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The purpose of this paper is to examine the relationship between remittances, institutions and human development (HD) in Sub-Saharan African (SSA) countries using data from 2004 to 2018. The study attempts to answer two critical questions: Do the increasing remittances inflow to the region have any effect on human capital development? and does the effect of remittances on human development vary depending on the level of institutional quality?

The analysis uses a dynamic model; system Generalized Method of Moments (Sys-GMM) as this approach controls for the endogeneity of the lagged dependent variable; thus, when there is a correlation between the explanatory variable and the error term, which is normally associated with remittances, it also controls for omitted variable bias, unobserved panel heterogeneity and measurement errors in the estimation.

The findings indicate a positive and significant impact of remittances on HD in SSA. The results further reveal a substitutional relationship between institutions and remittances in stimulating HD. The estimations mean that remittances promote HD in countries with a weak institutional environment. The findings also establish that the marginal significance of remittances as a source of capital for HD falls in countries with well-developed institutions.

To increase the flow of remittances, policymakers should implement policies that increase the likelihood of both skilled and unskilled migrants sending remittances.

Most empirical research on the impact of remittances on HD does not tackle the problem of endogeneity associated with remittances. This study, however, provides empirical evidence by using Sys-GMM that solves the problem. The current study also is the first work to examine the relationship between remittances, institutions and HD in SSA and provides a new guide for future research on the remittance and HD nexus.

This paper investigates the relationship between remittances, institutional quality and investment in Sub-Saharan African (SSA) countries using data from 2004 to 2018.

The two-stage least squares (2SLS) estimator is the main methodology used, while the system generalized method of moments (Sys-GMM) technique is employed to test the robustness of the results.

The results show a positive and significant impact of remittances on investment in SSA. The findings further reveal a substitutional linkage between remittances and institutions in promoting investment. In essence, remittances serve as investment capital in countries with poor institutions. The results also show that the marginal significance of remittances as a source of funds for investment decreases in countries with well-developed institutions.

The sample excludes some of the SSA countries due to the unavailability of data.

In the face of current institutional weaknesses, there is a need for SSA countries to prioritize policies that encourage the effective use of remittances for business activities. Furthermore, SSA countries must improve their economic freedom and democratic practices by reducing government size, protecting property rights, and promoting respect for political and civil rights.

This is the first study to analyze the relationship between remittances, institutional quality and investment in SSA. It also provides a novel framework for future research on the remittance–investment nexus.

Recently the route connecting the trans-Korean railway and the trans-Siberian railway has become of particular interest for many academics and policy-makers in East Asian countries. The extensive review of previous studies, however, reveals that literature on the subject is lacking solid analytical framework. Most studies are one-sided, focusing on the political aspects of the issue or paying little attention to the economic aspects of the problem.

This study intends to develop an analytical framework through which the most efficient route among four major alternative routes connecting the trans-Korean and trans-Siberian railways can be identified. It attempts to assign priorities to the four alternative routes according to their level of economic efficiency.

This study utilizes a simple cost-benefit analysis in evaluating the four routes. Cost side, transportation time, effectiveness of customs procedures, and gauge difference are selected as the main economic factors. The volume of cargo, industrial production in adjacent regions, access to natural resources, and market size and foreign investment climate are used to evaluate the benefits of the routes.

The study concludes that Route 3, which connects ‘Busan - Seoul (South Korea) –Pyongyang -Sinuiju (North Korea) –Shenyang –Beijing - Erenhot (China) –Ulaanbaatar (Mongolia) –Ulan-Ude - Moscow (Russia)’ is the most efficient route.

Some progress have been made over time in improving health conditions in Sub-Saharan Africa (SSA). There are, however, contradicting reports on the relationship between health outcomes and economic growth in the region. The paper aimed at assessing the effect of health outcome on economic growth in SSA.

Data for 41 countries from 2000 to 2018 were obtained from WDI and WGI and analyzed using system generalized method of moment (sGMM) which is appropriate for the present scenario. AR(1) and AR(2) tests were used to assess the validity of the model while Sargan and Hansen tests were adopted to examine the validity of the instrumental variables. The robustness of the estimation was confirmed using the pooled OLS and fixed effect regression.

