Ekonomika
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Pandemic Crisis, its Health and Economic Determinants and Dampening Effects of Government Policies in EU Countries
No full textThe COVID-19 pandemic shock resulted in a specific global health, social and economic multi-crisis, which was an unprecedented crisis in post-WW2 history. Both in terms of the devastating consequences on the health of the world’s population of sufferers, as well as on the extent of the impact on global economy. Based on the identified transmission channels of the pandemic into the economy and by using panel regression models, the contribution provides an explanation of the transmission of the pandemic to the health status of the population, to the labor supply, and subsequently, to a Type V recession. Based on these, the paper provides empirical evidence and policy recommendations that the government strictness in regulating population mobility, economic development of countries, population vaccination against COVID-19, and COVID fiscal health care spending were the main and most effective tools for reducing the live expectancy decrease in selected EU countries. To cushion the economic shock which the pandemic has directly had on the labor supply, the only effective anti-crisis fiscal instruments have been confirmed to be the effects of government capital spending, both in cushioning the recession and inflation
Does the Impact of Education Expenditures on Economic Growth Vary Between Developed and Developing Countries?
Full text linkEconomic growth has been a fundamental policy objective for countries throughout history. It signifies an enhancement in a country’s well-being and income levels. Education also plays a significant role in economic development and welfare improvement. This study aims to empirically examine and compare the impact of education expenditure on economic growth in developed and developing countries. The research employs a panel Autoregressive Distributed Lag method to analyze the influence of education expenditures on national income in 20 developing and 27 developed countries over the period 2000–2020. The findings indicate that variations in education expenditure positively affect national income in both developed and developing countries, with a more pronounced impact observed in developed countries. Based on these results, it is inferred that the prioritization of education expenditures in economic policies is crucial for fostering economic growth
Do Green Bonds Impact Sustainable Development? An Empirical Analysis
Full text linkTrying to meet unlimited human needs with limited resources causes production activities to deplete or pollute natural resources. Ensuring the sustainability of natural resources and the environment is essential to leaving a livable world for future generations. The concept of sustainable development, which emerged from this attitude, has been on the agenda of many countries, especially supranational organisations, especially in recent years. Based on this, the present study aims to examine the impact of green bonds issued worldwide on sustainable development with the help of panel data analysis for 17 countries that issued the most GBs in the period of 2014–2022. In the study, fixed effect, random effect and GMM tests were applied. Empirical findings show that GB issuances positively affect the environmental performance, while the development levels of countries have a negative effect. The findings also show that the impact of COVID-19 positively affects environmental performance. In the selected countries, trade openness was not found to affect environmental performance significantly
Central Bank Financial Policy Mechanism and Taxation Earning in Sub-Saharan Africa
Full text linkA strong monetary policy is critical to the overall health of an economy. Again, funding availability for firms is crucial and acts as a spur for well-designed monetary policy. The implications are far-reaching and have an impact on government revenue collection, which helps to enhance social welfare since providing basic social amenities is an essential component of effective governance, particularly in Sub-Saharan Africa (SSA). Thus, the purpose of this study is to investigate the impact of monetary policy on tax revenue growth in SSA. The investigation makes use of data from the World Bank Development Indicators and the International Monetary Fund spanning the years 1990–2022. The study also uses the autoregressive distributed lag (ARDL) approach to investigate the short- and long-run relationships between monetary policy instruments and tax revenue growth. Monetary policy methods employed include monetary authority credit to the private sector, domestic credit to the private sector, and wide money supply, while the tax revenue growth proportion to GDP is used. According to the findings, both the monetary authority and domestic credit to the private sector have considerable negative influences on tax revenue growth, whereas wide money has an encouraging but small effect. The consequence is that the private sector in SSA is underfinanced, making it harder for the government to collect substantial tax income to meet social duties. The paper recommends that the government and monetary authorities in SSA should adopt stronger monetary policies that promote private sector business growth, which, if implemented, will result in tax revenue increase
