Next Issue
Volume 9, December
Previous Issue
Volume 9, June
 
 
Search for Articles:
Title / Keyword
Author / Affiliation / Email
Journal
Article Type
 
 
Advanced Search
 
Section
Special Issue
Volume
Issue
Number
Page
 
4.0
2.1
Journals
Economies
Volume 9
Issue 3
share announcement

Economies, Volume 9, Issue 3 (September 2021) – 39 articles

Cover Story (view full-size image): Knowledge of how income and exchange rates affect demand for campsites is useful for planning and forecasting. It provides the decision-makers with valuable information. Furthermore, this article can be beneficial for readers interested in market analysis. Although camping is an important segment of the tourist industry, few published articles address this topic. Using available data over a period of 20 years, we calculated income and currency elasticity for German and Swedish visitors to Norwegian campsites by applying a natural logarithmic regression model. The authors suggest that income and weaker Norwegian exchange rate have some positive impact on the tourist inflow. The estimated elasticities have values between 0 and 1.0. View this paper
  • Issues are regarded as officially published after their release is announced to the table of contents alert mailing list.
  • You may sign up for e-mail alerts to receive table of contents of newly released issues.
  • PDF is the official format for papers published in both, html and pdf forms. To view the papers in pdf format, click on the "PDF Full-text" link, and use the free Adobe Reader to open them.
Order results
Result details
Section
Show export options expand_more Show export options expand_less
Select all
Export citation of selected articles as:
10 pages, 267 KiB  
Article
Modeling the Price Volatility of Cassava Chips in Thailand: Evidence from Bayesian GARCH-X Estimates
by Jittima Singvejsakul, Yaovarate Chaovanapoonphol and Budsara Limnirankul
Economies 2021, 9(3), 132; https://doi.org/10.3390/economies9030132 - 17 Sep 2021
Cited by 8 | Viewed by 3488
Abstract
Thailand is a significant global exporter of cassava, of which cassava chips are the main export products. Moreover, China was the most important export market for Thailand from 2000 to 2020. However, during that period, Thailand confronted fluctuations in the cassava product price, [...] Read more.
Thailand is a significant global exporter of cassava, of which cassava chips are the main export products. Moreover, China was the most important export market for Thailand from 2000 to 2020. However, during that period, Thailand confronted fluctuations in the cassava product price, and cassava chips were a product with significant price volatility, adapting to changes in export volumes. This study aims to analyze the volatility of the price of cassava chips in Thailand from 2010 to 2020. The data were collected monthly from 2010 to 2020, including the price of cassava chips in Thailand (Y), the volume of cassava China imported from Thailand (X1), the price of the cassava chips that China imported from Thailand (X2), the price of the cassava starch that China imported from Thailand (X3), the substitute crop price for maize (X4), the substitute crop price for wheat (X5), and Thailand’s cassava product export volume (X6). The volatility and the factors affecting the volatility in the price of cassava chips were calculated using Bayesian GARCH-X. The results indicate that the increase in X1, X2, X3, X4, and X6 led to an increase in the rate of change in cassava chip price volatility. On the other hand, if the substitute crop price for wheat (X5) increases, then the rate of change in the volatility of the cassava chip price decreases. Therefore, the government’s formulation of an appropriate cassava policy should take volatility and the factors affecting price volatility into account. Additionally, the government’s formulation of agricultural policy needs to consider Thailand’s macro-environmental factors and its key trading partners, especially when these environmental factors signal changes in the price volatility of cassava. Full article
(This article belongs to the Special Issue Economic Factors of the Development of Agricultural Markets and Rural Areas)
20 pages, 747 KiB  
Article
Impact of Investment in Tourism Infrastructure Development on Attracting International Visitors: A Nonlinear Panel ARDL Approach Using Vietnam’s Data
by Quang Hai Nguyen
Economies 2021, 9(3), 131; https://doi.org/10.3390/economies9030131 - 14 Sep 2021
Cited by 46 | Viewed by 54103
Abstract
Investment in tourism infrastructure development to make destinations and services increasingly attractive is considered a key measure in developing a country’s tourist destinations. This paper investigates the impact of investment in tourism infrastructure components on international visitor attraction using data from Vietnam for [...] Read more.
Investment in tourism infrastructure development to make destinations and services increasingly attractive is considered a key measure in developing a country’s tourist destinations. This paper investigates the impact of investment in tourism infrastructure components on international visitor attraction using data from Vietnam for the period 1995–2019. The results of analyzing panel data by the nonlinear Autoregressive Distributed Lag (ARDL) approach show that, in the long-run, investing in the three components of tourism infrastructure, namely transport and communications infrastructure, the hotel and restaurant industry, and recreation facilities, has a strong and positive impact on international visitor attraction. In addition, different short-run impacts of the three tourism infrastructure components on the whole market and each major international visitor market are also found. Full article
(This article belongs to the Special Issue Tourism Economics)
►▼ Show Figures

Figure 1

18 pages, 1836 KiB  
Article
Economic Evaluation of the Management of Municipal Firms at the Level of Rural Local Self-Governments (Case Study)
by Peter Ágh, Roman Vavrek, Marek Dvořák and Viera Papcunová
Economies 2021, 9(3), 130; https://doi.org/10.3390/economies9030130 - 9 Sep 2021
Cited by 2 | Viewed by 2515
Abstract
The municipality generally uses its property to perform self-governing functions, and public or business activities. In the conditions of the Slovak Republic, the municipality operates either as a legal entity in its own name or carries out business activities with the help of [...] Read more.
The municipality generally uses its property to perform self-governing functions, and public or business activities. In the conditions of the Slovak Republic, the municipality operates either as a legal entity in its own name or carries out business activities with the help of a contributory and budgetary organization or business firm established by the municipality. Revenues from business activities form an important part of the revenue of local self-government budgets. The aim of this paper was an economic evaluation of the management of municipal firms at the level of rural local self-governments in the conditions of the Slovak Republic on the basis of selected economic indicators. At the same time, we analyzed the relationship between selected economic indicators in relation to the size, lifespan and number of employees of the firm. The analysis was performed in the time period 2015–2019 on a sample of municipal firms at the level of rural local self-governments. For the analysis, we used selected mathematical–statistical methods (Shapiro–Wilk test, Kruskal–Wallis test, and regression analysis). The analysis showed that the differences in the profitability of municipal firms from the point of view of the region in which they operate as well as from the point of view of the number of employees is not statistically significant. Statistical significance was not demonstrated even within the volume of revenue of municipal firms from the point of view of the region in which the municipal firm operates. The volume of revenues of municipal enterprises with the population of the municipality as well as the length of time of operation on the market is growing, but these are not the only factors on which these results depend. Full article
(This article belongs to the Special Issue Economic Factors of the Development of Agricultural Markets and Rural Areas)
►▼ Show Figures

