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We reignited the debate that developing countries still struggle to make the most of entrepreneurship due to institutional imbalances. The aim of this study is to empirically examine impact of entrepreneurial governance and ease of doing business on economic growth in a panel of 15 ECOWAS countries. The empirical evidence is based on secondary data from 2000 to 2019 estimated using the Pooled OLS Regression OLS estimator. Using institutional theory, we examined the chain of causality from institutions to entrepreneurship and from entrepreneurship to economic growth. Four findings emerged. Firstly, the regulatory pillar, represented by the indicators of ease of doing business (incorporation procedure, time required to set up a business, and cost of the business), is negatively and significantly related to economic growth. But the indicators of cost of doing business and start‐up costs are more detrimental to business and economic growth. Secondly, the normative pillar represented by entrepreneurial governance indicators (government integrity and business freedom) is positively and significantly associated with growth. But the impact of government integrity on economic growth is greater than that of business freedom. Third, the interaction between regulatory and normative pillars is negative and significant. Finally, the cognitive pillar shows mixed results. For example, indicators of investment, trade openness, education, and financial development have positive and significant effects on economic growth, while government size, inflation, and population have negative and significant effects on economic growth. We discuss policy implications for stakeholders in ECOWAS economies. [ABSTRACT FROM AUTHOR]

This study examines whether logistics performance affects the relationship between export upgrading and economic growth using a sample of 145 countries from 2007 to 2018. The relationship between logistics performance and export upgrading is relatively unexplored. We find that both logistics performance and export upgrading are associated with growth and complementary to growth. However, the marginal effects of export upgrading are insignificant at low levels of logistics performance. This relationship holds for our subsample of advanced economies; however, export upgrading and its interaction term with logistics performance are insignificant for our subsample of developing economies. [ABSTRACT FROM AUTHOR]

The literature reports mixed findings on the role of government intervention, even during times of crisis. The recent Covid‐19 pandemic damaged the financial health of many small firms. This study examines whether government subsidies are associated with bankruptcy rates for firms with deteriorating financial health. Using a sample of 18,422 firms from 44 countries, we estimate a logistic model that accounts for rare events. Results indicate that those firms which receive government support are more likely to be associated with insolvency, even in the absence of liquidity issues and overdue financial obligations. Policy implications are discussed. [ABSTRACT FROM AUTHOR]

This study examines the moderating effect of social globalization on the relationship between international tourism and economic growth using a dataset of 143 economies from 1995 to 2017. Social globalization is broadly defined as the sharing of cultures and beliefs which facilitates the flow of ideas and knowledge. Our results show that social globalization affects economic growth directly and indirectly through enhancing international tourism. However, we find that the direct effect of international tourism on growth is not statistically significant for developing economies. On the other hand, tourism-dependent developing economies can benefit from growth as social globalization increases. This implies that policymakers can promote growth by developing institutions and infrastructure to enhance social globalization, such as implementing visa-free travel and the construction of international airports, to enhance the growth-gains from international tourism. [ABSTRACT FROM AUTHOR]

Purpose: This study examines whether unemployment affects the relationship between income inequality and food security in 143 advanced and developing economies from 2000 to 2019. The authors specifically explore whether unemployment can weaken the negative impact of income inequality on food security. Design/methodology/approach: The authors estimate a new and robust index of food security using a generalized least squares approach. The authors then employ the system generalized method of moments to estimate the model as it allows the authors to control for endogeneity and simultaneity. The authors estimate an interaction term to account for the moderating impact of unemployment. Findings: The authors consistently find that income inequality has a negative and significant association with food security. However, the results differ between advance and developing economies. The authors find that unemployment rates have a negative relationship with food security in the sample of developing countries, where high levels of unemployment exacerbate the adverse effects of income inequality on food security. This is insignificant for advanced economies. Research limitations/implications: The major limitation lies in the use of aggregated data, which overlooks the issue of food security at the household or individual level. Practical implications: Policymakers in developing economies can ensure job security in order to lessen the adverse effects of income inequality on food security. Originality/value: This study provides new empirical evidence on whether unemployment can potentially moderate and alleviate the impact of income inequality in advanced and developing economies. [ABSTRACT FROM AUTHOR]

This study examines the nonlinear impact of banking sector development on economic growth in China's provinces from 1990 to 2017 using dynamic panel estimators. China has experienced rapid economic growth since its reforms; however, China has a repressed financial system as its banking sector reforms have lagged behind other reforms. Meanwhile, the finance-growth literature traditionally posits a positive relationship between the two. Consequently, China presents an interesting case study on the relationship between banking sector development and economic growth. This study investigates whether the relationship is nonlinear, and identifies whether a threshold level exists, where the impact of the banking sector becomes insignificant or negative. The results show that the relationship between banking sector development and growth is nonlinear, suggesting that there is an optimal level. Furthermore, the results show that high levels of banking sector development crowd out the positive impact of private investment. Policy implications are discussed. [ABSTRACT FROM AUTHOR]

This study examines the impact of government spending on the finance-growth nexus in 27 post-communist economies from 1995 to 2017 using dynamic panel estimators. Many transitional economies have attempted to reduce the influence of government intervention during their early transitional period while reforming their respective financial sectors. The findings show that overall financial development is positive to growth, while government spending has a negative impact on growth. More importantly, the marginal effects of financial development are positive to growth at low levels of government spending. In contrast, at high levels of government spending, financial development has a negative relationship to growth. Focusing on different aspects of financial development, the findings show that financial access and efficiency are more effective at stimulating growth compared to financial depth. Post-communist economies should ensure that government spending should not crowd out the financial sector, and promote financial efficiency and accessibility. [ABSTRACT FROM AUTHOR]

This study examines the effect of tourism and Internet penetration on economic growth using a fixed-effects method of moments quantile regression. Both tourism and the Internet affect growth directly and indirectly as it complements other sectors of the economy. However, the effect can differ depending on the development of the economy. This study employs a dataset of 10 Association of South-East Asian Nations economies from the period of 1999–2017, as the region has implemented various joint-policies on tourism and Internet infrastructure development. The results show that both tourism and Internet penetration is positive and significant to growth and interacts positively to growth. However, the effect of tourism is weaker for developed economies, while the effect of Internet penetration is stronger for developed economies. Thus, tourism and Internet infrastructure policies must consider the economic development of an economy. [ABSTRACT FROM AUTHOR]

China has consolidated its position in the world as the second largest economy. Four decades ago, China was one of the poorest economies prior to economic reforms. Yet, China's reforms are unique as they were implemented gradually and experimental in nature, which contrasted the reforms in other transitioning economies. Understanding these directions can provide a deeper understanding for the future of China's growth. This paper provides a critical review of the reforms, highlighting the importance of the agricultural and non-state sector during initial reforms. Furthermore, the review discusses the substandard performance of the state sector despite various reforms, prior to the implementation of widespread reforms to open its economy. Finally, China's sources of economic growth are discussed, and future policy implications are offered to direct China into an economically sustainable growth path. [ABSTRACT FROM AUTHOR]