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Volumen 10 (2022): Edición 1 (June 2022)

Volumen 9 (2021): Edición 2 (December 2021)

Volumen 9 (2021): Edición 1 (June 2021)

Volumen 8 (2020): Edición 2 (December 2020)

Volumen 8 (2020): Edición 1 (June 2020)

Volumen 7 (2019): Edición 2 (December 2019)

Volumen 7 (2019): Edición 1 (June 2019)

Volumen 6 (2018): Edición 2 (December 2018)

Volumen 6 (2018): Edición 1 (June 2018)

Volumen 5 (2017): Edición 2 (December 2017)

Volumen 5 (2017): Edición 1 (June 2017)

Volumen 4 (2016): Edición 2 (December 2016)

Volumen 4 (2016): Edición 1 (June 2016)

Volumen 3 (2015): Edición 2 (December 2015)

Volumen 3 (2015): Edición 1 (June 2015)

Detalles de la revista
Formato
Revista
eISSN
2303-5013
Publicado por primera vez
08 Sep 2015
Periodo de publicación
2 veces al año
Idiomas
Inglés

Buscar

Volumen 9 (2021): Edición 1 (June 2021)

Detalles de la revista
Formato
Revista
eISSN
2303-5013
Publicado por primera vez
08 Sep 2015
Periodo de publicación
2 veces al año
Idiomas
Inglés

Buscar

12 Artículos
Acceso abierto

Does Railway Lines Investments Matter for Economic Growth?

Publicado en línea: 04 Jun 2021
Páginas: 11 - 24

Resumen

Abstract

The $20.81 trillion U.S. economy relies on a vast infrastructure network to thrive; however, empirical studies that examined that impact of infrastructure on economic growth in the U.S. are limited. This study’s principal objective was to examine the effect of railway lines on economic growth using annual data from 1980 to 2016 and cointegration analysis. The results showed a positive and significant impact of railway lines on economic growth in the long-run and short-run. The impulse response analysis indicates that shocks to railway lines initially cause GDP growth rates to increase and decrease continuously. The variance decomposition analysis also suggests that overtime, railway lines contribute largely to the variations in economic growth followed by inflation and population. This study’s outcome has important implications not only for the U.S. economy but also for developing and emerging countries. The results suggest that railway lines investments matter for economic growth in the U.S.

Palabras clave

  • economic growth
  • railway lines
  • VECM
  • United States

JEL Classification

  • EOO
  • H54
  • O4O
  • O18
Acceso abierto

Understanding the Effect of a Soft Drinks Industry Levy on Consumer Well-Being in the UK: First Estimates

Publicado en línea: 04 Jun 2021
Páginas: 25 - 42

Resumen

Abstract

This paper is a first attempt to provide a quantitative evaluation of consumer well-being resulting from the UK Soft Drinks Industry Levy introduced in April 2018. Using a model setup that encompasses both a normal case and a Giffen case for sugary drinks consumption, a computational exercise is performed to quantify the welfare social loss for a variety of household incomes. The model demonstrates that the introduction of a soft drinks levy results in a non-trivial welfare loss, particularly in terms of monetary value and weight effect. We also find that the wealthiest individuals in society are affected positively by this levy, whilst the poorest segment of the population are adversely affected, especially in the presence of a binding nutritional constraint.

Palabras clave

  • Soda tax
  • sugary drinks
  • Giffen goods
  • nutritional constraint
  • welfare social loss

JEL Classification

  • D11
  • H21
  • I31
Acceso abierto

The Transition of Son Preference: Evidence from Southeast Asian Countries

Publicado en línea: 04 Jun 2021
Páginas: 43 - 67

Resumen

Abstract

This paper explores the existence of son preference and gender-based fertility behavior among Southeast Asian mothers. Using census data of ten countries (Cambodia, China, India, Indonesia, Malaysia, Myanmar, Nepal, Philippines, Thailand, and Vietnam) over the years 1970-2014 and a sample of over 18 million observation, I show that having a first-born girl is associated with 0.16 more children in the household, equivalent to 7.2 percent rise from the mean. The marginal effects are quite robust across various specifications and subsamples. The effects are larger for countries with lower human development index and individuals with lower education. A birth cohort analysis show that the effects are significantly smaller for later cohorts implying that son preference fertility behavior has diminished over time.