Figure 1

19 pages, 1035 KiB  
Article
Productivity and Income Effect of Breast Cancer among Women in Southwestern Nigeria
by Josue Mbonigaba and Wilfred Gbenga Akinola
Economies 2021, 9(3), 129; https://doi.org/10.3390/economies9030129 - 8 Sep 2021
Cited by 1 | Viewed by 2961
Abstract
Women’s breast cancer (BC) in Africa is detrimental to development, given the role women play in their families and society’s well-being. Policymakers should be alerted to the effects of BC. This paper describes the income impact of breast cancer and assesses factors that [...] Read more.
Women’s breast cancer (BC) in Africa is detrimental to development, given the role women play in their families and society’s well-being. Policymakers should be alerted to the effects of BC. This paper describes the income impact of breast cancer and assesses factors that influence income and productivity among women with BC. Cross-sectional data were collected using questionnaires on 200 women with clinically confirmed BC cases in Southwest Nigeria over 6 months. About sixty-one percent (61.5%) of the women with clinically confirmed BC cases were self-employed, 62% were absent at the workplace for 7 days, indicating that 31.8% suffered productivity loss at the workplace on average. Sixteen percent of women in the group were absent at the workplace for an average of 10 days, showing a 45.5% productivity loss at the workplace. Lastly, 22% of the women were absent at the workplace for more than 2 weeks on average. An increasing incidence of BC among women causes a 26.2% decrease in productivity level at the workplace. The results from simple linear regression corroborate the findings from the descriptive statistics that BC has a significant but inverse effect on women’s income and productivity. It showed that an increase in the number of confirmed cases of BC will decrease economic impact and productivity by 13.5% and 19.5%, respectively. These findings urgently call for the attention of the policymakers. Full article
(This article belongs to the Special Issue The Economics of Health Outbreaks and Epidemics)
►▼ Show Figures

Figure 1

12 pages, 278 KiB  
Article
The Effects of Information and Communication Technology (ICT) Use on Human Development—A Macroeconomic Approach
by Nada Karaman Aksentijević, Zoran Ježić and Petra Adelajda Zaninović
Economies 2021, 9(3), 128; https://doi.org/10.3390/economies9030128 - 3 Sep 2021
Cited by 44 | Viewed by 13943
Abstract
Information and communication technology (ICT) is considered a significant factor in economic growth and development. Over the past two decades, scholars have studied the impact of ICT on economic growth, but there has been little research that has addressed the impact of ICT [...] Read more.
Information and communication technology (ICT) is considered a significant factor in economic growth and development. Over the past two decades, scholars have studied the impact of ICT on economic growth, but there has been little research that has addressed the impact of ICT on human development, which is considered one of the fundamental factors of economic development. This could be especially important from the perspective of developing countries, which can develop faster through the implementation of ICT. Thus, the aim of this paper is to investigate the effects of ICT use on human development, distinguishing effects among high, upper-middle, lower-middle and low-income countries following the World Bank classification 2020. Our sample includes 130 countries in the period from 2007 to 2019. The empirical analysis is based on dynamic panel data regression analysis. We use Generalized Method of Moments (GMM) as an estimator, i.e., two-step system GMM. The results primarily support the dynamic behaviour of human development. The results of the analysis also show that ICT has highly significant positive effects on human development in lower-middle-income and low-income countries, while the effects do not appear to be significant in high- and middle-income countries. This research serves as an argument for the need to invest in ICT and its implementation in low-income countries; however, it also suggests that the story is not one-sided and that there are possible negative effects of ICT use on human development. From the perspective of economic policy, the results can be a guideline for the implementation and use of ICT in developing countries, which could lead to economic growth and development and thus better quality of life. On the other hand, policymakers in developed countries cannot rely on ICT alone; they should also consider other technological innovations that could ensure a better quality of life. Full article
16 pages, 376 KiB  
Article
Impact of Export Promotion Programs on Export Performance
by Jorge Mota, António Moreira and Alexandra Alves
Economies 2021, 9(3), 127; https://doi.org/10.3390/economies9030127 - 2 Sep 2021
Cited by 7 | Viewed by 7666
Abstract
This research examines the relationship of Export Promotion Programs (EPPs), sponsored by a Portuguese Regional Association for Development on Trade and Industry, with firms’ export performance. To investigate this, two models were applied using panel data analyses that relate export performance to variables [...] Read more.
This research examines the relationship of Export Promotion Programs (EPPs), sponsored by a Portuguese Regional Association for Development on Trade and Industry, with firms’ export performance. To investigate this, two models were applied using panel data analyses that relate export performance to variables such as participation in EPPs, age and size of firms. Data on 198 firms for the sampling period 2010 and 2018 was drawn from a Portuguese Regional Development Association and SABI (Iberian Balance sheet Analysis System) database. The results show that participation in EPPs does have a positive influence on the export performance of firms, especially for those firms with previous export experience, demonstrating the importance of using these programs. Findings also document that firm size relates positively export performance, whereas firms age show a negative effect on export performance, suggesting that larger firms with more resources positively influence exports and an increase in firms’ age may increase their cultural inertia, inability to change strategies, decreasing their export performance, respectively. Finally, the participation in EPPs seems not to influence export performance for firms without previous export experience. The research contributes to the literature providing evidence on the role of EPP on firms’ export performance behavior promoted by regional development associations. Full article
13 pages, 285 KiB  
Article
The Influence of Gender and Educational Attainment Differences on International Migrants’ Occupational Status in OECD Countries
by Main Al-Dalahmeh, Imran Sarihasan and Krisztina Dajnoki
Economies 2021, 9(3), 126; https://doi.org/10.3390/economies9030126 - 2 Sep 2021
Cited by 4 | Viewed by 3714
Abstract
The purpose of the study is to show two essential elements of the occupational status of international migrants in OECD countries. The study extends the current research by focusing on how the educational attainment of international migrants and the gender dimension affect migrants’ [...] Read more.
The purpose of the study is to show two essential elements of the occupational status of international migrants in OECD countries. The study extends the current research by focusing on how the educational attainment of international migrants and the gender dimension affect migrants’ occupational status. To achieve the aim of the study, a quantitative research approach was followed. Ordinary least square regression analysis was used to emphasize the relationship between educational attainment and gender differences, and occupational status. The databases were taken from the OECD DIOC 2015/2016. It has been found that high-level educational attainment matches with representative vacancies, and female migrants tend to have those occupations more than male migrants in OECD countries. On the other hand, the study’s limitations included a lack of data on testing the exact occupational status of migrants in OECD countries, as well as educational attainment levels that were not specifically divided into each level of education in the databases. Full article
12 pages, 3575 KiB  
Article
Learning to Classify the Consumer Confidence Indicator (in Portugal)
by António Bento Caleiro
Economies 2021, 9(3), 125; https://doi.org/10.3390/economies9030125 - 1 Sep 2021
Cited by 3 | Viewed by 2261
Abstract
The literature paid some attention, some time ago, to the relationship that, supposedly, should exist between the level of consumer confidence and the unemployment rate. This relationship is interesting, both from a scientific point of view, given the inherently subjective character of that [...] Read more.
The literature paid some attention, some time ago, to the relationship that, supposedly, should exist between the level of consumer confidence and the unemployment rate. This relationship is interesting, both from a scientific point of view, given the inherently subjective character of that level of confidence, but also from the point of view of economic policy, given the importance of the unemployment rate. In this article, that relationship is revisited, using learning models, namely regression and classification trees. Using, for example, the case of Portugal, the unemployment rate presents itself as an adequate classifier of the consumer confidence level. The use of classification trees shows that the separation between low and high values of the consumer confidence indicator is made from an adequate threshold value of the unemployment rate. The use of regression trees shows that the levels of consumer confidence are inversely related to the levels of the unemployment rate. In terms of policy lessons, this confirms that, in the face of economic crises, such as the one we are experiencing, in which confidence levels tend to fall and the unemployment rate increases, the relationship between these two variables cannot be ignored. Full article
►▼ Show Figures

