Economic Institutions Research Articles

Blockchain Solutions for Authorization and Authentication

Recently, most people have been looking for smart services that allow them to do their daily services directly without having to visit local businesses and providers [1]. As observed in recent times, citizens can now apply to open their own commercial file or obtain a passport without having to visit the country's economic institution or the Immigration and Passports headquarters. Additionally, applying or opening accounts in virtual banks also added a lot of services and facilities for users and transactions between countries that can be rapidly provisioned with minimal effort [2]. All these transactions require the user's authentication and identity verification to avoid any personal fraud and save the user's rightsBlockchain technology stands out as one of the most secure technologies available enabling secure transactions without the need for a central authority. Starting in 2009 1, with Bitcoin leveraging blockchain technology, there has been an increasing number of blockchain technology-based solutions. The significance of this work compared to its predecessors is that it uses an existing product and technology to prove the solutions offered by Blockchain and find a solution for authorization and authentication.

New Institutional Economics: A Bibliometric Analysis and Future Research Directions

New Institutional Economics: A Bibliometric Analysis and Future Research Directions

THE REALITY OF DIGITAL TRANSFORMATION ON ALGERIAN MACROECONOMIC VARIABLES: AN ANALYTICAL STUDY

Through this paper, we are clarifying the need to move towards applying digital transformation strategies. Algeria’s indicators and achievements in digitization and their impact on macroeconomic variables, inflation, crude internal output, and balance of payments are effective solutions for developing the economy and moving to a digital and knowledge economy. Digital transformation also depends on various technologies and fields of artificial intelligence in terms of Productivity, competitiveness, leadership, innovation, and other fields. Digital transformation also boosts economic growth and promotes the telecommunications and technology sectors. Thus, this study aims to focus on the digitization of sectors of the Algerian economy, and enhancing them with various artificial intelligence techniques, as the basis for directing economic policies and making strategic decisions that contribute to enhancing the competitiveness of various economic institutions, and improving levels of economic growth and various Algerian macroeconomic indicators. The study found several findings related to the need to develop the infrastructure of the media and communication sector. Enhancing Internet access and improving digital and financial services, promoting production and consumption, improving education and vocational training skills while minimizing the macroeconomic impact on the environment, Dissemination of e-work culture and use of its technologies in all education sectors, health, smart mobility, tourism, etc. And it’s only by relying on the human resource that is the effective link in developing digital transformation strategies through research and innovation.

Marine Pollution and Waste Management

Water covers more than 70% of the surface of the globe. The ocean, which is amazing and significantly controls the world's climate, also has a hidden crisis, namely marine pollution. In the modern world, marine pollution is becoming a bigger issue. Article 1 (1) (4) of UNCLOS : says that “Pollution of the marine environment” means the introduction by man, directly or indirectly, of substances or energy into the marine environment, including estuaries, which results or is likely to result in such deleterious effects as harm to living resources and marine life, hazards to human health, a hindrance to marine activities, including fishing and other legitimate uses of the sea, impairment of quality for use of seawater and reduction of amenities”. Chemicals and garbage, most of which originate on land and are blown or carried into the water, are the two main components of marine pollution. Marine pollution, caused by human activities like improper disposal, shipping, and overfishing, harms ecology, health, and global economic institutions. Solutions include international agreements, sustainable fishing, improved waste disposal, and raising awareness. Education-based campaigns have the power to inspire citizens, groups, and governments to action. The legislative reforms and sustainable practices are significantly aided by environmental organizations and advocacy groups. The government has made several notable efforts, such as the plastic ban, marine protected areas, clean-up programs, and environmentally friendly fishing. Several countries have enacted plastic bags, which have significantly reduced the amount of plastic pollution, while the ocean may not be affected. Creating marine protected zones helps safeguard biodiversity and gives damaged ecosystems a place to recover. This article gives a general overview of the complex issue of marine pollution and shows how important it is to have efficient waste management plans. It investigates diverse marine pollution types and causes, emphasizing the dangers it poses, such as biodiversity loss, potential health hazards for humans, and significant financial expenses.