Health outcome (proxied by life expectancy), lagged GDP per capita, capital formation, labor force (LF), health expenditure (HE), foreign direct investment (FDI) and trade openness (TOP) significantly affected economic growth emphasizing the importance of health in the process of economic growth in the region. AR(1) and AR(2) tests for serial correlation and Sargan/Hansen tests confirmed the validity of the estimated model and the instrumental variables respectively. Robustness of the GMM results was established from the pooled OLS and the fixed effect model results.

Improvement in the national health system possibly through the widespread adoption of National Health Insurance, increase government spending on healthcare alongside increased beneficial trade and ease of doing business to facilitate investment were recommended to enhance.

The study used up-to-date data with appropriate methodology.

This article intends to analyse the explanatory power of the Travel and Tourism Competitiveness Index (TTCI) and some of its constituent factors on national success metrics in managing the initial surge of the COVID-19 pandemic.

The authors study the outbreak control effectiveness of 132 countries during the first semester of 2020. The authors apply generalized linear regression models and weighted least squares models using 6 COVID-19-related dependent variables, 9 TTCI-related independent variables and 12 control variables.

The results suggest that countries with superior TTCI values and selected constituent factors have the highest daily averages of coronavirus infections and fatalities per million and the highest speed rates of COVID-19 spread. The authors also find that these countries have the shortest government response time, the lowest daily average of the social restrictions index and the shortest time from the first case reported in China to the first case reported nationally.

To the best of the authors' awareness, no previous study exists analysing the statistical relationship between the TTCIB and some of its constituent factors with the selected metrics of national success at managing the initial surge of the COVID-19 pandemic. This fact represents the primary evidence of this article's unique contribution.

本文擬分析旅行及觀光競爭力指數、以及其部份構成因素，如何影響有關國家在新型冠狀病毒肺炎大爆發初期控制病毒傳播方面的成功指標。

我們就132個國家於2020年上半年控制肺炎爆發方面的表現進行研究。我們以廣義線性回歸模型和加權最小平方法進行分析研究，當中使用了六個與新型冠狀病毒肺炎有關的因變數、九個與旅行及觀光競爭力指數有關的自變數、和12個控制變量。

研究結果暗示、在擁有優越的旅行及觀光競爭力指數值和選定的構成因素的國家，以百萬人來計算，每日冠狀病毒感染及死亡的平均數字是最高的; 而且，新型冠狀病毒肺炎的傳播速度也是最高的。研究結果亦顯示、在這些國家，政府反應所需的時間是最短的，社會限制指數的日均值是最低的，以及首宗在中國被報導的個案與首宗在有關的國家被全國性地報導的個案之間的時間距是最短的。

盡作者們所知，從前似沒有相關的研究、以國家在新型冠狀病毒肺炎大爆發初期成功控制病毒傳播的選定指數、來分析旅行及觀光競爭力指數與其部分構成因素之間的統計關係; 這正是本文所作獨特貢獻的基本證據。

This paper aims to empirically investigate the impact that financial sector reforms have on foreign direct investment (FDI) in Ghana.

Composite financial sector reform index was constructed, which was made up of various forms of reform policies that were implemented from 1987 to 2016. The auto regressive distributed lag bounds test was used to establish cointegration between variables. Having controlled for other covariates that affect FDI such as trade openness, exchange rate, gross domestic product per capita, inflation and by using the fully modified ordinary least squares method, the estimations are robust as it uses a semi-parametric correction to avoid for any possible issues of endogeneity and serial correlation.

Results from the paper reveal that financial sector reform deepening boost FDI with a 2.167% increase in FDI following from a unit percentage improvement of the financial sector reforms. Considering the various categories of reforms, the results reveal that competitive reforms have the highest impact on FDI followed by privatization reforms with positive and significant elasticity coefficients of 2.174% and 0.726%, respectively. Behavioral reforms revealed a positive effect on FDI, albeit insignificant.

The paper contributes to policy by providing empirical evidence on the effect of financial sector reform on FDI inflows in Ghana. As far as the review of literature is concerned, this paper provides the foremost empirical evidence on the subject with sole emphasis on Ghana. Thus, this paper suggests the deepening of the financial sector reforms, improving competition and maintaining macroeconomic stability.

