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This study aims to analyze tourism development's (TOD) role in demoting income inequality in South Asia from 1996 to 2020. To this end, this study explored the connection between TOD, tourism investment, economic growth (GDP), trade globalization (TGL) and income inequality.

This study used various techniques, including cross-sectional dependence, unit root, cointegration techniques, long-term elasticity estimators and short-term causality between the study variables. This study adopted Driscoll–Kraay standard errors and Dumitrescu Hurlin panel causality estimations.

This study’s results reveal that tourism has an inverted U-shaped association with income inequality in the long run, which supports the Kuznets Curve hypothesis. In contrast, capital investment in tourism (CIT) has a significant negative association with income inequality. At the same time, growth and TGL positively and significantly affect income inequality. Moreover, TOD has a bidirectional feedback causality of income inequality. These results also support tourism's “price effect” on income inequality. Hence, this study provides more practical implications regarding policymaking in tourism and income inequality in developing economies to target Agenda 2030.

This study is unique by considering the cross-sectional dependence in estimating the model that has been ignored in previous studies and provides new insights into the existing literature by investigating how TOD and CIT contribute to income inequality concentrating on the understudied South Asian economies from 1996 to 2020. As a result, this study has more practical implications for policymaking in the tourism industry and income inequality in emerging economies.

本研究分析了 1996 年至 2020 年旅游业发展在缓解南亚收入不平等方面的作用。为此, 该研究探讨了旅游业发展、旅游投资、经济增长、贸易全球化和收入不平等之间的联系。

本研究使用了多种技术, 包括横截面相关性 (CSD),单位根、协整技术、长期弹性估计量以及研究变量之间的短期因果关系。本研究采用 Driscoll-Kraay 标准误差和 Dumitrescu Hurlin 面板因果关系估计。

目前的研究结果表明, 从长远来看, 旅游业与收入不平等呈倒U型关联, 这支持了库兹涅茨曲线假说。相比之下, 旅游业的资本投资与收入不平等呈显著负相关。与此同时, 增长和贸易全球化对收入不平等产生了积极和显著的影响。此外, 旅游发展对收入不平等具有双向反馈因果关系。这些结果也支持旅游业对收入不平等的“价格效应”。因此, 本研究为发展中经济体的旅游业和收入不平等政策制定提供了更多实际意义, 以实现 2030 年议程。

本研究的独特之处在于考虑了估计模型的横截面相关性, 这在以前的研究中被忽略。重点关注1996年至2020年未被充分研究的南亚经济体, 通过调查旅游业发展和旅游业的资本投资如何导致收入不平等, 从而为现有文献提供新的见解。因此, 本研究对旅游业的政策制定和新兴经济体的收入不平等具有更实际的意义。

Este estudio analiza el papel del desarrollo turístico en la disminución de la desigualdad de ingresos en el sur de Asia entre 1996 y 2020. Para ello, el estudio explora la conexión entre el desarrollo del turismo, la inversión turística, el crecimiento económico, la globalización del comercio y la desigualdad de ingresos.

Este estudio utilizó diversas técnicas, como la dependencia transversal (DSC), la raíz unitaria, las técnicas de cointegración, los estimadores de la elasticidad a largo plazo y la causalidad a corto plazo entre las variables del estudio. Este estudio adoptó los errores estándar de Driscoll-Kraay y las estimaciones de causalidad de panel de Dumitrescu Hurlin.

Los resultados del presente estudio revelan que el turismo tiene una asociación en forma de U invertida con la desigualdad de ingresos a largo plazo, lo que apoya la hipótesis de la curva de Kuznets. En cambio, la inversión de capital en turismo tiene una asociación negativa significativa con la desigualdad de ingresos. Al mismo tiempo, el crecimiento y la globalización del comercio afectan positiva y significativamente a la desigualdad de ingresos. Además, el desarrollo del turismo tiene una causalidad de retroalimentación bidireccional de la desigualdad de ingresos. Estos resultados también apoyan el “efecto precio” del turismo sobre la desigualdad de ingresos. Por lo tanto, este estudio proporciona más implicaciones prácticas con respecto a la formulación de políticas en materia de turismo y desigualdad de ingresos en las economías en desarrollo para apuntar a la Agenda 2030.

