Using a panel dataset of six Western Balkan countries for the period 2010–2022, this study employs dynamic econometric models such as Fixed Effects (FE), Random Effects (RE), Generalized Method of Moments (GMM), and the Two-Stage Least Squares (2SLS) to examine the impact of financial development and institutional quality on environmental quality. The determinants of environmental quality considered in the analysis include economic growth, foreign direct investment, trade openness, and institutional quality. Institutional quality is measured as the average of political stability, regulatory quality, and corruption index. Financial development is proxied by domestic credit to private sector. The findings indicate that both domestic credit to private sector and institutional quality have a significant positive impact on CO₂ emissions. This suggests that an increase in credit to the private sector leads to a significant increase in carbon emissions. Similarly, improved institutional quality is associated with increased emissions, a result that can be explained by the fact that countries with stronger institutions tend to attract investment and develop infrastructure, which can lead to higher economic activity, energy consumption and pollution. These results highlight the need for balanced policy approaches that support financial development and institutional improvement while also promoting environmental sustainability. The study offers valuable insights for policymakers in the Western Balkans to design integrated strategies that align financial and institutional progress with environmental protection goals.
Although there are a large number of studies exploring the importance of quality of life (QoL) in cities, there is a significant gap in research linking the impact of urban governance on the QoL of their citizens. Therefore, the objective of this study is to identify and examine how the tools available to local governments have a significant impact on our area of study. Using a systematic mapping review with bibliometric analysis, 139 articles published in the last 10 years, from 2015 to 2025, were analyzed. Governance components such as transparency, e-government, responsiveness, rule of law, citizen participation, accountability, effectiveness and efficiency have been analyzed. The results of this research can help city planners prioritize those factors that have the greatest impact on or are most relevant to citizens' QoL.
This study aims to empirically analyze the impact of economic growth, information and communication technology (ICT) goods exports and unemployment on NEET rates for the Nordic countries (Denmark, Norway, Sweden, Finland and Iceland). The study covers the period 2005-2022 and the data are annual. In the analysis, the LLC unit root test was applied. Then, panel VAR based on GMM and panel Granger causality analysis were employed. Accordingly, an increase in economic growth was found to reduce the NEET rate. On the other hand, an increase in the unemployment rate and ICT goods exports leads to an increase in the NEET rate. According to the results obtained from the panel Granger causality analysis, bidirectional Granger causality relationship was determined between the NEET rate and economic growth, the NEET rate and unemployment, economic growth and unemployment, economic growth and ICT goods exports and unemployment and ICT goods exports. In addition, a unidirectional Granger causality relationship from the NEET rate to ICT goods exports was found.
This study focuses on the problem of optimal choice between unemployment and inflation in view of the international position of the country. The proposed DEA model was tested on the example of statistics of European Union countries for 2023. This year, the efficient frontier of countries' states (the international Phillips DEA line) was formed by the Czechia, Germany, the Netherlands and Belgium. National Phillips DEA lines were built by parallel moving of the international frontier. Optimal states were determined by minimising the quadratic social loss function. A point with minimum indicator levels (the “ideal” state) was the centre of social loss curves. Deviations of actual states from the “ideal” one were normalised by dividing by the difference in coordinates of this state and the binomial mean point of efficient countries. According to the proposed optimisation efficiency coefficient, the best strategy for Bulgaria, Ireland, Malta and Slovenia would be to move directly to the state of the international optimum. Germany and the Netherlands would not benefit from optimising their state. The proposed model can be used in countries' economic policies and their ranking.
This paper employs a new open economy macroeconomic model that incorporates cross-border worker migration to analyze the effects of government spending shocks. In this paper, we demonstrate that when the elasticity of substitution between products produced within the same country is close to 1, a relative increase in government spending in the home country reduces the relative level of consumption at home, depreciates the home currency, and leads to worker migration from the home country to the foreign country. The model demonstrates that as international worker mobility rises, the effect of a government expenditure shock on the relative home consumption diminishes, while the impact on the exchange rate intensifies. Moreover, the model demonstrates that an increase in government spending in the home country invariably leads to a deterioration in global welfare.