This study aims to assess the impact of foreign direct investment (FDI) on growth in presence of host country characteristics, namely, economic stability, human capital, financial development and trade openness, in the fastest emerging Brazil, Russia, India, China, South Africa (BRICS) economies, considered to be significant FDI destinations.

The panel data for the variables under study, collected from World Investment Reports published by World Bank, are analyzed using feasible generalized least squares method to examine the relationship between the dependent and explanatory variables over the period 1987–2018. The interaction effect has been studied to examine the growth impact of FDI in presence of host country characteristics.

The findings revealed that FDI does not exert a significant impact on the economic growth of BRICS individually but has a significant growth impact only in presence of host country characteristics. FDI on interacting with financial development, trade openness and human capital exerts a positive impact on the economic growth of BRICS economies, and on interacting with economic instability (inflation), FDI has a negative impact on growth.

The study has implications for policy makers of BRICS countries who are suggested to work toward the development of financial markets, trade liberalization and human capital development to realize the positive growth impact of FDI.

Very few studies have been conducted to examine the growth effect of FDI in BRICS economies, which are considered to be the fastest-growing economies and dominant players in the global investment landscape. Assessing the interaction of FDI with absorptive capacities/host country characteristics to study its growth impact in BRICS using long data and robust panel data methodology is an original contribution of this paper toward the existing body of knowledge.

Tourism has grown to be one of the world's largest and fastest-growing economic industries. Tourism development is viewed as a tool to improve income distribution as it allows people at the bottom of the pyramid to get involved in the industry. This study aims to examine the impact of tourism on income inequality in the top income equality countries.

The paper employs fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares techniques to investigate the dynamic impact of tourism on income inequality in the world's most income equality countries, from 2001 to 2016.

The result shows that tourism is one of the major drivers of income equality. Thus, tourism can be used to reduce a country's income disparity.

As a result, policymakers should support the tourism industry to reduce income disparity and enhance income distribution.

Given the conflicting findings in the literature, this study reexamines this link and attempts to backwardly assess if the top equal-income countries in the world are heavily dependent on tourism.

The purpose of this study is to examine the effect of foreign direct investment (FDI) on economic growth contingent on the development level of the local financial system in emerging and developing Asia during the period 1996–2017.

The study adopts the threshold approach, namely the panel smooth transition regression (PSTR) model, for the annual data collection of 18 emerging and developing Asian countries in 22 years. The authors analyze the alternative PSTR models on different proxies of financial development (FD).

The results show new findings of two distinct thresholds of FD in the FDI–growth nexus. The growth-enhancing effect of FDI is realized only when the FD lies between the two threshold values. Notably, at very high levels of FD, the beneficial effect of FDI on growth is vanishing.

The authors provide new insights into the growth effect of FDI and the role of FD. The estimated nonlinear effect of FDI on growth and the thresholds of FD can be benchmarks for emerging and developing Asia in assessment of their situations. The results suggest important implications to the region in setting the long-run policies to boost the effect of FDI on economic growth.

This study aims to examine foreign direct investment (FDI) factors and develops a rational framework for FDI inflow in Western European countries such as France, Germany, the Netherlands, Switzerland, Belgium and Austria.

Data for this study were collected from the World development indicators (WDI) database from 1995 to 2018. Factors such as economic growth, pollution, trade, domestic capital investment, gross value-added and the financial stability of the country that influence FDI decisions were selected through empirical literature. A framework was developed using interpretable machine learning (IML), decision trees and three-stage least squares simultaneous equation methods for FDI inflow in Western Europe.

The findings of this study show that there is a difference between the most important and trusted factors for FDI inflow. Additionally, this study shows that machine learning (ML) models can perform better than conventional linear regression models.

This research has several limitations. Ideally, classification accuracies should be higher, and the current scope of this research is limited to examining the performance of FDI determinants within Western Europe.

Through this framework, the national government can understand how investors make their capital allocation decisions in their country. The framework developed in this study can help policymakers better understand the rationality of FDI inflows.

An IML framework has not been developed in prior studies to analyze FDI inflows. Additionally, the author demonstrates the applicability of the IML framework for estimating FDI inflows in Western Europe.