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Modeling the Unemployment Rate with Simultaneous Equations
Full text linkThis paper develops and estimates a simultaneous equations model to analyze the determinants of unemployment in [Country/Region]. By jointly modeling labor supply, labor demand, and wage-setting behavior, the study captures the complex interactions influencing the unemployment rate. Using [time series/panel/cross-sectional] data from [years], the model incorporates key labor market factors such as wage dynamics, job creation, and job separation rates. The results reveal significant simultaneous relationships between unemployment, wages, and labor market participation, highlighting the importance of considering endogeneity in labor market analysis. Policy simulations based on the estimated system provide insights into effective interventions to reduce unemployment and improve labor market efficiency
Stabilization programs in chronic-inflation countries: Evidence from Latin America
Full text linkChronic inflation has affected Latin America for decades, leading to many stabilization attempts. We develop a novel database with 46 stabilization/disinflation programs across 13 Latin American countries between 1970-2020. We classify them as failures, temporary stabilizations, and lasting stabilizations to study their differences. Our main findings are: 1) programs have failed to stabilize very often; 2) the nominal exchange rate acts as a de facto anchor, decelerating faster than inflation; meaning that the real exchange rate appreciates during stabilization; 3) lasting stabilizations begin with stronger fiscal and balance of payments (BoP) positions; 4) lasting stabilizations are preceded by BoP and fiscal adjustments associated with high GDP contractions; 5) lasting stabilizations keep fiscal accounts balanced for several years after programs are launched; 6) stabilizations typically boost economic growth in the short run; 7) the current account of the BoP worsens during the stabilization process; 8) temporary stabilizations are interrupted by domestic currency depreciations; and 9) many stabilization experiences end up in currency crises despite their success in ending chronic inflation
Integrating Sustainable Development Goals in Environmental, Social and Governance Criteria and the Sustainability Transformation of the EU Business Sector
Full text linkThe paper reviews environmental, social, and governance (ESG) Criteria and Sustainable Development Goals (SDG) within the EU policy framework. It evaluates the integration of the SDGs into existing sustainability reporting frameworks, advocating for more comprehensive and interdisciplinary approaches to embed long-term SDGs in corporate sustainability reporting. This is considered essential to accelerate the EU business sector's sustainability transformation. Moreover, this paper evaluates the effectiveness of current frameworks in influencing firm behavior, particularly in reducing pollution levels, promoting green innovation, and complying with enhanced disclosure requirements. Finally, it concludes by suggesting that, while progress has been made, there is a need for further alignment and refinement of these frameworks to ensure that they drive meaningful corporate action and policy development towards achieving the transformation to sustainability
Exploring N₂O Emissions at World Level: Advanced Econometric and Machine Learning Approaches in the ESG Context
Full text linkThe paper examines nitrous oxide (N₂O) emissions from an Environmental, Social, and Governance (ESG) standpoint with a combination of econometric and machine learning specifications to uncover global trends and policy implications. Results show the overwhelming effect of ESG factors on emissions, with intricate interdependencies between economic growth, resource productivity, and environmental policy. Econometric specifications identify forest degradation, energy intensity, and income inequality as the most significant determinants of N₂O emissions, which are in need of policy attention. Machine learning enhances predictive power insofar as emission drivers and country-specific trends are identifiable. Through the integration of panel data techniques and state-of-the-art clustering algorithms, the paper generates a highly differentiated picture of emission trends, separating country groups by ESG performance. The findings of the study are that while developed nations have better energy efficiency and environmental governance, they remain significant contributors to N₂O emissions due to intensive industry and agriculture. Meanwhile, developing economies with energy intensity have structural impediments to emissions mitigation. The paper also identifies the contribution of regulatory quality in emission abatement in that the quality of governance is found to be linked with better environmental performance. ESG-based finance instruments, such as green bonds and impact investing, also promote sustainable economic transition. The findings have the further implications of additional arguments for mainstreaming sustainability in economic planning, developing ESG frameworks to underpin climate targets
Conspicuous Destruction: Energy Transition in Germany
Full text linkThis paper examines whether conspicuous destruction—typically observed in small groups or individuals—can emerge as a behavioral pattern in large, democratic societies. Using Germany’s energy transition as a case study, it explores how politically legitimized decisions lead to the dismantling and devaluation of existing energy infrastructure, including nuclear power plants and fossil fuel systems. This visible devaluation and destruction serve as political and social signals of Germany’s commitment to a green economy. The paper identifies three interrelated motives driving this process: the pursuit of status, the demonstration of power, and the display of economic wealth. These motives, commonly observed in small groups, help explain similar behavioral patterns in national policymaking within the energy sector
