On October 18, 2017, Chinese President Xi Jinping presented the blueprint for building a modernized socialist nation through the realization of the Xiao Kang (Every nation enjoys a peaceful and affluent life, it is meaningless to eliminate the poor) social construction at the 19th Congress of China. Subsequent to the 2008 financial crisis, the world has moved on to the new economic status of the New Normal. China has also entered the era of “Xinchang Thai,” which is moving from the high-growth to the moderate-growth phase. Therefore, the government of China emphasizes privatization, liberalization, and deregulation. China is also influenced by government policies due to the nature of socialism. This study confirms China’s current stage of economic development based on Barro’s theory. Thus, we use a quantile regression model and examine the correlation between economic growth and functional classification of government expenditure during Xi Jinping's term of office. Furthermore, we selected Korea as a comparative country as the two countries have common features.

High maternal mortality in the developing countries, particularly in Nigeria, poses serious challenge to achieving the maternal mortality target of the Sustainable Development Goals (SDGs) in the countries. Hence, there is need for multifaceted approach to curtailing the scourge. Women being the victims of maternal mortality, this study finds the effect of their household decision making power in reducing maternal mortality. The study used data from the 2013 Nigeria Health and Demographic Survey (NDHS) and logistic regression model to explore the relationship between women household decision making power and maternal mortality in Nigeria. The finding shows that women who decide and participate in household decision on own health, major purchases and visit to family and relatives were 35% (OR = 0.65, 95% CI: 0.52, 0.83), 27% (OR = 0.73, 95% CI: 0.57, 0.92), and 37% (OR = 0.63, 95% CI: 0.50, 0.80) less likely to experience maternal mortality, respectively, compared to those whose husbands alone decide. Women household decision making power is therefore instrumental to reducing maternal mortality. It is thus important for policy makers, particularly in Nigeria, to pay more attention to social and cultural factors that surround women household decision making ability for speedy reduction in maternal deaths.

Peanut production contributes to food security in northern Ghana due to its ability to tolerate drought and survive on marginal lands. This notwithstanding, poor handling along the value chain favors aflatoxin contamination, a threat to human and animal life. Farmer-led improved storage practice, a potential solution to aflatoxin contamination, have been promoted in northern Ghana. However, there is limited evidence on the factors influencing the use of the improved storage system that may guide dissemination efforts. Using the Cragg’s two stage model, our results show that the probability and intensity of adopting the improved storage structure is principally and significantly influenced by economic active household members, storing of peanut in other places relative to the field, and location of farmer residence. In disseminating the improved peanut storage structure, the identified factors must be incorporated in the selection criteria to ensure maximum uptake and usage. Farmer training programs that incorporate both good agronomic practices and good storage practices must be intensified to reduce postharvest losses due to aflatoxin contamination. These strategies will help mitigate the harmful effect of aflatoxin, ensure economic sustainability, and enhance food security.

Taking capital, manpower, and natural resources as inputs, regional GDP as expected output, and industrial pollution as undesired output, this study measures the ecological efficiency of various regions in China through the Global-Malmquist model. The results show a trend of an initial sharp decline in ecological efficiency followed by a gradual increase in the time dimension, but there is no significant correlation in the spatial dimension. Using the gravity model to quantify the attractiveness of the regions’ capital and human resources for collaborative innovation, it estimates the impact of collaborative innovation on eco-efficiency through the system-Generalized Method of Moments (GMM) model. The results show that technological innovation capital in other regions has a negative “U” relationship with local ecological efficiency, while scientific and technological innovation human resources have a positive “U” relationship. In addition, government financial support in science and technology and the ecological efficiency of the previous period serve as promoting factors of the current local ecological efficiency, while the introduction of foreign technological innovation is likely to inhibit improvements in ecological efficiency. Based on these findings, this study puts forward corresponding policy recommendations for local governments to advance their development agendas alongside their environmental priorities in line with their specific circumstances.

Poverty alleviation is a hallmark of post-revolution Chinese policymaking. Since 1978, the Communist Party of China (CPC) has implemented successive waves of poverty alleviation policies whose effects have become the focus of an ever-increasing body of academic literature. This paper reviews this diverse but limited literature that evaluates the impact of the CPC’s poverty reduction programs through four major channels, namely fiscal investment programs, social safety nets, rural governance on the village-, county- and provincial level, and the relocation of rural populations from destitute regions. This paper aims to synthesize results and evaluate whether and how the abovementioned poverty alleviation programs have had distinct positive or negative impacts on regional development outcomes. Furthermore, I highlight contradictions in empirical findings to motivate the discussion about contextual importance when designing and implementing future poverty alleviation programs. Finally, I suggest that an exhaustive and critical appraisal of the empirical strategies used in this literature would further the development and application of more accurate and informative methodologies.

Analyses of the Environmental Kuznet's Curve (EKC) hypothesis have largely focused on economy level data with occasional analyses exploring sector level data. This paper exploits a new data set which contains sector level data on greenhouse gas emissions from the US energy sector as well as subsector data from six disjoint subsectors which together comprise the entire energy sector. The data contained in this data set is annual data at the state level from 1990 through 2011. By using differenced data we specify an econometrically sound EKC model and compare it against a model containing only a linear GDP per capita term. We find that by using a subsector level modelling approach, evidence for the EKC hypothesis is virtually nonexistent. Moreover, we find that aggregated subsector level estimates outperform sector level estimate on in-sample accuracy. These estimated models are then used to forecast emissions for the energy sector. We find evidence that US greenhouse gas emissions from energy production are at or near a peak.

In France, the regional airport’s demand for services is facing challenges due to the continuous expansion of the high-speed train, high-speed line, and highway networks. This study focuses on the viability of regional airports in France through technical efficiency using data envelopment, principle component analysis, Malmquist productivity index, and regression analysis using bootstrapping. To face the current competitive environment, the regional airports in France adopted strategies, such as the construction of low-cost carrier (LCC) dedicated terminals (LCCTs) with lower expenses to attract more LCCs, increasing non-aeronautical revenue, and hosting regional hubs of LCCs. This is the first study that analyzes all of the French regional airports. The findings indicate that the existence of LCCTs positively affects technical efficiency on the airport’s performance, and share of LCCs at a regional airport leads to neither the efficiency nor the profit level.

This paper aims to suggest an integration of dimensions, especially economic, social, environmental, and politics that are embedded in Sustainable Development Goals (SDGs) within a framework called Umran. This Umranic framework hails from the idea of distinguished Muslim philosopher, historian and sociologist Ibn Khaldun, that is based on Islamic doctrines. As the present integration of the dimensions seems to be problematic, an exploration into the integration within Umranic framework is believed to be potentially a contributive endeavor. Based on an overview of literatures and a content analysis, this paper found that integrating dimensions of SDGs within the Umranic framework appears in the triangle of relationship between God, humans, and environment. This triangle exists in the form of an Islamic economic system. In this system, economic activities of natural resource utilization in various types of ownership undertake the sustainability dimension, that is the environmental protection and the promotion of equitable distribution, followed by the implementation of management of ownership and distribution rights according to Islamic rules. The pre-requisite on the part of the players is the high levels of spirituality. The application of this Islamic economic system followed by its political dimension will guarantee the achievement of SDGs even though it needs adjustment to a number of SDGs’ indicators that are not in accordance to Islamic teachings.

Purpose: The purpose of this paper is to explore and analyse the dynamic relationship between remittances inflows of Egyptians working abroad and asymmetric oil price shocks. Design: This study uses a vector autoregressive (VAR) model to explain the impulse response functions (IRFs) and the forecast error variance decomposition (FEVD). The rationale behind using these tools is its ability to examine the dynamic effects of our variables of interest. Findings: The impulse response functions confirmed that remittance inflows have various responses to asymmetric oil price shocks. For instance, inflowing remittances increase in response to positive oil price shocks, while it decreases in response to negative oil price shocks. Also, the results indicate that the responses are significant in the short and medium-run and insignificant in the long run. The magnitude of these responses reaches its peak or trough in the third year. Further, the variance decomposition reveals that oil price decreases are more influential than oil price increases. Originality: This means that remittances inflows in Egypt are pro-cyclical with oil price shocks. That explained by the fact that more than one-half of those remittances sent from GCC countries where real economic growth is very pro-cyclical with the oil prices. This empirical assessment will help policymakers to determine the behaviour of remittances and highlights the impact of different kinds of oil prices shocks on remittances. Unlike the little existing literature, this study is the first study applied the VAR model using a novel dataset spanning 1960-2016.

Saudi Arabia is an oil-reliant nation as a large percentage of its GDP comes from oil resources. Oil dependency leaves a county at the mercy of the international crude market, and a decrease in the price of crude can seriously destabilize the economy of such nations. An example is the case of Venezuela whose dependence on oil caused a national disaster (McCarthy, 2017). As such, the nation’s exports, GDP, and government revenue are primarily dependent on oil revenue, and the recent decrease in the oil prices has decreased Venezuela’s national revenue resulting in economic collapse as well as inflation. A shift from a resource based economy to a knowledge based economy will help Saudi Arabia become less reliant on its oil revenues for its economic stability and growth (Nurunnabi, 2017).

This paper investigates the role of English language proficiency (ELP) as a measure of cultural integration on U.S. immigrant families’ economic integration, as measured by annual earnings, and health care market integration, as captured by annual medical care spending. Bayesian Markov Chain Monte Carlo (MCMC) estimation of a mixed bivariate ordered probit (MBOP) model of annual earnings and medical care spending is conducted using a nationally representative pooled cross-sectional sample data from the U.S. National Health Interview Surveys (NHIS). The results reveal that limited English proficiency is associated with lower marginal earnings propensities (-$44.83, -$50.66, and -$56.97), and higher marginal medical care spending propensities ($8.09, $6.09, and $4.32) for each of the three decreasing levels of ELP. Furthermore, we find a small yet statistically significant positive 7.2% correlation between immigrant families’ annual earnings and medical care spending propensities. Therefore investing to raise immigrants’ families ELP in the U.S. would not only contribute to more effective socio-economic integration, but also strengthen the U.S. workforce and economy for decades to come.

While some researchers have suggested that the self-employment (SE) sector is a haven during a financial Crisis, others believe that SE is not necessarily the desired outcome, but an indicator that the labor market is tightening for some groups. Few researchers have compared the SE sector before and after the occurrence of a significant financial Crisis, especially in developed countries. This paper analyzes the determinants of entry into self-employment during the 2008 Spanish Crisis. Using data from the Encuesta de Presupuesto Familiar (EPF), results show that although the rate of SE did not experience a significant change during this time the Crisis affected people differently based on gender, with being females more affected than males. Results also suggest differences between Comunidades Autonomas in how the self-employment sector behaved during the Crisis.

