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The present paper investigates the relationship between stock prices, credit ratings, and ESG scores for banks internationally. First, it describes stock prices and ESG scores at an annual frequency, as well as stock price and credit risk at a daily frequency. The relationships between (a) stock price and credit rating returns with ESG score returns and (b) among ESG scores are examined by pairwise annual correlation, and daily correlations are examined between price and credit rating returns. Furthermore, Granger causality is used to examine the relationships between the following: (a) price and ESG score annual returns; (b) price and credit rating daily returns; and (c) total and pillar annual ESG scores. This study makes a significant contribution to the literature by providing a detailed temporal analysis using both annual and daily data frequencies, which is relatively rare in the field. There is evidence of statistically and empirically important relations in the form of pairwise correlations. The regressions reveal a low significance of few ESG score changes in explaining credit rating changes. A unique aspect of this paper is the comprehensive analysis of 16 granular ESG scores, including overall scores, pillar scores, and sub-scores, allowing for a multi-faceted understanding of how specific ESG factors impact financial metrics. We found evidence of the significance of COVID-19 in all research questions. Additionally, this paper highlights the impact of the COVID-19 pandemic on the relationships between ESG scores, credit ratings, and stock prices, offering timely insights into the heightened importance and volatility of ESG factors during crisis periods. Future research needs to shed more light on this relationship, however. [ABSTRACT FROM AUTHOR]

Comparing hospitals using multicriteria methods facilitates a thorough assessment of performance across multiple dimensions, supports informed decision-making, promotes accountability, and drives continuous improvement in healthcare delivery. This paper aims to apply multicriteria methods to assess hospitals in Slovakia in the pre-crisis (2019), crisis (2021), and post-crisis (2023) periods of the COVID-19 pandemic. The assessment is conducted using four multicriteria methods, i.e., a ranking method, scoring method, normed variable method, and TOPSIS method, and nonmetric multidimensional scaling (NMDS). The research sample comprises a group of hospitals classified under the sector (SK) NACE 86.1—Hospital activities. Seven indicators (financial and non-financial) were entered into the analysis. The results show that the agreement among the employed multicriteria evaluation methods was statistically significant. Moreover, the findings demonstrate that Slovak hospital rankings based on the selected criteria vary over time. The perfect quality of the NMDS models, as indicated by stress values below 0.025, shows that NMDS analysis provides a highly accurate and reliable representation of hospital comparisons. By combining multicriteria methods with NMDS, we harness the strengths of each approach to improve decision-making and achieve greater insights into intricate datasets. A comprehensive assessment of hospitals allows for the identification of the system's strengths and weaknesses, which can be utilized to formulate new improvement strategies. As an additional benefit, this paper includes a bibliometric analysis, offering a systematic evaluation and synthesis of existing research on multicriteria evaluation methods. [ABSTRACT FROM AUTHOR]

The aim of this paper is to provide a systematic insight into the socio-economic aspects of the last two economic crises in Slovenia: the Economic crisis between 2009 and 2013, and the COVID-19 crisis in 2020. A three-stage territorial model was developed as a theoretical tool for this study. The data for the analyses came from various statistical sources and from the available literature. The socio-economic aspects of both economic crises were analysed in 11 categories and at three territorial levels: macro (national), meso (regional) and micro (locational). Both economic crises differ fundamentally in many aspects. Compared to the Economic crisis, the COVID-19 crisis was much shorter and less severe, and had relatively little impact on the socio-economic structure of Slovenia and its regions. Both economic crises had some common features: reduction of interregional disparities and different development paths of regions during the crisis, as well as strong economic growth in the first year of recovery. The proposed model can be extended by additional territorial levels and by adding additional social and political-geographical aspects. [ABSTRACT FROM AUTHOR]