Figure 1

17 pages, 1622 KiB  
Article
The Twin Deficit Hypothesis in the MENA Region: Do Geopolitics Matter?
by Sarah El-Khishin and Jailan El-Saeed
Economies 2021, 9(3), 124; https://doi.org/10.3390/economies9030124 - 1 Sep 2021
Cited by 2 | Viewed by 3691
Abstract
This paper examines the relationship between fiscal and external balances in MENA oil versus non-oil countries in the context of the twin deficits hypothesis (TDH) using Panel Vector Autoregression- Generalized Methods of Moments PVAR GMM estimation, Granger Causality and IRFs. The essence of [...] Read more.
This paper examines the relationship between fiscal and external balances in MENA oil versus non-oil countries in the context of the twin deficits hypothesis (TDH) using Panel Vector Autoregression- Generalized Methods of Moments PVAR GMM estimation, Granger Causality and IRFs. The essence of this analysis is to assess the vulnerability of fiscal and external balances to oil price dynamics and regional geopolitics in the region. Results show that a twin-deficit problem exists in MENA oil-rich countries only while the problem does not exist in non-oil ones. This affirms the hypothesis that oil dependence results in high fiscal vulnerability to geopolitical shocks that automatically transmits to external balances. While a TDH isn’t proven to exist in non-oil countries, fiscal and external balances problems result from longstanding structural factors. A high reliance on tourism revenues and remittances as main sources of foreign currency receipts (together with poor tax administration and enlarged current spending bills) makes those countries more vulnerable to domestic and external shocks; reflected in both growing fiscal and current account deficits. A large imports sector and relatively poor exporting capacity also contribute to weakening external accounts. The main policy recommendations for MENA oil-rich countries rely in the importance of strengthening the non-oil sector in order to diversify domestic sources of revenues. Adopting flexible exchange rates is recommended to decrease the vulnerability of the external shocks to oil price dynamics. For non-oil MENA regions, fiscal consolidation, reforming current spending and strengthening tax administrations are crucial to improve fiscal performance. Export-led growth strategies and inclusive growth policies would also contribute to improving external accounts in the examined economies. Full article
(This article belongs to the Special Issue International Financial Markets and Monetary Policy)
►▼ Show Figures

