The continuous expansion of income disparities poses serious threats to sustainable socioeconomic development. Concurrently, as a key driver of technological advancement, the influence of innovation on shaping income inequality trends has been extensively debated. This study employs panel...

This paper studies the long-run effects of foreign tourism on local labor markets and economic development in advanced economies, using Italy as a case study. To isolate plausibly exogenous variation in tourist arrivals, I construct a shift-share measure that interacts changes in outbound...

The shadow economy, which can be defined as undeclared economic activities carried out in secret from public authorities,, and that cause negativities such as tax losses outside of official economic activities, has become a part of the economic activities of both developed and devel-oping...

Interest rate spreads vary widely across time and countries and are a central driver of business cycles in emerging market economies (EMEs). Since 2008, advanced market economies (AMEs) have exhibited persistently higher and more volatile spreads, alongside increased macroeconomic volatility and...

Der Länderindex Familienunternehmen 2024 vergleicht zum zehnten Mal seit 2006 die Standortbedingungen für Familienunternehmen in den wichtigsten Industrieländern. Konzeptionell orientiert sich der Standortvergleich an den Faktoren, die für die Geschäftsmodelle großer Familienunternehmen...

This paper provides the first quantitative analysis of optimal patent policy in trading economies. We develop a new framework that combines trade and growth theory into a tractable quantitative model, which we estimate to match patent and trade data. Counterfactual analysis yields three main...

Forests are essential for both ecological and economic aspects. Most rural people in developing countries rely on forest resources for their livelihood. Since 1980, trade has substantially affected forest cover, density, and management in developing countries. Few studies have examined how...

This paper analyses the prospects for debt stabilisation in the countries of the European Union, the United Kingdom and the United States, using two methodologies. First, we estimate the level of the structural primary balance that is required to asymptotically stabilise the debt ratio with a 70...

In this paper, we analyze the effects of uncertainty shocks on portfolio flows in 25 emerging market and 21 advanced economies and shed light on socio-economic characteristics that may be relevant for the country-specific sensitivity towards the shocks. We derive uncertainty shocks from a proxy...

The first quarter of the twenty-first century has been transformative for emerging market and developing economies (EMDEs). These economies now account for about 45 percent of global GDP, up from about 25 percent in 2000, a trend driven by robust collective growth in the three largest EMDEs -...

Purpose The paper aims to investigate the effect of GDP growth on crime and to test the hypothesis of nonlinearity. Additionally, we estimate the interaction between GDP and income inequality and examine its impact on the relationship between GDP and homicide rates. Design/methodology/approach...

Digital technology in host countries serves as a significant comparative advantage in attracting FDI inflows. Does digitalization affect FDI inflows in different ways between advanced and developing countries? To unravel this question, we employ broadband subscriptions and Internet users as...

Per-capita national income remains a primary indicator of wellbeing in an international comparison. Accordingly, the World Bank has popularised the concept of constant-dollar income of a given base year (say 2015), which converts income denominated in constant local currency units (LCU) to a...

This paper provides the first quantitative analysis of optimal patent policy in trading economies. We develop a new framework that combines trade and growth theory into a tractable quantitative model, which we estimate to match patent and trade data. Counterfactual analysis yields three main...

The economic literature has long attributed non-zero expected excess returns in currency markets to time-varying risk premiums demanded by risk-averse investors. This paper, building on Bacchetta and van Wincoop's (2021) portfolio balance framework, shows that such returns can also arise when...

This study investigates the effects of eco-digitalization, green technology, and green finance on environmental sustainability in the presence of affluence and population. The sample size consists of a panel of 19 technologically advanced economies covering the time span from 1980 to 2023. The...

The present article is an introduction to the special issue of the PSL Quarterly Review organized by José Luis Oreiro (University of Brasília) and Giulio Guarini (Tuscia University) with a selection of the best articles presented in the IV International Workshop of the Structualist Development...

After earlier strategies for Denmark's development cooperation from 1993, 2000, 2010, 2012 and 2017, the latest strategy, The World We Share, from 2021 now expires, and a new is accordingly(?) needed. The parliament will start negotiating the strategy in May 2025. One may fear that it will be in...

This study analyzes the spillover effects of economic and political uncertainty from advanced, emerging and low-income economies on stock returns in Vietnam based on a firm-level approach. After controlling for firm-level and country-level factors and addressing potential endogeneity issues, we...

This study examines the out-of-sample predictability of expected skewness of oil price returns, which serves as a metric for global future risks, as we show statistically through the association with crises of different nature, for stock returns of 10 (8 advanced plus two emerging) countries...

This paper investigates the cyclicality of international reserves and their role in macroeconomic stabilization. We challenge two widely held assumptions: (1) central banks typically manage IR counter-cyclically—accumulating reserves during booms and drawing them down during downturns; and (2)...

The period after the Global Financial Crisis (GFC) was characterized by a considerable risk migration within global liquidity flows, away from cross-border bank lending towards international bond issuance. We show that the post-GFC shifts in the risk sensitivities of global liquidity flows are...

The relationship between fiscal policy and foreign direct investment (FDI) inflows in advanced economies remains debated due to a lack of comprehensive studies on this topic. Notably, no research has explored how institutional quality moderates the fiscal policy-FDI nexus in these countries....

Purpose - This study aims to explore how financial factors affect both conventional and Islamic stock market indices of G7 countries from July 27, 2015, to February 29, 2024. Design/methodology/approach - It examines local factors like CDS, exchange rates and bond yields, along with global ones...

This study aims to understand how climate policy uncertainty affects investor behavior and whether it moves with stock markets in advanced economies. Accordingly, we examine data for January 2000-2023 for the stock market indices of Sweden, the United Kingdom, Germany, Norway, the Netherlands,...