Prospects for the Development of Venture Capital as an Economic Institution in Post-Soviet Countries

Prospects for the Development of Venture Capital as an Economic Institution in Post-Soviet Countries

Институт собственности в национальной экономике: структура и импульсы развития

The institution of property plays a pivotal role in shaping economic relations within a nation. In this article, the author delves into the theoretical and methodological dimensions of property institution in the national economy, emphasizing its dynamic nature and the transformative impulses it receives from global societal changes. The analysis of the categorical apparatus of property in the conditions of an institutional economy is carried out. The evolutionary path of transformation of intra-social systems and the use of provisions related to the labor method of appropriation of goods as the “core” of the property institution is substantiated. The features of its functioning in the information society are considered. It is concluded that the problem of alleviating alienation through appropriation within it represents one of the most acute issues requiring urgent resolution due to the increasing polarization of human society in this regard and the escalation of conflicts among its members. However, ongoing global transformations necessitate continuous adaptation and reform of property institutions to ensure their relevance and effectiveness in the face of evolving societal challenges.

Local Leaders’ Promotion Pressure and Tourism Development: Evidence From China

The growing importance of tourism management within local governance highlights the imperative role of local leaders’ involvement. However, the understudied influence of promotion pressure, a key determinant of their behavior, remains largely unexplored. This study employs a novel institutional economics approach to investigate the impact of local leaders’ promotion pressure on tourism development in China. We analyze data from 334 prefecture-level cities spanning 1999 to 2019. Our findings reveal a positive correlation between promotion pressure and tourism development. Notably, this effect is amplified in economically advanced cities and those with a lower dependence on tourism. Further analysis using an instrumental variable-based mediation model suggests that promotion pressure shapes tourism development by influencing the structure of local government fiscal expenditure. These findings shed light on the intricate interplay between political incentives, fiscal policy, and the evolution of the tourism industry, offering valuable insights for crafting effective tourism governance strategies.

Reconciling the conflicting goals of privacy protection and competition policy through making platform use data saleable – an institutional perspective on data markets

PurposeIt has become increasingly clear that the objectives of privacy and competition policy are in conflict with one another with regard to platform data. While privacy policies aim at limiting the use of platform data for purposes other than those for which the data were collected in order to protect the privacy of platform users, competition policy aims at making such data widely available in order to curb the power of platforms.Design/methodology/approachWe draw on Commons' Institutional Economics to contrast the current control-based approaches to ensuring the protection as well as the sharing of platform data with an ownership approach. We also propose the novel category of platform use data and contrast this with the dichotomy of personal/non-personal data which underlies current regulatory initiatives.FindingsWe find that current control- and ownership-based approaches are ineffective with regard to their capacity to balance these conflicting objectives and propose an alternative approach which makes platform data saleable. We discuss this approach in view of its capacity to balance the conflicting objectives of privacy and competition policy and its effectiveness in supporting each separately.Originality/valueOur approach clarifies the fundamental difference between data markets and other concepts such as data exchanges.

Economic Institution, Religion, and Economic Development: Confucianism and Economy in Vietnam after The Implementation of the Doi Moi Policy

Among the three borderline Mainland Southeast Asian countries, located in the Indochinese Peninsula, Vietnam has the best economic performance, compared to Laos and Cambodia. The GDP per capita of Vietnam reached US$4,163 in 2022, which was two times higher than Laos and Cambodia. While economic reform policies, political and economic institutions, and colonial history, are similar in all three countries, why does Vietnam have better economic development? Researchers pointed out the economic factors, specifically the positive effects of economic reforms on economic performance. Nonetheless, it is not convincing, while the economic reform in all three countries emphasized property rights, and encouraged decentralization, privatization, and marketization. This study suggested the religious factor of Confucianism in Vietnam that reinforce the effects of economic institutions on economic development, which leads to greater economic performance. The Confucian characteristics of emphasis on saving, education, and following the government's instruction and policies, support the government’s economic reform, which is conducive to economic development.

