ABSTRACT. Critical Raw Materials (CRMs), such as rare metals and earth elements – are essential inputsin the current technological and industrial transformation, working as a (for now)irreplaceable material basis for technological innovations enabling the dual (digital andgreen) transition. Recent research, revisiting the role of natural resources in technologicalshifts, has proposed the notion of material-based technological regime underlyinginnovation in some industries, arguing that the dual transition can also be viewed as amaterial-based paradigm shift. At the same time, global CRM supply and value chains aresubject to significant geopolitical risks and vulnerability, which are very likely to affectplaces’ industrial and technological competitiveness and firms’ advantages, behaviour andstrategies.Building on previous research (Diemer, Iammarino, Perkins & Gros, 2022; Li, Ascani &Iammarino, 2024), and focusing on two core sectors of the renewable energy (RE) industry,Wind and Solar, we will first present an analysis of the relevance of domestic CRMproduction as a strategic measure to hedge against global supply shocks, providingcompetitive advantages for the national RE industry development and innovation. We usedata from a panel of 128 countries spanning from 2007 to 2016, and examine the impact ofdomestic CRM supply capabilities on the competitiveness of the RE sectors andtechnological innovation, while controlling for various influencing factors. The findings showthat a stable CRM supply through domestic production significantly supports downstreamRE product export and, particularly, patent output, shielding local RE development fromglobal material supply shocks (Li & Iammarino, 2024).We will then shortly sketch research lines in progress on CRM-related firm-level strategies(Ascani, Iammarino & Li, 2024). By drawing on the MNE technological accumulation theory(e.g., Cantwell, 1995) and using micro-data obtained by merging patent data and firm-levelinformation through ORBIS IP, we shed preliminary light on the relevance of CRMs inshaping MNE technological and internationalisation strategies. In so doing, we emphasisethe need for rethinking the role of (tangible) critical natural resources in innovation,economic geography and international business research.

ABSTRACT. This paper examines the factors influencing sovereign bond spreads in Africa, with a specific focus on the impact of capital flight, marking a novel contribution to the existing literature on the region's financial dynamics. Utilizing data from 1990 to 2018 across 21 African countries, we employ the Pooled Mean Group (PMG) estimator to reveal that capital flight positively correlates with sovereign bond spreads, although the impact is sensitive towards the inclusion of specific control variables. Through simulation analysis, we demonstrate that capital flight exhibits a varying effect on the debt sustainability of African countries, with Seychelles, Sierra Leone, and the Congo Republic experiencing the highest impacts. In the majority of economies, the interest rate channel has only a limited impact on government debt sustainability, with Ghana and South Africa showing negligible effects. These findings indicate that country-specific approaches are necessary to address the multifaceted issue of capital flight.

ABSTRACT. Several countries over the world have experimented fiscal decentralization policies to enhance the autonomy of their respective local governments. This could improve the level of tax revenue and consequently improve public service delivery. In this vein, the present study revisits the impact of fiscal decentralization (FD) on property tax revenue collection in a sample of developed and developing countries over the period 2005-2019. Using OLS fixed effects estimations, we find a strong positive effect of fiscal decentralization on property tax revenues, and a greater level of democracy also contributes to reinforcing the positive relationship between fiscal decentralization and property tax revenue. However, we find that a higher level of control of corruption can cancel the positive effect of fiscal decentralization on property tax revenue. In addition, using quantile regression, the paper shows that countries below the median of property tax revenue are less susceptible to benefit from fiscal decentralization compared to countries above the median levels of property tax revenue. Finally, the study suggests that improving fiscal decentralization can promote property tax revenue collection, which is relevant for both developed and developing countries. The success of policies surrounding the relationship between property tax revenue and fiscal decentralization is contingent upon implementing attendant policies tailored differently across countries with varying initial levels of property tax revenue. Specifically, these policies are unlikely to be effective unless they consider each country's initial levels of property tax revenue.

