impact of structural transformation (STR) on socioeconomic and environmental progress captured by sustainable development (SDI) for a global sample of 122 countries. We consider the period from 2000 to 2019 and employ two-step system GMM methodology to take endogeneity into account which might exist between STR and SDI. In line with the literature of economic growth and STR, we include other variables such as corruption, population growth, government consumption and investment. The results from the two-step system GMM suggest that STR positively affects socioeconomic and environmental progress. We also consider the countries according to World Bank income classifications and K means clustering based on the value of STR. For low, upper middle-income and high-income sample, we find that STR positively affects socioeconomic and environmental progress, while it has no significant impact on such progress for lower middle-income category. Having stable structural transformation benefits the economy, society and environment, while unstable structural transformation is not beneficial. Based on the results, policy directions are suggested for the full sample as well as for the subsamples in order to achieve sustainability in all the sectors.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"10 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757857","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do institutional factors affect sustainable development? A comparative analysis 制度因素如何影响可持续发展？比较分析

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-07 DOI: 10.1007/s10644-024-09580-6

Junaid Ashraf

{"title":"How do institutional factors affect sustainable development? A comparative analysis","authors":"Junaid Ashraf","doi":"10.1007/s10644-024-09580-6","DOIUrl":"https://doi.org/10.1007/s10644-024-09580-6","url":null,"abstract":"Efficient environmental resource management is a major problem for countries participating in the Belt and Road Initiative (BRI) in sustainable development (SD). This article determines the effects of BRI policy and institutional factors (corruption control, rule of law, and political stability) on sustainable development in 103 BRI countries between 2007 and 2019. We use across high-income, upper-middle-income, lower-middle-income, and low-income (LI) countries. The main findings indicate that BRI and institutional variables like the rule of law, political stability, and corruption control are critical in boosting SD. The interacting effect between BRI and institutional factors can improve SD. Overall, the findings show that the BRI and combined performance of institutional quality indicators are lower in LI countries as compared to other income countries. Trade openness and human capital positively affect SD across the panel and all income groups. Our analyses imply two major policy implications: legislative assistance in the form of institutional enforcement is essential to establish effective and productive natural resource management policies, and when creating environmental resource protection policy from the aspect of environmental governance, various institutional structures should be examined.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"10 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757634","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Renewable energy pathways toward carbon neutrality in BRICS nations: a panel data analysis 金砖国家实现碳中和的可再生能源途径：面板数据分析

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-07 DOI: 10.1007/s10644-024-09620-1

Jiayu Yang, Haocheng Fang, Feiyan Jing

引用次数: 0

Is geopolitical risk always detrimental to economic growth? 地缘政治风险是否总是不利于经济增长？

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-07 DOI: 10.1007/s10644-024-09585-1

Saakshi Jha, Sunny Bhushan, Nupur Nirola

{"title":"Is geopolitical risk always detrimental to economic growth?","authors":"Saakshi Jha, Sunny Bhushan, Nupur Nirola","doi":"10.1007/s10644-024-09585-1","DOIUrl":"https://doi.org/10.1007/s10644-024-09585-1","url":null,"abstract":"In the recent past, geopolitical tension has taken center stage in defining macroeconomic dynamics. Given that, this study examines the impact of geopolitical risk on economic growth for 41 countries from 2000 to 2020. Our panel estimations using the feasible generalized least square (FGLS) technique show that geopolitical risk positively and significantly impacts economic growth. The results are consistent even after addressing endogeneity concerns using system GMM and auto-correlated explanatory growth variables using the PCSE estimation. Our results indicate that a percent increase in geopolitical risk increases economic growth to 3.3%. For the cohort of advanced and emerging economies, our result shows that the advanced economies can better mitigate any geopolitical shocks and experience favorable growth rates. On the other hand, emerging economies posit a detrimental impact of geopolitical risk on their economic growth, thereby indicating an asymmetric effect between the two sets of economies. Further, macroeconomic conditions and institutional factors play a significant role in determining the impact of geopolitical risk on the economic growth of 41 countries. In the presence of institutional factors like democracy and economic freedom, the relationship between geopolitical risk and economic growth remains intact. In the context of geopolitical risk, these institutional factors stimulate economic growth.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"324 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The role of education in innovation–migration nexus in Europe 教育在欧洲创新与移民关系中的作用

