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Economies

Economies is an international, peer-reviewed, open access journal on development economics and macroeconomics, published monthly online by MDPI.

Open Access— free for readers, with article processing charges (APC) paid by authors or their institutions.
High Visibility: indexed within Scopus, ESCI (Web of Science), EconLit, EconBiz, RePEc, and other databases.
Journal Rank: JCR - Q2 (Economics) / CiteScore - Q1 (Economics, Econometrics and Finance (miscellaneous))
Rapid Publication: manuscripts are peer-reviewed and a first decision is provided to authors approximately 21.9 days after submission; acceptance to publication is undertaken in 5.7 days (median values for papers published in this journal in the second half of 2024).
Recognition of Reviewers: reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in any MDPI journal, in appreciation of the work done.

Impact Factor: 2.1 (2023); 5-Year Impact Factor: 2.2 (2023)

Imprint Information Journal Flyer Open Access ISSN: 2227-7099

Latest Articles

19 pages, 300 KiB

Open AccessArticle

Determinants of Women Empowerment: Case of Refugee Women Living in Nairobi Kenya

by Judy Kaaria and Immaculate Kathomi Murithi

Economies 2025, 13(2), 35; https://doi.org/10.3390/economies13020035 (registering DOI) - 1 Feb 2025

This study investigates the determinants of women empowerment among refugee women living in Nairobi, Kenya. First, the study constructs an index to examine empowerment drivers using data from the Refugee and Host Household Survey (RHHS) 2021. A fractional logit regression model was employed [...] Read more.

This study investigates the determinants of women empowerment among refugee women living in Nairobi, Kenya. First, the study constructs an index to examine empowerment drivers using data from the Refugee and Host Household Survey (RHHS) 2021. A fractional logit regression model was employed in the study. The results obtained show that the incidence of refugee women empowerment among refugees living in Nairobi was six percent. In addition, the study finds evidence that age; the gender of the household head; the education level of the refugee woman; employment status; and the education of the household head play substantial roles in enabling women empowerment. Conversely, marital statuses (divorced/separated/widowed and single/never married) and religious affiliations (Muslim) hinder women empowerment. Efforts geared towards improving wage employment and education are likely to empower refugee women. The study emphasizes the recognition of the role played by women in household income through care work. Full article

(This article belongs to the Special Issue Human Capital Development in Africa)

18 pages, 817 KiB

Open AccessArticle

One Who Hesitates Is Lost: Monetary Policy Under Model Uncertainty and Model Misspecification

by Viktors Ajevskis

Economies 2025, 13(2), 34; https://doi.org/10.3390/economies13020034 (registering DOI) - 1 Feb 2025

This paper investigates how different parametrisations of the monetary policy reaction function and different mechanisms of expectation formation shape the macroeconomic outcomes in the estimated Smets–Wouters type of DSGE model. The initial macroeconomic conditions of the simulations correspond to the high inflation environment [...] Read more.

This paper investigates how different parametrisations of the monetary policy reaction function and different mechanisms of expectation formation shape the macroeconomic outcomes in the estimated Smets–Wouters type of DSGE model. The initial macroeconomic conditions of the simulations correspond to the high inflation environment of early 2022. The simulation results show that, under the hybrid expectations, the terminal monetary policy rate is significantly higher than under the rational expectations for all Taylor rule parametrisations. Under hybrid expectations, the inflation rate is much more persistent than under the rational expectations; three years is not enough to reach the inflation target of two percent, even for the quite hawkish calibration of the Taylor rule. In the modelled economy, relatively fast inflation stabilisation for the hawkish Taylor rule has its own price in form of the cumulative output loss when compared with the dovish Taylor rule. Simulations are also performed for the case where the central bank misspecifies the expectation formation mechanism in the DSGE model and follows an interest rate path implied by a false model. The results show that the hawkish reaction is preferable for both correctly and incorrectly specified models. Full article

(This article belongs to the Special Issue Monetary and Fiscal Economics in the Context of Macroeconomic Stability)

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23 pages, 325 KiB

Open AccessArticle

Households’ (In)Security in the European Union: From Principal Components to Causality Analysis

by Ionuț-Andrei Pricop and Laura Diaconu (Maxim)

Economies 2025, 13(2), 33; https://doi.org/10.3390/economies13020033 - 31 Jan 2025

Economic security is considered one of the primary aspects of well-being and it is usually closely associated with poverty. This article intends to explore the main determinants of economic (in)security in European Union countries and to investigate the relationship between the level of [...] Read more.