El presente estudio es único al considerar la dependencia transversal en la estimación del modelo que ha sido ignorada en estudios anteriores y aporta nuevas perspectivas a la literatura existente al investigar cómo el desarrollo del turismo y la inversión de capital en turismo contribuyen a la desigualdad de ingresos. Este estudio se centra en las economías del sur de Asia que han sido poco estudiadas y se extiende desde 1996 hasta 2020. Como resultado, este trabajo tiene más implicaciones prácticas para la formulación de políticas en la industria turística y la desigualdad de ingresos en las economías emergentes.

The purpose of this paper is to examine the relationship between the quality of different dimensions of institutional and economic growth in a panel of 15 member ECOWAS.

The study adopts Driscoll and Kraay′s nonparametric covariance matrix estimator, and the spatial error model to account for cross-section dependency, cross-country heterogeneity and spatial dependence inherent in empirical modelling, which has largely been ignored in previous studies. This is because, the likelihood that corruption and human capital cluster in space is very high because factors that affect these phenomena disperse across borders. Similarly, to test the threshold effect, the study adopts the more refined and more appropriate dynamic panel data which models a nonlinear asymmetric dynamics and cross-sectional heterogeneity, simultaneously, in a dynamic threshold panel data framework.

The empirical evidence supports findings by previous researchers that better-quality political and economic institutions can have positive effects on economic growth. Similarly, our results support a nonlinear relationship between political institutions and economic institution, confirming the “hierarchy of institution hypothesis” in ECOWAS. Specifically, the findings show that economic institutions will only have the desired economic outcome in ECOWAS, only when political institution is above a certain threshold.

Unlike previous studies which assume cross-sectional and spatial independence, the authors account for cross-section dependency and cross-country heterogeneity inherent in empirical modelling.

The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-10-2019-0630

Despite the longstanding male dominance in the socio-politico-economic spheres, recent decades have witnessed remarkable improvements in gender inclusion. Although the issue of gender inclusion has been widely documented, answers to the question of whether institutional arrangements and information technology shape gender inclusion remain contentious. This study, therefore, empirically examines the effects of institutional quality and ICT penetration on gender inclusion on a global scale.

To control for the endogeneity of modeled variables and cross-sectional dependence inherent with large panel datasets, the study employs the Driscoll-Kraay Fixed Effects (DKFE) and the system Generalised Method of Moments (GMM) estimators for a panel of 142 countries from 1996 to 2020.

The empirical findings from the DKFE and system GMM estimators reveal that strong institutions significantly enhance gender inclusion. Moreover, by disaggregating institutional quality into various governance indicators, we show that besides corruption control, which has a positive but insignificant effect on women’s empowerment, other governance indicators significantly enhance gender inclusion. Furthermore, there is evidence that various ICT measures promote gender inclusion.

The study results suggest that policymakers in developing countries should implement stringent measures to curb corruption. Moreover, policymakers in low-income countries should create avenues to facilitate women’s access to ICTs. Hence, policymakers in low-income countries should create and equip ICT training centers and render them accessible to all categories of women. Furthermore, developed countries with high-tech knowledge could help developing countries by organizing free training workshops and sensitization campaigns concerning the use of ICTs vis-à-vis women empowerment in various fields of life.

The present study fills a significant research gap by comprehensively exploring the nexuses between governance, ICT penetration, and the socio-politico-economic dimensions of gender inclusion from a global perspective. Besides the paucity of studies in this regard, the few existing studies have either been focused on region and country-specific case studies in developed or developing economies. Moreover, this study is timely, given the importance placed on gender inclusion (SDG5), quality of institutions (SDG16), and ICT penetration (SDG9) in the 2015–2030 global development agenda.

Driven by the Sustainable Development Goals (goals 7, 8, 12 and 13), this study investigates the moderating role of financial development in the link between energy poverty and a sustainable environment in African nations.

