Economia Pub Date : 2024-08-13 DOI: 10.1108/econ-11-2023-0187

D. Le, Tuyen Quang Tran

{"title":"Central budget allocation regime and total factor productivity in Vietnam: a decomposition approach","authors":"D. Le, Tuyen Quang Tran","doi":"10.1108/econ-11-2023-0187","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0187","url":null,"abstract":"PurposeThis study explores the effect of local budget retention rate changes (RER) on total factor productivity (TFP) and its components in Vietnam.Design/methodology/approachThe study employs a two-system generalized method of moments (GMM) estimator and data from 2012 to 2019 across all 63 provinces/cities of Vietnam.FindingsThe study finds that local budget retention rates significantly influence public investment, affecting scale and allocation efficiency. The reallocation of budgets between regions and from the central government to local levels incurs certain costs, often resulting in economically robust provinces experiencing reductions in their retention rates.Practical implicationsRecognizing the challenges of immediate structural budget changes due to cultural and historical factors, the study suggests a more gradual policy approach. It emphasizes the importance of policy predictability, as abrupt reductions in the retention rate lead to higher costs than gradual reductions, thus implementing budget policies with a clearer timeline. This study provides insight into local budget allocation regimes and their impact on productivity in transitioning countries.Originality/valueFirst, the study provides fresh evidence of the impact of retention rate changes on TFP and its components in Vietnam. Second, the study provides insights into the mechanisms of the nexus of increased budget spending, capital efficiency and, most importantly, attaining improvement in education. We also offer further insights into inefficient budget allocation agents in Vietnam, especially in large cities, which should alert scholars to explore this topic further in the future.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"2 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141919492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Central budget allocation regime and total factor productivity in Vietnam: a decomposition approach 越南的中央预算分配制度和全要素生产率：一种分解方法

Economia Pub Date : 2024-08-13 DOI: 10.1108/econ-11-2023-0187

D. Le, Tuyen Quang Tran

{"title":"Central budget allocation regime and total factor productivity in Vietnam: a decomposition approach","authors":"D. Le, Tuyen Quang Tran","doi":"10.1108/econ-11-2023-0187","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0187","url":null,"abstract":"PurposeThis study explores the effect of local budget retention rate changes (RER) on total factor productivity (TFP) and its components in Vietnam.Design/methodology/approachThe study employs a two-system generalized method of moments (GMM) estimator and data from 2012 to 2019 across all 63 provinces/cities of Vietnam.FindingsThe study finds that local budget retention rates significantly influence public investment, affecting scale and allocation efficiency. The reallocation of budgets between regions and from the central government to local levels incurs certain costs, often resulting in economically robust provinces experiencing reductions in their retention rates.Practical implicationsRecognizing the challenges of immediate structural budget changes due to cultural and historical factors, the study suggests a more gradual policy approach. It emphasizes the importance of policy predictability, as abrupt reductions in the retention rate lead to higher costs than gradual reductions, thus implementing budget policies with a clearer timeline. This study provides insight into local budget allocation regimes and their impact on productivity in transitioning countries.Originality/valueFirst, the study provides fresh evidence of the impact of retention rate changes on TFP and its components in Vietnam. Second, the study provides insights into the mechanisms of the nexus of increased budget spending, capital efficiency and, most importantly, attaining improvement in education. We also offer further insights into inefficient budget allocation agents in Vietnam, especially in large cities, which should alert scholars to explore this topic further in the future.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"54 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141918978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Structural change and employment growth in India: reinterpreting “Manufacturing as an Engine of Growth” 印度的结构变革和就业增长：重新诠释 "制造业是增长的引擎"

Economia Pub Date : 2024-08-08 DOI: 10.1108/econ-07-2023-0125

S. Padhi

{"title":"Structural change and employment growth in India: reinterpreting “Manufacturing as an Engine of Growth”","authors":"S. Padhi","doi":"10.1108/econ-07-2023-0125","DOIUrl":"https://doi.org/10.1108/econ-07-2023-0125","url":null,"abstract":"PurposeThe present paper aims to highlight how manufacturing expansions under conditions of increasing returns, which involve the growth of intermediate goods specializations, support advanced service employment. In addition, the increasing use of manufacturing products in services highlights additional, new service sector employment opportunities.Design/methodology/approachThis paper investigates (1) the manufacturing and service interactions and (2) the investment behaviour in manufacturing using Auto-Regressive Distributed lags (ARDL) and Vector Autoregressive (VAR) models. The models allow for different specifications to study whether investment behaviour in manufacturing supports dynamic manufacturing and service interactions.FindingsThe results underpin how Kaldorian manufacturing as an engine of growth is still relevant in Indian growth and is key to achieving higher advanced employment, export-orientation and services and manufacturing nexus outcomes. What matters, though, is that manufacturing investments are to be guided mainly by intermediate goods specializations. The slowdown of these specializations, explaining the slowdown of manufacturing investment, is therefore, a concern.Originality/valueA reinterpretation of manufacturing as an engine of growth in which primacy is given to investment behaviour in technical progress functions that can support the growth of specializations in manufacturing and such specialized service employment.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"21 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141927866","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Institutions and financial development: Comparative analysis of developed and developing economies 机构与金融发展：发达经济体和发展中经济体的比较分析