Palabras clave

  • Son Preference
  • Gender Discrimination
  • Fertility
  • Family Planning
  • Family Economics
  • Sex Selection
  • Culture

JEL Classification

  • J11
  • J12
  • J13
  • J16
  • N30
  • Z13
  • D10
Acceso abierto

RETRACTED: Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices

Publicado en línea: 04 Jun 2021
Páginas: 69 - 83

Resumen

Abstract

Previous studies show that children in lower socioeconomic status families reveal higher rates of mortality. We complement the income-mortality literature by establishing a causal link between income and child mortality. Our instrument for income is based on time-series global shocks to oil prices combined with the cross-sectional share of employment in manufacturing across US states as their exposure to oil price changes. Using the universe of death records between the years 1975-2004, we find the OLS results of income-child-mortality relationships are under-biased. The 2SLS-IV results suggest that a $1,000 increase in income per capita at the state level reduces child mortality and infant mortality by 0.87 and 0.53 fewer incidences per 1,000 population of age-specific children.

Palabras clave

  • Income
  • Child Mortality
  • Infant Mortality
  • Toddler Mortality
  • Income Inequality
  • Oil Price
  • Panel Data
  • Two-Stage Least Square
  • Instrumental Variable

JEL Classification

  • D31
  • O13
  • I14
  • P36
  • C23
Acceso abierto

A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU Countries

Publicado en línea: 04 Jun 2021
Páginas: 85 - 105

Resumen

Abstract

The Global financial crisis of 2008-2009 severely impacted the developed economies of the world. It occurred at a time when most countries had started gaining economic growth, stability, and vibrance. Each country experienced a jolt to its economy, causing financial fragility, shocks, tragedy, and struggle. Attempts have been made to understand the root causes, economic instability, and the lessons learned from the great recession. Given the current situation of the COVID-19 pandemic, this research paper seeks to examine the global recession, its effect on the economy and finances. Our research is based on the qualitative analysis of comparing the impact of the global financial crisis and strategic recovery recession plans of the top five GDP countries in the European Union-particularly Germany, the UK, France, Spain, and Italy to draw some similarities between a recession and COVID-19 pandemic in terms of the economy. The findings indicate that the great recession had a devastating impact on the entire economy, and the world can learn valuable lessons. It notes that out of the selected five EU countries, Germany was the first to recover and bounce back by 2011, but Italy and Spain were severely hit and took longer to recover only partially. The recession recovery strategies demonstrate some similarities in economic and employment measures and differences concerning tax reforms and financial support packages initiated by all five countries. There needs to be a mechanism in which each country must prepare for untimely recessions. Thus, a developmental model has been created to enable countries to be more prepared when faced with recessions in the future years.

Palabras clave

  • Recession
  • Strategy
  • Pandemic
  • Europe
  • Economy
  • Unemployment
  • Tax reform
  • Global Financial Crisis
  • Macroeconomics

JEL Classification

  • J11
  • J21
  • O11
  • O23
  • O48
  • P11
  • R11
  • Y11
Acceso abierto

Transport Infrastructure Quality and Logistics Performance in Exports

Publicado en línea: 04 Jun 2021
Páginas: 107 - 124

Resumen

Abstract

The quality of transport infrastructure and the efficiency of logistics services enhance economic development. This study measures the effects of transport-freight common modals and logistics performance on the exports of goods in 29 developing economies based on micro fixed-effects panel data for the period 2012–2018. The endogenous model proved a positive relationship with countries’ outward orientation, highlighting the importance of transport infrastructure and logistics resources. The results revealed that the quality of roads and ports contribute significantly to higher exports in developing economies. However, the quality of airport infrastructure and logistics show a harmful effect. Notably, the logistics services level is a detrimental factor impacting the export of goods in developing economies. These results may adversely impact the potential contributions of other transport assets based on intermodal transport functionality and global market participation. Therefore, governments should prioritize formulating innovative policies and integration strategies with the private sector to improve the performance of logistics providers and fully utilize current transportation assets, particularly airports. These plans will facilitate higher exports, yield better development, and improve economic competitiveness while expanding export product diversification opportunities.

