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This paper aims to determine causal relationships between the level of productive credit, real deposits and money demand – all of them in real terms – and Gross National Product between 2006 and 2020.

The vector autoregressive technique (VAR) was used, where data from real macroeconomic aggregates published by the Central Bank of Ecuador (BCE) are correlated, such as productive credit, gross domestic product (GDP) per capita, deposits and money demand.

The results indicate that there is no causal relationship, in the Granger sense, between GDP and financial activity, but there is between the growth rate of real money demand per capita and the growth rate of total real deposits per capita.

The study shows that bank credit mainly finances the operations of current assets and/or liabilities. In addition, economic agents use the banking system mainly to carry out transactional and precautionary activities.

The purpose of the research was to evaluate the relationship between income and the recycled materials used in order to rate the business related to circular repair services under the burden of economic development in the countries of the European Union.

The analytical processes explore data from 2010 to 2020. The countries were divided into clusters according to economic maturity (Human Development Index (HDI), real Gross domestic product (GDP) per capita). Subsequently, the relationships were evaluated through the income indicators (for the 13 population groups), and the circular materials use rate indicator. The three indicators decomposed into five specific metrics were employed. The commonly applied characteristics of the descriptive analysis, Pearson's correlation coefficient and the panel regression analysis were engaged in the investigation.

The results demonstrated the vast disparities between income and circular materials use. In the more economically developed countries, their levels were twice higher as the less-developed countries. However, there is a meaningful positive relationship between them. The greatest attention was paid to the panel regression analysis applied to the relationship between income and circular economy (CE) use. The results showed that in a majority of the cases (different income categories), there is a significant positive relationship. When comparing the outcomes of the regression models between the groups of the countries according to their economic development, a closer relationship was clearly demonstrated in the countries with a lower level of development (Bulgaria, Romania, Croatia, Hungary).

Besides the specific strengths, the study also shows some limitations identified mainly on the data side. The latest data on the consumption of circular materials come from 2020, so they do not cover the period related to the pandemic crisis. It is believed that there may have been some changes in income during the pandemic, and they may have harmed CE. Furthermore, there is to note that some limitations occur in the analytical process. The incompleteness of the data can also be included here as certain data is not available; hence, it was estimated directly by the Eurostat statistical authority.

At the same time, the following are currently considered among the primary barriers: financial restrictions, insufficient infrastructure, weak government support and obstacles on the global market. Consumers, industry leaders and the government are the most influential stakeholder groups in overcoming barriers. Higher demand for repair services will also initiate further development of business activities in this area at various regional levels. Progress in the repair services economy will continue to require extensive efforts in the future. Systematic coordination of activities at multiple levels of government together with manufacturers, designers, educational institutions, community institutions and individuals will be essential.

Socioeconomic characteristics such as sex, age and education represent crucial predictors of consumer behavior. Therefore, the authors would like to focus future research on analyzing these characteristics and examine all the conceptual frameworks of consumer behavior and its positioning in detail within CE and the strategies related to the repair service. Discussing this issue through follow-up research will allow for solving complex transformational and political tasks related to the repair service strategies within CE. It will also inspire the discussion frameworks and multidisciplinary solutions to this issue affecting the fields of human geography, sociological, ethnographic and political sciences.

In less-developed countries, wage change can have a more substantial impact on the development of the CE. Also, a closer relationship between business in the field of repair services with income and the use of circular materials was manifested in the same way.

The objective of this study is to examine the long-run relationship between workers' remittances and economic growth in Sri Lanka using time series data spanning 1975–2021.

This study employed both exploratory data analysis (EDA) and inferential data analysis (IDA) tools. EDA includes the scatter plots, confidence ellipse with Kernel fit, whereas IDA covers unit root test, the autoregressive distributed lag (ARDL) bounds technique, the Granger's causality test, and impulse response function (IRF) analysis.

EDA confirms that workers' remittances have a positive relationship with per-capita gross domestic product (GDP). All variables used in this study are I(1). This study is exhibited that workers' remittances have a positive long-run relationship with per-capita GDP. The estimated coefficient of the error correction term shows that the dependent variable moves towards the long-run equilibrium path. Workers' remittances have a short-run and long-run causal relationship with per-capita GDP. The IRF analysis indicates that a one standard deviation shock to workers' remittances has initially an immediate significant positive impact on economic growth.

This study provides insights into workers' remittances in economic growth in Sri Lanka. Further, the findings of this study also provide evidence that workers' remittances increase economic growth.

Using ARDL bounds test, Granger's Causality test and IRF analysis for examining the relationship between workers' remittances and economic growth are the originality of this study.

The purpose of this paper is to argue for the development of a vibrant domestic tourism sector in emerging economies as a means of moving towards a more sustainable tourism sector and achieving many of the goals outlined in the UNWTO’s 2030 Agenda for Sustainable Development.

It uses a perspective approach through a critical state-of-the-art review of selected domestic and international tourism studies.