ABSTRACT. Numerous studies have recommended that macroeconomic variables have an impact on the stock exchange performance employing the yield rate of Treasury bills, lending rate as an indicator for the monetary policy, and debt market related capital inflows. The purpose of this study is to investigate, using regression, cointegration, and VECM models the impact of policy rate, Treasury bills yields, and exchange rate on the performance of the Egyptian stock exchange during the period from 2010 to 2020. The outcomes disclosed the absence of short-run impact of the noted indicators on the stock market. However, just in the long run, before the 2016 currency flotation there was a stable equilibrium in the long run involving the index of stock market and each of yield on government’s treasury bills and rate of lending

ABSTRACT. In this paper, using panel data from 19-euro area countries over the period 2010-2022, we examine the nature of monetary and fiscal policies in the context of developments and changes in inflation, public debt and mutual integration. Using a panel vector autoregressive (PVAR) model, we analyse the economic dynamics of countries that joined the euro area before and after 2004, and the study also examines differences in countries with high and low public debt. Our results highlight the negative inflationary pressures of fiscal deficits in both old and new member countries and the positive effects of quantitative easing in old member countries. We highlight the interplay and impact of fiscal and monetary policy and emphasize the interrelationship between fiscal discipline, debt sustainability and economic growth in the euro area, pointing to the need for up-to-date fiscal strategies that take into account the specific economic conditions for euro area countries' debt levels.

ABSTRACT. Chempreneurs are revolutionary entrepreneurs who have been trained at a chemistry faculty. They are expected to find innovative solutions for the chemical industry to current challenges such as sustainability. Innovative chemical entrepreneurship is the art of commercialising innovations from chemistry for a broad audience outside the classroom. Innovative ideas that are implemented with societal relevance offer the potential for individuals/graduates to generate income and promote the economy, thus offering students the opportunity to lay the foundation for a career with innovations developed in class. The probability of a German chemistry student founding a company is 54% lower than for the average German student. Previous studies show potential effects of social capital, the subjective norm, motives and barriers for chemistry students in Germany. We analysed the resulting hypotheses in this study with Entrepreneurship Education. Two surveys, one before class and one with a one-week delay, were conducted with 1st & 3rd semester chemistry bachelor students at the Fresenius University of Applied Sciences in Idstein, Germany. We conducted the surveys to understand how students view chemistry career opportunities through entrepreneurship and how to change this mindset. Finally, we propose a pedagogy to introduce/expand entrepreneurship in chemistry and discuss approaches for future research.

ABSTRACT. There is a high interest in carob worldwide and Croatia is ranked as the country with the 4th biggest interest based on Google Trends. This paper examines the linear demand curve to predict the demand for carob in Croatia, utilizing machine learning methods were applied. The results indicate from this study can be used from websites when they form their digital strategies. The data used in this work were derived from Eurostat, AMECO, and Google Trends spanning the period January 2015 to December 2021. Particularly, the dependent variable was the quantity of carob imported into Croatia from around the world, while the independent variables were searches related to carob as food and plant, as substitute and complementary product, and as nutrition and health-related. Variables were selected after conducting tests for stationarity, and causality. Machine learning methods applied included GBT, SVM, Random Forest, and XGBoost, with XGBoost demonstrating the highest accuracy based on MAPE and MAE, and Random Forest based on RMSE. According to the results, Google Trends topics with the most influence on the dependent variable included Health, Immunity, Pasta, Soy, Dark Chocolate, Yoghurt, and Carrot. Thus, websites associated with carob can focus on keywords such as Health, Immunity, Pasta, Soy, Dark Chocolate, Yoghurt, and Carrot, while possibly reducing emphasis on price and price incentives to boost website traffic and potentially increase sales.

ABSTRACT. The new economic regime has a cascading impact on resource allocation and redistribution of employment. The objective of this paper is to analyse the structural breaks in sectoral Female Labour Force Participation (FLFP) and sectoral value-addition in GDP, and to examine the dynamic relationship between economic development and FLFP, along with tracing its sectorial movement in India by using annual data from 1991 to 2021. The result shows that the agriculture sector has multiple structural breaks compared to the other two sectors in India. Female enrollment in secondary and tertiary education leads to an increase in female employment in the service sector. Further, it reveals the movement of females between the agriculture and service sectors. Thus, it calls for promoting secondary and tertiary education among women so that the FLFP in the service sector can be improved. Appropriate policy measures can be taken to attract FLFP in the industrial sector and retain them in the service sector so that the pressure to absorb additional labour forces in agriculture is reduced.

