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The role of money and monetary policy of the central bank in pursuing macroeconomic stability has significantly changed over the period since the end of World War II. Globalization, liberalization, integration, and transition processes generally shaped the crucial milestones of the macroeconomic development and substantial features of economic policy and its framework in Europe. Policy-driven changes together with variety of exogenous shocks significantly affected the key features of macroeconomic environment on the European continent that fashioned the framework and design of monetary policies.

This chapter examines the key basis of the central bank’s monetary policy on its way to pursue and preserve the internal and external stability of the purchasing power of money. Substantial elements of the monetary policy like objectives and strategies are not only generally introduced but also critically discussed according to their accuracy, suitability, and reliability in the changing macroeconomic conditions. Brief overview of the Eurozone common monetary policy milestones and the past Eastern bloc countries’ experience with a variety of exchange rate regimes provides interesting empirical evidence on origins and implications of vital changes in the monetary policy conduction in Europe and the Eurozone.

Purpose – The chapter explores transnational influences, global and local networks and organizations (governmental and nongovernmental), in the development of domestic violence policy in China and England.

Approach – The frameworks of traveling theory (Said, 1984; Min, 2005) and global social policy and international relations approaches to policy transfer such as policy entrepreneurs (Stone, 2001) are used to discuss the different domestic violence policy trajectories in the two countries.

Social implications – It is shown that in China, where activism and policy development concerning domestic violence is relatively recent, global social policy and transnational alliances created via international and global meetings have enabled activists to draw on ideas and policy frameworks from outside the nation-state to develop a specifically Chinese policy agenda. In England, where there is a longer history of debate and policy development regarding domestic violence, global social policy and transnational links have more recently become important to activists and academics wanting to shift policy developments further and to place them within a framework of gendered inequality and human rights.

Findings – The chapter considers action and policy development related to domestic violence, comparing these across the very different contexts of England and China by using the ideas of traveling theory and policy networks. It is shown that use by Chinese of pressure from “within” and “at the margins” of the state has proven effective in challenging and developing domestic violence policy, while in England a combination of pressure from “outside” the state and mainstreaming has enabled activists to develop the policy agenda in positive, if fragile, ways.

Originality/values of chapter – In both China and England, there is evidence of policy entrepreneurs traveling policy ideas into the countries, where they are contested and incorporated. The particular sociopolitical contexts of women's movements and networks influence policy development across the different localities. Within the Chinese context, activists have used pressure from “within” and “at the margins” of the state to effectively challenge and develop domestic violence policy. English activists have instead used pressure from “outside” the state to develop and shape domestic violence policy in England.

The study examined the impact of financial development, foreign direct investment, market size and trade openness on domestic investment for 119 countries divided into four panels that are low-income countries (LIC), lower middle-income countries (LMIC), upper middle-income countries (UMIC) and high-income countries (HIC) between 1995 and 2019.

The present study bases its empirical procedure on the bases of the data mix. To this end, based on the presence of cross-sectional dependence, covariate-augmented Dickey–Fuller unit root and Westerlund cointegration second-generation tests were employed to validate the stationarity and cointegration of the variables, respectively. The novel Dynamic Common Correlation Effects estimator was employed to estimate the heterogeneous parameters while the Dumitrescu and Hurlin test was used to test for causality direction of the highlighted variables.

The empirical results show that market size and trade openness had a positive and statistically significant effect on domestic investment for all the income groups. Results also show that financial development had a positive and statically significant effect on domestic investment only for LMIC and HIC economies, while a positive and statistically insignificant effect was obtained for LIC, UMIC and the global panel. The causality results revealed a bidirectional relationship between domestic investment and the exogenous variables – financial development, foreign direct investment, market size and trade openness.

It is therefore, recommended that LIC and LMIC need to consider harmonising the financial system to lower credit limitations and adopt business-friendly policies. HIC and UMIC should seek more outward FDI policies and harmonise their trade policy, to reap more benefits from FDI and international trade.

On novelty, previous studies have been criticised for the effect on technical innovation of bank financing and institutional quality. This research tackles the deficiency using systematic institutional quality indicators and by taking other variables into account.

The purpose of this paper is to explore the changes of the scale of urban tourists in mainland China under the impact of COVID-19 and, specifically, the following questions: how did the scale of domestic tourists change nationwide and in the seven geographic regions? What are the differences in the changes among the seven geographic regions? What are the changes in the hot spot areas and spatial clustering of domestic tourists across the country?

