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Journal Article
Contribution of the Strategic Economic Plan to Singapore’s Long-term Growth: A Synthetic Control Approach
by Júlia Gallego Ziero Uhr , Felipe Weizenmann , Daniel de Abreu Pereira Uhr , Mariana Fialho Ferreira  and  Igor Serpa Moraes
Abstract
We assess the impact of the Strategic Economic Plan on Singapore’s long-term GDP per capita. To our knowledge, we are the first to evaluate the effect of the 1991 plan on Singapore’s successful growth trajectory using methodologies aimed at causal identification. In other words, this article applies the Synthetic Control method and World Bank data from 1970 to 2018. [...] Read more

Journal Article
Observable and Unobservable Investment Information in Multiple Markets
by Yoshikazu Ishinagi  and  Joonghwa Oh
Abstract
This study considers the effects of disclosure conditions on firms' investment decisions when facing an identical competitor in multiple markets. Assuming that there are congestion costs between multiple investments to reduce marginal cost for each market, this study focuses on the cases where the disclosure conditions may differ by market. Like previous studies on single Courn [...] Read more

Journal Article
Can Education Reduce or Mitigate Discrimination? An Investigation on Earnings of PhD Recipients in the US
by Wei-Chiao Huang , Qing Zang  and  Daxue Kan
Abstract
Spence’s signaling model (Spence, 1973) suggests that education can signal workers’ unobserved ability to employers thereby mitigating discrimination. There have been several studies concerning education’s impact on labor market discrimination against minority or disadvantaged groups. Our approach in this inquiry is unique in that we utilize the data of PhD re [...] Read more

Journal Article
The effectiveness of the european central bank in pursuing its prime mandate
by Mark Scholliers  and  Herman Matthijs
Abstract
The objectives and tasks of the European Central Bank (ECB) are defined in Articles 2 and 3 of Protocol (No 4) on the Statute of the European System of Central Banks (ESCB) and of the European Central Bank (ECB). While in Article 3,1° of this Protocol other tasks are mentioned, the prime objective of the ESCB and therefore of the ECB, is price stability. This concept was or [...] Read more

Journal Article
Carbon emissions trading price forecasts by multi-perspective fusion
by Chong Zhang  and  Zhiying Feng
Abstract
The precise prediction of carbon emissions trading prices is the foundation for the stable and sustainable development of the carbon financial market. In recent years, influenced by a combination of factors such as the pandemic, trading regulations, and policies, carbon prices have exhibited strong random volatility and clear non-stationary characteristics. Traditional single-p [...] Read more

Journal Article
Vector Error Correction Models with Stationary and Nonstationary Variables
by Pu Chen
Abstract
Vector Error Correction Models (VECM) have become a standard tool in empirical economics for analyzing nonstationary time series data because they integrate two key concepts in economics: equilibrium and dynamic adjustment in a single model. The current standard VECM procedure is limited to time series data with the same degree of integration, i.e., all I(1) variables. However, [...] Read more

Journal Article
How Does FDI-Led Growth Strategy Work? Some Lessons from China for Developing Countries
by Kevin H. Zhang
Abstract
Foreign direct investment (FDI) is widely viewed as a key driving force behind China’s exceptional growth performance in the last four decades. This paper investigates several questions posed by China’s success in capturing gains from FDI. What explains that success? Can other countries replicate it, or is it unique to China? What lessons are from China for other co [...] Read more

Journal Article
Bayesian-Nash equilibria for fuzzy value auctions
by Alexey S. Shvedov
Abstract
This paper analyses a model of private value auctions with symmetric risk-neutral bidders, where bidders' private values of an indivisible good are fuzzy. The auction is studied as a game with incomplete information. Fuzzy random variables, their quantile functions, and expressions for expectations through quantile functions are used. An explicit expression for the solution is [...] Read more

Journal Article
Entrepreneurial universities: Modelling the link between innovation producers and innovation users shows that team structures in the tech transfer function improves performance
by Charles Mondal , Mousa Al-Kfairy  and  Robert B. Mellor
Abstract
To investigate successful technology transfer, the potential path of innovations from the university research bench to the knowledge recipient is modelled. Universities exist in highly regulated environments and the initial path of decision-making is a hierarchical model and where decisions flow upward from manager to manager until a small number of candidate innovations for co [...] Read more

Journal Article
Post-Pandemic Rental Housing Affordability Economics in the U.S., U.K., & Canada
by Grant Alexander Wilson , Jason Jogia  and  Tyler Case
Abstract
Rental unaffordability is defined as spending more than 30% of a household’s gross income on rent. Post-pandemic inflation and interest rate increases have intensified rental unaffordability. This research examines rental affordability in the U.S., the U.K., and Canada. It also explores the effect of renters’ “affordability knowledge” – defined as [...] Read more