A common motivation for increasing open access to research findings and data is the potential to create economic benefits – but evidence is patchy and diverse. This study systematically reviewed the evidence on what kinds of economic impacts (positive and negative) open science can have, how these comes about, and how benefits could be maximized. Use of open science outputs often leaves no obvious trace, so most evidence of impacts is based on interviews, surveys, inference based on existing costs, and modelling approaches. There is indicative evidence that open access to findings/data can lead to savings in access costs, labour costs and transaction costs. There are examples of open science enabling new products, services, companies, research and collaborations. Modelling studies suggest higher returns to R&D if open access permits greater accessibility and efficiency of use of findings. Barriers include lack of skills capacity in search, interpretation and text mining, and lack of clarity around where benefits accrue. There are also contextual considerations around who benefits most from open science (e.g. sectors, small vs larger companies, types of dataset). Recommendations captured in the review include more research, monitoring and evaluation (including developing metrics), promoting benefits, capacity building and making outputs more audience-friendly.

This paper investigates and explores the minor crops production in Pakistan and its association with the agricultural gross domestic product. The agriculture sector of Pakistan has a rich contribution to the economic growth and development. Like major crops; minor crops also have a vital role to boost up the agriculture sector. Time span data was used in this study and it was collected from the Economy Survey of Pakistan annual reports. Augmented Dickey-Fuller (ADF) unit root test and Ordinary Least Square (OLS) method was used to analyze the data and results were interpreted by employing the Johansen co-integration test. Study results reveal that bajra, barely and jowar has a significant impact on the agricultural gross domestic product, while the total cropped area has a negative impact on AGDP. On the basis of the study results, we recommend the policy implications.

The advantageous location, port clusters, strong economic strength, developed financial system, rational and orderly urban division of labor and modern industrial system of Guangdong-Hong Kong-Macao greater bay area provide sustainable driving force for innovation activities in this region. This paper selected the Gini-coefficient, first degree index and concentration index to measure the spatial pattern characteristics of innovation output in Guangdong-Hong Kong-Macao greater bay area. The results show that the innovation output presented a spatial pattern of center-periphery in the study region with Shenzhen and Guangzhou as the dual centers and engines of innovation and Dongguan and Foshan as the main innovative areas. Further empirical analysis of the impact of various factors on innovation output in the study region found that R&D expenditure, the number of R&D personnel, the level of economic development and industrial structure all have significant promoting effects on innovation output. Accordingly, this paper put forward countermeasures and suggestions to promote the innovative development of Guangdong-Hong Kong-Macao greater bay area and build a world-class scientific and technological innovation bay area.

This study aims to identify the factors determining the income of forestry household in South Korea. We examine an empirical analysis using 3-year panel data conducted by the Korea Forest Service charged with maintaining South Korea's forest lands. The hypothesized factors determining the income of forestry household are classified into four types of assets and three types of livelihood strategies. We divided the income of forestry household (IFH) into three elements: forestry income (FI), non-forestry income (NFI), and transfer income (TI). We assessed the influences of household assets and livelihood strategies on each income. A random effect model was used as a statistical analysis with valid 979 of forestry household for three years. We found that household head's age, labor hours, savings, business category, cultivated land size, and region are significantly associated with IFH. Also, FI is influenced by labor capacity, cultivated size, business category, forestry business portfolio, and region while NFI is determined by household head's age, household head's gender, forestry business portfolio, and savings. TI is affected by household head's age, household head's education level, forestry business portfolios, savings, and region. The effect sizes and directions vary across different types of income (IFH, FI, NFI, and TI). The findings show that forestry in South Korea is highly dependent on sustainable assets and strategies. It is therefore expected that the effectiveness of forest policies to increase the income of forestry household would be differed by the source of each income. The results of this study draw attention to the need for an income support policy that should consider the characteristics of household assets and livelihood strategies in order to enhance IFH in South Korea.

This paper constructs a model of climate-related damage for small island developing states (SIDS). We focus on the loss of private productive capital stocks through extreme climate events. In contrast to most economic analyses of climate impacts, which assume temperature-dependent damage functions, we draw on the engineering literature to allow for a greater or lesser degree of anticipation of climate change when designing capital stocks and balancing current adaptation expenditure against future loss & damage. We apply the model to tropical storm damage in the small island developing state of Barbados and show how anticipatory behavior changes the damage to infrastructure for the same degree of climate change. Thus, in the model, damage depends on behavior as well as climate variables.

Along with the advantages associated with access to information and fast communication, screen time from increased digital media consumption has recently been associated with adverse effects on youth well-being. To get a clearer picture of its value for global youth based sustainability initiatives, this study investigates the effects of increased digital media consumption on youth's interests in ecosystem services, sustainability and science as a means for disease prevention. We achieve this, using data on 187821 adolescent students from 50 countries worldwide. Methodologically, we rely on a mixed bivariate ordered probit representation of youth's joint interest in the biosphere (ecosystem services and sustainability) and science as a means for disease prevention, which we then estimate using Markov Chain Monte Carlo (MCMC) Methods.  We found that each level increase in adolescent students' reported frequency of news blogs visits and web browsing on broad science adversely affect their interests in ecosystem services, sustainability and science as a means for disease prevention. Although each level increase in youth's frequency of ecological website visits also reduces by 20% (with 95% CI [-0.36; -0.32]) their interests in the biosphere, it is found to increase however by 3% (with 95% CI [0.02; 0.05]) their interest science as a means for disease prevention. Overall, our results highlight heterogeneous effects of digital media consumption on adolescents' well-being in terms of their interests in ecosystem services, sustainability, and science as a means for disease prevention.

Relying on the USA, Canada and Mexico extract from the cross-national data sample on the environmental affection and cognition of adolescent students (Niankara, 2019), along with seemingly unrelated bivariate weighted ordered probit regression modeling (Niankara and Zoungrana, 2018), this study reports on the convergence of technological awareness and expectations within the context of international trade. We achieve this by adopting a regional perspective in investigating the effects of affective, cognitive and situational factors on youth's awareness and expectations about genetically modified organisms (GMOs) and nuclear power technology (NPT) within the North American free trade block. Identification of model parameters is achieved using maximum simulated likelihood methods. The findings show that although it has been over 20 years as of 2015 that USA, Canada, and Mexico ratified the north American free trade agreement (NAFTA), the diffusion of technology and information within the trade block has not succeeded in homogenizing awareness and expectations about GMOs and Nuclear power technology, as observed in the youth population across the three countries. Indeed, with regards to technological awareness, compared to youth from the USA, those from Canada show 15% (GMOs) and 7.1% (NPT) more awareness respectively; while those in Mexico are respectively 34.4% and 19.5% less aware about GMOs and NPT. With respect to technological expectations, compared to youth from the USA, those from Canada and Mexico are respectively 34.4% and 39.9% more optimistic about GMOs, while 15% and 49.7% more optimistic about NPT. Overall, youth within NAFTA country members are respectively 2.5% and 6.7% more optimistic about GMOs and NPT for every level increase in their awareness about the two technologies.

Markets dominate the world’s food systems. Today’s food systems fail to realize the normative foundations of ecological economics: justice, sustainability, efficiency, and value pluralism. I argue that markets, as an institution for governing food systems, hinder the realization of these objectives. Markets allocate food toward money, not hunger. They encourage shifting costs on others, including nonhuman nature. They rarely signal unsustainability, and in many ways cause it. They do not resemble the efficient markets of economic theory. They organize food systems according to exchange value at the expense of all other social, cultural, spiritual, moral, and environmental values. I argue that food systems can approach the objectives of ecological economics roughly to the degree that they subordinate market mechanisms to social institutions that embody those values. But such “embedding” processes, whether through creating state policy or alternative markets, face steep barriers and can only partially remedy food markets’ inherent shortcomings. Thus, ecological economists should also study, promote, and theorize non-market food systems.

Analyses of the Environmental Kuznet's Curve (EKC) hypothesis have largely focused on economy level data with occasional analyses exploring sector level data. This paper exploits a new data set which contains sector level data on greenhouse gas emissions from the US energy sector as well as subsector data from six disjoint subsectors which together comprise the entire energy sector. The data contained in this data set is annual data at the state level from 1990 through 2011. A battery of EKC models are tested and some evidence supporting the EKC hypothesis is found for the US energy sector and its subsectors. We find that aggregated subsector level estimates outperform sector level estimate on in-sample accuracy. These estimated models are then used to forecast emissions for the energy sector. We find that EKC estimations for the energy sector as a whole are consistently lower than aggregated subsector EKC estimates. Addressing the title, we find limited evidence at best that US greenhouse gas emissions are at or near a peak.

The main objective of this article is to explore the causes of household electricity poverty in Spain from an innovative perspective. Based on evidences of energy inequality across households with different income levels, a quantile regression approach is used to better capture the heterogeneity of determinants of energy poverty across different levels of electricity expenditure. Results illustrate some interesting and counter intuitive findings about the relationship between household income and electricity poverty and the technical sufficiency of quantile regression compared to the blurred results of a standard single coefficient / OLS approach.

Bio-economy is a major area of the strategy that can afford the European Union to achieve growth: (i) smart, through the development of knowledge and innovation; and (ii) sustainable, based on a greener, more efficient economy in resource management. We believe that the progress of bio-economy cannot be achieved without the harnessing of intellectual capital. Our research aimed to emphasize the benefits of the dynamics of the intellectual capital growth on the evolution of the bio-economy. Thus, the information published by Eurostat (European Statistic Institute) during a period spanning seven years (2011-2018) was used to assess the influence exerted by the conduct of the harness of intellectual capital related to sustainability as well as for the reporting of indicators relevant to appreciating an economic progress and sustainability (renewable waste material, share of renewable energy and energy intensity of the economy). The ultimate goal was represented by the generation of a regression model to see what factor influences mostly the progress of the bio-economy at European and Romanian level. Significant dependency relationships were identified. The results remain robust even after the introduction of certain control variables, such as gross domestic product rate, food production, population growth, urbanization growth and inflation. Our paper sets out to contribute to expanding the specialty literature by highlighting the involvement of intellectual capital as a factor in optimizing sustainability growth and, at a methodological level, by using a multiple regression.