Figure 1

12 pages, 235 KiB  
Article
Entrepreneurial Economies
by Randall G. Holcombe
Economies 2021, 9(3), 123; https://doi.org/10.3390/economies9030123 - 1 Sep 2021
Cited by 4 | Viewed by 3463
Abstract
The study of entrepreneurship often focuses on the activities of the entrepreneur. While entrepreneurship is undertaken by individuals, the degree to which individuals are entrepreneurial, and the directions in which their entrepreneurial actions take, are the result of the institutional environment. Some economies [...] Read more.
The study of entrepreneurship often focuses on the activities of the entrepreneur. While entrepreneurship is undertaken by individuals, the degree to which individuals are entrepreneurial, and the directions in which their entrepreneurial actions take, are the result of the institutional environment. Some economies are more entrepreneurial than others. After discussing the institutional factors that encourage entrepreneurship, the ways in which economic models depict the economy are discussed, pointing toward the different policy conclusions regarding entrepreneurship that emanate from different assumptions in economic conditions. Full article
10 pages, 274 KiB  
Article
Study on the Impact of Institutions on the Labor Productivity of Private Enterprises in Vietnam through the Spillover Effect from State-Owned Enterprises
by Hong-Nham Nguyen Thi, Hong-Thuy Le Thi and The-Dong Phung
Economies 2021, 9(3), 122; https://doi.org/10.3390/economies9030122 - 28 Aug 2021
Cited by 1 | Viewed by 2799
Abstract
The paper analyzes the impact of institutions on the labor productivity of small and medium-sized private enterprises through the spillover effect from state-owned enterprises (SOEs). The authors used data samples from three datasets: (i) The Annual Enterprise Survey conducted by the General Statistics [...] Read more.
The paper analyzes the impact of institutions on the labor productivity of small and medium-sized private enterprises through the spillover effect from state-owned enterprises (SOEs). The authors used data samples from three datasets: (i) The Annual Enterprise Survey conducted by the General Statistics Office of Vietnam (GSO) from 2010 to 2018; (ii) Institutional data (PCI) published by the Vietnam Chamber of Commerce and Industry (VCCI) from 2010 to 2018; (iii) GSO 2012 I-O balance sheet and a set of tabular data containing 666,221 observations at the enterprise and provincial levels in Vietnam from 2010 to 2018, including both listed and unlisted enterprises. The model’s experimental result shows that institutional improvement boosts labor productivity of domestic private enterprises through a horizontal and forward spillover channel from SOEs. Through the backward spillover channel from SOEs, how institutional improvement affects the labor productivity depends on the degree of backward spillover channel from SOEs. Full article
(This article belongs to the Special Issue Nexus between Politics and Economics in the Emerging Countries)
9 pages, 2058 KiB  
Article
Academic Research, Higher Education, and Peripheral Development: The Case of Israel
by Gad Degani, Dan Levanon and Gregory Yom Din
Economies 2021, 9(3), 121; https://doi.org/10.3390/economies9030121 - 27 Aug 2021
Cited by 2 | Viewed by 2461
Abstract
The aims of this study are to identify possible socioeconomic impacts of MIGAL (Galilee Research Institute) and TH (Tel Hai Academic College) on the peripheral northeast’s development. We discuss the effects of academic research and institutions of higher education on mitigating differences between [...] Read more.
The aims of this study are to identify possible socioeconomic impacts of MIGAL (Galilee Research Institute) and TH (Tel Hai Academic College) on the peripheral northeast’s development. We discuss the effects of academic research and institutions of higher education on mitigating differences between the center and the periphery of the country. MIGAL is a regional R&D center in the northeast peripheral region of Israel. An internationally recognized applied research institute, MIGAL specializes in biotechnology, computational sciences, plant sciences, precision agriculture, and environmental sciences, as well as food, nutrition, and health. Most of MIGAL’s researchers serve as the core faculty at TH. Despite the country’s small surface area, socioeconomic inequality in Israel is high by OECD standards, with wage differences between rich and poor regions reaching up to 400%. In this article, a new type of dataset for the study of the socioeconomic impact of academic research and higher education on peripheral development is proposed—the regional socioeconomic indices (SEIs). Data for MIGAL, TH, and the northeastern peripheral region were collected from the yearly reports of the two institutions and the Israel Central Bureau of Statistics. MIGAL was found to serve as a link between research, academic teaching, and socioeconomic development in the northeast periphery. Several variables related to this link and describing MIGAL–TH and northeastern periphery development were analyzed over time: MIGAL’s budget, total number of employees and number of employees with PhDs; number of TH graduate students; and the socioeconomic index (SEI) of the northeastern periphery and its position on the Israeli list of regional SEIs. The signs and significance levels of most of the trends indicate a potential socioeconomic impact of academic research and higher education on peripheral development in the northeast of the country. Research budgets and the creation of jobs for academics living in the region are just a few examples of this impact. The results of the study are useful for academics and policymakers in improvement of the contribution of academic research and higher education to the country’s economic and innovation development. Full article
►▼ Show Figures

Figure 1

18 pages, 1146 KiB  
Article
Inward Foreign Direct Investment and Trade Openness in Vietnam: A Nonlinear Autoregressive Distributed Lag Approach
by Jen-Yao Lee, Ya-Chuan Hsiao, Ngochien Bui and Tien-Thinh Nguyen
Economies 2021, 9(3), 120; https://doi.org/10.3390/economies9030120 - 24 Aug 2021
Cited by 8 | Viewed by 5078
Abstract
This study aims to examine the asymmetric relationship between trade openness and FDI (foreign direct investment) inflows to Vietnam by using NARDL (nonlinear autoregressive distributed lag) during the period from 1997 to 2019. Our findings show that the influence of FDI on trade [...] Read more.
This study aims to examine the asymmetric relationship between trade openness and FDI (foreign direct investment) inflows to Vietnam by using NARDL (nonlinear autoregressive distributed lag) during the period from 1997 to 2019. Our findings show that the influence of FDI on trade openness is asymmetric in the short-run and long-run. But the influence of trade openness on FDI is symmetric in the short-run and asymmetric in the long run. Full article
►▼ Show Figures

Figure 1

14 pages, 1488 KiB  
Article
Identifying the Role of Gold on Sustainable Investment in Indonesia: The DCC-GARCH Approach
by Robiyanto Robiyanto, Bayu Adi Nugroho, Andrian Dolfriandra Huruta, Budi Frensidy and Suyanto Suyanto
Economies 2021, 9(3), 119; https://doi.org/10.3390/economies9030119 - 24 Aug 2021
Cited by 9 | Viewed by 4112
Abstract
This research investigated the performance of a dynamic portfolio that consists of sustainable/ethical stocks and gold. The main purpose of this study is to prove that the inclusion of gold in sustainable/ethical stocks portfolios could produce better performance. Therefore, the method used in [...] Read more.
This research investigated the performance of a dynamic portfolio that consists of sustainable/ethical stocks and gold. The main purpose of this study is to prove that the inclusion of gold in sustainable/ethical stocks portfolios could produce better performance. Therefore, the method used in this research, DCC-GARCH, was relaxing the basic assumptions in the theory of modern portfolio that is under the assumption of the normality of stock return and securities would have constant correlation. This research used data such as SRI-KEHATI Index (SKI) and Jakarta Islamic Index (JII) in Indonesia as a proxy for sustainable investments. Additionally, this research used gold from 2013 to 2019. This study is able to provide evidence regarding the ability of a dynamic portfolio to minimize the level of portfolio risk. However, this led a lower rate of return. Based on the OLS regression, gold is also proven as a weak safe haven for sustainable investment in Indonesia. Investors who believe in ethical investment may include gold in this time-varying approach when formulating the portfolio to reduce risk significantly. The inclusion of gold in portfolios could produce hedging effectiveness. Overall, this study supports some previous findings regarding the ability of gold as an instrument, which could reduce investment risk if involved in a portfolio. Full article
►▼ Show Figures

