Economic Recovery Process Research Articles

Whose Ideas Matter? The Changing Meaning of Health Protocols in Indonesia’s Border Management Policies in the Pandemic Era

Abstract The COVID-19 pandemic affected border management policies by introducing health protocol norms for foreigners entering the country. Although public rhetoric often emphasized the importance of preventing an increase in imported cases, the implementation of health protocols in Indonesian border management policy varied from long quarantine periods during the advent of the pandemic to the easing of border control during the Omicron spike. This paper is focused on the international and domestic dynamics that affected the meaning and implementation of health protocols in Indonesia’s border management policies. It was found that, although international health norms served as initial guidance for health protocols at the start of the pandemic, their influence faded over time as they did not align with the national agenda, which prioritized economic growth. Therefore, after successfully adapting to the pandemic, the president and his elite circle redefined health protocols to favor the economic recovery process.

Mapping economic and social effects of Covid-19 in ASEAN economies

The emergence of the Covid-19 pandemic has created a perfect storm of crises in ASEAN member countries (AMCs). Before the Covid-19 crisis, economic inequalities were prevalent all across AMCs at domestic and regional levels and the majority of the population was confined to surviving on low and insecure incomes. The main objective of this study is to explore the economic and social effects among AMCs and how Covid-19 interacted with these effects. Our study indicates that stark and myriad economic inequalities persist among low-income and rural poor societies of high-income countries in the ASEAN ranging from wealth, access to healthcare and education services, gender-based inequalities, deprivation of basic resources and services, and asymmetry in employment and migration opportunities for certain groups. We predict that Covid-19 will exacerbate these inequalities consequently pushing marginalised and vulnerable people into extreme poverty and may further escalate health and economic risks. AMCs governments need to focus on developing an inclusive economic recovery process to strengthen the poorly protected social safety nets, address the gender-based issues and consider the inclusion of marginalised and vulnerable communities while developing health and economic recovery policies to mitigate Covid-19 impacts. Our findings provide a roadmap to the governments and policymakers scrambling for resources to combat the Covid-19 social and economic impacts.

The structural analysis of the farming systems resilience after the Covid-19 pandemic in West Timor, Indonesia

Although Indonesia has recorded good performance in its national economic development, especially in the agriculture sector during the Covid-19 pandemic, the impact of the pandemic on farming and food systems has not been evaluated yet. This study has evaluated the resilience of the two dominant existing farming systems in West Timor, i.e. (i) wetland farming system and (ii) dryland farming system. This research aims to understand the resilience of farming after the Covid-19 pandemic and to develop strategic policies that could be adopted to increase the resilience of the farming system in West Timor. A quantitative analysis using the Structural Equation Modelling (SEM) was employed to evaluate the relationship and impact of the following seven generic aspects: labour movement, sustainability, economy, socio- culture, output markets, input markets, farming system resilience, and 27 reflective indicators. The analysis shows that dryland farming systems are more resilient than wetland farming systems. It might be understood from the size of the regression coefficient, as the impact of exogenous construct variables of the environment, socioculture, input, and output on the resilience of dryland farming systems is more significant than on wetlands. Economic performance rather than labour movement factors will create better resilience of farming systems for wetland or dryland after the Covid-19 pandemic. Finally, the economic recovery process and the ongoing input supply mechanism after the Covid-19 pandemic have increased the resilience of the dryland food system more than the resilience of the wetland farming system.

Pandemics and Economic Complexity: A Cross-Country Analysis

This paper is the first attempt to empirically examine the impact of pandemics on economic complexity in a cross-country setting. We employ a unique and recently developed measure of pandemic intensity, which is the World Pandemic Discussion Index. Using panel-corrected standard error regressions on a panel dataset of 90 countries from 1996 to 2019, we find that an increase in pandemic discussion could reduce economic complexity. Further heterogeneity tests show that this detrimental effect of pandemics only occurs in emerging and low-income countries, or in countries with low levels of institutional quality. By using mechanism analysis, we also find that pandemics reduce economic complexity via deteriorating the quality of human capital. These findings are robust to a comprehensive battery of robustness and sensitivity checks. Overall, our paper could provide valuable implications for policy makers in devising measures to support the economic recovery process post-pandemics.