Panel cointegration analysis, fully modified least squares, Driscoll and Kraay least squares and method of moments quantile regression were used as estimation techniques to examine the link between financial development, energy poverty and sustainable environment for 28 African nations. Energy poverty is measured using two proxies-access to clean energy and access to electricity, while the environment is gauged using ecological footprint.

The regression outcomes show that access to clean energy and electricity negatively impacts the ecological footprint across all the quantiles; hence, energy poverty increases environmental degradation. Financial development positively influences environmental degradation in the region at the upper quantiles. Similarly, the interactive term of energy poverty and financial development has a significant positive impact on ecological footprint; thus, the financial sector adds to energy poverty and environmental degradation. The results of other variables hint that per capita income and institutions worsen environmental quality while urbanisation strengthens the environment.

This study offers fresh insights into the moderating effect of financial development in the link between energy poverty and sustainable environment in African countries.

Despite the importance of tax policy in reducing energy consumption and carbon emissions, there is a dearth of research on the environmental impact of indirect taxes. This paper examines the impact of indirect taxes on carbon dioxide (CO₂) emissions, with an emphasis on institutional quality.

The study uses the Government Revenue Dataset (2021), comprising 143 countries, dividing into 114 developing and 29 developed countries, during the period between 1996 and 2019. The author adopts panel data techniques, with Driscoll–Kraay standard errors to account for the issue of cross-sectional dependence (CSD).

The results indicate that indirect tax revenues have a negative and significant impact on CO₂ emissions for the total sample. The subsample analysis revealed that while indirect taxes reduce carbon emissions in developing countries, opposed results are reported for developed countries. This finding implies that most of the advanced countries have already reached a high level of taxes, at which carbon emissions increase as indirect tax increases further. Interestingly, the results revealed that institutional quality enhances the role of indirect taxes in mitigating carbon emissions for both developing and developed countries.

To the best of the authors' knowledge, this is the sole study using the newly developed tax data by the United Nations University, World Institute for Development Research (UNU-WIDER) to investigate the impact of indirect taxes on carbon emissions, with an emphasis on institutional quality. The existing literature focuses on specific taxes, like carbon taxes, with no comprehensive research on the link between indirect taxes and carbon emissions.

The present study aims to investigate the non-linear relationship between trade and income inequality to address goal 10 of sustainable development goals (SDGs) using the Kuznets Curve (KC) framework for major emerging countries during 1991–2020.

For this purpose, recent econometric techniques, such as Common Correlated Effect (CCE) and Dynamic Common Correlated Effect (DCCE) estimators have been employed to deal with the cross-section dependence (CD) that arises in panel data, while the robustness of the study is checked through Driscoll–Kraay standard errors method.

The empirical results of the study confirm the existence of inverted “U-shaped” relationship between trade and income inequality suggesting evidence for the trade-led KC in the panel of emerging countries. Along with the non-linear model, the threshold value is estimated to be between 3.5 and 4% of gross domestic product (GDP).

The authors' findings support that trade contributes significantly toward reducing income inequality and helps in achieving goal 10 of SDGs. Hence, trade policies appear to be more egalitarian. The results widen the scope for further research and provide insights for regulators and policymakers in modeling trade policies and changing the status quo trade policy framework accordingly.

The present study is a pioneering attempt to examine the non-linear relationship between trade and income inequality under the KC framework in light of the Agenda 2030 for sustainable development. The study also considers other explanatory factors that have an impact on income inequality. Furthermore, the study considers other explanatory factors that have an impact on income inequality, and the attempt to estimate the threshold value for the trade-led KC is novel and interesting.

The study examines the effect of macroeconomic risk, inflation uncertainty and instability associated with key macroeconomic indicators on the efficiency of financial institutions among economies in sub-Saharan Africa (SSA).

Data for the empirical inquiry were compiled from 35 SSA economies from 1996 to 2019. The empirical estimates were carried out using pooled ordinary least squares (POLS) with Driscoll and Kraay’s (1998) standard errors.

Reported empirical estimates show that macroeconomic risk and exchange rate volatility constrain the efficiency of financial institutions. Further results suggest that inflation uncertainty has a significant influence on the efficiency of financial institutions among economies in the subregion. Additionally, reviewed empirical estimates show that institutional quality positively moderates the nexus between inflation uncertainty and financial institution efficiency. At the same time, political instability is found to worsen the adverse effect of macroeconomic risk on the efficiency of financial institutions.