Economia Pub Date : 2024-05-06 DOI: 10.1108/econ-11-2023-0201

Fernanda Cigainski Lisbinski, Heloisa Lee Burnquist

{"title":"Institutions and financial development: Comparative analysis of developed and developing economies","authors":"Fernanda Cigainski Lisbinski, Heloisa Lee Burnquist","doi":"10.1108/econ-11-2023-0201","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0201","url":null,"abstract":"PurposeThis article aims to investigate how institutional characteristics affect the level of financial development of economies collectively and compare between developed and undeveloped economies.Design/methodology/approachA dynamic panel with 131 countries, including developed and developing ones, was utilized; the estimators of the generalized method of moments system (GMM system) model were selected because they have econometric characteristics more suitable for analysis, providing superior statistical precision compared to traditional linear estimation methods.FindingsThe results from the full panel suggest that concrete and well-defined institutions are important for financial development, confirming previous research, with a more limited scope than the present work.Research limitations/implicationsLimitations of this research include the availability of data for all countries worldwide, which would make the research broader and more complete.Originality/valueA panel of countries was used, divided into developed and developing countries, to analyze the impact of institutional variables on the financial development of these countries, which is one of the differentiators of this work. Another differentiator of this research is the presentation of estimates in six different configurations, with emphasis on the GMM system model in one and two steps, allowing for comparison between results.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"345 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141006942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Public investment, infrastructure and private investment in Brazil: is there a crowding-in effect? 巴西的公共投资、基础设施和私人投资：是否存在挤入效应？

Economia Pub Date : 2024-04-04 DOI: 10.1108/econ-11-2023-0202

Hugo C. IASCO-PEREIRA, Rafael Duregger

{"title":"Public investment, infrastructure and private investment in Brazil: is there a crowding-in effect?","authors":"Hugo C. IASCO-PEREIRA, Rafael Duregger","doi":"10.1108/econ-11-2023-0202","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0202","url":null,"abstract":"PurposeOur study aims to evaluate the impact of infrastructure and public investment on private investment in machinery and equipment in Brazil from 1947 to 2017. The contribution of our article to the existing literature lies in providing a more comprehensive understanding of the presence or absence of the crowding effect in the Brazilian economy by leveraging an extensive historical database. Our central argument posits that the recent decline in private capital accumulation over the last few decades can be attributed to shifts in economic policies – moving from a developmentalist orientation to nondevelopmental guidance since the early 1990s, which is reflected in the diminished levels of public investment and infrastructure since the 1980s.Design/methodology/approachWe conducted a series of econometric regressions utilizing the autoregressive distributed lag (ARDL) model as our chosen econometric methodology.FindingsEmploying two different variables to measure public investment and infrastructure, our results – robust across various specifications – have substantiated the existence of a crowding-in effect in Brazil over the examined period. Thus, we have empirical evidence indicating that the state has influenced private capital accumulation in the Brazilian economy over the past decades.Originality/valueOur article contributes to the existing literature by offering a more comprehensive understanding of the crowding effect in the Brazilian economy, utilizing an extensive historical database.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"10 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140743746","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Greenhouse gas emissions patterns and insertion in global value chains: a comparative study between Brazil and China (2000–2016) 温室气体排放模式与融入全球价值链：巴西与中国的比较研究（2000-2016 年）