ABSTRACT. This study examines the complex connections among monetary policies, financial inclusion, and economic dynamics, with a specific focus on their nuanced effects on income distribution. Utilizing the Structural Vector Autoregression (SVAR) model and introducing a novel method employing a disaggregated Gini index variable through the Chow-Lin methodology, the research explores how the economic system responds dynamically to monetary policy shocks. The results underscore the significant impact of monetary policies not only on traditional macroeconomic indicators like GDP and inflation but also on income distribution. The analysis reveals varied effects on economic inequality, highlighting the importance of considering these impacts in financial policy evaluations. The theoretical innovation of incorporating a disaggregated Gini index enriches the analytical framework, providing insights into the economic landscape. Moreover, employing bootstrapping techniques enhances the robustness of the results, yielding reliable confidence intervals. This study contributes to the existing literature on monetary policies and financial inclusion by offering a distinct analytical perspective that captures the intricate interactions between financial policies and the economic environment. The implications drawn from the analysis could inform policy decisions aimed at promoting more equitable and sustainable economic growth. However, despite the significant findings, there are still challenges and unresolved questions that require further research. In summary, this research advances our understanding of the complex relationship between monetary policies and financial inclusion, emphasizing the importance of considering distributive impacts in economic policy assessments. Furthermore, investigating causality relationships and the persistence of effects over the long term is crucial for a comprehensive understanding of monetary shock transmission dynamics, especially regarding their impact on income distribution. Thus, the research question arises: "Do specific monetary policies have a discernible impact on income distribution, and how does this influence financial inclusion over the long term within the broader economic context?"

ABSTRACT. This research analyzes the fiscal response of African countries to the COVID-19 crisis with an emphasis on how their responses varied based on their economic situations and political institutions prior to the start of the COVID-19 pandemic. This research leverages a dataset of political and economic indicators prior to the pandemic (2019) and the total amount of fiscal response during the pandemic (2020-2021) for all countries in Africa. Firstly, I conducted OLS regressions to determine the most influential political and economic factors affecting fiscal response during the pandemic. I used these factors in a K-means clustering approach to categorize African countries based on similar economic and political profiles. Upon the completion of the clustering, I applied ANOVA to evaluate the significance of the clusters on the diverse fiscal response. Country clusters were determined using estimates of current account balance, government effectiveness, and political stability, controlled for the total number of reported COVID-19 cases. Results indicate that countries within the same cluster exhibit commonalities in their fiscal response and in their economic and political profiles. Moreover, ANOVA results highlight the significance of these clusters, showing that economic context and political institutions influenced a country’s approach to COVID-19. This study's outcome offers valuable insights into the implications of economic and political background on the fiscal response to an external shock such as COVID-19. Moreover, the segmentation of the countries in Africa provides a nuanced understanding of the diverse needs within the continent and the need for targeted policy interventions.

ABSTRACT. We conduct an information-provision experiment within a large-scale household survey on public finance in France, The Netherlands and Italy. We elicit prior opinions via open-ended (OE) questions and introduce a measure of macroeconomic policy literacy. A central bank (CB) educational blogpost explaining the mechanics of CB money preceded by a short video clip on public finance can persistently induce less support for monetary-financed proposals, which induces more support for fiscal discipline and CB independence, no matter the respondents’ level of policy literacy. However, prior beliefs matter and contradictory information may be polarizing. Information is shown to affect views by shifting the respondents’ inflation and tax expectations associated to policy options.

ABSTRACT. The aim of this paper is to re-examine the issue of sovereign debt sustainability. Following the new approach proposed for external debt sustainability in Navarro-Ortiz and Sapena (2020), we revisit the sovereign debt issue from a probabilistic point of view. We estimate a Vector auto-regressive model for the 19 Euro Area countries for the period 1996-2022 and, using the estimated parameters, we perform Monte-Carlo simulations to calculate the present value of the future flows of government primary deficits/surpluses, and use them to compute the distribution of the capacity to repay its public debt for each one of the EA countries. Finally, we analyse the probability of default using the distribution of repayment capacity compared to the current debt level.