This study reassesses the resource–economic growth nexus by incorporating several channels. Advanced panel time series techniques are used to analyse panel time series data from 1980 to 2015 in 31 oil-rich countries. Results show that oil rent augments economic growth; thus, oil rent is conducive rather than impediment for economic growth. The role of governance in economic growth is significant in the selected countries. Oil rent exerts a positive significant impact on economic growth in countries with good governance compare to countries with poor governance. Financial development is an unimportant channel in the resource–growth nexus because FD is often unable to mobilise oil rent from the government to the private sector in oil-rich countries. Globalisation is advantageous for countries and promote economic growth. Moreover, war exerts a significant negative effect on growth in the long term.

The aim of this paper is to analyze the real impact of ICT skill mismatch on SME’s sustainable competitiveness in presence of minimum wage guaranteed. As part of public policies – the minimum wage need to maintain a balance between increasing employment and not being a burden for the companies, leading them to bankruptcies, especially in times of disruptive change in which economy have to be more resilient. The rapid progress in information and communication technologies has dramatically redefined the rising unemployment as a result of skills mismatch. This paper aims to understand, on one side if, there is a match between the supply demand of ICT skills and how increasingly powerful digital technologies affect skills, jobs, and the demand for human labour. On the other, if increasing productivity and a fair minimum wage could be an integrated approach in stimulating SME’s in increasing sustainable competitiveness.

This paper aims to research whether there is link between FDI inflows and Economic growth in the Republic of Seychelles Island. The ordinary least square results obtained shows that in the impact of FDI inflows on economic growth is low. Small Island Developing States attracts less FDI inflow because they are limited to few resources that attracts overseas firms which results in retarded development. The research lighted that impact of foreign direct investment on host countries does not only depend on the quality and quantity of the FDI inflows but some other variables such as the internal policies and the management skills, market structures, economic trends among others.

The paper is devoted to fundamental issues concerning to the ideology of the future sustainable development. Its implementation has available in the first place basing on the recognized framework concept of sustainable development (SD). At the same time, this concept requires serious improvement. As follows from the argumentation, a realistic design of institutional changes in connection with resource and organizational/behavioral changes needed for SD is called for to realize in the line of overall social system transformation. Its adequate understanding presupposes an exhaustive study of interconnected transformations in the main social fields as system processes taking into account the influence of relatively exogenous factors (technological, demographic and climate changes).According to the author, the transition to global sustainable social transformation is achievable. Main attention focuses on a number of possible fundamental shifts, the synergetic implementation of which will make such a transition possible.Proceeding from the arguments, the sustainable reproduction of the economy of a mature post-industrial type, including the green sectors, implies its stable and quiet growth, although the rapid growth of individual markets, especially innovative ones, may take place. The main findings also include the substantiation in favor of the choice of the national middle way model as the most appropriate for the corresponding sustainable system transformation of society.

The foreign trade sustainable development index system of Shenzhen City, including the three subsystems of environment, economy, and society, was constructed based on the theory of emergy analysis.The sustainable development of foreign trade in Shenzhen City from 2009 to 2016 was evaluated, and a detailed analysis of changes in the emergy of light and heavy industries was performed. The results showed that the scale of economy has been expanding, and the total volume of imports and exports has turned from a rise to a decline in 2013. The status of sustainable development is not optimistic. The transaction volume of energy is reduced, and the quality of people's living environment is declining. The sustainable development of Shenzhen City is not perfect, but it is in a phase of gradual optimization. Moreover, the proportion of heavy industry in import and export trade is significantly higher than that of light industry, which has caused the outflow of energy to a certain extent. Therefore, to improve the level of foreign trade sustainable development, we must improve the efficiency of resource utilization, increase the import of energy products, strengthen the ability to cope with external interference and adjust the foreign trade industrial structure.

This lecture aims to survey the existing literature on the dynamic urban growth. Theapplication in this lecture is a small step in the long iterative process between theconstruction of a model and its use for practical purposes. In this lecture, we follow thenotion of urban development and conduct an analysis of conceptual modeling phases ofurban development by Paeliuck (1970).

Fighting corruption and enhancing tax compliance through digital public services represent key factors for increasing sustainable development in Romania. We argue that fighting corruption may increase the level of sustainable development, through digital pubic services. Using digital public services leads to the increase of the level of tax compliance, because entrepreneurs will feel more confident and responsible and they will decide to better comply. Tax regulations can affect the level of tax compliance through the additional costs they generate. The discussion is based on the consideration of the costs generated by compliant behavior and we explain how such costs influence the entrepreneurs’ decision in the fiscal environment. If the costs are higher, entrepreneurs will take evasive initiatives and will refuse to comply. Among the numerous tools developed to fight corruption, the use of communication technologies has recently been researched and there is still need for further research in the Romanian economic environment. The use of digital public services reduces costs for entrepreneurs and increases their confidence in state institutions due to higher levels of transparency. We argue for increasing sustainable development in Romania through digital public services, thus fighting corruption and enhancing tax compliance.

Recently, during the last century, Communication & Information revolution caused an essential dynamic in society, especially in legal issues, This dynamic development of information data through this web, it has an essential effect upon the way of civil treatment, which then called "electronic agreements". The industrial and technological development lad to obvious changes in producing processes either for goods or services and then its distributing methods, through using modern media channels, but this factor has a negative side because there is no legal protection for the contractors. This fact leads to the necessity of publishing certain conditions to protect consumers.

Aim: The aim of the paper is to assess the usefulness of sectoral means in financial analyses of enterprises. Research methods: The article uses an inductive-deductive approach to assess the suitability of sectoral means used in analyses of financial standings of enterprises. The method of analysis and logical construction was used for literature review. The methods of descriptive statistics such as, arithmetic means, standard deviation and coefficient of variation were used in order to analyze the data and draw conclusions based on the results. Contribution: The assessment of the usefulness of sectoral means in the context of their variability seems to be a crucial aspect for the analysis of a company’s financial situation. When assessing the financial standing of an enterprise, it is necessary to use a comparative analysis method, based on, inter alia, a comparison in space. This type of comparison requires the use of sectoral means, whose assessment is extremely important to drawing reliable and correct conclusions of the financial situation of a company.

The Rybczynski theorem describes the trade effect within production analyses between factor endowments and outputs. The Stolper-Samuelson theorem focuses on cost analyses between factor reward and commodity price. This paper examines the trade effect of changes of factor endowments on prices, based on general equilibrium. The study shows that changes of factor endowments cause domestic output changes (the Rybczynski effect), which affect output prices and factor prices (the Stolper-Samuelson effect). It is like a chain of effects that the Rybczynski’s trade effect triggers the Stolper-Samuelson’s trade effect. The analysis of this paper shows that a small increase of a factor endowment of any country rewards another factor and the commodity using the latter factor intensively. It displays a tuneful circle. Trade brings a well-balanced development to the world.

We examine the global legal entity identifier (LEI) system for the identification of participants in financial markets. Semi-structured interviews with data professionals reveal the many ways in which the LEI can improve both business process efficiency and counterparty and credit risk management. Larger social benefits, including monitoring of systemic financial risk, are achievable if it becomes the accepted universal standard for legal entity identification. Our interviews also review the substantial co-ordination and investment barriers to LEI adoption. To address these, a clear regulatory-led road map is needed for its future development with widespread application in regulatory reporting.

Fighting corruption and enhancing tax compliance through digital public services represent key factors for increasing sustainable development in Romania. Tax regulations affect the level of tax compliance as a consequence of the fact that it produces additional costs. The discussion is based on the consideration of the costs generated by compliant behavior and we explain how such costs influence the entrepreneurs’ decision in the fiscal environment. Do entrepreneurs decide to comply or do they choose to take evasive initiatives? How does corruption influence the level of sustainable development? How does digitization influence the level of tax compliance? How do entrepreneurs decide to comply by using digital public services? Among the numerous tools developed to fight corruption, the use of communication technologies has recently been researched and there is still need for further research in the Romanian economic environment. We depart from the premise that no developing country is yet fully ready to embrace a comprehensive program of eGovernment and plead for a plan to increase sustainable development in Romania through digital public services, thus fighting corruption and enhancing tax compliance.

The issue of measurement reliability is certainly undervalued in the local agricultural marketplace organization. Besides, there was nothing identified concerning the extent of cereal commodity trade measurement cost. Hence, this paper aimed to estimate the magnitude of cereals trade quantity measurement cost caused by instrument error and unreliability; mainly by targeting the local marketplace in Ethiopia. The survey was conducted in six different districts’ marketplaces (n = 602) of Oromia region by employing administered structured questionnaires and site mass measurement calibration. The gathered data were analyzed using independent samples t-test, one sample t-test, and analysis of variance. According to the findings, the actual value measurement means of the quantity of most local units of the farmers were greater than small traders. The independent t-test result indicated that the average values of the quantity of the majority of units of measurement between farmers and small traders were varied significantly. Estimated measuring instruments’ error and unreliability associated average measurement cost of one-day market transaction over total cereals marketed amount were higher comparatively for a sack, bowl, and glass units. This study demonstrates that homogeneity in measurement, policy, and institutions that aid cereals trade would have an indispensable role to reduce measurement costs and ensure equitable exchange.

The aim of this paper is to attempt to understand why the popular academic and policy field of promoting, studying and evangelising “entrepreneurship” should have been associated with great success but, in the past twenty years or more in many advanced economies, so much failure. From the US to lesser and developing countries, emerging economies and the European Union, entrepreneurship, especially in regard to start-ups and particularly high-tech start-ups have been in constant more or less recent decline. This is seldom registered in the mainstream literature where a positive and benign profile is generally presented. The paper examines this phenomenon, ties it partly with the “productivity paradox” and seeks tentative hypotheses in relation to the apparent illusions if not delusions regarding “entrepreneurship”.

This paper studies the mechanism of how China’s state-owned enterprise (SOEs) reform can influences economic growth, and distinguishes the capital efficiency between state-owned and private enterprises. The results show that: 1) the capital allocation efficiency among state-owned enterprises is lower than private enterprise due to an insufficiently released productivity of state-owned enterprises; 2) although with a higher capital allocation efficiency, the improvement of technology progress of private enterprises at a much slower pace compared to its rapidly increasing share in China’s economy. In case of poor allocation with private sector, blindly reforming ownership of state-owned enterprises cannot effectively alleviate the problem of efficiency losses. State-owned enterprise reform can boost economic growth by increasing capital marginal output, improving capital dynamic allocation efficiency, promoting TFP growth and exerting external spillovers on other firms. At present, China is exploring the endogenous power of economic growth, improving the market institutions and promoting the state-owned enterprises reform with positive and steady pace. By properly re-allocation SOEs into the private sector, which has significant influence on improving economic efficiency and promoting sustained economic growth.