Necessity- and opportunity-based female entrepreneurship across countries: The configurational impact of country-level institutions

This study proposes an integrative framework for analyzing the interdependence of multiple institutional supports for necessity- and opportunity-based female entrepreneurship across countries. The proposed framework incorporates three streams of national institutional systems to capture cross-country variations in national economic institutions, social welfare systems, and socio-cultural attitudes that jointly promote both types of female entrepreneurship. We conducted a fuzzy-set qualitative comparative analysis of data from the Global Entrepreneurship Monitor, which covered 150 country-year observations for 65 countries between 2011 and 2014. The findings suggest that while the two types of female entrepreneurship are associated with different configurations of national institutional supports, there are multiple equifinal pathways for each type to prosper. This study enriches the literature on female entrepreneurship by explicating its institutional embeddedness across countries, thus providing policymakers with important policy implications for supporting female entrepreneurship.

Does Russian gas have a future in China?

The article presents an analysis of the current state and forecasts for the long-term development of the Chinese natural gas market, as well as prospects for increasing the supply of fossil fuels to this market. It is expected that by the end of 2030, China can catch up and overtake Europe in gas consumption. By 2030, the total demand for gas in the Middle Kingdom will be 390–560 billion cubic meters. m, which is almost 1.5 times higher than the 2022 level. During a period of economic slowdown, the imbalance of supply and demand on the global hydrocarbon market leads to destabilization. In order to predict such situations in advance, specialists from international and Russian organizations (International Energy Agency, BP plc, Institute of Energy Research of the Russian Academy of Sciences, Institute of Energy Economics of Japan) and consulting companies (IHS Markit) periodically prepare works on the evolution of global energy markets and the consequences for the largest countries. gas consumers. Almost all studies are not yet ready to name the period of peak gas demand in China in the foreseeable future, which gives grounds to call the 21st century the century of gas transformation.

Settlement ecology of Bronze Age Transylvania

The Bronze Age was a time of technological, socioeconomic, and political transformation in Europe. Since Bronze Age socioeconomic institutions were rooted in the landscape, they can be investigated using a settlement ecology approach to how people positioned themselves relative to the environment and each other. Transylvania is home to a rare combination of mineral resources, trade infrastructures, and productive agropastoral land, all of which were critical to Bronze Age societies. This study combines size-and rank-size analyses to suggest that there were several shifts in how people positioned themselves across settlements in Transylvania during the Bronze Age. This research contributes to a broader understanding of the factors that inform where people choose to settle down and the consequences those decisions have on the development of social, economic, and political institutions.

Exploring preferences for contractual terms in a scenario of ecological transition for the agri-food sector: a latent class approach

Governance mechanisms along the agri-food supply chains are increasingly important in a scenario of ecological transition. Under the conceptual and analytical lens of the Transaction Cost Economics, we explored farmers’ preferences towards a variety of clauses usually adopted in production contracts. To this purpose, a discrete choice experiment among 190 durum wheat producers in Italy was conducted. Results from a latent class model showed that producers were mainly interested in fixed prices formula and to join shared rules of production but revealed little or no interest for compelling sustainable cultivation techniques and the provision of technical assistance. However, these preferences are heterogeneous across farmers and vary depending on their level of education and previous use of contractual arrangements, with relevant implications for contract design and management. Governance mechanisms along the agri-food supply chains are increasingly important in a scenario of ecological transition. Under the conceptual and analytical lens of the Neo Institutional Economics, we explored farmers’ preferences towards a variety of clauses usually adopted in production contracts. To this purpose, a discrete choice experiment among 190 durum wheat producers in Italy was conducted. Results from a latent class model showed that that producers were mainly interested in fixed prices formula and to join shared rules of production but revealed little or no interest for compelling sustainable cultivation techniques and the provision of technical assistance. However, these preferences are heterogenous across farmers and vary depending on their level of education and previous use of contractual arrangements, with relevant implications for contract design and management.

