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This paper asks the following question: can the macroeconomic fluctuations of Gross Domestic Product (GDP) explain the electoral success of political parties? Notwithstanding other important determinants such as the charisma of the leader of a popular political party or ideology, the economy may very well explain electoral successes. In this paper, I use a very simple variable to account for the economy: the rate of growth of GDP. It is claimed that years of relative higher growth are associated with the incumbent government retaining its power, while years of zero or negative growth rates are related with the fall of an incumbent government. The period between 1974-2023 shows evidence of Greek economic growth and the impact on elections and therefore the hypothesis cannot be rejected that the economy plays a central role in explaining electoral successes, and especially failures, of incumbent governments. [ABSTRACT FROM AUTHOR]

Purpose: The impact of financial inclusion on economic growth is a topic that is generating widespread interest among researchers and practitioners. In this paper, the authors review the existing literature to highlight the state of research in the literature and identify new opportunities for innovative research. Design/methodology/approach: The authors used a thematic literature review methodology which involves dividing the review along relevant themes. Findings: The authors find that significant research on the topic emerged in the post-2016 years. Most of the existing studies are from developing countries and from the Asian and African regions. Existing studies have not utilized relevant theories in explaining the impact of financial inclusion on economic growth. Most studies report a positive impact of financial inclusion on economic growth while very few studies show a negative impact. The most common channel through which financial inclusion affects economic growth is through greater access to financial products and services offered by financial institutions that increases financial intermediation and translates to positive economic growth. The common empirical methodology used in the literature are causality tests, cointegration and regression methods. Multiple proxies of financial inclusion and economic growth were used in the literature which partly explains the conflicting result among existing studies. The review paper concludes by identifying some directions for future research. Originality/value: This paper presents the first rigorous thematic review of the existing literature on the impact of financial inclusion on economic growth. It highlights the main approach that researchers have taken on this topic and identifies some important research areas for future investigation. Peer review: The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-05-2022-0339. [ABSTRACT FROM AUTHOR]

Agriculture was and remains the support of human existence, representing the backbone of the Romanian rural economy. The gross domestic product represents a macroeconomic indicator of results, being the consequence of the efficient use of resources. In this context, the authors analyze the place that agriculture holds in achieving the gross domestic product in Romania compared to the European Union, as well as its dynamics. In this sense, the share of resources in the formation of the gross domestic product in the period 2000-2022 is presented. The main research methods used for this work are: analysis, synthesis, comparison and mathematical analysis. From the analysis carried out, conclusive ideas emerge, and the article becomes even more suggestive, in that it is accompanied by tables synthesized by the authors and relevant graphics that highlight and support the assessments that the authors make in the content of this article. At the end of the paper, the authors emphasize the fact that the GDP is the most complex indicator that reflects the transformations that the Romanian economy has gone through in recent years. From the point of view of the use of resources, it can be seen that the share of the agricultural sector has registered a downward evolution, which can be largely explained by the increase in the importance of industry and the service sector in the overall national economy. [ABSTRACT FROM AUTHOR]

Gender and racial discrimination at work have gradually gained more attention from the public in the recent years. With social movements such as #MeToo and #BlackLivesMatter, people start to reach the consensus that there should be more equality in society; more perspectives from different genders and different races are beneficial to society. This paper focuses on employment in the general workforce and studies how race and gender diversity in different job positions affect the economy. This paper explores to empirically explain why race and gender diversity in the workforce can have an impact on the economy. Using data from the U.S. Equal Employment Opportunity Commission and from the Federal Reserve for the years of 1996 - 2018, this paper finds that race and gender diversity at work are positively associated with the economy. Also, this dataset supports the conjecture that race and gender diversity increases total employment, which further increases the economy. This dataset also supports the possibility that race and gender diversity may increase the capacity of different perspectives, which further increases the economy. Moreover, race and gender diversity both increased during these years: from 11.783% to 23.339% and from 31.683% to 38.735% in the executive and managerial positions. This study has significant contributions to current research and practice. [ABSTRACT FROM AUTHOR]