This paper illustrates how developing such a sector will provide a range of economic and social benefits to emerging economies and their residents, as well as lowering the per-capita tourism carbon footprint of destination areas.

This study identifies policy initiatives that can be developed to help emerging economies transition from an international tourism focus to a more balanced focus.

This study indicates the social benefits of developing a domestic tourism sector in emerging economies.

It equips national tourism organisations and small and medium tourism enterprises with specific actions for the use of tourism as a prosperity tool in the pursuance of these benefits. It, further, calls for a research agenda on investigating how emerging economies are uniquely progressing towards this global goal through thriving domestic tourism recognising that each economy is culturally different.

本文主张在新兴经济体发展充满活力的国内旅游业, 以此作为迈向更可持续的旅游业和实现联合国世界旅游组织《2030 年可持续发展议程》中概述的许多目标的手段。

通过对选定的国内和国际旅游研究进行批判性的最新文献回顾, 采用了前瞻性的方法。

本文阐述了发展这样一个产业将如何为新兴经济体及其居民提供一系列经济和社会效益, 并降低目的地的人均旅游碳足迹。

确定可以制定的政策举措, 以帮助新兴经济体从国际旅游业向更平衡的旅游业转型

展现了新兴经济体发展国内旅游业的社会效益。

为国家旅游组织和中小型旅游企业提供了将旅游业作为繁荣工具以实现上文提到的这些利益的具体方向。此外, 论文还呼吁制定一项研究议程, 调查新兴经济体如何通过繁荣的国内旅游业独特地朝着这一全球目标前进, 也需要认识到每个经济体的文化都不同。

Este trabajo defiende el desarrollo de un sector turístico interno fuerte en las economías emergentes como medio para avanzar hacia un sector turístico más sostenible y alcanzar muchos de los objetivos esbozados en la Agenda 2030 para el Desarrollo Sostenible de la OMT.

Adopta un enfoque de perspectiva a través de una revisión crítica del estado del arte de estudios turísticos nacionales e internacionales seleccionados.

El trabajo ilustra cómo el desarrollo de este sector aportará una serie de beneficios económicos y sociales a las economías emergentes y a sus residentes, así como la reducción de la huella de carbono per cápita del turismo en las zonas de destino.

Identifica las iniciativas políticas que pueden desarrollarse para ayudar a las economías emergentes en la transición de un enfoque turístico internacional a un enfoque más equilibrado.

Se indican los beneficios sociales de un desarrollo del sector turístico interno en las economías emergentes.

Proporciona a las organizaciones nacionales de turismo y a las pequeñas y medianas empresas turísticas acciones específicas para el uso del turismo como herramienta de bienestar en la consecución de estos beneficios. Además, propone un programa de investigación sobre el modo en que las economías emergentes avanzan hacia este objetivo global a través de un turismo interno floreciente, teniendo en cuenta que cada economía es culturalmente diferente.

COVID-19 has affected the economies adversely from all sides. The sudden halt in production has impacted both the supply and demand sides. It calls for analysis to quantify the impact of the reduction in economic activity on the economy-wide variables so that appropriate steps can be taken. This study aims to evaluate the sensitivity of various sectors of the Indian economy to this dual shock.

The eight-sector open economy general equilibrium Global Trade Analysis Project (GTAP) model has been simulated to evaluate the sector-specific effects of a fall in economic activity due to COVID-19. This model uses an economy-wide accounting framework to quantify the impact of a shock on the given equilibrium economy and report the post-simulation new equilibrium values.

The empirical results state that welfare for the Indian economy falls to the tune of 7.70% due to output shock. Because of demand–supply linkages, it also impacts the inter- and intra-industry flows, demand for factors of production and imports. There is a momentous fall in the demand for factor endowments from all sectors. Among those, the trade-hotel-transport and manufacturing sectors are in the first two positions from the top. The study recommends an immediate revival of the manufacturing and trade-hotel-transport sectors to get the Indian economy back on track.

The present study has modified the existing GTAP model accounting framework through unemployment and output closures to account for the impact of change in sectoral output due to COVID-19 on the level of employment and other macroeconomic variables.

The purpose of this paper is to provide a picture of the water situation of the states of India and to identify key areas in which intervention is necessary for sustainable development and poverty elevation.

To understand the trend and situation of water across the states, Water Poverty Index (WPI) has been constructed. WPI has been computed for the years 2012 and 2018 to get a picture of temporal change happening in the region. Further, descriptive statistics were used to show the required changes.

Jharkhand and Rajasthan continue to be the worst performer in both time periods. Water poverty was the least in the states of Goa and Chandigarh for both time periods. Although owing to improvement in access and capacity component, the water status of India as a whole improved from 2012 to 2018 but few states have witnessed a decline in their water situation mainly due to deterioration in the environment and resource components.

This paper adds to the relatively scarce literature on the water situation conducted for the states of India. The findings of the paper provide insights into the lacking areas responsible for the deterioration in water poverty status. The results can be utilized for framing proper policies to combat the water woes of the country.

