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The purpose of this communication is to contribute to the understanding of the causes of the variation in the regional distribution of the demand for tourism in OECD countries. Our contention is that exchange rate fluctuations since 1970 have strongly influenced both cyclical and long‐term patterns of international tourism behaviour. Except for works by Gerakis and Artus the literature covers this aspect only marginally. However, their pioneering econometric analyses do not satisfy a number of fundamental objections to the measurement of tourism demand.

The purpose of this paper is, first, to discuss if the Portuguese corporate tax reform, implemented in 2014, moved the system towards international trends. Second is to analyse in what areas the similarities and disparities are more pronounced when assessing the Portuguese reform against the Common Consolidated Corporate Tax Base, the Mirrlees Review or other relevant international guidelines. Finally, it assesses how a European country under a bailout could significantly reform the corporate tax.

The methodology employed is based on a mix of the legal research method and case study analysis. The legal method will be applied under comparative income taxation, and the case study will draw on the Portuguese reform to broaden the discussion about critical issues like the participation exemption regime and its place in the taxation of international income flows. The paper will analyse core issues in international income taxation, the present state of corporate tax harmonization in the European Union, discuss the main issues that were dealt by the Portuguese tax reform and offer a critical assessment of tax policy choices that underpinned the reform.

During the past decades, Portugal was increasingly out of line with international trends in corporate taxation. The bailout asked for the Portuguese Government in 2011 placed a heavy burden in public finances, with an apparent lack of room to follow international trends of corporate tax reform. However, it can be concluded that, after convincing the troika that investment and growth were paramount to overcome the severe economic and social crisis that fell upon the country, the corporate tax was seen as an important policy tool to promote these goals. The reform was thus possible even in the context of a restrictive public finance situation, and followed most guidelines put forward in highly regarded international reports.

A broad corporate tax reform, including rate reduction, a participation exemption regime, a more flexible rule on cost acceptance, an extension of loss carry over period, to name a few, was possible in a very constrained public finance situation. By placing the emphasis on moving the system towards international trends and promoting measures to enhance investment and growth, international creditors could accept such a reform. Also, a consensus with the main opposition party was a very important factor in securing much needed political support.

The findings from what can be considered as an experiment in corporate tax reform in tough economic and social times can be useful to policymakers, tax authorities and international bodies dealing with tax reform processes. The impact on managerial decisions such as investment and financing is also relevant.

The purpose of this paper is to test whether entrepreneurship is a significant factor in explaining economic growth at the state level.

This paper, unlike previous work, uses the Kauffman Index of Entrepreneurial Activity (KIEA) as the measure of entrepreneurial activity. Based on standard growth regressions using real per capita gross state product, real per capita personal income and employment growth, we test for the independent role that entrepreneurial activity may have on state economic growth.

We find that an increase in the level of entrepreneurial activity is robustly associated with an increase in economic growth. Such findings reinforce calls for policy changes at the state level that promote more productive entrepreneurship.

These conclusions are tentative. The findings are based on the growth of the 50 states over a relatively short period. A longer data set would be preferable, if data were available. Moreover, the author has not attempted to distinguish between different categories of entrepreneurship, for example productive and unproductive entrepreneurship.

Such findings reinforce calls for policy changes at the state level that promote more productive entrepreneurship. This would include, among others, changes such as reducing or eliminating state income taxes and setting strict limits on the government's use of eminent domain and environmental property takings.

The study uses the Kauffman Index of Entrepreneurial Activity (KIEA), arguably a superior measure of state‐level entrepreneurial activity, to explain state economic growth. The topic is timely and the results have important policy implications.

The purpose of this paper is to analyze the impact of tax structures on economic growth in Jordan over the period 1980-2015 using error correction techniques. It provides empirical evidence that the tax structure itself, comprising direct taxes, indirect taxes and total tax revenues, is an insufficient indicator for policymakers, whereas when each tax was included separately in the model, it was found that income tax, corporate taxes and personal taxes influenced per capita income growth negatively and that all of them were distortionary taxes. They greatly reduced both short and long-term per capita growth, while tariffs and consumption taxes were found to influence per capita income growth positively. The study also shows that relying heavily on increasing total taxes without taking into consideration the tax structure of the country would lead to a reduction in per capita income, in contrast to other tax structures that showed positive and neutral effects on per capita income. Tax reform and shifting from income taxes toward consumption taxes and tariffs would therefore enhance the well-being of individuals and increase their share of output.

