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This study examines the importance of exchange rate and credit growth fluctuations when designing monetary policy in Thailand. To this end, the authors construct a small open economy New Keynesian dynamic stochastic general equilibrium (DSGE) model. The model encompasses several essential characteristics, including incomplete financial markets, incomplete exchange rate pass-through, deviations from the law of one price and a banking sector. The authors consider generalized Taylor rules, in which policymakers adjust policy rates in response to output, inflation, credit growth and exchange rate fluctuations. The marginal likelihoods are then employed to investigate whether the central bank responds to fluctuations in the exchange rate and credit growth.

This study constructs a small open economy DSGE model and then estimates the model using Bayesian methods.

The authors demonstrate that the monetary authority does target exchange rates, whereas there is no evidence in favor of incorporating credit growth into the policy rules. These findings survive various robustness checks. Furthermore, the authors demonstrate that domestic shocks contribute significantly to domestic business cycles. Although the terms of trade shock plays a minor role in business cycles, it explains the most significant proportion of exchange rate fluctuations, followed by the country risk premium shock.

This study is the first attempt at exploring the relevance of exchange rate and credit growth fluctuations when designing monetary policy in Thailand.

The author augments an otherwise standard business cycle model with a richer government sector and adds money-in-utility (MIU) considerations to study economic fluctuations.

More specifically, real money balances enter in a non-separable way with consumption and leisure. This specification is then calibrated to Bulgarian data after the introduction of the currency board (1999–2020) gives a role to money in accentuating economic fluctuations.

This novel mechanism allows the framework to reproduce – better than the real business cycle (RBC) model – the observed variability and correlations among model variables, and those characterizing the labor market in particular. In addition, money is non-neutral and affects aggregate economic activity.

This is the first micro-founded monetary-DSGE (dynamic stochastic general equilibrium) model on Bulgaria trying to explain the role of money for economic fluctuations.

The purpose of this study is to investigate the significance and impact of strategic knowledge management (SKM) practices and organisational change capacity (OCC) in improving strategic thinking and strategic orientation in small and medium-sized enterprises (SMEs) and their contribution in overall improvement of entrepreneurial performance.

Quantitative research methodology using partial least square structural equation modelling with data of 296 sample from the target group as managers and owners from various SMEs in the UK has been used in the study.

The findings suggest that SMEs that invest in SKM and OCC are more proficient at adjusting to fluctuations in the business landscape and develop effective strategies that lead to improved entrepreneurial performance. The study provides evidence that SKM encompasses more than just the acquisition and use of information. It also involves the establishment of a learning and innovation culture that facilitates strategic thinking and direction. Similarly, OCC is not just about implementing change but also about developing the agility and flexibility to adapt to market changes, consumer demands and technology.

According to the research, SMEs may boost their entrepreneurial performance and keep a competitive advantage in the modern, dynamic business environment by investing in SKM and OCC. The capacity of SMEs to implement SKM and organisational change should be encouraged and supported by policymakers and practitioners, who should also offer the necessary tools and assistance to do so.

This study offers a valuable addition to the previously published works on SKM and OCC within SMEs. It offers empirical data that highlights the significance of SKM and OCC in fostering strategic thinking, strategic orientation and ultimately, boosting entrepreneurial performance. The study also highlights the challenges faced by SMEs in implementing SKM and OCC and provides recommendations for overcoming these challenges.

The present study aims to examine the relationships between digital business transformation, organizational learning, frugal innovation and Small and Medium Enterprises (SMEs) resilience in emerging markets.

Empirical data collection has been implemented using a questionnaire method from 214 owners and managers of SMEs. The partial least squares structural equation modeling (PLS-SEM) approach was used to examine the measurement model and test hypotheses.

The results show that digital business transformation significantly impacts frugal innovation and SMEs' resilience in emerging markets. They also confirm the significant impact of frugal innovation on SMEs' resilience. Furthermore, the results revealed that organizational learning significantly impacts digital business transformation, frugal innovation and SMEs' resilience.

