ABSTRACT Why does destination depreciation sometimes expand tourism and sometimes leave demand almost unchanged? We develop a two‐destination equilibrium model with endogenous supplier prices, imported‐cost exposure, currency risk, and capacity constraints. Five propositions separate price transmission, destination reallocation, additional trips, and welfare. Depreciation expands demand only when its conversion benefit exceeds the associated increase in supplier costs. A binding capacity constraint absorbs further cost relief into scarcity rents and creates unequal quantity responses to favorable and adverse shocks. Destination gains can arise entirely from reallocation when total international travel is fixed. Risk protection raises demand only when its certainty‐equivalent benefit exceeds its price. These analytical results organize a critical synthesis of tourism‐demand evidence. A documented literature verification and a paired comparison of Mauritian studies distinguish measurement differences from changes in samples and estimators. Booking‐horizon alignment remains a theoretical implication requiring direct testing. The analysis identifies the observations needed to distinguish the mechanisms behind conflicting exchange‐rate estimates.
ABSTRACT Natural capital refers to environmental assets that produce economic goods or services used in production or consumption. Today, the concepts of natural capital and the associated ecosystem service flows are being applied beyond their traditional applications in cost‐benefit analysis to a range of topic areas in economics and finance. These broader applications include assessment of physical risks to real estate, insurance, and supply chains, and advancements in modelling economic growth, productivity, and financial risk. These developments have the potential to shift perspectives on economic measurement to include more comprehensive concepts of output and consumption, increase the accuracy of measured productivity and risks, and add precision to our understanding of tradeoffs in resource allocation. We provide an overview of the economic theory underlying natural capital valuation and recent initiatives in natural capital measurement and discuss how new data sources, modeling advances, and frameworks are broadening the application of natural capital concepts and metrics. We include open questions integrated throughout to inform or prompt future scholarly research, model development, and economic measurement.
ABSTRACT The urban growth boundary (UGB) has been recognized as an effective policy instrument for controlling disorderly urban sprawl and improving the sustainability of urban development. However, summary studies in this domain are insufficient. Hence, this study conducted a holistic review of UGB based on 228 literature samples published between 2011 and 2025 to help resolve this academic gap. This work has four objectives: (1) to analyze principal journal sources, countries, authors, organizations, articles, and keywords in the literature on UGB using bibliometrics and science mapping methods; (2) to summarize current research topics relevant to UGB; (3) to discuss existing research gaps in UGB; and (4) to explore future research directions in UGB.
ABSTRACT We examine the evolution of finance research in the Asia–Pacific region across 28 leading finance journals from 1990 to 2024. Our results reveal a substantial shift in regional research leadership, with China ranking first in research impact from 2017 onward and first in article quantity from 2018 onward, surpassing the region's previous leaders. Cross‐border collaboration patterns continue to reflect geographical proximity and historical ties. At the institutional level, the Hong Kong University of Science and Technology, the Chinese University of Hong Kong, and the University of Hong Kong rank highest in research influence. Scholar‐level rankings also identify the region's leading contributors in terms of both research influence and productivity.
ABSTRACT Sustainable finance (SF) has increasingly been conceptualized in the literature as a mechanism linking firm‐level ESG practices to broader sustainable development outcomes. However, the field remains theoretically fragmented, with limited integrated mapping of micro–SF–macro linkages. Using scientometric and bibliometric techniques, this study analyzes 1,024 Scopus‐indexed publications (2004–2025) through performance analysis, keyword co‐occurrence, text mining, and bibliographic coupling. Thirteen keyword clusters reveal the intellectual structure of the field, spanning green finance, ESG performance, governance, climate policy, and energy transition. Bibliographic coupling identifies six thematic clusters that suggest how sustainable finance is theorized to link firm‐level actions with macro‐level sustainability transformations. Despite rapid post–Paris Agreement growth, theoretical and methodological coherence remains limited. The study outlines future research directions, emphasizing disclosure harmonization, causal identification, innovation–policy alignment, and multi‐level approaches. Accordingly, the findings capture patterns in the literature rather than empirically verified causal relationships.