Figure 1

14 pages, 789 KiB  
Article
Forecasting Recessions with Financial Variables and Temporal Dependence
by Pyung Kun Chu
Economies 2021, 9(3), 118; https://doi.org/10.3390/economies9030118 - 23 Aug 2021
Cited by 1 | Viewed by 2282
Abstract
Extending earlier research on forecasting recessions with financial variables, I examine the importance of additional financial variables and temporal dependence for recession prediction. I show that both additional financial variables, in particular, the Treasury bill spread, default yield spread, stock return volatility, and [...] Read more.
Extending earlier research on forecasting recessions with financial variables, I examine the importance of additional financial variables and temporal dependence for recession prediction. I show that both additional financial variables, in particular, the Treasury bill spread, default yield spread, stock return volatility, and temporal cubic terms, which account for temporal dependence, independently help to improve not only in-sample, but also out-of-sample recession prediction. I also find that additional financial variables and temporal cubic terms complement each other in enhancing the predictability of recessions, increasing the explanatory power and decreasing prediction error further, compared to their individual performance. Full article
►▼ Show Figures

Figure 1

12 pages, 467 KiB  
Article
The Role of Tourism in Economic Growth: Empirical Evidence from Saudi Arabia
by Sana Naseem
Economies 2021, 9(3), 117; https://doi.org/10.3390/economies9030117 - 18 Aug 2021
Cited by 47 | Viewed by 43517
Abstract
Tourism is vital to the success of many economies worldwide and has been a widely researched area for many years. Unfortunately, an insufficient number of studies have been conducted on this subject in the context of Saudi Arabia. Therefore, this research investigates the [...] Read more.
Tourism is vital to the success of many economies worldwide and has been a widely researched area for many years. Unfortunately, an insufficient number of studies have been conducted on this subject in the context of Saudi Arabia. Therefore, this research investigates the role of tourism in promoting economic growth in the Kingdom of Saudi Arabia by using annual time series data from 2003 to 2019. The study uses basic statistics, correlation coefficients, the unit root test, the Johansen co-integration test, the co-integration regression test and the Granger causality test to check the relationship between tourism and economic growth. The results show that economic growth has a long-run relationship with tourism receipts, tourism expenditures and the number of tourist arrivals; the number of tourist arrivals has a strong relationship with economic growth, compared to other parameters. The empirical results validate the concept that tourism promotes economic growth in the kingdom of Saudi Arabia. Full article
►▼ Show Figures

Figure 1

20 pages, 2243 KiB  
Article
Transient and Persistent Efficiency and Spatial Spillovers: Evidence from the Portuguese Wine Industry
by Samuel Faria, Sofia Gouveia, Alexandre Guedes and João Rebelo
Economies 2021, 9(3), 116; https://doi.org/10.3390/economies9030116 - 18 Aug 2021
Cited by 5 | Viewed by 2663
Abstract
This paper investigates the presence of spatial spillovers in firms’ productive (in)efficiency. For this purpose, a spatial stochastic frontier model is specified and estimated, accounting for spatial dependence and persistent and transient (in)efficiency. This approach is applied to a panel dataset from 2014 [...] Read more.
This paper investigates the presence of spatial spillovers in firms’ productive (in)efficiency. For this purpose, a spatial stochastic frontier model is specified and estimated, accounting for spatial dependence and persistent and transient (in)efficiency. This approach is applied to a panel dataset from 2014 to 2019 of Portuguese wineries. Apart from the traditional input and output quantities used in the estimation of a production function, the novelty of this study is the inclusion of information on the firms’ exact location, which allows incorporating the neighboring dependence in the productive efficiency analysis. Empirical findings show that despite the Portuguese wineries’ technological positive dependence on spatial closeness for both inputs and outputs, the geographic closeness is not strong enough to provide overall productive efficiency gains. Full article
►▼ Show Figures

Figure 1

22 pages, 913 KiB  
Article
A Two-Stage DEA Model to Evaluate the Performance of Iberian Banks
by Victor Moutinho, José Vale, Rui Bertuzi, Ana Maria Bandeira and José Palhares
Economies 2021, 9(3), 115; https://doi.org/10.3390/economies9030115 - 17 Aug 2021
Cited by 8 | Viewed by 3115
Abstract
This paper’s goal is twofold: it aims to assess the performance of 58 Iberian banks and explore the relationship between such performance and the banks’ Intellectual Capital (IC) efficiency during a post-crisis period. As long as the authors are aware, there is a [...] Read more.
This paper’s goal is twofold: it aims to assess the performance of 58 Iberian banks and explore the relationship between such performance and the banks’ Intellectual Capital (IC) efficiency during a post-crisis period. As long as the authors are aware, there is a gap in the literature in exploring the relationship between banks’ global performance and IC efficiency. First, the Data Envelopment Analysis model was adopted to measure the efficiency of Iberian banks and rank them according to their performance. Data were collected digitally, specifically by using the Bankscope database provided by Bureau van Dijk. Results show that by improving their resources management practices, banks can significantly increase their efficiency. Then, fractional regressions were used to infer the relationship between IC’s efficiency and the scores obtained in the first stage. Results suggest that Iberian banks’ global performance is mainly determined by their human capital efficiency. Finally, this study stresses the importance of IC measurement to support more efficient decision-making by bank managers. Full article
21 pages, 605 KiB  
Article
A New Method for Measuring Total Factor Productivity Growth Based on the Full Industry Equilibrium Approach: The Case of the Greek Economy
by Nicholas Tsounis and Ian Steedman
Economies 2021, 9(3), 114; https://doi.org/10.3390/economies9030114 - 16 Aug 2021
Cited by 4 | Viewed by 3493
Abstract
A new method of identifying the sources of output growth and measuring total factor productivity (TFP) is proposed, with an application to data from the Greek economy. The price accounting approach, based on the full industry equilibrium (FIE) framework introduced by Opocher and [...] Read more.
A new method of identifying the sources of output growth and measuring total factor productivity (TFP) is proposed, with an application to data from the Greek economy. The price accounting approach, based on the full industry equilibrium (FIE) framework introduced by Opocher and Steedman, where technical progress not only increases outputs relative to inputs but also reduces output prices relative to input rewards, is used. The contributions of this paper are that, first, it amends the FIE TFP measurement approach to account for heterogeneous labor inputs, imported inputs, and indirect taxes, and applies the method to real-world data from the Greek economy; second, it provides a comparison of the results with those found by the use of the neoclassical approach to TFP measurement arguing that the FIE approach measures better sectoral TFP change, and third, it provides an estimate of the effects of sectoral research and development (R&D) expenditures and R&D diffusion from other sectors on TFP change for the Greek economy. Full article
►▼ Show Figures