Economic security is considered one of the primary aspects of well-being and it is usually closely associated with poverty. This article intends to explore the main determinants of economic (in)security in European Union countries and to investigate the relationship between the level of economic insecurity and the degree of economic freedom. In order to achieve our goal, we used Principal Component Analysis (PCA) to stipulate a composite and standardized index of economic insecurity in the European Union and, afterwards, we utilized panel data regressions to analyze its correlation with the variables of the Index of Economic Freedom. Full article

15 pages, 270 KiB

Open AccessArticle

How Does Banking Concentration Affect Financial Inclusion in the Southern African Region?

by Munacinga Simatele and Segun Thompson Bolarinwa

Economies 2025, 13(2), 32; https://doi.org/10.3390/economies13020032 - 31 Jan 2025

Financial inclusion is an important enabler of economic development and aligns with several United Nations Sustainable Development Goals. In most sub-Saharan African countries, financial inclusion efforts take place in the presence of concentrated and bank-dominated systems. This study investigates the relationship between banking [...] Read more.

Financial inclusion is an important enabler of economic development and aligns with several United Nations Sustainable Development Goals. In most sub-Saharan African countries, financial inclusion efforts take place in the presence of concentrated and bank-dominated systems. This study investigates the relationship between banking concentration and financial inclusion, focusing on account ownership, savings, and loans from 2010 to 2021. This paper employs dynamic panel threshold modelling to identify concentration thresholds that influence the direction of the relationship. A U-shaped relationship is identified, indicating relatively high levels of bank concentration that can benefit bank account ownership and loans. Thresholds for savings are relatively low. The effect of bank concentration on savings and loans is tempered by mobile phone penetration. Strong property rights and low levels of corruption also moderate this relationship, underscoring the importance of institutional frameworks in fostering trust and reducing informational asymmetries. Full article

18 pages, 307 KiB

Open AccessArticle

Examining Impact of Inflation and Inflation Volatility on Economic Growth: Evidence from European Union Economies

by Anastasios Pappas and Nikolaos Boukas

Economies 2025, 13(2), 31; https://doi.org/10.3390/economies13020031 - 29 Jan 2025

Examining the economies of the European Union from 2000 to 2023, we have found no strong evidence that the inflation rate has a negative impact on economic growth. In contrast, in line with conventional economic theory, higher interest rates are associated with lower [...] Read more.

Examining the economies of the European Union from 2000 to 2023, we have found no strong evidence that the inflation rate has a negative impact on economic growth. In contrast, in line with conventional economic theory, higher interest rates are associated with lower economic growth. The results remain consistent even after controlling for various control variables, non-linearities and endogeneity issues. These findings suggest that an aggressive tightening of monetary policy in the euro area, aimed at rapidly bringing inflation under control, could actually be detrimental to economic growth. Since the negative effects of monetary tightening on growth are clear, while the benefits of rapidly reducing inflation on economic growth are ambiguous, the European Central Bank must be cautious about both the intensity and the duration of monetary tightening. Full article

(This article belongs to the Special Issue Studies on Factors Affecting Economic Growth)

27 pages, 606 KiB

Open AccessArticle

Does Corporate Policy Risk Affect Stock Liquidity? Panel Data Evidence from Listed Companies in a Major Emerging Market

by Asis Kumar Sahu, Byomakesh Debata and Ştefan Cristian Gherghina

Economies 2025, 13(2), 30; https://doi.org/10.3390/economies13020030 - 28 Jan 2025

This study examines the impact of firms’ overall corporate policy risk on stock liquidity. This study constructs a novel overall corporate policies risk index (PRI) for firms by capturing risk embedded in managers’ different policy decisions, such as investment, financing, diversification, and cash [...] Read more.