Palabras clave

  • Developing Economies
  • Logistics
  • Transportation Infrastructure Quality
  • Exports of Goods
  • Economic Development

JEL Classification

  • O10
  • L91
  • F10
Acceso abierto

Income Inequalities in EU Countries: Gini Indicator Analysis

Publicado en línea: 04 Jun 2021
Páginas: 125 - 142

Resumen

Abstract

Franklin Delano Roosevelt said that “the test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” According to the World Economic Forum (2021), income disparity is at the top of global risks in the coming years. The development of income inequality is a growing concern worldwide, particularly since the Great Recession. This study is based on available data on the Gini coefficient of equivalized disposable income from 2005 to 2019 for the 27 European Union countries. We found that the indicator’s value demonstrates a reasonably even distribution of income (not exceeding 40%) in all European Union countries, except Bulgaria. We used the FORECAST ETS function (Excel for Microsoft 365) that is based on the AAA version of the Exponential Smoothing (ETS) algorithm to conduct our analysis. We grouped the EU 27 countries to investigate income equality behavior. According to the interval’s median of the sample’s standard deviation, we selected Italy, Spain, Germany, Slovakia, Hungary, Bulgaria for further investigation. We conclude the absence of general trends in the inequality of income distribution in society due to the financial crisis factors. The research presents exploratory insights into income inequality in the European Union.

Palabras clave

  • EU
  • Income inequality
  • Gini
  • Sturges formula
  • quintile
  • forecast
  • Exponential Smoothing
  • Global financial crisis
  • Standard deviation

JEL Classification

  • D33
  • E17
  • E21
  • E25
  • E24
  • Y1
  • Y10
Acceso abierto

Tourism Economy. Mountain Tourism: Quantitative Analysis of Winter Destinations in Romania

Publicado en línea: 04 Jun 2021
Páginas: 143 - 159

Resumen

Abstract

The continuous development of mountain tourism derives from the multiple positive points that the mountain has in satisfying the particularly diverse tourist needs. The strong point is represented by the extremely valuable and complex tourist potential, as well as the variety of natural and anthropic resources. The complementarity of these resources makes the arrangement and development of winter resorts with a useful and attractive profile called ski areas to be more and more common in mountainous areas. The purpose of this paper is to analyze winter destinations in order to conclude whether Romania can create a competitive advantage based on this type of tourism, both at European and global level. We used statistical data for all Romanian resort for sky destination, respectively the total number of practicable kilometers, total number of cableway installations and the accommodation capacity. For the quantitative analysis we used the SPSS 23.0 statistical software and applied the following statistical methods: Person correlations, chi square test and Student’s t test for paired samples. The research results, obtained with statistical methodology, support and highlight the significant differences between the Romanian mountain resorts for winter activities.

Palabras clave

  • mountain tourism
  • winter tourism
  • winter sports
  • winter destinations
  • quantitative analysis
  • Romania

JEL Classification

  • L83
  • Z32
  • Z39
Acceso abierto

Aligning Corporate Social Responsibility with the United Nations’ Sustainability Goals: Trickier than it Seems?

Publicado en línea: 04 Jun 2021
Páginas: 161 - 177

Resumen

Abstract

This article explores the profound mismatch between the United Nations 2030 Agenda for Sustainable Development and fundamentals for Corporate Social Responsibility (CSR). The common survival of human life, society, and the global order as we know it, and the need for companies to make profit is not easy. The intractability of the problem is often underestimated in public as well as scientific debate. This article discusses the problem and possible ways to cope with it through ‘social entrepreneurship’ illustrated here by a study of nine firms in Sweden. The study draws on an amalgamation of Schumpeterian theory about “creative destruction” and the concept of “Emerging Davids vs. Greening Goliaths.”

