Domestic credit growth has remained a central policy concern in Africa, where financial deepening is often accompanied by structural inefficiencies that limit its contribution to sustainable development. In Ghana, despite persistent credit expansion, questions remain as to whether this growth fuels productive investment or merely supports consumption and fiscal imbalances. This study examines the impact of domestic credit on economic performance in Ghana, engaging the debate on whether credit expansion serves as an enabler of growth or a constraint. The precise effect of credit on real GDP per capita remains ambiguous, partly due to endogeneity and reverse causality. Using a Two-Stage Least Squares (2SLS) instrumental variable approach over the 1984-2023 period, the analysis employs broad money supply as an instrument for domestic credit while controlling for gross capital formation, government expenditure, inflation, and trade openness. The findings reveal a significant bidirectional relationship between credit and growth, indicating that credit expansion alone does not guarantee sustained performance without addressing inefficiencies in allocation. The results further show that government expenditure and trade openness enhance growth, while inflation has a negative effect. This study concludes that financial sector reforms, improved credit targeting, prudent fiscal management, and strengthened trade competitiveness are critical for maximising the developmental impact of domestic credit in Ghana.
Abstract This study examines how the global transition from fossil fuels to renewable energy is reshaping geopolitical power dynamics, using Romania and the Republic of Moldova as comparative case studies. It explores whether the energy transition disperses power or reconfigures it spatially, economically, and institutionally through a qualitative framework integrating energy geography, energy economics, and geopolitics. Based on historical analysis and policy discourse interpretation, the research shows that while the decentralized nature of renewable energy weakens traditional geographic monopolies over fossil resources, new forms of dependence are emerging around critical raw materials, clean technologies, financial capital, and regulatory regimes. These dynamics form a “technology–capital–rules” network that intensifies competition over technological sovereignty and institutional access. As a result, geopolitical influence is shifting from the control of pipelines and fuel supply routes to instruments such as carbon tariffs, green standards, and regulatory frameworks, creating new patterns of “weaponized interdependence” within global green supply chains. The comparison of Romania and R. Moldova further demonstrates that, despite different institutional trajectories, both countries have relied on EU frameworks to manage energy crises and accelerate energy transition— R. Moldova converging toward EU norms and Romania strengthening its energy resilience and regional role— offering insights for both EU candidate states and member states navigating the evolving geopolitics of the energy transition.
Abstract Over the past two decades, Sub-Saharan Africa (SSA) has witnessed substantial investments in Information and Communication Technology (ICT) infrastructure. However, the anticipated uniform growth across economic sectors has not materialized, indicating the existence of threshold effects. Hence, this study explores the threshold effects of ICT infrastructure on sectoral growth across twenty-six (26) SSA countries from 1991 to 2022, using dynamic panel threshold regression methods. The findings reveal that in agriculture, ICT indicators such as mobile subscriptions (3.55%), fixed-line subscriptions (2.97%), and composite infrastructure levels (-0.897%) have insignificant impact below their respective thresholds but significantly enhance growth when these thresholds are surpassed, largely due to improved labour participation and foreign direct investment. In the industrial sector, meaningful growth effects emerge only after ICT usage (4.221%) and mobile subscriptions (41.68%) exceed identified thresholds, with labour input further enhancing productivity. For the services sector, mobile penetration (77.26%) supports growth below the threshold, but yields diminish above it— though partially offset by labour efficiency improvements. These results demonstrate the need for targeted ICT investments that reflect sector-specific conditions. The study highlights the importance of reaching critical ICT thresholds to unlock growth, recommending that ICT infrastructure planning in SSA should be aligned with sectoral characteristics and broader economic strategies to maximize development outcomes.
Abstract Digital transformation in the banking industry is a continuous process that significantly reshapes internal processes and operational flows. It raises important dilemmas regarding the geographical distribution of bank branches, the efficient use of physical space, and the extent to which services can be delivered exclusively through technology without human involvement. At the same time, customers continue to rely on physical branches, particularly for complex operations such as mortgage lending, specialized financial advice, or other non-standard transactions. Consequently, traditional branches remain an important pillar in maintaining trust and long-term relationships between banks and their customers. Digital transformation is driven by multiple factors, including the ability to provide services without physical presence, 24/7 availability, customer base expansion, and cost optimization. Advanced technologies have simplified and accelerated key processes, such as account opening, improving efficiency and customer experience. This paper analyzes the evolution of digitalization in commercial banks and its impact on branch networks, workforce, and profitability. Using the Pearson correlation method, it examines the relationship between online banking penetration and banking performance. While existing literature focuses primarily on operational and technological benefits, it pays limited attention to the structural effects of branch downsizing on competition, regional accessibility, and customer trust. The paper is structured as follows: Section 2 reviews the literature and conceptual background; Section 3 presents the methodology and data analysis; Section 4 discusses the empirical results; and Section 5 concludes with key findings, managerial implications, and future research directions.
