Search results

This study aims to examine how participation in the Belt and Road Initiative (BRI) affects province-level regional economic resilience. In the context of dual circulation – the new development paradigm proposed by the Chinese Government – participating in the BRI is an important means of connecting both international and domestic circulations and achieving high economic resilience. The complex causal relationship between participation in the BRI and province-level regional economic resilience is investigated.

Based on the complex system view, this study uses fuzzy set qualitative comparative analysis (fsQCA) to examine the impact on regional economic resilience when provinces participate in the BRI through unimpeded trade, infrastructure connectivity, financial integration and people-to-people bonds under the two conditions of attention allocation and buffering capacity. Qualitative textual analysis is applied to analyse provincial work reports, and relevant statistical data are used to measure the economic resilience from 2013 to 2020.

The authors identified three condition configurations that lead to a high regional economic resilience at province-level and one condition configuration that lead to no high-level regional economic resilience.

In-depth analyses of qualitative materials should be conducted to explain the systematic relationships among the conditions.

This research is of practical significance to the development of the theoretical framework and practices of the BRI in the context of dual circulation.

The purpose of this paper is to revise, update and extend the economic vulnerability and economic resilience indices, where economic vulnerability is associated with inherent exposure to external shocks and economic resilience with policies that enable a country to minimize or withstand the negative effects of such shocks. This study also proposes a revised vulnerability/resilience framework to assess the risk of a country being harmed by external economic shocks.

The methodology used in the study involves defining economic vulnerability in terms of inherent features of an economy and defining economic resilience in terms of policy-induced changes, and then devising measureable indices to measure such vulnerability and resilience across countries. The exercise required the examination of various global indices to assess their suitability, in terms of relevance and country coverage, for measuring the vulnerability index and the resilience index and the components of the two indices.

The main finding of the study is that a number highly vulnerable states, including economically successful small island economies, emerged with high resilience scores, suggesting that they adopt policies that enable them to withstand the harmful effects of external shocks. This possibly explains why these states register relatively high GDP per capita, in spite of their high exposure to shocks. On the other hand, a number of countries, mostly large and poor developing countries, that are not highly exposed to external shocks due to their limited dependence on external trade, emerged with a low degree of policy-induced economic resilience.

The study utilized global indicators which sometimes had missing data and these had to be filled in using approximations based on assumptions, and alternative assumption could have produced a different approximations. In addition the classification of countries in terms of the vulnerability and resilience nexus depended highly on many underpinning assumptions, including the definitions and the measurement of the components, the weighting schemes and the thresholds used. It is likely that alternative assumptions would yield alternative classifications.

An important practical implication of this study is that highly economically vulnerable states can reduce the harmful effects of external economic shocks if they adopt policies that lead to resilience building. On the other hand, countries that are not highly exposed to external shocks, can render themselves economically unstable due to their weak economic, social and environmental governance.

This study considers social development and cohesion as one of the pillars of resilience building. The implication of this approach is that social governance, leading to improvements in the education and health of the population could reduce the harm arising from a country’s exposure to external shocks. This is because social governance affects the extent to which relations within a society are properly developed, enabling an effective functioning of the economic apparatus without the hindrance of civil unrest.

This study has extended previous work on the vulnerability and resilience framework, to include almost all countries of the world, using updated data, and has revised the resilience index to include environmental governance. It has also redefined market flexibility to allow for the downsides of excessive financial riskiness. The revision of vulnerability and resilience indices in the light of new data and their interaction showed more convincingly that economies that are highly economically vulnerable could still register economic success as a result of resilience-conducive policies associated with good economic, political, social and environmental governance.

The purpose of this study is to investigate factors contributing to the development of resilience capacity and capability of industrial clusters in order for them to mitigate, absorb and adapt to the impacts of Iran’s economic sanctions.

The Hospital Equipment Cluster of Tehran (HECT) was selected as the case study for the research. The data were collected using the library and field research and analyzed using the thematic analysis method.

The key dimensions of resilience were grouped into socio-cultural, economic, technical-organizational and institutional–infrastructural categories. Based on the “complex adaptive system” theory, each of the abovementioned dimensions were investigated on different levels of analysis, including individual, enterprise, cluster, government and environment. Eventually, recommendations were made by considering required capacities and capabilities of resilience of the hospital equipment sector toward economic sanctions.

The resilience toward economic sanctions, as an extensive disaster, is a considerably new subject and few studies have been performed in the field. This research provides practical solutions for local policy-makers, authorities and enterprise managers.

