The manufacturing sector must incorporate digitalization and greening as crucial strategies to attain high level of development in the context of the digital economy, given its significant role in quality of environment. Most of existing studies explore net effect of a single or several factors on the digitalization or greening in the manufacturing industry. Limited investigation has been done to integrate various factors impacting the connection and synchronized advancement of digitalization and greening within the manufacturing. Factors affecting the synergy of digitalization and green change within manufacturing are recognized in this article, and a theoretical framework is established to analyze. FsQCA tool is also put into use to survey configurational cases, which contains synergy degree of green digitalization from 30 provinces’ manufacturing in China. Results show that: (1) Between 2007 and 2020, the development level of digital-green integration in the manufacturing industry shows an upward trend. There are three types of collaborative modes, namely, "industrial robot driven" "market development driven" and "market development driven - industrial robot driven", with each mode consisting of at least one to four equivalent pathways. (2) The marketization level and application of industrial robots are the important external and internal pulling forces that drive the synergy degree of digitalization and green change within manufacturing industry, respectively.(3) The influencing factors of the collaborative mode choice of digital-green development within manufacturing industry are complementary, among which, the degree of marketization is similar to the role of industrial robots in the configuration, which are capable to weaken the negative impact from insufficient government R&D investment support under specific conditions; (4) The non-high collaborative state of digital green in manufacturing industry is mainly due to the low level of marketization, openness, and economic development, as well as the low application rate of industrial robots and software products. This study enriches the theoretical understanding on digitalization and green change of manufacturing industry. Meanwhile, it also provides insights to advance the integrated and synergistic advancement of digital green transformation in manufacturing practice.

Excessive volatility in financial markets can disrupt economic activity, affect investor and consumer confidence, and potentially lead to financial crises in an economy. Due to this backdrop, this study examined the link between asset class volatility and the output gap in Nigeria. The asset classes were categorized into stock, crude, gold, and bitcoin. The study adopted the GARCH and Bayesian VAR approach and found that all share index has an initial negative impulse with output gap while other asset classes have a positive impulse on output gap. The outcome of this study revealed to both policymakers and economists the potential risks and vulnerabilities of asset class volatility in the economy. Based on this result, recommendations are made amongst which is the strengthening of the Nigerian stock market to help with the inflationary pressures this is because the Nigerian stock market hurt the output gap also, the government should prioritize investing in crude, gold, and bitcoin to push the actual output to full capacity, which brings about employment.

This research investigates the determinants of women's empowerment within households in a developing country. The investigation specifically focuses on the impact of employment and fertility, considering constraints imposed by family rules that play a pivotal role in shaping women's empowerment. The theoretical framework outlined in this study posits a simplistic model demonstrating that, within the prevailing family structure and household composition, earned income and fertility may bear significant relevance. Utilizing data extracted from the Pakistan Social and Living Standards Measurement Survey, we engage in estimating the level of female empowerment, operationalized as the extent of female authority over household expenditures. Notably, our empirical approach accounts for the endogeneity of employment and fertility through a two-stage estimation process. This involves leveraging information on family rules—representative of a family's cultural norms—pertaining to work and childbearing. Our empirical findings affirm the viability of family-specific rules as instruments to estimate and subsequently predict employment and fertility. Importantly, the evidence gleaned underscores the critical role of selecting valid threat options in theoretical analyses of women's empowerment.

This paper attempts to introduce an overlapping generations structure into Paul Krugman's "The world's smallest macroeconomic model" (Krugman (1999)) to examine the implications of fiscal policy, particularly fiscal deficits, in a framework suitable for policy analysis. In that paper, Krugman argued that under the price rigidity assumption, a shortage in the money supply leads to underemployment and recession, so increasing the money supply would eliminate underemployment and restore full employment. But how can the money supply be increased? I show that in order to restore full employment out of a recession, a fiscal deficit is needed to increase the money supply. I also show that in a growing economy, fiscal deficits are necessary to maintain full employment at constant prices or inflation. Fiscal deficits are not only effective in pulling the economy out of recession, they are even necessary for growth to continue without recession or inflation. The fiscal deficit in this paper represents the difference between government spending and government revenues. If this difference is positive, we say that the government is in deficit. Krugman's original model is a one-period static model. I intend to extend this model to a dynamic overlapping generations model.