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-06 DOI: 10.1007/s10644-024-09584-2

引用次数: 0

Exploring the Fiscal policy—income inequality relationship with Bayesian model averaging analysis 利用贝叶斯模型平均分析探索财政政策与收入不平等之间的关系

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-06 DOI: 10.1007/s10644-024-09577-1

Hammed Oluwaseyi Musibau, Abdulrasheed Zakari, Farhad Taghizadeh-Hesary

{"title":"Exploring the Fiscal policy—income inequality relationship with Bayesian model averaging analysis","authors":"Hammed Oluwaseyi Musibau, Abdulrasheed Zakari, Farhad Taghizadeh-Hesary","doi":"10.1007/s10644-024-09577-1","DOIUrl":"https://doi.org/10.1007/s10644-024-09577-1","url":null,"abstract":"The authors have employed several techniques to account for model uncertainty in the inequality-growth model. However, the BMA technique is the most prominent approach that solves model uncertainty in the inequality-growth literature. This study applied a recent BMA analysis using panel data to examine the role of fiscal policy on income inequality in 37 OECD countries from 2000 to 2015. Fiscal policy (in terms of tax revenue increase) serves as a redistributive tool or instrument to transfer income from higher income earners to lower earners and is considered a mechanism for income equality. To the best of the author’s knowledge, only a few empirical growth studies have considered fiscal policy impact in their income inequality model setup. Our work contributes to very little research on the fiscal policy–income nexus using a novel BMA and MCMC regression as a robust methodology. Our empirical evidence on the role of fiscal policy on income inequality has found three variables, namely, economic growth, fiscal policy, and urban population, to impact income inequality significantly. We also found that the countries are conditionally neither converging nor diverging because of the probability of their coefficient being high at 100%. As expected, the coefficient of fiscal policy has a significant negative relationship with income inequality, indicating that fiscal policy reduces income inequality significantly by an average of 22% (with 100% certainty) for both BMA and Bayes models in OECD countries.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"2 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does financial openness matter for economic transformation in sub-Saharan Africa? 金融开放对撒哈拉以南非洲的经济转型重要吗？

IF 3.1 3区经济学

Economic Change and Restructuring Pub Date : 2024-02-06 DOI: 10.1007/s10644-024-09578-0

Valentine Soumtang Bime, Dieudonné Mignamissi, Agathe Cassandra Koumis Ngagni

{"title":"Does financial openness matter for economic transformation in sub-Saharan Africa?","authors":"Valentine Soumtang Bime, Dieudonné Mignamissi, Agathe Cassandra Koumis Ngagni","doi":"10.1007/s10644-024-09578-0","DOIUrl":"https://doi.org/10.1007/s10644-024-09578-0","url":null,"abstract":"There is inadequate knowledge about the relationship between financial openness and economic transformation, particularly in the African context. This lack of knowledge fuels the passion for research, especially with the emergence of new refined indicators of both financial openness and economic transformation. The objective of this paper, therefore, is to assess the impact of financial openness on the economic transformation process using as sample sub-Saharan African (SSA) countries, with study period spanning from 1995 to 2020. To do so, we use the economic complexity index as an indicator of economic transformation, and the KAOPEN index of Chinn and Ito (2006) to capture financial openness. Based on the Instrumental Variables Two-Stage Least Squares (IV-2SLS) technique, we obtain the following results: Firstly, financial openness is a powerful driver of economic transformation in SSA; secondly, our results remain stable following several sensitivity tests related to economic digitization, financial development, types of natural resources, quality of institutions, historical, cultural, and geographic factors; and finally, our results are robust to the use of alternative measures of financial openness and economic transformation, but also to changes in instrumentation and estimation technique. Consistent with our result, we suggest that policymakers should boost the attractiveness for foreign direct and portfolio investments while maintaining fundamental balances.","PeriodicalId":46127,"journal":{"name":"Economic Change and Restructuring","volume":"11 1","pages":""},"PeriodicalIF":3.1,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0