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Coalitional substitution of players and the proportional Shapley value
No full textWe present a new axiomatization of the proportional Shapley Value. Our study is based on three axioms: efficiency, which ensures that the total worth of the grand coalition is fully distributed among the players; the disjointly productive players property, which states that removing a player who has no cooperative interactions with another player does not affect that player's payoff; and a new axiom that makes the difference to the classical Shapley value. This axiom, the coalitional substitution of players property, involves a scenario in which a player's cooperative contribution to a coalition is replaced by that of a group of new players whose combined individual worths match that of the original player. The key point is that the payoffs to the remaining players remain unaffected
Digitalisation, transition énergétique et croissance économique en Afrique du nord : une analyse Dynamique à l’Aide du modèle CS-ARDL
No full textCet article analyse l’impact de la digitalisation et de la transition énergétique sur la croissance économique en Afrique du Nord, dans une optique de développement durable. À l’aide du modèle CS-ARDL, il distingue les effets à court terme des ajustements dynamiques et met en évidence les relations structurelles à long terme découlant des investissements en capital fixe, de la consommation énergétique – qu’elle soit renouvelable ou non – et de l’adoption des technologies de l’information et de la communication (TIC). Les résultats montrent qu’à court terme, l’activité économique est principalement stimulée par les investissements productifs et la dépendance aux énergies fossiles. À long terme, l’intégration progressive des énergies renouvelables et l’amélioration des infrastructures numériques contribuent à une croissance plus inclusive et résiliente, en cohérence avec les Objectifs de développement durable. Par ailleurs, l’étude met en lumière d’importantes disparités structurelles et régionales, soulignant ainsi la nécessité de politiques publiques adaptées et coordonnées pour maximiser les synergies entre digitalisation et transition énergétique.
Abstract: The present article undertakes an analysis of the impact of digitalization and the energy transition on economic growth in North Africa, from the standpoint of sustainable development. Utilising the CS-ARDL model, it differentiates between short-term effects and dynamic adjustments, emphasising long-term structural relationships stemming from fixed capital investment, energy consumption (both renewable and non-renewable), and the adoption of information and communication technologies (ICT). The findings indicate that, in the short term, economic activity is predominantly driven by productive investment and reliance on fossil fuels. In the long term, the gradual integration of renewable energies and the enhancement of digital infrastructures contribute to more inclusive and resilient growth, in accordance with the sustainable development goals. Concurrently, the study accentuates substantial structural and regional disparities, thereby underscoring the necessity for suitable and coordinated public policies to optimize the synergies between digitalization and the energy transition
Human Capital: “Travel Broadens the Mind”
No full textThis paper adopts an economic framework to examine the impact of interna-
tional travel on human capital development. Using a fixed-effects instrumental variable estimator as the primary analytical approach, the study investigates a panel dataset covering 64 countries from 1995 to 2019. The findings reveal that international travel, measured through tourism openness, has a significant positive effect on human capital. These results underscore the importance of global human mobility—encompassing migration, international educational exchange, and tourism—in fostering the development and dissemination of knowledge, culture, and technology
Foreign direct investment and development and the role of research and development
No full textUsing a sample of 130 countries over the period 2004-2019, we revisit the development impact of foreign direct investment (FDI), but novelly examine the role of research and development (R&D) within this framework. To allow us to make causality statement, we use bilateral investment treaties (BITs) as an innovative instrument for FDI in the development equations. We find that, compared to FDI, expenditure on R&D has a more pronounced impact on development outcomes - through increasing growth and human development while reducing poverty and inequality. We also find that countries that spend more on R&D are less dependent on FDI for development. This suggests that R&D and FDI are substitutes in the development process with the results showing varying FDI and R&D thresholds at which the substitution takes place. We however, find a diminishing effect of FDI on development. Further to this, we find that R&D complements FDI only when FDI reaches a threshold level, and then begins to hurt development - at this stage there is sufficient R&D expenditure which possibly suggest sufficient adaptive capacity
High-Speed Railway New Town Planning Constrains Later Urban Industrialisation: Evidence from Electricity Consumption
No full textThe multi-staged impact of the high-speed railway site-specific complementary policymaking on urban industrialisation remains subject to controversy. This preliminary report examines whether HSR new town planning constrains urban industrialisation with electricity consumption as a proxy for industrial activities. Employing the data of cities in the Yangtze Delta region and the DiD approach, the preliminary regressions estimate the effect of HSR new town policy on urban electricity usage. Our findings indicate a 15% to 20% significant decline in electricity consumption in cities with arranged HSR new town developments, particularly in smaller cities. The preliminary report challenges the assumption that HSR infrastructure inherently facilitates urban growth and calls for more attention to mitigating the negative externalities of transport infrastructure
100 Quotes about central bank digital currencies