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia is compared with that in selected EU countries, considering the effects of previous global crises, with a focus on the impacts on small and medium-sized enterprises. The economies of European countries are mentioned to illustrate the ideas of the presented paper, with an emphasis on the economic dimension of the COVID-19 pandemic and its subsequent impact on the Slovak Republic. This research is conducted through basic analytical tools and an analysis of the development of macroeconomic indicators, and by addressing the issue through data from a globally available database. The results in this paper serve as proposals and recommendations for the mitigation of negative economic impacts. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has exposed individuals to various risks, including job loss, income reduction, deteriorating well-being, and severe health complications and death. In Brazil and the U.S., as well as in other countries, the initial response to the pandemic was marked by governmental underestimation, leading to inadequate public health measures to curb the spread of the virus. Although progressively mitigated, this approach played a crucial role in the impacts on local populations. Therefore, the principal aim of this paper is to evaluate the impact of COVID-19 and, indirectly, of the policies adopted by the U.S. and the Brazilian governments to prevent pandemic diffusion on income distribution. Utilizing available microdata and employing novel econometric methods (RIF-regression for inequality measures) this study shows that growth in COVID-19 prevalence significantly exacerbates economic disparities. Furthermore, the impact of COVID-19 on inequality has increased over time, suggesting that this negative impact has been intensifying. In the U.S., results indicate that working from home, the inability to work, and barriers to job-seeking significantly increase inequalities. Although further data are necessary to validate the hypothesis, this preliminary evidence suggests that the pandemic has significantly contributed to increased inequality in these two countries already characterized by increasing polarization and significant social disparities. [ABSTRACT FROM AUTHOR]

Although the coronavirus pandemic has now faded into the background, the global crisis caused by COVID-19 has had the most devastating impacts worldwide. Given the potential relapse of such unexpected and uncertain events, it is vital to specify the patterns thereof and develop proactive measures for the countries to acquire an advanced readiness to deal with the related incidents. The most infected countries faced an increase in business bankruptcies, unemployment and inflation rates, low production volumes, and a decline in Gross Domestic Product (GDP). To withstand such socioeconomic consequences, the countries had to employ a number of measures, with innovation development acceleration being one. This paper aims to assess the dependency of an increase in GDP and a decrease in inflation and unemployment rates on the country-level growth of innovation development according to such Global Innovation Index (GII) pillars as institutions, human capital and research, infrastructure, market sophistication, business sophistication, knowledge and technology outputs, and creative outputs. The conducted research analysis covered the period from 2019 to 2022 based on the data for the GII pillar development level and economic performance indicators for 20 countries from five socioeconomic models. Descriptive and comparative statistics as well as correlation and regression analysis were used to prove the innovation development to be a key driver in increasing GDP and reducing inflation. To increase the GDP value, special attention should be paid to such GII pillars as institutions and human capital and research, while infrastructure and human capital and research are the pillars to reduce the inflation rates. [ABSTRACT FROM AUTHOR]

Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, this study utilizes fortnightly data from 2020 to 2023 on the OECD (Organisation for Economic Co-operation and Development) countries. The study employs a Panel Autoregressive Distributed Lag (ARDL) model to analyze the effects of the monetary policy responses of the OECD governments, and the obtained results reveal that within OECD countries, the prevailing trend of lower interest rate policies emerged during the pandemic. This policy approach yielded a dual effect: lowering both output growth and inflation rates, while concurrently exacerbating unemployment rates throughout the COVID-19 period. Consequently, it is clear that monetary policies have played a pivotal role in facilitating the recovery from a profound economic shock such as the COVID-19 pandemic. Given the significant economic repercussions of a pandemic and the crucial role that monetary policy plays in sustaining economic stability, the apparent lack of attention underscores the urgent necessity for additional discourse on this vital subject. [ABSTRACT FROM AUTHOR]

The travel and tourism industry plays a crucial role in economies around the world. The impact of the COVID-19 pandemic on the tourism industry has been very pronounced. This paper aims to study the relationship between the country's T&T industry Share of Employment (TTEMPL) and the country's T&T industry Share of Gross Domestic Product (TTGDP). This study is specific because we do not focus on the development of indicators over time; instead, we propose the models for 117 countries using the quantile regression (QR) while comparing models in the context of COVID-19 (between 2019 and 2021). The results of the QR determined that individual percentiles of the TTGDP are more affected by the TTEMPL than other percentiles of the TTGDP, which is then reflected in the changes in regression coefficients. In addition, we compare analyzed indicators among countries according to region and income group. The study reveals that the tourism downturn caused by COVID-19 has adverse effects on the TTEMPL and the TTGDP. In addition, the results show that the impact of COVID-19 on the tourism industry appears to be varied among countries, regions, and income groups. [ABSTRACT FROM AUTHOR]