This study provides novel insights into the existing theories and literature regarding the determinants of SMEs' resilience in emerging markets. It also provides practical contributions, confirming the SMEs' need to develop their dynamic capabilities, including digital transformation, frugal innovation and organizational learning to maintain their resilience.

This study's main goal is to explore how small and medium-sized enterprises (SMEs) in the food as well as beverage (F&B) area should evolve to survive in a bustled post-pandemic future.

Drawing on the knowledge-practice gap in the field of Entrepreneurial Orientation (EO) as well as Business Model Innovation (BMI), this study examines an integrated framework using the F&B sector as an empirical field of research. This study uses an empirical quantitative approach using the main information aggregated from a questionnaire administered during the study. The sample had 467 valid responses (71.08% response rate). This paper uses the Partial-Least Squares Structural Equation Model (PLS-SEM) to examine structural relationships because this technique is usually proposed for models with complex relations.

According to the research EO is directly and indirectly, correlated with BMI. The correlation is positive and significant. Simultaneously, corporate social responsibility (CSR) is partially mediated in the stated relation between EO as well as BMI, and CETA where it shows a positive moderation part in EO's influence on CSR. In particular, it elucidates how EO promotes CSR and BMI, alongside moderating part of circular economy principles adoption (CEPA).

These research findings suggest that SMEs in the F&B sector should transform the way they traditionally manage their businesses by applying circular economic principles into entrepreneurial orientation to promote CSR-based practices and acquire the resources obtained from internal and external stakeholders. Hence, their business can recover from post-pandemic effects and become resilient to future disruptions. Furthermore, this study suggests that adopting circular economy principles provides a key source of knowledge and insights that allows firms to sharpen their entrepreneurial orientation toward incorporating stakeholders and social environmental concerns into business models for sustainability, especially in the uncertain and drastic changing environment.

This study proposes a novel approach by which BMI is formed and evolved based on circular economy principles-oriented entrepreneurship and the synergies of stakeholders through undertaking corporate social responsibility practices. Drawing from the knowledge-practice gap, this research adds to the existing knowledge about EO as well as BMI with a conceptualized and operationalized empirical framework in a novel context that was not covered in current literature, especially in the context of uncertainties and disruptions experienced during COVID-19 outbreaks. The F&B sector was hit and how it should evolve to recover and build resilience is perceived as an urgent issue.

The purpose of this paper is to assess sub-national business cycle (BC) synchronization's impact on national cycles in four emerging markets economies with inflation targeting (IT-EMEs): Brazil, Colombia, South Korea and Mexico.

The authors use panel data models with fixed-effects and distributed lags.

The authors disclosed that sub-national synchronization increased national cycle amplitudes during expansion and recession phases. The authors also noticed that South Korea exhibited a more pronounced effect compared to Latin American countries, and this seemed to be associated with differences in the homogeneity of the production structures in the regions of these countries.

The authors cautioned that contrasting the findings with prior research on the effects of regional BC synchronization in IT-EMEs or with studies in different geographical contexts, is not possible due to the absence of prior research endeavors with this specific focus.

This study constitutes a first attempt to explain the impact of subnational cycle synchronization on the magnitude of national cycles in four IT-EMEs.

This study examines the differences in the economic stimulus effects, transmission mechanisms, and output multipliers of government consumption, government traditional investment, and government science and technology investment.

This study constructs and estimates a New Keynesian model of endogenous technological progress embedded in the research and development (R&D) and technology transfer sectors. Using Chinese macroeconomic time series data from 1996 to 2019, this study calibrates and estimates the model and analyzes the impulse response function and a counterfactual simulation of expenditure structure adjustment.

The results show that compared with the traditional dynamic stochastic general equilibrium (DSGE) model, the endogenous process of technological progress amplifies the impact of government consumption shock and traditional government investment shock on the macroeconomy, leading to greater economic cycle fluctuations. As government investment in science and technology has positive external spillover effects on firm R&D activities and the application of innovation achievements, it can promote more sustainable economic growth than government consumption and traditional investment in the long run.