This study examines the impact of firms’ overall corporate policy risk on stock liquidity. This study constructs a novel overall corporate policies risk index (PRI) for firms by capturing risk embedded in managers’ different policy decisions, such as investment, financing, diversification, and cash management, by weighting each policy risk through the regression decomposition method. Using a large sample of 466 India-listed firms from the financial year 2003–2004 to 2022–2023, this study finds that there is a negative association between PRI and stock liquidity. The study further explores the information environment heterogeneity and finds that the adverse impact of a PRI is a more prominent firm that is hard to value or in a less transparent environment as compared to the transparent firms. Moreover, the adverse impact of PRI on stock liquidity is significantly more pronounced during financial crises, while its effect is less substantial during non-crisis periods. The robustness of these results is confirmed even after addressing endogeneity issues using various techniques, such as propensity score matching (PSM), two-stage least squares instrumental variable approach (2 SLS IV), and the system-generalized method of moments (System GMM). Full article

(This article belongs to the Special Issue The Effects of Uncertainty Shocks in Booms and Busts)

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47 pages, 25995 KiB

Open AccessArticle

Exploring the Tourism and Economic Growth Relationship in Vietnam: A Cointegration Analysis with Model-Specific Structural Breaks

by Ronald Ravinesh Kumar, Peter Josef Stauvermann and Lien Thi Mai Dau

Economies 2025, 13(2), 29; https://doi.org/10.3390/economies13020029 - 27 Jan 2025

In this study, we present a comprehensive analysis to examine the resilience of tourism in Vietnam since the Doi Moi period. Using an augmented Solow framework, data from 1986 to 2020, and the ARDL approach, we estimate the long-run and short-run effects, whilst [...] Read more.

In this study, we present a comprehensive analysis to examine the resilience of tourism in Vietnam since the Doi Moi period. Using an augmented Solow framework, data from 1986 to 2020, and the ARDL approach, we estimate the long-run and short-run effects, whilst accounting for model-specific structural breaks. To provide stronger validation and robustness of the results, we estimate eight models under four cases. We start with the base model, which includes tourism and capital (in per worker terms), and then augment it with factors that are carefully identified from the literature. The additional factors include urbanisation, financial development, trade openness, foreign direct investment (FDI), information and communication technology (ICT), and natural resources. We find that capital accumulation and tourism (in per worker terms) remain positive drivers of growth in all the estimations. Results from alternative models also highlight the pro-growth effects of urbanisation, financial development, and trade openness. A positive association between carbon emissions and economic growth is also noted, indicating the existing production–consumption setup, the pace of environmental harvesting, and the weak decoupling effects that could lead to negative externality in the long run. Factors like technology, natural resource rents, and FDI show negative effects on growth as well. Moreover, by examining the causality dynamics, the study further contributes to broader policy discussion. Hence, policies targeted to promote the growth process, and the advancement of the economy, should continue supporting capital accumulation, tourism development, urbanisation, financial development, and international trade. However, future economic policies should cautiously address emissions, natural resource use, and re-evaluate the gains from foreign direct investment (FDI) to ensure growth remains sustainable. With tourism and capital accumulation at the core of this study, the findings of this study are intended to generate deeper policy discussions on resource allocations and the need to harness and/or rely on contemporary sources of growth to promote the sustainable development of Vietnam. Full article

(This article belongs to the Special Issue Studies on Factors Affecting Economic Growth)

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22 pages, 2679 KiB

Open AccessArticle

The Relationship Between Firm Formation and Unemployment: Evidence from Türkiye

by Muhammad Moiz and Şerife Genç Ileri

Economies 2025, 13(2), 28; https://doi.org/10.3390/economies13020028 - 26 Jan 2025

This paper aims to explore the relationship between firm formation and unemployment using regional and city-level Turkish data. We focus on the post-2008 financial crisis period and analyze the effects of unemployment and other control variables on firm formation at NUTS-II and NUTS-III [...] Read more.

This paper aims to explore the relationship between firm formation and unemployment using regional and city-level Turkish data. We focus on the post-2008 financial crisis period and analyze the effects of unemployment and other control variables on firm formation at NUTS-II and NUTS-III regions of Türkiye. We estimate a fixed-effects panel data model and control for GDP per capita, urbanization, population density, patents, high school education, and higher education. Our results suggest that there is a significant positive effect of unemployment on new firm formation. The analysis concerning the converse relation, the impact of firm formation on unemployment, reveals no significant results at the NUTS-II level; however, a significant negative relationship is found at the city level with 4- and 5-year lags. Full article

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22 pages, 965 KiB

Open AccessArticle

The Threshold Effects of Exchange Rates on Agricultural Exports: A Flow from South Africa to the Southern African Development Community

by Confidence Tselane Nthebe and Teboho Jeremiah Mosikari

Economies 2025, 13(2), 27; https://doi.org/10.3390/economies13020027 - 24 Jan 2025

The impact of exchange rates is a significant concern affecting trade in the SADC region. This study’s purpose is to assess the threshold effects of exchange rates on agricultural exports from SA to SADC from 2010 to 2022. A panel threshold estimation technique [...] Read more.