The Effectiveness of Conventional and Unconventional Monetary Policy in CEE countries using TVP-FAVAR models

The paper analyses the role of monetary policy in economic activity and studies the responses of the economic growth rate and inflation rate to conventional and unconventional monetary shocks in three Central and Eastern European countries: Romania, Hungary, and the Czech Republic. The research focuses on the recent evolution of the economy affected by the health crisis, military conflict in Ukraine, and high inflation. The study offers a high degree of novelty using Vector Autoregressive models with Time-Varying Parameters and common factors (TVPFAVAR). The results of the estimation are consistent with expectations and economic theory, and the models could provide clear view of the impact of monetary policy measures applied, depending on the phase of the economic cycle. The TVP-FAVAR models could give assistance to policymakers in the formulation of the most suitable monetary policy measures in the economic recovery process and maintenance of price stability.

ІНСТИТУЦІЙНІ ЗАСАДИ ВІДНОВЛЕННЯ ТА РЕКОНСТРУКЦІЇ ЕКОНОМІКИ УКРАЇНИ

The post-war recovery and reconstruction of the economy of Ukraine is an urgent task for its effective functioning and involves concentrating efforts on developing new institutional foundations, strategic approaches, economic and financial mechanisms and the provision of adequate organization and management to establish a modern and competitive economic structure. Based on theoretical analysis of existing scientific approaches, the peculiarities of forming institutional foundations and implementing strategic approaches to ensuring the processes of post-war recovery and reconstruction of the economy of Ukraine have been determined and characterized. The structure of the plan for implementing the state strategy for economic recovery has been developed. Through a comparative analysis of the experience of foreign countries that carried out post-war economic recovery and reconstruction, the main tasks were determined, and an analysis of the sources, conditions, and tools for financing economic recovery processes was carried out. Empirical analysis has led to the development of a system of measures aimed at stimulating foreign financial aid, attracting foreign investments, mobilizing domestic resources, and activating investment activities in the economic recovery process. Additionally, directions for institutional transformations and social changes concerning the development of the labour relations system in the formation of a new post-war economic model have been outlined. Based on the analysis of scenarios of post-war recovery and reconstruction of the economy of Ukraine, the main risks and obstacles that could potentially hinder these processes' implementation have been determined. The organizational structure for forming the institutional foundations of post-war recovery and reconstruction of the economy of Ukraine has been developed. The need to create a special state institution responsible for accumulating financial resources, organizing interaction with international partners and investors, and general management of the recovery process has been substantiated. The developed scientific approaches are directed toward forming state economic policy and relevant financial and economic mechanisms through an organic combination of tools and methods of indicative and strategic planning. Their practical implementation will enable state authorities to enhance the organization and management of the post-war recovery and reconstruction processes of Ukraine's economy and ensure the establishment of a new innovative model of economic development.

Mechanism of action of marine ecological restoration on ecological, economic, and social benefits—An empirical analysis based on a structural equation model

Marine ecological restoration is not only an important means to ensure the continuous delivery of ecosystem services by marine ecosystems, but also a socioeconomic process of economic investment and value recovery. Identifying the links to the benefits accrued to society from ecological restoration is of significant importance for achieving successful conservation outcomes and guiding financial investments in ecological restoration. This paper aims to analyze the action mechanism of marine ecological restoration on ecological, economic and social benefits in China. The research hypothesis of ecological, economic, and social benefits generated by marine ecological restoration was first proposed from a theoretical research perspective. On this basis, a structural equation model was employed to validate theoretical assumptions and quantitatively analyze the mechanism of ecological, economic, and social benefits generated by marine ecological restoration in China. We find that marine ecological restoration can improve the level of marine ecosystem services and have a significant positive impact on promoting economic and social development. The results indicate that marine ecological restoration has the greatest impact on social benefits, followed by ecological benefits, and finally on economic benefits, and this result is consistent with the original intention of marine ecological restoration, which aims to directly improve the ecosystem services and social welfare level and indirectly drive economic development.