Journal Article
Is democracy affecting the economic policy responses to COVID-19? A cross-country analysis
by João Ricardo Costa Filho  and  António Neto
Abstract
How does democracy relate to the initial economic policy responses to Covid-19? Using a cross country analysis, we find that countries with a higher degree of democracy have stronger economic policy responses than their peers. However, when we separate monetary and financial policies from fiscal policy, democracy is not associated with the latter when we control for the income [...] Read more

Journal Article
Greasing the revolving door: foreign aid, governance, and private capital flows
by Ugochukwu Anyanwu  and  Amarachukwu Anyanwu
Abstract
There is a considerable amount of debate on the impact of capital liberalization on economic performance. Using Three-Stage Least Squares (3SLS) estimation technique introduced by Zellner and Theil (1962), we synthesize studies on the determinants of governance and capital flows. We find evidence of a revolving door relationship. Foreign aid has a negative impact on governance [...] Read more

Journal Article
Estimating the dynamics of fiscal financing in emerging economies
by Krastina Dzhambova
Abstract
I present a theoretical model and an empirical approach for jointly estimating the effectiveness of fiscal policy and the stochastic process of sovereign interest rate shocks. The theoretical model has features relevant to small open and emerging economies. Interest rate shocks affect the ability of firms to finance payroll expenses. This theoretical feature creates a propagati [...] Read more

Journal Article
The effects of Energy Performance Certificates in energy poverty: A brief overview
by Inês Carrilho Nunes  and  Margarida Catalão Lopes
Abstract
Energy Performance Certificates are a key tool for achieving energy efficiency in the building sector. The existence of this type of legislation provides incentives for the energy renovation of buildings, increases energy-efficiency investments, and improves social welfare. At the same time, informational asymmetries are mitigated and energy consumption is reduced. However, the [...] Read more

Journal Article
Divergences among ESG rating systems: Evidence from financial indexes
by Conghao Zhu  and  Cunyi Yang
Abstract
This paper specifically underscores the disparities among various ESG rating systems in China, highlighting their varied interpretations and emphasis on corporate financial factors. Analyzing data on Chinese listed firms from 2009-2022, we observe that while company size and leverage ratio uniformly correlate with ESG scores across rating agencies such as Bloomberg, Huazheng, W [...] Read more

Journal Article
Taxes and social instability: How large corporations and wealthy taxpayers hide taxable money?
by Miaba Louise Lompo  and  Marie Madeleine Ouoba
Abstract
Non-compliance with tax obligations, particularly by wealthy taxpayers and large corporations, continues to represent a source of social injustice that fuels social instability, especially in developing countries. Understanding the strategies of tax evasion and avoidance is of critical importance. This article highlights five main strategies used by large corporations and wealt [...] Read more

Journal Article
Access to and use of financial services in ECOWAS countries: Is mobile money closing the gender gap?
by Aristide Bonsdaouêndé Valea
Abstract
This paper deals with the gender gap in accessing and using financial services provided by mobile money and financial institutions. Using data from ECOWAS member countries, we applied the Fairlie decomposition method to estimate and decompose the gender gap. The results show that mobile money contributes to improving of the use of services compared to financial institutions. Ho [...] Read more

Journal Article
Navigating the Confluence of Inequality and STEM Equity: An Australian Perspective
by Alicia Liu , Safdar Khan  and  Alexandra Bec
Abstract
This study underscores the chronic issue of gender pay disparity that prevails across different STEM fields and educational qualification levels in Australia. Despite instances where women's incomes may align or even surpass men's, the broader pattern of inequality remains undeniable. The study advocates for targeted strategies to address gender pay gaps, particularly in fields [...] Read more

Journal Article
Does ‘Being Your Own Boss’ raise your chance of becoming someone else’s Boss?
by Lixin Cai
Abstract
Self-employment is often associated with entrepreneurship and regarded as a driver of innovation, job creation and economic growth. As such, many countries have policies to promote and support self-employment. One mechanism for self-employment to drive job growth is for sole traders to become an employer through hiring employees. However, there are few studies that investigate [...] Read more

Journal Article
Hedonic and utilitarian online shopping: A preliminary investigation
by Daniele Scarpi de Claricini
Abstract
This research letter investigates hedonic and utilitarian orientations to Online shopping. The data highlight a positive correlation of hedonism with both the length and the frequency of connection to the Internet. It considers two products, jeans and personal computers, that previous literature had identified as being characterized by utilitarian and hedonic features. The resu [...] Read more