Economic Structure Research Articles

The Effect of the Fed Interest Rate Hikes on the Financial Crisis Evidence from Emerging Market Economices

The purpose of this paper is to systematically study the economic consequences of this policy adjustment by analysing in depth the five interest rate hike actions of the Federal Reserve and their chain reactions in emerging market economies, applying economic principles and methods. In particular, the central question of concern is whether the Fed's interest rate hiking policy constitutes an important trigger of the financial crisis in emerging markets. In order to shed light on this complex phenomenon in a comprehensive manner, this paper not only analyses in depth the macroeconomic logic behind the Fed's interest rate hike, but also explores its transmission mechanism in emerging market economies, as well as the economic vulnerability of these countries in the face of external shocks. The results of the study show that the collapse of emerging countries as a result of the Fed's interest rate hikes seems to be inevitable, but we can draw insights from it: actively promoting the reform of the international monetary system and supporting the inclusion of more types of currencies in the international trade and investment settlement system has become a common choice, including for some Western countries, as well as the need to continue to optimise the economic structure of the domestic economy and to strengthen the ability to manage and control the comprehensive risks.

Do Water Transfer Projects Promote Water Use Efficiency? Case Study of South-to-North Water Transfer Project in Yellow River Basin of China

With a huge capital and labor input influx, inter-basin water transfer (IBWT) projects have been shown to effectively mitigate water stress and ensure the water demand for social and economic development in the receiving area. Whether they have promoted the improvement of regional water use efficiency (WUE) is crucial for sustainable management of regional water resources. Targeting the South-to-North Water Transfer Project (SNWTP), the largest and most ambitious inter-basin water transfer project in China, this study establishes quantitatively econometric models to analyze the impact of different water diversion projects, specifically the eastern route of the SNWTP (ER-SNWTP), middle route of the SNWTP (MR-SNWTP), and diversion from the main stream of the Yellow River (DYR), on the regional water consumption per unit of GDP; regional water stress, water use structure, economic structure, and urbanization level are used as control variables in different types of cities in the Yellow River Basin, and some intriguing results are found. While the overall water transfer project demonstrates a positive impact on water use efficiency, the effects of the three water transfer measures vary significantly. The ER-SNWTP does not exhibit a notable positive effect on regional water use efficiency, whereas the MR-SNWTP demonstrates a significant positive impact. Interestingly, the DYR has a notable negative influence on water use efficiency in developed cities. The water use structure, shaped by the pricing, scale, and policies of different projects, emerges as a pivotal factor in explaining these differences. Finally, this paper suggests that the impact of water transfer projects on the improvement of regional water use efficiency be viewed from a more comprehensive and developmental perspective.

Unlocking European biogas and biomethane: Policy insights from comparative analysis

The scaling up of renewable gases is now being presented as a critical and effective component of the EU's long-term decarbonization strategy. Yet, the support schemes implemented for biogas and biomethane are far less studied than the ones dedicated to renewable power generation (e.g., solar or wind). This work bridges this gap by reviewing the supporting policies implemented in the EU and conducting a retrospective comparative analysis of the mechanisms implemented in Germany, Denmark, and Italy. The analysis is based on primary data extracted from policy statements that have been harmonized. Results show that incentivizing the supply side lowers the risk associated with early investments and market development. Conversely, they highlight inhomogeneity among countries in accounting for demand and end-use in their policies. Finally, they point at the availability of feedstock and the geographic and economic structure of a country as factors influencing the development of a market for renewable gases. The analysis stresses the value of policy mix in promoting biogas and biomethane in the EU's energy mix, and it hinges on the importance of scrutinizing sectoral massification, novel business models, infrastructure integration, and enhanced financial accessibility to improve their competitiveness and market advancement within the energy landscape.