By an endogenous growth model with a two-period overlapping generations structure, I examine the existence of a budget deficit in an economy that endogenously grows by investments of firms. The consumers leave bequests to their descendants and hold money as a part of their savings. I use a Barro-type utility function, where people include the utility of their children in their own utility. The main results are as follows. 1) A budget deficit is necessary for full employment under constant prices. 2) Inflation is induced if the actual budget deficit is greater than the value at which full employment is achieved under constant prices. 3) If the actual budget deficit is smaller than the value which is necessary and sufficient for full employment under constant prices, a recession occurs. Therefore, a balanced budget cannot achieve full employment under constant prices. I do not assume that the budget deficit must later be made up by a budget surplus. I use a Barro-type utility function to prove the necessity (or inevitability) of a budget deficit instead of the neutrality of government debt. In the appendix of this paper, I show that if money, as well as goods, are produced by capital and labor, a budget deficit is not necessary for full employment under constant prices.

In the behavioral domain, this study discloses the pattern between microblogging-opinionated information and yields on the investment. This phenomenon is particularly related to the political instability in the Pakistan’s economy through the multivariate techniques. Pre-political crisis, the pessimistic sentiments were priced in yields on the investment. In environments of political instability, the intensity of decline in yields was more responsive against an incline in the negative opinions. Meanwhile, the intensity of increase in returns was less responsive against an incline in the positive opinions. The findings were further supported by the Bayesian approach. Before the political instability takes place in the Pakistan’s economy, the occurrence of yields was noted in response to the bearish market period. Post-political instability, there was a higher posterior probability for occurrence of returns against the bearish market period. Conversely, a higher posterior likelihood was noted for occurrence of investment’s yields in response to the bullish market period, but this relevance was not completely probable. From the impulse response analysis, the response of returns was reported against the standard deviation shocks in the microblogging sentiment indicators. The analysis may have potential implications in terms of disclosing the investors’ behavior from a political perspective.

The goal of this paper is to provide an overall presentation of corruption as occupational fraud building on the findings of an empirical study conducted in Greece. As uncertainty leads to increased levels of corruption, Greece was chosen due to the prolonged period of uncertainty the country faces, caused by the 2010 financial crisis and followed by the Covid pandemic crisis. 400 questionnaires reviewing corruption perception were gathered and analyzed by gender, age, marital status, education level, position, occupation, and monthly income, as well as urban vs rural area of residence. The findings of the study were compared with and critically evaluated against those of the previous studies for Greece. Respondents in age group 36-49 believe that if appropriate measures are taken it is possible to tackle corruption in the public sector, in contrast to people aged 18-35 who disagree completely. Residents of rural areas do not consider corruption to be a serious problem and are more willing to whistleblowing (in contrast to residents of urban areas). The study findings have important practical implications in the context of designing effective corruption reduction policies.

Based on the provincial panel data of China from 2011 to 2019 for a total of 9 years, this paper uses the entropy method to construct a comprehensive measure of the digital economy and common prosperity. We theoretically analyzed the impact mechanism of the digital economy on common prosperity using the econometric model. The study found that the digital economy can significantly promote the realization of common prosperity. The digital economy has a significant impact on the development and sustainability of common prosperity. The results of the impact mechanism show that the digital economy promotes common prosperity by increasing entrepreneurial activity. Heterogeneity research shows that the role of digital economy in promoting common prosperity changes with different regions. Specifically, the digital economy in the central and western regions can significantly promote the realization of common prosperity, but this impact is not significant in the eastern region. From the regression results of the digital economy, we can see that industrial digitalization and digital infrastructure play a greater role in promoting common prosperity. Economic openness affects the promotion of digital economy to common prosperity. The conclusion of this work provides an important research reference for the development of digital economy and the realization of common prosperity.