Palabras clave

  • Social entrepreneurship
  • 2030 Agenda for Sustainable Development
  • Archie Carroll’s CSR pyramid
  • Emerging Davids vs. Greening Goliaths

JEL Classification

  • Q590
Acceso abierto

The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis

Publicado en línea: 04 Jun 2021
Páginas: 179 - 203

Resumen

Abstract

The Covid-19 pandemic has ushered in a new age in the world. We are still grappling with the implications in various areas of our everyday lives. The impulsive buying habits of consumers, the supply chain, and the whole industry are not exceptions. Consumers and supply chains were both unprepared during the early stages of the novel coronavirus pandemic. The procurement of utilitarian products was referred to as panic buying. The study examined using exploratory studies on several individuals in the eight selected Islamic countries who have been panic buying in coronavirus-affected areas and have faced regional constraints. The data apply on exploratory factor analysis (EFA) in eight selected Islamic countries, three hundred sample finally selected, and a good number of volunteers supported in this study. The results have shown that a drastic financial effect on the economy where purchasing power and remittance inflow declined, inflation goes up and precaution for lockdown, whereas impulsive buying goods tendency increased due to misinformation, and panic buying immensely impact in the economy. The decision-making process has shifted, preventing financial burdening, rising saving patterns, and unwelcoming unhealthy consumption. Moreover, visible psychological distress, depression, anxiety, and post-traumatic stress. These studies concluded with a policy recommendation providing the results.

Palabras clave

  • Consumer
  • Panic Buying
  • Covid-19
  • Depression
  • Economy
  • Health
  • Lockdown
  • and Islamic Countries

JEL Classification

  • C23
  • C51
  • D12
  • M31
  • G2
  • G4
  • I1
  • M2
Acceso abierto

Adaptability of Securitization Model to Conditions of Volatile Financial Structure

Publicado en línea: 04 Jun 2021
Páginas: 205 - 219

Resumen

Abstract

The Great Financial Crisis of 2008 exposed certain weaknesses in the field of investment banking and the necessity to adapt certain innovative solutions to the newly created economic and financial environment. The process of securitization is a financial innovation, which some financial analysts consider one of the causes of the Great Financial Crisis. Although it is often linked to the emergence of the Great Financial Crisis, the advantages of the securitization model, together with a level of adaptability and enhanced process control throughout all procedural levels, significantly outweigh its perceived shortcomings.

The financial system of the Republic of Srpska continues to be characterized by the growth of nonperforming loans in bank assets, mainly caused by increased systemic risk due to the current COVID-19 pandemic and declining economic activity in the country, but also by a well-developed financial system infrastructure, which is necessary in order to allow the application of the securitization model to significantly contribute to increasing financial stability in the conditions of volatile financial structure. The model of securitization of nonperforming loans and its application in the process of bank restructuring can be the mainstay of the stabilization of the financial system. The aim of the research is to demonstrate that the application of the adapted securitization model of nonperforming assets of banks and its application in the process of bank restructuring in the conditions of unstable financial structure may contribute to financial stability and control of increase of a systemic risk.

Securitization increases the supply of quality financial instruments, the number of participants in the process of transformation of financial assets and develops a more resilient financial market. The results include emergence of additional funding sources for financial institutions, generation of nonperforming assets’ problems, with additional liquidity and diversification for many of their clients.

Palabras clave

  • Securitization
  • Standardization
  • Credit Improvement
  • Systemic Risk
  • Non-Performing Loans
  • Bank Restructuring
  • Financial Stability

JEL Classification

  • O31
  • G21
  • G24
Acceso abierto

A New Intuition into Tourism-Inclusive Growth Nexus in Turkey and Nigeria (1995 – 2018)

Publicado en línea: 04 Jun 2021
Páginas: 221 - 241

Resumen

Abstract

This paper examines the symmetric and asymmetric causal relationships between tourism and inclusive growth in Turkey and Nigeria over the period 1995Q1-2018Q4. The study employs a bootstrap simulation method with leverage adjustments to achieve the objective of the study. The method is used to see whether positive or negative tourism shocks cause inclusive growth and whether positive or negative inclusive growth shocks cause tourism activity. The results show no evidence of asymmetric causality between tourism and inclusive growth, while there is evidence of symmetric causality running from tourism to inclusive growth in Turkey. On the other hand, there is neither symmetric nor asymmetric causal relationship between tourism and inclusive growth in Nigeria. In sum, both neutrality and tourism-led growth hypothesis hold in Turkey, while Nigeria gives credence to neutrality hypothesis. The recommendations coming from the findings are that the tourism sector in both countries, Nigeria in particular, should be repositioned for better performance and effectiveness in stimulating inclusive growth. Rather than focusing on pro-poor and micro-based tourism policies that favour selected communities and localities, tourism should be included in development plans nationally, in order to ensure wider participation and more encompassing trickle-down effects on the citizenry. Furthermore, both countries should implement policies that will stimulate their tourism sectors for a larger and more significant contribution to real GDP.