Figure 1

16 pages, 911 KiB  
Article
Trade Openness and Economic Growth: A Study on Asean-6
by My-Linh Thi Nguyen and Toan Ngoc Bui
Economies 2021, 9(3), 113; https://doi.org/10.3390/economies9030113 - 14 Aug 2021
Cited by 14 | Viewed by 10496
Abstract
This paper focuses on examining the nonlinear impact of trade openness (TO) on economic growth (EG) in the Asean-6 countries (Indonesia, Malaysia, Thailand, Singapore, Philippines, and Vietnam). In order to achieve the set research objectives, the authors estimate the research model through the [...] Read more.
This paper focuses on examining the nonlinear impact of trade openness (TO) on economic growth (EG) in the Asean-6 countries (Indonesia, Malaysia, Thailand, Singapore, Philippines, and Vietnam). In order to achieve the set research objectives, the authors estimate the research model through the fixed-effect panel threshold approach. Unlike previous studies, this paper finds that there is a nonlinear impact of TO on EG, whereby TO has two threshold values. Specifically, before the first threshold value, TO plays an important role in boosting EG. However, this impact level decreases gradually when TO exceeds this threshold value. In particular, when exceeding the second threshold value, the impact of TO on EG is still positive but has a relatively low value. The research results show that if TO increases to a high level (beyond the threshold value) without combining with other complementary policies, this does not encourage high-efficiency EG. In addition, this study also shows that EG is positively affected by domestic investment and negatively affected by financial crisis. The findings in this paper are of great importance for the Asean-6 countries as well as researchers. Full article
►▼ Show Figures

Figure 1

13 pages, 461 KiB  
Article
The Impact of Higher Education Institutions in Low-Density Territories
by Cristina Pereira, Joaquim Mourato, João Alves and Miguel Serafim
Economies 2021, 9(3), 112; https://doi.org/10.3390/economies9030112 - 12 Aug 2021
Cited by 2 | Viewed by 2485
Abstract
This article highlights the relevance of the location of HEIs in low-density territories in Portugal, using the Polytechnic Institute of Portalegre as a case study. Based on the American Council Education model and following a surveying approach to faculty, staff, and students, this [...] Read more.
This article highlights the relevance of the location of HEIs in low-density territories in Portugal, using the Polytechnic Institute of Portalegre as a case study. Based on the American Council Education model and following a surveying approach to faculty, staff, and students, this research accounts for the total spending of incoming academics, other nonlocal university members and their visitors, that positively impacts regional development. A demand-side approach was followed so that indirect and induced effects could also be estimated. The main aim of this research paper is to quantify the total impact arising from the location of the Polytechnic in a given region, measured by economic and social indicators such as the financial return from public funds invested in the region, the number of jobs created, and the impact on the local gross domestic product. The results show an impact of more than EUR 17 million in the territory where the Polytechnic operates, representing 3.68% of the local GDP. The institution was also found to be the third major employer in the region, responsible for the creation of 471 jobs that account for 2.25% of the local economically active population. Full article
►▼ Show Figures

Figure 1

17 pages, 378 KiB  
Article
Sentiments–Risk Relationship across the Corporate Life Cycle: Evidence from an Emerging Market
by Minhas Akbar, Ahsan Akbar, Muhammad Azeem Qureshi and Petra Poulova
Economies 2021, 9(3), 111; https://doi.org/10.3390/economies9030111 - 11 Aug 2021
Cited by 5 | Viewed by 2893
Abstract
The influence of market sentiments on the bankruptcy risk propensity of firms has been extensively explored in the literature. However, less attention has been paid to whether the corporate life cycle plays any role in this nexus. The purpose of this research is [...] Read more.
The influence of market sentiments on the bankruptcy risk propensity of firms has been extensively explored in the literature. However, less attention has been paid to whether the corporate life cycle plays any role in this nexus. The purpose of this research is to unveil how the corporate bankruptcy risk propensity responds to market sentiments, and whether this sentiments–risk relationship varies over different stages of the corporate life cycle. Using a sample of 301 Pakistani non-financial listed firms for 2005–2014, we employ two-step generalized method of moments (GMM) regression estimation to address the issue of endogeneity. Empirical evidence reveals that managers tend to escalate a firm’s bankruptcy risk during high market sentiments. Further analysis indicates that during the period of positive market sentiments, introduction stage firms prefer to assume the highest bankruptcy risk followed by decline and growth firms, while mature firms continue to be risk-averse. This research contributes to the corporate finance literature by suggesting that managerial risk-taking is influenced by market sentiments and corporate managers show a different attitude towards risk at different stages of the corporate life cycle. Therefore, to ensure enterprise sustainability, capital market regulators should have a robust risk management framework in place to discipline the excessive risk-taking by firm managers over different stages of the corporate life cycle. Moreover, investors and creditors shall take into consideration the respective life cycle stage of the firm to minimize the risk exposure of their investment portfolios. Our results are robust to alternate econometric specifications and alternate variable specifications. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
29 pages, 7228 KiB  
Article
A Bibliometric Mapping of Cost-Benefit Analysis—Three Decades of Studies
by Ingrid Majerova and Ainur Abdrazakova
Economies 2021, 9(3), 110; https://doi.org/10.3390/economies9030110 - 10 Aug 2021
Cited by 6 | Viewed by 5380
Abstract
Over time, the cost-benefit analysis has become a method that helps to clarify the pros and cons in many areas of human activity where both investment and non-investment projects are implemented. In researching for this article, we aimed to map the current state [...] Read more.
Over time, the cost-benefit analysis has become a method that helps to clarify the pros and cons in many areas of human activity where both investment and non-investment projects are implemented. In researching for this article, we aimed to map the current state of publishing activities in the field of cost-benefit analysis and in order to accomplish this, four research questions had to be determined. For this purpose, the outputs indexed in the database Web of Science Clarivate Analytics were examined and the method of bibliometric analysis within the VOSviewer software was used. It was ascertained that almost six hundred outputs had been published: almost all of them were published in English and generated by more than sixty percent of authors from English-speaking countries. Cost-benefit analysis was most often used in the areas of healthcare, environment and ecology, and economics and social sciences. In terms of co-authorship, it was found that there had been a shift from collaboration among authors from Israel and English-speaking countries to cooperation between mostly Chinese authors and authors from Northern Europe. In the case of co-occurrence, three clusters were identified: the most frequent was the area of terms related to economic financial analysis, the second area was related to health issues, and the third was related to the process of cost-benefit analysis’ application. Full article
►▼ Show Figures

