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This study aims to determine the mutual association between the volatility of macroeconomic indicators (MIs) and India’s tourism demand.

Bivariate generalized autoregressive conditional heteroscedasticity (GARCH) models are applied to estimate the volatility spillover effect (VSE) from one market to another. Compared to the other methods, bivariate GARCH has wide acceptance for estimating the VSE. The monthly MIs and tourism demand data (2012–2021) are gathered for empirical analysis.

The evidence of the growth-led tourism (GLT) demand is seen. In the short term, tourism-led growth (TLG) is indicated. However, this TLG does not sustain itself in the long run. There is significant evidence in favour of the VSE from the MIs to the tourism demand ensuring GLT in India.

The main implication of the current study is to ignore the short-term influence of tourism demand on the economy because it does not sustain itself in the long run. However, the long-term influence of macroeconomic indicators on tourism demand should be seen with caution. Hedging, if possible, may be considered to protect the tourism sector’s interests from adverse economic fallouts.

There is a lack of studies on the volatility (especially on the VSE) between MIs and tourism demand. Hence, this study fills the research gap and presents a novel and unique contribution to the extent of the knowledge body on the topic and significantly contributes.

双变量GARCH模型用于估计从一个市场到另一个市场的波动溢出效应(VSE)。与其他方法相比, 双变量GARCH在估计波动溢出效应时得到了广泛的接受。收集2012-2021年的月度管理信息系统和旅游需求数据进行实证分析。

该研究旨在确定宏观经济指标(MIs)的波动与印度旅游需求之间的相互关系。

GLT(增长主导的旅游需求)的证据显而易见。从短期来看, 旅游导向型增长(TLG)可行。然而, 这种旅游导向型增长并不能长期维持下去。有重要的证据支持印度管理信息系统到旅游导向型增长的旅游需求波动溢出效应。

当前研究的主要启示是忽略了旅游需求对经济的短期影响, 因为从长远来看, 它无法自我维持。然而, 宏观经济指标对旅游需求的长期影响应谨慎看待。如有可能, 可考虑对冲, 以保护旅游业的利益不受不利的经济影响。

目前对管理信息需求与旅游需求之间的波动（尤其是波动溢出效应）的研究较少。因此, 本研究填补了这个研究空白, 并对该主题知识体系的内容呈现新颖而独特的促进作用, 有显著的贡献作用。

Los modelos GARCH bivariantes se aplican para estimar el efecto indirecto de la volatilidad (VSE) de un mercado a otro. En comparación con otros métodos, el GARCH bivariante goza de gran aceptación para estimar el VSE. Para el análisis empírico se recopilan los MI mensuales y los datos de demanda turística (2012–2021).

El estudio se centra en medir la relación mutua entre la volatilidad de los indicadores macroeconómicos (MI) y la demanda turística de la India.

Se observan indicios de GLT (demanda turística impulsada por el crecimiento). A corto plazo, se evidencia el TLG (crecimiento impulsado por el turismo). Sin embargo, este TLG no se mantiene a largo plazo. Existen pruebas significativas a favor del VSE de los MI a la demanda turística que garantizan el GLT en India.

La principal implicación del presente estudio es desestimar la influencia a corto plazo de la demanda turística en la economía porque no se sostiene a largo plazo. Sin embargo, la influencia a largo plazo de los indicadores macroeconómicos en la demanda turística debe considerarse con cautela. Por ello, la cobertura de riesgos puede plantearse para proteger los intereses del sector turístico de las repercusiones económicas adversas.

Existe una carencia de estudios sobre la volatilidad (especialmente en el VSE) entre los MI y la demanda turística. En consecuencia, este estudio realiza una aportación investigadora mediante una contribución novedosa y única en la ampliación del conocimiento sobre el tema de análisis.

In the context of investment decisions, the intricate interplay between exogenous shocks and their influence on investor confidence significantly shapes their behaviors and, consequently, their outcomes. Investment decisions are influenced by uncertainties, exogenous shocks as well as the sentiments and confidence of investors, factors typically overlooked by decision-makers. This study will meticulously examine these multifaceted influences and discern their intricate hierarchical nuances in the sentiments of industrial entrepreneurs during the COVID-19 pandemic.