Eastern European societies and their economies have experienced specific and/or asymmetrical developments over the last 70 years. The political regime changes at the end of the 80s led these countries on the path of market economy and opened the doors for foreign investors' presence, as privatizations of previously state-owned companies were considered beneficial for economic progress. Starting in the mid-90s and more so after the association of countries in the region to the European Union and NATO, foreign investors found interesting opportunities as greenfield projects or partnerships with local entities. However, the presence of foreign direct investments (FDI) in Eastern Europe was uneven across countries and regions, which may be due to a certain extent to corruption and organized crime groups. This paper aims to conduct a systematic review of the literature that has focused on analyzing the influence of corruption and organized crime in attracting foreign direct investment using quantitative methods, focusing on empirical studies conducted in Europe since 2000. Our main purpose is to summarize the different research approaches, to offer a discussion and suggestions for future research, and to provide some relevant and justified answers to the following question: To what extent are corruption, organized crime, and FDI analyzed in European countries?. [ABSTRACT FROM AUTHOR]

The present paper presents a statistical analysis of the Gross Domestic Product/person, at the national level, in relation to the member countries of the European Union, using statistical data published by Eurostat, Naational Institute of Statistics (INSSE), FAOSTAT and the World Bank. Based on the data centralization, calculations were made to determine some absolute and relative statistical indicators, such as the absolute change, the dynamic index or the dynamic rate. The purpose of this paper is to analyze and observe GDP per inhabitant evolution, in the period 2017 - 2022, as well as the hierarchy of European member countries, according to this macroeconomic indicator. Going through the work, it can be observed that the order of each member state in different hierarchies based on the GDP level, nominal or real, differs, depending on the perspective from which the data is analyzed. Not always a country with a high level of GDP is characterized by a higher level of well-being of the population. Also, a country that has not yet reached economic maturity in terms of GDP level, may have advantages over the already mature European economic markets over a longer period of time. [ABSTRACT FROM AUTHOR]

Over the last decade, the dependence on fossil fuels and their prices has been increasingly discussed. This paper aimed to assess the development of fossil fuel prices and their relationship to GDP in the Czech Republic. To achieve this objective, a VAR model and Granger causality test were used. All fossil fuel prices peaked in 2022. The causal relationship with GDP in the Czech Republic was confirmed for natural gas and coal prices. On the other hand, the causal relationship between oil and GDP in the Czech Republic was not confirmed during the period under study. Weak correlations were found with the Covid-19 pandemic, inflation, and unemployment in the EU. The only exception is the correlation between coal and inflation in the EU, which was moderately strong. A limitation of the paper is the length of the period studied, with data collection taking place only once a month. [ABSTRACT FROM AUTHOR]

Gross Domestic Product (GDP) known as the pulse of economy for any country depends on multiple factors like export–import, inflation rate and unemployment rate etc. Statistical assessment of GDP demands fresh concepts to explain GDP through its covariates in order to improve and strengthen the estimation process. In the present paper, a linear regression model is proposed for modelling GDP of India. Descriptive analysis for the considered data on GDP and its covariates obtained from the World Bank archives is presented through Heatmap. Identification and relevance of the possible set of covariates is established by using step-wise regression (SR). The use of SR reflects its credibility vis-à-vis Ordinary Least Squares (OLS) regression by registering a decline in Deviance Information Criterion (DIC) from − 18.30 to − 13.63, from a full model to only a few significant factor models. We propose an alternative statistical algorithm implemented under Bayesian paradigm through Integrated Nested Laplace Approximation which bridges the gap of accuracy in estimates as opposed to the frequentist OLS regression for explaining GDP of the country India. Model selection is decided from a battery of normal priors through DIC. Comparison of Bayesian and frequentist modelling results is done using several criteria such as Mean Absolute Deviation, Root Mean Square Error, and Mean Absolute Percent Error. India is one of the emerging economies, the economy of India is the 5th largest in terms of nominal gross domestic product in the world, and the 3rd largest in the terms of purchasing power parity as recorded by World Bank (2022). GDP of India for 2022 is recorded as $3.38 trillion World Bank (2022) which is in close agreement to GDP of $3.361 trillion predicted by the model proposed in the present paper. [ABSTRACT FROM AUTHOR]