Local economic development strategies in a medium-sized city on the European periphery: a path to become an economic center of Eastern Central Europe importance

Large cities are becoming increasingly valuable in the spatial structure of globalized economies. Although these centers vary significantly regarding population, economic structure, and income conditions, they—compared to their surroundings—generally show a higher productivity level, a higher rate of employment, higher education, and higher innovation performance. However, this metropolization and concentration of the economy in large cities made the development of cities regarded as medium-sized on an international scale an issue of competitiveness in Europe, characterized by dense town networks, a small number of metropolises, and a significant weight of medium- and small-sized towns. However, one of the main preconditions for achieving success in this competition is to form a comprehensive and complex concept with a significant emphasis on economic development. Therefore, the aim of our study is to analyze the local economic development strategies for the last three decades, as elaborated in Debrecen. In the framework of our empirical analysis, we examined how different mainstream concepts appear in local development strategies and which development objectives are determined by the local strategies. Furthermore, we also aimed to identify possible changes in ideas about city roles by referring to the organization of economic space.

Job creation and decarbonization synergies in Latin America: a simulation-based exploratory modeling analysis

This study employs an Input–Output simulation model to assess the potential employment effects resulting from investments in 40 sector-specific decarbonization transformations across Latin America and the Caribbean. Using a Multi-region Input–Output framework (Eora26), our findings indicate that investments in energy production and buildings sectors offer promising job creation opportunities, averaging 5.5 total jobs per $1 million invested. Similarly, in the waste, industry and agriculture, forestry, and land use sectors demonstrate significant potential, yielding approximately 5 total jobs per $1 million. The analysis models investments as demand vectors, producing results for 17 countries in the region. These estimates endogenize the diverse economic structure and state of development of these countries. We argue that country-level analysis is needed to identify climate strategies that maximize job creation while achieving net-zero emissions.

Strategy and Challenges for Turkmenistan’s participation in the Central Asia Integration

After gaining independence, Turkmenistan actively pursued the status of a "permanently neutral state", aiming to leverage a neutral foreign policy for enhanced stability and peace in Central Asia.Turkmenistan has formulated distinct engagement policies at various stages of Central Asian integration, ensuring the country's flexible position in the region based on national interests, neutrality, and the decisions of the supreme Leader. However, Turkmenistan encounters significant practical obstacles in engaging in Central Asian integration due to the uncertain prospects of regional integration and its unitary economic structure. If Turkmenistan can sustain its engagement, strategically adjust its foreign policy, and optimize its economic reforms, it will be able to assume a more significant role in the process of Central Asian integration.

The Relationship between Energy Consumption, Agricultural and Industrial Production, and Economic Growth: ARDL Border Value Approach in the Case of Kazakhstan

This study analyzes the impact of energy consumption and industrial and agricultural production on economic growth between 2000 and 2022 in Kazakhstan using the ARDL method. The research findings determined that all three variables affect the economic growth of Kazakhstan. Another important finding is that, within the framework of the variables included in the analysis, the model shows that after a shock, the economic structure will recover and regain its footing in a short period, such as 1.5 years. Therefore this study provides important information to Kazakh decision-makers and gives confidence in the solidity of the country's economic structure. The study employs a model that includes industrial production and agricultural production, along with energy consumption on economic growth, as only one variable (index variable). As well known, production and trade as fields of economic activity can also be taken separately. Therefore they can be included in the model separately and their individual effects on GDP can be analyzed. By carrying out studies in this manner, we can identify the determinants of the Kazakh economy and use sample applications to analyze the dynamics of economic growth in general.

Spatiotemporal evolutions and reasons of land-use carbon emissions in counties, Shaanxi Province, China

Global warming caused by factors such as the expansion of construction land poses a major threat to the sustainable development of China. As an important component of China's low-carbon development strategy, there is a relative lack of analysis of the spatial and temporal evolution of land-use carbon emissions and the influencing factors at county-level. In this study, we employed Emission-Factor Approach to estimate carbon emissions from land use in 107 counties, Shaanxi province, China. Our findings revealed construction land were the primary contributors to carbon emissions, showing a substantial increase from 2000 to 2020. There was positive spatial autocorrelation in carbon emissions among counties, forming distinct aggregation patterns around the City of Xi'an and both the southern and northern regions of Shaanxi. By utilizing the Spatial Durbin Error Model (SDEM), demographic factors emerged as key drivers of carbon emissions, indicating the significance of addressing population concentration to curb emissions. Furthermore, promoting coordinated development and adjusting the economic structure in different counties can mitigate both population concentration and carbon emissions. Emphasizing industrial development and investments can also effectively suppress carbon emissions. Additionally, managing transportation-related emissions can be achieved by enhancing public transportation services and regulating private car usage.