This paper aims to identify firm and entrepreneurial team characteristics that may contribute to resilience in the creative industries (CI) under adverse economic conditions.

It provides case study evidence based on 19 in-depth interviews with small and young creative enterprises in Greece in 2014 that is at the peak of the Greek economic crisis. New information was collected from two follow-up waves conducted in 2017 and during the recent coronavirus disease 2019 (COVID-19) pandemic crisis.

The results suggest that highly internationalized entrepreneurial teams with extensive working and studying experience abroad, which also combine creative expertise with managerial and marketing expertise, are key resilience drivers during economic downturns. Moreover, being export-oriented, serving a diverse customer base and investing in digital technologies seem to allow CI firms to effectively adapt to challenging conditions.

This study adds to the firm-level research on the resilience drivers of small and young enterprises in the CI context. It proposes and empirically tests a conceptual framework to advance the limited knowledge on entrepreneurship and resilience patterns in the CI during crisis periods, emphasizing specific entrepreneurial team and firm characteristics.

This paper aims to contribute to entrepreneurship theorising by highlighting the salience of feminine caring positions in creating novel entrepreneurial roles and investigating how these roles contribute to community resilience. Using a critical feminist economics lens, alternative conceptualisations of the economy are expanded upon to reveal how an economic externality influences entrepreneurial discourse, gender roles and community resilience.

In this interpretive approach, empirical evidence is drawn from six months of intensive ethnographic research with 20 tourism handicraft micro-entrepreneurs in Crete and Epirus, Greece, in 2012 and hence in the context of a macroeconomic crisis. Ethnographic interviewing and participant observation are used as the methods to achieve the research objectives.

Thematic analysis is used to investigate how gender roles and entrepreneurial roles interact and how this interaction influences community resilience to an economic crisis. Using the critical theory to critique neoclassical economics interpretations of entrepreneurship, it becomes evident that politico-economic structures perpetuating feminised responsibility for social reproduction configure feminine entrepreneurial roles, and these roles have a positive effect on increasing community resilience. By conceptualising entrepreneurial involvement as being primarily for community gain, participants highlight how feminine entrepreneurial discourse differs from the neoclassical economics entrepreneurial discourse of entrepreneurial involvement being primarily for individual gain.

This paper contributes to theoretical advancements on the role of gender in entrepreneurship and community resilience by investigating the entrepreneurs’ gendered responses to an exogenous shock. Providing insight into the role gender has in entrepreneurial adaptation and sustainable business practices means that new policies to combat social exclusion and promote rural development can be formulated.

The theoretical interplay between gender and entrepreneurship is investigated from a novel angle, that of critical feminist economics. The relationship between feminised interpretations of entrepreneurship and community resilience is brought to light, providing a unique insight into entrepreneurial resilience.

The purpose of this paper is to analyze the urban resilience capacity and its relations with the economic, social and environmental well-being in smart cities in the state of São Paulo (SP), particularly after the 2008 financial crisis.

Concerning its objectives, this study is characterized as descriptive. From the point of view of technical procedures, the research is bibliographic, and regarding data collection, it is documental. The approach of this research is quantitative, since it uses the statistical method. The sample was made up by 62 smart cities located in SP. The analysis comprised the period from 2010 to 2015.

The urban resilience pillars influence the economic well-being represented by the gross national product, in 58.8 percent, social well-being represented by the life expectancy of the residents of the smart cities, in 71.7 percent, and in environmental well-being indicated by CO₂ emissions, in 21.5 percent.

They are related to the researchers’ decision about the methodological design.

This study was limited to smart cities in SP listed in the RBCIH (Brazilian Network of Human Smart Cities), and may be extended to other cities in other Brazilian states.

How resilience dimensions related to economic, social and environmental well-being such as poverty, food security, health, well-being, education quality, climate changes, and the like, were measured, which can be investigated in future research studies.

Despite its growing popularity worldwide, the urban resilience pillars and their relationship with human well-being in smart cities in the national context are little investigated, making this research original.

The purpose of this study was to investigate the relationship between income shock suffered during the coronavirus pandemic and subsequent financial well-being (FWB) of Indian adults, mediated by financial resilience (FR) and psychological resilience (PR).

The authors propose a conceptual model for the relationship between income shock and FWB, with FR and PR as mediator variables. The authors consider four dimensions of financial resilience: economic resources, financial inclusion, financial knowledge and social capital. This study uses a unidimensional scale for PR. Data were collected from 370 respondents from 11 cities across India. Structural equation models were built to test the proposed hypotheses.