Palabras clave

  • Asymmetric
  • Bootstrap simulation method
  • Inclusive growth
  • Symmetric
  • Tourism

JEL Classification

  • L8
  • F43
  • O10
  • O50
12 Artículos
Acceso abierto

Does Railway Lines Investments Matter for Economic Growth?

Publicado en línea: 04 Jun 2021
Páginas: 11 - 24

Resumen

Abstract

The $20.81 trillion U.S. economy relies on a vast infrastructure network to thrive; however, empirical studies that examined that impact of infrastructure on economic growth in the U.S. are limited. This study’s principal objective was to examine the effect of railway lines on economic growth using annual data from 1980 to 2016 and cointegration analysis. The results showed a positive and significant impact of railway lines on economic growth in the long-run and short-run. The impulse response analysis indicates that shocks to railway lines initially cause GDP growth rates to increase and decrease continuously. The variance decomposition analysis also suggests that overtime, railway lines contribute largely to the variations in economic growth followed by inflation and population. This study’s outcome has important implications not only for the U.S. economy but also for developing and emerging countries. The results suggest that railway lines investments matter for economic growth in the U.S.

Palabras clave

  • economic growth
  • railway lines
  • VECM
  • United States

JEL Classification

  • EOO
  • H54
  • O4O
  • O18
Acceso abierto

Understanding the Effect of a Soft Drinks Industry Levy on Consumer Well-Being in the UK: First Estimates

Publicado en línea: 04 Jun 2021
Páginas: 25 - 42

Resumen

Abstract

This paper is a first attempt to provide a quantitative evaluation of consumer well-being resulting from the UK Soft Drinks Industry Levy introduced in April 2018. Using a model setup that encompasses both a normal case and a Giffen case for sugary drinks consumption, a computational exercise is performed to quantify the welfare social loss for a variety of household incomes. The model demonstrates that the introduction of a soft drinks levy results in a non-trivial welfare loss, particularly in terms of monetary value and weight effect. We also find that the wealthiest individuals in society are affected positively by this levy, whilst the poorest segment of the population are adversely affected, especially in the presence of a binding nutritional constraint.

Palabras clave

  • Soda tax
  • sugary drinks
  • Giffen goods
  • nutritional constraint
  • welfare social loss

JEL Classification

  • D11
  • H21
  • I31
Acceso abierto

The Transition of Son Preference: Evidence from Southeast Asian Countries

Publicado en línea: 04 Jun 2021
Páginas: 43 - 67

Resumen

Abstract

This paper explores the existence of son preference and gender-based fertility behavior among Southeast Asian mothers. Using census data of ten countries (Cambodia, China, India, Indonesia, Malaysia, Myanmar, Nepal, Philippines, Thailand, and Vietnam) over the years 1970-2014 and a sample of over 18 million observation, I show that having a first-born girl is associated with 0.16 more children in the household, equivalent to 7.2 percent rise from the mean. The marginal effects are quite robust across various specifications and subsamples. The effects are larger for countries with lower human development index and individuals with lower education. A birth cohort analysis show that the effects are significantly smaller for later cohorts implying that son preference fertility behavior has diminished over time.

Palabras clave

  • Son Preference
  • Gender Discrimination
  • Fertility
  • Family Planning
  • Family Economics
  • Sex Selection
  • Culture

JEL Classification

  • J11
  • J12
  • J13
  • J16
  • N30
  • Z13
  • D10
Acceso abierto

RETRACTED: Income Shocks and Child Mortality Rates: Evidence from Fluctuations in Oil Prices

Publicado en línea: 04 Jun 2021
Páginas: 69 - 83

Resumen

Abstract

Previous studies show that children in lower socioeconomic status families reveal higher rates of mortality. We complement the income-mortality literature by establishing a causal link between income and child mortality. Our instrument for income is based on time-series global shocks to oil prices combined with the cross-sectional share of employment in manufacturing across US states as their exposure to oil price changes. Using the universe of death records between the years 1975-2004, we find the OLS results of income-child-mortality relationships are under-biased. The 2SLS-IV results suggest that a $1,000 increase in income per capita at the state level reduces child mortality and infant mortality by 0.87 and 0.53 fewer incidences per 1,000 population of age-specific children.