Digital economy and financial inclusion in reviving the national economy: A Management Strategy

Insurance firms must allocate additional financial resources to account for the potential default of many businesses. The Indonesian government is likewise facing financial challenges, resulting in the reallocation of funds from the health and immunization budget. The fiscal responsibility of the state in relation to activities aimed at economic recovery is increasing. This study aims to comprehensively analyze the economic and financial theories employed in formulating the National Economic Recovery strategy to elucidate the obtained outcomes. The present study employs a qualitative research design, utilizing a literature review methodology. The focus of this study encompasses start-up enterprises and individuals with digital funding accounts. The research findings indicate that the digital economy and ecosystem, bolstered by enhanced financial inclusion, can potentially expedite the National Economic Recovery process.

The Effectiveness Of Sharia Micro-Enterprise Capital Financing On The Development Of Msmes In Indonesia

The existence of micro, small, and medium-sized enterprises (MSMEs) is an important factor in society’s progress. It also plays an important role in Indonesia’s economic recovery process. MSMEs play an important role in the Indonesian economy because of the large number of industries in each economic sector. The purpose of this study is to analyze and determine the effectiveness of business capital financing on MSMEs development in BMT Bina Ummat Sejahtera (BUS) Pondok Gede. Testing the effectiveness of Islamic financial institution financing is important for measuring the extent to which disbursed financing is effective. The research method used was descriptive qualitative, using a case study approach. Data collection techniques included observation, interviews, and documentation to managers and members/customers BMT Bina Ummat Sejahtera (BUS) Pondok Gede. The results of this study show that the business capital financing scheme was implemented by Fatwa DSN-MUI No.07/DSN-MUI/IV/2000 on Mudharabah financing. The effectiveness of business capital financing distribution is measured using five main indicators: accuracy of targets, achievement of goals, program socialization, program monitoring, and financing procedures that have been running effectively and have a positive impact on the development of MSMEs assisted by BMT Bina Ummat Sejahtera (BUS) Pondok Gede.

Microwave-assisted synthesis of catechol-based functionalized adsorbents for selective adsorption of critical element germanium

The critical element germanium lacks efficient and economical recovery process to recover it from dilute sources such as coal fly ash. In the current study, a novel microwave-based synthesis method was used to functionalize polystyrenic bead with catechol (A-Cat), nitro-catechol (A-Cat-N), and pyrogallol (A-Py). The adsorbents were used to selectively adsorb Ge from dilute acidic solutions and were investigated for pH dependency, adsorption isotherm, adsorption kinetics, Ge selectivity, and regeneration of adsorbent. The functionalization was confirmed with FTIR, and the grafting yields of 50 %, 41.7 %, and 62 % were achieved for catechol, nitro-catechol, and pyrogallol functionalization, respectively. The Ge adsorption followed Langmuir isotherm with Langmuir adsorption capacities of 29.76 mg/g, 39.14 mg/g, and 37.13 mg/g, for A-Cat, A-Cat-N, and A-Py, respectively, at pH 3. The adsorbents were highly selective for Ge against other elements at pH 1–3, showing no adsorption for many competitive ions at pH 1–2. The A-Cat was more selective than A-Cat-N and A-Py. The adsorbents followed pseudo-second-order kinetics. The adsorbents were reusable for multiple cycles; however, A-Cat-N and A-Py lost capacity due to incomplete desorption in the first cycle. The adsorption mechanism was surface complexation of germnaium with catechol ligand resulting in high selectivity. Linear free energy relationship was used to correlate the apparent adsorption equilibrium with metal hydrolysis constants, and these LFERs can be used to predict the relative selectivity of different cations on A-Cat, A-Cat-N, and A-Py.

THE EFFECTIVENESS OF TAX INCENTIVE POLICIES IN SUPPORTING THE AVAILABILITY OF DRUG AND HEALTH DEVICES IN DUREN PALM HEALTH CENTER

This study aims to analyze the effectiveness of incentives, efforts and tax barriers in supporting the availability of medicines and medical devices in handling Covid-19 at the Duren Sawit District Health Center. Data was collected through face-to-face interviews with each research subject. The research method used is a qualitative approach by adopting the theory of Merilee S. Grindle. The results of the study show that the Tax Incentive Policy has been well implemented to support the availability of medicines and medical devices in handling Covid-19 at the Duren Sawit District Health Center. However, this policy has not fully impacted the availability of the desired medicines and medical devices, due to several obstacles that have arisen from both the public and government sides as policy makers. These obstacles caused the community's economic recovery process during the pandemic era to not be optimal, and the realization of the tax incentives achieved was also not optimal. To overcome these obstacles, thorough supervision from the tax authorities is required regarding the implementation of this tax incentive. In addition, socialization activities are needed for the general public regarding tax incentives and their application. Puskesmas also need to plan program target strategies, such as prioritizing integration in service delivery and utilizing information and communication technology. The Ministry of Finance needs to focus more on optimizing the absorption of existing tax incentives.