We empirically address the effects of monetary policy on the housing market in China using a novel Time-Varying Parameter VARX model. We show that an expansionary monetary has positive effects on the housing market, while during COVID-19, the effects are approaching to zero or even negative. In addition, the effects of the LPR policy are strong and even larger than that of COVID-19. Relative impulse response functions in the shorter and longer time horizons are dynamic and especially during COVID. This paper also contributes to the housing literature to show that COVID-19 can block the transmission of monetary policy.

Even though policy coordination is one of the oldest challenges that governments have to confront, as problems evolve and "New Public Management" concepts emerge, it has become even more essential. The current literature on policy coordination among government agencies, however, shows little regarding the way coordination is managed under centralized political systems. This study, based on the science and technology (S&T) policy documents issued by China's central government agencies between 1978 and 2020, provides a quantitative and dynamic analysis of the coordination of policies in China and presents a comprehensive overview of policy coordination paths and processes in centralized political systems. As a result, it provides a way that contributes to the analytical methods available for quantitatively analyzing policy documents. On the other hand, the key findings of the study show that, first, state council-administered ministries have taken the lead in coordinating policy while other types of organizations have collaborated in more subordinate capacities. Second, national themes that are democratic and driven by demand have been the core concern of coordination activities, such as social development, high-tech industrialization, and rural S&T. Third, policy coordination has evolved continuously and has mostly contributed to interpreting macrostrategies and implementing more specific implementation measures.

In the past, investing in housing has served as an engine of growth for many economies as it is widely recognized that poor housing conditions can have significant negative impacts on human health, education, and economic opportunities. To assess the housing-related quality of life, indicators such as housing quality, housing environment, and cost burdens can be applied. However, recent studies indicate that materials used for construction are critical. Permanent materials, as opposed to temporary materials, typically offer a range of benefits in terms of durability, low maintenance, improved energy efficiency, increased property value, and better safety. The ultimate aim is to identify the key drivers of housing conditions in Cambodia, with a particular focus on materials and water quality, and the legal status of housing. To find the empirical relationship between economic, socio-economic, and demographic variables on the one hand, and variables measuring housing and living conditions in Cambodia on the other, the analysis employs Ordinary Least Squares and Methods-of-Moments regression modeling. Results indicate that high employment rates and entrepreneurship increase home ownership, and improve the quality of drinking water available. Furthermore, in addition to employment and entrepreneurship, the higher-performing construction materials can also be empirically explained by a bigger labor force and variables capturing the wider macroeconomic environment.

The vigorous development of the digital economy provides a new research perspective for alleviating local financial pressure. Based on the provincial panel data from 2013 to 2020, the mediating effect model and threshold regression model were used to explore the effect and mechanism of the digital economy on local fiscal pressure. The research shows that the digital economy has a significant alleviating effect on local financial pressure by increasing fiscal revenue, and this alleviating effect has a threshold effect on entrepreneurial activity. From the perspective of dimension, the alleviating effect of the digital economy development environment on local financial pressure is better than that of digital industrialization and industrial digitization. From a regional perspective, the digital economy has the most apparent impact on the western region. In addition, the quantile regression results show that with the increase in financial pressure, the easing effect of the digital economy shows an inverted U-shaped change. Therefore, in order to effectively alleviate the financial pressure on local governments, China should continue to promote the development of the digital economy, take multiple measures to increase entrepreneurial activity, and encourage various regions to implement differentiated digital economy development strategies according to local conditions.

Digitalization is nowadays one of the fastest developing processes. The adoption of digital technologies can provide innumerous opportunities for the organizations to evolve and gain competitive advantage by leveraging of technologies to respond to dynamic expectations and demands. Information about the country digitalization level is essential to decision makers in both public and private organizations. It can present insights on which areas need the most investment, and furthermore to gain feedback on the outcomes of these investments. For companies, it can create a certain predictability on which products and services will be required the most. To assess the evolution of this process in different countries, various indexes were proposed and employed by different corporations. The Digital Economy and Society Index (DESI) and ICT Development Index (IDI) are used by public organizations. Digitalization Index (DiGiX) and Cisco Digital Readiness Index (CISCO) are used by private companies. Comparing two sectors highlights the most common factors of digital evaluation. Indexes are analyzed thoroughly by their structure, coverage, weights, methodology and ranking. The result of the practical work is a equivalence table which shows the percentage of their similarity. Additionally, a new digitalization index is proposed, based on the result of the previous comparison, which can be applied to analyze both public and private sector of the country’s digitalization level.