In this study, the prevalent methodology for design of the industrial policy in developing countries was critically assessed, and it was shown that the mechanism and content of classical method is fundamentally contradictory to the goals and components of the endogenous growth theories. This study, by proposing a new approach, along settling Schumpeter's economic growth theory as a policy framework, designed the process of entering, analyzing and processing data as the mechanism of the industrial policy in order to provide "theoretical consistency" and "technical and Statistical requirements" for targeting the growth stimulant factor effectively.

Bio-economy is a major area of the strategy that must enable the European Union to achieve growth: smart, through the development of knowledge and innovation; and sustainable, based on a greener, more efficient economy in resource management. We believe that the progress of bio-economy cannot be achieved without the harnessing of intellectual capital. Our research aimed to emphasize the benefits of the dynamics of the intellectual capital growth on the evolution of the bio-economy. The aim of this analysis was to study the established link between the Energy Intensity of the Economy (EIE) and a number of factors that can measure the intellectual capital, such as: Market Capitalization of Bitcoin, Patent applications listed by European Patent Office and the Turnover from Innovation as a proportion of the total Turnover. The ultimate goal was represented by the generation of a regression model to see what factor influences mostly the progress of the bio-economy at European and Romanian level.

This paper provides estimates of the elasticity of substitution between operational and managerial jobs in the US economy covering a period of almost five decades, derived from an aggregate CES production function. Estimating the long-term relationship between (the log of) the aggregate employment/self-employment ratio and (the log of) the returns from paid-employment relative to self-employment and testing for structural breaks, we report different estimates of the elasticity of substitution in each of the two regimes identified. Our results help to understand and interpret one of the most intriguing aspects in the evolution of self-employment rates in developed countries: the reversal of the trend in self-employment rates. Our estimates show that a higher level of development is associated with a greater number of entrepreneurs and smaller firms. Some rationales for understanding the growth of the elasticity between paid-employment and self-employment, including the recent trends in the digital economy—are also suggested.

The driving force behind adopting the idea of ​​sustainable development are producers and retailers. Unfortunately, when preparing their product range for consumers, many of them still only pay attention to the size of the customers’ earnings, how often they shop and how much they buy when shopping. In consumer segmentation, sustainable values ​​that consumers apply when making their purchasing decisions are rarely taken into account. The aim of this article is to show that values ​​such as environmental protection, the ethical behaviour of producers, fair trade or maximising the utility function of consumption are so important in the purchasing process in the coffee market that they can be used as segmentation variables. The Polish coffee market was selected to carry out segmentation taking into account the consumers' sustainable values. The main source of the article is the results of a standardized online survey conducted on a nationwide sample of 800 coffee consumers in July 2018. Multi-dimensional analyses such as extrapolative factor analysis (EFA) and cluster analysis (CA) were used to describe the obtained results. As a result, six segments of coffee consumers were identified and described: “responsible, aspiring to be connoisseurs”, “loyal coffee enthusiasts”, “pragmatic users”, “coffee laypersons”, “sophisticated connoisseurs”, “consumerists, connoisseurs, but not at any price”. Among the identified segments, the sustainable consumption values ​​most often mentioned refer to "responsible, aspiring to be connoisseurs", and the least often - ”consumerists, connoisseurs, but not at any price”. The conclusions presented in the last part of the article may be used by manufacturing and trade enterprises, operating on the coffee market, in order to respond to the identified needs and expectations of consumers and by governmental and social organisations so as to determine the directions of pro-ecological education of consumers.

The Rybczynski theorem describes the relationship between commodities and factor supplies, holding output price. By releasing holding commodity price, this paper introduces the trade effects of changes of factor endowments both on factor price and on commodity price. This is a study based on trade equilibrium. Technically, the study shows that change of factor endowments lead to a chain effect that Rybczynski’s trade effect triggers the Stolper-Samuelson’s trade effect. The analysis of this paper shows that economic activities, such as the change of factor endowments of any factor of any country reward another factor domestically and internationally. This is a tuneful circle. Trade brings a well-balanced development to the world.

The purpose of the present study is to explore the linkage between Hazardous Road Locations-based crash counts and a variety of geometric characteristics, roadway characteristics, traffic flow characteristics and spatial features in the region of Sousse, Tunisia. For this purpose, collision data was collected from at 52 hazardous road sections including 1397 crash records for a 11-year monitoring period from January 1, 2004 to December 31, 2014 obtained from National Observatory for Information, Training, Documentation and Studies on Road Safety in Tunisia (NOITDRS). The matrix of Pearson correlation was used in order to avoid inclusion of both variables, which were highly correlated. Both the Random Effects Negative Binomial model and the Negative Binomial model were estimated. To evaluate the models, the Random Effect Negative Binomial model improves the goodness-of-fit compared to the Negative Binomial model. Average Daily Traffic volume, Curved alignment, Presence of public lighting, Visibility, Number of lane, Presence of vertical/horizontal sign, Presence of rural segment, Presence of drainage system, Roadway surface condition, Presence of paved shoulder and presence of major road were found as significant variables influencing accident occurrences. Overall, the current research contributes to the literature from empirical, modeling methodological standpoints since it was the first study conducted in Tunisia to use crash prediction models for hazardous road locations, and that portrays Tunisian reality. The research findings present advantageous insights on hazardous road locations in the region of Sousse, Tunisia and present useful planning tools for public authorities in Tunisia.

Increasing market participation among smallholder farmers have a big potential to uplift living standards of poor through increasing production and consumption pattern. Although, smallholder farming made 95% of total crop production in Ethiopia, they are exposed to a marketing bottleneck that hinders benefits from their produce. The objective of this study was analyzing factors determining smallholder Teff farmer decision to participate in output market and level of marketed output.The study used data from 190 respondents from four selected Teff dominant kebeles of Gena-Bossa districts in Dawro Zone, through structured questioner. This investigation was imperative because no adequate research has been done in study area in examining the hindering factors of farmers’ market participation. Moreover, in the prior study, different authors come up with varied outcomes in diverse country and geographic location concerning poor farmers’ market participation decision. The descriptive statistics and Heckman two stage econometric methods were employed to analyze data collected from sampled household. The significance of coefficient of inverse Mill’s ratio ( ) indicates the presence of self-selection bias and the effectiveness of applying Heckman two stage model. The results of study show that the smallholder decision to participate in output market were positively influenced by size of land holding, availability of family labor force, education status of household head, accessibility of credit service and access to market price information. On the other hand, size of family member, sex of house hold head being female and distance to market place discourage probability of Teff farmer market participation decision. Moreover, the second stage estimation reveals that, the education status of house hold head, size of farm land, amount of Teff crop produced, accessibility of market information, the size of family labor force and being member to farm cooperative increase the quantity of marketable output, whereas, large number of family size decline the level of Teff crops marketed. The policy that assist poor farmers in obtaining market skills; create affordable credit service; strengthen community based producer groups and capacitating the females socially and economically in the community believed to minimize the problems encountering small farmers in a way to market their crop

The practice of spatial econometrics revolves around a weighting matrix, which is often supplied by the user on previous knowledge. This is the so called $\mathbf{W}$ issue. Probably, the aprioristic approach is not the best solution although, nowadays, there few alternatives for the user. Our contribution focuses on the problem of selecting a $\mathbf{W}$ matrix from among a finite set of matrices, all of them considerer appropriate for the case. We develop a new and simple method based on the Entropy corresponding to the distribution of probability estimated for the data. Other alternatives, which are common in current applied work, are also reviewed. The paper includes a large Monte Carlo to calibrate the effectiveness of our approach compared to the others. A well-known case study is also included.

In the face of the ongoing degradation of the natural environment and increasingly worrying climate change, societies and their governments should pay more and more attention to the issue of the development of sustainable consumption and pro-environmental consumer behaviour. It has been known for a long time that producers and retailers are the driving force behind adopting the idea of ​​sustainable development. Unfortunately, many of them, when preparing the offer of their goods and services, still take into account only such consumer characteristics as their wealth, the purchasing frequency and volume. In consumer segmentation, the sustainable values ​​that consumers follow when making their purchasing decisions are rarely taken into account. The purpose of the presented article is to try to fill the research gap in this area. The Polish coffee market, on which this type of research has not been conducted so far, was chosen as an example of segmentation taking into account the sustainable values ​​of consumers. The article’s main source of information is the results of primary research carried out using the CAWI (Computer-Assisted Web Interview) technique on a nationwide sample of 800 coffee consumers in July 2018. Multi-dimensional analyses such as extrapolative factor analysis (EFA) and cluster analysis (CA) were used to describe the results which were obtained from the research and statistical analysis. This made it possible to identify and describe six segments of coffee consumers, taking into account their demographic, social and economic characteristics as well as being guided by sustainable values in their purchases. The conclusions presented in the last part of the article may be used by manufacturing and trade enterprises, operating on the coffee market, in order to respond to the identified needs and expectations of consumers and by governmental and social organisations so as to determine the directions of pro-ecological education of consumers.

China historically exhibits spatial differentiation from population distribution to ecological or economic development, and the forest pest control work is an epitome of this tendency. In recent times, global warming, man-made monoculture tree plantations, increasing human population density and intensified international trade aggravate forest pest outbreaks. Although Chinese government has complied with the internationally recommended practices, few stones remain unturned due to existing differential regional imbalance of forest pest distribution and control abilities. Evidence shows that the high-income provinces in the south have taken advantage of economic and technological superiority, resulting in the adoption of more efficient pest-control measures. To the contrary, in economically underdeveloped provinces of the northwest, a paucity of financial support has led to serious threats of pest damage that almost mirrored the demarcations of the Hu Huanyong Line. In this paper, we propose introducing public-private partnership (PPP) model into forest pest control and combining the national strategies to enact regional prevention measures in order to break the current spatially differentiated trends in China.

The agriculture and rural areas perform a new function which requires the delivery of public goods to the society. In turn, a comprehensive identification and analysis of agricultural externalities (external economies) involves a need for developing a dedicated valuation methodology. This paper presents the assumptions of the public goods theory and puts them in the context of agriculture. The study focuses on analyzing the valuation methods for external economies, and proposes a methodology for the valuation of some illustrative positive externalities of agricultural production and of natural environment resources regarded as public goods (the agri-tourist value of a farm and the value of a natural waterhole).