Human Capital: “Travel Broadens the Mind”
Full text linkThis 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
How did financial markets react to the COVID-19 vaccine rollout? Fresh evidence from Australia
Full text linkWe provide the first study on how COVID-19 vaccine rollout affects Australian financial markets. To examine the heterogeneous and asymmetric effects of vaccination rate on financial markets, we adopt the quantile-on-quantile regression (QQR). We also use the novel quantile copula coherency developed by Barun´ık and Kley (2019) to detect longer (e.g. monthly or yearly) reactions of financial markets or distinguish the mixed market reactions to short- and long-persistent impacts from vaccine rollout. We find that relative short-term impacts of lagged vaccination rates on quantiles of the returns of the ASX200 stock price and foreign exchange (FX) are stable against fluctuations of the Dow Jones stock price index or FX return at various quantiles. Therefore, the vaccination policy implemented in Australia homogeneously affects financial markets at quantiles. Moreover, our study properly detects short- and long-lived significant reactions of the stock price
index and FX returns to the vaccine rate variation
Modeling Disaggregate Globalization to Carbon Emissions in BRICS: A Panel Quantile Regression Analysis
Full text linkThis study analyzes the impact that economic, political, and social globalization has had on carbon dioxide emissions in BRICS countries from 1991 to 2022. An empirical analysis has been performed by using the panel ordinary least squares, fixed effects, fully modified ordinary least squares, dynamic ordinary least squares, and panel quantile regres-sion methods. The findings show that both coal-based energy production and economic expansion are major contribu-tors to carbon emissions in BRICS countries. This research substantiates that there is an inverted U-shaped relationship between carbon emissions and per capita income in these countries, which validates the environmental Kuznets curve (EKC) hypothesis. Also, coal-based energy production and economic development are seen to be significant in raising carbon emissions at lower quantiles, and their significance falls at higher quantiles, thus reinforcing the EKC hypothe-sis in BRICS. The results show a strong influence of both political as well as economic globalization on carbon emis-sions, whereas social globalization has an insignificant impact. The findings indicate that the influence of economic and political globalization on carbon emissions differed across the distribution of carbon emissions, with a higher ef-fect in the lower to middle quantiles and a lower effect in the higher quantiles; this is consistent with the EKC theory. This type of impact by disaggregate globalization indicates that deeper regional cooperation and the empowerment of global institutions can depress global carbon emissions
Different Dimensions of Globalization and CO2 Emission Nexus: Application of Environmental Kuznets Curve for Worldwide Perspective
Full text linkThis study investigates how various facets of globalization directly affect CO₂ emissions under the widely recognized Environmental Kuznets Curve (EKC) framework, utilizing panel data from a broad cross-section of countries. By incorporating economic, political, and social globalization indices alongside macroeconomic variables (GDP per capita, GDP growth, and manufacturing value added), this analysis furnishes a more holistic perspective on the overall globalization–environment nexus. The empirical strategy employs panel unit root tests to evaluate stationarity, followed by ordinary least squares and random effects to secure robust coefficient stability and extended-run insights. The findings validate an inverted U-shaped link between GDP per capita and CO₂ emissions, suggesting that while emissions initially climb with income in early development, they eventually decrease at higher income tiers, in line with the EKC hypothesis. Economic globalization typically shows a positive, albeit occasionally model-sensitive, association with emissions, implying that expanded trade and cross-border production can boost carbon output, particularly when technological or regulatory standards remain weak. In contrast, political and social globalization display weak or negligible direct impacts on CO₂ emissions, implying that diplomatic ties and cultural interactions alone may not fully suffice to curb pollution without complementary environmental measures. Interestingly, expansions in manufacturing value added often align with reduced emissions, underscoring the possible influence of cleaner industrial processes and efficiency improvements. These findings underscore the importance of policy initiatives that reconcile the benefits of global economic integration with rigorous environmental governance. Sustaining inclusive economic progress while mitigating environmental harm relies on constructing stronger institutional frameworks, leveraging targeted technological advances in manufacturing, and fostering global cooperation on emissions criteria
Dynamiques dans les déclarations finales des Sommets UE-CELAC
Full text linkThis article offers an analysis of the final declarations of the EU-CELAC Summits. First, it examines the trends in the use of the terms “multilateralism” and “bilateralism.” Then, it looks at the frequency of keywords—defined based on the EU’s strategic documents related to cooperation with Latin American countries—used in the Summit and ministerial meeting declarations. Finally, a comparison is made between the evolution of “public diplomacy” and that of “effective policies.” The results highlight a predominance of bilateralism, although in the most recent Summit, the concepts of multilateralism and bilateralism were addressed with equal intensity. Furthermore, the analysis reveals a growing trend toward prioritizing effective policies over public diplomacy