Development of Low-Carbon Finance Helps the Construction of China's Low-Carbon Financial Legal System

The massive consumption of coal, oil and other resources has led to a significant increase in greenhouse gas emissions and global warming, seriously threatening the ecological environment. Achieving low-carbon development has become a common goal pursued by all countries. On this basis, China has put forward the goals of carbon peaking by 2030 and carbon neutrality by 2060. The best way to solve this problem is to promote low-carbon finance. Low energy consumption and low pollution have become the core of green economic development, which reasonably improves the status quo of serious environmental pollution and promotes the realisation of high-quality development of the social economy. Since the 19th National Congress, China's economic development has shifted from high-speed growth to the development stage of high-quality growth, and this shift not only requires sustained and stable economic growth, but also emphasises the protection of the ecological environment and sustainable development. The development of low-carbon economy not only helps to reduce greenhouse gas emissions and protect the ecological environment, but also promotes the optimisation and upgrading of the economic structure, achieving a win-win situation for the economy and the environment. However, the healthy development of low-carbon economy needs strong institutional guarantee. In particular, the improvement of the low carbon financial legal system.

Effects of Removing Energy Subsidies and Implementing Carbon Taxes on Urban, Rural and Gender Welfare: Evidence from Mexico

The demand for different energy goods and services is a fundamental component in a country’s economic structure for development. Understanding it is vital in designing economic policies, such as taxes, that can improve the welfare of the population. A comprehension of the distributional effects of elasticities and the application of them to simulate household responses to price changes, as well as a calculation of the welfare impacts on poor and rich households in Mexico, should inform policy design. This paper uses the Household Income and Expenditure Survey (ENIGH) from 1996 to 2018 to estimate the demand of Mexican households for fuels, specifically electricity, liquefied petroleum gas, and gasoline. A Quasi Ideal Quadratic Demand System (QUAIDS) is employed to analyse the effects of removing energy subsidies and introducing a carbon tax. The results indicate that welfare losses would be regressive concerning electricity price increases, while changes in gasoline prices would be progressive. Redistributing the tax revenues accrued by removing energy subsidies and imposing the carbon tax would have more progressive effects on the economy of Mexican households, with welfare gains of up to 350% for the poorest households in the case of electricity consumption taxes.

Xenophobia: a hindrance factor to South Africa’s ambition of becoming a developmental state

The prevalence of xenophobic violence toward foreigners has hindered South Africa’s ambition to become a developmental state since 2007, when the concept of a “democratic developmental state” was first endorsed during the African National Congress (ANC) conference in Polokwane. This ambition has also been thwarted by the inability of the post-apartheid regime to provide adequate and sustainable services to the citizens. Xenophobia has disrupted economic growth and has contributed to poor service delivery in local municipalities, thus leading to social protests. The developmental state depends mainly on a solid balance of economic growth and human development. It also leans on the capacity of the state to establish policies that address poverty and promote the expansion of solid economic opportunities. In this endeavor, migrants increase economic growth and make it sustainable, increase productivity, and promote the labor market. They also promote the labor force and human capital, economic growth, and public finance, thus enabling the realization of a developmental state. However, xenophobia has limited migrants’ contributions to economic growth and social well-being in South Africa. It has destructive effects on South Africa’s economic structure and growth, thus affecting the delivery of adequate services that would enhance its ability to achieve a developmental state. The paper recommends that there is a need for South Africa to understand that xenophobia affects economic growth and the service delivery framework. To address the prevalence of xenophobia and achieve its ambition of a developmental state, South Africa needs to hasten its responses to curb xenophobia and integrate migrants into economic opportunities. The paper adopted a qualitative research methodology and conceptual and document analysis techniques to collect data that enabled the achievement of the above assertions.