The purpose of this paper is to explore the extent to which traditional economic policies can be oriented by sound practices. It is becoming widely accepted that sustainable economic growth (and not only economic growth) is the final target of economic policies; but most economic policies are applied just looking to the short-run without taking in account the long-run perspective. Our aim will be to show how a sustainable economic policy-making would be possible, making compatible the stabilization of the economy in the short-run with a sustainable economic growth in the long-run. We confront the design of economic policies with the 17 goals of the 2030 Agenda. We argue that all sustainable development goals can be attained by the design and implementation of sustainable economic policies. Finally, to illustrate this point we will conduct a simulation exercise to show under which combinations of demand policies technological shocks would promote a path of sustainable growth. Our results will provide a reference framework for a sustainable economic policy-making.

Based on the seminal paper of Case, Quigley and Shiller (2013), we investigate the effects of financial and housing wealth on consumption.  Using quarterly data from 1975 to 2016, for all States of U.S. economy, and a different methodology in measuring wealth, we report relatively greater financial effects than housing effects on consumption.  Specifically, in our basic utilized model, the calculated elasticity for financial wealth is 0.060, while for housing is 0.045.  The results are not in agreement with the ones obtained by Case, Quigley and Shiller.  In an attempt to investigate the disparity we proceed by incorporating the introduction of the Tax Reform Act in 1986, which increased incentives for owner-occupied housing investments.  Finally, due to distributional factors at work, and taking into account the pronounced uneven distribution of wealth we investigate the effects of wealth for 8 states that include the Metropolitan areas comprising of the well known Case-Shiller 10-City Composite Index.  Now the housing effect on consumption is much stronger and larger than the financial effect.  Additionally, we forecast the consumption changes at the time of the high rise and large drops in house prices for these states.  Forecasts showed a recession from the fall of Lehman Brothers until the fourth quarter of 2011.  These forecasts were not verified.  Probably, the new techniques used by politics played an important role.  We also find that extreme behaviors cannot be predicted.

There is tremendous interest, in the economic literature, for the determinants of firms’ capital structure decisions. A rich body of empirical works now exists that purports to identify firm- and country-level factors affecting firms’ financing patterns. In addition, more recently, a new stream of studies has emerged that investigates cross-regional variation in small firms’ capital structure. While small firms’ leverage does seem to vary across regions, at least in countries where significant regional differences in economic and financial development and in the quality of institutions exist, not much yet is known about variation in debt maturity, in debt in relation to equity, and between different types of small firms. The present paper aims to fill this gap through an empirical analysis of cross-regional variation in the capital structure of a sample of about 30,000 Italian small firms over a 13-year period, including the aftermath of the credit crunch that followed the 2007-8 global financial crisis. The findings confirm the view that small firms in underdeveloped regions are more financially constrained, but also amend some of the results shown in the literature, in particular by showing how small firms in Italy’s Southern regions have higher levels of equity and fixed assets than small firms in other regions.

Bio-economy is a major area of the strategy that must enable the European Union to achieve growth: smart, through the development of knowledge and innovation; and sustainable, based on a greener, more efficient economy in resource management. We believe that the progress of bio-economy cannot be achieved without the harnessing of intellectual capital. Our research aimed to emphasize the benefits of the dynamics of the intellectual capital growth on the evolution of the bio-economy. The aim of this analysis was to study the established link between the Energy Intensity of the Economy (EIE) and a number of factors that can measure the intellectual capital, such as: Market Capitalization of Bitcoin, Patent applications listed by European Patent Office and the Turnover from Innovation as a proportion of the total Turnover. The ultimate goal was represented by the generation of a regression model to see what factor influences mostly the progress of the bio-economy at European and Romanian level.

The paper is devoted to fundamental issues concerning to the ideology of the future sustainable development. Its implementation has available in the first place basing on the recognized framework concept of sustainable development (SD). At the same time, this concept requires serious improvement. As follows from the argumentation, a realistic design of institutional changes in connection with resource and organizational/behavioral changes needed for SD is called for to realize in the line of overall social system transformation. Its adequate understanding presupposes an exhaustive study of interconnected transformations in the main social fields as system processes taking into account the influence of relatively exogenous factors (technological, demographic and climate changes).According to the author, the transition to global sustainable social transformation is achievable. Main attention focuses on a number of possible fundamental shifts, the synergetic implementation of which will make such a transition possible.Proceeding from the arguments, the sustainable reproduction of the economy of a mature post-industrial type, including the green sectors, implies its stable and quiet growth, although the rapid growth of individual markets, especially innovative ones, may take place. The main findings also include the substantiation in favor of the choice of the national middle way model as the most appropriate for the corresponding sustainable system transformation of society.

Village development aims to improve the welfare of villagers and the quality of human life. The purpose of this study was to formulate a coastal tourism management model toward developing independent tourist village. This study employed a quantitative approach by using survey methods. The data analysis was performed by using Structural Equation Modeling (SEM). There were 4 variables namely: the potential of mangrove ecosystem, the perception of coastal community, the coastal tourism facilities, and the coastal ecotourism. The results indicated that there were 2 variables which had a significant effect on the management of coastal tourist village namely the perception of coastal community and coastal ecotourism. Furthermore, the management of coastal tourist village had a significant effect on the development of independent tourist village, and the management of coastal tourist village was a strong mediator to develop an independent coastal tourist village.

The seasonally adjusted civilian labor force participation rate, the sum of employed and unemployed persons as a percentage of the civilian non-institutional population, is analysed in the general to specific modelling framework with a saturating set of step indicators from January 1977 through June 2018. The results indicate that, ceteris paribus, the rise in the ratio of women to men in the labor force in addition to positive demographic movements can largely account for the rise in the labor force participation rate up to January 2000. Subsequently, the aging population helps to explain the decline. Recessions play a transitory role.

Bioenergy produced from perennial feedstocks such as woody biomass could serve as an opportunity to strengthen local and regional economies and also jointly produce various environmental services. In order to assess the potential for biomass- based bioenergy, it’s essential to characterize the interest that potential biomass suppliers have in such an endeavor. In the U.S. Great Plains region, this largely means assessing relevant perceptions of farmers and ranchers. We conducted a series of farmer and rancher oriented focus groups in North Dakota, South Dakota, Nebraska and Kansas to qualitatively explore opinions about the role that trees can play in agriculture and interest in woody biomass systems within existing Northern Great Plains (NGP) farms and ranches. Our findings suggest that farmer and ranchers generally value the role that trees, or tree-based practices like windbreaks can play in agriculture particularly on marginal farmland in terms of conservation or crop protection. Yet relative to the potential of trees as a biomass crop there is a distinct lack of knowledge and skepticism. Farmers and ranchers also noted variable degrees of risk concern and uncertainty regarding investing in tree-based systems, as well as a number of perceived external market related constraints to integrating trees within their managed systems. Most of the participants recognized that if biomass production or an increase in tree planting and management in general were to expand in the NGP region, government programs would likely be required to provide much needed technical guidance and financial incentives. As the NGP regional bioeconomy continues to emerge and expand, private and public investment relative to niche bioenergy feedstocks such as woody biomass should address the type of information needs that farmers and ranchers have relative to integrating biomass production into existing farm and ranch systems.

This paper evaluates the effect of China’s New Rural Pension Scheme (NRPS) on the retirement sustainability in forms of both formal labor supply and informal labor supply, using data from China Health and Retirement Longitudinal Study (CHARLS). We explore the regional differences of the NRPS effect on labor supply between the Western regions and the other regions of China. Our analysis shows that western rural China has a more severe problem of “ceaseless toil” compared to the rest of the country. We find that NRPS improves the “ceaseless toil” situation of the Chinese rural elderly, and the results show a very different pattern between western China and other parts of the country.

Contract between grower and integrator has been used extensively in broiler industry all over the world. One important advantages of contract is risk management, in which contract shifts a portion of grower risk to integrator. Thus, this paper attempted to measure the amount of risk shifted from grower to integrator and the consequences of this benefit to grower. Using a panel data of actual production records of 46 Indonesian broiler growers for the period of January 2014 through December 2017, we systematically measure the amount of risk shifted to integrator and its consequences to grower. The results showed that 78.43% grower risk is shifted to integrator. However, to acquire this benefit grower receive 15% less income. Furthermore, grower face the possibility of losing their asset and stopping their production as the consequences of entering contract.

Small business sector around the world is regarded as a catalyst of employment for the largest number of people. To reduce massive unemployment and inequality in the country, the Government of South Africa introduced various initiatives to stimulate and support small businesses, the Expanded Public Works Programme (EPWP) is one of such initiatives. The enterprise development approach, is one of the delivery mechanisms of the EPWP, which seeks to transfer income to poor households in the short to medium-term. This study critically assess the impact and effectiveness of training and support interventions provided to small businesses through the EPWP. The study employs a quantitative research method and due to the size, availability and ease of access to the participants, the entire population of twenty (20) small businesses supported by the EPWP in Pretoria Region was sampled. A questionnaire-based survey was conducted. The study demonstrates that the training intervention provided through the EPWP is making positive impact and achieving its intended goals of enhancing business management skills to participants. It also reveals an interesting outcome that the majority of the participants are women. The study also identified some weaknesses in the programme which leads to the recommendation that long-term support mechanisms are essential to ensure sustainability of emerging enterprises.

Referring to the concept of inclusive growth, the authors analyse the transition economies of the Central and Eastern European countries, which are the current EU members (Bulgaria, Croatia, the Czech Republic, Estonia, Latvia, Lithuania, Hungary, Poland, Romania, Slovakia and Slovenia). That region was selected as the CEE countries characterized by comparable historic and economic background but now they seem to reach diversified stages of development. The objective of the study is to identify the level of inclusive growth among the CEE countries, taking into account indicators assigned to its seven pillars. The thesis is that the CEE countries represent socio and economic heterogeneity as well as different levels of sustainable development. The research methods involved the application of the principal components analysis and the multivariate analysis. For literature review, the bibliometric analysis was conducted with the visualization prepared by the VOSviewer software. The main findings suggest that Estonia, Slovenia and the Czech Republic seem to be the ones with the highest inclusive growth. On the other hand, Bulgaria and Romania represent the lowest level of inclusive growth indicators.