Palabras clave

  • Income
  • Child Mortality
  • Infant Mortality
  • Toddler Mortality
  • Income Inequality
  • Oil Price
  • Panel Data
  • Two-Stage Least Square
  • Instrumental Variable

JEL Classification

  • D31
  • O13
  • I14
  • P36
  • C23
Acceso abierto

A Study of Global Recession Recovery Strategies in Highly Ranked GDP EU Countries

Publicado en línea: 04 Jun 2021
Páginas: 85 - 105

Resumen

Abstract

The Global financial crisis of 2008-2009 severely impacted the developed economies of the world. It occurred at a time when most countries had started gaining economic growth, stability, and vibrance. Each country experienced a jolt to its economy, causing financial fragility, shocks, tragedy, and struggle. Attempts have been made to understand the root causes, economic instability, and the lessons learned from the great recession. Given the current situation of the COVID-19 pandemic, this research paper seeks to examine the global recession, its effect on the economy and finances. Our research is based on the qualitative analysis of comparing the impact of the global financial crisis and strategic recovery recession plans of the top five GDP countries in the European Union-particularly Germany, the UK, France, Spain, and Italy to draw some similarities between a recession and COVID-19 pandemic in terms of the economy. The findings indicate that the great recession had a devastating impact on the entire economy, and the world can learn valuable lessons. It notes that out of the selected five EU countries, Germany was the first to recover and bounce back by 2011, but Italy and Spain were severely hit and took longer to recover only partially. The recession recovery strategies demonstrate some similarities in economic and employment measures and differences concerning tax reforms and financial support packages initiated by all five countries. There needs to be a mechanism in which each country must prepare for untimely recessions. Thus, a developmental model has been created to enable countries to be more prepared when faced with recessions in the future years.

Palabras clave

  • Recession
  • Strategy
  • Pandemic
  • Europe
  • Economy
  • Unemployment
  • Tax reform
  • Global Financial Crisis
  • Macroeconomics

JEL Classification

  • J11
  • J21
  • O11
  • O23
  • O48
  • P11
  • R11
  • Y11
Acceso abierto

Transport Infrastructure Quality and Logistics Performance in Exports

Publicado en línea: 04 Jun 2021
Páginas: 107 - 124

Resumen

Abstract

The quality of transport infrastructure and the efficiency of logistics services enhance economic development. This study measures the effects of transport-freight common modals and logistics performance on the exports of goods in 29 developing economies based on micro fixed-effects panel data for the period 2012–2018. The endogenous model proved a positive relationship with countries’ outward orientation, highlighting the importance of transport infrastructure and logistics resources. The results revealed that the quality of roads and ports contribute significantly to higher exports in developing economies. However, the quality of airport infrastructure and logistics show a harmful effect. Notably, the logistics services level is a detrimental factor impacting the export of goods in developing economies. These results may adversely impact the potential contributions of other transport assets based on intermodal transport functionality and global market participation. Therefore, governments should prioritize formulating innovative policies and integration strategies with the private sector to improve the performance of logistics providers and fully utilize current transportation assets, particularly airports. These plans will facilitate higher exports, yield better development, and improve economic competitiveness while expanding export product diversification opportunities.

Palabras clave

  • Developing Economies
  • Logistics
  • Transportation Infrastructure Quality
  • Exports of Goods
  • Economic Development

