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Introduction: In the context of Sri Lanka, this study compares how institutions and financial development (FD) affect economic growth (EG) and inclusive growth (IG).

Purpose: The well-structured administration and judicial system at the provincial level have been established against the socioeconomic vulnerabilities in the country for an extended period. Still, the country as a whole and provincial level is experiencing huge income and social inequality, though there are required provisions for enhancing the well-being of the people.

Methodology: The study consists of data from the nine provinces from 2013 to 2019. The analysis used the Dynamic Spatial Durbin Model (D-SDM) to explore the spatial dependencies between the provinces. Two models were developed: the interaction of the financial service activities (FSA) and insurance, reinsurance, and pension (INPEN), representing the FD with the EG and IG with and without. The IG index was estimated by principal component analysis (PCA) using indicators of the four dimensions. The results indicated spatial dependency among FD’s interaction with EG when provincial tax (PROTAX) and provincial expenses (PROEXP) are the provincial institutions.

Findings: The IG model results showed the IG’s spatial dependency moderated by the FD and only the IG model between the provinces. PROEXP showed a significant positive spillover impact among provinces towards the IG.

Practical Implications: The finding inform economic policy making while identifying weaknesses in existing local governments. Attention must be given to how poverty can be reduced, enhancing the well-being of the people with the proper channelling of finance and government institutional mechanisms.

The purpose of this paper is to study the evolution of financial contagion between Eurozone banks, observing the credit default swaps (CDSs) market during the period 2009–2017.

The authors use a dynamic spatial Durbin model that enables to explore the direct and indirect effects over the short and long run and the transmission channels of the contagion.

The results show how contagion emerges through physical and financial market links between banks. This finding implies that a bank can fail because people expect other related financial institutions to fail as well (self-fulfilling crisis). The study provides statistically significant evidence of the presence of credit risk spillovers in CDS markets. The findings show that equity market dynamics of “neighbouring” banks are important factors in risk transmission.

The research provides a new contribution to the analysis of EZ banking risk contagion, studying CDS spread determinants both under a temporal and spatial dimension. Considering the cross-dependence of credit spreads, the study allowed to verify the non-linearity between the probability of default of a debtor and the observed credit spreads (credit spread puzzle). The authors provide information on the transmission mechanism of contagion and, on the effects among the largest banks. In fact, through the study of short- and long-term impacts, direct and indirect, the paper classify banks of systemic importance according to their effect on the financial system.

This paper explores whether the Euro-area sovereign credit default swap market is prone to contagion effects. It investigates whether the sharp increase in sovereign CDS spread of a given country is due to a deterioration of the macroeconomic variables or some form of contagion.

For this purpose, the authors use an innovative approach, i.e. spatial econometrics. Although modeling spatial dependence is an attractive challenge, its application in the field of finance remains limited.

The empirical findings show strong evidence of spatial dependence highlighting the presence of pure contagion. Furthermore, evidence of wake-up call contagion-increased sensitivity of investors to fundamentals of neighboring countries and shift contagion-increased sensitivity to common factors are well recorded.

This study aims to study a crucial financial issue that gained increased research interest, i.e. financial contagion. A methodological contribution is made by extending the standard spatial Durbin model (SDM) to analyze and differentiate between several forms of contagion. The results can be used to understand how shocks are spreading through countries.

The purpose of this study is to examine the spatial fluctuation spillover effect of green total factor productivity (GTFP) under the influence of Internet development.

Using panel data from 283 cities in China for the period 2003–2016, this paper explores the spatial fluctuation spillover effect of internet development on GTFP by applying the spatial autoregressive with autoregressive conditional heteroscedasticity model (SARspARCH).

The results of Moran's I test of the residual term and the Bayesian information criterion (BIC) value indicate that the GTFP has a spatial fluctuation spillover effect, and the estimated results of the SARspARCH model are more accurate than the spatial autoregressive (SAR) model and the spatial autoregressive conditional heteroscedasticity (spARCH) model. Specifically, the internet development had a positive spatial fluctuation spillover effect on GTFP in 2003, 2011, 2012 and 2014, and the volatility spillover effect weakens the positive spillover effect of internet development on GTFP. Moreover, Internet development has a significant positive spatial fluctuation spillover effect on GTFP averagely in eastern China and internet-based cities.

The results of this study provide digital solutions for policymakers in improving the level of GTFP in China, with more emphasis on regional synergistic governance to ensure growth.

This paper expands the research ideas for spatial econometric models and provides a more valuable reference for China to achieve green development.

This paper aims to investigate how differently the COVID-19 blockade regulations influence the prices of perishable and storable foods. The authors focus on the cases of the 2020 blockade at Hubei province and the 2021 blockade at Shijiazhuang city in China, and the authors examine how the blockade influenced the prices of Chinese cabbages (perishable) and potatoes (storable) within and around the blockade area.