Employing the robust framework of the generalized linear latent and mixed models (GLLAMM), this research will thoroughly investigate individual and group idiosyncrasies present in diverse data compilations. Additionally, it will delve deeply into the exogeneity of disturbances across different sectors and regions.

Relevant insights gleaned from this research elucidate the adverse influence of exogenous forces, including pandemics and financial crises, on the confidence of industrial entrepreneurs. Furthermore, a significant discovery emerges in the regional analysis, revealing a notable homogeneity in the propagation patterns of industrial entrepreneurs' perceptions within the sectoral and regional context. This finding suggests a mitigation of regional effects in situations of global exogenous shocks.

Within the realm of academic inquiry, this study offers an innovative perspective in unveiling the intricate interaction between external shocks and their significant impacts on the sentiment of industrial entrepreneurs. Furthermore, the utilization of the robust GLLAMM captures the hierarchical dimension of this relationship, enhancing the precision of analyses. This approach provides a significant impetus for data-informed strategic directions.

The purpose of this paper is to assess the strategies for improving the competitiveness of Ecuador (ECU), Colombia (COL) and Peru (PER). It is one of the first studies using 36 indicators within the context of three South-American countries. It fulfills the lack of knowledge at the scientific work and its practical objective by identifying the factors that public policy may take into consideration urgently to improve the global competitiveness level of the countries for a sustainable development and considerations for a long-term integration.

It analyzes data of four-year average of international sources such as: The International Monetary Fund, The World Bank, The United Nations, among others. The factors were selected after a careful literature review, the final selection and the weight of each determinant was calculated using partial least squares-structural equation modeling. The calculation of the national and international competitiveness indexes used the double diamond for competitiveness theoretical frame.

From a national perspective, it was found that COL is the most competitive country followed by PER in the second place and ECU is in third. Internationally, the authors have found also that COL is the most competitive economy, PER in second place and ECU is in third.

This study has found that in order to improve the level of national competitiveness, ECU has to concentrate on improving and strengthening formal and non-formal institutions, which are reflected in: four factors, PER four, and COL three. To reach international competitiveness, ECU should improve four factors, PER five, and COL five formal and non-formal institutions.

This research is the first one on its field, it uses 36 competitiveness indexes and the PLS-SEM statistic methodology to assign the weight of competitive indicators and the DD theoretical frame to determine the relevance of its factors and it is oriented to advise decision-makers and provides the appropriate police guidelines for the national competitiveness strategy and improve their quality of life of its residents from: ECU-COL-PER. On the other hand, the academic implications of these results appear when calculating the weight-load competitiveness indexes using inferential multivariate analysis; it provides researchers and practitioners an analysis tool for comparing competitive factors of emerging countries from the DD approach without any weaknesses, as a framework to assist in formulating economic policy at the national and regional level.

Due to the difficulty of competitiveness operationalization, this research uses PLS-SEM to correlate its factors as the statistical methodology and the DD as the tool for the identification of theoretical indicators. This work may be taken into consideration for an immediate and sustainable improvement in order to win competitiveness than its neighbors.

This study is unique because the factors were selected after a careful literature review; the final selection and the weight of each determinant was calculated using PLS-SEM. The calculation of the national and international competitiveness indexes used the DD for competitiveness theoretical framework applied for the first time in a research for South America with 36 determinants. The result of this analysis compares the weak and strong determinants of these three member countries of UNASUR for the development of their complementarities and therefore the recommendations of public policy.

The purpose of this paper is to analyse the Spanish business sector’s economic exposure to currency risk in Latin America between 2010 and 2016, testing the effectiveness of hedging with derivatives for the reduction of this risk.

Economic exposure is tested with the Jorion model (1990) using both a currency basket and an individualised analysis for the main currencies sustaining business activities between Spain and Latin America: the Mexican peso, Brazilian real, Argentine peso, Chilean peso, and Colombian peso. For the hedging analysis, dynamic panel data models were estimated using a generalised method of moments.