Abstract This study investigates how oil production and income levels influence the relationship between energy consumption and economic growth across the 54 African countries over the period 1996 to 2022. Employing the Random Effects Method—validated through the Hausman Test—the analysis explores both the direct and interactive (moderating) roles of income and oil production. The findings reveal that income level significantly impacts economic growth in two ways: directly and by strengthening the positive effect of energy consumption on growth. This dual influence underscores the critical role of income as both a catalyst for economic expansion and a key factor in shaping the energy-growth relationship. In contrast, oil production demonstrates neither a statistically significant independent effect nor a moderating influence on the energy-growth nexus. This outcome suggests that, despite the prominence of oil in many African economies, its role in fostering broad-based economic growth through energy consumption may be limited or context dependent. The results emphasize the importance of tailoring energy and development policies to reflect the varying income dynamics among African nations. By prioritizing income-sensitive strategies, policymakers can better support sustainable economic growth while effectively managing the region’s diverse energy demands and development challenges especially in resource-constrained and fossil-fuel-dependent economies.
This study explores the transformative impact of 3D printing technology on existing business models. Through a comprehensive literature review, the research identifies how 3D printing reshapes core business model elements, value creation, value capture, and value proposition, by facilitating customization, enabling decentralized production, and simplifying supply chains. A conceptual framework is presented to map the unique characteristics of 3D printing (e.g., additive manufacturing, rapid prototyping, and digital transferability) to these business model elements, providing a roadmap for understanding the interplay between technological innovation and strategic adaptation. The findings suggest that while 3D printing offers firms greater flexibility and innovation potential, challenges such as high initial costs, slower production speeds, and regulatory concerns require continuous strategic adaptation. This review contributes to the emerging literature on the economic implications of 3D printing by highlighting the need to align technological advancements with dynamic business models to secure sustained competitive advantage. Future research should employ empirical investigations to deepen understanding of 3D printing’s impact across diverse industrial contexts. In addition to operational impact, 3DP enables strategic positioning options for firms to support hybrid approaches that combine cost leadership with differentiation through personalisation. This evolution reflect digitalisation, which requires firms to rethink traditional business assumptions. Furthermore, the integration of 3DP with other digital technologies, such artificial intelligence, may create even greater disruptions to business models in an area that requires further exploration. The framework proposed in this study offers a foundation for such future inquiry.
The quality of primary pharmaceutical packaging materials is crucial to ensure product safety and regulatory compliance. This study aims to apply the FMECA (Failure Mode, Effects and Criticality Analysis) method to manage risks and improve the production process of pharmaceutical packaging at CENTRA MED, a company in Algeria specialised in the manufacturing of primary packaging for the pharmaceutical and medical industries. The study is part of a project to achieve certification to the ISO 15378:2017 standard. In this case, we adopted a qualitative method based on a research-action approach. We collaborated with internal stakeholders within the company to support them in designing and implementing appropriate tools. Data were collected through observation, document analysis, and interviews. As a result, based on collected data, a FMECA matrix was developed to identify and assess production risks. This enabled the implementation of corrective and preventive actions, evaluation of their effectiveness, and improved control over risks. The approach helped eliminate unacceptable risks, reduce undesirable ones, and strengthen the management of acceptable risks.In the end, the results confirmed the effectiveness of FMECA in optimizing processes and meeting quality requirements. The originality of our study lies in the fact that it fills a gap in the literature, addressing the lack of previous research on the application of FMECA in the implementation of the ISO 15378 standard. Its added value lies in the fact that it led to CENTRA MED achieving ISO 15378:2017 certification.
The paper provides a statistical analysis of imports from seven emerging economies of the European Union during the period 1995-2023 and presents forecasts for the upcoming period. It was found that most of the analyzed countries recorded a significant increase in imports as a percentage of GDP, except for declines in 2009 (financial crisis) and 2020 (COVID-19 pandemic). Hungary and Slovakia experienced the highest increases, exceeding 80-100% of the GDP, while Bulgaria, Romania, Poland, the Czech Republic, and Croatia had a more moderate growth. The correlation analysis of imports in these countries revealed a strong association between Romania, Slovakia, and the Czech Republic, indicating economic integration in the region. Croatia showed lower correlations, suggesting a different import model, more oriented toward tourism. The statistical analysis of imports highlighted significant differences between countries. In Bulgaria, imports followed a cyclical pattern, influenced by economic crises but with an overall upward trend. In the Czech Republic, Hungary, and Poland, imports increased significantly, with stabilization projected for the coming years. In Romania, imports continued to grow after the EU accession, and the forecast suggests moderate growth between 2024 and 2026. In Slovakia, imports showed a steady upward trend after the EU accession and the adoption of the euro, with forecasts indicating slight growth in the coming years. ARIMA models were used for import forecasting, indicating slight fluctuations but with a general trend of stability in the future.