Using the data of domestic tourist arrivals in 337 cities in mainland China from 2018 to 2021, this research analyzes the absolute differences and relative differences in the scale of domestic tourists nationwide and in seven geographic divisions with the help of indicators such as range analysis, standard deviation, coefficient of variation and Herfindahl–Hirschman Index and explores the changes in the hot spot areas and spatial concentration degree of the spatial scale of domestic tourists nationwide under the influence of the epidemic using kernel density analysis and spatial auto-correlation analysis.

The absolute differences in all seven geographical divisions continue to increase during 2018–2021. The domestic tourism in southwest China is extremely uneven. Absolute differences in the northwest and northeast regions are relatively small, and the development in attracting domestic tourists is more balanced. Relative differences in southwest China are comparatively large, with the trend of uneven development being obvious. The northeast, northwest and eastern regions of China are small, and the development is more balanced. The popularity of domestic tourism in the Beijing–Tianjin–Hebei region, as well as the Yangtze River Delta region, continues to decline and then pick up in 2021. The inland southwest region became a new domestic tourism hot spot in 2021. The size of domestic tourists from 2018 to 2021 in mainland China cities shows a significant positive spatial correlation, and there is a spatial agglomeration phenomenon, but some regional agglomeration types change from 2018 to 2021.

The impact of the epidemic on the number and spatial scale of domestic tourism in China has been clarified, which makes up for the comparison of domestic tourism changes before and after the epidemic. A clear understanding of the changes in the number and spatial scale of domestic tourists in different regions after the epidemic is conducive to the development of domestic tourism revitalization strategies in accordance with the actual situation of each province and promotes the internal circulation of Chinese tourism.

This paper tries to clarify the quantitative scale of domestic tourism in different regions after the epidemic, which is conducive to the development of domestic tourism revitalization strategies in cities in different regions according to regional characteristics and the actual situation of each province and to promote the healthy operation of the internal circulation of tourism in China. This paper also tries to show the changes of domestic tourism market hot spots, agglomeration conditions changes before and after the outbreak and the clarity of tourists’ preference space changes.

Scale of domestic tourists; Absolute difference; Relative difference; Spatial hot spot distribution; Spatial agglomeration change

本文旨在探寻疫情影响下中国大陆城市游客规模演化规律, 具体而言, 疫情影响下, 全国及七大地理分区的国内游客量规模变化如何？七大地理地区的变化有何差异？以及疫情影响下, 全国国内游客空间规模的热点区域和空间集聚程度有何变化？

利用2018-2021年中国大陆337各城市的国内游客量数据, 借助极差、标准差、变异系数、赫芬达尔指等指标分析全国及七大地理分区国内游客规模的绝对差异和相对差异; 借助核密度分析、空间自相关分析等ArcGIS分析工具, 探寻疫情影响下全国国内游客空间规模的热点区域和空间集聚程度的变化情况。

①绝对差异方面, 七大地理分区的绝对差异均持续增大。西南地区的游客量的绝对差异巨大, 国内游发展极不均衡。西北地区、东北地区绝对差异相对较小, 在吸引国内游客方面发展较为均衡。②相对差异方面, 西南地区的国内游发展相对差异较大, 发展不均衡趋势明显; 东北地区、西北地区、华东地区的国内游发展相对差异较小, 发展较为均衡。③热点区域变化方面, 京津冀地区、长三角地区的国内旅游热度持续下降, 在2021年有所回升; 内陆西南地区在2021年成为新的国内游热点区域。④2018年至2021年城市国内游客量规模均呈现出显著的空间正相关的关系, 存在着空间集聚现象, 但部分区域集聚类型在2018到2021年间发生变化。

①理论意义：明晰了疫情对中国国内旅游人次的数量规模和空间规模的影响, 弥补了当前疫情前后国内旅游业变化对比的研究; 阐明了疫情前后中国城市国内游客空间格局的变化, 拓展了研究情景, 丰富了中国旅游业时空变化的相关研究。②实践意义：明晰了疫后不同地区国内旅游人次的数量规模和空间规模变化情况, 以及国内旅游市场热点变化和游客空间偏好变化, 有利于各地区城市对症下药, 制定符合各省份实际情况的国内旅游业振兴策略, 促进中国旅游业内循环。

This study examines the effect of external debt and domestic capital formation on economic development in Sub-Saharan African (SSA) economies.

Using the Dynamic Common Correlation Effects (DCCE) technique and the Driscoll and Kraay fixed-effect technique, this paper conducts a multidimensional assessment of external debt and domestic investment on economic development across a panel of 35 SSA countries from 1995 to 2018. The data utilized are sourced from the World Development Indicators (2021) and the United Nations Development Program (UNDP) database (2021).