ABSTRACT. This study examines the effects of the tax structure composition for public sector efficiency in a sample of 41 developing countries for the period between 1997-2019. We start by calculating Public Sector Performance (PSP) composite indicators and use them as outputs to compute Data Envelopment Analysis (DEA) efficiency scores under different orientation setups. After using a general-to-specific approach to identify the most determinant variables, we analyze the relevance of different taxes for public efficiency in a panel regression specification. We find that tax effects are significantly different depending on the orientation of DEA scores. Notably, we observe that taxation presents stronger detrimental effects to input-oriented scores in comparison to output-oriented, and that Opportunity PSP indicators seem more affected by property taxes and working contributions, while Musgravian PSP indicators are more closely related to individual and corporate income taxes. Our results allow us to provide policy recommendations regarding tax structures to improve efficiency on the provision of public goods and services.

ABSTRACT. The past two decades have witnessed a consistent rise in the proportion of women in the national governments of EU member states, partly attributed to policies aimed at fostering parity. The average representation of women has increased from 23.3% to 34.2%. The question of the impact of gender in the literature, despite lacking consensus, seems to suggest that women could behave differently with regard to risk aversion or even in terms of leverage over a group. This paper aims to delve into the potential influence of gender among government members on public policy. Using quarterly data from 2003 to 2021, we examine the relationship between the share of women in EU governments and its link to the management of public spending, mainly focusing on its cyclicality. Our findings indicate a positive correlation between an augmented presence of women near the budgetary decision-making process, specifically those holding economic positions in government, and an increase in the counter-cyclicality of fiscal policy. Furthermore, utilising annual data, we demonstrate that an upsurge in the representation of women in economic roles within government is linked to a reduction in pro-cyclicality. Our results, robust across various specifications and sample changes, underscore that beyond the pursuit of equal representation, fostering gender parity in political spheres could contribute to enhanced fiscal policy management.

ABSTRACT. This study analyzes the impact of the COVID-19 pandemic on the stocks of the insurance industry. While COVID-19 increased morbidity and mortality, other factors resulting from the pandemic benefit the industry. Overall, the response of the shareholders of insurance companies to COVID-19 reflects other sectors in the market like transportation and trade. However, a structural downturn in the insurance industry like the one observed in 2016 was not found during the year 2020. We found that according to shareholders’ estimations, the insurance industry did not suffer from the pandemic more than the economy as a whole. This article focuses on the past two decades comparing the structural break of the insurance industry in 2016 with that of 2020 due to the COVID-19 pandemic. In addition, during the year 2020, the returns to investors in the insurance industry were very similar to returns in the general market as measured by S&P500.

The analysis shows that along with the crisis, shareholders believed that the insurance industry pools risk in a way that will reward insurers for their services without sacrificing profits

ABSTRACT. We examine when and how an unequal society dominated by elite groups monopolizing social rents can evolve into a fair regime governed by the rule of law. Based on a simple model featuring informational barriers in the strategic interaction between the elites and normal agents, we demonstrate that society can evolve to a fair regime governed by the rule of law when informational barriers about elite groups are removed. The equilibrium as a fair regime is more likely to be reached with lower income inequality, and a stronger cultural antipathy and alertness against disguised autocrats supported by a minimum required technology level. Technological level in terms of social efficiency over a threshold level is a precondition of the regime evolution under informational barriers. Moreover, we demonstrate that democratic elites’ technological efficiency and devotion to regime changes work as decisive factors for a smooth transition to a fair regime.