We present a new method of estimating fitness of countries and complexity of products by exploiting a non-linear non-homogeneous map applied to the publicly available information on the goods exported by a country. The non homogeneous terms guarantee both convergence and stability. After a suitable rescaling of the relevant quantities, the non homogeneous terms are eventually set to zero so that this new method is parameter free. This new map reproduces the findings of the method proposed by Tacchella et al. [1], and allows for an approximate analytic solution in case of actual binarized matrices based on the Revealed Comparative Advantage (RCA) indicator. This solution is connected with a new quantity describing the neighborhood of nodes in bipartite graphs, representing in this work the relations between countries and exported products. Moreover, we define the new indicator of country net-efficiency quantifying how a country efficiently invests in capabilities able to generate innovative complex high quality products. Eventually, we demonstrate analytically the local convergence of the algorithm.

The paper aims to investigate on the determinants of the capital structure of the Italian SMEs and it is based on a large panel of Italian manufacturing SMEs observed in the years 2001-2013. The analysis achieves a comparative investigation between the capital structure of the firms belonging in the Southern region, the so-called Italian Mezzogiorno that is the slow growing area of the country, and the firms of the Center-northern region of Italy, that is the more developed area of the country. Fixed effect panel techniques applied to the several standard leverage models allows to reaffirm some distinctive features showing differences of the financial behavior of regional firms.

This paper discusses corporate taxes and Foreign Direct Investment (FDI) in Nigeria. It is a review of literature that attempts to explore and give a reality on the response of FDI to corporate taxes. This paper shows in its introductory phase a prior discussion of the terms corporate tax and FDI and also elements of both terms and classifications. It follows with issues such as the effects of corporate taxes on FDI. This paper discusses the rhetoric whether reduced corporate taxes and other tax incentives has an effect on the inflow of FDI in Nigeria. To answer this question, the paper utilised information gathered from secondary sources including books, newspapers publications, working papers and research findings from studies. This paper shows that from surveyed empirical studies corporate taxes may have an important role in attracting FDI and have a rising effect on the development of the country, and as such recommends that tax incentives should be employed as a means  to attracting FDI, a cost benefit analysis should be employed on the types of corporate taxes  to determine the benefit from the perceived FDI inflow, in addition a review of the current tax policies should be carried out as they seem not to respond to the current economic situation.

This article evaluates the macroeconomic implications of commercial bank seigniorage, which emerges from the commercial banks’ power to create money in a fractional reserves regime. After evaluating the impact on aggregate output of commercial bank money relative to alternative exchange arrangements, the article identifies the determinants of commercial bank seigniorage and analyzes how equilibrium prices are determined in an economy where commercial banks extract seigniorage. The article also identifies the conditions under which commercial banks extract seigniorage, clarifies the relationship between seigniorage from commercial bank money creation and profits from pure financial intermediation, and shows how commercial bank seigniorage changes with different types of interbank payments settlement.

Economic theory states that incineration and landfill taxes can be a good policy to reduce environmental impacts of these activities by reducing their importance and associated pollutants, while stimulating reuse and recycling of materials. In this research we assess the economic and environmental effects of these taxes in Spain with the use of a detailed dynamic CGE model, under different scenarios. We focus the economic impact on GDP and sectorial production, and the environmental impact on different impact categories: global warming potential, marine eutrophication potential, photochemical ozone formation potential, particulate matter, human toxicity (cancer and non-cancer), ecotoxicity, and depletion of fossil resources). We find in all scenarios that these taxes have a limited economic impact, while reduce all of the environmental impact categories analyzed.

Burning Man is probably the most famous art festival in the world. What started as a bonfire ritual for a small group of friends held on San Francisco beach in 1986, has evolved into an iconic event. Held annually for one week before the Labor Day weekend, the festival attracts over 60,000 participants each year and yields over $8 million in tickets and contributions.This preprint reveals some preliminary results from the economic analysis of Burning Man that is based on the unique data from over 500 surveys collected during several Burning Man events between 2012 and 2018.The paper’s main findings demonstrate that Burning Man is not some hippie get-together with lots of booze and drugs. Instead, it is a lucrative and exclusive event that is attended by bright, wealthy and well-educated people, both from the United States and abroad. A typical Burner is a 32-old childless male with a college degree and an average annual income above $100,000 who attended Burning Man at least two times before and who spends between $5,000 and $6,000 on tickets, fares, gear, and supplies.

This article investigates if public investments in rural basic infrastructure represent the best strategy for boosting the local economy of rural communities from Romania. The article focuses on one specific program implemented under the Cohesion policy in the framework of the National Plan for Rural Development called Measure 322. Geographically, the research included a sample of rural communes from the North-Western Region of Romania. Moreover, the study also looks at other determinants of local economic development (LED) than infrastructure investments, with a focus on certain feature characterizing Romanian rural communities such as population size, isolation from urban centers, connection with European and national roads networks, educational stock, etc. The research included three steps, namely the construction of the LED Index, a cvasi-experimental research, and a regression model. Our main findings seem to suggest that while investments in infrastructure help the development gap between beneficiaries and non-beneficiaries remains relatively the same. In terms of determinants of LED, percentage of population with a university degree and connection to a European road are the most significant in the Romanian rural context.      

Fresh water springs are unique natural resources in Florida, currently under threat from increasing groundwater pumping and pollution resulting from a variety of sources. This paper estimates current recreation benefits from visiting springs using the travel cost method and elicits residents’ willingness to contribute for springs restoration using the contingent valuation method. It further compares the performance of count data models correcting for endogenous stratification and truncation, and finds that the annual consumer surplus per person per trip is between $20 and $43. Furthermore, visitors are willing to contribute $12 to $14 per person per trip for springs restoration without reducing trip demand.

Water management can improve the quality of valuable ecosystem services but can be costly to implement and the management costs are covered by national taxes collected by water users. Based on 30 valuation studies of water quality improvement from the Environmental Valuation Information System (EVIS) database provided by Korea Environment Institute (KEI), a meta-regression analysis was employed to measure the benefits that major river basins provided to the society. We compare these benefits to the costs, namely River Management Funds (RMFs) which are financial resources to support a variety of projects for managing and improving upstream water quality. Based on benefit-cost comparison, this study evaluates the efficiency of water resource management in South Korea. This study also provides policy options that are helpful to maintain the sustainability of water resource by improving the planning and performance of water management in the long run.

Intersectoral and intermunicipal cooperation are still underdeveloped spheres of public and economic development policies. Academic discussions are invariably focused on pro-competitive activities, the economic efficiency of which is not always sufficient. In this paper the authors attempt to identify factors leading to cooperation between local government authorities and economic entities, focusing on examples from the forest and wood-based sector in Poland. These processes are analysed in the framework of the New Institutional Economy, both in the theoretical and practical context.

Damage to crops from wildlife interference is a common threat to food security among rural communities in or near Game Management Areas (GMAs) in Zambia. This study uses a two-stage econometric model and cross-sectional data from a survey of 2,769 households to determine the impact of land use planning on the probability and extent of wildlife-inflicted crop damage. The results show that crop damage is higher in GMAs as compared to non-GMAs, and that land use planning could be an effective tool to significantly reduce the likelihood of such damage. These findings suggest that there is merit in the current drive to develop and implement land use plans as means to minimize human-wildlife conflict such as crop damage. This is especially critical as Zambian conservation policies do not have an explicit provision for compensation in the event of damage from wildlife.

This study investigates the asymmetric impacts of oil price changes on inflation in Algeria, Angola, Libya and Nigeria. Three different oil price data were applied in this study; the specific spot oil price of individual countries, the OPEC reference basket oil price and an average of the Brent, WTI and Dubai oil price. The dynamic panels ARDL were used to estimate the short and the long-run impacts. Also, this study partitioned the oil price into positive and negative changes to capture asymmetric impacts and found both positive and negative oil price changes positively influenced inflation. However, the impact was found to be more significant when oil prices dropped. The results from the study also found that money supply, the exchange rate and GDP are positively related to inflation while food production is negatively related to inflation. Accordingly, policymakers should be cautious in formulating policies between the positive and negative changes in oil prices as it was shown that inflation increased when the oil price dropped. Additionally, the use of contractionary monetary policy would help to reduce the inflation rate, and lastly, it is proposed that the government should encourage domestic food production both in quantity and quality to reduce inflation.

This paper examines the indirect effect of democracy on economic growth using a dataset of 17 MENA countries from 1990 to 2015. Democracy is assumed to affect growth through a series of channels: education, health, physical capital accumulation per labor, government consumption, and trade openness. A system of six simultaneous equations, 3SLS, is used to estimate the effect of democracy on growth through these channels. For further analysis, the countries are classified into groups according to the democratic status on the one side, and the level of income on the other. The results indicate that democracy enhances growth through its positive effect on health in all classifications of countries within the MENA region. However, the effect of democracy on growth through education and physical capital/labor is non-monotonic. Democracy always hinders growth through government size and trade openness. Once all of these indirect effects are accounted for, the overall effect of democracy on growth is negative in less democratic countries and poor countries, but positive in more democratic countries and rich countries.

This study was conducted to investigate the status of regional linkage in tourism development in in the Midlands and Northern Mountains of Vietnam. The data was collected from a survey of 755 people, including officials from State management bodies in charge of tourism, officials and staffs at tourism resorts, tourism firms, tourism scientists and tourists. In addition, we conducted 10 group discussions, interviewed 30 State tourism agency officials and tourism firms in the Midland and Mountainous provinces of Vietnam. The results show that tourism development in Vietnam in general and the Northwest region in particular is extremely fragmented, not yet forming a regional linkage; Regional and national tourism development programs are just formalistic. The main cause of the situation is the limited regional integration policy in Vietnam, the lack of appropriate regional governance mechanisms and inactive participation of the private sector in regional integration. Based on the findings, we propose a tourism sector linkage model; besides, policy implications are given for fulfilling the linkage policy in the Midlands and Northern Mountains area.

The purpose of this study is to define destination social responsibility as a multidimensional construct and examine the relationships among DSR, tourists’ emotions, and their satisfaction through the lens of corporate social responsibility. A model was empirically tested with a sample of 359 random foreign tourists caught in Hoi An, Vietnam. The results indicate that all DSR dimensions, including economic, environmental, legal-ethical, and philanthropic responsibilities significantly enhance tourists’ emotions while only legal-ethical and philanthropic responsibilities directly affect tourists’ satisfaction. The findings also confirm the mediating effect of emotions between destination social responsibility and tourists’ overall satisfaction.

We present a non-linear non-homogeneous fitness-complexity algorithm where the presence of non homogeneous terms guarantees both convergence and stability. After a suitable rescaling of the relevant quantities, the non homogeneous terms are eventually set to zero so that this new method is parameter free. This new algorithm reproduces the findings of the original algorithm proposed by Tacchella et al. [1], and allows for an approximate analytic solution in case of actual binarized RCA matrices. This solution discloses a deep connection with the network theory of bipartite graphs. We define the new quantity of “country net-efficiency” quantifying how a country efficiently invests in capabilities able to generate innovative high quality products. Eventually, we demonstrate analytically the local convergence of the algorithm.