In times of intense economic variability and social turbulence worldwide, this paper aims to examine the existence of transient correlations and interdependencies between the most important MSCI ESG indices worldwide and the most important commodities' index, economic uncertainty, natural gas, gold, and VIX, in a geographical and social context during two recent crises: the COVID-19 pandemic and the energy crisis due to the Ukrainian war. Using daily data from 3 January 2020 and extending until 23 August 2022, this study applies a wavelet coherence approach to analyze time series co-movements, in order to emphasize all possible combinations' correlations and achieve more accurate outcomes at any given time and frequency band simultaneously and spontaneously. The results show robust coherence between different geographical areas, time, and frequency bands, indicating both positive and negative correlations with most of the combined ESG indices and other economic indicators. The study suggests that stock indices of leading ESG companies in North America and Europe constitute a safe investment haven during major upheavals and crises, providing a way for investors to manage risk and generate positive returns while contributing to economic sustainability. [ABSTRACT FROM AUTHOR]

This paper explores the impact of COVID-19-induced disruptions on supply chains, specifically focusing on the interconnectedness of supply chains and the transmission effects they cause. The gravity model framework, together with difference-in-differences analysis, is employed to analyze monthly trade patterns among Central and Eastern European (CEE) countries, Western European countries, and other trading partner countries. The model presented accounts for the country's roles in global value chains (GVCs) by incorporating data related to exports, imports of intermediate and capital goods, and imports of final consumption goods. CEE countries have demonstrated a certain resilience during the COVID-19 pandemic. Yet, they were not immune to adverse consequences due to disrupted supply chains, primarily in the imports of intermediate and capital goods. We find that the countries that suffered from the COVID-19 pandemic the least demonstrated remarkable resilience against disrupted GVCs. The findings of our study enrich the literature on the effects of the COVID-19 pandemic, specifically for the CEE region, by providing a framework for understanding the pandemic's impact on international trade. The results show that supply shock might be greater than demand shocks on production and trade dynamics. Furthermore, our results suggest that policymakers seek adaptability to changing supply and demand patterns, while enterprises should consider broader diversification both within the region and locally. [ABSTRACT FROM AUTHOR]

Comparing hospitals using multicriteria methods facilitates a thorough assessment of performance across multiple dimensions, supports informed decision-making, promotes accountability, and drives continuous improvement in healthcare delivery. This paper aims to apply multicriteria methods to assess hospitals in Slovakia in the pre-crisis (2019), crisis (2021), and post-crisis (2023) periods of the COVID-19 pandemic. The assessment is conducted using four multicriteria methods, i.e., a ranking method, scoring method, normed variable method, and TOPSIS method, and nonmetric multidimensional scaling (NMDS). The research sample comprises a group of hospitals classified under the sector (SK) NACE 86.1—Hospital activities. Seven indicators (financial and non-financial) were entered into the analysis. The results show that the agreement among the employed multicriteria evaluation methods was statistically significant. Moreover, the findings demonstrate that Slovak hospital rankings based on the selected criteria vary over time. The perfect quality of the NMDS models, as indicated by stress values below 0.025, shows that NMDS analysis provides a highly accurate and reliable representation of hospital comparisons. By combining multicriteria methods with NMDS, we harness the strengths of each approach to improve decision-making and achieve greater insights into intricate datasets. A comprehensive assessment of hospitals allows for the identification of the system’s strengths and weaknesses, which can be utilized to formulate new improvement strategies. As an additional benefit, this paper includes a bibliometric analysis, offering a systematic evaluation and synthesis of existing research on multicriteria evaluation methods.

The present paper investigates the relationship between stock prices, credit ratings, and ESG scores for banks internationally. First, it describes stock prices and ESG scores at an annual frequency, as well as stock price and credit risk at a daily frequency. The relationships between (a) stock price and credit rating returns with ESG score returns and (b) among ESG scores are examined by pairwise annual correlation, and daily correlations are examined between price and credit rating returns. Furthermore, Granger causality is used to examine the relationships between the following: (a) price and ESG score annual returns; (b) price and credit rating daily returns; and (c) total and pillar annual ESG scores. This study makes a significant contribution to the literature by providing a detailed temporal analysis using both annual and daily data frequencies, which is relatively rare in the field. There is evidence of statistically and empirically important relations in the form of pairwise correlations. The regressions reveal a low significance of few ESG score changes in explaining credit rating changes. A unique aspect of this paper is the comprehensive analysis of 16 granular ESG scores, including overall scores, pillar scores, and sub-scores, allowing for a multi-faceted understanding of how specific ESG factors impact financial metrics. We found evidence of the significance of COVID-19 in all research questions. Additionally, this paper highlights the impact of the COVID-19 pandemic on the relationships between ESG scores, credit ratings, and stock prices, offering timely insights into the heightened importance and volatility of ESG factors during crisis periods. Future research needs to shed more light on this relationship, however.