The impact of exchange rates is a significant concern affecting trade in the SADC region. This study’s purpose is to assess the threshold effects of exchange rates on agricultural exports from SA to SADC from 2010 to 2022. A panel threshold estimation technique is applied to assess the exchange rates effects in different regimes that can be below or above the threshold value. This can reveal non-linear relationships that are often overlooked in traditional linear models. In this analysis, exchange rates are disaggregated into appreciation and depreciation, as it is critical to determine how these changes affect agricultural exports, which has not been achieved in previous studies. The findings of this study confirm the existence of a non-linear relationship between several key variables (depreciation, South Africa’s GDP, the GDP of the SADC, and South Africa’s population and agricultural exports). This contributes new insights to the existing literature on the SADC economies. The policymakers could implement an exchange rate stabilisation mechanism and promote the diversification of both market destinations and agricultural export products. The SADC economies could consider adopting flexible exchange rate regimes that respond to market forces, while taking into account external shocks and economic indicators to mitigate the effects of depreciation shocks. Furthermore, the findings from this study can aid policymakers in formulating effective strategies for managing exchange rates fluctuations and promoting agricultural export growth. The findings show that different segments of agricultural exports can inform targeted interventions aimed at supporting exporters, and relevant industries within the SADC region. These results can aid policymakers to develop strategies to support sustainable agricultural practises, and ensure that the sector can meet the growing demands of a larger population. Full article

(This article belongs to the Special Issue Exchange Rates: Drivers, Dynamics, Impacts, and Policies)

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36 pages, 2102 KiB

Open AccessArticle

Business Efficiency: Insights from Visegrad Four Before, During, and After the COVID-19 Pandemic

by Pavol Durana, Erika Kovalova, Roman Blazek and Klaudia Bicanovska

Economies 2025, 13(2), 26; https://doi.org/10.3390/economies13020026 - 22 Jan 2025

Efficiency is one of the tenets in assessing the financial health of an enterprise. Ultimately, the form of asset management has a major impact on growth but also on the decline of profit. It also reveals how the enterprises are positioned within the [...] Read more.

Efficiency is one of the tenets in assessing the financial health of an enterprise. Ultimately, the form of asset management has a major impact on growth but also on the decline of profit. It also reveals how the enterprises are positioned within the competitive market environment. For this reason, the aim of this article is to define the level of business activity in the Visegrad Four in the pre-crisis, during-crisis and post-crisis periods of the COVID-19 pandemic. The investigation included 48,650 enterprises from Slovakia, Czechia, Poland, and Hungary over the period 2017–2023. We determined the median values of eleven business efficiency indicators separately for each country and sector. The Friedman test and Kruskal–Wallis test confirmed significant differences between years and countries. Furthermore, multiple pairwise comparisons revealed analogies between the pre-crisis and post-crisis periods, as well as similarities between the two pandemic years for the tested ratios. One can observe that the results serve as the foundation for regional and international benchmarks, particularly for enterprises from former Eastern Bloc countries. Full article

(This article belongs to the Special Issue Economic Analysis and Policy before, during and after a Public Debt Crisis, a Pandemic and an Inflationary Outburst)

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26 pages, 1750 KiB

Open AccessArticle

Understanding Imbalanced Transmission from R&D Inputs into Innovation Outputs and Impacts: Evidence from Kazakhstan

by Stefka Slavova, Luis Rubalcaba and José Nicanor Franco-Riquelme

Economies 2025, 13(2), 25; https://doi.org/10.3390/economies13020025 - 22 Jan 2025

Innovation ecosystems use R&D inputs to generate innovation outputs first and innovation impacts later. But some countries show a relatively low transmission, such as in the case of Kazakhstan, the largest economy in Central Asia. This article analyzes the transmission from R&D into [...] Read more.