Abstract PO2-11-09: European Lobular Breast Cancer Advocates: Bridging the Geographical Gaps in Lobular Breast Cancer Education and Awareness

Abstract Introduction In 2019, Invasive Lobular Cancer (ILC) Patient Advocates attended the 3rd meeting of the European Lobular Breast Cancer Consortium (ELBCC), a scientific community focused on lobular research and treatment. European Lobular Breast Cancer Advocates (ELBCA) now have a network of ILC patient advocates across Europe. ILC is classified by the World Health Organisation as the most common Special Type of Breast Cancer. In 2022 there were 576,300 diagnoses of breast cancer in Europe, 15% ~86,500 were ILC. ILC is a histologically distinct breast cancer with diverse presentations including a tendency to metastasize to unique locations. Current endocrine therapies may have different effectiveness for ILC making treatment challenging. Current imaging tools are often unreliable with up to 30% of ILC tumours not identified on mammograms and detection is often delayed. Challenges There are no standardised European diagnostic or treatment protocols for ILC. ELBCA addresses this with collaborative efforts between ILC medical professionals and researchers. It’s a major challenge because each European country has a different health care system and economic policy structure. It’s also a challenge to streamline the translation of clinically accurate information to European patients in their own language. Not all European countries are members of the EU, there are a minimum of 24 official European languages. Established European breast cancer patient organizations often don’t distinguish between different histological subtypes. Current European policy and administrative processes have hindered the formation of a not-for-profit Advocacy Organization. Without such an organization, fundraising and collaborative efforts with others is difficult. Conclusions ELBCA has made significant progress towards raising awareness and increasing knowledge of ILC across Europe. Our poster will expand on these accomplishments as well as the following goals: Work with European and International ILC research and patient communities to better understand this unique histological subtype. Elevate ILC research priorities and inform European policy to recognize ILC as a distinct disease. Enhance education of ILC among primary HCP’s and patients. Establish a recognized European ILC Advocacy Organization and collaborate with established BC organizations. Attend major BC research and clinical conferences. Lobby to achieve increased funding for ILC research and clinical trials. Citation Format: Siobhan Freeney, Helene Bonval, Esther Geven, Lori Petitti, Rian Terveer, Claire Turner, Cathrin Brisken, Patrick Derksen, Christine Desmedt, Thijs Koorman, ADRIAN LEE, Steffi Oesterreich, Anne Salomon, George Sflomos, Karen Van Baelen, Tone Lien, Damir Vareslija, Sabine Linn. European Lobular Breast Cancer Advocates: Bridging the Geographical Gaps in Lobular Breast Cancer Education and Awareness [abstract]. In: Proceedings of the 2023 San Antonio Breast Cancer Symposium; 2023 Dec 5-9; San Antonio, TX. Philadelphia (PA): AACR; Cancer Res 2024;84(9 Suppl):Abstract nr PO2-11-09.

The influence of economic policies on social environments and mental health.

Despite increased advocacy and investments in mental health systems globally, there has been limited progress in reducing mental disorder prevalence. In this paper, we argue that meaningful advancements in population mental health necessitate addressing the fundamental sources of shared distress. Using a systems perspective, economic structures and policies are identified as the potential cause of causes of mental ill-health. Neoliberal ideologies, prioritizing economic optimization and continuous growth, contribute to the promotion of individualism, job insecurity, increasing demands on workers, parental stress, social disconnection and a broad range of manifestations well-recognized to erode mental health. We emphasize the need for mental health researchers and advocates to increasingly engage with the economic policy discourse to draw attention to mental health and well-being implications. We call for a shift towards a well-being economy to better align commercial interests with collective well-being and social prosperity. The involvement of individuals with lived mental ill-health experiences, practitioners and researchers is needed to mobilize communities for change and influence economic policies to safeguard well-being. Additionally, we call for the establishment of national mental wealth observatories to inform coordinated health, social and economic policies and realize the transition to a more sustainable well-being economy that offers promise for progress on population mental health outcomes.