УРОКИ ПЛАНУ МАРШАЛЛА: ЗДОБУТТЯ ПІДТРИМКИ ГРОМАДСЬКОСТІ, ПЕРЕДУМОВИ УСПІХУ ТА НАЙВАЖЛИВІШІ АКЦЕНТИ ДЛЯ УКРАЇНИ

The article reveals the peculiarities of the Marshall Plan or the European Recovery Program after World War II. In particular, three phases of the Marshall Plan are described (the first one began two years after the end of World War II and was characterized by the threatening situation in Europe; the second phase began when the process of European economic recovery approached the pre-war 1938 level and was characterized by concerns about the sustainability of these achievements, their maintenance, and improvement; the third phase began with the war on the Korean Peninsula and was marked by a gradual change in the Marshall Plan's course towards international security and defense). The propaganda aspect of the Marshall Plan and the process of its development are outlined. The article analyzes the prerequisites for the success of the Marshall Plan, which include the following: personnel and selection policy; organizational structure of the ECA; institutional prerequisites; psychological aspect; attention to detail: approach to foreign policy making, decisionmaking process, problem-solving method; management style. The article emphasizes that the idea that economics, politics, and psychology are inseparable in the process of creating support and rebuilding other countries was an important feature and basis for the development and implementation of the Marshall Plan. The author identifies the unique features of the Ukrainian context to be taken into account in the process of developing a “Marshall Plan for Ukraine” for its recovery after the Russian-Ukrainian war, in particular, the geopolitical aspect and the importance of geopolitical support from Ukraine's partners, as well as the need to restructure the Ukrainian economy in a modern way. The article argues that the lessons of the Marshall Plan for Western Europe can and should be used in the development of the “Marshall Plan for Ukraine”. The situation with the creation of an analog of the Marshall Plan for Ukraine will have its own unique specifics, as the recipient of assistance will be one country, and the circle of donors will be wider. Mutually beneficial partnership and respect between the recipient and donors, as well as the optimal organizational and management structure of the organization that will be involved in the reconstruction of Ukraine, are important.

Rise from the ashes! Resilience patterns in Patagonia pastoralist communities

AbstractPastoral household resilience is shaped by the interplay between human agency and community resilience mechanisms. As a major component of pastoral household livelihoods, livestock can serve as an indicator to characterize resilience of pastoralist communities. In 2011, Patagonia faced droughts and a volcanic ashfall that affected livestock, water and forage resources during an ongoing economic recovery process. In two localities, we reconstructed the history of events that significantly influenced livestock dynamics over time at community and household levels. After the 2011 ashfall, herd sizes decreased variably by 13% to 91%. By 2019, only 37% of households recovered their herds. Although livestock dynamics were similar in both communities, households with small and medium‐large herd sizes, high connectivity, off‐farm income, and women involved in decision‐making exhibited higher resilience. Understanding household diversity provided localized insights into community resilience (agency, adaptability).

Spatial-temporal differentiation of coupling coordination degree for green finance and green innovation efficiency: a case study in China.

Continued investment in finance and innovation is beneficial to economic development, and the joining of green system can accelerate the process of economic recovery from environmental distress. To better enhance the relationship of green finance and green innovation, it is vital to demonstrate the synergy between the two thoroughly. Thirty provinces in China are selected to examine the coupling coordination relationship between the two, specifically testing the spatial aggregation and evolutionary differences in the coupling coordination by adopting the coupling coordination degree (CCD) model, spatial autocorrelation, and kernel density estimation. Conclusions of the paper show that green finance is calculated by the EW-TOPSIS method, and the overall score of provinces is low. Using super-SBM model to evaluate green innovation, the uneven distribution of efficiency is obvious, although it is gradually increasing. The CCD in most provinces is in low-level or basic coordination, with significant regional heterogeneity. The global Moran's index becomes gradually evident with time. The local Moran scatter diagram presents a downward trend from east to west, but with more L-L aggregation provinces emerging in 2020. The center of the national kernel density curve gradually shifts to the right, indicating that the national overall synergy level is improving. Deepening the understanding of the empirical results facilitates the formulation of reasonable policies that fit the four major regions.