The results reveal that domestic investment has a positive impact on economic development in SSA countries, consistent across all three dimensions of the human development index (income, education and life expectancy). However, external debt exhibits an adverse effect on economic development, consistently yielding negative outcomes for life expectancy, education and income.

Based on these findings, the authors recommend that SSA economies implement appropriate policies, such as reducing bureaucratic requirements and addressing corruption, to enhance domestic capital investment. Additionally, efforts should be directed toward channeling contracted debt into productive sectors like road construction and electricity provision.

This study is among the first to assess the impact of domestic investment and external debt on the three dimensions of human development outlined by the UNDP. Furthermore, it employs a robust econometric method that considers cross-sectional dependence (CD).

The authors propose a strategic-balance approach to local content laws in which less developed economies in sub-Sahara Africa can develop investment incentive policies for attracting multinationals and direct foreign investment but, at the same time, have a structured and operational framework for the enforcement of local content laws. The purpose of the paper is to identify the elements involved in the equation: the incentives, the potential spillovers and the criteria for evaluation.

The approach involves a review of the literature and the operational details and limitations of local content laws in sub-Sahara Africa.

The paper develops a conceptual model for a holistic understanding and management of this dilemma by policymakers and development practitioners to maximize the benefits of natural resources to less developed countries in sub-Sahara Africa towards the fight against poverty and underdevelopment.

This paper provides the opportunity to influence policy direction in relation to the adoption of investment incentive policies and programs and the enforcement of local content policy guidelines and regulations in sub-Sahara Africa.

Multinational companies (MNCs) operating in less developed and emerging economies in sub-Sahara Africa should consider how their economic and corporate social responsibility activities can help develop the capabilities of the local workforce through training and development activities; develop domestic firms’ capabilities via enterprise development programs; and develop local firm’s absorptive capacities through knowledge transfers and innovation systems to support development activities.

Policymakers in less developed and emerging economies in sub-Sahara Africa need to strike a balance in adopting investment incentives policies towards attracting foreign investments and the enforcement of local content regulations to make sure they derive the maximum benefits from their strategic resources. It is important for policymakers to understand that the mere attraction of MNCs into an economy does not explicitly guarantee domestic job creation; rather, it depends on how MNCs respond to local content policy regulations through their business strategies. Linking investment incentives with local content policy regulations at a critical point could potentially support and strengthen industrial development in sub-Sahara Africa.

This paper is among the first to examine the challenges of both attracting foreign direct investment and enforcing local content laws and regulations in sub-Sahara Africa. This paper contributes to the understanding of this dilemma and how less developed economies can manage such a crucial and important issue using our proposed strategic-balance approach. The contribution of local content laws and the design and adoption of investment incentives policies and programs to attract foreign investment to promoting sustainable domestic growth and development must depend on the balance between the enforcement of local content policy guidelines and the provision of such investment incentive packages to attracting foreign investment.

Mobilizing domestic resources has been a daunting task for the Nigerian government given its growing fiscal responsibilities and the limited domestic resources at its disposal. However, little is known empirically about the role trade misinvoicing plays in this regard. Hence, this study evaluates the effect of trade misinvoicing on domestic resource mobilization in Nigeria.

Sourcing annual data spanning 1981–2018 on key variables of interest, this study adopts the Dynamic Ordinary Least Squares (DOLS) estimation method to evaluate the effect of trade misinvoicing on domestic resource mobilization in Nigeria.

In conformity with extant studies, the result reveals that trade misinvoicing adversely affects domestic resource mobilization. It also showed that domestic resources are highly sensitive to the dynamics of trade misinvoicing in Nigeria. Other determinants of domestic resource mobilization in Nigeria include public debt, official development assistance, trade openness and inflation.

The study suggests the need to take expeditious and pragmatic actions against the rising tides of trade misinvoicing in Nigeria with a view to improving the volume of domestic resources required for financing development objectives. This will facilitate the achievement of the Sustainable Development Goals (SDGs) and enable Nigeria to maximally enjoy gains from trade.

There is an overwhelming evidence on the effect of foreign capital inflows on the Nigerian economy but, little is known about the effects of foreign capital outflows. Specifically, there is a dearth of studies on the effect of trade misinvoicing on domestic resource mobilization, particularly for Nigeria. Therefore, this study fills this knowledge gap by evaluating the effect of trade misinvoicing on domestic resource mobilization in Nigeria.

The purpose of this paper is to critically investigate the competitive situation in China's retail sector after its three‐year transition period upon accession to the WTO. Based on this suggestions for domestic retailers’ development strategies are made.

The landscape of China's retail sector is given first in the paper. A critical review of variations of regional markets following the models adopted by Swanson and Cui and Liu is carried out. A focus group discussion is conducted. Analysis of the focus group discussion highlights the strategic issues of retail development and expansion.