The main goal of this contribution is to assess the development of the economic condition of the Slovak Republic in the context of the impacts of the COVID-19 pandemic. The situation regarding the development of and changes in the economic condition of Slovakia is compared with that in selected EU countries, considering the effects of previous global crises, with a focus on the impacts on small and medium-sized enterprises. The economies of European countries are mentioned to illustrate the ideas of the presented paper, with an emphasis on the economic dimension of the COVID-19 pandemic and its subsequent impact on the Slovak Republic. This research is conducted through basic analytical tools and an analysis of the development of macroeconomic indicators, and by addressing the issue through data from a globally available database. The results in this paper serve as proposals and recommendations for the mitigation of negative economic impacts.

This study assesses and quantifies the economic and financial impacts of the COVID-19 pandemic during the period of business operation restrictions countrywide (lockdown measures). We examine the strategies adopted by small and medium-sized enterprises (SMEs) to reopen their business operations after lockdown measures had been relaxed or lifted. Data were collected in Rwanda from nearly 244 SMEs across the country, providing firsthand and reliable information on the effects of the pandemic on business performance, with a particular emphasis on wood-based enterprises. We used Exploratory Data Analysis (EDA) and multivariate linear regression methods to measure the pandemic's effects on employment, sales, and tax payments among SMEs. The findings reveal that firms downsized employment by 36%, with significant deviations within different SME sizes. Small businesses were particularly affected by reduced sales levels due to the pandemic. Although there was an overall reduction in tax payments during the crisis, medium-sized enterprises experienced a more significant decrease in taxes paid to the government by 74.6%. Additionally, regression findings affirm that the COVID-19 effects on SMEs were manifested in reduced sales across all categories of SMEs, reduced employment, and a reduced amount of taxes paid to the government, which further translate to reduced economic performance during COVID-19 period. Furthermore, SME owners utilised various coping mechanisms during the reopening phase, including a reliance on savings and selling assets. The analysis recommends establishing medium-term financing mechanisms and providing technical support for SMEs to ensure a steady and sustainable recovery from the pandemic's effects, as well as enhancing their resilience to future socio-economic shocks. [ABSTRACT FROM AUTHOR]

This study proposes an integrated methodology for the assessment and mapping of quality of life (QoL) among European Union member states in the period before and after the pandemic crisis of COVID-19. The assessment of quality of life was based on the development of composite criteria and Geographical Information Systems or GIS technology, using variables that assess quality of life. The composite criteria relate to the socioeconomic environment, employment conditions, economic conditions and health services. Each criterion was evaluated by a set of variables, and each variable was weighted based on relevant research by Greek experts. Criteria were also weighted and combined to assess overall quality of life. The methodology was applied in 27 EU member countries, and mapping led to the identification of countries with low and high quality of life. The results showed a change in the level of overall quality of life in the EU countries before and after the pandemic period, although on a limited scale, since there is a slight reclassification of the countries' positions. The analysis also revealed the highest level of quality of life in four EU countries [Sweden, Denmark, the Netherlands and Luxembourg] that show an increased GDP per capita, combining a low level of arrears and a low level of inability to make ends meet, whereas four countries showed the lowest level of quality of life [Greece, Bulgaria, Romania and Croatia] in both periods. [ABSTRACT FROM AUTHOR]

The U.S. is currently the country with the highest number of COVID-19 deaths. By the second week of October 2021, over 700,000 people in the U.S. had died after contracting the virus. When estimating the cost and benefit of a COVID-19 prevention measure, the value of a statistical life (VSL) has been widely used as an approximation for the value of a lost life. However, VSL arguably overstates the costs of deaths caused by COVID-19 because VSL captures the private individual's benefit, and it is the same for everyone regardless of where they live, their productivity, their age, and their gender. In this study, rather than looking at the cost of life loss due to COVID-19, we focus on the opportunity costs of COVID-19 deaths to society. The opportunity cost of COVID-19 deaths is defined as the combination of direct medical costs and the costs of lost potential lifetime earnings. Our analysis focuses on the period from March 2020 to October 2021. We then quantify the average opportunity cost of COVID-19 deaths across the U.S. and by state level. [ABSTRACT FROM AUTHOR]