Innovation ecosystems use R&D inputs to generate innovation outputs first and innovation impacts later. But some countries show a relatively low transmission, such as in the case of Kazakhstan, the largest economy in Central Asia. This article analyzes the transmission from R&D into innovation outputs and impacts through a framework for which different factors matter, such as the company size, education and skills, competition, exports, and foreign ownership. Transmission is conceptually understood in two steps: from R&D into innovation outputs, and from innovation output into innovation impacts. The main hypothesis is that the high endowments of these company factors should lead to the better transmission of results and improved performance in terms of outputs and impacts. We test this using new evidence from Kazakhstan and the ECA region (Europe and Central as defined by the World Bank) as benchmarking, and data are from the Global Innovation Index (descriptive section) and the World Bank Enterprise Surveys (analytical section). The econometrics are a Crépon–Duguet–Mairesse (CDM) model in three steps: factors for propensity to invest in R&D, then to innovate, and, finally, innovation impacts on productivity. Results confirm the positive roles of factors, such as exports and education, in positive transmissions and uneven or insignificant results on productivity impacts from characteristics, such as age, size, and foreign ownership. The specifics for Kazakhstan suggest a potential for business innovation growth in the country. The paper concludes by suggesting key policy measures to unlock the potential for business innovation at a country level. Full article

(This article belongs to the Special Issue The Asian Economy: Constraints and Opportunities)

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25 pages, 4581 KiB

Open AccessArticle

Predicting Multi-Scale Positive and Negative Stock Market Bubbles in a Panel of G7 Countries: The Role of Oil Price Uncertainty

by Reneé van Eyden, Rangan Gupta, Xin Sheng and Joshua Nielsen

Economies 2025, 13(2), 24; https://doi.org/10.3390/economies13020024 - 22 Jan 2025

While there is a large body of literature on oil uncertainty-equity prices and/or returns nexus, an associated important question of how oil market uncertainty affects stock market bubbles remains unanswered. In this paper, we first use the Multi-Scale Log-Periodic Power Law Singularity Confidence [...] Read more.

While there is a large body of literature on oil uncertainty-equity prices and/or returns nexus, an associated important question of how oil market uncertainty affects stock market bubbles remains unanswered. In this paper, we first use the Multi-Scale Log-Periodic Power Law Singularity Confidence Indicator (MS-LPPLS-CI) approach to detect both positive and negative bubbles in the short-, medium- and long-term stock markets of the G7 countries. While detecting major crashes and booms in the seven stock markets over the monthly period of February 1973 to May 2020, we also observe similar timing of strong (positive and negative) LPPLS-CIs across the G7, suggesting synchronized boom-bust cycles. Given this, we next apply dynamic heterogeneous coefficients panel databased regressions to analyze the predictive impact of a model-free robust metric of oil price uncertainty on the bubbles indicators. After controlling for the impacts of output growth, inflation, and monetary policy, we find that oil price uncertainty predicts a decrease in all the time scales and countries of the positive bubbles and increases strongly in the medium term for five countries (and weakly the short-term) negative LPPLS-CIs. The aggregate findings continue to hold with the inclusion of investor sentiment indicators. Our results have important implications for both investors and policymakers, as the higher (lower) oil price uncertainty can lead to a crash (recovery) in a bullish (bearish) market. Full article

(This article belongs to the Special Issue The Effects of Uncertainty Shocks in Booms and Busts)

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21 pages, 502 KiB

Open AccessArticle

Τhe Political Economy of Green Transition: The Need for a Two-Pronged Approach to Address Climate Change and the Necessity of “Science Citizens”

by Antonios Angelakis, Manolis Manioudis and Anthi Koskina

Economies 2025, 13(2), 23; https://doi.org/10.3390/economies13020023 - 22 Jan 2025

Given the need to strengthen responses to the growing challenges posed by climate change, the purpose of this paper is to explore innovative approaches and interdisciplinary perspectives for tackling these issues, focusing on the role of the institutional framework, emerging technologies, and the [...] Read more.

Given the need to strengthen responses to the growing challenges posed by climate change, the purpose of this paper is to explore innovative approaches and interdisciplinary perspectives for tackling these issues, focusing on the role of the institutional framework, emerging technologies, and the necessity to also encourage the involvement of small-scale actors (such as citizens). The main approaches of this paper involve, first, the technological developments spurred by the necessity to effectively address climate change problems, emphasizing macro-level dimensions in terms of the political economy of green transition and the technological components of climate solutions. Parallel to that, it provides results and presents key elements of the legal context that promoted the sustainable transition, such as the establishment of a science-based policymaking process, the development of scientific data and tools, and efforts to encourage the participation of all relevant actors in sustainable economic development. Against this background, this paper puts forward the idea that a combined approach is required to address climate change issues, integrating top-down, e.g., macro-policy approaches with bottom-up strategies (with the latter allowing for a more dynamic participation of citizens and individuals), in order to complement current institutional, legal, policy, and technological measures. The result of the analysis is that this paper provides evidence for the introduction of guidelines strengthening macro-economic approaches in addition to the concept of a “science citizen” as a major component of new problem-focused solutions. The principal results and findings offer interpretations and insights while encouraging further discussion on transitioning to a sustainable science society. In this context, the analysis results elucidate that there is evidence for an increased policy emphasis on technology development (economy-based approaches) rather than on technology diffusion and assessment, and/or the integration of key small-scale actors, such as citizens. Thus, this paper provides evidence for the need to incorporate “science citizens” as a key parameter into the technology and innovation chain (e.g., data provision) and the public policy domain. Overall, this paper outlines a holistic analysis of the international economic, technological, institutional, legal, and policy environment regarding innovation, sustainability, and the climate crisis. Full article