Income shock was negatively associated with FWB. Estimated path coefficients for FR and PR were statistically significant and confirmed a mediating role. Among the four dimensions of financial resilience, only economic resources were positively associated with FWB. The mediation relation between economic resources and FWB was larger than PR.

Since convenience sampling was used to collect data, the results of this study are indicative but not generalizable.

For individuals who suffered income shocks during the pandemic, adequate economic resources are crucial for FWB. Governmental disbursements, personal savings and medical or life insurance could provide an adequate safety net.

There are no extant studies that examine the association between income shocks and FWB in the pandemic, and this study contributes to the literature.

The purpose of this study is to investigate racial differences in the moderating role of factors linked with resilience on the relationship between economic stress and happiness for Black and White residents of the USA.

Secondary data were downloaded from the World Values Survey Wave 7 for adult respondents living in the USA. The entire sample of respondents who self-identified as belonging to the Black race (n = 209) was statistically matched (based on sex – 50% male and average age – 39 years) with a similarly sized random sample of respondents who self-identified as belonging to the White race (n = 217).

The results suggest that economic stress had the potential to trigger a resilience response. However, the protective factors in the resilience process differed by race of the respondent. The relationship between economic stress and perceptions of neighborhood safety was conditional on level of control for the White sample. The relationship between economic stress and happiness for the Black sample was conditional on the importance of faith.

The study was able to demonstrate the importance of race-based contextual differences in the roles of faith and control in the resilience process. The findings also increase the understanding of how life circumstances and individual characteristics, including race, impact happiness and how much or little resilience may play a part in the achievement of happiness.

Over the years, public sector reforms in emerging economies have focused on improving national budget systems and financial management practices to promote sustainable development. In the context of the COVID-19 crisis, this article examines whether the strength or effectiveness of national budget systems and related financial management practices moderates the impact of fiscal policy measures on economic recovery and resilience.

The article uses bivariate correlations and difference-in-difference analyses to examine the relationship between budget system effectiveness, government stimulus measures and forecasts of economic recovery and resilience. The analysis uses data from the Public Expenditure and Financial Accountability (PEFA) program, International Monetary Fund (IMF) and World Bank.

The article finds that estimates of economic recovery and resilience are higher in countries with more reliable budget processes and more transparent public finances. Also, the strength or effectiveness of the budget system before the pandemic appears to moderate the impact of government stimulus measures on economic recovery and resilience over a medium-term forecast horizon.

This is a prospective analysis based on economic forecasts from the IMF, which are subject to change in the coming years. In addition, the analysis uses subjective budget system indicators, which present measurement challenges that often influence this area of research. Better comparative data in the future, for example, large administrative datasets, will enable researchers to explore these issues with less estimation bias.

The findings are relevant for policymakers and budget officials in developing countries in Africa who are engaged in plans to improve national budget systems and enhance resilience to crises, such as the COVID-19-induced economic crisis. The findings also have implications for developing countries beyond Africa with similar economic and fiscal conditions.

The findings have implications for economic and budgetary planning for the social sector as well as the efficient delivery of public services in developing countries. Public managers have a critical role to play in adapting national budget systems and financial management reforms within complex and evolving economic circumstances even after the coronavirus pandemic.

The authors use novel and latest data on country responses to the COVID-19 pandemic as well as medium-term economic forecasts to examine the relationship between national budget systems and post-pandemic economic recovery and resilience in the African context. Previous research has only addressed these issues in the context of industrialized countries, and a limited number of empirical studies examine these relationships. The findings also have significant value for policymakers outside Africa who are facing similar challenges related to the coronavirus pandemic.

Generally, tourism is perceived as an economic-driving force that contributes to accelerate the processes of economic and social development. On the other hand it creates pressure and transforms the environment (both urban and natural), especially when the transformation is fast. Several studies analyze in depth the role of tourism in the development of the destinations. The effects are different and also depend on where the pressure manifests. In cities, in addition to the risk of overcoming the carrying capacity in social and environmental terms, tourism brings the loss of identity. This is even more true in proximity of economic shocks, where the sudden reduction in tourist flows and the need to contain costs for businesses are risks for the sustainability of the tourist destination. In this sense, the case of Sicily is emblematic. This Italian region in recent years has grown in international tourist flows, with a growing appreciation for its natural and cultural elements. The purpose of this chapter is therefore to describe the behaviour of the main urban tourism destinations in Sicily with respect to the economic shock that occurred in Italy in 2008, through a quantitative analysis that thus highlights the resilience of the cities to changes in the relative tourist flows.