With the unexpected onset of COVID-19, governments across the world responded with a range of preventive measures, including the imposition of lockdowns. To mitigate the adverse effects of lockdowns arising from supply chain shocks and employment loss, governments worldwide chose to implement policies to stimulate their economies and keep them working. This study assesses the impact and effectiveness of four of these packages in Bangladesh, employing a mixed-method approach. These packages include "salary support for workers in export-oriented RMG industries", "working capital loans for affected industries and service sectors", "working capital loans for cottage, micro, small, and medium enterprises", and initiatives for "revitalizing the rural economy and job creation". Each package was examined individually because of their differences in beneficiary groups, implementation methods, and individual objectives. Quantitative analysis involved propensity score matching (PSM), the difference in difference model (DID), and structural equation modelling (SEM). Stakeholders, including policy implementers, Bangladesh Bank officials, policy analysts, academics, workers, and beneficiaries, contributed to the qualitative analysis through extensive key-informant interviews, providing a comprehensive assessment of intervention outcomes. Ultimately, the results show that the packages achieved their socio-economic relief objectives for beneficiaries. The research examined both positive impacts and challenges in their implementation. It suggests that all four packages successfully achieved their goals, such as providing social and economic support, sustaining livelihoods, addressing marginalized groups' needs, ensuring survival for large industries and small businesses, and promoting employment. In order to better address future shocks, establishing a beneficiary database integrated with the national system is recommended for smoother policy rollout. Despite acknowledged limitations, including challenges in beneficiary identification, data availability, and time constraints, the study's unbiased estimations provide valuable insights to guide future policy directions in similar situations. [ABSTRACT FROM AUTHOR]

Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for the developed and emerging markets to provide a comparative examination using the latest data and by employing the robust multifractal detrended fluctuation (MFDFA) method. In addition to the full sample, the analysis uses sub-sample periods to reveal the hidden features and efficiencies of the G20 markets during the Russia–Ukraine War and COVID-19 for the first time. The findings show the availability of varied multifractality among all G20 stock markets during the overall and crisis periods, exhibit long-range correlations, and may support the fractal market hypothesis. In addition, Italy remains the least efficient, while Germany remains the most efficient stock market. The sub-sample results further reveal unevenness in the local fluctuations and resultant higher inefficiency considering the sheer magnitude and impact of crises on the G20 stock markets. However, the efficiency of developed stock markets performed better as compared to emerging markets. The study of G20 stock markets is useful and provides several implications for a wider audience. [ABSTRACT FROM AUTHOR]

This study seeks to investigate the potential effects of the recent pandemic (COVID-19) on capital structure dynamics. The Gulf Cooperation Council (GCC) is a fascinating topic for this study because of its distinct economic characteristics. The analysis draws upon a cross-country dataset covering 208 non-financial listed firms across five GCC countries, with data spanning the years 2010 to 2022. Capital structure is a dependent variable and is measured by total debt to equity, equity multiplier, and short-term debt ratios, while the COVID-19 pandemic, firm size growth, return on assets, tangibility, and growth were applied as independent variables. Using the generalized least squares (GLS) method, findings demonstrated that COVID-19 has a significant and positive influence on debt-to-equity and equity multiplier ratios but a negative one on short-term debt ratio. Thus, non-financial firms increased their debt financing and transferred debt from short-term to long-term funding. In addition, firm-specific factors, such as firm size, tangibility, and macroeconomic factors, such as GDP growth, positively and significantly impact capital financing. Conversely, profitability has a negative relationship with financial leverage. There is a lack of empirical research on how COVID-19 affects the financial structure of non-financial listed companies in GCC nations. Consequently, by filling the previously specified gaps, this study provides proof to support the idea of using debt financing to raise capital for economic recovery. GCC policymakers need to give priority to ensuring that firms have convenient access to inexpensive finance in light of the financial consequences caused by COVID-19. This will guarantee that companies have the resources necessary to bounce back and support economic growth. [ABSTRACT FROM AUTHOR]