The importance of trade openness and human capital for the economic growth of countries is the subject of many studies today. The role of innovations and the innovativeness of economies in modern economic development is extremely important. With greater accumulation of human capital, knowledge, skills and innovation are accumulated. All these variables are crucial for achieving higher economic growth. Special attention in the studies of relevant authors is directed towards researching this relationship on the example of small open economies, as well as developing countries. The purpose of this paper is to examine the relationship between trade openness and human capital as explanatory variables and GDP as a dependent variable in a sample of eight Balkan countries. The goal of the research is to quantify the relationship between two independent variables and GDP as a dependent variable. The period in which we observe this relationship covers the period from 2000 to 2019. Achieving the research objective is done on the basis of a panel model with fixed and random effects. The results of the panel research testify to the existence of a positive relationship between trade openness and human capital as independent variables and GDP as a dependent variable. Calculated coefficients with independent variables were obtained with a high level of statistical significance. The conclusion of the research implies that there is a positive impact of trade openness and human capital on GDP. [ABSTRACT FROM AUTHOR]

The purpose of the study was to analyze the main indicators carried out in agriculture for assessing the contribution of agriculture to the economic development in Romania in the period 2013-2022 based on the data provided by National Institute of Statistics. The data were processed using fixed and structural indices, regression equations, determination coefficient, graphical illustrations and comparisons. The results highlighted that in the studied period, Romania's Gross Domestic Product (GDP) increased 2.21 times reaching Lei 1,409 Billion in 2022. Agriculture produced Lei 63.04 Billion GDP in 2022, and its contribution to Romania's GDP is 4.5%. Gross Value Added (GVA) increased 2.28 times in the economy accounting for Lei 1,282.3 Billion in 2022. Despite that GVA raised by 118.6% in agriculture, accounting for Lei 58.98 Billion in 2022, agriculture's contribution was only 4.6%. Gross Fixed Capital Formation (GFCF) raised in the economy by +131.55% accounting for Lei 377,2 Billion in 2022, but in agriculture it was very small, only Lei 2.65 Billion. Net Investment Rate (NIR) was 27.4% in 2022, but in agriculture only 4.5%. A decline by 8.7% in the number of employees was noticed in the economy, employment reaching 7,806 thousand persons in 2022, but in agriculture the reduction was 65.7% remaining only 878 thousand employees. Despite that both export and import value increased, the trade balance was a negative one, the deficit at the end of 2022 being EUR -34,101 Million. The agro-food export value raised by +126.32% and reached EUR 11,960 Million in 2022, which means that agriculture contributes by about 13% to Romania's exports, while the contribution to imports raised by +167.54%, accounting for EUR 13,248.6 Million. The deficit in the agro-food trade balance accounted for EUR -1,288.6 Million, Romania being a net importing country. Despite of its increased contribution to GDP and GVA, agriculture is facing a gap versus industry and services in GFCF and NIR. Without a better technical endowment and higher investment, agriculture cannot apply modern technologies to increase production and sustain internal market and export and to diminish imports. [ABSTRACT FROM AUTHOR]

The globalization process and the war in Ukraine show us that migration is one of the strongest global trends in the modern economy. For this paper, we determined three types of migration, depending on the intention of the people involved, these being labor, educational, and refugee migration. Each type has a different influence on the macroeconomic process. However, in this paper, we investigate the influence of general migration on GDP. We analyze five factors that have major influences on GDP, namely, migration (I), interest rate (IR), active population (AP), export (E), and the consumer price index (CPI). For the purposes of this paper, vector autoregressive models (VAR models) were chosen to perform the analysis. We used the Granger causality test to investigate the lag structure and identified the exogenous variables in the VAR model, such as GDP, migration, and the active population. We investigated the cross-influence between these factors and found that migration has a negative effect on the active population and a positive effect on GDP, while GDP growth leads to a decrease in migration. The Akaike and Schwartz criteria showed the high quality of the VAR models. The impulse analysis of shock influences identifies the structure of the reaction seen in GDP and migration, depending on their shock factors. Using decomposition analysis, we found that migration and GDP influence each other by 10–14%, which can improve the forecasting of these factors and the study of structural migration by the use of these three types. [ABSTRACT FROM AUTHOR]