BANKING SECTOR DEVELOPMENT AND ECONOMIC GROWTH DEVELOPING COUNTRIES: A BOOTSTRAP PANEL GRANGER CAUSALITY ANALYSIS

The purpose of this paper is to revisit the Granger causal relationship between banking sector development and economic growth for forty developing countries in the period 1970-2012. We devised two indices to comprehensively assess the development of the banking sector and employed a panel bootstrapped approach for Granger causality testing. This method adequately addresses concerns related to cross-sectional dependence and heterogeneity. Our empirical findings offer modest backing for the supply-leading, demand-following, and complementarity hypotheses. Moreover, our analysis suggests a causal relationship between banking sector development and economic growth across twenty-five countries. This paper investigates the relationship between banking sector development and economic growth in developing countries using a Bootstrap Panel Granger Causality Analysis. The banking sector plays a crucial role in fostering economic development by mobilizing savings, allocating capital efficiently, and channeling investments into productive sectors. However, the precise nature of the causal linkages between banking sector development and economic growth remains subject to empirical scrutiny, particularly in the context of developing economies characterized by diverse institutional settings and economic structures. Employing a panel data approach, this study examines the causal dynamics between banking sector development and economic growth across a sample of developing countries. By leveraging the richness of cross-country variation and time-series dynamics, we aim to provide a nuanced understanding of the symbiotic relationship between banking sector development and economic growth. Our discoveries illuminate the causal connection between banking sector advancement and economic growth in developing nations, presenting significant insights for policymakers, economists, and scholars. Through informing policy discussions and promoting data-driven decision-making, this research contributes to the crucial goals of sustainable development and inclusive growth in developing economies.

The New Economics of Industrial Policy

We discuss the considerable literature that has developed in recent years providing rigorous evidence on how industrial policies work. This literature is a significant improvement over the earlier generation of empirical work, which was largely correlational and marred by interpretational problems. On the whole, the recent crop of papers offers a more positive take on industrial policy. We review the standard rationales and critiques of industrial policy and provide a broad overview of new empirical approaches to measurement. We discuss how the recent literature, paying close attention to measurement, causal inference, and economic structure, is offering a nuanced and contextual understanding of the effects of industrial policy. We re-evaluate the East Asian experience with industrial policy in light of recent results. Finally, we conclude by reviewing how industrial policy is being reshaped by a new understanding of governance, a richer set of policy instruments beyond subsidies, and the reality of deindustrialization.

Sources and human health risks associated with potentially toxic elements (PTEs) in urban dust: A global perspective

Long-term exposure to urban dust containing potentially toxic elements (PTEs) poses detrimental impacts on human health. However, studies estimating human health risks in urban dusts from a global perspective are scarce. We evaluated data for twelve PTEs in urban dusts across 59 countries from 463 published articles, including their concentrations, input sources, and probabilistic risks to human health. We found that 34.1 and 60.3% of those investigated urban dusts have been heavily contaminated with As and Cd, respectively. The input of PTEs was significantly correlated with economic structure due to emissions of industrial activities and traffic emissions being the major sources. Based on the Monte Carlo simulation, we found that the mean hazard index below the safe threshold (1.0) could still cause non-negligible risks to human health. Arsenic and Cr were the major PTEs threatening human health, and relatively high risk levels were observed in cities in China, Korea, Chile, Malaysia, and Australia. Importantly, our analysis suggested that PTEs threaten the health of approximately 92 million adults and 280 million children worldwide. Overall, our study provides important foundational understanding and guidance for policy decision-making to reduce the potential risks associated with PTE exposure and to promote sustainable development of urban economies.

Concrete Structures Reinforced with FRP BAR

Abstract: Fiber reinforced polymer (FRP) bars have been widely used in civil engineering used as a substitute for steel reinforcement because it has many advantages such as high strength-to-weight ratio, electromagnetic neutrality, light weight, ease of handling and no corrosion. Moreover, the productive technology becomes more and more mature and industrialized so that FRP has become one economic and competitive structure material. Based on the recent researches, this paper mainly introduces progress in the studies on concrete structures reinforced with FRP bars. These contents in this paper includes the bond performance of FRP bars in concrete, Compression Behavior, flexural behavior, and ductility of concrete structure reinforced with FRP bars in the past few years in the world .