Figure 1

17 pages, 332 KiB  
Article
Total Factor Productivity Growth of Vietnamese Enterprises by Sector and Region: Evidence from Panel Data Analysis
by Hai Quang Nguyen
Economies 2021, 9(3), 109; https://doi.org/10.3390/economies9030109 - 10 Aug 2021
Cited by 3 | Viewed by 3940
Abstract
Total factor productivity growth (TFPG) is an important indicator evaluating the enterprise development model. The aim of this study is to consider the imbalance between TFPG and enterprises growth patterns of sectors and regions in Vietnam. The results of panel data analysis in [...] Read more.
Total factor productivity growth (TFPG) is an important indicator evaluating the enterprise development model. The aim of this study is to consider the imbalance between TFPG and enterprises growth patterns of sectors and regions in Vietnam. The results of panel data analysis in 2005–2018 show that the growth of Vietnamese enterprises is mainly due to increased capital, especially in the non-state enterprise sector and in the Red River Delta. Total factor productivity (TFP) was found to be present in the non-state and inward foreign investment sectors during the five years 2014–2018. By comparison, the state-owned enterprise sector fell sharply during the same period. Strong upward increases in TFP were notable in the Northern Midlands and Mountain areas, the Mekong River Delta, and the Southeast, while there was a marked downward trend in the Central Highlands and the Red River Delta, especially marked in the Central Highlands. Thus, the results from this study are a basis to suggest an appropriate policy mix that helps to improve the performance of enterprises in different sectors and regions of Vietnam. Full article
24 pages, 1396 KiB  
Article
Digital Customer Experience Mapping in Russian Premium Banking
by Galina Timokhina, Lyubov Prokopova, Yuri Gribanov, Stanislav Zaitsev, Natalia Ivashkova, Roman Sidorchuk, Irina Skorobogatykh, Anatoly Shishkin and Zhanna Musatova
Economies 2021, 9(3), 108; https://doi.org/10.3390/economies9030108 - 5 Aug 2021
Cited by 4 | Viewed by 4889
Abstract
The purpose of this study is to identify, in an era of extensive digitalization, the major opportunities and threats that influence the experiences of digital premium banking customers at key stages of their banking interactions. This study’s conceptual research model combines the content [...] Read more.
The purpose of this study is to identify, in an era of extensive digitalization, the major opportunities and threats that influence the experiences of digital premium banking customers at key stages of their banking interactions. This study’s conceptual research model combines the content of online questionnaires, completed by a representative sample of 3629 customers, in-depth interviews with heads of premium banking departments, and an audit of customer experiences conducted via Mystery Shopping in 13 Russian banks. The authors formulate four research hypotheses, substantiated by the empirical data and highlight key barriers preventing premium banks from effective digital interactions with their customers. Key opportunities for improving customer experiences are also identified. The theoretical contribution of the research includes the adaptation of an axiological approach to studying digital customers in premium banking. Practical contributions include the Premium Digital Customer Experience Map, designed by the authors as a ready-made tool for planning and improving premium banking services and a tool for performance comparison between competing banks. This study also discusses the authors’ definition of a “digital customer”. It presents a new approach to the Mystery Shopping methodology, including the recruitment of Mystery Shoppers following the three premium banking customer portraits: “saver”, “spender”, and “saver–spender”. Full article
(This article belongs to the Special Issue Emerging Economies and Sustainable Growth)
►▼ Show Figures

Figure 1

15 pages, 814 KiB  
Article
Empirical Analysis of Military Expenditures in NATO Nations
by Jakub Odehnal, Jiří Neubauer, Aleš Olejníček, Jana Boulaouad and Lenka Brizgalová
Economies 2021, 9(3), 107; https://doi.org/10.3390/economies9030107 - 23 Jul 2021
Cited by 7 | Viewed by 3323
Abstract
The aim of the article is to identify possible “follower” behaviour; it means to reveal countries following the average military burden of North Atlantic Treaty Organization (NATO) member states. To analyse the relationship between military expenditure of NATO member states and selected socio-economic [...] Read more.
The aim of the article is to identify possible “follower” behaviour; it means to reveal countries following the average military burden of North Atlantic Treaty Organization (NATO) member states. To analyse the relationship between military expenditure of NATO member states and selected socio-economic variables (average military burden of NATO member states, gross domestic product, government expenditure (non-military), share of trade balance of gross domestic product and population), the Autoregressive Distributed Lag model has been used. The short-term results demonstrate follower behaviour, especially in the new NATO member states (effort to fulfil the commitment to spend 2% of gross domestic product on defence). The long-term results have revealed a positive relationship between military expenditures and the variable describing the average military burden of NATO member states in the traditional and also new NATO member states. A positive relationship between military expenditure and gross domestic product has also been observed in the majority of evaluated countries in the long-term model. The public good effect has been determined in six member states only, and the crowding out effect in five member states. A positive effect of the balance of trade on military expenditure has been observed in two countries only. Full article
►▼ Show Figures