Copyright of Proceedings of the Faculty of Economics in East Sarajevo / Zbornik Radova Ekonomskog Fakulteta u Istočnom Sarajevu is the property of University of East Sarajevo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The aim of this paper is to assess the association between macroeconomic factors and house prices in selected OECD countries. In this paper, authors describe selected socioeconomic factors, adapt a transparent methodology based on the OECD database and derive results shedding a light on the main drivers shaping the trends of the real estate prices. Two main economic aggregates, inflation and gross domestic product (GDP) were analysed for the OECD member and non-member countries for which complete data have been made available for the period of 1990-2020. The OECD provides data for 60 countries in total, out of which 38 are members of the organization. Nevertheless, due to missing observations in certain countries, the analysis was carried out in 19 of them. The aim of the study was to determine how GDP and inflation dynamics are correlated with changes in property prices. Among the analysed countries, Japan and South Africa could be distinguished as outliers in terms of inflation, whereas in the case of GDP, Italy, Japan, Ireland and Norway stood out. Additionally, 12 representative countries were described in detail. These countries comprised four groups of three countries divided across two dimensions: the first, based on the highest and the lowest correlation coefficient, and the second, based on the measure used to calculate the correlation coefficient (correlation of the house prices with GDP and correlation of the house price with inflation). On the basis of the analyses, it was shown that the association between GDP and house prices is stronger than that between inflation and house prices - in most cases, prices increased at a similar rate as GDP. A particularly high correlation between GDP and house prices was found for Norway, New Zealand and Sweden, indicating a potentially higher marginal housing consumption responsiveness to changes in housing wealth in these highly developed countries, characterised by particularly low housing transaction costs and efficient mortgage market. It was deduced that such characteristics lead to a higher wealth elasticity of demand for new houses. [ABSTRACT FROM AUTHOR]

This paper measures the resilience of Eurozone economies following the economic shock of the Covid-19 pandemic that hit the global economy. Q2 2022 to Q4 2050 real GDP forecasts of 17 countries of the Eurozone are generated with wavelet analysis using historical real GDP quarterly data excluding the pandemic (Q4 1994 up to Q3 2019) and including the pandemic (Q4 1994 up to the Q1 2022). The means of the Q2 2022 up to Q4 2050 forecasts of the quarterly growth rates (annualized) are computed with the two sets of historical data including and excluding the pandemic. The difference in mean forecasts measures the resilience of economies during the pandemic, the more positive the difference, the stronger the resilience. Based on this indicator of resilience, among high GDP countries, Italy is the most resilient economy towards the Covid-19 pandemic (ranked No 1 among 17 countries), Germany is the least (No 16). Among medium GDP countries, Finland is the most resilient economy towards the Covid-19 pandemic (ranked No 5), Greece is the least (No 14). Among low GDP countries, Malta is the most resilient economy towards the Covid-19 pandemic (ranked No 6), Latvia is the least (No 17). [ABSTRACT FROM AUTHOR]

Energy is a key source of economic growth for any economy because of the fact that many consumption and production activities involve energy as a basic input. Energy is one of the most important inputs for economic development. The aim of this paper is to examine the relationship between gross domestic product and energy consumption on the sample data taken for the period from 2008 to 2020 for Republic of North Macedonia. Energy consumption measured in kilo tons of oil equivalent is taken as an independent variable, whereas gross domestic product measured in millions of denars is taken as dependent variable. In the performed statistical tests descriptive statistics, correlation and regression analysis were primarily involved. The conclusion of this paper is that there is a positive relationship between energy consumption and gross domestic product in the Republic of North Macedonia. The existence of a positive relationship between growth level and energy consumption in Republic of North Macedonia suggests that any disruption in production or in consumption of the energy caused by price fluctuations or possible shortages of energy will have a negative impact over the country's GDP. [ABSTRACT FROM AUTHOR]