The results reveal that the number of firms with significant economic exposure is sensitive to the temporal frequency of the observations. The evidence denotes that the firms’ export profile is predominant, both when considering a basket of Latin American currencies and when individually considering the five main pairs of currencies. The only exception is the Argentine peso, where firms’ import profile is slightly higher. The Chilean peso stands out as the currency with the greatest number of firms with significant exposure.

This work provides unpublished evidence on economic exposure to currency risk in Latin America in a recent period characterised by two main aspects: an important devaluation of some Latin American currencies with respect to the euro; and an enhancement of Spanish business activities in the region to favour growth during the recent recession of the Spanish economy.

este trabajo analiza la exposición económica al riesgo cambiario en Latinoamérica por parte del sector empresarial español entre 2010 y 2016. Asimismo, evalúa la efectividad de la cobertura con productos derivados en su reducción.

la exposición económica es estimada a través del modelo de Jorion (1990), utilizando tanto una cesta de divisas como un análisis individualizado para las principales divisas que sustentan la actividad entre España y Latinoamérica, a saber, Peso mexicano, Real brasileño, Peso argentino, Peso chileno, y Peso colombiano. Respecto al análisis de la cobertura, se estiman modelos dinámicos con datos de panel a través del método generalizado de momentos.

los resultados muestran que el número de empresas con exposición económica significativa es sensible a la frecuencia temporal de las observaciones. Asimismo, la evidencia denota que el perfil exportador de las empresas es mayoritario, tanto al considerar una cesta de divisas latinoamericanas como, individualmente, los cinco principales pares de divisas. La única excepción es el peso argentino, donde el perfil importador de las empresas es levemente superior. Asimismo, el peso chileno destaca como la divisa con mayor número de empresas con exposición significativa.

este trabajo aporta evidencia inédita sobre la exposición económica al riesgo cambiario en Latinoamérica en un período reciente caracterizado por dos aspectos principales: i) una importante depreciación de algunas divisas latinoamericanas respecto al euro; ii) una potenciación de la actividad empresarial española en esa región para favorecer su crecimiento durante la reciente recesión de la economía española.

Despite the great technological, economic, and social advances and the significant progress achieved by women from the last century until today, there is still a clear division between men and women in the labor market: more women are working, but their salaries are lower, as are their positions and their possibility of full development is reduced.

The gender problem is global, which forces the business sector, as one of the main agents of the market, to build policies around gender equality and the recognition of women as agents who generate growth and economic and business development. In this sense, business projects that seek to reduce gender gaps also impact the achievement of the Sustainable Development Goals (SDGs), because they increase opportunities for equity, freedom, and dignity, for men and women in equal conditions.

What are the challenges and opportunities in gender equity presented by economic analyses in Colombia in a Latin American context?

According to the question, a Latin American economic context of gender gaps is presented, from the perspective of socioeconomic inequality and poverty, sexual division of labor, patriarchal cultural patterns, and concentration of power. Similarly, the effects of the pandemic on women’s employment and income are reviewed. When talking about gender gaps and professional contribution to the economy, it is not only a solution to inequalities, it is analytically undoing this cultural conception to give it a new structure of dominance.

There is a lack of conversation about economics and gender because the analysis is found from a macroeconomic perspective when writing that regardless of who performs care work or domestic work can also question the assumptions of economic science that, by convention, in national accounts, it ignores the value of domestic work and almost always deals with scarcity, selfishness, and competition, and rarely of abundance, altruism, and cooperation.

It must be recognized that the COVID-19 pandemic gave importance to childcare for national economies in general and women’s economic participation in particular, which has stimulated a renewed interest in childcare policy in many countries that have implemented lockdowns, as well as women, who provided most of the unpaid care, not only did they lose income due to demands for care but also they struggled to access needs, with some reporting increased personal insecurity.

The economic crises of the last century reflected recessions that had a greater impact on the employment of men since they are usually employed in sectors where employment tends to be unstable or as the economy is called cyclical employment. However, in the crisis unleashed by the COVID-19 pandemic, given their particular conditions, it is women who are mainly affected.