Environmental economics, a subfield of economics, is one of the frameworks developed for understanding and addressing environmental issues. However, the extent to which exposure to such coursework influences students’ real-world environmental behaviour remains underexplored. This study, therefore, sought to assess whether taking an environmental economics translates into tangible pro-environmental behaviours (PEBs) among students, using Kwara State University as a case study. Drawing on Knowledge-Attitude-Behaviour Theory and using a survey-based approach, data were collected from students of economics within the university. A stratified random sample of 202 students of economics was selected—93 in parts 3 and 4 (who had taken environmental economics) and 109 in parts 1 and 2 (who had not taken environmental economics). Data were collected through a structured questionnaire and analyzed using descriptive statistics, Ordinary Least Squares regression model, and multivariate logit model. The findings reveal that taking environmental economics significantly influenced PEBs and that students exposed to environmental economics engaged more in energy conservation, proper waste disposal, reusing and environmental advocacy than other PEBs. The study also found that socioeconomic factors had a moderating effect on the relationship. The study underscores the importance of integrating environmental economics into economics curricula to promote sustainability. It also highlights the need for institutional support, such as improved access to recycling facilities and campus-wide environmental campaigns, to enhance PEBs.
Growth strategies play crucial roles in a region undergoing economic transformation that involves new policy formulation and implementation toward sustainable growth and development. In overall, the growth of any economy promotes development when the proceeds from it are appropriately channeled to developmental policies, and this in overall, increase well-being of the people. Therefore, this study revisits the macroeconomic determinants of economic growth in Sub-Saharan Africa amidst the coronavirus, 2019, from 1990 to 2023. Using the pooled mean estimation framework introduced by Pesaran et al. (2001) in an autoregressive distributive lag and the Dumitrescu-Hurlin Granger causality, findings show that foreign direct investment, trade openness, human capital, and population promote economic growth in SSA countries. Also, there is a bi-directional relationship between FDI and GDP, SCH and GDP, POP and GDP, OPEN and FDI, SCH and FDI, POP and FDI, POP and OPEN. However, there is a uni-directional relationship between OPEN and GDP, and SCH and OPEN. Then, the study recommends that governments of Sub-Saharan Africa (SSA) countries should promote policies that encourage foreign direct investment and trade openness. Promoting policies to encourage foreign direct investment allows more job opportunities in the host country, create opportunity of exchange of technical know-how, and so on. Also, make provisions for skill acquisitions through vocational training, workshops, and training of the available labour force in the region.
The impact of digitalization on economic competitiveness depends on many factors such as the structure of each economy, the maturity of public institutions, but also the alignment between technology, education, and these policies. Based on this evidence, we advocate for more targeted digital strategies across the EU, combining tech investment with stronger support for human capital and innovation ecosystems. This paper examines the impact of digital transformation on economic growth and competitiveness within the European Union, with a focus on the new technologies, during 2021-2023. Utilizing panel data from all 27 Member States, we analyze the effects of five key drivers - artificial intelligence (AI), big data use, ICT training, R&D investment, and labor productivity - on GDP dynamics and international competitiveness. Using panel data from all 27 EU Member States, the study evaluates the impact of five key drivers—AI, big data usage, ICT training, R&D investment, and labor productivity—on GDP growth and international competitiveness. The findings create a complex picture in which productivity remains the strongest and most consistent contributor to GDP growth. Big data and R&D spending play a central role in boosting general and digital competitiveness, while AI is beginning to show its potential, even though its broader economic impact remains limited for now. Surprisingly, ICT training appears to support competitiveness but may also reflect short-term inefficiencies in matching skills with labor market needs. The paper illustrates the need for public policies to integrate technology adoption with digital skills development and innovation ecosystems.