Copyright of Nóesis: Revista de Ciencias Sociales is the property of Revista Noesis and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The purpose of this research paper is to analyze the macroeconomic factors of public debt of the Republic of the North Macedonia and the strategy of managing the public debt. This paper tries to predict the debt forming and its’ servicing by taking into consideration the influence of the economic system, the capital investments, and the international cooperation of the country. One of the main reasons for the increase in public debt is an imbalance between government revenue and expenditure. When government expenditure exceeds its revenue, it may resort to borrowing to finance the shortfall, leading to an increase in public debt. This article, focusing on North Macedonia, provides a critical analysis of the country's borrowing tendencies and the assessment of key indicators to gain insights into the effectiveness of its public debt management. The analysis of the critical indicators of public debt, such as the debt-to-GDP ratio, the interest payment to revenue ratio, and the maturity structure of the debt portfolio, can provide valuable insights into a country's ability to service its debt obligations. The data used for this analysis is drawn from secondary sources such as the financial institutions of the Republic of North Macedonia and the World Bank. This information is used to provide a comprehensive understanding of the current state of public debt in North Macedonia and to develop strategic recommendations for its management. [ABSTRACT FROM AUTHOR]

The Central Bank of Somalia faces challenges in implementing effective monetary policies due to limited authority over the nation's monetary system and the incomplete development of the banking industry. This constraint may impede the bank's ability to regulate inflation effectively. Nevertheless, this paper investigates the asymmetric impacts of inflation on public debt sustainability in Somalia from 1977 to 2021. This research employs a Nonlinear Autoregression Distributed Lag (NARDL) model. The research explores how inflation impacts changes in public debt and uncovers potential nonlinearities or threshold effects within this dynamic association. Findings reveal asymmetric effects of inflation on public debt, indicating that inflation's increase positively influences public debt while its decrease adversely impacts it. Additionally, foreign direct investment exhibits a negative long-term correlation with inflation, and GDP shows a positive yet statistically insignificant connection with inflation in the long run. The study underscores the significance of prudent debt management practices and advocates caution when accumulating public debt, especially during periods of heightened inflation. Moreover, this study highlights the implications for governments in Somalia and similar economies facing analogous challenges. It emphasizes the importance of accounting for inflation's impact on public debt dynamics and advocates strategies to control inflation to mitigate the risks associated with rising public debt. The study supports the presence of asymmetrical effects between these variables, enriching theoretical frameworks. Despite, acknowledging limitations, such as temporal constraints and model assumptions, the study recommends future research employ more sophisticated methodologies, extend sequential scope, integrate qualitative approaches, explore policy interventions, and enhance data collection mechanisms for a more comprehensive analysis. Moreover, based on the study outcomes, policy recommendations proposed to enhance fiscal stability. These include implementing measures to curb inflation rates, prioritizing prudent debt management, strengthening fiscal responsibility, enhancing monetary policy's role in inflation management, diversifying investments, improving data monitoring, and focusing on long-term economic planning. [ABSTRACT FROM AUTHOR]

In this paper, we address the effects of two fiscal policy delays on the dynamical analysis of macroeconomics. First, a time gap between the accrual of taxes and their payment is considered. Second, the time spent between the purchasing decisions and the actual expenditure is also taken into consideration. Since both these delays are significant in controlling macroeconomic conditions, this paper incorporates aforementioned delays into the IS–LM model. At first, a mathematical model is developed using delayed differential equations. Then a unique steady state solution is obtained. Around the equilibrium point, linear stability analysis is done. Also, the occurance of Hopf bifurcation is observed when delay crosses a critical point and switches in stability are also detected. Properties of Hopf bifurcation using center manifold theorem are discussed. Lastly, numerical simulations are run to verify our analysis. In this work, we considered a case study to perform simulation wherein GDP of India for last ten years is recorded for estimating some parameters. In different investment scenarios, numerical simulations corroborate the analytical findings of the model. Furthermore, rigorous analysis shows that adding the right mix of delays can help in maintaining/ regaining the stability after periods of instability, or even gaining stability in the long run. [ABSTRACT FROM AUTHOR]