Synthesis of recent studies on China's retail market and results generated from the focus group indicate that the development patterns in the regional markets could vary. Domestic and international retailers enjoy different advantages and face different challenges in their expansion. Issues concerning learning, infrastructure development, government policy and business culture are addressed.

This research provides a holistic view of China's retail market and its evolution after it became totally open to foreign investment at the end of 2004.

The synthesis of current studies and discussion of focus group data provide domestic retailers with a “mindscape” of the evolving market they are operating in. This mindscape enables Chinese retailers to articulate mid‐to‐long term strategies in their expansion and respond to the dynamic market situation effectively.

This study provides a snapshot of China's retail sector at a critical transitional stage. The discussion serves as a starting point to conceptualise the development patterns of an important emerging market.

The purpose of this paper is to argue for the development of a vibrant domestic tourism sector in emerging economies as a means of moving towards a more sustainable tourism sector and achieving many of the goals outlined in the UNWTO’s 2030 Agenda for Sustainable Development.

It uses a perspective approach through a critical state-of-the-art review of selected domestic and international tourism studies.

This paper illustrates how developing such a sector will provide a range of economic and social benefits to emerging economies and their residents, as well as lowering the per-capita tourism carbon footprint of destination areas.

This study identifies policy initiatives that can be developed to help emerging economies transition from an international tourism focus to a more balanced focus.

This study indicates the social benefits of developing a domestic tourism sector in emerging economies.

It equips national tourism organisations and small and medium tourism enterprises with specific actions for the use of tourism as a prosperity tool in the pursuance of these benefits. It, further, calls for a research agenda on investigating how emerging economies are uniquely progressing towards this global goal through thriving domestic tourism recognising that each economy is culturally different.

本文主张在新兴经济体发展充满活力的国内旅游业, 以此作为迈向更可持续的旅游业和实现联合国世界旅游组织《2030 年可持续发展议程》中概述的许多目标的手段。

通过对选定的国内和国际旅游研究进行批判性的最新文献回顾, 采用了前瞻性的方法。

本文阐述了发展这样一个产业将如何为新兴经济体及其居民提供一系列经济和社会效益, 并降低目的地的人均旅游碳足迹。

确定可以制定的政策举措, 以帮助新兴经济体从国际旅游业向更平衡的旅游业转型

展现了新兴经济体发展国内旅游业的社会效益。

为国家旅游组织和中小型旅游企业提供了将旅游业作为繁荣工具以实现上文提到的这些利益的具体方向。此外, 论文还呼吁制定一项研究议程, 调查新兴经济体如何通过繁荣的国内旅游业独特地朝着这一全球目标前进, 也需要认识到每个经济体的文化都不同。

Este trabajo defiende el desarrollo de un sector turístico interno fuerte en las economías emergentes como medio para avanzar hacia un sector turístico más sostenible y alcanzar muchos de los objetivos esbozados en la Agenda 2030 para el Desarrollo Sostenible de la OMT.

Adopta un enfoque de perspectiva a través de una revisión crítica del estado del arte de estudios turísticos nacionales e internacionales seleccionados.

El trabajo ilustra cómo el desarrollo de este sector aportará una serie de beneficios económicos y sociales a las economías emergentes y a sus residentes, así como la reducción de la huella de carbono per cápita del turismo en las zonas de destino.

Identifica las iniciativas políticas que pueden desarrollarse para ayudar a las economías emergentes en la transición de un enfoque turístico internacional a un enfoque más equilibrado.

Se indican los beneficios sociales de un desarrollo del sector turístico interno en las economías emergentes.

Proporciona a las organizaciones nacionales de turismo y a las pequeñas y medianas empresas turísticas acciones específicas para el uso del turismo como herramienta de bienestar en la consecución de estos beneficios. Además, propone un programa de investigación sobre el modo en que las economías emergentes avanzan hacia este objetivo global a través de un turismo interno floreciente, teniendo en cuenta que cada economía es culturalmente diferente.

China’s domestic tourism has developed quickly in the past 20 years. This article briefly reviews the scale of expansion in domestic tourism in China and summarizes three important factors contributing to that great change. In search of development trends, the article examines the main products of domestic tourism and government policy changes that influence tourism development. The conclusion is that China’s domestic tourism has shifted to the 3H (high input, high risk and high output) pattern. Besides intermediate‐long‐haul sightseeing and business tourism, domestic tourists frequently take medium‐short‐distance sightseeing trips and short‐distance weekend vacations, which forms ReBAM (Recreational belt around metropolis), a new tourist spatial pattern.