Challenges and opportunities in terms of gender equity present economic analyses in Colombia in a Latin American context, in this context, it is reviewed: the national survey of time use and its findings; the incorporation of the care economy in the measurement of economic growth and poverty indicators by gender and its effects on improvements in the quality of life of the population and its impact on the economy.

Among the advantages of incorporating the gender perspective in the economic analysis, the following perspectives are analyzed:

• The similarities of the experiences of the gender gap and its effect on the economy suggest that the response of public policies of recovery and preparedness with the corresponding recognition, women absorb the costs of care work, with possible long-term negative effects on health, and well-being.

• A greater stimulus to growth, as women bring new skills to work, productivity, and growth gains from greater female participation in the labor force. And, greater productivity and reducing gender barriers.

The similarities of the experiences of the gender gap and its effect on the economy suggest that the response of public policies of recovery and preparedness with the corresponding recognition, women absorb the costs of care work, with possible long-term negative effects on health, and well-being.

A greater stimulus to growth, as women bring new skills to work, productivity, and growth gains from greater female participation in the labor force. And, greater productivity and reducing gender barriers.

This article is based on the assumption that entrepreneurship improves quality of life (HDI). Its main objective is to establish causal relationships between entrepreneurship variables such as credits, innovation (R&D), business growth, foreign direct investment and the Global Competitiveness Index and how these have influenced a country's development.

To analyse and validate this assumption, relevant information has been extracted about Ecuador (the subject of the study) for the 1998–2017 period. The information has received the respective econometric treatment, through a multivariate estimation by the autoregressive vector (ARV) method that made it possible to establish impulse-response functions.

The results indicate that there is a significant and positive statistical impact between the variables related to entrepreneurship and quality of life (HDI), with the exception of “Innovation”, which is not representative in the model, demonstrating that the investment made at country level in R&D is not sufficient to have an impact on the HDI. It was also determined that promoting entrepreneurship would be useful as this would alter the trend of the variables, making them conducive to increasing the HDI.

This article is one of the few to address this issue. It includes the self-regressive vector model as a key methodology used to evaluate and establish public policies. RVM has provided positive results in the field of economics and can be adopted in the area of entrepreneurship.

El presente artículo se basa en el supuesto de que el emprendimiento mejora la calidad de vida de los individuos (IDH), siendo el objetivo principal establecer relaciones causales entre variables de emprendimiento como: Créditos, Innovación (I + D), Crecimiento Empresarial, Inversión Extranjera Directa e Índice de Competitividad Global; y, como estas han influido en el desarrollo de un país.

Para el análisis y validación del supuesto mencionado anteriormente, se ha extraído información relevante sobre el Ecuador (sujeto de estudio) para el período comprendido entre 1998 y 2017, a los cuales se les ha dado el respectivo tratamiento econométrico, a través de una estimación multivariante por el método de Vectores Autorregresivos (VAR) que permitió establecer funciones de impulso – respuesta.

Los resultados señalan que existe una significativa incidencia estadística entre las variables relacionadas con el emprendimiento y la calidad de vida (IDH) de manera positiva, a excepción de la “Innovación” que no tiene representatividad en el modelo, demostrando que la inversión realizada a nivel país en I + D es insuficiente para impactar el IDH. También se determinó la conveniencia de impulsar el emprendimiento, pues esto cambia la tendencia de las variables haciéndolas favorables para el crecimiento del IDH.

Este artículo es uno de los pocos en abordar esta problemática, además incluye el Modelo de Vectores Autorregresivos como una metodología clave para evaluar y establecer políticas públicas, que ha brindado resultados positivos en el campo de la Economía y que puede adoptarse en la rama del Emprendimiento.

Using a fiscal sentiment indicator, this study aims to verify whether fiscal sentiment affects the yield curve in Brazil. Since policymakers highlight the coordination between monetary and fiscal policies and the importance of fiscal policy to the expectations formation process in inflation targeting regimes, the authors also explore the transmission mechanism through inflation expectations. Hence, the study also analyzes the effect of fiscal sentiment on interest rate swap spreads through the inflation expectations channel.