This study analyzes the association between participation in the JUNTOS conditional cash transfer program and school enrollment among children and adolescents in poor households in selected high-poverty Peruvian regions: Ayacucho, Cajamarca, Loreto, and Puno. Two samples were constructed from the 2023 National Household Survey (ENAHO) database: the treatment group, composed of beneficiaries of the JUNTOS program, and the control group, constructed using Propensity Score Matching (PSM) to select non-beneficiaries with similar characteristics. A Logit model was also estimated as a robustness check. The results indicate a positive association between program participation and school enrollment. These findings suggest that conditional cash transfer programs in Peru may contribute to improving educational access for minors in poverty-stricken regions.
This paper advances research on the climate–finance nexus by developing two original composite indices, a Financial Stability Index (FSI) and a Climate Risk Index (CRI), specifically calibrated to Morocco's climate-vulnerable and bank-based economy. Using annual data spanning 1998 to 2024 and employing a combined VAR and Quantile VAR (QVAR) framework, we provide robust evidence that physical climate risks operate as exogenous drivers of financial instability. The analysis reveals a unidirectional and state-dependent transmission mechanism in which climate shocks exert persistent adverse effects on financial stability, with impacts intensifying by 40% to 60% during periods of financial distress. These findings underscore the necessity of systematically integrating climate risk metrics into macroprudential regulation and offer an empirically grounded framework for strengthening financial resilience in Morocco and comparable water-stressed emerging economies.
This paper aims to contribute to a more comprehensive understanding of entrenched corruption in Bosnia and Herzegovina, through a comparative analysis with other Western Balkan countries. It is essential to determine whether corruption acts as a stimulus or deterrent to economic performance, considering empirical evidence suggesting that corruption may have a positive effect under certain conditions. The study utilizes indicators from the World Bank’s Worldwide Governance Indicators (WGI) database, along with gross domestic product per capita (GDP per capita) figures. The analysis employs both descriptive and regression methods applied to the aforementioned indicators over the period from 2010 to 2022. The effect of Corruption control on economic performance varies considerably across the observed countries. In Bosnia and Herzegovina, a significant negative relationship is observed. The results can help the authorities in the creation of policies and strategies that focus on the improvement of institutional quality and economic performance. This research fulfils an identified need to investigate the phenomenon of corruption in Bosnia and Herzegovina and neighbour countries in detail in recent time.
This article investigates the dynamic interrelationships between the shadow economy, inflation, and economic growth in 15 countries of the Middle East and North Africa (MENA) region over the period 1991–2017. The study employs a simultaneous equations framework estimated through the Three-Stage Least Squares (3SLS) method, complemented by system GMM to address potential endogeneity issues. Empirical results reveal a bidirectional causal link between the shadow economy and inflation, highlighting their mutual reinforcement: the expansion of informal activities intensifies inflationary pressures by eroding public revenues and prompting monetary financing, while rising inflation encourages informal sector growth as agents seek protection against purchasing power erosion. Additionally, a two-way relationship between inflation and economic growth emerges, where moderate inflation can stimulate economic activity, but persistent high inflation hampers growth through price distortions and reduced real incomes. The shadow economy negatively impacts economic growth, with evidence showing that higher GDP levels reduce informality by expanding formal employment and compliance incentives. Nonetheless, the persistent size of the informal sector poses significant challenges for fiscal capacity and public investment, affecting infrastructure and social services. The robustness of these findings is confirmed through complementary estimation techniques. The article provides insights into the complex macroeconomic interactions characteristic of MENA economies, with important implications for policy aimed at promoting formalization, price stability, and sustainable growth.
This article applies Game Theory to diagnose persistent pathologies in public administration, such as bureaucratic inertia, as stable sub-optimal Nash Equilibria. Through a systematic literature review focused on the Greek context, it proposes a conceptual shift for public administration from a passive 'player' to a proactive 'game designer' who strategically alters incentives, rules, and information. The analysis reveals that this framework provides a practical roadmap for addressing deep-seated issues like tax evasion and inter-agency conflict by transforming dysfunctional equilibria. Ultimately, it offers an actionable model for designing effective reforms that can move complex administrative systems from deadlock toward sustainable cooperation.