The objective of this study is to explore the link between the financial sector, macroeconomic fluctuations, and sustainable energy production in South Asia. It evaluates existing research, identifies gaps, and suggests future directions. The study emphasizes the need to understand how economic activities influence the environment and how environmental factors impact economic and financial outcomes. It also examines financial market responses to understand the manifestation of economic and environmental factors, using data from Bangladesh, India, Pakistan, and Sri Lanka spanning 1987 to 2022. The results show that investment in green energy is essential for developing countries. The study suggests that the relationship between the region's stock market, GDP, carbon emissions, and green energy is complex, with a negative response to domestic credit indicating potential obstacles to investment, such as policy barriers or insufficient incentives. Mixed responses highlight the need for credit directed towards sustainable projects. Variations in responses across economic indicators may indicate policy challenges or structural issues, necessitating a reassessment of government policies to incentivize sustainable investments and promote green technology adoption. These results imply that policymakers should precisely assess the environmental ramifications of economic growth and stock market activities. This presents an opportunity to craft policies that guide investments toward cleaner technologies and industries, aligning economic growth with sustainable practices. Policymakers and financial institutions should explore ways to incentivize green energy investments and promote sustainable economic growth.

When human civilization is thriving to the rapid economic and social development, the deteriorating ecological environment has also pressured the society to put environmental protection issues on the agenda future development. Therefore, green innovation is not merely a requirement for a corporate’s long-term development but the basics of sustainable development of human society. As an objective indicator to measure a company's commitment to social responsibility, corporate environmental responsibility has an extremely important impact on a corporate's business philosophy and innovation strategy. However, the existing literature rarely studies between these two variables. This paper collects the data of listed companies from 2010 to 2019 and empirically tests the impact of corporate environmental responsibility on corporate green innovation. The study finds that corporate environmental responsibility can promote green innovation by reducing financing constraints, improving corporate governance and increasing government subsidies and R&D investment, and the result is still significant under a series of robustness checks. The placebo test suggests that the Jiangsu enterprise responsibility construction pilot has facilitated the development of enterprises' green innovation to a great extent. The conclusions enrich existing literature on corporate environmental responsibility and corporate green innovation, providing implications for government policy orientation, social atmosphere guidance and corporate strategic decision-making process.

The COVID-19 pandemic wreaked havoc on economies everywhere, affecting everything from supply chain networks to international trade as a direct result of the increased vulnerability of more nations and the disruption of the activities of key traders. This research study examines how COVID-19 affected the supply chain on a worldwide and regional scale, as well as the systemic policy and economic steps governments and businesses took to rebound and maintain resilience. COVID-19 has had a significant influence, prompting governments and businesses to take steps to fortify their operations and businesses against disruptions, highlight the necessity for resilience in supply chains and emphasize the importance of managing risk. The supply value chain is at risk from the prolonged implementation of COVID-19 trade measures like border closure, export restrictions, and import sanctions. Many businesses are transitioning from a "recovery mode" to a resilient and sustainable mode" and are beginning to plan for the future. The study suggests that corporate and government leaders should prioritize proactive and adaptable policy, economic, and structural adjustment. This research will be useful to policymakers and industry leaders in their efforts to lessen the effect of COVID-19 on the global supply chain by enforcing governmental, economic, and business reforms built on resilient supply chains and mitigating economic risks during tough times.