Economia Pub Date : 2024-03-25 DOI: 10.1108/econ-11-2023-0195

Tiago Ferreira Barcelos, Kaio Glauber Vital Costa

{"title":"Greenhouse gas emissions patterns and insertion in global value chains: a comparative study between Brazil and China (2000–2016)","authors":"Tiago Ferreira Barcelos, Kaio Glauber Vital Costa","doi":"10.1108/econ-11-2023-0195","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0195","url":null,"abstract":"PurposeThis study aims to analyze and compare the relationship between international trade in global value chains (GVC) and greenhouse gas (GHG) emissions for Brazil and China from 2000 to 2016.Design/methodology/approachThe input-output method apply to multiregional tables from Eora-26 to decompose the GHG emissions of the Brazilian and Chinese productive structure.FindingsThe data reveals that Chinese production and consumption emissions are associated with power generation and energy-intensive industries, a significant concern among national and international policymakers. For Brazil, the largest territorial emissions captured by the metrics come from services and traditional industry, which reveals room for improving energy efficiency. The analysis sought to emphasize how the productive structure and dynamics of international trade have repercussions on the environmental dimension, to promote arguments that guide the execution of a more sustainable, productive and commercial development strategy and offer inputs to advance discussions on the attribution of climate responsibility.Research limitations/implicationsThe metrics did not capture emissions related to land use and deforestation, which are representative of Brazilian emissions.Originality/valueComparative analysis of emissions embodied in traditional sectoral trade flows and GVC, on backward and forward sides, for developing countries with the main economic regions of the world.","PeriodicalId":512358,"journal":{"name":"Economia","volume":" 20","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140210349","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Debt, economic growth and threshold effects: Evidence from developing countries 债务、经济增长和门槛效应：发展中国家的证据

Economia Pub Date : 2024-03-19 DOI: 10.1108/econ-08-2023-0131

María María Ibañez Martín, Mara Leticia Rojas, C. Dabús

{"title":"Debt, economic growth and threshold effects: Evidence from developing countries","authors":"María María Ibañez Martín, Mara Leticia Rojas, C. Dabús","doi":"10.1108/econ-08-2023-0131","DOIUrl":"https://doi.org/10.1108/econ-08-2023-0131","url":null,"abstract":"PurposeMost empirical papers on threshold effects between debt and growth focus on developed countries or a mix of developing and developed economies, often using public debt. Evidence for developing economies is inconclusive, as is the analysis of other threshold effects such as those probably caused by the level of relative development or the repayment capacity. The objective of this study was to examine threshold effects for developing economies, including external and total debt, and identify them in the debt-growth relation considering three determinants: debt itself, initial real Gross Domestic Product (GDP) per capita and debt to exports ratio.Design/methodology/approachWe used a panel threshold regression model (PTRM) and a dynamic panel threshold model (DPTM) for a sample of 47 developing countries from 1970 to 2019.FindingsWe found (1) no evidence of threshold effects applying total debt as a threshold variable; (2) one critical value for external debt of 42.32% (using PTRM) and 67.11% (using DPTM), above which this factor is detrimental to growth; (3) two turning points for initial GDP as a threshold variable, where total and external debt positively affects growth at a very low initial GDP, it becomes nonsignificant between critical values, and it negatively influences growth above the second threshold; (4) one critical value for external debt to exports using PTRM and DPTM, below which external debt positively affects growth and negatively above it.Originality/valueThe outcome suggests that only poorer economies can leverage credits. The level of the threshold for the debt to exports ratio is higher than that found in previous literature, implying that the external restriction could be less relevant in recent periods. However, the threshold for the external debt-to-GDP ratio is lower compared to previous evidence.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"16 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140230100","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does extending school time reduce the juvenile pregnancy rate? A longitudinal analysis of Ceará State (Brazil) 延长上学时间是否会降低少女怀孕率？塞阿拉州（巴西）的纵向分析

Economia Pub Date : 2024-03-18 DOI: 10.1108/econ-11-2023-0192

Alesandra de Araújo Benevides, Alan Oliveira Sousa, Daniel Tomaz de Sousa, Francisca Zilania Mariano

{"title":"Does extending school time reduce the juvenile pregnancy rate? A longitudinal analysis of Ceará State (Brazil)","authors":"Alesandra de Araújo Benevides, Alan Oliveira Sousa, Daniel Tomaz de Sousa, Francisca Zilania Mariano","doi":"10.1108/econ-11-2023-0192","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0192","url":null,"abstract":"PurposeAdolescent pregnancy stands as a societal challenge, compelling young individuals to prematurely discontinue their education. Conversely, an expansion of high school education can potentially diminish rates of adolescent pregnancy, given that educational attainment stands as the foremost risk factor influencing sexual initiation, the use of contraceptive methods during initial sexual encounters and fertility. The aim of this paper is to analyze the impact of the implementation of the public educational policy introducing full-time schools (FTS) for high schools in the state of Ceará, Brazil, on early pregnancy rates.Design/methodology/approachUsing the difference-in-differences method with multiple time periods, we measured the average effect of this staggered treatment on the treated municipalities.FindingsThe main result indicates a reduction of 0.849 percentage points in the teenage pregnancy rate. Concerning dynamic effects, the establishment of FTS in treated municipalities results in a 1.183–1.953 percentage point decrease in teenage pregnancy rates, depending on the timing of exposure. We explored heterogeneous effects within socioeconomically vulnerable municipalities, yet discerned no impact on this group. Rigorous tests confirm the robustness of the results.Originality/valueThis paper aims to contribute to: (1) the consolidation of research on the subject, given the absence of such research in Brazil to the best of our knowledge; (2) the advancement and analysis of evidence-based public policy and (3) the utilization of novel longitudinal data and methodology to evaluate adolescent pregnancy rates.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"171 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140233757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Financialization and labor discipline in contemporary capitalism 当代资本主义的金融化和劳动纪律