This study investigates the influence of economic factors—such as energy use, foreign direct investment, inflation, GDP per capita, trade, population growth, and unemployment—on sustainable energy consumption (SEC) and renewable energy consumption (REC) across 38 OECD and 6 Western Balkan countries from 2010 to 2022. Adopting a comparative approach, the research sheds light on how varying economic contexts shape energy sustainability outcomes in developed and emerging economies. Using panel data from the World Bank and The Global Economy Database, we estimate regression models (OLS, fixed effects, random effects) and employ the generalized method of moments (GMM). We accounted for potential endogeneity with the use of GMM and verified it with Arellano-Bond and Sargan tests. The analysis found that GDP per capita and the openness of a country to trade were positively connected to SEC. Also, inflation and unemployment can serve as disincentives for the use of renewable energy. The findings provide insights for effective energy sustainable development thinking, especially given the economic development and goals for sustainable energy outcomes.
Materialism, characterized by prioritizing material possessions over intrinsic values, has been shown to negatively impact well-being, social behavior, and economic activities. However, limited research addresses interventions to reduce materialism in non-WEIRD societies, particularly in the Middle East. This study examines the effectiveness of behavioral interventions in lowering personal materialism among Egyptian youth, a demographic displaying significant materialistic tendencies. Utilizing a survey experiment with 296 participants from Egypt’s 25 governorates, the study employed Richins and Dawson’s Material Values Scale (1992) to measure materialism. Participants were randomly assigned to one of three interventions: boosting self-esteem, fostering gratitude, or promoting empathy, in addition to a control group. Results indicate that interventions targeting self-esteem and empathy significantly reduced materialism overall score (p < 0.05) and (p < .01), respectively, and materialism score was associated with centrality, while self-esteem, gratitude, and empathy notably lower materialism in dimensions associated with success. However, no significant impact was observed on materialism's score. These findings highlight the potential of governance measures and behaviorally-informed policies in addressing materialism and suggest tailored interventions to promote intrinsic values among youth.
In Spain, the transport sector is one of the largest contributors to greenhouse gas (GHG) emissions, primarily due to the widespread use of fossil fuels. Electric vehicles (EVs) are a key component in transitioning towards sustainable mobility and transport decarbonization. The article presents novel insights into the interplay between economic, technical, regulatory, and social factors affecting EV uptake in Spain, distinguishing itself from previous studies, using a multidimensional approach. It not only identifies the main challenges but also proposes actionable solutions based on successful international case studies. These include enhancing financial incentives, expanding nationwide charging networks, ensuring consistent regulatory frameworks and promoting public awareness campaigns to dispel misconceptions about EVs, among others. By integrating these aspects, the research contributes significantly to the discourse on sustainable transport in Spain, aiming to provide a roadmap for policymakers and stakeholders in achieving national climate targets.
This study investigates the impact of natural resource dependence and abundance on economic development in 21 EU countries from 1996 to 2019, focusing on critical gaps in the literature on resource-driven development. Using the Generalized Method of Moments (GMM), we address issues of endogeneity, heterogeneity, and cross-sectional dependence issues to capture nuanced relationships. Findings indicate that natural resource dependence and abundance are negatively associated with development in the EU; economic growth, however, positively reinforces it. Additionally, the observed patterns consistent with the resource curse are associated with lower development outcomes. Considering the impact of natural resources alongside economic growth, human capital, and institutional quality factors, this study provides valuable insights for EU policymakers, highlighting the need for sustainable and inclusive resource management policies. In a broader sense, the findings are robust for resource-rich countries aimed at achieving sustainable development.
This study explores the effect of government spending on FDI inflows in developing country groups by different level of development. The United Nations’ country classification by income level is used to classify country level of development. The study covers a sample of 100 developing countries worldwide over the 2002-2022 period. Applying different estimation techniques, the findings reveal a declining relationship between government spending and FDI inflows along the rise in country level of development. The low income country group has the largest positive effect of government spending on FDI inflows and the effect decreases in the lower-middle income, the upper-middle income and finally it turns to be negative in the high income country group. Policy implications are derived that at lower level of development, larger size of government spending may attract inward FDI but as country level of development rises, FDI inflows favor smaller size of government spending.
This study examines the impact of public debt on economic growth and the effects of fiscal consolidation efforts in the Western Balkan countries (WB6)—Albania, Bosnia and Herzegovina, Kosovo, Montenegro, North Macedonia, and Serbia. Utilizing a dual methodology of descriptive and panel data analysis, the research investigates whether higher public debt adversely affects economic growth and if fiscal consolidation measures lead to improved economic outcomes. The descriptive analysis identifies fiscal consolidation periods based on improvements in the cyclically-adjusted primary budget balance and subsequent changes in the public debt-to-GDP ratio. The econometric analysis employs both fixed-effects and random-effects panel regression models, using data from International Monetary Fund (IMF) - World Economic Outlook Databases covering the period 2000-2023. The findings reveal that higher levels of public debt are detrimental to economic growth across the WB6 countries. Conversely, successful fiscal consolidation, characterized by reductions in government expenditure relative to GDP, correlates with enhanced economic growth. The study underscores the importance of maintaining prudent debt levels and implementing effective fiscal policies. Recommendations for policymakers include prioritizing debt reduction strategies, improving revenue collection, and investing savings in infrastructure, education, and innovation to support long-term economic stability and growth.