Copyright of Zeszyty Studenckie Wydzialu Ekonomicznego Uniwersytetu Gdanskiego "Nasze Studia" is the property of Fundacja Rozwoju Uniwersytetu Gdanskiego and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Digital technology development caused the digital transformation of the economy and society. E-commerce, the most widespread among digital innovations, reached a significant share, particularly during the COVID-19 pandemic, impacting economic growth. The progress of digital technologies and the evolution of e-commerce can contribute to the more sustainable development of organizations and worldwide economies. This paper analyzed the influences of digital transformation and e-commerce on GDP and sustainable development. The study used the Eurostat database to gather the research variables for the EU countries. The paper used artificial neural networks and cluster analysis to reveal the significant influence of digital transformation and e-commerce on GDP and sustainable organizational development. Countries with a low level of digital transformation and e-commerce should propel these activities to increase economic performance sustainably. [ABSTRACT FROM AUTHOR]

What is the significance of GDP per capita to a society? What does it represent conceptually? These questions have been addressed in past decades, engendering extensive explorations of the limitations of the indicator, yet answers have proved problematic or partial. The paper presents the main conclusions so far drawn and builds upon them to present a new reading of the significance of GDP per capita. At the heart of this reading is the view that, while GDP per capita is not indicative of the welfare of individuals, it is indicative of an irreducible 'group well-being.' This view, however, requires one to relinquish the belief that only individuals can be 'well.' It turns out that the allegedly orthodox view, which sees GDP as a human-centered indicator, requires an unorthodox philosophical standpoint, one that accepts an irreducible group well-being. The paper presents this alternative interpretation and addresses its upsides and limitations. [ABSTRACT FROM AUTHOR]

Tourism is one of the sectors of the economy most affected by the situation caused by the spread of COVID-19. For the re-growth of international tourism competitiveness, it is important to know the main determinants affecting tourism performance, specifically international tourism inbound receipts (ITIR). This paper aims to find out whether a country's ITIR is determined by travel and tourism gross domestic product (GDP) and travel and tourism competitiveness measured by the Travel and Tourism Competitiveness Index (TTCI). The data was obtained from the Travel and Tourism Competitiveness Report from 2019. The proposed new model for 125 countries is specific because we consider conditional quantiles of the dependent variable. The results of a quantile regression determined that individual percentiles of the ITIR are more affected by travel and tourism GDP and TTCI than other percentiles of the ITIR, which was then reflected in the changes of regression coefficients. Considering the findings of this paper, it is possible to implement a competitive destination policy not only for the specific geographical cluster, as in the existing literature, but also for groups of countries created according to the affiliation to selected quantiles. This study significantly contributes to the theory and empirical evidence of the influence of tourism competitiveness when modeling tourism performance. Moreover, even though existing studies encourage quantile regression usage in tourism research, this paper appears to be original in determining the variables entering the analysis (ITIR, TTCI, travel, and tourism GDP). [ABSTRACT FROM AUTHOR]

The paper investigates the nexus of tourism spending (i.e. leisure and business tourism spending) with economic performance (i.e. GDP and employment) for the Eurozone countries, during the period 2000-2018, employing sophisticated panel data analysis techniques. The issue is salient, given that within the Eurozone economic space the abolition of border impediments has released dynamics and brought into surface a new mix of opportunities, threats and challenges that has been changing the balance between centripetal and centrifugal forces. The findings of the paper identify the long-run equilibrium and confirm the bi-directional relationships among the variables considered, thus contributing to the discussion on the relationship between tourism and economic performance. [ABSTRACT FROM AUTHOR]