Our paper studies a central issue with a long history in economics: the relationship between population and economic growth. We analyze the joint dynamics of economic and demographic growth in 111 countries during the period 1960–2019.

Using the concept of economic regime, the paper introduces the notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree (MST) and a hierarchical tree (HT) are constructed to detect groups of countries sharing similar dynamic performance.

The methodology confirms the existence of three country clubs, each of which exhibits a different dynamic behavior pattern. The analysis also shows that the clusters clearly differ with respect to the evolution of other fundamental variables not previously considered [gross domestic product (GDP) per capita, human capital and life expectancy, among others].

Our results indirectly suggest the existence of dynamic interdependence in the trajectories of economic growth and population change between countries. It also provides evidence against single-model approaches to explain the interdependence between demographic change and economic growth.

We introduce a methodology that allows for a model-free topological and hierarchical description of the interplay between economic growth and population.

This paper examines the effect of bond market development on economic growth of selected developing countries from 1990 to 2020. Previous studies provide inconsistent results on the effect of bond market development on economic growth. Some results reveal positive effects while others show negative effects of bond market development on economic growth. These conflicting findings have motivated research.

The autoregressive distributed lag (ARDL) and co-integration methods are used for analysis. The gross domestic product per capita proxies economic growth while government bond capitalisation and corporate bond capitalisation measure bond market development.

The findings unveil a long-term effect within the series. The results disclose that government bond capitalisation, trade openness and inflation positively affect economic growth while corporate bond capitalisation and domestic credit to the private sector presents negative effects on economic growth.

The results propose that the governments should issue more bonds to raise funds for long-term economic growth initiatives. The governments should promote bond market development such that the corporate bonds issued boost economic growth by limiting lengthy documentations and bottlenecks in the bond market listing and issue procedures. The policymakers and regulatory authorities should implement policies which attract investors and encourage companies' listing in the countries' bond markets.

The study’s findings add value that government bond capitalisation positively impacts economic growth, while corporate bond capitalisation negatively affects economic growth in developing countries.

This paper aims to explore the construction of a valid and reliable measure for the competitiveness of cities that excludes the drivers of competitiveness from the index construction. Not incorporating these drivers in the index avoids the problem of assuming relative contributions (i.e. weights) of these drivers on competitiveness as a maintained hypothesis.

From the definition that competitiveness is the ability of a city to sustain prosperity, this study derives a model called the hedonic well-being index (HWI) in which prosperity is measured by using the consumption of goods and service including leisure. This study then uses secondary data sources to construct an exploratory HWI (assuming a Cobb Douglas functional form) and compare this index to three benchmarks, namely, income, gross domestic product (GDP) per capita and the World Happiness Report (WHR) index. This study also review the component expenditure of the index across geographical locations.

The HWI is better predicted by the WHR index (a subjective well-being index) than by the GDP per capita (a measure of output), owing to the inclusion of leisure and household production absent in per capita GDP. This study explored and found regional variations in the distribution of the expenditure components in the HWI.

This paper demonstrates the feasibility of constructing an exploratory HWI to measure the competitiveness of cities using secondary data. The reliability of the index can be improved using primary data in future research. Separating the drivers from the definition of competitiveness allows testing of the contribution and interaction of these drivers on competitiveness.

The purpose of this research is to systematically scrutinize the influence of macroeconomic determinants on trade openness, through the lens of various trade theories, with a particular focus on the economies of the GIPSI countries – Greece, Ireland, Portugal, Spain and Italy.

This study investigates the macroeconomic factors influencing trade openness in the GIPSI economies from 1995 to 2020. Methods include stepwise regression (SR) for model selection, Pedroni panel cointegration test and panel regression results. The analysis uses advanced panel regressions, including FMOLS, Panel OLS and FEM. The long-term dynamics were tested using Pedroni cointegration, while Granger causality testing was used to examine the causal direction between the trade openness ratio and trade determinant.

The results show both long-term and short-term relationships between trade openness and (1) foreign direct investment, (2) labor force participation rate, (3) trade reserves and (4) trade balance. The researchers also detected unidirectional and bidirectional causality relationships between trade openness and these four factors. The study also revealed that trade reserves (TR) emerge as the most influential determinant of trade openness, and per capita income does not exhibit economic significance concerning the trade openness of GIPSI economies.

This research is conducted within the context of the GIPSI nations (Greece, Ireland, Portugal, Spain and Italy). As such, the outcomes may not be universally applicable to other economic systems due to the distinct institutional settings and governance structures across different economic groups. Future investigations may explore the relationship between trade openness and its determinants by incorporating different variables.

To the best of the authors' knowledge, this is the first study investigating the theory that suggested trade drivers drive the trade openness of GIPSI countries context. By focusing on GIPSI countries, the study offers a unique perspective on the dynamics of trade openness in economies that have experienced financial crises and stringent austerity measures.