Economia Pub Date : 2024-03-14 DOI: 10.1108/econ-11-2023-0194

Lucas Prata Feres, Alex Wilhans Antonio Palludeto, Hugo Miguel Oliveira Rodrigues Dias

{"title":"Financialization and labor discipline in contemporary capitalism","authors":"Lucas Prata Feres, Alex Wilhans Antonio Palludeto, Hugo Miguel Oliveira Rodrigues Dias","doi":"10.1108/econ-11-2023-0194","DOIUrl":"https://doi.org/10.1108/econ-11-2023-0194","url":null,"abstract":"PurposeDrawing upon a political economy approach, this article aims to analyze the transformations in the labor market within the context of contemporary capitalism, focusing on the phenomenon of financialization.Design/methodology/approachFinancialization is defined as a distinct wealth pattern marked by a growing proportion of financial assets in capitalist wealth. Within financial markets, corporate performance is continuously assessed, in a process that disciplines management to achieve expected financial results, with consequences throughout corporate management.FindingsWe find that this phenomenon has implications for labor management, resulting in the intensification of labor processes and the adoption of insecure forms of employment, leading to the fractalization of work. These two mechanisms, added to the indebtedness of workers, constitute three elements for disciplining labor in contemporary capitalism.Originality/valueWe argue that these forms of discipline constitute a subsumption of labor to finance, resulting in an increase in labor exploitation. This formulation of the relationship between financialization and changes in the realm of labor also contributes to understanding the unrealizing potential of social free time in contemporary capitalism.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"21 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140243781","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Pursuing a Grand Theory: Douglass C. North and the early making of a New Institutional Social Science (1950-1981) 追求宏大理论：道格拉斯-C-诺斯与新制度社会科学的早期形成（1950-1981 年）

Economia Pub Date : 2024-03-13 DOI: 10.1108/econ-07-2023-0119

Keanu Telles

{"title":"Pursuing a Grand Theory: Douglass C. North and the early making of a New Institutional Social Science (1950-1981)","authors":"Keanu Telles","doi":"10.1108/econ-07-2023-0119","DOIUrl":"https://doi.org/10.1108/econ-07-2023-0119","url":null,"abstract":"PurposeThe paper provides a detailed historical account of Douglass C. North's early intellectual contributions and analytical developments in pursuing a Grand Theory for why some countries are rich and others poor.Design/methodology/approachThe author approaches the discussion using a theoretical and historical reconstruction based on published and unpublished materials.FindingsThe systematic, continuous and profound attempt to answer the Smithian social coordination problem shaped North's journey from being a young serious Marxist to becoming one of the founders of New Institutional Economics. In the process, he was converted in the early 1950s into a rigid neoclassical economist, being one of the leaders in promoting New Economic History. The success of the cliometric revolution exposed the frailties of the movement itself, namely, the limitations of neoclassical economic theory to explain economic growth and social change. Incorporating transaction costs, the institutional framework in which property rights and contracts are measured, defined and enforced assumes a prominent role in explaining economic performance.Originality/valueIn the early 1970s, North adopted a naive theory of institutions and property rights still grounded in neoclassical assumptions. Institutional and organizational analysis is modeled as a social maximizing efficient equilibrium outcome. However, the increasing tension between the neoclassical theoretical apparatus and its failure to account for contrasting political and institutional structures, diverging economic paths and social change propelled the modification of its assumptions and progressive conceptual innovation. In the later 1970s and early 1980s, North abandoned the efficiency view and gradually became more critical of the objective rationality postulate. In this intellectual movement, North's avant-garde research program contributed significantly to the creation of New Institutional Economics.","PeriodicalId":512358,"journal":{"name":"Economia","volume":"1997 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140246351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

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