This study explores whether and how Social Economy Entities (SEEs) in Greece engage with Socially Responsible Public Procurement (SRPP), as introduced by Law 4412/2016. It investigates the extent to which SEEs—specifically KOINSEPs and KOISPEs—are aware of, participate in, and benefit from SRPP provisions such as Articles 20 and 110, and identifies institutional barriers they encounter. Using a mixed-methods approach combining surveys and interviews, the findings reveal that while KOISPEs demonstrate higher awareness and participation, KOINSEPs face legal unfamiliarity, bureaucratic complexity, and liquidity constraints. Public authorities, in turn, often lack SRPP-related knowledge, contributing to limited implementation. Despite these challenges, SEEs propose concrete reforms, including quotas, administrative simplification, and targeted support structures. The study contributes to the literature on strategic procurement and highlights the importance of institutional capacity, legal clarity, and trust in enabling inclusive economic policies.
This study investigates the socioeconomic determinants of household expenditure on sports bicycles in Spain, providing novel insights into the affordability and equity dimensions of sustainable mobility policies. Whilst cycling promotion has emerged as a central pillar of urban and environmental strategies, the economic factors influencing household-level bicycle adoption remain under-researched, particularly within Southern European contexts. Employing nationally representative microdata and a two-part modelling approach, this analysis explores how income, household characteristics and regional variations shape cycling-related expenditure patterns. The findings demonstrate that bicycle expenditure has become progressively concentrated among higher-income households, suggesting an evolution towards cycling being perceived as a discretionary purchase rather than an accessible transport solution. Persistent disparities are observed across age groups, family structures and geographical regions, highlighting unequal access to the benefits of cycling. This research challenges prevailing assumptions regarding the inherent affordability of cycling and proposes targeted policy interventions to mitigate financial and structural barriers. By connecting macro-level sustainability objectives with micro-level consumption behaviour, this study contributes a conceptual framework for developing inclusive mobility policies that balance environmental ambitions with social equity considerations. The analysis offers timely evidence for policymakers seeking to align Spain's cycling strategy with principles of distributive justice and broader sustainable development goals.
Impression management within chairperson’s statements is a prominent area of study, particularly in the banking sector. This research seeks to understand the nuanced strategies banks deploy in these statements to shape stakeholder perceptions regarding their financial performance. Utilizing a mixed-method approach that combines qualitative content analysis with algorithmic techniques, the study applies Natural Language Processing (NLP), including sentiment analysis, topic modeling, word vectorization, and readability scoring to systematically examine chairperson’s statements, using data from 2012 to 2022 of commercial banks in Vietnam. The results revealed that banks facing financial adversities tend to craft strategic narratives to underscore their resilience and adaptability. Crucially, elements such as public visibility and consumer proximity emerged as dominant factors influencing the direction and tone of these narratives. The study underscores the pivotal role of chairperson’s statements in molding and upholding a bank's image. The effectiveness of these statements is contingent upon their alignment with stakeholder expectations and the prevailing market dynamics, providing invaluable insights for investors, bank executives, and regulatory institutions.
This study aims to improve the understanding of quality of life (QoL) by evaluating key indicators, identifying influential factors, and assessing their relative weights. This study utilizes panel data from 181 cases across 32 European countries (2012-2017). The study employs exploratory and confirmatory factor analyses to create a comprehensive QoL measurement model. Four primary factors were found to influence QoL in Europe: economy, health, education, and governance quality. The study compares five common QoL indicators—income, GDP, life expectancy, the Human Development Index (HDI), and the Legatum Prosperity Index—against this model. Results show that the HDI is the most balanced indicator, while others exhibit biases. The study emphasizes the need for more precise and comprehensive QoL measures and recommends applying exploratory and confirmatory factor analyses to enhance them. Future research should validate the model in other regions and further improve QoL measurement.