JEL Classification

  • O10
  • L91
  • F10
Acceso abierto

Income Inequalities in EU Countries: Gini Indicator Analysis

Publicado en línea: 04 Jun 2021
Páginas: 125 - 142

Resumen

Abstract

Franklin Delano Roosevelt said that “the test of our progress is not whether we add more to the abundance of those who have much; it is whether we provide enough for those who have too little.” According to the World Economic Forum (2021), income disparity is at the top of global risks in the coming years. The development of income inequality is a growing concern worldwide, particularly since the Great Recession. This study is based on available data on the Gini coefficient of equivalized disposable income from 2005 to 2019 for the 27 European Union countries. We found that the indicator’s value demonstrates a reasonably even distribution of income (not exceeding 40%) in all European Union countries, except Bulgaria. We used the FORECAST ETS function (Excel for Microsoft 365) that is based on the AAA version of the Exponential Smoothing (ETS) algorithm to conduct our analysis. We grouped the EU 27 countries to investigate income equality behavior. According to the interval’s median of the sample’s standard deviation, we selected Italy, Spain, Germany, Slovakia, Hungary, Bulgaria for further investigation. We conclude the absence of general trends in the inequality of income distribution in society due to the financial crisis factors. The research presents exploratory insights into income inequality in the European Union.

Palabras clave

  • EU
  • Income inequality
  • Gini
  • Sturges formula
  • quintile
  • forecast
  • Exponential Smoothing
  • Global financial crisis
  • Standard deviation

JEL Classification

  • D33
  • E17
  • E21
  • E25
  • E24
  • Y1
  • Y10
Acceso abierto

Tourism Economy. Mountain Tourism: Quantitative Analysis of Winter Destinations in Romania

Publicado en línea: 04 Jun 2021
Páginas: 143 - 159

Resumen

Abstract

The continuous development of mountain tourism derives from the multiple positive points that the mountain has in satisfying the particularly diverse tourist needs. The strong point is represented by the extremely valuable and complex tourist potential, as well as the variety of natural and anthropic resources. The complementarity of these resources makes the arrangement and development of winter resorts with a useful and attractive profile called ski areas to be more and more common in mountainous areas. The purpose of this paper is to analyze winter destinations in order to conclude whether Romania can create a competitive advantage based on this type of tourism, both at European and global level. We used statistical data for all Romanian resort for sky destination, respectively the total number of practicable kilometers, total number of cableway installations and the accommodation capacity. For the quantitative analysis we used the SPSS 23.0 statistical software and applied the following statistical methods: Person correlations, chi square test and Student’s t test for paired samples. The research results, obtained with statistical methodology, support and highlight the significant differences between the Romanian mountain resorts for winter activities.

Palabras clave

  • mountain tourism
  • winter tourism
  • winter sports
  • winter destinations
  • quantitative analysis
  • Romania

JEL Classification

  • L83
  • Z32
  • Z39
Acceso abierto

Aligning Corporate Social Responsibility with the United Nations’ Sustainability Goals: Trickier than it Seems?

Publicado en línea: 04 Jun 2021
Páginas: 161 - 177

Resumen

Abstract

This article explores the profound mismatch between the United Nations 2030 Agenda for Sustainable Development and fundamentals for Corporate Social Responsibility (CSR). The common survival of human life, society, and the global order as we know it, and the need for companies to make profit is not easy. The intractability of the problem is often underestimated in public as well as scientific debate. This article discusses the problem and possible ways to cope with it through ‘social entrepreneurship’ illustrated here by a study of nine firms in Sweden. The study draws on an amalgamation of Schumpeterian theory about “creative destruction” and the concept of “Emerging Davids vs. Greening Goliaths.”

Palabras clave

  • Social entrepreneurship
  • 2030 Agenda for Sustainable Development
  • Archie Carroll’s CSR pyramid
  • Emerging Davids vs. Greening Goliaths

JEL Classification

  • Q590
Acceso abierto

The Economic Influence on Consumers Buying Behavior in Islamic Countries: Evidence from the COVID-19 Economic Crisis

Publicado en línea: 04 Jun 2021
Páginas: 179 - 203

Resumen

Abstract

The Covid-19 pandemic has ushered in a new age in the world. We are still grappling with the implications in various areas of our everyday lives. The impulsive buying habits of consumers, the supply chain, and the whole industry are not exceptions. Consumers and supply chains were both unprepared during the early stages of the novel coronavirus pandemic. The procurement of utilitarian products was referred to as panic buying. The study examined using exploratory studies on several individuals in the eight selected Islamic countries who have been panic buying in coronavirus-affected areas and have faced regional constraints. The data apply on exploratory factor analysis (EFA) in eight selected Islamic countries, three hundred sample finally selected, and a good number of volunteers supported in this study. The results have shown that a drastic financial effect on the economy where purchasing power and remittance inflow declined, inflation goes up and precaution for lockdown, whereas impulsive buying goods tendency increased due to misinformation, and panic buying immensely impact in the economy. The decision-making process has shifted, preventing financial burdening, rising saving patterns, and unwelcoming unhealthy consumption. Moreover, visible psychological distress, depression, anxiety, and post-traumatic stress. These studies concluded with a policy recommendation providing the results.