The paper employs the fixed effects model, the panel VAR (PVAR) model, and the spatial dynamic panel (SPD) model to estimate the impacts of the blockade on the food prices. It constructs the unique data set of 3-day average prices of Chinese cabbages and potatoes at main wholesale markets in China during the two urban blockade periods from January 1 to April 8 in 2020 and from January 1 to March 1 in 2021.

The results from the SPD models indicate that the price of Chinese cabbages was more vulnerable and increased by 7.1–9.8% due to the two blockades while the price of potatoes increased by 1.2–6.1%. The blockades also significantly influenced the prices in the areas adjacent to the blockade area. The SPD results demonstrate that the impacts of the blockades would be overestimated if the spatial dependence is not controlled for in the fixed effects model and the PVAR model.

Because the research focuses on the cases in China, the results may lack generalizability. Further research for other countries is encouraged.

This paper demonstrates the importance of considering food types and spatial dependence in examining the impact of the COVID-19 blockades on food prices.

Infrastructure financialization plays a critical role in infrastructure development and urban growth around the world. However, on the one hand, the existing research on the infrastructure financialization focuses on qualitative and lacks quantitative country-specific studies. On the other hand, the spatial heterogeneity and influencing factors of infrastructure financialization are ignored. This study takes China as a typical case to identify and analyze the spatial characteristics, development process and impact factors of infrastructure financialization.

To assess the development and characteristics of infrastructure financialization in China, this study constructs an evaluation index of infrastructure financialization based on the infrastructure financialization ratio (IFR). This study then analyzes the evolution process and spatial pattern of China's infrastructure financialization through the spatial analysis method. Furthermore, this study identifies and quantitatively analyzes the influencing factors of infrastructure financialization based on the spatial Dubin model. Finally, this study offers a policy suggestion as a governance response.

The results demonstrate that infrastructure financialization effectively promotes the development of infrastructure in China. Second, there are significant spatial differences in China’s infrastructure financialization. Third, many factors affect infrastructure financialization, with government participation having the greatest impact. In addition, over-financialization of infrastructure has the potential to lead to government debt risks, which is a critical challenge the Chinese Government must address. Finally, this study suggests that infrastructure financialization requires more detailed, tailored,and place-specific policy interventions by the government.

This study not only contributes to enriching the knowledge body of global financialization theory but also helps optimize infrastructure investment and financing policies in China and provides peer reference for other developing countries.

This survey of the literature on the convergence of carbon dioxide (CO₂) emissions informs researchers on areas for future research by summarizing the countries examined, the types of convergence tested and the methodological approaches undertaken.

This survey examines peer-reviewed empirical studies of CO₂ emissions convergence with respect to country coverage and alternative approaches to test for various types of convergence.

For large multicountry studies, the support for convergence is quite limited. However, studies focused exclusively on a subset of countries defined by income classification, geographic region or institutional structure reveal the finding of convergence is more prevalent. Studies at the subnational level have primarily been in the cases of the US and China with the exception of two studies across industry sectors in Portugal and Sweden.

This study focuses exclusively on peer-reviewed published studies.

This study is relevant to the design of mitigation strategies to reduce CO₂ emissions and the assumption of convergence underlying climate change models.

As a major component of greenhouse gas emissions, CO₂ emissions is of global importance in its impact on the environment and climate change.

This study provides the most recent and comprehensive survey of the empirical literature on the convergence of CO₂ emissions.

The objective of this study is to evaluate the overall technical efficiency, labor efficiency, capital efficiency and equipment efficiency of 30 Chinese construction sectors to foster sustainable economic growth in the construction industry.

This study employed the super-efficiency data envelopment analysis (SE-DEA) and artificial neural network model (ANN) to evaluate the industrial performance and improvement potential of the Chinese regional construction sectors from 2000 to 2017.

Results showed that the overall technical and capital efficiencies displayed relatively stable patterns. Equipment efficiency presented a relatively huge fluctuation during the sample period. Meanwhile, labor, capital and equipment efficiencies could potentially improve in the next five years. A spatial examination of efficiencies implied that the economic level was still a major factor in determining the efficiency performance of the regional construction industry. Beijing, Shanghai and Zhejiang were consistently the leading regions with the best performance in all efficiencies. Shandong and Hubei were critical regions with respect to their large reduction potential of labor, capital and equipment.

The study focused on the regional efficiency performance of the construction industry; however, it failed to further deeply discover the mechanism that captured the regional inefficiency. In addition, sample datasets used to predict might induce the accuracy of prediction results. Qualitative policy implications failed to regress the efficiency performance of the industrial policy variables. These limitations will be discussed in our further researches.