ABSTRACT. This paper examines the relationships between geopolitical risk and corporate bond yields, credit spreads, and Credit Default Swap (CDS) spreads for US firms. Empirical evidence indicates that a one standard deviation increase in the Geopolitical Risk (GPR) index corresponds to a 0.048% rise in corporate bond yields and a 1.88 basis points increase in credit spreads. The finding concerning CDS spreads, indicative of a firm’s default risk, also underscores a significant positive association. The results remain robust across various geopolitical risk measures. These findings suggest that heightened geopolitical risk exacerbates firms' credit risks and elevates borrowing costs. Moreover, industry analysis shows that the impact and magnitude of geopolitical risks vary across sectors.

ABSTRACT. The oil and gas industry faces a critical juncture, prompting a re-evaluation of corporate strategies in response to environmental consciousness and sustainability imperatives. This paper offers a comprehensive review of these strategies, emphasizing their alignment with sustainable development principles. By analysing diverse approaches, the study explores their challenges and implications for advancing sustainability goals. Key considerations include the adoption of cleaner technologies, promotion of stakeholder engagement, implementation of robust governance structures, and alignment with international sustainability frameworks such as the United Nations Sustainable Development Goals (SDGs). The review of corporate agility strategies highlights the proactive approach adopted by oil and gas companies to address emerging challenges and opportunities, enabling them to adapt to changing market dynamics and regulatory landscapes while driving positive change towards sustainability. The evaluation acknowledges the inherent complexities and trade-offs in pursuing sustainable development within the industry, emphasizing the need for a nuanced understanding of context-specific challenges and stakeholder expectations. Through a multi-dimensional analysis incorporating case studies and empirical data, this study provides actionable insights to inform policymaking, guide business decision-making, and foster stakeholder collaboration towards a more sustainable energy future. The findings underscore the importance of agility in navigating the evolving energy landscape, empowering companies to thrive amidst unprecedented change and uncertainty.

ABSTRACT. This empirical analysis focuses on 15 EU countries and the United Kingdom from 2000 to 2019, examining the factors influencing gross nuclear heat production as an indicator of environmental degradation. The study considers the long-term hazardous nature of nuclear waste. Factors such as corruption, economic health, and institutional aspects are investigated as independent variables. Quantile Regression techniques are used to analyze the data, providing robust estimations. The findings reveal that favorable regulatory environments, political stability, and perceived low corruption have a positive and statistically significant impact on nuclear heat production across all percentiles. However, it is important to note that such environments may also contribute to environmental degradation. On the other hand, increased citizen participation and higher economic health are associated with lower nuclear heat production. Policy recommendations would include implementing robust safety measures in nuclear energy production, addressing environmental concerns associated with nuclear waste, and ensuring transparency and accountability in decision-making processes. Promoting citizen participation and public engagement in energy policies, while diversifying the energy mix to include renewable sources, can contribute to reducing nuclear heat production and environmental degradation.

ABSTRACT. The objective of this paper is to examine the effect of globalization on convergence (β, σ, and club convergences) of both human development and gender development across the regions of India for the period 2006-2021 by using the panel data technique. The result reveals that the regions of India experience both absolute and conditional β convergences, σ divergence (growing inequality), and club convergence in human development and gender development. Globalization has a negative impact on the growth rate of human development while it has a mixed effect on the growth rate of gender development. In the case of the fiscal policy and infrastructure variables, the results are mixed for the growth rate of both human development and gender development. Further, domestic investment and inequality hinder the growth rate of human development while urbanization and human capital improve it. In the case of gender development, urbanization improves it while human capital and inequality reduce it. Thus, it is suggested that the government should promote globalization in backward regions carefully. The government should improve the quality of education and urbanization in poor regions to increase human development and gender development.

ABSTRACT. Maximizing their share of mining rents is a particular challenge for African states. To answer this question, we assess the effect of development infrastructure index on the average effective tax rate (AETR), defined as the share of gold rents accruing to the state at a given gold price. We use a panel of 22 gold-producing countries in Africa between 2005 and 2020 using pooled ordinary least squares (POLS) method controlled for time and country fixed effects. Our empirical results show that infrastructure development index positively impacts rent-sharing through transport and information telecommunication technologies (ICT) infrastructures development index. Massive state investment in transport, and ICT infrastructures can attract mining companies. They can see their profits increase thanks to reductions in production costs as a result of the quality of existing infrastructures. mining companies can find it easier to accept "normal" taxation and a sharing of rents favorable to the State, as the activity will be less risky. Regime durability and political regime play mediating roles in the relationship between infrastructure development index and AETR.