Palabras clave

  • Consumer
  • Panic Buying
  • Covid-19
  • Depression
  • Economy
  • Health
  • Lockdown
  • and Islamic Countries

JEL Classification

  • C23
  • C51
  • D12
  • M31
  • G2
  • G4
  • I1
  • M2
Acceso abierto

Adaptability of Securitization Model to Conditions of Volatile Financial Structure

Publicado en línea: 04 Jun 2021
Páginas: 205 - 219

Resumen

Abstract

The Great Financial Crisis of 2008 exposed certain weaknesses in the field of investment banking and the necessity to adapt certain innovative solutions to the newly created economic and financial environment. The process of securitization is a financial innovation, which some financial analysts consider one of the causes of the Great Financial Crisis. Although it is often linked to the emergence of the Great Financial Crisis, the advantages of the securitization model, together with a level of adaptability and enhanced process control throughout all procedural levels, significantly outweigh its perceived shortcomings.

The financial system of the Republic of Srpska continues to be characterized by the growth of nonperforming loans in bank assets, mainly caused by increased systemic risk due to the current COVID-19 pandemic and declining economic activity in the country, but also by a well-developed financial system infrastructure, which is necessary in order to allow the application of the securitization model to significantly contribute to increasing financial stability in the conditions of volatile financial structure. The model of securitization of nonperforming loans and its application in the process of bank restructuring can be the mainstay of the stabilization of the financial system. The aim of the research is to demonstrate that the application of the adapted securitization model of nonperforming assets of banks and its application in the process of bank restructuring in the conditions of unstable financial structure may contribute to financial stability and control of increase of a systemic risk.

Securitization increases the supply of quality financial instruments, the number of participants in the process of transformation of financial assets and develops a more resilient financial market. The results include emergence of additional funding sources for financial institutions, generation of nonperforming assets’ problems, with additional liquidity and diversification for many of their clients.

Palabras clave

  • Securitization
  • Standardization
  • Credit Improvement
  • Systemic Risk
  • Non-Performing Loans
  • Bank Restructuring
  • Financial Stability

JEL Classification

  • O31
  • G21
  • G24
Acceso abierto

A New Intuition into Tourism-Inclusive Growth Nexus in Turkey and Nigeria (1995 – 2018)

Publicado en línea: 04 Jun 2021
Páginas: 221 - 241

Resumen

Abstract

This paper examines the symmetric and asymmetric causal relationships between tourism and inclusive growth in Turkey and Nigeria over the period 1995Q1-2018Q4. The study employs a bootstrap simulation method with leverage adjustments to achieve the objective of the study. The method is used to see whether positive or negative tourism shocks cause inclusive growth and whether positive or negative inclusive growth shocks cause tourism activity. The results show no evidence of asymmetric causality between tourism and inclusive growth, while there is evidence of symmetric causality running from tourism to inclusive growth in Turkey. On the other hand, there is neither symmetric nor asymmetric causal relationship between tourism and inclusive growth in Nigeria. In sum, both neutrality and tourism-led growth hypothesis hold in Turkey, while Nigeria gives credence to neutrality hypothesis. The recommendations coming from the findings are that the tourism sector in both countries, Nigeria in particular, should be repositioned for better performance and effectiveness in stimulating inclusive growth. Rather than focusing on pro-poor and micro-based tourism policies that favour selected communities and localities, tourism should be included in development plans nationally, in order to ensure wider participation and more encompassing trickle-down effects on the citizenry. Furthermore, both countries should implement policies that will stimulate their tourism sectors for a larger and more significant contribution to real GDP.

Palabras clave

  • Asymmetric
  • Bootstrap simulation method
  • Inclusive growth
  • Symmetric
  • Tourism

JEL Classification

  • L8
  • F43
  • O10
  • O50

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