Avoiding a lost decade—an interim update

Abstract All sovereign debt restructurings are inherently messy, expensive, exasperating, time-consuming, and contentious. These are the familiar pathologies in the international system to resolve unsustainable sovereign debts. But the period since the onset of the Covid-19 crisis has revealed (to use a term we all learned during pandemic lockdowns) several new co-morbidities. These include a breakdown in the ability of the major external creditor groups (traditional Paris Club lenders, non-Paris Club bilateral creditors like China and bondholders) to coordinate their debt relief efforts, the increasingly diverse nature of the private-sector entities holding claims against a debtor state, and the total absence of any mechanisms—statutory or contractual—that can be used to ensure that the sacrifices made by the vast majority of claimants and official sector sponsors in the economic recovery process cannot be exploited by the uncooperative few.

Managing Digital Presence in Wineries Practicing Heroic Agriculture: The Cases of Ribeira Sacra and Lanzarote (Spain)

Wine tourism has become an exciting avenue of development for rural wine-producing regions. The channels through which these millenary traditions are transmitted are diverse, and the wineries that practice heroic viticulture can sustainably influence the economic recovery process, especially after the COVID-19 crisis. This paper analyzes the possibilities offered by social media to promote rural territory and wine production in a sustainable way through wine tourism. For this purpose, we have used the case study of the wineries of the Ribeira Sacra appellation of origin and the Canary Islands context in the Lanzarote AO. The methodology used has counted, on the one hand, the existence of web pages of the geographical demarcations mentioned. On the other hand, a study of these wineries’ presence on the three main social networking sites, Facebook, Twitter and Instagram, has been carried out. The main focus has been on a content analysis of the social network Instagram, taking into account the terroir’s emotional values and tourist attractions. The results show that their presence on the Internet could be higher, as only 55% of the wineries of these appellations of origin have a website. In the case of Instagram, the percentages decrease in Ribeira Sacra and increase in Lanzarote. Finally, it has been possible to trace a model of rural development supported by sustainable tourism, wherein emotional values and transmitted attractions stand out, alongside elements related to the landscape and nature and the wine landscape, tradition and gastronomy.

Investigation into the International Financial Reporting Standards 9 model flaws exposed during the pandemic

Orientation: Market events during the coronavirus disease 2019 (COVID-19) pandemic exposed flaws in the econometric models used to derive International Financial Reporting Standards (IFRS) 9 impairments. Models were unable to capture the level of government intervention or predict the economic recovery process because of the unprecedented nature of the pandemic.Research purpose: This study examines the causes of the challenges experienced with the IFRS 9 models during the pandemic and approaches to minimise this risk in the future.Motivation for the study: Structural correlation breaks forced banks to replace the IFRS 9 models with expert overlays or rapidly rebuild the models to reduce impairment volatility and manage the impact on earnings. Expert judgement may lead to biased outcomes.Research approach/design and method: Behavioural finance theory suggests that emotion and cognitive biases often lead to irrational investment decisions with disastrous consequences to the market. The link between market sentiment and economic outcomes is tested with natural language processing. Archimedean copulas are used to compare the dependence structures of market variables between different stress periods.Main findings: Market sentiment is closely related to the trends observed in major macroeconomic indicators. The nature of the dependence structures differs between stress periods.Practical/managerial implications: Sentiment may be a valuable exogenous variable to incorporate into economic forecast models. Learnings from one stress period are not necessarily applicable to another.Contribution/value-add: Government intervention and market sentiment had a significant impact on the economic outcomes and correlation breaks observed during the pandemic. Developing bespoke models for the different phases of the economic cycle may not necessarily lead to improved outcomes.