This study constructs an extended New Keynesian model with different types of government spending, which includes endogenous technological progress within the R&D and technology transfer sectors, thereby linking fiscal policy, business cycle fluctuations and long-term economic growth. This model can study the macroeconomic impact of fiscal expenditure structure adjustment when fiscal expansion is limited. In the Bayesian estimation of model parameters, this study not only uses macroeconomic variables but also adds a sequence of private R&D investment.

The failure rate of international construction joint venture (ICJV) projects has been noted to be high in developing countries due to the complexity and risky nature of construction projects in the international market. The purpose of this study is to identify and evaluate the risks facing ICJV projects in Ghana.

A risk register was developed through a comprehensive literature review. The identified risks were then used in a questionnaire survey involving local and foreign partners in ICJV projects in Ghana.

From a total of 74 risks identified, categorized into country-level risks, market-level risks and project-level risks, the “top ten” risks found to be the most critical risks facing ICJV projects in Ghana include unstable currency exchange rates, inflation, design changes, high-interest rate, budget overrun, cash flow problems of the client, economy fluctuation, difficulty in obtaining approval of projects from host government authorities/bureaucracy, potential financial distress of JV partner and bribery and corruption.

This study provides a comprehensive list of risks ICJV partners are likely to encounter on their projects in developing countries. Furthermore, this study improves on one of the major limitations of previous ICJV studies by collecting data from both partners of the ICJV, appropriate for cross-cultural examination and comparison.

The scope of this research is to investigate performing loan efficiency for fifty European banks during the period 2008–2017.

The study is structured as a two-stage analysis of performing loan efficiency and its driving factors. In the first stage of the proposed methodology “Data Envelopment Analysis” is used to estimate performing loan efficiency for each bank included in the sample. A bootstrap statistical procedure enhances the findings. In the second stage, the impact of other factors on the efficiency scores of loan performance using tobit regression is investigated.

The results are consistent with the findings of the individual banks' financial analyses. According to the findings of DEA implementation, the evaluated banks may enhance their cost efficiency by 39% on average. In addition, the results indicate that loan efficiency performance improves after 2015, coinciding with the business cycle's upward trend. The tobit regression is employed in the second stage to examine the influence of bank-related and macroeconomic factors on banks' loan management efficiency. According to the findings of the tobit regression, three factors, namely the capital adequacy ratio, GDP per capita and managerial inefficiency, have a substantial influence on performing loan efficiency.

This research investigates the effectiveness of European economic policy in protecting the European banking system from the consequences of the sovereign debt crisis in several euro area members. The results highlight the distance of the Eurozone from the level of the ‘optimal currency area’.

This study aims to investigate the association of FinTech innovation (FinTechINN) and firm performance (FP) by considering the role of knowledge assets (KA) as a causal mechanism underlying the FinTechINN – FP association.

In this study, the authors consider panel data of 1,049 Chinese A-listed firm and construct a structural model for corporate FinTech innovation, knowledge assets and firm performance while considering endogeneity issues in analyses over the period of 2014–2022. The modified value added intellectual capital (VAIC) and research and development (R&D) expenses are used as a proxy measure for knowledge assets, considering governance and corporate performance measures.

According to the findings of this study FinTech innovation (FinTechINN) has a positive significant effect on firm performance. Particularly; the findings disclose that FinTech innovations has a link with knowledge assets, FinTech innovations indirectly affects firm performance, and the association between FinTech innovation and firm performance is partially mediated by knowledge assets (MVAIC and R&D expenses).

Rooted in the dynamic capability and resource-based view, this study pioneers an empirical exploration of the association of FinTech innovation with firm performance. Moreover, it introduces the novel dimension of knowledge assets (on firm-level), acting as a mediating factor with in this relationship.