Moderating Role of Economic Development’s on Zakat Success Factors and Compliance: A Saudi Arabian Perspective

The paper report a result of an investigation in the moderating influence of economic development on the relationship between zakat success factors and compliance to pay zakat, focusing on key factors such as zakat awareness, support for zakat practices, understanding zakat application, and willingness to implement zakat. Data from 250 respondents within the General Authority of Zakat and Tax (GAZT) in Saudi Arabia were collected using a quantitative approach using questionnaires. Analysis was conducted utilizing AMOS 20 and SPSS 20.1 software. The study reveals a positive direct effect of zakat success factors on compliance to pay zakat, with economic development playing a crucial moderating role. This underscores the significance of economic development in influencing the relationship between zakat awareness, support for zakat practices, and zakat compliance. The practical implications extend to zakat institutions, urging them to enhance strategies for transparency and compliance by securing additional resources for development and organizing educational initiatives to cultivate positive attitudes towards zakat. The research contributes uniquely to the literature by incorporating economic development as a mediator in the zakat success factors and compliance relationship, offering valuable insights for researchers, economists, and zakat institutions. The findings emphasize the multifaceted impact of zakat on economic structures, social transformation, poverty reduction, and inequality. Additionally, the study highlights zakat's role in achieving sustainable economic growth and reducing social issues, advocating for its integration as a financial system to address challenges in the Muslim world. Despite limitations in respondent selection and timeframe, the research opens avenues for future studies, suggesting a broader exploration of Zakat's impact on sustainable development, climate change, wealth distribution, and economic transformation.

Are financial sanctions truly “smart”? Evidence from the perspective of cross‐border capital flows

AbstractFew studies are found to examine the impact of financial sanctions on cross‐border capital flows. Using a panel data from 48 countries from 2000 to 2019, this paper aims to examine the impact of financial sanctions on the volatility of cross‐border capital flows. We employ difference‐in‐differences (DID) and spatial DID (SDID) models, showing the result that financial sanctions lead to an exacerbation of the volatility of cross‐border capital inflows and outflows in the targeted country, with the channel of negative impact on the financial sector in the targeted country. The subsample regressions indicate heterogeneous impacts of financial sanctions depending on economic structure and capital account openness. Additionally, the result of the SDID model shows that financial sanctions cause cross‐border transmission of financial risks, and that the spatial spillover effect of financial sanctions will also have negative economic impacts on other countries in addition to the target country. The significance of this study lies in emphasizing that international financial sanctions affect the economy of target countries through cross‐border capital flows. Meanwhile, we confirm that financial sanctions pose a certain threat to global financial stability.

Peran Pertanian dalam Pengembangan Ekonomi: Penilaian Transformasi Struktural dan Dinamika Pertumbuhan Ekonomi

By understanding the role of agriculture in economic development holistically, this research aims to provide policy makers, practitioners, and academics with deeper insights on how to enhance the role and contribution of the agricultural sector in achieving inclusive and sustainable economic growth. Through a careful evaluation of the structural transformation and dynamics of economic growth in the agricultural sector, this research is expected to provide valuable guidance in formulating more effective and future-oriented policies. In this study, the use of qualitative methods involved a variety of techniques and approaches. By using these qualitative methods, the research was able to explore various complex aspects of how agriculture plays a role in economic development, including the challenges, opportunities, social dynamics, and policies that affect it. Research results The agricultural sector is an important part of a country's economic structure, involving a wide range of activities from production to distribution of agricultural products. While agriculture is often the dominant sector in the early stages of economic development, its role continues to change as the economy develops. The role of the agricultural sector is crucial in feeding the population, creating jobs, and contributing to economic growth, especially in developing countries. However, agricultural activities can also have significant impacts on the environment, such as land degradation and ecosystem damage.