Academy of Sciences and New Approaches to Economic Planning in the USSR (late 1950s – early 1960s)

In the article the author considers the emergence of new approaches to the planning of the national economy of the USSR in the second half of 1950-s – early 1960-s as a result of departmental struggle between the USSR Gosplan and academic economic institutes for influence on the economic policy of the country. Despite the abundance of historical works covering the planning debates of the 1920s, this subject is poorly covered in historiography in relation to the post-war period. The methodological basis of the article is Michel Kallon’s “sociology of translation”, according to which experts translate the problems of key clients into their language in such a way that their scientific programme and themselves are at the centre of the proposed solution to these problems. The author examines the process of weakening the role of the USSR Gosplan and the emergence of alternative centres of competence on economic policy issues. In accordance with the chosen approach, the rhetorical moves and political techniques that were used by major economists to promote new research directions (economic and mathematical methods, evaluation of capital investment efficiency, etc.) are highlighted. These political techniques were: inserting key words into party programme documents and/or speeches of the party leader; formation of broad coalitions; use of administrative resources of the Academy of Sciences; publishing and educational activities; repelling attempts of the Gosplan to fit into the new agenda, criticism of its staff as incapable of implementing the proposed ideas.

Making aid work: institutional thresholds and FDI

Purpose The purpose of this paper is to analyse the institutional threshold effects of foreign aid on foreign direct investment (FDI). Design/methodology/approach This paper develops a theoretical model from an extended Solow model that introduces the conductive effect of institutions in an aid recipient country towards the capacity of attracting FDI. This study evidences threshold effects with the most recent panel threshold models that consider endogeneity issues. The data on economic institutions and foreign aid are decomposed into disaggregated level to reveal the detailed threshold pattern. Several sample subsets are used for a heterogeneity analysis. Findings Conducting empirical research on a sample of 62 countries during the period 2003–2016, this study finds robust evidence of the existence of an institutional threshold in the aid–FDI nexus which a country must attain to reap the full attraction of FDI by foreign aid providing financial resources. Furthermore, foreign aid tends to promote FDI in institutions characterized by a right-sized government, a strengthened legal system and an appropriate regulatory environment. On the other hand, aid may crowd out FDI. The results are robust to regional combinations and a subset of low and lower-middle-income countries. In addition, this study finds that aid targeted at social infrastructure and services has a positive effect regardless of institutional threshold. Originality/value This paper contributes to the literature by introducing a non-linear and discontinuous effect of aid on FDI, i.e. a threshold effect, highlighting the relevance of legal systems and regulations and the possibility of a crowding-out effect on FDI for specific institutional regimes. The thresholds provide a guide for donor countries to ensure aid effectiveness at the risk of being counterproductive and for recipient countries to better assess the institutional dimensions that need to be improved.

USE AND REGULATION OF FOREIGN DIRECT INVESTMENT: NEW PARADIGM

According to international organizations data, global FDI flows dropped considerably in 2022.The article discusses certain global long-term trends and pressing problems of Foreign Direct Investment (FDI) and Global Value Chains (GVC) in Russia and abroad. This paper provides key indicators published by international organizations, such as IMF, OECD and others in 2023. The author offers a relatively non-customary approach to the study of FDI and GVC - through the analysis of international migration of factors of production (capital and labor). The author examines the interaction between these two types of international resource transfers and comes to a paradoxical conclusion that the radical change of Russia’s economic relations with Western countries in 2022-2023 was logical and predictable. A relatively non-customary approach is due to the fact that in May 2023 the Russian President and Government emphasizes the importance to develop an action plan to implement the 2023-2025 State Migration Policy Conception. According to OECD data, Russia as a recipient of FDI recorded negative inflow in 2022, but the paper provides a long-term view on the subject. Finally, the author substantiates the need to revise certain principles of Russia’s foreign economic policy as well as theoretical courses on International Economics in educational institutions.

Institutional systems and quality of life in Sub-Saharan Africa

This study examined the impact of institutional systems drawn from economic and political institutions on the quality of life in Sub-Saharan Africa. A panel data of thirty-seven Sub-Saharan African countries over the period 2007 to 2021 sourced from the World Bank database and Heritage Foundation. A two-step system-Generalised Method of Movement (GMM) technique was employed to estimate the model. The Sargan test for over-identification restriction and the Arellano-Bond test for second-order serial correlation were conducted. The study reveals that there is a positive relationship between the institutional systems and the quality of life in Sub-Saharan Africa. The study concluded that, for the quality of life in Sub-Saharan Africa to improve, the government in Sub-Saharan Africa should implement laws and policies that will strengthen the existing institutions to improve the quality of life of the people.