As the EU is moving towards a low carbon economy and seeks to further develop its renewable energy policy, this paper quantitatively investigates the impact of plausible energy market reforms from the perspective of bio-renewables. Employing a state-of-the-art biobased variant of a computable general equilibrium model, this study assesses the perceived medium-term benefits, risks and trade-offs which arise from an advanced biofuels plan, two exploratory scenarios of a more 'sustainable' conventional biofuels plan and a 'no-mandate' scenario. Consistent with more recent studies, none of the scenarios considered present significant challenges to EU food-security or agricultural land usage. An illustrative advanced biofuels plan simulation requires non-trivial public support to implement whilst a degree of competition for biomass with (high-value) advanced biomass material industries is observed. On the other hand, it significantly alleviates land use pressures, whilst lignocellulose biomass prices are not expected to increase to unsustainable levels. Clearly, these observations are subject to assumptions on technological change, sustainable biomass limits, expected trends in fossil fuel prices and EU access to third-country trade. With these same caveats in mind, the switch to increased bioethanol production does not result in significant market tensions in biomass markets.

This paper examines a persuasion game between two agents with one-sided asymmetric information, where the informed agent can reveal her private information prior to playing a Battle-of-the-Sexes coordination game. We find that in the presence of strategic uncertainty in coordination there exists an equilibrium where there is no 'unraveling' of information. We provide a purification argument for this mixed strategy equilibrium to strengthen the central result, which is robust to several extensions, including both-sided asymmetric information and imprecise information revelation.

This paper investigates how and to what extent European and national policies, through the analysis of financial support derived from the Common Agricultural Policy (CAP) (First and Second Pillar) and national and local subsidies, have financed Italian agritourism. For this purpose, the authors have proposed a comparative analysis between Italian agritourism and farms without tourism activities, by stressing the distribution of public financial supports concerning the 2007-2013 programming period of the European Union (EU) for Rural Development. The empirical analysis is based on the Italian Farm Accountancy Data Network (FADN) dataset. The data were stratified by altimetry zone and farm size. Descriptive statistics and the Analysis of Variance (ANOVA) for each group were used. The main results show how the Second Pillar has mainly supported small and medium-sized farms with tourism activities and located in disadvantaged areas. This study could be useful to policymakers regarding evaluation of the mission for diversification in agriculture, represented here by the carrying out of tourist activities on farms and the contribution for the retention of small-scale farms in marginal areas.

This article explores the synergies and progression of feminism towards a comprehensive, emancipatory and sustainable policy from a theoretical point of view, particularly from a radical gender focus, suggesting the masculinist theory as a complement in the fight against the patriarchal-capitalist system, whose greatest achievement was to use a ‘feminist rhetoric’ with no feminist content, which implies a hidden reconfiguration, even more patriarchal, of the geographical borders of countries from the notion of State-nations to the entrepreneurial-nations. A theoretical model is proposed to analyse the adoption and compliance feminist behaviour in order to identify the uncompliant and unsustainable behaviour, that is, the friendly machismo or feminism light. Finally, in a preliminary manner, the foundations of a new masculinist theory and policy will be listed as a necessary step towards a deeply feminist and radical emancipatory policy.

This paper studies the spatial joint evolution of cooperative behavior and a partially assortative matching institution that protects cooperators. We consider cooperation as characterized by a cultural trait transmitted via an endogenous socialization mechanism a la Bisin and Verdier (2001) and we assume that such trait can diffuse randomly in space due to some spatial noise in the socialization mechanism. Using mathematical techniques from reaction-diffusion equations theory, we show that, under some conditions, an initially localized domain of preferences for cooperation can invade the whole population and characterize the asymptotic speed of diffusion. We consider first thecase with exogenous assortativeness, and then endogeneize the degree of social segmentation in matching, assuming that it is collectively set at each point of time and space by the local community. We show how relatively low cost segmenting institutions can appear in new places thanks to the spatial random diffusion of cooperation, helping a localized cultural cluster of cooperation to invade the whole population. The endogenous assortative matching institution follows a life cycle process : appearing, growing and then disappearing once a culture of cooperation is suffciently established in the local population.

Balanced and coordinated economic development across regions is a critical goal of regional economic development and new-type urbanization in China. However, few studies have examined economic growth convergence clubs at the county level. To extend the research on convergence clubs, this research applies a log t convergence test and a dynamic spatial ordered Probit model (DSOP) to endogenously identify economic growth convergence clubs in counties and to examine the influence of initial states and structures on club convergence probability. The study sample covers 2286 counties of China from 1992 to 2010. The results show significant convergence club patterns at the county levels, resulting in the gradual formation of six convergence clubs. The DSOP estimation results show that per capita fixed assets, population density and industrialization have promoted convergence club formation to varying degrees.

Recent pollinator declines have focused efforts on their conservation which require clear estimates of pollination value to agriculture. Our socio-economic producer surveys and agronomic field research data were used to present a new way of estimating ecosystem service value of native pollinators. Using two regionally important U.S.A. crops, Maine wild blueberry and Massachusetts cranberry as models, we present perceived values of native bee pollinators from both consumer and producers. Wild blueberry’s Replacement Cost (RC) was greater than Attributable Net Income (ANI), since greater rented honey bee stocking densities are required. Attributable Net Income for native bees were similar for wild blueberry ($613/ha) and cranberry ($689/ha). Marginal Net Farm Income (MNFI) from incrementally adding more hives per ha was greater from stocking a third/fourth hive per ha for cranberry ($6,206) than stocking a ninth/tenth hive per ha for wild blueberry ($556), given greater responsiveness of yield, revenue, and profit to using rented honey bee hives in cranberry compared to wild blueberry. Both crops’ producers were only willing to annually invest $140–188/ha in native pollination enhancements on their farms, justifying government support. Consumers are willing to pay ~6.7 times more to support native bees than producers, supporting market-based support for invertebrate conservation.

The striving for sustainable development has become the goal of actions undertaken not only by representatives of public authorities and institutions representing this sector, but also representatives of private entities who are increasingly recognizing the benefits and sources of long-term development based on the principles and objectives of sustainable development. These are mainly based on the pursuit of synergy in the three basic areas of activities, i.e., in the economic, social, and environmental dimensions as well as in the maintenance of natural resources. The implementation of these activities is connected with the necessity of incurring financial expenditures, which the government (public sector) does not have in the required value. Therefore, in the process of sustainable development for which the government is responsible, the active participation of the financial sector (banks) is necessary. Achieving results within the alliance of the concept of sustainable development requires the setting of a kind of contract, the parties of which are the government, society, and financial institutions. The purpose of the conducted research is to indicate by which means the government can stimulate economic growth towards its sustainable development. 

In the field of agricultural food production, the transition between organic and inorganic farming methods has been an issue of much debate. The debate, on one hand, stresses the urgency for the transition in order to preserve environment and health; and, on the other hand, emphasizes the pressure of maintaining food production for a large growing population. Thus, the dilemma is how to find an agricultural system that would balance between obtaining food security and ensuring a safe sustainably environment-friendly food production system. This article focuses on the debate, in the context of Bangladesh, and questions whether it is the proper time, and stage in the development process, to attempt the transition from inorganic conventional food production methods to organic food production methods. This article contemplates why the organic rice market is not expanding in Bangladesh, and attempts to explain the slow growth of the market through the two main factors of income constraint and lack of awareness among people about the environmental and health detriments of inorganic farming methods. The study is exploratory in nature, and finds that it is not mainly the lack of awareness but the income constraint that can be principally attributed to the slow expansion of the organic rice market in Bangladesh. Through exploring consumers’ awareness about organic farming methods and their demand for organic products, this study shows how income as the major constraint, besides price, affects consumers demand for organic and inorganic rice in Bangladesh. Income being identified as the major barrier reveals the potential of the organic rice market to grow in the future, as Bangladesh continues its journey towards becoming a middle-income country.

Conventional economic theory outlines that developing countries experience economic growth through an undervalued exchange rate and that exchange rate overvaluations has negative long term effects on economic growth. This paper examined the impact of exchange rate movements as well as exchange rate misalignments on economic growth for the Trinidad and Tobago economy over the period 1960 to 2016. We find statistically significant evidence that both exchange rate appreciation and misalignments impact negatively on economic growth in the T&T economy. Drilling deeper we find interestingly that there exist no non-linear effects of exchange rate misalignments on growth. Specifically we find statistically significant evidence that both overvaluations and undervaluations hamper economic growth in the Trinidad and Tobago economy. We attribute this to T&T’s small and underdeveloped manufacturing sector that tends to be overlooked on account of its energy resources, in addition to the fact that its manufacturing sector is highly import oriented. A major policy recommendation would be for the critical reassessment of the rules governing the HSF, as government expenditure was allowed to follow energy revenues due to its current limitations.

A global revolution in information and communication technologies (ICT) has occurred over the past few decades, emerging first in industrialized countries and then in developing countries. While researchers have examined many facets of the ICT revolution, relatively little work has systematically examined the degree to which ICT has reduced natural disaster vulnerability. In this article we use cross-country data over the 1980-2013 period to estimate the relationship between newly-emerging cell phone access/use and disaster-induced fatalities. Our estimates suggest that a one-standard-deviation increase in cell phone usage reduces disaster fatalities by nearly one half. The estimated effect increases to almost three quarters for geologic events where people are typically afflicted without warning. The largest marginal benefit from cell phones in terms of saving lives come from events where there is typically no warning, thus many are caught by surprise; cell phones are used to call for help and coordinate assistance.

This study evaluates the input efficiency of greenhouse tomato and pepper farms in Kosovo. Using data collected from farm surveys, we conduct an input-oriented data envelopment analysis (DEA) to empirically assess input efficiency. Secondly, linear regression analysis is used to investigate which farm variables predict greenhouse tomato and pepper technical efficiency (TE). The DEA results indicated that among the seven regions in Kosovo, Prizren emerged as the most efficient greenhouse tomato producing region with a mean efficiency of 0.83 (on a scale of 0 to 1). Prishtina followed with a mean efficiency of 0.80. In the production of greenhouse peppers, Prishtina was the most efficient region with a mean efficiency of 0.99. Ferizaj followed with a mean efficiency of 0.93. Conclusions about farm characteristics that explain differences in efficiency were sensitive to model specification. Nevertheless, depending on the structural and operational characteristics of the greenhouse tomato and pepper farms, there is an opportunity for the technically inefficient farms and regions to improve their use of inputs.