Perceptions of Public Debt Management Offices on The Impact of Public Debt On Economic Growth in Low and Middle-Income Countries
Full text linkThis study explores perceptions of public debt management among Debt Management Offices (DMOs) in low- and middle-income countries. Based on a survey conducted in October 2023 covering 27 countries, it examines DMOs’ views on the relationship between public debt and economic growth, the practices shaping these perceptions, and the key variables influencing debt dynamics through regression modelling.The study findings highlight that DMOs generally perceive debt as negatively impacting growth, with perceptions shaped more by professional experience than internal economic studies. Four critical variables – debt cost, economic growth, primary deficit, and governance – emerge as key influences. Notably, DMOs conducting in-house studies show more cautious assessments than those relying solely on experience or external studies. These insights provide a nuanced understanding of debt dynamics, incorporating the subjective yet practical perspectives of debt managers
The Interplay Between Economic Policy, Oil Price and Economic Growth in Malaysia
Full text linkThis study examines the interactions among the oil price, Government expenditure, money supply, real effective exchange rate, and Gross Domestic Product (GDP) across Malaysia’s finance, retail and wholesale, manufacturing, agriculture and overall sectors by using a Structural Vector Autoregression (SVAR) model. The variance decomposition has revealed an increasing interconnectedness among the variables over time, with external factors such as global commodity prices and fiscal policies becoming more significant in shaping sectoral dynamics. The impulse response function analysis highlighted sector-specific variations: the finance and retail sectors predominantly exhibited positive responses to the oil price and GDP shocks, while the agriculture sector showed mixed responses, reflecting its reliance on external and policy-driven factors. The manufacturing sector displayed sensitivity to monetary conditions, while the overall sectoral trends suggested the ability to absorb shocks effectively. The findings highlight the need for sector-specific policies so that to enhance Malaysia’s economic resilience and achieve SDG 8, advising policymakers to adopt adaptive fiscal and monetary measures, strengthen agricultural resilience, and promote diversification in the retail and manufacturing sectors for inclusive and sustainable growth
The Success of Climate Change Performance Index in the Development of Environmental Investments: E-7 Countries
Full text link Climate change is considered to be one of the biggest problems acknowledged globally today. Therefore, the causes of climate change and solutions to this problem are frequently investigated. For this reason, the purpose of this study is to empirically examine whether the ‘Climate Change Performance Index’ (CCPI) is successful in increasing environmental investments for E-7 countries with the data for the period of 2008–2023. To achieve this aim, the Parks-Kmenta estimator was used as the econometric method in the study. The study findings provide strong evidence that increases in the climate change performance support environmental investments. High climate change performance directs governments and investors toward investing in this area; therefore, environmental investments tend to increase. The study also examined the effects of population growth, real GDP and inflation on environmental investments. Accordingly, it has been concluded that population growth and inflation negatively affect environmental investments, while GDP positively affects environmental investments
The Relationship between Information and Communications Technology and Banking Stability in GCC Countries
No full textWith the great development in digitalization, ICT tools are increasingly being integrated into banking and financial services, reshaping the contemporary financial system. This study examines the impact of ICT on the banking stability in the Gulf Cooperation Council countries (GCC) from 2004 to 2023. This paper uses several econometrics methods (the fixed effects model, the system GMM, FMOLS, DOLS), and pairwise Dumitrescu causality tests. The study found that ICT is crucial in increasing banking stability. The coefficient of ICT is significantly positive, both when internet and mobile are used as explanatory variables. For instance, a 1% increase in mobile subscriptions (internet users) leads to approximately 0.012% (0.019%) increase in banking stability. Furthermore, the advantages of internet users outweigh those of mobile subscribers. The findings reveal the presence of significant positive relationship between economic growth, market capitalization, and banking stability. Whereas, cost to income has a negative impact on banking stability. These findings offer more insights into how ICT affects the stability of the banking industry