ABSTRACT. The transition towards a sustainable energy model requires wide social consensus to succeed. However, there is limited research on the factors driving individual’s acceptance of the energy transition. This paper analyses the role of knowledge and socio-economic factors on the acceptance of Energy Communities in a sample of individuals living in urban and rural Catalan municipalities with and without Energy Communities.

ABSTRACT. This study investigates the dynamic relationships among per capita CO2 emissions, economic growth, trade openness, agricultural value added, industry value added, services value added, renewable and non-renewable energy consumption across a panel of 23 European countries from 1995 to 2022. By employing static, quantile, and dynamic panel data approaches, the research seeks to uncover the nuanced interactions between these variables over time. The findings from the analysis shed light on the complex dynamics driving environmental sustainability and economic development within the European context. Our primary objective was to delve into the intricate relationships between a range of socio-economic variables and CO2 emissions. Employing a diverse array of regression models, including Fixed Effects, Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS), and others, we sought to comprehensively understand the drivers behind CO2 emissions. Through meticulous analysis, we aimed to contribute valuable insights into the complex interplay between economic activities and environmental degradation, particularly in the context of CO2 emissions. Our empirical analysis yielded a multitude of significant findings regarding the factors influencing CO2 emissions. Notably, renewable energy consumption consistently exhibited a negative impact on CO2 emissions across all models, indicating its potential as a crucial mitigating factor in reducing carbon emissions. Conversely, non-renewable energy consumption showcased a positive relationship with CO2 emissions, underscoring the pressing need for transitioning towards more sustainable energy sources. Furthermore, our results revealed that sectors such as agriculture, industry and services value added displayed positive associations with CO2 emissions, shedding light on areas that necessitate targeted interventions to curb emissions effectively.

ABSTRACT. Understanding sustainable development as ecological, social, and economic progress, we empirically study the interdependency and cointegration of its critical indicators for European countries. To build up our set of hypotheses and theoretical model equation, we start from Kuznets hypothesis of a functional relationship between environmental damage and economic growth. Environmental damage is depicted by measuring the ecological footprint and economic growth by GDP per capita. We further account for energy intensity, fertility rate, and expenditure on education as a percentage of GDP. Empirically, panel data analysis methods are utilized for an investigation period from 1995-2021. Our analysis reveals an inverted-U-shaped relationship between economic growth and ecological footprint. This suggests a non-linear effect, where low levels of economic growth are associated with a disproportionate increase in ecological footprint. However, the relationship weakens as economic growth progresses, converging towards constant environmental improvement. Energy intensity and fertility rate positively affect environmental deterioration, while human capital can be crucial to ecological quality. Our policy interpretation is that without changing energy production strategies and promoting human capital, European countries cannot reach a green/sustainable growth stage and decouple their ecological footprint from economic progress.

ABSTRACT. While the consequences of natural disasters are comparatively well studied, little is known about their macroeconomics impact on inequalities. Following Yang (2008), we use an exogenous hurricane index, considering the average ``affectness'' based on meteorological data. The empirical approach uses Local Projection (Jordà, 2005) to gauge the cumulative impact on two Gini indexes (pre and post-transfer) (Solt, 2020) five years after the hurricane for a sample composed of 114 countries from 1995 to 2014. Our results underline that hurricanes have a conditional effect on inequalities depending on the level of GDP per capita. The poorest countries tend to see their post-redistribution inequalities decrease. Our paper discloses the existence of the kind of Schumpeterian effect for high-income countries. In the first years, they know a decrease in their pre-redistribution Gini as the capital owned by the top of the income distribution is destroyed. Then, pre-tax and transfer Gini increases with a built-back better mechanism as individuals at the top of the income distribution will increase their revenue from capital. For post-redistribution Gini, we only see a decrease in the first years following the hurricane and underline the positive effect of redistribution. We describe ODA, remittances, and subsidies channels through which hurricanes could lower inequalities in these countries.