This study explores the inflation dynamics in Tanzania, analyzing the interaction of government policies, domestic factors, and external shock over the past five decades. While the existing literature has examined particular inflation dimensions, a holistic inflation picture is lacking, which this study aims to provide. Through rigorous documentation and review performed quantitatively and qualitatively, inflation trends, the effect of major policy reforms, and inflation management challenges are examined. The findings indicate that inflation has varied considerably with times of high volatility juxtaposed with times of relative stability. Market reforms such as fiscal and trade reforms have strengthened macroeconomic stability and recently contained inflationary pressures. However, structural bottlenecks such as a narrow tax base, low financial inclusion, dominant informal sector and limited institutional capacity persist and confront the effective management of inflation. Global commodity price volatility, the effect of climate change, and political events further exert pressure on prices. Policymakers need to tackle the challenges of inflation management and price stability effectively and holistically. Widening the tax base, improving financial inclusion, strengthening institutions, economic diversification, and reducing the effect of climate change, coupled with the sustainable improvement of macroeconomic management, are the major steps to improve living standards and foster Tanzania’s growth.
Globalization is a complex phenomenon that has generated a variety of responses and interpretations. The Nigerian capital market has underperformed compared to its global counterparts, primarily due to government control over the economy and inadequate infrastructure. This study examines the impact of globalization on the growth of Nigeria’s stock market from 1986 to 2023. Utilizing a multiple regression model, the research explores the relationship between globalization and stock market growth. Various statistical methods, including the Granger Causality Test, Auto Regressive Distributed Lag (ARDL), and the Augmented Dickey-Fuller Test, were employed to assess the performance of the Nigerian stock market within the context of globalization. The findings reveal that foreign direct investment (FDI) is statistically insignificant, with a p-value of 0.6519. In contrast, trade openness (TOP) is significant at the 10% level, evidenced by a p-value of 0.0649. Additionally, the joint significance of TOP, FDI, and other control variables on market capitalization is confirmed, with an F-statistic probability value of 0.00000, indicating overall relevance. These results suggest that globalization has a small but positive effect on Nigeria’s stock market growth. The study recommends establishing a regulatory body to ensure compliance with market regulations, enhancing transparency, accountability, and fair practices. This regulatory framework would bolster investor confidence, improve financial responsibility, and strengthen the overall economy.
Sustainable development is a development strategy that utilizes resources in a manner that ensures their availability for future generations. The study thus, investigates the impact of environmental quality (a component of socioeconomic living conditions) on sustainable development in Nigeria. The influence of biocapacity deficit per capita (measurement for environmental quality) and other macroeconomic variables on human development index (sustainable development’s measurement) is examined using data which range from1999q1 to 2022q2. Having utilized the Autoregressive Distributed Lag framework to evaluate the short-term and the long-term equations, the result reveals that, apart from real per capita gross domestic product and capital investment, which are significant in the short run, biocapacity deficit per capita, urban population and labour force do not exhibit significant effects. However, in the long-run, biocapacity deficit per capita and labour force turned out negatively significant. Interestingly, biocapacity deficit per capita is observed to be sustainable development retarding. The key implication from the outcomes of this research is that the degraded environment retards long-term development sustainability in Nigeria. Therefore, the study recommends extensive reforestation and afforestation efforts to enhance the nation’s degraded lands, restore biodiversity, and boost carbon sequestration. However, despite the insightful findings, key macroeconomic variables like technological innovation and institutional quality that would have explained sustainable development were not factored into the study analysis.
Abstract Despite efforts to improve quality human capital, Nigeria consistently scores poorly in the human development index (HDI). The significance of institutions in human development has been emphasized in recent times as countries grapple with achieving sustainable development goals. Studies show that quality institutions provide equitable and fair development opportunities and capabilities to enhance human development. This study, therefore, examined the effect of institutions—corruption, democratic accountability, and government stability on Nigeria’s human capital development index. The ARDL model is employed to analyze data from 1990 to 2022. The outcomes show that a stable political system, high levels of democratic accountability, improved per capita GDP, employment generation, and consistent government spending on essential sectors are all critical for human capital development. Conversely, high rates of poverty and corruption have negative impacts on human capital. The findings lend credence to the intuition that strong institutions have a significant impact on enhancing quality human capital through improved healthcare, education, human capabilities, poverty reduction, employment opportunities, and security. It is therefore recommended that institutional reform that guarantees human development be pursued.
Abstract In this paper, forecasts are made regarding the number of employees in the public and private health sector in Romania for different professional categories such as: physicians, dentists, pharmacists, family physicians, medical assistants, auxiliary personnel. Using the Dickey-Fuller test, it was initially checked whether the time series were stationary and if not, the first or second difference was applied to make them stationary. Using the autoregressive integrated moving average (ARIMA) method with the stages of identification, estimation, diagnosis and prediction, the forecasts for the period 2023-2025 together with the associated confidence intervals were determined, using data provided by the National Institute of Statistics. Regarding the public sector health personnel, a decrease is expected, in general, for the period 2024-2025. Instead, the private sector continues its previous trend of constant growth in the number of employees. Thus, authorities can use these forecasts to adjust strategies for training and recruiting medical personnel according to the estimated need. Forecasts are an essential tool to ensure the balance between demand and supply in the health sector, thus contributing to the improvement of medical services and the long-term sustainability of the health system.
