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.