Figure 1

24 pages, 834 KiB  
Article
A Probe into the Status of the Oil Palm Sector in the Malaysian Value Chain
by Fathin Faizah Said, Sharifah Nur Ainn Syed Roslan, Mohd Azlan Shah Zaidi and Mohd Ridzwan Yaakub
Economies 2021, 9(3), 106; https://doi.org/10.3390/economies9030106 - 23 Jul 2021
Cited by 2 | Viewed by 2624
Abstract
A ban on palm oil imports by the European Union has become a problematic issue, especially for palm oil producers’ countries. Oil palm has been widely used in many sub-sectors, and any changes in the production side may affect many sectors that use [...] Read more.
A ban on palm oil imports by the European Union has become a problematic issue, especially for palm oil producers’ countries. Oil palm has been widely used in many sub-sectors, and any changes in the production side may affect many sectors that use oil palm as an input factor in their productions. This study explores the chain of the oil palm sector on the other sub-sectors in Malaysia by using a value-added multiplier method and network modeling. The study focuses on the specific oil palm sub-sector and oils and fats sub-sector in the Malaysian economic structure based on the Malaysian Input-Output 2015 Table. Network visualization and all the analyses involving network methods were developed and performed using UCINET and GEPHI software. The value-added multiplier results explained that the net value between output multiplier and import multiplier is vital to depict the real impact of net resources used as an input factor in the oils and fats and oil palm sub-sectors. The high-density value level shows that the Malaysian oil palm sector has high connectivity in the economic system. From the network visualization analysis, the oils and fats sub-sector has a high level of integration with other sectors within the network. Meanwhile, the oil palm sub-sector categorized in the periphery structure group has a low level of integration in the input-output network. This is due to the high value-added demand for oil palm in the oils and fats sub-sector in the manufacturing sector. Overall, most of the sub-sectors in Malaysia are highly interconnected due to the high clustering ratio. Therefore, ensuring sufficient oil palm production is vital for sustainable production of other sub-sectors. Full article
(This article belongs to the Special Issue Energy Economy in the New Century)
►▼ Show Figures

Figure 1

21 pages, 1461 KiB  
Article
Assessment of the Financial Autonomy of Rural Municipalities
by Astrida Miceikienė, Laima Skauronė and Ričardas Krikštolaitis
Economies 2021, 9(3), 105; https://doi.org/10.3390/economies9030105 - 16 Jul 2021
Cited by 7 | Viewed by 3506
Abstract
The present study demonstrates the possibilities for assessment of the financial autonomy of rural municipalities using the TOPSIS method. The study aimed to design and empirically verify the model for assessment of the financial autonomy of rural municipalities. As a result of the [...] Read more.
The present study demonstrates the possibilities for assessment of the financial autonomy of rural municipalities using the TOPSIS method. The study aimed to design and empirically verify the model for assessment of the financial autonomy of rural municipalities. As a result of the empirical study, an integrated system for assessment of the financial autonomy of rural municipalities was designed. The applicability of the TOPSIS method is demonstrated by the assessment of the financial autonomy of rural municipalities performed for two regions of Lithuania in the period 2009–2019. The empirical study showed that medium-low level of financial autonomy was characteristic of all the rural municipalities in the selected regions. On one hand, the findings suggested the presence of “convenient dependence” of the rural municipalities on the centralised allocation. On the other hand, they signalled the lack of the incentives for the rural municipalities to make use of the capacities and create sustainable, stable economic and social prospects. Full article
(This article belongs to the Special Issue Economic Factors of the Development of Agricultural Markets and Rural Areas)
►▼ Show Figures

Figure 1

13 pages, 1016 KiB  
Article
The Influence of Income and Currency Changes on Tourist Inflow to Norwegian Campsites: The Case of Swedish and German Visitors
by Leiv Opstad, Randi Hammervold and Johannes Idsø
Economies 2021, 9(3), 104; https://doi.org/10.3390/economies9030104 - 13 Jul 2021
Cited by 10 | Viewed by 3953
Abstract
There are few published articles on the demand for campsites, despite this being an important segment of the tourism industry. The purpose of this study was to gain further understanding of this topic. Using publicly available data over a period of 20 years, [...] Read more.
There are few published articles on the demand for campsites, despite this being an important segment of the tourism industry. The purpose of this study was to gain further understanding of this topic. Using publicly available data over a period of 20 years, income and currency elasticity were estimated for German and Swedish camping tourists by using a natural logarithmic regression model with time series data. The results showed that both income and the exchange rate influenced the number of overnight stays, but the impact was rather small. The income elasticity for Swedish visitors was significant with a value of about 0.5, while it was zero and not significant for German camping tourists. Appreciation of the euro was associated with more visitors from Germany, but the estimated exchange rate elasticity was below 1.0 (and significant). A stronger Swedish currency relative to the Norwegian currency did not appear to have an effect. However, a stronger Swedish exchange rate, measured in euros, had a positive impact on Swedish camping visitors in Norway. The reason might be that more Swedish residents spend holidays abroad, and there is complementarity among the neighboring countries. Such calculations provide useful information for tourist industry planning. Full article
(This article belongs to the Special Issue Tourism Economics)
►▼ Show Figures

Figure 1

28 pages, 1274 KiB  
Article
A New Approach to Examine Non-Linear and Mediated Growth and Convergence Outcomes of Cohesion Policy
by Mindaugas Butkus, Alma Maciulyte-Sniukiene, Renata Macaitiene and Kristina Matuzeviciute
Economies 2021, 9(3), 103; https://doi.org/10.3390/economies9030103 - 12 Jul 2021
Cited by 4 | Viewed by 2172
Abstract
This paper contributes to a wide range of studies on Cohesion policy (CP) outcomes by proposing a new approach to directly examine its effect on convergence. We extended the non-linear specification of the conditional β-convergence model by introducing 2- and 3-way multiplicative terms [...] Read more.
This paper contributes to a wide range of studies on Cohesion policy (CP) outcomes by proposing a new approach to directly examine its effect on convergence. We extended the non-linear specification of the conditional β-convergence model by introducing 2- and 3-way multiplicative terms and institutions as moderators not only for growth but also for convergence. By developing and calculating conditional slope coefficients and their standard errors, we found empirical evidence that institutional quality can scale down the diminishing marginal impact of funding and even trigger its increase. Our evidence regarding changes to disaggregation levels, programming period, and CP outcomes is robust. Our research findings suggest a redistribution of funds over the 2021–2027 period in favour of projects dedicated to enhancing institutional quality. Full article
►▼ Show Figures

Figure 1

Show export options expand_more Show export options expand_less
Select all
Export citation of selected articles as:
 
Displaying articles 1-39
Previous Issue
Next Issue
Back to TopTop