(This article belongs to the Special Issue Beyond the Economic Horizon: Delving into the Deep Roots of Economic Development)

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28 pages, 3518 KiB

Open AccessArticle

Dynamic Linkages Between Economic Policy Uncertainty and External Variables in Latin America: Wavelet Analysis

by Nini Johana Marín-Rodríguez, Juan David González-Ruiz and Sergio Botero

Economies 2025, 13(2), 22; https://doi.org/10.3390/economies13020022 - 21 Jan 2025

Wavelet coherence analysis (WCA) examines the dynamic interactions between economic policy uncertainty (EPU) in Brazil, Chile, Colombia, and Mexico and key external variables, using monthly data from 2010 to 2022. The findings reveal the following: (i) medium-term co-movements (4–16 months) between EPU and [...] Read more.

Wavelet coherence analysis (WCA) examines the dynamic interactions between economic policy uncertainty (EPU) in Brazil, Chile, Colombia, and Mexico and key external variables, using monthly data from 2010 to 2022. The findings reveal the following: (i) medium-term co-movements (4–16 months) between EPU and global financial indicators, including the Chicago Board Options Exchange (CBOE) Market Volatility Index (RVIX), Merrill Lynch Option Volatility Estimate Index (RMOVE), and Global EPU Index (RGEPU), emphasizing the sustained influence of financial volatility on domestic policy environments, particularly during global turbulence; (ii) significant interactions between EPU and the Climate Policy Uncertainty Index (RCPU) in resource-dependent economies like Brazil and Colombia, with pronounced effects in medium- and long-term horizons; (iii) bidirectional relationships between Brent crude oil prices (RBRENT) and EPU in Brazil, Colombia, and Mexico, where oil price fluctuations shape policy uncertainty, especially during global market disruptions; and (iv) notable co-movements between EPU and the Dow Jones Sustainability World Index (RW1SGI) in Brazil, Chile, and Mexico, highlighting sensitivity to shifts in sustainability-driven markets. These results underscore the need for economic diversification, strengthened financial safeguards, and integrated climate risk management to mitigate external shocks. By exploring the time–frequency dynamics of global uncertainties and domestic policy environments, this study provides actionable insights for fostering resilience and stability in Latin America’s interconnected economies while addressing vulnerabilities to global market volatility and sustainability transitions. Full article

(This article belongs to the Special Issue Financial Market Volatility under Uncertainty)

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22 pages, 1309 KiB

Open AccessArticle

Pathways to Progress: Unveiling Structural Change in Africa Through Economic Transformation, Technology, Talent, and Tourism

by Hugo Pinto, Evans Odoi, Carla Nogueira and Luiz Fernando Câmara Viana

Economies 2025, 13(1), 21; https://doi.org/10.3390/economies13010021 - 15 Jan 2025

African economies are undergoing significant structural transformation, transitioning from agriculture to manufacturing, services, and technology-driven industries. Driven by urbanization, technological innovation, and global trade, this shift offers opportunities for sustainable growth but faces challenges such as infrastructure gaps and institutional hurdles. This paper [...] Read more.

African economies are undergoing significant structural transformation, transitioning from agriculture to manufacturing, services, and technology-driven industries. Driven by urbanization, technological innovation, and global trade, this shift offers opportunities for sustainable growth but faces challenges such as infrastructure gaps and institutional hurdles. This paper examines the dynamics of structural change in 54 African countries, focusing on the roles of technology, talent, and tourism. Using World Bank data, factor and cluster analyses reveal five latent components: structural conditions, public sector capacities, dynamic conditions, urbanization, and growth. The analysis categorizes countries into six clusters, from Developing Economies to African Powerhouses. The findings emphasize the critical role of technology in boosting productivity, the importance of talent development through education and workforce integration, and the potential of sustainable tourism to drive transformation. This research provides a comprehensive framework for understanding Africa’s structural transformation, offering actionable insights to address disparities and promote equitable development across the continent. Full article