Economic globalization has intensified economic volatility around the world, and the importance of economic resilience has become increasingly prominent in the face of rising uncertainty due to frequent domestic and foreign shocks. Based on provincial panel data in China from 2008-2019, a comprehensive indicator system is constructed to measure regional economic resilience (RER), and the impact of financial driver (FD) on RER is explored from staged, pathway and non-linear perspectives. The main findings are as follows. (1) Both national and regional levels of FD and RER show an upward trend, and the impact of FD on RER has an “inverted-U” shape: as the capacity of FD increases, its impact on regional economic resilience shifts from promoting to inhibiting. The RER has significant spatial agglomeration characteristic. (2) Interestingly, staged analysis shows FD can significantly promote RER only when it is in the “recovery stage”. (3) The pathway analysis of its effect on regional economic resilience shows the following characteristics: financial scale > financial efficiency > financial deepening. (4) From different regions, there are significant differences in the effect of FD on the promotion of regional economic resilience: central region > western region > eastern region. Finally, the corresponding suggestions were provided.

Global distributions of net factor income from abroad (NFI) during 1990-2019 have witnessed that (1) the United States is the top one country accounting for 40% of surpluses of the global total, while a surge in China’s deficit with its GDP increase; (2) GDP growth in emerging economies has a price scissors with NFI deficits; (3) asymmetric NFI has covered up the severity of rich countries’ global arbitrages especially from emerging economies; (4) China’s economic power is exaggerated by the PPP-based GDP implemented by the World Bank. It concludes that (1) developing countries have paid for huge hidden cost for their emergence; (2) the statement of the United States suffering losses absolutely does not hold; (3) GDP is not a universal tool for measuring what matters. It suggests that (1) emerging economies countries should beware of the potential misleading of GDP on economic measurement and economic power comparison ; (2) GDP should be critiqued from the applicability perspective of economies’ types; (3) it is urgent to clarify some misjudgment and misleading concepts in the economic affairs surrounding the global value chain patterns; (4) the construction of national governance capacity in emerging economies should focus on “social infrastructure”, of which one of the important parts is an effective economic statistics system; (5) emerging economies should carry out the strategic layout of international economic statistics talents to enhance their soft powers.

This study analyzes how the presence and the composition of nomination committees could influence innovation. Specifically, we focus on the committee size, the frequency of meetings, and the presence of independent and female members. Innovation is measured by (1) the firm’s ability to produce innovations such as new or improved products/processes and the number of patents, and (2) innovation expenditures (R&D spending and the number of scientists and experts per R&D teams). This study is drawn on firms listed on the SBF120 index, between 2002 and 2016. It provides the following results: First, the presence of nomination committees is negatively associated with the number of patent applications and the number of scientists and engineers in R&D teams. Furthermore, most of the nomination committee’s attributes (such as the presence of independent and women members) have no significant association with innovation proxies. We show, also, that large nomination committees are prone to increase innovation income (such as the R&D expenditures and the number of scientists and experts per R&D teams) as well as the number of filed patents. Turning to the committee functioning provides evidence that the frequency of meetings could reduce asymmetric information regarding innovation projects and lead to an increase of R&D expenses. This article brings practical insights to board structures issues. This study contributes to the current debate on how boards should be organized, specifically; the nomination committees. It shows that boards should pay attention to the nomination committee features as they could undermine innovation projects, specifically in innovation-sensitive industries.

We explore the connectedness and portfolio implications between Islamic and conventional bonds in global and GCC regions. We also compare which bonds performed better during our sample period. Unlike previous studies, we focus on Islamic bond markets compared to their conventional counterparts and highlight the GCC bonds (Islamic and conventional) in respect of global bonds. We apply the DCC-GJR-GARCH (1,1) method, the Sharpe ratio, and the portfolio implications strategy over the period from September 1, 2013, to February 23, 2022. Our time-varying results suggest that the relationship among all variables varies over time, but most of them are positive, suggesting that there are fewer diversification opportunities between Islamic and conventional bonds. Hedging and diversification benefits are found only in the limited period among these variables, especially between GCC bonds and global bonds, and global Sukuk and GCC Sukuk. The findings of risk-adjusted returns reveal that Islamic bonds outperform their conventional counterparts. Moreover, mixed results are found in the case of hedging costs, and the majority of the fund, based on optimal weights, should be invested in Islamic bonds. Our study endows investors and regulators in the global and GCC markets with new insights on how to shield their investments and the financial system from financial crises through a hedging strategy with Islamic finance.