Enhancing the overall performance of the Chinese construction industry should focus on regions located in the western areas. In comparison with labor and capital efficiencies, equipment efficiency should be given priority by eliminating outdated equipment and developing high technology in the construction industry. In addition, the setting of the national reduction responsibility system should be stratified to account for regional variations.

The findings of this study can provide a systematic understanding for the current and future industry performance of the Chinese construction industry, which would help decision makers to customize appropriate strategies to improve the overall industrial performance with the consideration of regional differences.

This study aims to explore the influence of postdisaster tourism development on the objective quality of life (QoL) of residents in Wenchuan County, simulate the long-run trend of postdisaster tourism development and QoL based on three proposed policy scenarios and formulate some practical suggestions to promote sustainable tourism development.

This study uses the system dynamic approach to develop a system dynamics (SD) model called “tourism–economy–environment–living” (TEEL) by using four subsystems: “the economic subsystem,” “the tourism subsystem,” “the environmental subsystem” and “the living subsystem.”

The results show that the influence of postdisaster tourism development on QoL is complex. Based on Butler’s destination life cycle theory, the influence of postdisaster tourism on objective QoL exhibits a nonlinear change closely tied to the development stages of tourist destinations. It showed that the QoL index increased after an initial decrease in the early stage (2009–2013) and then decreased in the later stage (2013–2019). Simulations of TEEL based on three different scenarios show that the current development path of tourism development is not ideal. The synergy scenario, highlighting the importance of the harmonious development of the TEEL, is the optimal scenario.

This study fills the gap in the literature on the influence of postdisaster tourism development on objective QoL from the perspective of SD. Modeling tourism development and objective QoL will contribute to a comprehensive understanding of whether and how tourism development can enhance residents’ QoL in disaster-affected areas.

本研究旨在探讨灾后旅游发展对汶川县居民客观生活质量（QoL）的影响, 并基于三种拟议的政策情景模拟灾后旅游发展和生活质量的长期演化趋势, 并制定一些切实可行的建议, 以促进旅游业的可持续发展。

本研究运用系统动力学方法, 通过使用四个子系统, 即“经济子系统”、“旅游子系统”“环境子系统”和“生活子系统”, 建立了一个称为“旅游-经济-环境-生活”（TEEL）的系统动力学模型。

研究结果表明, 灾后旅游发展对客观QoL的影响是复杂的。根据巴特勒的目的地生命周期理论, 灾后旅游对目标QoL的影响呈现非线性变化, 与旅游目的地的发展阶段密切相关。结果表明, QoL指数在前期（2009–2013年）出现初始下降后上升, 而后在后期（2013–2019年）下降。基于三种不同方案的TEEL模拟表明, 当前旅游发展路径并非最佳。协同方案强调了TEEL和谐发展的重要性, 是在所有方案中最佳。

本研究填补了从系统动力学角度研究灾后旅游发展对客观生活质量QoL影响的文献空白。构建旅游发展和客观QoL的系统动力模型将有助于全面了解旅游发展是否以及如何提高灾区居民的生活质量。

Este estudio tiene por objetivo explorar la influencia del desarrollo del turismo post-catástrofe en la calidad de vida (CdV) objetiva de los residentes del condado de Wenchuan, simular la tendencia a largo plazo del desarrollo del turismo tras la catástrofe y la CdV basándose en tres escenarios políticos propuestos, y formular algunas sugerencias prácticas para promover el desarrollo del turismo sostenible.o.

Este estudio utiliza el enfoque de dinámica de sistemas para desarrollar un modelo de dinámica de sistemas denominado “turismo-economía-medioambiente-vida” (TEMV) utilizando cuatro subsistemas: “el subsistema económico”, “el subsistema turístico”, “el subsistema medioambiental” y “el subsistema de vida”.

Los resultados muestran que la influencia del desarrollo del turismo post-catástrofe en la CdV objetiva es compleja. Basándose en la teoría de Butler sobre el ciclo de vida del destino, la influencia del turismo post-catástrofe en la CdV objetiva presenta un cambio no lineal estrechamente vinculado a las etapas de desarrollo de los destinos turísticos. Se demuestra que el índice de CdV aumentó después de una disminución inicial en la primera etapa (2009-2013) y luego disminuyó en la etapa posterior (2013-2019). Las simulaciones de TEMV basadas en tres escenarios diferentes muestran que la actual trayectoria de desarrollo del turismo no es ideal. El escenario de sinergia, que destaca la importancia del desarrollo armonioso del TEMV, es el escenario óptimo.

Este estudio llena la brecha existente en la literatura sobre la influencia del desarrollo del turismo post-catástrofe en la calidad de vida (CdV) objetiva desde la perspectiva de la dinámica de sistemas. La modelización del desarrollo turístico y la CdV objetiva contribuirá a una comprensión integral de si el desarrollo turístico puede mejorar, y cómo, la CdV de los residentes en las zonas afectadas por catástrofes