Abstract The continuous development of money and payment instruments is a matter of concern for each central bank. As a response to the use of cryptocurrencies, more and more central banks intend to issue digital currencies - the so-called Central Bank Digital Currency (CBDC). Information Technology progress and new financial elements determine central banks’ adaptation to these new challenges. All over the world, central banks have explored the opportunity of issuing CBDC at different stages; some banks are conducting research, others are in the testing phase, and only a select few have begun distributing digital currency to the public. Against this background, our review paper aims to analyze the existing literature about central bank digital currency and contextualize it with financial stability. On the one hand, we underline the main research directions on this topic. On the other hand, we use VOSviewer software to identify the most frequent and essential keywords and the nodes between keywords characterizing the link between CBDC and financial stability. We show that CBDC issuance has complex implications for the economic and financial system. Central banks must carefully consider the design features of digital money and the potential benefits and risks of CBDC.
Abstract Cryptocurrencies have rapidly become popular as digital assets, and as the market evolves, it is of great importance to understand their volatility and risk behavior. They present specific challenges and opportunities given that are operating within a decentralized and fast-changing ecosystem. Thus, their volatility affects risk management, investment strategies, and market stability. Cryptocurrency volatility can create both opportunities and risks. While it can provide substantial returns, it also presents challenges in terms of investment strategy, regulatory frameworks, business operations, and economic stability. As the cryptocurrency market matures, it’s likely that solutions to manage volatility will evolve, but it remains a key concern for participants in the ecosystem. In this respect, the aim of the paper is to examine the volatility behavior of the main cryptocurrencies (Bitcoin, Ethereum, and Litecoin), for a recent period, i.e. from June 2018 to June 2023. Using both traditional and advanced GARCH models, the results show that these cryptocurrencies experience periods of high and low volatility, but there is no significant asymmetry effect in their responses. This suggests a balanced risk-return profile for investors. Furthermore, there is no evidence for risk premium within the sample, that is no link between risk and return. Additionally, past volatility has a greater impact on current volatility than new information, since GARCH coefficients are significantly higher than the ARCH coefficients. These insights can help investors, policymakers, and researchers to manage the cryptocurrency markets more effectively.
Abstract This paper presents insights into the various challenges managers and employees encounter in implementing and using Performance Management Systems (PMS) within their organizations. The analysis draws on a decade of qualitative data collected from participants of The KPI Institute’s training programs. The primary objective of the paper is to provide an in-depth understanding of the challenges faced by professionals in the field. Data was collected qualitatively, through focus groups organized at the beginning of each training session between 2012-2022. The research employs a thematic analysis approach to categorize and interpret the data collected through focus groups. In addition to the thematic analysis, a narrative analysis provides a richer, contextual understanding of the data. Data reveals seven key themes where participants encountered challenges. The study identified the primary challenges in performance management systems as KPI selection, organizational culture, system implementation, KPI activation, measurement process standardization, learning and improvement, and employee performance management. Participants emphasized that addressing these challenges requires aligning KPIs with strategic objectives, fostering a supportive organizational culture, ensuring accurate data collection and standardization processes, and mitigating subjectivity in employee performance appraisals.
Abstract This article studies the immigrants’ attitude towards immigration with special emphasis on the transition from the first to the second and the 1.5 generations. We use European Social Survey (ESS) data for the 2002-2020 period, which include many questions that allowed us to estimate the preferences of immigrants on economic, social and cultural consequences of immigration. As general evidence, we find that immigrants of all the considered generations show more favor to immigration than natives. Besides, our results reveal that the gap with the natives shows a remarkable degree of persistence through generations for many of the indicators we analyzed. We also observe that the opinions of individuals who immigrated during childhood (generation 1.5) look not different from second-generation immigrants. For what concerns the main determinants of the support of immigrants for immigration, our results suggest that citizenship and age have a negative impact, whereas religiosity, education level and the feeling of being discriminated have a positive one. These results are generally consistent with the previous literature. Finally, ESS data allowed us to investigate an effect of intergenerational ongoing migration. We considered migrants born to fathers who were first generation migrants. These individuals are second generation in the origin country, and first generation in the destination country. Their favor for further inflows of migrants is still higher compared to the natives of destination countries, but lower compared to migrants of the same origin who were not born to immigrant fathers.