Paradigm Shift of Regional Economic Cooperation Mechanism in East Asia: The Case of RCEP and CJKFTA

The economies in East Asia, since the late twentieth century, have been important driving forces of regional and global economic growth. Among them, the development of regional FTAs and the continuous promotion of regional integration processes have played a key role. Both RCEP and CJKFTA, as two representative cases of regional FTA vision, are considered regional economic cooperation mechanisms with great potential. However, due to various factors, especially the intervention of the United States based on its interests in the Asia-Pacific region, the development process and final results of both are very different. An in-depth analysis of the two different regional FTAs can help further understand East Asia’s changing overall economic and political situation and the paradigm shift in FTA strategies in the process. What is beyond doubt is that future economic cooperation in East Asia will be confronted by the U.S. Indo-Pacific strategy’s policy of containment of China’s regional influence. The competition between the two for regional leadership will significantly influence the future economic integration process in the region and the Asia-Pacific region. In the context of the global economic crisis caused by the pandemic, higher-level regional cooperation will effectively stimulate the potential development capacity of the East Asian region. It will lead to the recovery of the global economy through trade and other forms. On the contrary, if there is a double standard in East Asia, which is the core of the global value chain, due to political reasons, it will seriously slow down the overall global economic recovery process.

Catechol-Functionalized Chitosan Synthesis and Selective Extraction of Germanium (IV) from Acidic Solutions

Germanium (Ge) is one of the critical elements that lack an efficient economic recovery process from dilute sources. An improved catechol-based adsorbent, catechol-functionalized chitosan (C–Cat), was synthesized to recover germanium (Ge) from dilute acidic solutions. The adsorbent was also compared with an N-methylglucamine-based commercial adsorbent (Purolite S108) for optimum pH conditions, ion selectivity, adsorption isotherm, adsorption kinetics, and regeneration ability. The newly synthesized C–Cat exhibited higher selectivity against various competing ions than the commercial one (their respective Langmuir capacity was 22.72 and 79.66 mg/g at pH 3) and was more selective for Ge than other adsorbents reported in the literature. Linear free-energy relationships between the distribution coefficients and the metal hydrolysis constants were developed for both C–Cat and S108 at pH 3 and can be used for preliminary prediction of the selectivity of the adsorbents. Adsorptions data followed Langmuir isotherm for both adsorbents, and the kinetics data were well-fitted with pseudo-second-order kinetics. The C–Cat was proven to be completely reusable for multiple cycles after initial re-equilibration.

ІВЕНТ- ТА КРЕАТИВНИЙ МЕНЕДЖМЕНТ ТУРИСТИЧНОГО ТА ГОТЕЛЬНОГО БІЗНЕСУ: ПЛАНУВАННЯ ВІДНОВЛЕННЯ ЕКОНОМІКИ МІСТ УКРАЇНИ

The goal is to investigate the peculiarities of event-creative management in the system of tourism and hotel business from the point of view of planning measures for the economic improvement of Ukrainian cities. The analysis of the impact of the main trends in the development of event and creative management of the tourism and hotel business on urban recovery planning is based on the methods of theoretical generalisation, grouping and comparison. The study of the impact of the system of knowledge and practices of event management on the state of the business environment and the information economy of cities is based on the methodology of system analysis and synthesis.Results. The article is devoted to topical issues of event and creative management in the system of tourism and hotel business in the context of intensified planning and forecasting of economic recovery in Ukraine. The conditions for successful management of the country's economic recovery process with elements of support for the hotel and tourism business as an infrastructure support for the business environment of cities are determined. The areas of activity and measures in urban management that are universal and require their own scientific and practical substantiation are outlined. Examples of the impact of the event management knowledge system on the state of the business environment and the information economy of cities are systematised. The features of event and creative management in the system of tourism and hotel business are studied from the point of view of planning measures for the economic recovery of Ukrainian cities. The necessity of attracting event management technologies and creative vision to restore the business environment and information economy of cities after the war is substantiated. In general, the article is valuable for both scholars and practitioners interested in the development of cities in post-war Ukraine. This study offers practical recommendations for authorities, businesses and NGOs on the use of event management as a tool for urban development in post-war Ukraine. It is proven that the economic and social future of Ukrainian cities largely depends on the formation of urban space based on the effective, scientifically based involvement of event management technologies, a creative vision of already existing and prospective changes, safety and social harmony in the relations of "government-business-population".