(This article belongs to the Section Economic Development)

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30 pages, 791 KiB

Open AccessArticle

Disentangling the Pros and Cons of Flexible Work Arrangements: Curvilinear Effects on Individual and Organizational Outcomes

by Laura Petitta and Valerio Ghezzi

Economies 2025, 13(1), 20; https://doi.org/10.3390/economies13010020 - 15 Jan 2025

The use of flexible work arrangements (e.g., remote, hybrid) has spread during the pandemic and cumulative studies provide mixed findings on the positive vs. negative consequences of these working methods for employees and organizations. The present study examined the potentially curvilinear effects of [...] Read more.

The use of flexible work arrangements (e.g., remote, hybrid) has spread during the pandemic and cumulative studies provide mixed findings on the positive vs. negative consequences of these working methods for employees and organizations. The present study examined the potentially curvilinear effects of employees’ attitude towards flexible work options (i.e., flexible work orientation; FWO) on individual- (i.e., performance, job satisfaction, stress, work-to-family conflict, family-to-work conflict) and organization-related outcomes (i.e., organizational social support, organizational justice, affective organizational commitment). Anonymous survey data were collected in 2021 from 1061 in-person and flexible workers nested within 100 Italian organizations. Measurement invariance across the two subsamples was supported and subsequent structural model analyses suggested a differential pattern of results for in-person and flexible workers. Results indicated a curvilinear U-shaped relationship between FWO and organizational support, justice, commitment and job satisfaction for the in-person subsample as compared to a positive linear relationship for flexible workers. Moreover, in both samples of flexible and in-presence workers, FWO exerted a positive linear effect on performance and a mainly negative linear effect on stress, WFC and FWC. Overall, flexible workers displayed linear relationships among all the study variables, whereas in-person workers showed the curvilinear effects of FWO on support, justice, commitment and satisfaction, all of which increased at high levels of employees’ positive attitude towards FWO. Results are discussed in light of the globally elevated rates of flexible work arrangements and mixed findings on their implementation. Full article

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17 pages, 1332 KiB

Open AccessArticle

The Efficacy of Monetary and Fiscal Policies on Economic Growth: Evidence from Thailand

by Pathairat Pastpipatkul and Htwe Ko

Economies 2025, 13(1), 19; https://doi.org/10.3390/economies13010019 - 15 Jan 2025

This study empirically explores the dynamic effect of MP and FP on the economic growth of Thailand from Q1:2003 to Q2:2024. In this study, data analysis was conducted using an advanced sequence of the econometric modeling approach to guarantee that the estimated results [...] Read more.

This study empirically explores the dynamic effect of MP and FP on the economic growth of Thailand from Q1:2003 to Q2:2024. In this study, data analysis was conducted using an advanced sequence of the econometric modeling approach to guarantee that the estimated results were more consistent and reliable. First, we used Bayesian additive regression trees (BART) and Bayesian variable selection (BASAD) methods to determine macro factors with the highest probabilities influencing growth, in addition to monetary and fiscal policy tools during the studied periods. Second, we used the time-varying coefficients seemingly unrelated equation (TVSURE) model to examine the economic impact of MP and FP. Last, we also employed the Markov switching regression (MSR) model not only to support the findings from the TVSURE model but also to propose policy recommendations based on regime durations and transitions tempted by MP and FP. The main results from both TVSURE and MSR reveal the following: (1) MP is more consistent with expected growth outcomes while FP is stronger when localized, (2) MP is more effective in sustaining long periods of high growth, (3) FP is significantly stronger in recovering from recessions, and (4) the coordination of MP and FP has a similar performance to MP alone but with shorter transition periods. This study makes an empirical contribution to the ongoing debate on the effectiveness of MP and FP in boosting growth and aiding in the recovery from recessions in the case of Thailand. In addition, this study not only acknowledged certain limitations but also recommended policies to sustain the Thai economy. Full article

(This article belongs to the Special Issue Studies on Factors Affecting Economic Growth)

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29 pages, 1007 KiB

Open AccessArticle

Mediating Effects of Foreign Direct Investment Inflows on Carbon Dioxide Emissions

by Prajukta Tripathy, Mohsen Brahmi, Baiju Pallayil and Bikash Ranjan Mishra

Economies 2025, 13(1), 18; https://doi.org/10.3390/economies13010018 - 12 Jan 2025

In this research, the direct and indirect effects of foreign direct investment (FDI) inflows on carbon dioxide (CO₂) emissions in India are examined, covering the period from 1980 to 2014. To quantify the indirect outcome of the existence of FDI on [...] Read more.