This study uses an analytical approach in the framework of an error correction model. This approach allows us to overcome many problems in time series data such as non-stationary, serial correlation and endogeneity of variables, which have been ignored in many published studies dealing with time series data.

The analysis shows that consumption and tariffs have a positive effect on per capita gross domestic product growth, whereas income taxes negatively influenced this growth measure. This implies that attention must be paid to a preference for consumption and tariffs to provide sustained growth. The authors recommend that the government objective should shift from raising revenues to achieving social justice and efficiency.

There are two main limitations inherent this study. The first limitation in regard to the missing data in the series for labor force and average years of schooling, interpolation method used to overcome this shortage. While the second limitation is about the importance of the tax structure itself and its direct impact on such patterns of investment which have been considered but within narrow limits.

The relationship between taxes and economic growth is a controversial aspect of economics, because of its high impact on the decisions made by individuals and institutions, along with its direct influence on the economy as a whole. The authors recommend that the Jordanian government’s objective should shift from raising revenues to achieving social justice and efficiency. Furthermore, Jordan’s weak tax performance and ineffective tax structure indicate the importance for policymakers of focusing more closely on enhancing future per capita growth, which can be done by shifting from income tax toward consumption and trade taxes. On another level, policymakers can reform the tax structure in favor of long-run growth by addressing the importance of consumption taxes and trade taxes in their policies, rather than increasing tax rates.

The character of growth is more important than its magnitude. Economic growth should be reflected in the alleviation of poverty reduced inequality and ultimately better living standards. Additionally the authors believe that sustained economic growth can be achieved only if it is broadly based and inclusive. This implies the need to generate jobs for the growing workforce and the adoption of policies to protect and cater for the vulnerable segments of the population. Otherwise economic policy will fail to achieve its objectives.

This study assists policymakers in understanding the relationship between the various types of taxes and economic growth. In particular, the relation between the unique tax structure and growth drivers. This is the first study to analyze tax structure and economic growth in Jordan.

The purpose of this paper is to study the specifics of state management in the sphere of reproduction of the socio-professional structure of society.

This paper is based on the provisions of neo-Marxism; structural and functional approach, ideas of the concept of constructing the cultural senses, neo-institutional approach, theory of institutional matrices. The paper uses the provisions of the theory of “path-dependence,” in which the effect of institutional inertia of society and its influence on the management institutes are studied. During the research of the specifics of the Russian model of state management of the process of formation and development of professional and qualification potential of the country, the provisions of the concept of power-property are taken into account.

The authors note that ineffectiveness of state management in the sphere of formation and development of professional and qualification potential of the Russian society is predetermined by historically established institutes of management and organization of life, which are peculiar for authoritarianism, bureaucracy, principles of redistributive economy, domination of the institutes of power-property and underdevelopment of the institutes of the civil society. This problem could be solved by modernizing the national model of state management based on well-balanced interaction of the basic and complementary socio-cultural institutes, which could increase the effectiveness of management of complex social processes.

It is substantiated the main principles of the modern state regulation of the sphere of training of professional and qualification personnel should be as follows: strategic approach to management, partnership approach to managing education, investments into human capital, supporting the development of institutes of the civil society, debureaucratization of the system of management and formation of favorable legal and economic environment for development of entrepreneurship.

This study aims to compare and contrast the financial affordability of Islamic home financing instruments such as bay’ bithaman ajil and musharakah mutanaqisah (MM) offered by various home financing institutions in Malaysia.

Mathematical simulations were carried out in examining the financial affordability (or lack thereof) of various Islamic home financing by both Islamic commercial banks (ICB) and financial cooperatives (FC).

This study has shown that MM by FC is a workable, more financially affordable option to potential homeowners. Unlike ICB, MM by FC uses rental rates as a benchmarking tool because of its inherent nature of flexibility.

MM by FC has the potential to reduce the cost of home acquisition (purchase affordability) and the amount of monthly installments (repayment affordability) of homeowners in Malaysia.

This study shows the financial implication of unaffordable Islamic home financing instruments may have on the Malaysian households, which were derived from using official data from various government agencies.

The purpose of this paper is to present a paradigmatic look at corporate governance.

This paper starts with the premise that any worldview can be associated with one of the four basic paradigms: functionalist, interpretive, radical humanist, and radical structuralist. The paper looks at the current state of mainstream academic finance and notes that it is founded only on the functionalist paradigm. It argues that any view expressed with respect to corporate governance is based on one of the four paradigms or worldviews. It, therefore, discusses four views expressed with respect to the nature and role of corporate governance.