Based on information obtained from official communiqués about fiscal policies issued by the Central Bank of Brazil and the Brazilian Ministry of Finance, the study builds a fiscal sentiment indicator. The econometric strategy to verify whether fiscal sentiment is related to the short tail of the yield curve is based on time series analysis through ordinary least squares and generalized method of moments estimates. In turn, to estimate the transmission mechanism through inflation expectations, the model uses interaction terms between fiscal sentiment and inflation expectations.

The results suggest a more optimistic (pessimistic) fiscal sentiment reduces (increases) swap spreads. The findings reveal that improvements in fiscal credibility and a more optimistic fiscal sentiment are able to reduce the positive marginal effect that inflation expectations variations have on interest rate swap spreads.

This study contributes to the literature, as, to the best of authors’ knowledge, it is the first to analyze the content of the communiqués related to fiscal policy, and based on this content, it extracts the sentiment related to the fiscal environment and analyzes the effect of this sentiment on the yield curve. Besides, different from existing studies that analyze the effect of fiscal backward-looking aspects (such as public debt, budget balance, taxes and public spending) on the yield curve, this study investigates forward-looking aspects related to fiscal policy (such as fiscal credibility and fiscal sentiment).

This paper aims to review the efficient use of economic and social resources to generate income and, at the same time, reduce the concentration of wealth in the 32 states of the Mexican Republic during the period 1990-2015.

Data envelopment analysis with the inclusion of a bad output was used to diagnose the efficiency of Mexican entities, and the Malmquist–Luenberger index was applied to understand how this efficiency evolves.

The results clearly show that only 3 of the 32 units studied generated and distributed wealth efficiently, while the other 29 must increase their level of income and its distribution.

According to the authors’ knowledge, this is the first work that performs a temporal analysis of the efficiency in the generation of Human Development Index using bad outputs and the Malmquist–Luenberger index.

The internationalization of local Brazilian firms is a very recent phenomenon, especially when considered in terms of the accelerated growth in the number of Brazilian‐owned multinational companies and the intensity of foreign investment that began in the year 2000. While the specialized literature has focused increasing attention on this new trend, the profound transformation of Brazilian production during the 1990s remains a challenging theme for researchers. This paper aims to analyze the changes undertaken by Brazilian firms in pursuit of competitiveness.

The data utilized were furnished by the Institute for Applied Economic Research, a governmental think tank, that has combined and expanded upon the main Brazilian databases that provide reliable information about industrial firms: the Annual Survey of Industry carried out by the Brazilian Institute of Geography and Statistics (IBGE); the Annual Social Information Report, conducted by the Ministry of Labor and Employment; the Foreign Trade Secretariat, under the Ministry of Development, Industry and Foreign Trade, and the Industrial Survey of Technological Innovation also sponsored by the IBGE. This procedure allows to access extremely wide‐ranging analyses covering businesses responsible for more than 90 percent of value added by Brazilian industry.

The principal finding of this paper indicates that enormous changes in business strategy occurred in the 1990s, modifying Brazilian companies' historical orientation towards the internal market. Significant increases in exports and outward foreign direct investment, consequently led a significant group of Brazilian companies to compete in more sophisticated markets. These new strategies of internationalization are supported by these companies' systematic pursuit of innovative processes. Aggregate data from internationalizing companies show that the most advanced group, characterized in this paper as “A‐class companies,” exhibit a standard of competitiveness, salaries, investment in R&D and new product launches found only in Brazil within the local subsidiaries of foreign multinationals.

Various studies have attempted to capture the difficulties and barriers that the Brazilian economy faced at the beginning of economic liberalization. Despite their differences, most of the analyses are confined at the macro level and make the ease and rapid expansion of internationalizing companies a surprising observation. In contrast, this paper emphasizes microeconomic factors and argues that the changes that occurred throughout the 1990s within the structure and strategies of Brazilian businesses were for the most part overshadowed by macro visions (especially those focused on fighting inflation). To capture these changes, especially those that had an impact on improved competitiveness, a new methodological approach has been designed.