No full textThe objective of this article is to present some of the current thinking and arguments about central bank digital currency (CBDC) from the perspective of those who have vested interests in central bank digital currency (CBDC) and from those who are opposed to CBDC. The article gives the reader an opportunity to reflect deeply about CBDC and to make their own opinion about CBDC based on the informed insights of others. From the collection of quotes, it was found that the concept of a central bank digital currency has come to stay, and many central banks want to issue a CBDC in the distant future. It was also found that, despite the efforts of central banks and pro-CBDC enthusiasts to publicise the benefits of a CBDC for citizens, many people continue to raise daunting questions about the potential for government overreach and surveillance, loss of competitive advantages for deposit-taking financial institutions, loss of privacy for citizens, and concerns that CBDC development is an unwholesome distraction for central banks, among other concerns. There is also a perceived negative sentiment about CBDC, and this sentiment is unlikely to change anytime soon
Financial Development, Financial Specialization, and Trade
No full textBanks differ in specialization. We study the aggregate and distributive effects of financial development in a heterogeneous-firm model where firms can produce for domestic and foreign markets and banks specialize in monitoring firms’ domestic or foreign activities. Internationally oriented banks promote the growth of larger incumbent exporters. Locally specialized banks enable financially vulnerable firms to enter foreign markets but induce incumbent exporters to focus on domestic markets and lower their export intensities, fragmenting the export sector. The quantitative analysis reveals that financial development boosts total output, moderates inter-firm inequalities driven by internationalization, but may reduce aggregate trade. The predictions are supported by evidence from a major Italian banking deregulation
Partisan Bias in Inflation Expectations
No full textHow does partisanship affect inflation expectations? While most research focuses on how inflation impacts political approval and voter behavior, we analyze the political roots of inflation expectations. We argue that elections serve as key moments when citizens update their economic outlook based on anticipated policy changes, and that partisanship influences these re-evaluations. Using a two-wave panel survey conducted before and after the 2024 U.S. Presidential Election, we show that partisan alignment strongly shapes inflation expectations. Democrats reported heightened inflation expectations, anticipating inflationary policies under a Trump administration, while Republicans expected inflation to fall. These shifts reflect partisan interpretations of economic policy rather than objective forecasts. We also analyze the characteristics of those who are more likely to update inflation expectations and in what direction. Importantly, we verify that individuals with strong partisan attitudes exhibit less anchored inflation expectations. Our findings have implications beyond the case under analysis. From a policy perspective, our results underscore the challenges central banks face in anchoring inflation expectations in an era of political polarization, where economic perceptions differ sharply across partisanship lines
From Globalization to Innovation: Investigating the impact of R&D, Internet Penetration, and Economic Factors on Digitalization in BRICS
No full textDigitalization has become a pivotal force shaping global trade and economic development, particularly across emerging economies. BRICS nations demonstrate diverse trajectories of digital expansion that reflect varying degrees of globalization, technological adoption, and policy frameworks. This study examines how different dimensions of globalization (economic, social, and political), along with internet penetration, R&D investment, GDP growth, and exchange rate movements, collectively influence digitalization in the BRICS economies. Employing panel data from 2000 to 2022, the analysis uses multiple econometric techniques, panel regression (fixed and random effects), robust least squares, fully modified OLS, dynamic OLS, and panel quantile regression, to capture both short-run and long-run dynamics, as well as distribution-specific impacts on ICT goods exports. Economic globalization, R&D expenditure, and GDP growth consistently show positive and significant effects on digitalization, broader internet penetration is especially critical at early stages. Social and political globalization produce nuanced outcomes depending on institutional and cultural contexts, while currency depreciation exerts a generally negative impact by making technology imports more expensive. The results underscore that BRICS policymakers should stabilize macroeconomic conditions, invest in R&D, expand internet access, and strategically engage with global markets to foster inclusive digital growth. Tailored governance measures and targeted capacity-building efforts are also vital for translating globalization benefits into sustainable digital transformation across these emerging economies
Nexus among Ecological Footprint, Green Finance and Renewable Energy Consumption: A Global Perspective
No full textEnvironmental sustainability has become a pressing concern amid accelerating industrialization and economic growth, which have collectively intensified ecological degradation. This study investigates the interconnected roles of green finance and renewable energy consumption in influencing ecological footprints across developed and developing countries from 1995 to 2021. Drawing on ecological modernization theory and sustainable development theory, the analysis employs panel least squares and generalized method of moments methods to examine data from fifty-four countries, using ecological footprint as the dependent variable, while renewable energy consumption and green finance are key explanatory factors. Empirical findings indicate that non-renewable energy consumption significantly increases ecological footprints in all regions, whereas renewable energy reduces ecological impact most notably in developed countries. Green finance contributes to environmental improvement in advanced economies but exhibits a positive correlation with ecological footprint in developing countries, likely due to the transitional nature of green investments. Population density consistently shows a mitigating effect on ecological degradation. These results underscore the importance of tailored green finance policies, technology transfer, and renewable energy expansion, particularly in developing nations, to support global sustainability targets