In this research, the direct and indirect effects of foreign direct investment (FDI) inflows on carbon dioxide (CO₂) emissions in India are examined, covering the period from 1980 to 2014. To quantify the indirect outcome of the existence of FDI on CO₂ emissions, in this study, the three mediating channels of FDI are considered. The three broad mediating channels of FDI inflows are energy structure, industrial structure, and high-carbon technology, by which foreign direct investments affect India’s carbon dioxide emissions. In this study, the unit root test, the Johansen cointegration, the Granger causality technique, and the seemingly unrelated regression (SUR) are used for the empirical analysis. The findings discover a process of cointegration in the long-run and reveal unidirectional causation between FDI inflows and CO₂ emissions. The outcomes of the SUR estimation indicate that all the mediating factors substantially contribute to the level of CO₂ emissions. In this paper, the findings reveal that FDI inflows affect the level of India’s CO₂ emissions mainly via mediating factors compared to their direct effect. Finally, in this research, it is recommended that the concerned authorities should prioritize the redistribution of foreign direct investment from high carbon-intensive technologies to less carbon-intensive and cleaner technologies for India’s carbonless and sustainable future. Full article

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16 pages, 401 KiB

Open AccessArticle

Predicting Convergence of Per Capita Income in Spain: A Markov and Cluster Approach

by José F. Gálvez-Rodríguez, Miguel Manzano-Hidalgo and Amelia V. García-Luengo

Economies 2025, 13(1), 17; https://doi.org/10.3390/economies13010017 - 11 Jan 2025

In this work we analyze the evolution of productivity, in terms of the convergence of per capita income, of all the Spanish provinces, based on data from the previous decade. On the one hand, a cluster analysis allows us to group the Spanish [...] Read more.

In this work we analyze the evolution of productivity, in terms of the convergence of per capita income, of all the Spanish provinces, based on data from the previous decade. On the one hand, a cluster analysis allows us to group the Spanish provinces according to four income levels (low, medium-low, medium-high and high), which can be determined from the quartiles of the distribution, and, on the other hand, Markov chains make it possible to study the long-term evolution of productivity and convergence between the provinces, as well as the speed of convergence towards the equilibrium situation. Moreover, we can obtain the average time to return to an income level in which a province was previously. With the above, predictions of future income levels are made for the provinces, both in the current situation, and if the pandemic caused by COVID-19 had not existed, which leads us to evaluate the impact of the health emergency. Full article

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27 pages, 1844 KiB

Open AccessArticle

Shipyard Manpower Digital Recruitment: A Data-Driven Approach for Norwegian Stakeholders

by Bogdan Florian Socoliuc, Andrei Alexandru Suciu, Mădălina Ecaterina Popescu, Doru Alexandru Plesea and Florin Nicolae

Economies 2025, 13(1), 16; https://doi.org/10.3390/economies13010016 - 11 Jan 2025

This study examines the effectiveness of digital recruitment platforms in addressing labor shortages within Norway’s shipbuilding and ship-repair industry. Through a data analysis of 446 job applications over a 12-month period, this study evaluates key recruitment metrics, including application response times (ARTs), candidate [...] Read more.

This study examines the effectiveness of digital recruitment platforms in addressing labor shortages within Norway’s shipbuilding and ship-repair industry. Through a data analysis of 446 job applications over a 12-month period, this study evaluates key recruitment metrics, including application response times (ARTs), candidate acceptance rates (CARs), and the impact of machine learning on hiring outcomes. The findings reveal that specialized digital platforms can significantly improve recruitment efficiency, with 70% of applications being received within 24 h, highlighting the platforms’s great potential for time-sensitive sectors. Additionally, pre-vetting candidates enhances hiring precision, achieving a CAR of 90% and reducing mismatches. The application of machine learning algorithms provides predictive insights that support real-time adjustments to job postings, optimizing recruitment strategies. This study contributes uniquely to the literature on cross-border digital recruitment, aligning with the European Union goals of sustainable labor mobility and economic resilience. Full article

(This article belongs to the Special Issue From Permacrisis to Technological Breakthrough: Prospects for the Global Economy Post-COVID-19)

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