The paper emphasizes that the four views expressed are equally scientific and informative; they look at the nature and role of corporate governance from a certain paradigmatic viewpoint. Emphasizing this example in the area of corporate governance, the paper concludes that there are opportunities for mainstream academic finance, in general, and corporate governance, in particular, to benefit from contributions coming from the other three paradigms if they respect paradigm diversity.

The paper recommends a serious conscious thinking about the social philosophy upon which finance, in general, and corporate governance, in particular, is based and of the alternative avenues for development.

This paper explores whether data back the claim that imports of armaments are inherently bad for economic growth. Regardless of one's point of view, the production and trade of weaponry is a significant industry with serious economic implications that warrant investigation. The financial repercussions of military spending have been extensively studied, but the economic effects of arms importation remain unknown.

This study adopts a pooled mean group approach to investigate the nexus between arms imports, military expenditure and per capita GDP for a balanced panel of twenty-five of the top arms importers in the world from 2000 to 2021.

The authors find that arms imports and military spending negatively impact GDP per capita in the short run, but military spending is beneficial over the long run. The authors also used the Dumitrescu Hurlin Granger causality test, which revealed a unidirectional causation between per capita GDP and military expenditure, and a unidirectional causal relationship from military spending to arms imports.

This paper is deficient in a few aspects: first, it looks at only those countries comprising the top 70% of arms imports. Second, it omits many political, technological and legal factors that impact arms imports and military expenditures.

This paper looks into the impact of defense spending and arms imports on economic growth for twenty-five nations with the highest share of arms imports in recent times. It is a significant addition to the literature as it resolves the debate of whether or not the military expenditure is wasteful and whether arms imports significantly harm the nation's economic growth.

The purpose of this paper is to highlight the direction of economic changes affecting the Polish economy after the political transformation of the early 1990s.

First, the author defines the phenomenon of cognitive capitalism. Subsequently, the social and psychological consequences of this form of management and its ideological character are presented. Finally, the effects of the application of cognitive capitalism to the Polish reality are considered and the desirable adjustments of the Polish capitalism are suggested.

According to the theses of the paper: the negative effects of the Polish economic transformation are largely the result of an uncritical acceptance of the Anglo-Saxon model of capitalism, and the fight against the high social costs of the functioning of market economy calls for an adjustment of the Polish economy, which would bring it closer to the Scandinavian model of capitalism.

The paper shows the process of economic transformation in Poland from the perspective of the changes taking place in the bosom of the western capitalism, in particular of the Anglo-Saxon type.

The author of the paper suggests a number of possible adjustments to the Polish model of capitalism, in particular calling for the introduction of elements of planning and state intervention into the model, the revival of municipal and cooperative ownership, as well as the introduction of corporatist practices.

The author of the paper criticizes the thesis of the inevitability of the radically liberal transformation of the Polish economy, widely accepted in the literature. Moreover, he sees the relationship between the Polish free-market changes and the processes of “cognitivization” of western capitalism.

Despite the global economic slowdown, China's economy continues to grow at astonishing rates. This has led some observers to conclude that China must lead the rest of world out of the doldrums, and that China's rise to become the pre‐eminent economy is imminent. The purpose of this paper is to offer a countervailing view. China's rise, while impressive, masks some serious deficiencies in its economic structure. In particular, its growth is largely input driven, and this will constrain the rate of future growth.

Statistics were gathered from a number of sources to make the case that China will face limited growth in the near future. A scenario analysis was performed to model possible outcomes for China vis‐à‐vis the US economy.

In the most realistic scenario, China will close the gap with the USA from its current position of 61.5 percent of the US economy, as measured by 2009 purchasing power parity gross domestic product figures to nearly 88 percent by the year 2020. This will taper to 78 percent by the year 2050.

This viewpoint paper serves as reminder to academics and practitioners alike that most of the media accounts of China's growth are overly rosy, because these accounts do not consider the real difference between inputs and efficiency in total factor productivity (TFP). Just as it was once fashionable to believe that the Soviet Union and Japan would overtake the USA, or in the “Asian Miracle”, so now China is the latest economy to be offered as a model to emulate.

The paper builds on previous scholarship about TFP to question the sustainability of China's economic trajectory in an original way. It adds value by questioning received wisdom about China's economy and its seemingly inevitable rise to become the largest in the world.