Intersectoral and intermunicipal cooperation are still underdeveloped spheres of public and economic development policies. Academic discussions are invariably focused on pro-competitive activities, the economic efficiency of which is not always sufficient. In this paper the authors attempt to identify factors leading to cooperation between local government authorities and economic entities, focusing on examples from the forest and wood-based sector in Poland. These processes are analysed in the framework of the New Institutional Economy, both in the theoretical and practical context.

The competitiveness of domestic products at the regional or global market is one of the cornerstones of a country’s internationalcompetitiveness. In this regard, the assessment and analysis of the competitiveness of a country’s international trade becomes an important issue. Thus, development and diversification of the export potential of the country is viewed as one of the most important directions of the international trade policy of the given country. Therefore, another important task is the specialization of the country in the most efficient and competitive segments of the economy. The above-mentioned circumstances embody the fact, that the role of quantitative assessment of potential competitive advantages is important, as it allows determining to what extent certain factors influence on the formation of export capacity in the country. The main objective of the study is to determine the role of export competitiveness in the process of competitive advantages formation of a country. This study mainly focuses on quantitative analysis based on the calculation of Balassa index, determining the extent to which a country has a comparative advantage in producing and exporting certain goods. The study presents the example of the Republic of Armenia, the study covers the period between 2002- 2016. Based on the index calculation, it can be determined whether the country has "revealed" comparative advantage or not. The practical significance of the study lies in the fact that its main findings and conclusions arising from it can be used in assessing the export competitiveness of not only Armenia, but also for other countries or groups of countries.The outcomes and implication of the research can be used to improve the competitiveness of goods and services in the global market.

Does the choice of proxy for stock market development matter? This paper suggests that the growth effect of stock market development is sensitive to the choice of proxy and using alternative financial development indicators have practically no influence on the results. We found that using either the stock market capitalization to GDP ratio or the stock market returns; have a positive and significant effect on growth.  However, we cannot make same conclusion when one uses either the  ratio of total value of trades on the major stock exchanges to GDP or stock market turnover ratio to proxy for stock market development as the coefficient on these variables were found to be statistically insignificant. The indexes extracted from principal component analysis confirm the sensitivity of the effect to the choice of proxy. This finding suggest that stock market development is a conceptual terms, thus, representing it with single indicators make it impossible to identify which stock market development indicators have a significant positive growth effects.

The striving for sustainable development has become the goal of actions undertaken not only by representatives of public authorities and institutions representing this sector, but also representatives of private entities who are increasingly recognizing the benefits and sources of long-term development based on the principles and objectives of sustainable development. These are mainly based on the pursuit of synergy in the three basic areas of activities, i.e., in the economic, social, and environmental dimensions as well as in the maintenance of natural resources. The implementation of these activities is connected with the necessity of incurring financial expenditures, which the government (public sector) does not have in the required value. Therefore, in the process of sustainable development for which the government is responsible, the active participation of the financial sector (banks) is necessary. Achieving results within the alliance of the concept of sustainable development requires the setting of a kind of contract, the parties of which are the government, society, and financial institutions. The purpose of the conducted research is to indicate by which means the government and the financial sector can stimulate economic growth towards its sustainable development.

This study aims to assess food security status of rural, peri-urban and urban households and role of socio-economic factors in ensuring food security. A survey was conducted to collect primary (quantitative) data from 630 respondents using proportionate sampling technique from Punjab, Pakistan. Cronbach’s Alpha reveals stability (>0.75) of data scale items. Using Dietary Intake Assessment (DIA), findings reveal urban households as highly food-secure whereas rural household as most vulnerable to food security at 2450kcal/day per person. Study indicates food price increase as the leading factor in preventing food security among households. Contrary, study identifies risk factors associated to food quality under the abundant availability and access as the new dimension to household food insecurity. Further, results of binary logit model show that socio-economic factors such as monthly income, total number of earners, education of household head and access to market are positively related with food security status whereas, social isolation, volatility in food prices and risk factors in food quality are negatively related with household food security. Therefore, study proposes educational orientation and entrepreneurial development as sustainable solution to ensure food security among masses. Besides, further country level researches are advised to deep delve the mounting menace of food security.

This paper proposes a new non-radial biennial Luenberger energy and environmental performance index (EEPI) to measure the EEP change in various Chinese cities. The sources of EEP change, in terms of technical efficiency change and technological change, are examined by Luenberger EEPI. The contributions from specific undesirable outputs and energy inputs to the EEP change are identified by means of the non-radial efficiency measure. The proposed approach is applied to evaluate the EEP of the industrial sector in 283 cities in China over 2010-2014. Factors influencing the emission abatement potential are investigated by employing geographically weighted regression (GWR) model. We find that 1) changes in EEP can be attributed to technological progress but that technological progress slows down across the study period; 2) the soot emission performance experiences a downtrend among four specific sub-performances in line with the truth that severe haze happened frequently in China; 3) the best performers begin to move from the coastal to inland cities with the less resource consumption and higher ecological equality; 4) cities with the strongest positive effect in regards to pollution intensity on emission abatement potential are located in the areas around the Bohai Gulf, where air pollution is particularly severe.

Fisheries in Cambodia play an important role in supporting household food security and livelihoods throughout the country. Inland fisheries production is largely dependent on numerous ecosystem services, particularly the flood waters of the Tonle Sap Lake basin, which has been degraded from increased fishing pressure because of population growth and a rising demand for fish. To address the dual problem of food insecurity and overfishing, an integrated food security and climate change program involved the promotion of small-scale aquaculture through semi-intensive pond management. The objective of this study is to examine perceptions of small-scale aquaculture by participants in this program in order to assess the potential for aquaculture to contribute to household food security and conservation of the Tonle Sap Lake ecosystem. Focus group discussions and a household survey were conducted among current and previous fish farmers. Results demonstrate that most farmers continue to practice small-scale aquaculture as a means to supplement household food availability and income. Numerous barriers to adoption of small-scale aquaculture were identified, including access to water, prices of commercial fish feed, selling price of fish in markets, and concerns about profitability. Seasonal water scarcity is the most prominent challenge in promoting aquaculture technologies, so aquaculture development should be expanded in areas where there are abundant supplies of water, or where use of water storage techniques are feasible. Aquaculture technology appears to have the potential to contribute to food security, nutrition, and household income, and the expansion of the practice of small-scale aquaculture has the potential to reduce fishing pressure on the wild fisheries of the Tonle Sap Lake.

In this paper, the validity of the Wagner’s law is investigated in tenth selected Sub- Saharan African countries, namely Botswana, Equatorial Guinea, Mauritania, Nigeria, South Africa, Sierra Leone, Tanzania, Ethiopia, Madagascar, and DR Congo. Five variants of the Wagner’s law were tested for the period 2005-2014, using panel econometric approaches encompassing cointegration and causality. The study found a long run relationship between the public expenditure and the various explanatory variables used as proxies of income. The long-run causality tests indicate that there is bidirectional causality between expenditure and income in all models with the exemption of the Gupta model. It is concluded that for Sub-Saharan Africa, both the Wagner’s law the Keynesian hypothesis tend to be valid under the period of investigation. The explanation is that there has been the tendency for public expenditure to grow relative to national income (Wagner’s law) and that public expenditure is a policy instrument (an exogenous factor) for improving national income (Keynesian hypothesis) during the 10-year period.

China combines green energy and industrial policy in its power market reform with various policy initiatives, including price support scheme for electricity from renewable sources and subsidies in the push for broader use of greener energy. This study focuses on the impacts of power market reform on the stock price volatility of listed power companies: 1) we use the Iterative Cumulative Sums of Squares (ICSS) algorithm to identify structural break points in stock prices; 2) we analyze the characteristics of stock price volatility based on the GARCH model; 3) we report the impact of power regulation on stock price fluctuations based on the Autoregressive Distributed Lag (ARDL) model. The result suggests three structural breaks in China’s power stock price volatility were related to the promulgation of power market reform policies. We find that industrial policies promote the reduction of power stock price fluctuations and its impact on power stock price volatility is consistent in the long run. However, our study also indicates the recent policies related to renewable energy do not have a very significant impact on the power stock market.

It is well established in literature that the public debt and economic growth bear positive and non-linear relationship. However, in recent literature, evidence of no causal relationship is found when accounted for endogeneity in case of advanced economies (Panizza & Presbitero, 2014). Chudik, Mohaddes, Pesaran, & Raissi, (2017) analyse the data on forty countries and find no evidence of universally applicable threshold effect in the relationship between debt and growth. These advancements in the debt-growth literature provides the motivation to re-explore the relationship between public debt and economic growth under non-linearity and endogeneity in context of developing economies of South Asia including Pakistan, India, Bangladesh and Sri-Lanka for the period 1980-2014. There exists a significant, positive but nonlinear relationship between the public debt and economic growth for the selected set of developing countries when accounted for endogeneity and non-linearity. The negative association between the public debt and economic growth for SAARC region is found when the debt level is higher than 61% of GDP which is quite lower than developed economies (90% of GDP). Individual threshold levels for debt-to-GDP ratio divulge that Sri Lanka, Pakistan and India need to control their public borrowings as their current debt levels are higher and/or around the respective threshold levels.

This study inscribes itself in the global discussion about the issue of environmental awareness, beliefs and behaviors. Here we focus on the role that cultural differences and scientific media dieting play in explaining heterogeneities in students' awareness and expectations about the two environmental issues of deforestation and species (plant and animal) extinction in the Middle East and North America. To this end, we use the cross-sectional survey data of the OECD's Program for International Student Assessment (PISA) 2015, along with seemingly unrelated Bi-variate ordered Probit modeling techniques. The results show that compared to their North American Counterparts, students' in the Middle East are 14.2% less aware of, and 14.5% less optimistic about the issue of deforestation, while 38.9% less aware of, and 59.0% less optimistic about the issue of species extinction. In addition, we found that science club attendance and broad science reading in books are the two most effective communication media for raising students awareness about the two environmental issues. In fact, every one level increase in students' awareness is found to raise their optimism by 20.4% for the issue of deforestation, and 15.0% for the issue of plant and animal extinction. Therefore raising young people environmental awareness and optimism through proper communication strategies, could be invaluable for achieving an economic development in line with our need to preserve the natural environment and ecosystem services for generations to come.