Strategy For Increasing Community Welfare With Business Successrural Society

Objectives: Significant business success will have a direct impact on community welfare. Rural economic organizations are crucial yet often weak points in strengthening the rural economy. BUMDes (Village-Owned Enterprises) are designed to consolidate or strengthen village economic institutions. This research aims to analyze the influence of business capital and marketing strategies on community welfare, with business success serving as an intervening variable. Methods: Data for this research was collected using a questionnaire instrument. The analysis was conducted using the Structural Equation Modeling - SEM PLS analysis technique. This approach allows for the examination of complex relationships between variables, specifically how business capital and marketing strategies affect community welfare through business success. Results: The research results show that business capital and marketing strategies positively impact business success. Additionally, both business capital and marketing strategies positively influence public welfare. Furthermore, business success itself has a positive effect on public welfare. The study also finds that business success serves as an indirect mediating variable, enhancing the effect of venture capital and marketing strategies on public welfare. Conclusion: The study concludes that business capital and marketing strategies are crucial for achieving business success, which in turn positively impacts community welfare. Business success acts as a significant intermediary, amplifying the positive effects of both venture capital and marketing strategies on the well-being of the community. This underscores the importance of investing in effective business strategies and sufficient capital to foster sustainable economic growth and improve public welfare.

Institutional Approach in Economics and Institutional Economic Thinking

Aspects of economic methodology contained in Institutional economics are often incorporated into orthodox economics. Orthodox economics means economic thoughts that use and continue classical economic views, such as free competition, perfect competition, consumer satisfaction. The person who was most influential and had a dominant role in the existence of the Institutional school was Thorstein Bunde Veblen. He criticized Classical and Neo-classical economic theories which ignored non-economic aspects such as institutions and the environment. In fact, Veblen considered that the influence of circumstances and the environment was very large on people's economic behavior. Unsupportive political and social structures can cause distortions in economic processes. For Veblen, society is an evolutionary phenomenon, everything is constantly changing. A person's behavioral patterns in society are adapted to current social conditions. If the behavior is suitable and accepted, then the behavior will continue. On the other hand, if a behavior is deemed unsuitable, the behavior will be adapted to the environment. These circumstances and environments are what Veblen called "institutions". In this case, it is explained that what Veblen means by institutions are things related to norms, values, habits and culture. Furthermore, everything is reflected in economic activities, both in production and consumption.

Budget Deficits in Pakistan: A Time Series Analysis of The Impact of Economic Political and Institutional Factors

This article aims to provide a thorough empirical examination of the budget deficit of Pakistan, spanning a period of four decades from 1976 to 2023. In order to fulfill the objective of the study, a wide range of economic, political, and institutional variables have been extensively examined. The ARDL technique to cointegration has been employed due to the time series structure of the variables. The objective of this article is to examine the long-term correlation between the budget deficit and its several drivers, such as inflation, debt services, economic expansion, and government size. The study's findings offer important insight into the dynamic connections between the budget deficit and its different determining factors. In Pakistan, inflation has become a major and harmful factor contributing to the budget deficit. The data demonstrates that a continuous increase in prices has resulted in a higher budget deficit. Furthermore, empirical evidence indicates that a significant portion of the deficit that exists is attributed to debt servicing charges. This highlights the importance of implementing effective regulations to control debt. Economic development exerts a positive and major impact on the management of budget deficit. In the case of Pakistan, a higher growth rate is correlated with a lower budget deficit. Moreover, this size of government has an adverse impact on the budget deficit. This demonstrates the necessity for the effective management of public finances. Corruption has an insignificant impact on the increase of the budget deficit in Pakistan. Moreover, the relationship between the political variables and budget deficit is not significant. The study fails to identify the relationship between the elections and democratic processes. This finding is unanticipated and the cause of rejection of one of the main hypothesis of the study. This may be attributed to the fact that the concerns of the political factors may be comparatively minor as compared to the economic ones. Keeping in view the findings of the current study and the previously mentioned variables, therefore this study provides an important insight into the dynamic relationship between the budget deficit and others economic, institutional and political factors. The findings of this study has generated fresh avenues for the future research, especially for the examinations of the impact of political factors because, this hypothesis has been rejected in our study.