This study analyzes the impact of Chinese shipment volumes measured in TEUs on US stock performance in the initial stages of the COVID-19 outbreak. The analysis indicates that, initially, US stocks were negatively affected irrespective of firms' trade engagements with China; however, as the global pandemic unfolded, companies with elevated imports from China exhibited more pronounced abnormal returns. The findings further reveal an increased influence of debt level and cash holdings on stock performance as the crisis intensified in Europe and the USA. These results highlight the evolving nature of global trade dynamics and their implications for financial markets amid global crises. Furthermore, this study provides valuable insights into the resilience of global supply chains during crises like the COVID-19 pandemic. The observed pattern, where companies with greater import volumes from China experienced better stock returns, underscores the importance of adaptable supply chains during disruptions. [ABSTRACT FROM AUTHOR]

COVID-19 and SARS are epidemics which have influenced the largest global economic crisis in recent years. This research reveals that both SARS and COVID-19 have led to fluctuations in the prices of gold and the US dollar index; however, there is no direct causal relationship be-tween COVID-19 and the price of bitcoin. The USD index saw a significant increase during the SARS outbreak, while gold prices surged during the COVID-19 pandemic. The notion that cryptocurrency will surpass the value of gold or traditional currencies seems improbable, given the lack of evidence linking bitcoin prices to COVID-19. Gold is expected to maintain its value in the long term, offering lower risk compared to other currencies. [ABSTRACT FROM AUTHOR]

This study provides insights into food inflation by investigating the dynamic interconnectedness of the prices of olive oil, soybean oil, sunflower oil, and palm oil. Using data from January 1990 to October 2023, averaged dynamic and extended joint connectedness analyses are conducted by employing the innovative Time-Varying Parameter Vector Autoregressive (TVP-VAR) methodology. The findings reveal that olive oil presents a low connection with substitute oils and generates net spillover effects, especially at the onset of COVID-19 but also at later stages and during the Russia–Ukraine war. Palm oil transmits effects on the system of oils before the Global Financial Crisis (GFC) but renders a net receiver afterward, while sunflower oil follows the opposite way. Systemic connectedness is the highest during the GFC and remains elevated during QE-tapering. It slightly increases during COVID-19 outbursts and illustrates higher spikes when the Russia–Ukraine conflict begins. These linkages are even stronger among only the substitute oils. [ABSTRACT FROM AUTHOR]

This research compares the global debt trends in the aftermath of the COVID-19 pandemic, focusing on economies that frame the North and South divide. The research centers on debt ratios, which serve as indicators of countries' ability to finance recovery and development projects. The study period runs from 2015 to 2022 and follows the IMF's country classification, which divides the world into advanced economies (AE) and emerging market and developing economies (EMDE). The research employs panel data regressions to assess three key debt ratios—external debt to Gross Domestic Product (GDP), external debt to exports, and public debt to GDP—against various pandemic-related indicators and control variables. The analysis provides three major contributions. Firstly, an examination of external and public debt burdens is conducted, showing that escalated external and public debt burdens in EMDE contrast with increasing public debt in AE, primarily due to fiscal stimulus. Secondly, it is argued that the ongoing pandemic has intensified the widening economic gap between the North (AE) and the south (EMDE). Thirdly, a review is presented of both orthodox and heterodox policies identified in existing literature that are considered capable of mitigating external vulnerabilities in EMDE. Findings highlight the critical need for multifaceted measures to address debt vulnerability and promote sustainable economic recovery in a post-pandemic world. [ABSTRACT FROM AUTHOR]

This study investigates the impact of South Africa's current account balance on its economic growth from Q1 2015 to Q4 2022 using Auto Regressive Distributed Lags (ARDL) technique. This study incorporates qualitative variables like COVID-19 to understand its effect on the South African current account and economic growth rate. Generally, the results show that the South African current account deficit impacted economic growth in both the long and short run. COVID-19 also affected the current account significantly in both the long and short run, thus causing more deterioration on the South African current account and subsequently affecting the economic growth rate negatively. This study recommends more competitive export promotion and import substitution by investing in and developing domestic productivity. This study also recommends an acceleration of the tabled COVID-19 recovery initiatives through an alliance between the government and private sector. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic has exposed individuals to various risks, including job loss, income reduction, deteriorating well-being, and severe health complications and death. In Brazil and the U.S., as well as in other countries, the initial response to the pandemic was marked by governmental underestimation, leading to inadequate public health measures to curb the spread of the virus. Although progressively mitigated, this approach played a crucial role in the impacts on local populations. Therefore, the principal aim of this paper is to evaluate the impact of COVID-19 and, indirectly, of the policies adopted by the U.S. and the Brazilian governments to prevent pandemic diffusion on income distribution. Utilizing available microdata and employing novel econometric methods (RIF-regression for inequality measures) this study shows that growth in COVID-19 prevalence significantly exacerbates economic disparities. Furthermore, the impact of COVID-19 on inequality has increased over time, suggesting that this negative impact has been intensifying. In the U.S., results indicate that working from home, the inability to work, and barriers to job-seeking significantly increase inequalities. Although further data are necessary to validate the hypothesis, this preliminary evidence suggests that the pandemic has significantly contributed to increased inequality in these two countries already characterized by increasing polarization and significant social disparities.