For policymakers and governments, improved institutional structures are recommended to ensure the operational efficiency of financial institutions, especially during an inflationary period. For decision-makers among financial institutions, the study recommends policies that have the potential to make their institutions less vulnerable to macroeconomic risk and exchange rate fluctuations.

The approach adopted in this study differs significantly from related studies in that the study examines and reviews interactions and relationships not readily found in the reviewed literature.

This study aims to examine the effect of domestic financial deregulation on economic growth in five selected sub-Saharan African nation (SSA). The paper also explored the interaction effect of domestic financial deregulation and corruption on growth.

The paper used Driscoll and Kraay standard errors based on the pooled ordinary least squares, which is robust to heteroskedasticity, cross-sectional dependence and autocorrelation.

The outcome indicates that domestic financial liberalization has accelerated growth in SSA economies. Similarly, evidence reveals that foreign direct investment and credit to the private sector by banks accelerate growth. However, evidence indicates that labour and capital negate growth. Also, the interaction term for domestic financial liberalization and corruption shows a negative influence on growth. The study, therefore, recommends that well-tailored policy design and strategy be implemented to provide a smooth and conducive business environment for investors.

Numerous studies have analysed the influence of financial deregulation on growth; however, none have examined the effects of domestic financial deregulation on growth in the context of SSA. Also, no studies have explored the interaction effect of domestic financial deregulation and corruption on growth.

The purpose of this study is to investigate the effect of government expenditure on economic growth in 15 Economic Community of West African States (ECOWAS) countries over the period of 2005–2017. More precisely, this paper investigates whether institutional environment influences the effect of government spending on economic growth.

This study adopts the generalized method of moments-system method of estimation to address the problem of dynamic endogeneity inherent in the relationship. Similarly, unlike previous studies which assume that the disturbances of a panel model are cross-sectionally independent, we account for cross-section dependency and cross-country heterogeneity inherent in empirical modeling using Driscoll and Kraay's nonparametric covariance matrix estimator, adjusted for use with both balanced and unbalanced panels along with Monte Carlo simulations.

The authors find that though, government spending has a positive impact on economic growth but the level of institutional quality adversely affect that positive impact. This suggests that the institutional environment in ECOWAS countries is a drag and not a push factor for government fiscal operations and/policies. Thus, the results provide empirical evidence that there is a conditional relationship between government spending and economic growth in African countries. That is, the effect of government spending on economic growth is dependent on the quality of institutions. Lastly, these findings suggest that in order for government spending to contribute to economic growth, African countries must develop a strong institutional environment.

Unlike previous time series studies for African countries which concentrated on the two variable case, we include institutional quality as a third variable to underline the potential importance of institutional quality for economic growth in ECOWAS countries.

The purpose of this paper is to examine the effect of structural economic vulnerability of developing countries on their public indebtedness.

The authors perform the analysis by the use of fixed effects technique where the standard errors are corrected by the Driscoll-Kraay (1998) method. The panel covers 96 developing countries over the period 1980-2008.

The results suggest evidence of a “U-shaped” relationship between the structural vulnerability and the total public debt in developing countries. More particularly in low-income countries (LICs), the structural vulnerability appears to be a strong determinant of the build-up of the total public debt.

It would be interesting to extend the research to small Island developing states. Indeed, the authors do not include this group of countries because of lack of data, especially on the variable “quality of governance” for almost all countries of this group. Accordingly, the research should be extended to such countries as well as these data are available.

The implications of the study is that international institutions, including those of the Bretton Woods should take into account the structural vulnerability of developing countries when designing development policies, especially the ones related to debt sustainability in developing countries and particularly LICs.

The fact of the international institutions to take into account the structural vulnerability in the design of international development policy, especially those related to debt issues will have major implications on the macroeconomic policy design by these developing countries as well as on poverty reduction.

The added value of this paper is to use recent data on structural vulnerability to analyse the effect of the latter on public indebtdeness of developing countries.