The aim of this paper is to provide a systematic insight into the socio-economic aspects of the last two economic crises in Slovenia: the Economic crisis between 2009 and 2013, and the COVID-19 crisis in 2020. A three-stage territorial model was developed as a theoretical tool for this study. The data for the analyses came from various statistical sources and from the available literature. The socio-economic aspects of both economic crises were analysed in 11 categories and at three territorial levels: macro (national), meso (regional) and micro (locational). Both economic crises differ fundamentally in many aspects. Compared to the Economic crisis, the COVID-19 crisis was much shorter and less severe, and had relatively little impact on the socio-economic structure of Slovenia and its regions. Both economic crises had some common features: reduction of interregional disparities and different development paths of regions during the crisis, as well as strong economic growth in the first year of recovery. The proposed model can be extended by additional territorial levels and by adding additional social and political-geographical aspects.

Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, this study utilizes fortnightly data from 2020 to 2023 on the OECD (Organisation for Economic Co-operation and Development) countries. The study employs a Panel Autoregressive Distributed Lag (ARDL) model to analyze the effects of the monetary policy responses of the OECD governments, and the obtained results reveal that within OECD countries, the prevailing trend of lower interest rate policies emerged during the pandemic. This policy approach yielded a dual effect: lowering both output growth and inflation rates, while concurrently exacerbating unemployment rates throughout the COVID-19 period. Consequently, it is clear that monetary policies have played a pivotal role in facilitating the recovery from a profound economic shock such as the COVID-19 pandemic. Given the significant economic repercussions of a pandemic and the crucial role that monetary policy plays in sustaining economic stability, the apparent lack of attention underscores the urgent necessity for additional discourse on this vital subject.

The travel and tourism industry plays a crucial role in economies around the world. The impact of the COVID-19 pandemic on the tourism industry has been very pronounced. This paper aims to study the relationship between the country’s T&T industry Share of Employment (TTEMPL) and the country’s T&T industry Share of Gross Domestic Product (TTGDP). This study is specific because we do not focus on the development of indicators over time; instead, we propose the models for 117 countries using the quantile regression (QR) while comparing models in the context of COVID-19 (between 2019 and 2021). The results of the QR determined that individual percentiles of the TTGDP are more affected by the TTEMPL than other percentiles of the TTGDP, which is then reflected in the changes in regression coefficients. In addition, we compare analyzed indicators among countries according to region and income group. The study reveals that the tourism downturn caused by COVID-19 has adverse effects on the TTEMPL and the TTGDP. In addition, the results show that the impact of COVID-19 on the tourism industry appears to be varied among countries, regions, and income groups.

In times of intense economic variability and social turbulence worldwide, this paper aims to examine the existence of transient correlations and interdependencies between the most important MSCI ESG indices worldwide and the most important commodities’ index, economic uncertainty, natural gas, gold, and VIX, in a geographical and social context during two recent crises: the COVID-19 pandemic and the energy crisis due to the Ukrainian war. Using daily data from 3 January 2020 and extending until 23 August 2022, this study applies a wavelet coherence approach to analyze time series co-movements, in order to emphasize all possible combinations’ correlations and achieve more accurate outcomes at any given time and frequency band simultaneously and spontaneously. The results show robust coherence between different geographical areas, time, and frequency bands, indicating both positive and negative correlations with most of the combined ESG indices and other economic indicators. The study suggests that stock indices of leading ESG companies in North America and Europe constitute a safe investment haven during major upheavals and crises, providing a way for investors to manage risk and generate positive returns while contributing to economic sustainability.